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Analysis: Two major factors, disposal of non-performing assets and resolution of local debts, affect the total financial data. According to the analysis of market institutions, the financial data of the current month are greatly influenced by disposal of non-performing assets and resolution of local debts. The reform of financial institutions has been carried out in an orderly manner, and the disposal of non-performing assets of commercial banks has pressed the "acceleration button". According to industry insiders, the write-off of non-performing loans is only a bank accounting treatment, and the lending relationship between banks and enterprises has not changed, which does not directly affect the business activities of the real economy. In November, some non-performing loans were sold through packaging, transfer and sale, so that non-performing assets were listed as a whole. This part is not included in the scale of social financing, which will have a certain impact on the growth rate of social financing scale, but it will also not affect the financing relationship of the real economy. In addition, the intensity of localized debts has increased, and local governments may accelerate the replacement of debts in the short term, affecting the credit stock. It is understood that the Ministry of Finance has issued new local debt limits to all localities, and some provinces have started issuing them. At present, the total amount of special bonds issued by local governments in China has basically reached the planned annual issuance quota. According to market research, after the financing platform and other entities get the special debt funds, most of them will repay the debts in about 10 to 20 days, most of which are loans, so as to avoid "paying interest at both ends" of bonds and loans. It is estimated that nearly 250 billion yuan of local bond swap will be completed nationwide in November, and there will be a larger bond swap in December. According to industry insiders, for local governments, after the debt pressure is released slowly, it is more conducive to the development of the real economy, which is good for relieving the debt chain, smoothing the economic cycle and preventing risks, and has multiple positive effects. (The country is a through train)Liard: In the future, it is possible to integrate algorithms with AI chips to improve the control ability of robot limbs. Liard said on the conference call that the company has actually been an optical camera for many years, and the technology of this company is still relatively mature. This belongs to the hardware. In the future, it is possible to integrate the algorithm with the current AI chip more. After the integration of this chip with partners, the local computing power of the robot will be improved, and then the limb control ability of the robot will be improved.Guangyunda: It is planned to raise no more than 448.9 million yuan from Junguang Investment. Guangyunda announced that the type of shares to be issued by the company to a specific target is domestic listed RMB ordinary shares (A shares) with a par value of RMB 1.00 per share. The object of issue is Shenzhen Junguang Investment Holding Co., Ltd., and the issue price is determined to be 7.74 yuan/share. The number of shares issued this time does not exceed 58 million shares (inclusive), which does not exceed 30% of the total share capital of the company before this issuance. The total amount of funds raised by the proposed stock issue to a specific target does not exceed RMB 448.92 million (inclusive), and the net amount of funds raised after deducting the issuance expenses is intended to be used to supplement the working capital. This proposal still needs to be submitted to the company's shareholders' meeting for consideration.

Institution: The European Central Bank is paying attention to the weakness of the euro. The European Central Bank said yesterday that inflation is slowing down and hinted that it will cut interest rates again. However, Joost Van Leenders, an analyst at Van Lanschot kemen, said in a report that the European Central Bank will pay close attention to the recent weakness of the euro. As the import price rises, a weak currency may push up inflation. The senior investment strategist said that since the current deposit interest rate in the euro zone is 3% and the neutral interest rate is around 2%, the European Central Bank will cut interest rates at least four times. However, European Central Bank President Lagarde stressed that the inflation risk is two-sided.The Baltic Sea Index fell for the fourth consecutive week due to the drop in freight rates of all ship sectors. According to the latest data, the Baltic Dry Index (BDI) reported 1051 points on December 13, 2024, the lowest level since July 25, 2023, down 0.38% from the previous value, and fell for the fourth consecutive day. Among them, Panama-type freight index (BPI) reported 995 points, down 2.55% from the previous value, Cape-type freight index (BCI) reported 1263 points, up 0.88%, and super handy ship freight index (BSI) reported 959 points, down 0.21%. The Baltic Exchange's Dry Bulk Shipping Index, which is used to measure the freight of ships transporting dry bulk goods, fell for the fourth week in a row on Friday, because all ship sectors fell this week. The index, which takes into account the freight rates of Capesize, Panamax and Super Handy ships, fell 4 points to 1,051 points on Friday, the lowest level since the end of July 2023. The index fell by about 10% this week. Panama shipping freight index fell 26 points to 995 points. The index also fell this week. Panama-type ships usually carry 60,000-70,000 tons of coal or grain cargo, and their average daily income dropped by $231 to $8,955. Although the freight index of Cape ships rose by 11 points to 1,263 points on Friday, it still fell for the fourth consecutive week. Cape ships usually transport 150 thousand tons of goods, such as iron ore and coal, and their average daily income has increased by 92 dollars to 10,474 dollars. Iron ore futures fell, but closed higher this week. Among small vessels, the freight index of super handy vessels dropped by 2 points to 959 points, which also recorded a loss in Zhou Du.Kaitou Macro: There is no end in sight for the industrial difficulties in the euro zone. Jack Allen-Reynolds, a macro economist at Kaitou, said in a report that the stagnation of industrial production in the euro zone in October shows that its industrial sector is still weak and will continue to struggle. In fact, he said, without Ireland's data, the G-20' s constant production data would look much worse, or it would drop by 0.5% month-on-month, while Ireland's data is notoriously unstable. Allen-Reynolds said that the output in October excluding Ireland decreased by 2.8% compared with the same period of last year, which was 18% lower than the output level of energy-intensive industries before the outbreak of the conflict between Russia and Ukraine. He said that automobile production is 17% lower than the pre-epidemic level. Although the production performance of other industries is not so bad, the latest survey shows that the overall industrial production continues to decline.

Nasdaq hit a record high in intraday trading, up 0.8%.The NASDAQ 100 index rose to about 1.2%, and Broadcom, a constituent stock, rose by more than 21%, Maiwell Technology rose by 9.8%, ARM rose by 4.5%, Micron Technology rose by 4.1%, Ram Research rose by 1.8%, ASML ADR rose by 1.5%, and Grail, a biotechnology company, rose by 1.8%.Jiaying Pharmaceutical Co., Ltd.: It plans to buy back 7 million to 13.5 million shares. Jiaying Pharmaceutical announced that it plans to use its own funds to buy back some issued RMB common shares (A shares) by centralized bidding for the implementation of employee stock ownership plan or equity incentive. The price of repurchased shares is not higher than 9.80 yuan/share (inclusive), and the number of shares to be repurchased is not less than 7 million shares (inclusive), accounting for about 1.3793% of the company's total share capital; And no more than 13.5 million shares (inclusive), accounting for about 2.6600% of the company's total share capital. The repurchase period is within 12 months from the date when the company's board of directors deliberated and approved the share repurchase plan.