South Korean President Yin Xiyue will speak to the people again. The reporter learned on the 12th local time that South Korean President Yin Xiyue will speak to the people again. (CCTV News)Industrial Securities' investment strategy for the construction industry in 2025: internal and external resonance, optimistic about debt conversion and the "Belt and Road" industry, Industrial Securities Research Report said that the construction industry will face certain pressure in 2024, and it is expected that infrastructure investment will remain high in 2025, driven by the debt conversion policy. Review and prospect of plate market: central state-owned enterprises and design plates led the gains, with obvious excess returns. Main line 1: Debt conversion is expected to drive the improvement of the management quality of construction central enterprises. 1) The driving force and mode of action of this debt conversion can be compared with the "Belt and Road" market in 2014 and the PPP market in 2016, and the policy is driven from top to bottom. 2) The institutions' positions in construction central enterprises are low, and the valuation of construction central enterprises is also in the lower position of the historical center. 3) The unprecedented intensity of debt conversion will help the central enterprises to realize the double promotion of EPS and PE. Main Line 2: The Belt and Road Initiative is expected to accelerate and benefit international engineering enterprises. The "Belt and Road" market has accelerated its expansion, and international engineering enterprises are expected to accelerate their going out to sea, and their performance and valuation have both improved.Market News: South Korean President Yin Xiyue may release a recorded public speech.
Yin Xiyue stayed in the office for 30 minutes and then returned to her residence. (Yonhap News Agency)South Korean President Yin Xiyue: The opposition party does not recognize the president.Hong Kong suspended the import of poultry meat and poultry products from Ehime Prefecture, Japan. On December 11th, the Center for Food Safety of the Food and Environmental Hygiene Department of Hong Kong announced that in response to the notification from the Ministry of Agriculture, Forestry and Fisheries of Japan that highly pathogenic H5 avian influenza broke out in Ehime Prefecture, Japan, the Center immediately instructed the industry to suspend the import of poultry meat and poultry products (including eggs) from this area to protect public health in Hong Kong. A spokesman for the Centre said that according to the information of the Census and Statistics Department, Hong Kong imported about 2,000 metric tons of frozen poultry meat and 227.42 million eggs from Japan in the first nine months of this year. The spokesman said: "The Center has contacted the Japanese authorities on the incident and will continue to pay close attention to the news of the outbreak of avian influenza issued by the World Organization for Animal Health and relevant authorities, and take appropriate actions in response to the development of the local epidemic."
CITIC Securities: Potential policies such as consumer vouchers are expected to give birth to a staged turning point in catering demand. According to the research report of CITIC Securities, domestic consumer demand has been sluggish since 2023, and the price of the catering industry has entered a downward channel. How will China catering enterprises behave at this moment? The experience of Japanese restaurant enterprises may provide some enlightenment. Although the differences between macro and national conditions prevent China from simply repeating the price war of Japanese catering and its impact, the catering competition in high-speed cities in China is similar to that in Japan in structure. The research report believes that the change of restaurant supply and CPI performance can be used as a forward-looking indicator to judge when the current price war will end, while potential policies such as consumer vouchers are expected to give birth to catering demand and form a stage turning point. Two main lines are recommended: 1) Mature catering enterprises pay attention to the same-store sales and valuation improvement brought about by the rebound of CPI, while enterprises with serious decline in same-store sales before have higher performance and valuation resilience. 2) Growing catering enterprises pay more attention to the rhythm of income growth and profit release.South Korean President Yin Xiyue: The opposition party is trying to destroy South Korea's growth engine.Guosheng Securities Xiongyuan: We can be more optimistic about the policy and the market. "The biggest highlight of this Politburo meeting of the Chinese Communist Party is' face the problem and prescribe the right medicine'." Xiong Yuan, chief economist of Guosheng Securities, said that many new ideas and expressions of the meeting directly pointed to various challenges that China's economy urgently needs to solve, and made a strong response to various problems. Xiong Yuan pointed out that the market can be more firm in policy strength and policy determination for at least one and a half years in the future. In the future, the imagination of policies is relatively large.