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USD/JPY rose more than 0.50% in the day and is now reported at 150.63.Reuters survey: 27 of 31 economists believe that the Swiss National Bank will cut interest rates by 25 basis points to 0.75% in December; Four people think that they will cut interest rates by 50 basis points; Fifteen of the 28 economists believe that the Swiss National Bank will cut the policy interest rate to 0.25% or lower by the end of 2025; 13 people think it will drop to 0.50% or higher.China Merchants Bank: Simon Chung's qualifications as a director and chief risk officer have been approved. China Merchants Bank Co., Ltd. announced that the company received the Reply of the State Financial Supervision and Administration on the Qualifications of Directors and Chief Risk Officers of China Merchants Bank in Simon Chung (Jin Fu [2024] No.800). According to the above reply, the qualifications of directors and chief risk officer of Simon Chung China Merchants Bank have been approved. Simon Chung's term of office as executive director and chief risk officer of the Company shall take effect from the date of approval on December 6, 2024, until the expiration of the 12th Board of Directors of the Company.

Market news: Mohammed Al Bashir will form a transitional government.253 companies have signed orders for the 16th China Air Show, and the 15th China Air Show was successfully concluded in Zhuhai on November 17th this year. In order to book the next booth as soon as possible, 253 companies have signed orders for the 16th China Air Show, with an exhibition area of over 34,000 square meters. It is reported that the 15th Air Show attracted 1022 exhibitors from 47 countries and regions, and the number of exhibitors reached a record high. The 16th China Air Show will be held in Zhuhai from November 10 to 15, 2026.German Interior Minister: Further assessment of the protection status of recognized Syrian refugees living in Germany depends on the developments in Syria.

Ningbo Energy: The subsidiary plans to acquire 100% equity of 22 related companies for 175 million yuan. Ningbo Energy announced that Langchen New Energy, a wholly-owned subsidiary of the company, plans to acquire 100% equity of 22 target companies directly or indirectly wholly-owned by Kunneng Group, a related party of the company, with an equity consideration of 175 million yuan. After deducting the undistributed profit of 46,656,600 yuan on the evaluation benchmark date, the actual equity payment amount is 128 million yuan. After the acquisition, Langchen New Energy plans to provide the target company with a loan of 243 million yuan to repay the loan of Kunneng Group and its related parties and pay dividend payable. At the same time, Xiang Lang Chenxin Energy Company increased its capital by 150 million yuan. This transaction constitutes a connected transaction and needs to be submitted to the company's shareholders' meeting for consideration. In the past 12 months, the company has not traded with Kunneng Group.CITIC Jiantou interprets the Politburo meeting in December: it opens up the market's expectation of monetary easing space in 2025. CITIC Jiantou Research Report pointed out that there are six obvious expressions of the positive signal of the Politburo meeting in December: 1. "Implementing a more active and promising macro policy"; 2. "Stabilize the property market and stock market"; 3. "Strengthening unconventional counter-cyclical adjustment"; 4. "We should vigorously boost consumption"; 5. "More active fiscal policy"; 6. "moderately loose monetary policy". The most concerned is the last expression, "moderately loose monetary policy". For most of the time, the Politburo used the word "steady" to describe the currency. This time, it adopted the rare "moderate easing", which opened the market's expectation for the monetary easing space in 2025. The "liquidity trap" recently discussed in the market does not apply to China, and monetary easing can solve a considerable part of the problem of weak domestic demand. From the perspective of trend, observing the future domestic demand trend of China, what needs to be tracked most is the currency. From the short-term emotional point of view, "stabilizing the property market and stock market" will become a short-term market trading point.Dongfang Jincheng: In 2025, the policy interest rate cut may reach 0.5 percentage points. the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on December 9 to analyze and study the economic work in 2025. Dongfang Jincheng judges that in 2025, the central bank will continue to implement vigorous interest rate cuts and RRR cuts, among which the policy rate cuts may reach 0.5 percentage points, which is significantly higher than the rate cut of 0.3 percentage points this year, and the interest rates of various structural monetary policy instruments will also be lowered in a timely manner, thus guiding the financing costs of enterprises and residents to go down. It is not ruled out that in 2025, it is possible to continue to implement a large-scale targeted interest rate cut on residential mortgages by greatly guiding the downward trend of LPR quotations for more than five years. (The Paper)