CITIC Securities: The resonance between supply and demand of medical beauty accelerates the space expansion, and the difference in operating ability promotes the evolution of the industry structure. CITIC Securities Research Report stated that the medical beauty industry has both medical and consumption attributes, and the medical attribute has strong product-driven characteristics, while the consumption attribute has high operating ability requirements. The medical beauty botulinum toxin track is also affected by the dual attributes of medicine and consumption: 1) The increase in penetration rate, the acceleration of compliance substitution and the extension of indications have brought about high demand for medical beauty botulinum toxin, and with the recent supply expansion, the industry scale has experienced high growth; 2) The iteration of product innovation is slow, brand barriers are created through marketing, doctors are empowered through direct sales, and control is strengthened to enhance product competitiveness. Recently, a variety of medical botulinum toxins in China have been approved, and the promotion of low-priced products is expected to push up the penetration rate, and enterprises with strong operational capabilities will enter the market or promote the evolution of the pattern. Polish Prime Minister: There is no plan to send troops to Ukraine after the ceasefire between Russia and Ukraine. On December 12, local time, Polish Prime Minister Tusk said after meeting with French President Macron that the decision on whether to send troops to Ukraine after the ceasefire between Russia and Ukraine will be made by Poland itself. At present, Poland has no such plan. In addition, Baussac, deputy speaker of the Polish House of Representatives, said at a news conference that sending troops to Ukraine was not in the interests of Poland, the EU and NATO. He expressed firm opposition to this. Baussac said that the Polish government should clearly and directly state its position and refuse to send troops to Ukraine. Polish Prime Minister Tusk said on the 10th that peace talks on the Russian-Ukrainian conflict may start this winter. Tusk said at the government meeting that Poland will take over the rotating presidency of the European Union in January next year, when Poland will play an important role in the negotiations on the Russian-Ukrainian conflict. He said that peace talks may start this winter, and Poland will participate in the arrangement of the political agenda and even lead the development of the situation during the negotiations. (CCTV News)
Polish interest rate setter Nolov Ski: The discussion on interest rate reduction may start in March, and then a decision on interest rate reduction will be made soon.Lian Ping interprets the Central Economic Work Conference: The ups and downs of the stock market will be included in the adjustment function of the central bank in the future, and the Central Economic Work Conference will be held in Beijing from December 11 to 12. Regarding the exploration and expansion of the macro-prudential and financial stability functions of the central bank mentioned in the meeting, Lian Ping, president of the Guangdong Development Institute and chairman of the China Chief Economist Forum, explained that the ups and downs of the stock market will be included in the adjustment function of the central bank in the future. (CBN)Market News: South Korean President Yin Xiyue may release a recorded public speech.
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.Piper Sandler lowered the target price of Adobe from 635.00 to 600.00.In the first 11 months of the North Stock Exchange, the issuance scale of new shares decreased by nearly 770% year-on-year, and the new shares rose by over 100% on the first day. Statistics show that from January to November, 2024, there were 20 new shares listed on the North Stock Exchange, and the total amount of funds raised was about 4.175 billion yuan, down by nearly 70% year-on-year. The scale of new shares is generally small, and the number of new shares raised less than 200 million yuan accounts for 65% of the total number of new shares. The share price of 70% new shares rose over 100% on the first day of listing. Among them, the share price of Tongguan Mining Construction rose by 731.41% on the first day of listing, and the share prices of Shengye Electric, Keli and Wanyuantong rose by over 300% on the first day. In terms of underwriters, in the first November of 2024, the number of projects underwritten by CITIC Jiantou Securities was the highest, with a total project scale of about 699 million yuan, followed by First Venture Securities and Minsheng Securities. (Xinhua Finance)