每日报告精选-20251210

Market Overview - Overall asset performance shows commodities outperforming equities, with the Korean stock market leading gains[4] - MSCI global index increased by 0.6%, but growth momentum has significantly slowed compared to previous weeks[5] - The yield curve for Chinese bonds is steepening, indicating a "bear steepening" trend, while U.S. bonds are experiencing a "bull steepening" trend[6] Commodity and Currency Trends - 10 out of 13 major commodities recorded price increases, with COMEX silver rising by 101.9% year-to-date[7] - The U.S. dollar index fell by 0.5%, with the euro and pound appreciating by 0.4% and 0.8% respectively; the dollar has depreciated by 8.8% since the beginning of the year[7] Consumer and Industrial Insights - Service consumption has improved year-on-year, with Shanghai Disneyland's visitor index up by 75% compared to last year[10] - Real estate transactions in major cities have seen significant declines, with new home sales down by 32.5% year-on-year[30] Financial Sector Developments - As of November 2025, the total net asset value of public funds reached 36 trillion yuan, with equity funds increasing by 1.55%[24] - The performance evaluation of the investment banking sector is shifting towards enhancing investor experience[23] Company-Specific Highlights - Traffic Bank's net profit growth is projected at 2.3% for 2025, with a target price adjustment to 8.58 yuan based on a 0.72x PB valuation[34] - Didi's EBITA is expected to be 46.0 billion yuan in 2025, with a target market value of 234.7 billion yuan[39]