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CITIC Securities: More positive policy signals are expected to drive the market of resource products. CITIC Securities Research Report said that the Politburo meeting released more positive policy signals, and the improvement of the real economy is expected to boost the prices of upstream resource products and lead the sector to return to the upward trend. It is suggested to focus on three main lines: 1) improving the fundamentals of general steel, coking coal, copper-aluminum basic metals and chemicals with strong consumption attributes; 2) Bonus varieties such as crude oil and thermal coal under favorable market liquidity; 3) Growing varieties such as lithium and rare earth under the favorable market style.With the general election approaching, German Chancellor Angela Scholz supports reducing the value-added tax on basic groceries. German Chancellor Angela Scholz said in an interview on the evening of December 10th local time that he was in favor of reducing the value-added tax on basic groceries from 7% to 5% to help low-income families cope with inflation. The center-left leader also said that although the opposition Conservative Party has a big lead in the polls, he is confident of winning the early election on February 23rd.Xie Yunliang, macro chief analyst of Cinda Securities, said that historically, the establishment of a "moderately loose" policy orientation needs to meet two major conditions, namely, the domestic pressure to stabilize prices is high and the foreign Federal Reserve is in a loose cycle. At present, it is judged that both situations may exist next year.

Institution: In November, the average price of second-hand residential buildings in Baicheng dropped by 0.57% month-on-month. According to the 100-city price index of China's real estate index system, in November 2024, the average price of second-hand residential buildings in Baicheng fell by 0.57% month-on-month, narrowing by 0.03 percentage points from last month. It fell by 7.29% year-on-year. In November, the average price of second-hand residential buildings in the top ten cities fell by 0.17% month-on-month, which was 0.16 percentage points lower than that of the previous month. It fell by 7.16% year-on-year, and the decline was narrowed by 0.36 percentage points from the previous month. In terms of cities, the prices of second-hand houses in Shenzhen and Chengdu rose by 0.21% and 0.12% respectively. Nanjing had the largest decline from the previous month, with 0.60%; Wuhan, Hangzhou and Tianjin followed closely, with decreases of 0.43%, 0.42% and 0.31% respectively. Guangzhou, Shanghai and Beijing all experienced month-on-month declines of 0.1%-0.3%; Chongqing (the main city) has the smallest decline of 0.07%. In terms of year-on-year, Wuhan and Nanjing experienced large year-on-year declines, accounting for 10.82% and 10.24% respectively. Chongqing (the main city), Beijing, Hangzhou and Shanghai all experienced year-on-year declines of 7%-9%; The prices of second-hand houses in Tianjin, Guangzhou and Chengdu all fell by 5-7% year-on-year; Shenzhen fell by 4.42% year on year.The reporter explored: optimizing the transaction structure, the second-hand housing has become a hot spot in the market. "After the recent new property market policy, especially the reduction of transaction tax burden such as value-added tax, the second-hand housing is particularly popular." A senior real estate agent manager in Jindaotian District, Luohu District, Shenzhen, told the reporter, "Take several shed-reformed communities here as an example. Recently, more than 20 second-hand houses can be sold in each community every month. The price is low, the house is new and the location belongs to the urban area, which is very suitable for those who just need to buy a home." According to the data of Shenzhen Zhongyuan Research Center, the unit price of second-hand houses in the range of 40,000 yuan to 60,000 yuan accounted for 32.1% in November, ranking first and the increase was the most obvious. The transaction of new houses with a "building age" of less than 10 years was the most active. The reporter found out that in the second-hand housing market in several key cities, the transactions of new second-hand houses with relatively new "building age" are more active. Take Tianhe Park, a plate with high popularity of second-hand houses in Guangzhou, as an example. According to shell data, 41 sets were sold in this plate in October, a significant increase of 127.8% from the previous month. According to Yan Yuejin, vice president of Shanghai Yiju Real Estate Research Institute, the adjustment of tax policy will accelerate the listing of second-hand houses and good houses, which in turn will help buyers subscribe for second-hand houses and large-sized houses, which will have a positive effect on optimizing the transaction structure of second-hand houses and boosting second-hand housing transactions. (e company)Haitong Securities: In 2025, the retail sales of home appliances terminals are expected to increase in volume and price. Haitong Securities reported in its research report on December 10th that the effect of the trade-in policy is remarkable. With the active actions of the central and local governments, the trade-in policy of home appliances is expected to continue in 2025. We judge that the retail sales of home appliances terminals are expected to increase in volume and price in 2025, and the domestic sales revenue of leading enterprises is expected to achieve steady growth. The average sales price of home appliances will increase significantly under the impetus of trade-in, and the profit margin of home appliance enterprises can be expected to increase. Under the downward trend of interest rates, the dividend yield of household appliances leading enterprises is still attractive. It is recommended that white and black electricity leading enterprises which have obviously benefited from the trade-in policy and have global competitiveness.

Everbright Securities: It is expected that the auto market will usher in the year-end impulse market in December. Everbright Securities reported on December 10 that with the introduction of preferential policies for car purchases by various auto companies at the end of the year and the continuous promotion of trade-in by local governments, it is expected that the auto market will usher in the year-end impulse market in December. Recommend the big white horse bibcock of each subdivision track, and pay attention to the sales of new models in 2025E to achieve high flexibility. 2025E intelligence will continue to become a competitive highland in the industry, paying attention to intelligent theme investment opportunities.Millay: Argentina seeks to reach a free trade agreement with the United States next year.New World Development sold Artisan Lab in Kowloon, Hong Kong for HK$ 620 million. Sing Tao Daily quoted an unnamed insider as saying that New World Development sold Artisan Lab in San Po Kong, Kowloon for HK$ 620 million. This 22-storey building was completed in 2022, with a floor area of about 120,000 square feet.