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Shenzhen Holdings: Auditor replacement: PricewaterhouseCoopers resigned and Ernst & Young took over. On December 10th, Shenzhen Holdings (00604.HK) announced that according to Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, PricewaterhouseCoopers agreed to resign as the auditor of Shenzhen Holdings with effect from December 10th, 2024. At the same time, the board of directors of Shenzhen Holdings decided to appoint Ernst & Young as the new auditor of the company, which will also take effect from December 10, 2024 until the end of the next annual general meeting.In addition to the front page content, today's People's Daily's main financial contents include: 1. Steady development of new quality productive forces-China Economic Observation in 2024 ③; 2. About 100 flying rainbow bridges built and under construction in China cross the blue ocean (new economic orientation); 3. VAT invoice data shows that the retail sales of household appliances increased by 74.4% in November. 4. The General Administration of Market Supervision regulates the whole process of business marketing behavior to prevent the waste of take-away catering; 5. China-Europe trains reach 227 cities in 25 countries in Europe, connecting more than 100 cities in 11 Asian countries, sending goods over 11 million TEUs and goods worth over 420 billion US dollars-crossing mountains and seas, and the "steel camel team" adds momentum to the world economy (building the "Belt and Road" and the first site); 6. Continue to play the role of the biggest engine of world economic growth (harmony); 7. Accelerate the arrival of "Digital Wisdom Future" (vertical and horizontal); 8. Continue to expand new consumption scenarios and new formats (everyone talks); 9. What do you think of the "China scenery" in the world economy (current economic question and answer in China)? 10. The two departments will further improve the working mechanism of centralized drug collection and implementation, and encourage the priority use of selected drugs and consumables; 11. Give full play to the role of bidding competition to help the standardized and healthy development of the bidding market (the way of governance); 12. The national economy is progressing steadily (number 2024); 13. Improve the quality and efficiency of life insurance management and do a good job in pension finance; 14. The global robot industry accelerates innovation and development (international perspective). In 2023, the number of newly installed industrial robots in China exceeded half of the world; 15. The active format of the new service consumption market characterized by digital and green is released to "new" vitality (consumption window, promoting the expansion and upgrading of service consumption); 16. Create more abundant new products for the integration of literature and tourism (market stroll); 17. CNCA issued an action plan to improve the quality management system certification of small and micro enterprises, improve product quality and increase quality supply (consumption kaleidoscope).Citic Jiantou: The demand for promoting the release of opinions on the pipeline network and water renovation in resilient cities is expected to increase. According to the research report of CITIC Jiantou, recently, the general offices of the General Office of the Central Committee of the CPC and the State Council issued the Opinions on Promoting the Construction of New Urban Infrastructure to Create a Resilient City, which clearly stated that it is necessary to build an intelligent and efficient new urban infrastructure system and continuously improve the resilience of urban facilities, management and space. Specifically, the Opinions propose that by 2027, the construction of new urban infrastructure will make significant progress, and the supporting role for the construction of resilient cities will be continuously enhanced, forming a number of experiences and practices that can be replicated and promoted. In addition, the Opinions also proposes the implementation of intelligent municipal infrastructure construction and transformation, and the digital transformation and upgrading and intelligent management of urban water supply, drainage, power supply, gas, heat, fire hydrants (fire cranes), underground utility tunnel and other municipal infrastructure according to local conditions. We believe that in the process of building a resilient city, the demand for urban infrastructure renewal and construction is expected to continue to grow, and related water and sanitation equipment enterprises are expected to benefit.

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.Asian Development Bank: Reduce India's growth forecast from 7.0% to 6.5% in 2024 and from 7.2% to 7.0% in 2025.Citic Jiantou: The demand for promoting the release of opinions on the pipeline network and water renovation in resilient cities is expected to increase. According to the research report of CITIC Jiantou, recently, the general offices of the General Office of the Central Committee of the CPC and the State Council issued the Opinions on Promoting the Construction of New Urban Infrastructure to Create a Resilient City, which clearly stated that it is necessary to build an intelligent and efficient new urban infrastructure system and continuously improve the resilience of urban facilities, management and space. Specifically, the Opinions propose that by 2027, the construction of new urban infrastructure will make significant progress, and the supporting role for the construction of resilient cities will be continuously enhanced, forming a number of experiences and practices that can be replicated and promoted. In addition, the Opinions also proposes the implementation of intelligent municipal infrastructure construction and transformation, and the digital transformation and upgrading and intelligent management of urban water supply, drainage, power supply, gas, heat, fire hydrants (fire cranes), underground utility tunnel and other municipal infrastructure according to local conditions. We believe that in the process of building a resilient city, the demand for urban infrastructure renewal and construction is expected to continue to grow, and related water and sanitation equipment enterprises are expected to benefit.

A new generation of quantum chips has achieved a breakthrough in error correction capability. According to a paper published in Nature magazine on the 10th, Google's latest generation of quantum chips has achieved a breakthrough in error correction capability, that is, the error is suppressed below a critical threshold. This quantum error correction function is considered as a necessary condition to realize the practical application of quantum computing in the future. After the performance of the chip is expanded, it may be able to promote the operation requirements of large-scale fault-tolerant quantum computing.Argentine President Millai: Argentina will abolish capital controls next year.US Treasury Department: US Treasury Secretary Yellen expressed appreciation for the close communication between the Ministry of Economic Affairs of Korea and the United States after the recent events in South Korea.