1. The National Financial Work Conference pointed out that in 2025, a more proactive fiscal policy should be implemented, with sustained effort and even more awesome efforts, to deliver a well-coordinated policy package. The fiscal deficit ratio should be increased, the intensity of expenditure should be increased, and the progress of expenditure should be accelerated; larger-scale government bonds should be arranged; efforts should be made to optimize the expenditure structure, strengthen targeted investment, and pay more attention to benefiting the people's livelihood, promoting consumption, and increasing momentum; and sustained efforts should be made to prevent and resolve risks in key areas.
2. According to Yicai, as of December 23, eight provinces and cities, namely Sichuan, Fujian, Hebei, Guizhou, Yunnan, Hainan, Gansu, and Ningbo, have publicly announced their local government bond issuance plans for the first quarter of next year, with a total bond issuance scale exceeding 300 billion yuan. This indicates that some of the new debt quotas for 2025 have already been allocated to various provinces and cities in advance. It is expected that this quota may be around 2.7 trillion yuan, and the bond issuance progress in the first quarter of next year will be faster than that of the same period this year.
3. According to the report of the All-China Federation of Industry and Commerce, in 2023, the number of private enterprises exceeded 53 million, accounting for 92.3% of all enterprises and providing more than 90% of new urban employment. The top 1,000 private enterprises in terms of R&D investment spent 1.39 trillion yuan, a year-on-year increase of 12.7%. Among specialized, refined, unique, and innovative small and medium-sized enterprises, private enterprises accounted for 95%.
4. Zhenjiang City, Jiangsu Province, has issued a new policy on housing provident fund. For employees who use their housing provident fund loans to purchase improved residential properties (newly-built commercial housing) in the city, the maximum amount of their housing provident fund loans can be increased by 20%. The support policies for housing provident fund loans for improved residential properties and green buildings cannot be enjoyed simultaneously.
5. The Shanghai Securities News reported that the "launch" of share repurchases, shareholding increases, and re-loans has been three months ago. Currently, 218 A-share companies have issued announcements related to share repurchases and shareholding increase loans, involving a maximum loan amount of 49.847 billion yuan. Meanwhile, some companies or important shareholders have begun to use loan funds for share repurchases or shareholding increases.
6. According to the Securities Daily, recently, following the Federal Reserve's interest rate cut, banks such as Jiangsu Bank and HSBC China have lowered the interest rates on their US dollar deposit products. However, this has not dampened investors' enthusiasm for US dollar wealth management products. The US dollar interest rate remains high, and the yields on related products linked to it are still relatively high.
7. TechInsights has released a report stating that IC sales are expected to increase by 26% and IC unit sales will jump by 17% in 2025, which will drive a corresponding 17% increase in silicon demand. Semiconductor capital expenditures are projected to surge by 14%. The equipment market is expected to experience robust growth, with an estimated increase of 19.6%.
8. Canalys stated that in the third quarter, the expenditure on cloud infrastructure services in Chinese Mainland reached US$10.2 billion, an increase of 11% year-on-year, returning to double-digit growth.
9. According to the Qunar report, this year, migrant workers traveled to 6,336 cities in 179 countries worldwide for their annual leave, an increase of over 1,632 cities compared to the previous year. Compared to previous years, there were more flights available and ticket prices were cheaper this year, resulting in a doubling of ticket bookings for popular overseas destinations.
10. According to IT Home, it is reported that WeChat plans to fully open the gift-giving feature of WeChat Mini Programs before the Spring Festival. Users can use it by updating the new version of WeChat, deleting the cache, and reopening it. Currently, the whitelist users of this feature have reached more than 300 million, and the cumulative reach users have reached more than 40 million. As of December 20th, the cumulative GMV is less than 400 million.
