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Chief economist of CITIC Jiantou: More active finance and moderately loose currency are beneficial to both stocks and debts. Huang Wentao, chief economist of CITIC Jiantou, interpreted the Central Economic Work Conference and said that the meeting stressed that it is necessary to maintain stable economic growth next year, maintain overall stability in employment and prices, raise the fiscal and monetary adjustment to the strongest level for many years, and give priority to expanding domestic demand. The construction of modern industrial system focuses on new quality productivity, and the economic system reform has landmark measures to expand autonomy and unilateral opening up in an orderly manner to stabilize the property market and stock market. Stable employment and stable prices will bring about both nominal and real growth, more active finance and moderately loose currency, which will be beneficial to both stocks and debts, the stock index, valuation and liquidity will stabilize and rebound, and the bond market interest rate will have more downside. Looking forward to 2025, the 5% real and nominal GDP growth rate is the direction of efforts. The growth is more brought about by the domestic demand boost and two innovations, new quality productivity and new supply, industrial digitalization and digital industrialization, rural revitalization and new urbanization, Belt and Road Initiative and opening up, and the high-quality ending of the "14 th Five-Year Plan" started the "15 th Five-Year Plan".China, with the largest plantation area in the world, has become the country with the greatest contribution to greening in the world. In the past 30 years since the signing of the United Nations Convention to Combat Desertification, China has made remarkable achievements in combating desertification, especially since last June, China has launched the "Three North" project. At present, the forest coverage rate in the "Three North" project area has increased from 5% in the 1970s to 13.84%. By the end of 2023, the forest coverage rate in China exceeded 25%, the forest stock exceeded 20 billion cubic meters, and the plantation area ranked first in the world, making it the most green country in the world. (CCTV News)Southern Power Grid: In November, the installed capacity of industrial and commercial distributed photovoltaic projects was newly put into operation, with more than 500 MW. Southern Power Grid (003035) said at the institutional investor strategy meeting on December 12 that in 2024, the company will continue to give full play to the advantages of distributed photovoltaic energy-saving track, focusing on key industries with good industry prospects, strong sustainable operation ability and large electricity consumption, and increase development efforts. According to preliminary statistics, from January to November 2024, the installed capacity of industrial and commercial distributed photovoltaic projects was newly put into operation with more than 500 MW.

The net outflow of the main market exceeded 10 billion.Guosheng Securities: AEC heavy-duty computing industry chain has entered the era of Lian Heng. Guosheng Securities Research Report pointed out that AEC(Active Electrical Cable) is an active cable interconnection scheme, which is mainly used in short-distance high-speed data transmission scenarios in data centers. 1)AEC is expected to become the first step for optical module manufacturers to penetrate downwards. Optical modules need to master photoelectric conversion and high-speed data communication, and DAC/AEC/AOC products have relatively mature technical requirements compared with single-mode/multimode optical module products with longer transmission distance. 2) Copper interconnection is widely used by large CSP not only in NVIDIA. NVIDIA used a large number of high-density copper interconnects in B series products, which made the industry re-recognize the reliability and price advantage of copper interconnects in short-distance scenes. 3) In the era of Lian Heng, domestic manufacturers still have obvious advantages. Chip manufacturers, represented by NVIDIA, have been hoping to conduct a comprehensive industry consolidation and provide customers with a complete set of solutions. What CSP manufacturers want more is the decoupling of the industrial chain, and every link such as GPU, copper connection, optical module and switch can find corresponding suppliers. The heavy volume of AEC and the rise of CSP manufacturer's independent scheme indicate that the computing power industry chain has entered the era of Lian Heng, and we are firmly optimistic about the domestic related computing power industry chain.The weighted share price index of Taiwan Stock Exchange opened 0.2% lower at 23,002.37.

Chongda Technology: Five measures are taken to deal with the challenges and opportunities of industry development. Chongda Technology (002815) said in the online collective reception day of investors on December 12 that the company's measures to deal with the challenges and opportunities of industry development include: optimizing product structure, continuing to promote the optimization and upgrading of product structure, increasing R&D investment and market expansion in the field of high-end PCB boards, and accelerating the introduction of high-value customers and orders; Improve production efficiency and cost control; Accelerate the pace of capacity expansion, and promote the speed of capacity improvement of Dalian Plant, Zhuhai No.1 Plant and Zhuhai No.2 Plant in an orderly manner; According to market demand, adjust product price strategy in real time to improve profitability; Accelerate the construction of production base in Thailand, actively participate in international competition and cooperation, and enhance the company's visibility and influence in the global PCB market.The MSCI Asia Pacific Index fell 1% to 185.63.Texas, the United States, launched an investigation into technology platforms for the protection of minors. Texas Attorney General Ken Paxton said on Thursday that the attorney general's office launched an investigation into more than a dozen technology platforms, covering practices on the privacy and safety of minors. Paxton added that the surveyed platforms include artificial intelligence chat robot startups such as Character.AI, Reddit, Instagram and Discord. Social media companies said that they will cooperate with officials to protect young users, and said that they have launched new tools aimed at protecting teenagers from surfing the Internet, including parental controls.