农银国际证券：每天导读-20241213

Core Insights - The report highlights a shift in China's monetary policy towards a more accommodative stance, marking the first change since 2011, which is expected to stimulate the economy amid ongoing challenges [18][19] - The report notes that the Chinese CPI for November rose by 0.2%, below the expected 0.4%, indicating a slowdown in inflation, while the PPI continued to show deflationary pressures [20][21] - The report discusses Oracle's quarterly revenue meeting expectations but disappointing investors hoping for stronger cloud business performance, leading to a decline in stock price [26][27] Market Performance - The Hang Seng Index closed at 20,414.09, up 2.76% for the day and 4.42% over the past five days, indicating a positive market sentiment [2] - The H-share index also saw a significant increase, closing at 7,360.67, up 3.14% for the day and 5.02% over five days [2] - The report mentions that the Northbound trading quota for the Shanghai Stock Connect remains ample, with net purchases of 74.07 billion HKD, reflecting strong investor interest [6] Economic Indicators - The report outlines key economic data releases, including China's CPI and PPI for November, with the CPI rising 0.2% and the PPI declining 2.5% [9] - It also notes Japan's GDP growth for Q3 was revised to 1.2%, indicating a stronger economic performance than previously reported [9] - The report highlights the U.S. wholesale inventories for October meeting expectations at 0.2%, suggesting stability in inventory levels [9] Corporate Developments - The report mentions that Nvidia is under investigation by China's market regulator regarding its acquisition of Mellanox Technologies, reflecting ongoing tensions in U.S.-China tech relations [28][29] - It also discusses the appointment of Sanjay Malhotra as the new governor of India's central bank, which is expected to influence the country's monetary policy direction [16][17] - The report highlights that Pimco is reducing its allocation to long-term U.S. Treasuries due to rising deficits, indicating a cautious outlook on long-term debt [30][31]