Category: Flash News

On December 20th, the Hainan Financial Regulatory Bureau issued the “Guiding Opinions on Hainan’s Banking and Insurance Industry Fully Supporting the Operation of Hainan Free Trade Port Sealing”. The Guiding Opinions focus on fully supporting the operation of the Hainan Free Trade Port’s customs clearance and propose four specific measures. One is to promote the free and convenient flow of cross-border funds and expand high-level financial opening-up to the outside world. This includes actively utilizing multifunctional free trade accounts to promote the free and convenient flow of cross-border funds, exploring the integration of international high standard economic and trade rules in the financial field, and exploring pilot projects for cross-border asset management business. The second is to actively serve the real economy and enhance the resilience of the financial system. This includes supporting the construction of hardware facilities for the sealing operation of Hainan Free Trade Port, accurately increasing financial services in key areas, assisting in the development of new quality productivity according to local conditions, promoting support for the construction of national ecological civilization pilot zones, and fully leveraging the economic shock absorber and social stabilizer functions of the insurance industry. Thirdly, we will strengthen the construction of financial infrastructure and vigorously optimize the business environment. This includes supporting various high-quality overseas banks and insurance institutions to participate in the construction of Hainan Free Trade Port, accelerating the digital transformation of the banking and insurance industry, creating characteristic application scenarios for the Free Trade Port platform, and providing talent and financial services for the Free Trade Port. Fourthly, there are safeguard measures. This includes strengthening overall coordination, promoting implementation, seeking policy support, and enhancing risk prevention and control.

On December 20th, a research report by CITIC Securities pointed out that the Doubao Big Model family has upgraded its capabilities in general text, visual understanding, music generation, text generated graphics, and other models, fully benchmarking OpenAI in terms of model richness and core capabilities. Since its release, the traffic of the model has increased by 33 times, with an average daily call of 4 trillion tokens, and the commercial landing continues to accelerate. We are optimistic about the accelerated implementation of AI applications represented by Agent mode in various fields by 2025, under the leadership of high-quality domestic models such as Doubao, which will simultaneously drive the demand for several times computing power. It is recommended to pay attention to investment opportunities related to the AI industry chain.

On December 20th, the State Administration for Market Regulation issued the “Guidelines for the Review of Horizontal Concentration of Business Operators”, which mentioned that if the concentration of business operators meets the declaration standards stipulated by the State Council, they should declare to the anti-monopoly law enforcement agency in advance. Concentration shall not be implemented before declaration or approval is obtained after declaration. If the concentration of operators does not meet the declaration standards, but there is evidence to prove that the concentration of operators has or may have the effect of excluding or restricting competition, the anti-monopoly law enforcement agency may require the operators to declare and notify them in writing. If the concentration has not yet been implemented, the operator shall not carry out the concentration until it has been declared or approved after declaration; If the concentration has already been implemented, the operator shall declare within 120 days from the date of receiving the written notice and take necessary measures such as suspending the implementation of the concentration to reduce its adverse effects on competition. If one of the following situations occurs in the concentration of operators, it may not be necessary to declare to the anti-monopoly law enforcement agency: (1) One operator participating in the concentration owns more than 50% of the voting shares or assets of each other operator; （2） More than 50% of the voting shares or assets of each operator participating in the concentration are owned by the same operator who did not participate in the concentration.

On December 20th, the Henan Provincial Government held a symposium on the cultivation of the “7+28+N” key industrial chain cluster on December 19th. The meeting listened to the work reports of 28 key industrial chains and 18 specialized, refined, special and new sub sectors of industrial chain leaders, and arranged and deployed the next steps of work. Vice Governor Song Zhenghui attended the symposium and delivered a speech. Song Zhenghui emphasized the need to continue implementing the strategy of changing lanes and leading the way, promote the formation of key industrial clusters into systems, pillars, and supports, and accelerate the upgrading of key industrial chain clusters. We should closely monitor the key issues of the chain group, focus on the “one plan, four maps, and six lists”, and promote the implementation and effectiveness of key projects. We should promote industrial innovation through technological innovation, fully leverage the innovation leadership and vertical integration role of chain leading enterprises, and vigorously improve the innovation capability and collaborative level of the industrial chain. We need to carefully sort out key industrial chain enterprises, optimize the hierarchical cultivation mechanism of enterprises, and vigorously cultivate leading and backbone enterprises.

On December 20th, Electroacoustic Co., Ltd. hit the daily limit up of 20CM, followed by Lingnan Co., Ltd., Dusu Fashion, Fengshang Culture, Mio Exhibition, and others. On the news front, on December 19th, the Ministry of Commerce announced that it will accelerate the release of policy documents to promote the first economy, develop the ice and snow economy and silver economy, and promote digital consumption, green consumption, and healthy consumption. At the same time, we will improve consumption conditions, deepen the cultivation and construction of international consumption center cities, promote the construction of a 15 minute convenient living circle, deeply implement the three-year action plan for county-level commercial development, and promote the transformation and upgrading of “thousands of stores and collections”.

On December 20th, as of press time, Weimeng Group (02013. HK) rose 18.54%. On the news front, on December 19th, WeChat Xiaodian officially announced the launch of the “gift giving” feature’s grayscale test, which is another measure for WeChat to relay the social relationship chain and revitalize the e-commerce ecosystem. Zhongjin believes that with the gradual prosperity of the WeChat e-commerce ecosystem, Weimeng can help existing merchants achieve the integration of public domain (WeChat small store) and private domain (mini program store), and is also expected to gain more considerable customer growth. At the same time, it can further open up growth space through ecosystem related value-added services.

On December 20th, based on the construction of the national major scientific and technological infrastructure “Aerial Remote Sensing System”, the Xinzhou 60 remote sensing aircraft and the certificate remote sensing aircraft were equipped with aerial ice radar and 3D LiDAR to carry out glacier perspective detection in Laohugou Glacier No. 12, Qiyi Glacier, and Ningcaohe Glacier No. 3 in Gansu Province. This is the first time in China that a typical glacier reserve survey has been conducted based on aviation ice radar technology, which can provide key data support for water resource management and decision-making in various watersheds of the Hexi Corridor, ecological environment protection in the Qilian Mountains, and regional sustainable development.

On December 20th, the US Treasury Department released the October 2024 International Capital Flows Report (TIC) on Thursday (December 19th) local time. The report shows that China, the second largest overseas “creditor” of the United States, reduced its holdings of US Treasury bonds by $11.9 billion in October compared to the previous month, and its total holdings decreased to $760.1 billion. This is the fourth consecutive month that China has reduced its holdings of US Treasury bonds. This further reduction in holdings has caused China’s US Treasury holdings to fall below the low of $769.6 billion in October last year, setting a new low since February 2009. In February 2009, China’s holdings of US Treasury bonds were $744.2 billion.

On December 20th, according to the China Trade Remedy Information Network, on December 19th, the US International Trade Commission (ITC) voted to initiate a 337 investigation (investigation code: 337-TA-1429) on Certain Wireless Communication Devices and Components There. On November 18, 2024, International Semiconductor Group Co., Ltd. of Seoul, South Korea filed a 337 investigation application with the US ITC, claiming that the product exported, imported, and sold in the United States violated US Section 337 (infringing US registered patents 10575262, 9271308, 10111227, 10616919), and requested the US ITC to issue a limited exclusion order or injunction. Dell Technologies Inc. of Round Rock, TX, Dell Products L.P. of Round Rock, TX, Dell (Chengdu) Co. Ltd. of China, HP, Inc. of Palo Alto, CA, Hewlett Packard Enterprise Co. of Spring, TX, Lenovo Group Limited of China, Lenovo (United States) Inc. of Morrisville, NC are listed defendants. The US International Trade Commission will determine the end date of the investigation within 45 days after filing the case. Except in cases where the United States Trade Representative vetoes a relief order based on policy reasons, the relief order issued by the United States International Trade Commission in the 337 case shall take effect from the date of issuance and shall have final effect on the 60th day after the date of issuance.

On December 20th, as of press time, Dongfang Zhenxuan (01797. HK) rose 15.54%. In terms of news, the WeChat store has recently officially launched a grayscale test for the “gift giving” function. Except for jewelry and education and training categories, products with original prices not exceeding 10000 yuan will default to supporting the “gift giving” function. It is worth mentioning that the official account of Orient Selection recently announced that WeChat stores have launched the new function of “gift sending”.