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Policy expectation:CDB Securities predicts that the A-share market will gather momentum in 2025, and the policy shift has far-reaching significance, and market expectations and confidence will be restored.According to the data of the State Administration of Foreign Exchange, by the end of November, 2024, China's foreign exchange reserves were US$ 3,265.9 billion, up US$ 4.8 billion from the end of October, and its gold reserves also increased.

Industrial economy:Executives of photovoltaic module battery companies said that they have signed a self-discipline convention and will start to control production capacity next month, which may have an impact on the photovoltaic industry.The audit authority of local government special debt projects may be delegated to the provincial level, and 12 provinces are expected to land, which may affect the financial operation and investment projects of local governments.

The State Administration of Financial Supervision supports overseas financial institutions to invest in the property insurance market in China, aiming at promoting the high-quality development of the property insurance industry.Xinhua News Agency commented that the central government has a large room for borrowing and deficit improvement. Looking forward to the closing year of the 14 th Five-Year Plan in 2025, the space for fiscal policy development has attracted much attention.Brokerage research: