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Bai Zhongen: Under special circumstances, short-term breakthrough in deficit and debt may help solve long-term problems. Bai Zhongen, president of Tsinghua University Institute of Economics and Management and vice chairman of the All-China Federation of Industry and Commerce, said that in the understanding and implementation of policies, there are sometimes some stereotypes, which make us bound by these stereotypes. Breaking these constraints is very important for our policy understanding and policy implementation. The first mindset is that it will bring moral hazard if the central government helps local governments pay their debts. The second mindset, in the past, some people insisted that the deficit should not exceed a certain proportion and the debt should not exceed a certain proportion. He bluntly said that the upper limit of debt and deficit also depends on short-term and long-term. In the long run, we can't have too many deficits and too many debts. Therefore, when we encounter special circumstances in the short term, we should allow the deficit and debt to exceed a certain ratio.Brazilian President Lula's intracranial drainage tube has been removed and recovered well. On December 12, local time, the Syrian-Lebanese Hospital in Sao Paulo, Brazil issued a medical announcement, saying that the intracranial drainage tube placed after President Lula's surgery had been removed that evening. At present, Lula is conscious and thinking normally, and is still in intensive care in the hospital. According to the announcement, Lula's nervous system is normal and there are no complications, and there will be no sequelae in the future. At present, he is recovering well and can eat and talk normally. The hospital advised him to continue to rest.Ye Fan, Southwest Securities: In 2025, the upward trend of domestic economy will continue, and it is estimated that the annual RRR will be lowered by about 100bp. The Central Economic Work Conference will be held in Beijing from December 11th to 12th. Ye Fan, chief economist of Southwest Securities, said that in 2025, the domestic economy will continue to stabilize and upward under the policy. From the structural point of view, infrastructure and manufacturing investment are expected to remain the main support items for domestic investment next year, and the decline in real estate investment will gradually narrow; Domestic demand is expected to play a stronger role in stimulating the economy than external demand, and domestic residents' consumption is expected to continue to pick up under the policy. Regarding the direction of fiscal and monetary policies, Ye Fan predicted that the issuance scale of ultra-long-term special government bonds will be around 1.5 trillion -2 trillion yuan in 2025, and it will continue to support the "dual" areas. In the first half of next year or the peak of government bond issuance, there may be a RRR cut for hedging. It is estimated that the RRR cut will be about 100bp for the whole year, and the interest rate cut will be decided by camera. The interest rate cut of 25bp-40bp may be promoted step by step.

Wanwuyun: Signing a new framework agreement with Vanke, with the term ending at the end of 2027. On December 13th, Wanwu cloud hosting Science and Technology Service Co., Ltd. (02602.HK) issued an announcement. In view of the fact that the existing framework agreement will expire on December 31st, 2024 and the company intends to continue to sign similar transactions thereafter, the board of directors announced that Wanwuyun signed a new framework agreement with Vanke on December 12th, 2024, including a framework agreement on the use and maintenance of new technology systems. New property leasing Framework Agreement; New AIoT and BPaaS solution service framework agreement; New property service framework agreement; New value-added service framework agreement; And the new property agency service framework agreement, valid from January 1, 2025 to December 31, 2027. As of the date of announcement, Vanke Company accounts for 56.84% of the issued share capital of Wanwuyun and is the controlling shareholder. At the same time, the announcement shows that the extraordinary general meeting of shareholders will be held on December 31, 2024 to review and approve related transactions and annual caps. In addition, Wanwuyun announced that its registered address in China has been changed to Room 2201, Building B, Chuangzhiyun Center, No.1 Guangsha Road, Futian District, Shenzhen City, Guangdong Province.Shenzhen recently released four overcharge standards. According to the news of "Shenzhen Release", yesterday, the reporter learned from the Shenzhen Municipal Market Supervision Administration that Shenzhen has made further progress in promoting the construction of electric vehicle charging facilities, and recently took the lead in releasing four overcharge standards. At present, Shenzhen has issued six leading local standards for overcharging, including the grading evaluation standard for decentralized charging facilities for electric vehicles, grading evaluation standard for centralized charging stations for electric vehicles, long-term failure judgment standard for charging equipment for electric vehicles and management standard for construction of charging facilities for electric vehicles in residential quarters. As of December 5, Shenzhen has guided the construction of 913 overcharging stations, added 121,000 charging facilities and upgraded 3,047 old piles. The official implementation of the four latest overcharge standards issued by Shenzhen indicates that Shenzhen has taken another solid step on the road of building an "overcharged city".The winning bid rate of China's 2-year treasury bonds was 1.06%, which was 31 basis points lower than last month. The Ministry of Finance of China issued treasury bonds today, and the weighted average winning bid rate of 2-year varieties was 1.06%. The data shows that the bid-winning interest rate is about 31 basis points lower than that when the national debt of the same term was issued in November, the lowest since Bloomberg recorded it in 2004.

Indian Rupee rebounded slightly against the US dollar to 84.8350.Guangdong: In the next five years, 10 billion yuan will be invested to support the development of the tourism industry. On December 12th, a site meeting was held to promote the implementation of the spirit of the provincial tourism development conference in Guangdong. The meeting proposed to promote the implementation of the "three hundred" plan for cultural tourism investment, that is, to promote 100 major projects under construction and 100 key investment projects, to coordinate provincial financial investment of 10 billion yuan to support the development of tourism industry in the next five years, and to accelerate the implementation of the list of 100 major projects under construction and 100 key investment projects.The institutional deposits of Ping An Bank exceeded 400 billion yuan. At the beginning of this year, Ping An Bank successfully won the bid for the qualification of central treasury centralized payment agent bank. Interface journalists learned from the recent Digital Intelligence Government Conference held by the bank that up to now, Ping An Bank has more than 1,000 core government qualifications and institutional deposits have exceeded 400 billion yuan. At the conference, the bank officially released the "Safe and Intelligent Government Affairs" platform, and signed general-to-general partnership agreements with the first batch of 10 institutional business partners, including Booz Software, Shenyue Software and Guangdong Bankruptcy Administrators Association.