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China's Ambassador to Ukraine met with Ukrainian Minister of Agricultural Policy and Food to jointly promote the upgrading of agricultural cooperation. According to the website of the Embassy of China in Ukraine, on December 9, 2024, Ambassador Ma Shengkun met with Ukrainian Minister of Agricultural Policy and Food Covali, and Tcaciuc, Director of Ukrainian Food Safety and Consumer Protection Agency, attended the meeting. The two sides had an extensive and in-depth exchange of views on cooperation in agriculture and food. Ambassador Ma said that China-Ukraine agricultural cooperation has a long history, good foundation and broad prospects, which is an important aspect of bilateral economic and trade cooperation. China has always attached great importance to it and is willing to strengthen cooperation with Uzbekistan in the fields of policy communication and coordination, mutual access of agricultural products and agricultural technology cooperation, and jointly promote the upgrading and upgrading of agricultural cooperation between the two countries. Minister Covali said that China and Ukraine are strategic partners, and China is the most important agricultural trade partner of Ukraine. Uzbekistan attaches great importance to Sino-Ukrainian agricultural cooperation and is willing to strengthen communication with China, improve the level of trade and jointly promote the agricultural development of the two countries.The overall scale of bonus ETF exceeds 71.1 billion yuan, leading the products to exceed 20 billion yuan. As the largest dividend ETF at present, on December 6, the scale of Huatai Bairui bonus ETF rose to 20.121 billion yuan, becoming the first dividend ETF to exceed 20 billion yuan. According to the data, the product takes the dividend index of Shanghai Stock Exchange as the benchmark for performance comparison and adopts the investment strategy of complete replication method. As of December 9, the product had a floating profit of 18.21% during the year. According to the reporter's incomplete statistics, as of December 9, 13 bonus ETFs have been newly established this year (excluding QDII funds, Hong Kong Stock Connect and other overseas products). On the whole, there are 37 bonus ETF products with a market size of 71.185 billion yuan. In the current market environment, dividend investment strategy has strong appeal. (Securities Daily)Huatai Securities: The statement of the Politburo meeting on macro-policies generally exceeded market expectations. Huatai Securities said in reading the research report of the Politburo meeting in December that, on the whole, the statement of the Politburo meeting on macro-policies generally exceeded market expectations, and the stocks and debts all gave positive responses. The subsequent central bank RRR cut is expected to land soon, which is expected to form a certain emotional resonance. The next focus is on the more specific economic deployment of the Central Economic Work Conference for next year. Compared with the expected guidance, the market pays more attention to the actual scale, especially whether there are clearer signals in finance, inflation and exchange rate, and whether the broad credit can actually come. As far as debt is concerned, the short-term market inertia is still there, and the downward trend of interest rates has not wavered. However, the market quickly responded to the mid-term "good" and overdrawn the market next year. It is suggested to enhance operational flexibility, maintain long-term interest rate positions, stop chasing up, cash in when it is favorable to prevent profit impulse, and continue to seize opportunities such as credit bonds for 3-5 years.

GOL Airlines of Brazil will submit a preliminary plan for debt restructuring in accordance with Chapter 11 of the US Bankruptcy Law.The financing balance of the two cities increased by 3.489 billion yuan. As of December 9, the financing balance of the Shanghai Stock Exchange was 951.454 billion yuan, an increase of 223 million yuan over the previous trading day; The financing balance of Shenzhen Stock Exchange was 901.246 billion yuan, an increase of 3.266 billion yuan over the previous trading day; The two cities totaled 1,852.70 billion yuan, an increase of 3.489 billion yuan over the previous trading day.CICC interprets the meeting of the Politburo in December: the fiscal policy next year is expected to be significantly higher than this year. CICC issued a document saying that the tone of the Politburo in September will be continued, and this Politburo meeting will further inject confidence into the market, and there will be many new formulations in policy. From the perspective of policy objectives, the demand for growth is more clear, and the expression of "property market and stock market" is also very clear. From the policy direction, expanding domestic demand ranks first, and the tendency to boost consumption and improve people's livelihood is further highlighted. From the policy tone, monetary and fiscal policies are more active, and "extraordinary countercyclical adjustment" is put forward for the first time. In terms of specific policy prospects, we believe that the following aspects are worthy of attention: the intensity of fiscal policy next year is expected to be significantly higher than this year; The loose space of monetary policy may be opened through comprehensive policies, and the structural monetary policy may be significantly overweight; Expand domestic demand in an all-round way, and incremental measures may focus more on consumption; Further promote reform and opening up. Generally speaking, the policy mix is in line with what we judge as "tight credit, loose money and wide finance" in the second half of the financial cycle.

Galaxy Securities: Pay attention to the investment opportunities in the fields of pig breeding and broiler breeding. The Galaxy Securities Research Report pointed out that: 1. Pig breeding: the loss of outsourcing piglet breeding has expanded. Based on the function value of fertile sows and MSY framework, the operation judgment of pig price in 2024 was basically verified. With regard to the trend of pig price in 2025, the annual average price runs relatively smoothly, and the difference lies in the continuous optimization of the total cost of excellent pig enterprises, which brings more than expected breeding profits. In addition, the impact point of the pig price in 2025 lies in the impact of the current winter climate change on the epidemic situation, which needs to be continuously tracked. It is suggested to pay attention to pig enterprises with leading/continuous improvement in cost control industry, relatively healthy funds and reasonable valuation. 2. Broiler breeding: 1) Yellow feather chicken: Many factors, such as low production capacity, may push up the price of yellow chicken, and the cost advantage of the head enterprise will be superimposed on the price to improve, and the profit elasticity has an advantage. It is recommended to pay attention to Lihua shares. 2) White feather chicken: In early December, avian influenza broke out in Oklahoma and New Zealand. New Zealand has announced that it will stop exporting poultry products; The introduction of Oklahoma, the only introduction state in the United States, is expected to be blocked. According to Boya Hexun, the domestic Anweijie poultry farm has received a notice of suspension of introduction; In other respects, the amount of seeds available in France and the reopening time of other States in the United States are still uncertain. If the production capacity of ancestral white chickens in China is reduced or the introduction is stopped due to the influence of overseas avian influenza, the industry boom cycle is expected to go up, and it is suggested to pay attention to the plate.CICC: The non-agricultural data in November supported the Fed to continue to cut interest rates. The CICC research report pointed out that after being seriously hindered by hurricanes and strikes, the number of new jobs in the United States rose sharply to 227,000 in November, but the unemployment rate also rose to 4.2%, indicating that the labor market is slowing down. On the whole, the labor market is still in a state of "the momentum of employment growth is weakening, but the job market itself is not weak", which will provide reasons for the Federal Reserve to cut interest rates again in December. However, we also predict that the Fed will slow down the pace of interest rate cuts in 2025, because as interest rates approach the neutral level, policymakers will become more cautious. One prediction risk is the impact of Trump's immigration policy on the labor market. At present, we tend to have a moderate impact, but we also need to pay close attention to the possibility of extreme situations. Based on non-agricultural data, we believe that the Fed is expected to cut interest rates by 25 basis points again this month.Foreign media: Hungarian Prime Minister Orban posted that he met with Trump and Musk at Haihu Manor. According to CNN and Russian Tass News Agency on the 9th, Hungarian Prime Minister Orban went to the United States at the invitation of President-elect Trump, and met with Trump at Haihu Manor in Florida. American billionaire Musk also attended the talks. According to the report, Orban posted on social media X on the 9th: "America today. The future has begun! One afternoon at Haihu Manor with Trump, Musk and Mike Valcz (appointed by Trump as US National Security Adviser-Editor's Note). " (World Wide Web)