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Institution: A small interest rate cut by the European Central Bank may have a neutral impact on euro credit. Analysts of Yuxin Bank said in a report that the European Central Bank is expected to announce a 25 basis point interest rate cut tonight, which should have a neutral impact on euro-denominated credit. Analysts said that if the central bank cuts interest rates by 50 basis points further, it is unlikely to be beneficial to euro credit, because it will raise concerns about economic growth in the euro zone. According to the data of LSEG Refinitiv, the possibility that the market expects the European Central Bank to cut interest rates by 25 basis points is 83%, while the possibility of cutting interest rates by 50 basis points is 17%. Yuxin Bank said that as the European Central Bank continues to cut interest rates, the euro credit spread may fluctuate slightly or tighten slightly in the coming months.After the emergency martial law storm, South Korea's financial industry suffered successively. After the emergency martial law storm in South Korea, South Korea's financial industry suffered successively, and the stock market fluctuated obviously. This week, it began to rebound slightly. South Korean media pointed out that the uncertainty of South Korea's political situation may put its international reputation under downward pressure. South Korea's Deputy Prime Minister and Minister of Planning and Finance, Choe Sang-mu, held an "emergency macroeconomic and financial symposium" on the 10th to discuss the dynamics of the financial and foreign exchange markets and the countermeasures. According to South Korea's Chosun Ilbo reported on the 9th, after the emergency martial law storm, the total market value of South Korea's stock market evaporated by 58 trillion won within three days, and more than 400 billion US dollars of foreign exchange reserves were also threatened. As the political struggle of "impeaching the president" continues, not only finance, but also retail, alcohol, real estate, semiconductor export and other aspects of the Korean economy have also felt the chill. South Korean media believe that if financial instability and the stagnation of the real economy, the economy may fall into crisis sharply. According to the "Foreign Securities Investment Trends in November" released by the Korea Financial Supervisory Authority on the 10th, foreign investors sold 4.154 trillion won in the Korean securities market last month and sold Korean shares for four consecutive months. South Korea's "Asia Daily" said on the 10th that as South Korea re-entered the presidential impeachment time, the uncertainty intensified, and it is expected that the net selling behavior of foreign investors will continue. Although South Korea's stock market rebounded on the 10th, the uncertainty of the political situation put its international reputation under downward pressure. South Korea's Chosun Ilbo published a commentary on the 10th, saying that Fitch and Moody's, among the world's three major credit rating agencies, have successively warned that if the storm after martial law is prolonged, South Korea's national credit rating may be negatively affected. (CCTV)The OpenAI webpage shows that API, ChatGPT and Sora are all running normally.

IEA Monthly Report: The daily output of the refinery will reach the annual peak of 84.3 million barrels in December. It is estimated that in 2024, the daily output of the refinery will increase by 520,000 barrels to an average of 82.7 million barrels per day. It is estimated that in 2025, the daily output of refineries will increase by 620,000 barrels to an average of 83.3 million barrels per day.Zhu Min, former vice president of IMF: Domestic consumption, manufacturing and green transformation will become the growth drivers of China's economy. Recently, at the China 2024 Annual Meeting and the 22nd Financial Billboard, Zhu Min, former vice president of China International Economic Exchange Center, said that one of the three traditional locomotives of China's economic growth is infrastructure investment; The second is the real estate industry, and the third is export. The transformation of the whole economic structure needs a new growth impetus. Zhu Min said that this new growth driver is, first, based on domestic consumption, and second, insisting on doing a good job in domestic manufacturing and doing high technology; The third is green transformation. We will continue to take the road of sustainable development of green transformation in China and improve our core competitiveness.Shanghai Science and Technology Commission: Increase financial support for projects in the fields of scientific instruments, scientific research reagents and technical standards in the Action Plan for Scientific and Technological Innovation, and Shanghai Science and Technology Commission issued the Action Plan for Promoting the Innovative Development of Scientific Instruments and Scientific Research Reagents in Shanghai (2025-2027). The plan points out that financial input should be increased. We will increase support for projects in the fields of scientific instruments, scientific research reagents and technical standards in the Action Plan for Science and Technology Innovation, support technology research and development, product development and standard development, select and fund high-end scientific instruments and scientific research reagent products, and support the construction of technical test and verification platforms, application scenarios and user experience centers. 16. Strengthen financial support. Establish and improve the industrial venture capital mechanism, encourage and guide market capital to participate in industrial development. Give play to the role of the parent fund of the three leading industries and the future industrial fund, encourage social capital investment, support debt financing, mergers and acquisitions, and promote enterprises to become bigger and stronger.

Interbank certificates of deposit funds are popular. In the context of the current downward trend of non-bank interbank deposit rates, interbank deposit rates are relatively more attractive, and interbank deposit funds have recently gained popularity. Since December, the 7-day holding fund of AAA index of China Securities Interbank Deposits issued by BlackRock Fund and Agricultural Bank of China Credit Suisse Fund has reached the upper limit of 5 billion yuan, and triggered proportional placement. Both funds are partially confirmed by the principle of "doomsday ratio confirmation", and the doomsday confirmation ratio is 73.36% and 27.02% respectively. In addition, Huatai Bairui Fund and China-Canada Fund also imposed subscription restrictions on their 7-day holding funds of the AAA Index of China Securities Interbank Deposits. From December 11th, the amount of multiple cumulative subscriptions (including conversion and fixed investment) for a single fund account of Huatai Bairui CSI Interbank Deposit Certificate AAA Index 7-day holding fund shall not exceed 100,000 yuan; From December 6th, the subscription amount of a single investor of the 7-day holding fund of China-Canada CSI Interbank Deposit Certificate AAA Index will not exceed 10 million yuan (except for individual investors and public asset management products). (CSI Taurus)Seven members of South Korea's ruling party announced that they would support the impeachment of Yin Xiyue. On the afternoon of the 12th local time, another member of South Korea's ruling National Power Party, Han Zhiya, announced that he would vote in favor of the impeachment of President Yin Xiyue on the 14th. Up to now, seven members of the National Power Party have publicly expressed their support for the impeachment of President Yin Xiyue. According to outside analysis, this means that the possibility of Yin Xiyue's impeachment case being passed in the South Korean National Assembly is further increased. (CCTV News)Zhongyuan Expressway: The toll revenue in November was 373 million yuan. Zhongyuan Expressway announced that the toll revenue in November 2024 was 373 million yuan.