digital currency electronic payment Top stories

Industrial Securities' investment strategy for the construction industry in 2025: internal and external resonance, optimistic about debt conversion and the "Belt and Road" industry, Industrial Securities Research Report said that the construction industry will face certain pressure in 2024, and it is expected that infrastructure investment will remain high in 2025, driven by the debt conversion policy. Review and prospect of plate market: central state-owned enterprises and design plates led the gains, with obvious excess returns. Main line 1: Debt conversion is expected to drive the improvement of the management quality of construction central enterprises. 1) The driving force and mode of action of this debt conversion can be compared with the "Belt and Road" market in 2014 and the PPP market in 2016, and the policy is driven from top to bottom. 2) The institutions' positions in construction central enterprises are low, and the valuation of construction central enterprises is also in the lower position of the historical center. 3) The unprecedented intensity of debt conversion will help the central enterprises to realize the double promotion of EPS and PE. Main Line 2: The Belt and Road Initiative is expected to accelerate and benefit international engineering enterprises. The "Belt and Road" market has accelerated its expansion, and international engineering enterprises are expected to accelerate their going out to sea, and their performance and valuation have both improved.The law enforcement agencies of China and the Philippines cooperated again to repatriate more than 30 Philippine citizens engaged in offshore gambling in the Philippines. On December 12, the law enforcement agencies of China and the Philippines cooperated again to repatriate more than 30 China citizens engaged in offshore gambling in the Philippines. This is the fourth batch of repatriation between China and the Philippines after the Philippine government announced a total ban on offshore gambling in the Philippines. The Philippine Embassy in the Philippines will continue to strengthen law enforcement cooperation with the Philippine side and promote the orderly repatriation of relevant personnel on the basis of protecting the legitimate rights and interests of China citizens.Nepal's Everest region will ban commercial helicopter flights to protect the local economy and wildlife. On December 11th, local officials in Nepal said that the local government and other stakeholders have decided to ban commercial helicopter flights in the Everest region from January 1st next year to protect the local economy and wildlife. Mingema Chiri Sherpa, mayor of Khumbasan Lamu, Mount Everest, Nepal, said on the same day that the decision was made because the increase in commercial helicopter flights in Mount Everest in recent years has shortened the stay time of tourists, and helicopter noise has also interfered with wildlife in nearby national parks. Relevant decisions are being sent to helicopter operators, travel agencies and tourism enterprises through letters.

Offshore RMB and Australian dollar rose slightly. Affected by the news, USD/offshore RMB fell 0.1% to 7.2696. AUD/USD rose 0.2% to 0.6381. A foreign exchange trader in Asia said that the small leveraged account that shorted AUD/USD on Wednesday also closed its position. NZD/USD rose 0.1% to 0.5792.CITIC Securities: The resonance between supply and demand of medical beauty accelerates the space expansion, and the difference in operating ability promotes the evolution of the industry structure. CITIC Securities Research Report stated that the medical beauty industry has both medical and consumption attributes, and the medical attribute has strong product-driven characteristics, while the consumption attribute has high operating ability requirements. The medical beauty botulinum toxin track is also affected by the dual attributes of medicine and consumption: 1) The increase in penetration rate, the acceleration of compliance substitution and the extension of indications have brought about high demand for medical beauty botulinum toxin, and with the recent supply expansion, the industry scale has experienced high growth; 2) The iteration of product innovation is slow, brand barriers are created through marketing, doctors are empowered through direct sales, and control is strengthened to enhance product competitiveness. Recently, a variety of medical botulinum toxins in China have been approved, and the promotion of low-priced products is expected to push up the penetration rate, and enterprises with strong operational capabilities will enter the market or promote the evolution of the pattern.List of A-share share repurchase: 16 companies disclosed the progress of repurchase, and on December 12, a total of 16 companies issued announcements related to share repurchase. Among them, four companies disclosed the stock repurchase plan for the first time, two companies' repurchase plans were approved by the shareholders' meeting, four companies disclosed the implementation progress of stock repurchase, and six companies' repurchase plans have been implemented. Judging from the initial disclosure of the repurchase plan, the amount of a company's stock repurchase plan on that day exceeded 10 million. Nanshan aluminum, Longzhu Science and Technology and Longzhu Science and Technology have the highest repurchase plans, and they plan to repurchase no more than 600 million yuan, 5,895,100 yuan and 1,171,000 yuan respectively. Judging from the repurchase plan passed by the shareholders' meeting, the repurchase plans of two companies exceeded 10 million on that day. Huaan Securities and Tongkun have the highest repurchase amount, with the planned repurchase not exceeding 200 million yuan and 51,966,700 yuan respectively. Judging from the implementation progress of repurchase, Shunluo Electronics, Shengquan Group and Hailiang have the highest repurchase amounts, with 9.009 million yuan, 3.8251 million yuan and 3.5187 million yuan respectively. Judging from the completed repurchase, the repurchase amount of four companies on that day exceeded 10 million. Chengda Pharmaceutical Co., Ltd., Jinshi Resources Co., Ltd. and Yingfangwei Co., Ltd. have completed the highest repurchase amounts, with 57,061,600 yuan, 53,158,000 yuan and 31,405,600 yuan respectively.

The New Zealand dollar just broke through the 0.5800 mark against the US dollar, and the latest report was 0.5801, up 0.29% in the day; The Australian dollar just broke through the 0.6400 mark against the US dollar, and the latest report was 0.6401, up 0.51% in the day.Digging deep into the multiplier effect, we will launch a new round of coupons. Beijing will issue no less than 30,000 coupons for ice and snow, Changzhou, Jiangsu will issue 1 million yuan coupons for "Su Xin Consumption Celebrating New Year's Day" in 2024, and Xi 'an will launch a new round of coupons ... With the arrival of the peak consumption season at the end of the year, we will launch a new round of coupons distribution activities in many places and increase support for catering, cultural tourism and other consumption fields. The reporter found that the new round of coupons is characterized by multi-domain, rolling and multi-denomination distribution, covering catering, accommodation, sports and other fields. At the same time, rolling distribution of coupons can effectively cover important consumption nodes such as New Year's Day and Spring Festival, and multi-denomination coupons will also meet the diverse needs of different consumers. "The issuance of coupons can produce a multiplier effect and drive a wider range of economic activities. As a short-term stimulus measure, coupons will quickly boost consumer confidence, activate market demand, and at the same time drive the recovery and development of related industries. In particular, the accurate delivery of consumer vouchers in different fields and batches will help guide the consumption direction and optimize the consumption structure. " Zeng Fue, a professor at economics and management school of wuhan university, said. (Economic Information Daily)Citic Jiantou: We are optimistic about the investment opportunities in the pharmaceutical industry in 2025, focusing on the opportunities of new increase and industry integration. Citic Jiantou Securities reported on December 11th that looking forward to 2025, the reform policy in the pharmaceutical field has been normalized, and the most noteworthy incremental policy in the medical insurance field is to establish a diversified payment system. The medical field is about to usher in the reform of "deep water areas" such as salary system and graded diagnosis and treatment, which is in line with expectations on the whole. At the same time, the innovation of China's pharmaceutical industry has gradually stepped onto the international stage, some sub-sectors will be marginally improved, and industry integration will begin. We are optimistic about the investment opportunities in the pharmaceutical industry in 2025. It is suggested to focus on the new increase (innovation, going out to sea, marginal change) and industry integration opportunities.