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CITIC Securities: The logic of "grabbing exports" is expected to support the short-term performance of China's exports. According to the CITIC Securities Research Report, in November, China's exports maintained a certain growth rate, exports to emerging markets maintained a high growth rate, and exports of mechanical and electrical products performed brilliantly. In the short term, both CCFI index and SCFI index are on the rise, and the logic of "grabbing exports" is expected to support the short-term performance of China's exports. In the long run, if the United States imposes tariffs on China, China's export performance may be dragged down. However, based on the analysis of the import share structure of the United States, the European Union, Vietnam, Mexico and other economies, we can see that the current pattern of China's trade diversification has improved compared with the last round of Sino-US trade friction, and the trade between emerging markets and China has become closer and closer. The imposition of tariffs by the United States on China may affect the bilateral trade between China and the United States more, and domestic enterprises going to sea and re-exporting trade may still be effective ways to hedge the impact of US tariffs on China.Huatai Securities: The policy overweight boosts consumption and is optimistic about the four main lines. Huatai Securities Research Report said that with the continuous efforts of promoting consumption policies, the large consumer sector ushered in the configuration window period and continued to be optimistic about the basic orientation and valuation repair of the consumer sector. It is suggested to pay attention to four main investment lines: 1) the rise of domestic products: the strength and brand power of domestic products in beauty care, home appliances, pets, textiles and clothing are constantly improving, occupying consumers' minds against the trend, and domestic products continue to lead; 2) Emotional consumption: the products on the supply side are continuously iterated, and the goods/services are built as a medium to convey emotional value, and the consumption on the demand side is superimposed to promote the continuous expansion of the tide play /IP economy; 3) New cost performance: The consumption concept of residents is becoming more and more rational, and the quality-price ratio has become the core of consumption decision-making. The new cost performance consumption focusing on "good but not expensive" is expected to continue to grow rapidly; 4) Consumption going to sea: Going to sea has become a necessary topic for consumer enterprises. Under the two-way catalysis of supply and demand, China enterprises are actively participating in global market competition and paying attention to brand/culture/service going to sea.AI can solve partial differential equations thousands of times faster than before, and partial differential equations play an important role in engineering and science. In a recent study, scientists from Johns Hopkins University in the United States have developed a new artificial intelligence (AI) model called "Differential Mapping Operator Learning" (DIMON), which can solve complex partial differential equations on personal computers, thousands of times faster than before, and is expected to "show its talents" in the fields of aerospace, automobiles and medicine. Related papers were published in the journal Nature Computational Science published on the 9th.

GM will withdraw from the driverless taxi business, and the Cruise self-driving car division of GM will withdraw from the driverless taxi business. According to a statement on Tuesday, Cruise and GM's technical team will be combined to focus on developing autonomous driving and advanced driver safety technology for GM's future sales models. GM said that it will no longer provide funds for the development of self-driving taxis "considering the large amount of time and resources needed to expand its business scale and the increasingly fierce competition in the self-driving taxi market". The company said that giving up the development of self-driving taxis will save it more than $1 billion in annual costs.Shengmei Shanghai: The plasma enhanced atomic layer deposition furnace tube equipment has passed the preliminary verification. Shengmei Semiconductor Equipment (Shanghai) Co., Ltd. announced in Guanwei today that its Ultra Fn A plasma enhanced atomic layer deposition furnace tube equipment (PEALD) launched in 2024 has passed the preliminary process verification of a semiconductor customer in Chinese mainland, and is undergoing the final optimization and preparing for mass production. Shengmei Shanghai also announced that its Ultra Fn A Thermal Atomic Layer Deposition Furnace Equipment (Thermal ALD) launched in 2022 has also successfully passed the process verification of another leading Chinese mainland customer, and its performance parameters are comparable to or even better than those of similar international competitors.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.

Goldman Sachs: I don't agree that gold can't reach $3,000 under a strong dollar. Goldman Sachs said that we don't agree with the view that the price of gold can't rise to $3,000 per ounce by the end of 2025 when the dollar remains strong for a long time. We predict that gold will reach $3,000 per ounce by the end of 2025, and the reduction of interest rate cuts by the Federal Reserve (rather than the strengthening of the US dollar) is the downside risk of this prediction.Guotai Junan's annual strategy for innovative drugs in 2025: innovative pharmaceutical companies have accelerated into the harvest period, and the valuation has been at a historical low in the past five years. Guotai Junan said that the centralized purchasing policy has become stable, mature and normalized, and the marginal impact has weakened. Innovative drugs have gained policy inclination in the medical insurance negotiation. In the past two years, the policy has continued to promote pharmaceutical innovation, and the top-level design and local supporting chain support the development of innovative drugs. Commercial insurance is expected to bring new growth momentum to China's pharmaceutical market, and the overall industry trend is upward. At present, the trend of innovative drug industry is improving, the supply continues to accelerate, and a number of domestic innovative drugs are approved soon, which is expected to drive a new round of heavy volume. At the same time, the commercialization has achieved remarkable results and has occupied a dominant position in some sub-sectors. Pharma's performance continued to differentiate, and innovative drugs and just-needed drugs performed well. Biotech commercialization continues to increase, per capita yield continues to increase, the node of turning losses is approaching, and innovation ushers in the harvest period. Horizontal comparison: compared with overseas peers, the overall valuation of domestic innovative pharmaceutical companies is in a historically low range; Vertical comparison: the valuation of SW- pharmaceutical biology and SW- chemical preparations is at a historical low in the past five years, and it is expected that the valuation of subsequent sectors will pick up.Guohai Securities gave Youyou Food Co., Ltd. the initial rating of buying.