Core Viewpoint - Su Dawei Ge (300331.SZ) has reached an agreement with Shanghai Yudi Optoelectronics Co., Ltd. to collaborate on innovative technologies and industrial development needs in the field of precision optical lenses and systems, aiming for mutual benefits and enhanced market expansion strategies [1] Group 1: Collaboration Details - The collaboration will involve joint research and development, priority procurement under the same conditions, expanded investment scale, industrial integration, and sharing of industry resources [1] - Both companies aim to leverage their respective advantages to establish an effective information and resource-sharing mechanism [1] Group 2: Strategic Goals - The partnership is designed to enhance the self-controllable capabilities of the supply chain and industrial chain [1] - The ultimate goal is to create greater commercial value for both parties, achieving complementary advantages and a win-win cooperation [1] Group 3: Agreement Framework - A Strategic Cooperation Framework Agreement has been signed based on mutual benefit and honesty principles, which both parties will adhere to [1]

Core Viewpoint - The 10th China Manufacturing Power Conference highlighted China's progress in manufacturing, with a focus on enhancing innovation and digital transformation to strengthen its position among global manufacturing leaders [3][6]. Group 1: Manufacturing Development Index - According to the 2024 Manufacturing Power Development Index, China scored 128.85, compared to Germany's 136.45 and Japan's 128.77, indicating that China has entered the ranks of manufacturing powers [3][6]. - China's manufacturing level has improved from mid-low end to mid-high end in several key areas, narrowing the gap with major global manufacturing countries [3][6]. Group 2: Strategic Recommendations - Six key tasks were proposed for future development: 1. Enhance technological innovation to lead industrial innovation and achieve high-level self-reliance in technology [4][6]. 2. Promote the digital economy and advance the comprehensive expansion of digital manufacturing [4][6]. 3. Accelerate the development of intelligent manufacturing to create new growth momentum [4][6]. 4. Develop new quality productivity and build a modern industrial system [4][6]. 5. Foster new advantages in green growth and promote low-carbon circular development in industry [4][6]. 6. Build a new industrial ecosystem to strengthen the autonomy and controllability of the industrial and supply chains [4][6].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On December 23, the liquidity remained loose; the entry of allocation funds boosted the bond market to strengthen with fluctuations; the convertible bond market adjusted, with most convertible bond issues declining; yields of U.S. Treasuries across maturities generally rose, while yields of 10 - year government bonds in major European economies generally fell [1] 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping emphasized that central enterprises should serve the overall situation, optimize the layout of the state - owned economy, strengthen R & D of key core technologies, deepen reforms, and balance development and security [3] - Premier Li Qiang pointed out that during the "15th Five - Year Plan" period, central enterprises should play a key role in infrastructure construction, ensure the autonomy and controllability of the industrial chain, support technological self - reliance, serve national strategies, and deepen state - owned enterprise reforms [4] - The National Housing and Urban - Rural Development Work Conference stated that during the "15th Five - Year Plan" period, the real estate market has great potential. It is necessary to establish a new development model, implement city - specific policies, and promote the healthy development of the real estate market [6] 3.1.2 International News - The U.S. GDP in Q3 grew at an annualized quarterly rate of 4.3%, exceeding expectations. Consumer spending was strong, while investment performance was divided, with non - residential investment slowing and residential investment dragging down the economy [7] - In October, U.S. durable goods orders decreased by 2.2% month - on - month, worse than expected. However, the year - on - year growth rate remained positive, and core orders showed resilience [8] 3.1.3 Commodities - On December 23, international crude oil futures prices continued to rise, and international natural gas prices rose by over 10%. Gold futures also saw an increase [9] 3.2 Liquidity 3.2.1 Open Market Operations - On December 23, the central bank conducted 593 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40%. With 1353 billion yuan of reverse repurchases maturing, the net capital withdrawal was 760 billion yuan [11] 3.2.2 Funding Rates - On December 23, the liquidity remained loose. DR001 decreased by 0.14bp to 1.269%, and DR007 decreased by 2.32bp to 1.411%. Other funding rates also showed various changes [12][13] 3.3 Bond Market Dynamics 3.3.1 Interest - Bearing Bonds - On December 23, the bond market strengthened with fluctuations due to the obvious entry of allocation funds. Yields of 10 - year Treasury and China Development Bank bonds both decreased by 0.85bp. Yields of bonds across other maturities also generally declined [14][15] - There were no Treasury or China Development Bank bond issuances on that day [16] 3.3.2 Credit Bonds - On December 23, the trading prices of two industrial bonds deviated by over 10%, with "21 Vanke 06" falling by over 10% and "23 Vanke MTN001" rising by over 23% [17] - Multiple companies announced important events, including cancellations of proposals, legal disputes, disciplinary actions, and the completion of restructuring plans [20] 3.3.3 Convertible Bonds - On December 23, the three major A - share indices rose. The convertible bond market adjusted, with major indices falling. The trading volume increased. Most convertible bond issues declined, with some issues rising or falling significantly [19] - Jin 05 Convertible Bond will start online subscription on December 25. Some convertible bonds announced early redemptions or were about to trigger early redemption conditions [25] 3.3.4 Overseas Bond Markets - On December 23, yields of U.S. Treasuries across maturities generally rose. The yield spread between 2 - year and 10 - year U.S. Treasuries narrowed by 3bp, and the 10 - year inflation - protected Treasury (TIPS) break - even inflation rate rose by 1bp [22][23][24] - Yields of 10 - year government bonds in major European economies generally fell [26] - The prices of some Chinese - funded U.S. dollar bonds changed. The top 10 gainers and losers had different price movements [28]

Report Summary 1. Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The issuance of the first batch of L3-level highway autonomous driving vehicle special license plates in Beijing marks that China's autonomous vehicles have progressed from testing and demonstration to formal mass production, leading the way into the L3-level autonomous driving era, which is a milestone event in the automotive intelligentization process [1]. - The central government emphasizes the role of central enterprises in infrastructure construction, supply - chain autonomy, and technological self - reliance [1]. - The state has issued a notice to improve the kindergarten fee policy, including standardizing fee items and clarifying the principles for setting fee standards [2]. 3. Summary by Industry Directory Upstream - Energy: International crude oil prices have corrected, and liquefied natural gas prices have continued to decline [3]. - Chemical: The prices of PTA and urea have rebounded recently, while the price of polyethylene has declined [3]. Midstream - Chemical: The operating rate of chemical products has declined [4]. - Energy: The coal consumption of power plants has increased [4]. - Infrastructure: It is the off - season for asphalt construction [4]. Downstream - Real Estate: The sales of commercial housing in first, second, and third - tier cities have warmed up at the end of the year [4]. - Service: The number of domestic flight schedules has declined [4]. 4. Key Industry Price Indicators | Industry | Indicator | Price (7/1) | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2365.7 yuan/ton | 0.85% | | | Spot price of eggs | 5.6 yuan/kg | - 4.62% | | | Spot price of palm oil | 8600.0 yuan/ton | - 0.02% | | | Spot price of cotton | 15210.0 yuan/ton | 2.30% | | | Average wholesale price of pork | 20.2 yuan/kg | - 0.44% | | | Spot price of copper | 80235.0 yuan/ton | 2.25% | | | Spot price of zinc | 22258.0 yuan/ton | 0.56% | | Non - ferrous Metals | Spot price of aluminum | 20786.7 yuan/ton | 1.14% | | | Spot price of nickel | 121700.0 yuan/ton | 1.64% | | | Spot price of aluminum | 17018.8 yuan/ton | - 0.07% | | | Spot price of rebar | 3069.0 yuan/ton | - 0.07% | | Ferrous Metals | Spot price of iron ore | 726.6 yuan/ton | 0.48% | | | Spot price of wire rod | 3252.5 yuan/ton | - 0.08% | | | Spot price of glass | 13.9 yuan/square meter | 0.22% | | Non - metals | Spot price of natural rubber | 13928.3 yuan/ton | 2.88% | | | China Plastic City Price Index | 826.7 | - 0.79% | | Energy | Spot price of WTI crude oil | 65.1 dollars/barrel | - 4.96% | | | Spot price of Brent crude oil | 66.7 dollars/barrel | - 6.63% | | | Spot price of liquefied natural gas | 4056.0 yuan/ton | 2.17% | | | Coal price | 726.0 yuan/ton | - 0.27% | | | Spot price of PTA | 5081.7 yuan/ton | - 0.63% | | | Spot price of polyethylene | 7503.3 yuan/ton | - 0.90% | | Chemical | Spot price of urea | 1829.0 yuan/ton | 1.39% | | | Spot price of soda ash | 1325.0 yuan/ton | - 1.85% | | | National cement price index | 137.2 | - 0.43% | | Real Estate | Building materials comprehensive index | 110.7 points | - 0.22% | | | National concrete price index | 96.7 points | - 1.58% | [38]

Macro News - Xi Jinping emphasized the importance of central enterprises in supporting national strategies and enhancing core competitiveness, urging them to focus on their main responsibilities and optimize the layout of state-owned economy [4] - The meeting of central enterprise leaders highlighted the need for strong support in major infrastructure construction and the promotion of new infrastructure development [4] Industry News - Shenzhen banks have raised the minimum interest rate for business loans secured by real estate to 2.35% annually, up from a previous low of 2.2% [8] - The first batch of L3-level highway autonomous vehicle special license plates has been issued in Beijing, allowing conditional autonomous driving on specific highways [9] - The sixth round of national high-value medical consumables procurement has started, introducing a price anchor concept to balance price reductions and prevent malicious underpricing [9] Company News - SMIC has implemented a price increase of approximately 10% on certain production capacities [10] - Oriental Yuhong reported that its wholly-owned subsidiary in the U.S. was allegedly a victim of telecom fraud, with an involved amount of approximately 12.118 million yuan [10] - Aiko Cyber announced it won the bid for the BEST and HL-3 nuclear fusion power project [11] - Zhenyu Technology plans to raise no more than 1.88 billion yuan for lithium battery precision structural component expansion projects [11] Global Market - U.S. stock indices collectively rose, with the S&P 500 index reaching a new closing high [12] - International gold and silver prices hit historical highs, with COMEX gold futures rising by 1.02% to $4,515 per ounce and silver futures up by 4.44% to $71.61 per ounce [14]

1. 公开市场操作 央行 公告称， 12 月 23 日以固定利率、数量招标方式开展了 593 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 593 亿元，中标量 593 亿元。 Wind 数据显示，当日 1353 亿元 逆回购到期 ，据此计算，单日净回笼 760 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面仍宽松无虞， D R001 加权平均利率小降并运行于 1.27% 下方。七天期回购利率亦震荡下行。匿名点击（ X-repo ）系统上，隔夜报价 持稳在 1.25% ，供给充沛。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 附近，较上日持平。 （*数据来源：Wind-同业存单-发行结果） （IMM） 海外方面，最新美国隔夜融资担保利率为 3.66% 。 5 年期主力合约涨 0.17% 4. 银行间主要利率债收益率 | | 1V | | 24 | | ЗУ | | 5V | | 74 | | 10Y | | 超长债 | | | --- | --- | ...

● 新华社北京12月23日电 中共中央总书记、国家主席、中央军委主席习近平近日对中央企业工作作出重要指示指出，党的十八大 以来，中央企业认真贯彻党中央决策部署，积极服务国家战略，在国民经济中发挥了骨干和支柱作用。 习近平强调，新征程上，中央企业要充分认识肩负的职责使命，更好服务党和国家工作大局，服务经济 社会高质量发展，服务保障和改善民生，勇担社会责任，为中国式现代化建设贡献更大力量。要聚焦主 责主业，持续优化国有经济布局，切实增强核心功能、提升核心竞争力。要立足实体经济，强化关键核 心技术攻关，推动科技创新和产业创新深度融合。要进一步深化改革，完善中国特色现代企业制度，健 全公司治理结构，着力解决制约企业发展的深层次问题，努力建设世界一流企业。要统筹发展和安全， 有效防范化解风险，不断夯实企业安全发展的基础。 李强在讲话中指出，习近平总书记的重要指示，对中央企业提出了明确要求和殷切希望，具有很强的战 略性和指导性，为做好中央企业工作进一步指明了方向。我们要深入学习领会，抓好贯彻落实。 李强指出，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，中央企业要把思 想和行动统一到党中央对形势的科 ...

Group 1 - Central enterprises play a crucial role in the national economy, serving as a backbone and pillar since the 18th National Congress of the Communist Party of China [1] - Central enterprises are urged to focus on their responsibilities, enhance core functions, and improve competitiveness to contribute to high-quality economic development and social welfare [1] - Emphasis on the integration of technological innovation and industrial innovation, with a focus on tackling key core technologies [1] Group 2 - The "14th Five-Year Plan" period is identified as a critical time for achieving socialist modernization, with central enterprises expected to support major infrastructure projects and enhance supply chain resilience [3] - Central enterprises are encouraged to deepen reforms, optimize the layout of state-owned enterprises, and improve corporate governance [3] - The importance of integrating party leadership into all aspects of corporate governance and promoting a clean political environment is highlighted [3]

Core Viewpoint - Xi Jinping emphasized the importance of central enterprises in serving the Party and national work, contributing to the construction of Chinese-style modernization [2][3]. Group 1: Responsibilities and Missions - Central enterprises have played a crucial role in the national economy, acting as a backbone and pillar since the 18th National Congress of the Communist Party [3]. - On the new journey, central enterprises must recognize their responsibilities and better serve the national work agenda, focusing on high-quality economic development and improving people's livelihoods [3][4]. Group 2: Strategic Directions - Central enterprises should focus on their main responsibilities, continuously optimize the layout of state-owned economy, and enhance core functions and competitiveness [3][5]. - There is a need to strengthen key core technology research, promote the deep integration of technological and industrial innovation, and ensure the safety and stability of enterprise development [3][5]. Group 3: Reform and Governance - Deepening reforms and improving the modern enterprise system with Chinese characteristics is essential, along with enhancing corporate governance structures to address deep-seated issues hindering enterprise development [3][5]. - The leadership of the Party must be integrated into all aspects of corporate governance, with a focus on strict party discipline and creating a clean political environment [3][5]. Group 4: Infrastructure and Innovation - Central enterprises are expected to provide strong support for major infrastructure projects, accelerate the update of traditional infrastructure, and engage in new infrastructure construction [4][5]. - They should also play a leading role in ensuring the autonomy and control of industrial and supply chains, while developing emerging and future industries [5].

Group 1 - The core message emphasizes the importance of central enterprises in supporting national strategies and contributing to high-quality economic development, social responsibility, and improving people's livelihoods [1][2] - Central enterprises are urged to focus on their main responsibilities, optimize the layout of state-owned economy, enhance core functions, and improve core competitiveness [1][3] - There is a call for strengthening technological innovation and integrating it with industrial innovation, as well as deepening reforms to build world-class enterprises [1][3] Group 2 - The meeting highlighted the need for central enterprises to align their actions with the Party's scientific judgments and decisions, particularly during the critical period of the "14th Five-Year Plan" [3] - Central enterprises are tasked with providing strong support for major infrastructure projects, updating traditional infrastructure, and advancing new types of infrastructure [3] - The importance of enhancing the resilience of industrial supply chains and ensuring energy resource supply is emphasized, alongside the need for high-level technological self-reliance [3] Group 3 - The leadership of the Party must be integrated into all aspects of corporate governance and development, with a focus on strict party discipline and creating a clean political environment [1][3] - Central enterprise leaders are encouraged to adopt a proactive approach, enhance their ability to navigate complex situations, and drive innovation and reform [3]