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Huaxi Securities Interpretation of the Political Bureau Meeting in December: The policy strength showed an upward trend. The Huaxi Securities Research Report pointed out that the release signal of this meeting was positive. Judging from the significant strength of Hong Kong stocks and A50 futures, the content of the meeting greatly exceeded previous market expectations. There are mainly the following aspects: First, the policy tone is more positive. "Strengthening unconventional countercyclical adjustment", which is used to describe countercyclical adjustment for the first time, reflects the upward trend of policy strength. The policy of this year's two sessions is expressed as "strengthening countercyclical and cross-cyclical adjustment of macro policies", the Politburo meeting in July "strengthening countercyclical adjustment" and the Politburo meeting in September "strengthening countercyclical adjustment". From the point of view of change, it gradually turns to counter-cycle instead of cross-cycle, and the intensity is constantly upgrading. Create a follow-up policy for the market that may continue to be introduced until the economy stabilizes and rebounds. At the same time, the meeting did not mention "coordinating the expansion of domestic demand and deepening the structural reform of the supply side", but directly mentioned the expansion of domestic demand, which is also a manifestation of facing the problem more directly and attaching importance to the demand side. Second, as far as finance and money are concerned, this meeting mentioned "implementing a more active fiscal policy and a moderately loose monetary policy", and the modifier "more" was added in front of the active fiscal policy. A similar expression was found in the Politburo meeting in April 2020, "The active fiscal policy should be more active and promising", and then in May, the two sessions formulated a large-scale fiscal combination boxing (deficit ratio 3.6%+, 3.75 trillion new special debts and 1 trillion special national debts). The third is to stabilize the property market and write the stock market into the 2025 goal. The fourth is to pay attention to consumption. The meeting mentioned "vigorously boosting consumption, improving investment efficiency and expanding domestic demand in all directions". It is expected that the policy of promoting consumption will make a breakthrough in scale and direction. Fifth, the meeting also mentioned science and technology (to lead the development of new quality productive forces with scientific and technological innovation and build a modern industrial system), green (to jointly promote carbon reduction, pollution reduction and green growth, and accelerate the overall green transformation of economic and social development) and foreign trade. Emphasizing science and technology, it is clear that the direction of future policy is in the industrial direction led by science and technology. At the same time, for green, because next year is the last year of the 14 th Five-Year Plan, emission reduction and other targets need to be completed. In terms of foreign trade and foreign investment, the meeting mentioned that "it is necessary to expand high-level opening to the outside world and stabilize foreign trade and foreign investment".German Finance Minister: The German government is optimistic that European fiscal rules will be properly implemented.Iran: It has established contact with Syrian "opposition forces". According to Reuters's report on December 9, a senior Iranian official told Reuters on September 9 that after Bashar al-Assad, Iran's main ally, was ousted, Iran has established direct communication channels with opposition forces within the new Syrian leadership to prevent a "hostile track" between the two countries. (Xinhua News Agency)

Ramsden, Deputy Governor of the Bank of England: The Phnom Penh bond market is operating in an orderly manner, but there are also vulnerabilities such as leverage ratio and concentration of hedge funds.Huafa shares: it is planned to issue convertible corporate bonds of no more than 5.5 billion yuan. Huafa shares announced that the company plans to issue convertible corporate bonds of no more than 5.5 billion yuan to no more than 35 specific targets. Among them, Huafa Group, the controlling shareholder of the company, promised to subscribe for the convertible bonds in cash, and the subscription amount was not less than 29.64% of the actual issuance amount of the convertible bonds and not more than 2.75 billion yuan.Media: El Salvador will change its pioneering bitcoin practice in exchange for IMF transactions. According to media reports, two people familiar with the matter revealed that El Salvador is expected to reach an agreement with the International Monetary Fund (IMF) on a loan plan of 1.3 billion US dollars in the next two to three weeks. In exchange, El Salvador will change its pioneering practice of using bitcoin as legal tender and reduce the government deficit. A delegation of the International Monetary Fund has arrived in San Salvador to finalize the details of the agreement with the government. People familiar with the matter said that the transaction is expected to release another $1 billion in loans from the World Bank and the Inter-American Development Bank in the next few years. This loan plan must be approved by the board of directors of the International Monetary Fund, which will enable this Central American country to return to the international financial circle after several years of relative isolation. The country passed a law in June 2021, making it the first country in the world to adopt Bitcoin as legal tender. However, the International Monetary Fund opposes El Salvador's adoption of digital currency on the grounds that financial stability and integrity are at risk, and urges the government to stop accepting cryptocurrency as legal tender.

Ruifeng Optoelectronics: Hubei Ruihua, a wholly-owned subsidiary, received a government subsidy of 8,820,200 yuan. Ruifeng Optoelectronics announced that Hubei Ruihua Optoelectronics Co., Ltd., a wholly-owned subsidiary, recently received a loan interest subsidy of 8,820,200 yuan from the local finance of gedian Development Zone in Ezhou City, accounting for 19.20% of the company's audited net profit attributable to shareholders of listed companies in the latest fiscal year.Market news: Mohammed Al Bashir will form a transitional government.Chengtou Holdings: The subsidiary plans to invest 640 million yuan to participate in the establishment of a limited partnership and acquire the Caobao Road project. Chengtou Holdings announced on the evening of December 9 that the company's wholly-owned subsidiary, Housing Leasing Company, plans to jointly establish a limited partnership with the Shanghai State-owned Stock Assets Revitalization Private Equity Fund Partnership (Limited Partnership) (hereinafter referred to as "State-owned Inventory Fund"), with the contribution of the partnership not exceeding 800 million yuan, of which the housing leasing company is the limited partner. The partnership enterprise will take part in the acquisition of 100% equity of Shanghai Xinbanyu Real Estate Co., Ltd. (hereinafter referred to as "the target company") and the creditor's rights of shareholders' loan enjoyed by Huaxin Real Estate of the target company with its own and self-raised funds as the main body, and then invest in the rental housing property project of plot 244-19 of Tianlin Plate in Xuhui District (hereinafter referred to as "Caobao Road Project"). If the acquisition is completed, the target company will be included in the scope of the company's consolidated statements.