Group 1: National Power Market Evaluation System - The National Development and Reform Commission and the National Energy Administration have issued a notification to establish a nationwide unified power market evaluation system focusing on four key areas: market operation effectiveness, market role performance, sustainable development of operating entities, and market competition adequacy [2][3] - The evaluation aims to create a scientific, systematic, and dynamic power market evaluation framework that balances multiple objectives such as security of supply, green transition, and economic efficiency [2][3] - The evaluation work will be organized by the National Development and Reform Commission and the National Energy Administration, with participation from market operators, universities, and research institutions [3] Group 2: High-Quality Development of Service Outsourcing - The Ministry of Commerce and six other departments have released an action plan to promote high-quality development in the service outsourcing sector, aiming to cultivate a number of internationally competitive leading enterprises by 2030 [4][5] - The action plan includes six specific measures focusing on enhancing platform capabilities, fostering innovation, nurturing key players, expanding market access, developing industry standards, and training talent [4][5] - The plan emphasizes the integration of digital economy with the real economy, promoting the development of international data service businesses and establishing a data service industry chain [5] Group 3: Antitrust Compliance Guidance - The State Administration for Market Regulation has introduced compliance guidelines addressing eight new types of monopoly risks for platform enterprises, including algorithm collusion and unfair pricing practices [6][8] - The guidelines aim to help platform operators identify, assess, and prevent antitrust compliance risks, promoting a shift from reactive enforcement to proactive compliance management [7][8] - The guidelines encourage platforms to develop internal management systems for antitrust compliance, ensuring sustainable development and healthy market competition [8] Group 4: Element Market Reform in Henan Province - The Henan Provincial Government has released a comprehensive reform pilot plan for market-oriented allocation of factors, proposing 70 specific measures to enhance the flow and efficient allocation of resources [10][11] - The plan includes initiatives to promote technological innovation, improve land allocation efficiency, facilitate human resource mobility, and establish data circulation rules [10][11][12] - The plan aims to support the development of high-end equipment, new materials, and biomedicine sectors through the establishment of verification centers and pilot bases [10][11] Group 5: Support for Biomedicine and Medical Devices in Sichuan Province - The Sichuan Provincial Government has issued policies to support the high-quality development of the biomedicine and medical device industries, including financial incentives for innovative drugs and devices [13][14] - The policies focus on enhancing research capabilities, improving clinical trial quality, and optimizing approval processes for innovative products [13][14] - The initiative aims to create a favorable ecosystem for industry development, including support for intellectual property protection and financial leasing for medical equipment [14] Group 6: Innovative "Rent-Equity Linkage" Mechanism in Zhejiang - The Taizhou Bay New Area in Zhejiang has introduced a "rent-equity linkage" mechanism to alleviate financial pressures on startups while enhancing the park's service capabilities [16][17] - This model allows selected high-potential tech companies to defer rent payments, enabling them to focus on research and market expansion [16][17] - The mechanism aims to foster a long-term partnership between the park and enterprises, facilitating investment and shared growth opportunities [17]

Group 1 - The Ministry of Commerce, along with six other departments, has issued an "Action Plan for Promoting High-Quality Development of Service Outsourcing," focusing on digitalization, enterprise cultivation, and infrastructure development [3][4]. - The plan emphasizes digital infrastructure construction and aims to upgrade from traditional service models to "industry empowerment + ecological services," promoting international data service businesses [3]. - It aims to cultivate competitive service outsourcing enterprises and enhance financial support for these companies, including the use of export credit insurance to help them expand into international markets [3][4]. Group 2 - Starting January 1, 2026, the Ministry of Commerce and the General Administration of Customs will implement export license management for certain steel products, marking the first such measure in 16 years [5]. - The primary goal is to strengthen monitoring and statistical analysis of steel product exports, ensuring quality control and compliance with international standards [5]. - Companies will be required to provide quality inspection certificates when applying for export licenses, encouraging a focus on product quality and innovation in the steel industry [5]. Group 3 - The recent meeting of the China-Morocco Economic and Trade Joint Committee highlighted strong bilateral trade growth, with trade expected to reach $9.04 billion in 2024, a new historical high [9][10]. - Investment cooperation is deepening, with 40 companies signing agreements to settle in the Tangier Technology City, showcasing the growing economic ties between the two nations [9]. - Future cooperation will focus on enhancing trade balance, expanding investments, and exploring new areas such as renewable energy and digital economy [10]. Group 4 - The Ministry of Commerce is engaged in negotiations with the EU regarding electric vehicle tariffs and minimum price schemes, emphasizing the need for dialogue to resolve differences [12]. - The Ministry has expressed concerns over the EU's increasing trade restrictions and investigations against Chinese companies, which could create barriers to fair competition [13][14]. - There is a call for the EU to adhere to the principles of mutual benefit and to create a fair and transparent business environment for Chinese enterprises operating in Europe [14].

Group 1: Steel Export License Management - The Ministry of Commerce has reintroduced export license management for steel products after 16 years, covering approximately 300 customs codes related to steel products [4] - The primary goal is to enhance monitoring and statistical analysis of steel product exports, ensuring product quality [4] - Companies must provide quality inspection certificates when applying for export licenses, promoting a focus on product quality and increased R&D investment [4] Group 2: Rare Earth Export Control - Since implementing export controls on rare earth items, Chinese authorities have communicated policies to exporters, with some meeting the basic requirements for general license applications [2][9] - A number of general license applications from Chinese exporters have been received and approved [9] Group 3: Service Outsourcing Development - The Ministry of Commerce, along with other departments, has launched an action plan to promote high-quality development in service outsourcing, emphasizing digital trade as a key component [8] - The action plan includes six initiatives focusing on digital infrastructure, innovation, enterprise cultivation, market expansion, industry standards, and talent development [8][11] - Key characteristics of the plan include digital leadership, strengthening competitive enterprises, and solidifying foundational infrastructure [11] Group 4: EU-China Electric Vehicle Negotiations - Ongoing negotiations between China and the EU regarding electric vehicle tariffs and minimum pricing are taking place, with China advocating for dialogue to resolve differences [5] - The Chinese side emphasizes the importance of mutual understanding and cooperation to create a stable market environment for both parties [5] Group 5: Opposition to EU Investigations - The Chinese side has expressed strong opposition to the European Commission's investigations into several Chinese companies under the Foreign Subsidies Regulation, calling for an end to what it perceives as unreasonable pressure on foreign investment [6] - China is closely monitoring the situation and will take necessary measures to protect the legitimate rights of its enterprises [6]

Core Viewpoint - The Ministry of Commerce has introduced an action plan to promote high-quality development in the service outsourcing sector, emphasizing digital transformation and international competitiveness. Group 1: Digital Transformation - The action plan focuses on building digital infrastructure and upgrading from traditional service models to "industry empowerment + ecological services" models. It aims to create industrial clusters for digital trade and develop international data service businesses [1]. - The plan encourages coordinated regional development, supporting eastern cities with high-end resource advantages and resource-rich cities in central and western regions to develop cloud computing, supercomputing, intelligent computing, and AI-related service outsourcing [1]. Group 2: Strengthening Competitiveness - The initiative aims to cultivate a group of internationally competitive leading service outsourcing enterprises and small to medium-sized enterprises with unique competitive advantages. It seeks to leverage the service trade innovation development guiding fund to attract more investments [1]. - Financial institutions are encouraged to expand their policy coverage for service outsourcing companies, and the use of export credit insurance to support companies in expanding into international markets is being explored [1]. Group 3: Infrastructure Development - The plan includes accelerating the establishment of important standards related to service outsourcing, promoting compatibility between domestic and international standards. It also involves revising the "Guidance Directory for Key Development Areas of the Service Outsourcing Industry" and the "Service Outsourcing Statistical Survey System" to align with new business models [2]. - There is an emphasis on innovating talent training models, deepening industry-education integration, and improving the socialized training system for service outsourcing talent to enhance the global attractiveness and supply capacity of digital service outsourcing talent [2].

Report Summary 1. Industry Investment Rating - There is no information about the report's industry investment rating. 2. Core Viewpoints - On December 15, the capital market remained loose, the bond market continued to adjust with greater fluctuations in ultra - long bonds, the convertible bond market followed the decline, and most convertible bond issues fell; yields of US Treasury bonds across various maturities generally declined, and yields of 10 - year government bonds in major European economies generally decreased [1]. 3. Summary of Each Section 3.1 Bond Market News - **Domestic News** - The 24th issue of Qiushi magazine published General Secretary Xi Jinping's important article "Expanding Domestic Demand is a Strategic Move", emphasizing that expanding domestic demand is crucial for economic stability and security [3]. - The CSRC will continue to deepen the comprehensive reform of investment and financing in the capital market to contribute to economic development [3]. - In November, the year - on - year actual growth of the added value of industrial enterprises above designated size was 4.8%, and the cumulative year - on - year actual growth in the first 11 months was 6.0%. The year - on - year growth of total retail sales of consumer goods in November was 1.3%, and the cumulative year - on - year growth in the first 11 months was 4.0%. From January to November 2025, the cumulative year - on - year decline of national fixed - asset investment was 2.6% [4]. - Six departments supported eligible service outsourcing enterprises to use multi - level capital markets for financing and development [4]. - The DVP settlement function for open - market repurchase of bonds by the Central Bank's Accounting Data Centralized System was launched [5]. - **International News** - New York state's manufacturing activity unexpectedly contracted, but the outlook for the next six months improved significantly, and inflation pressure eased [6]. - **Commodities** - On December 15, WTI January crude oil futures fell 1.08% to $56.82 per barrel, Brent February crude oil futures fell 0.92% to $60.56 per barrel, COMEX gold futures rose 0.12% to $4333.30 per ounce, and NYMEX natural gas prices fell 1.58% to $4.036 per ounce [7]. 3.2 Capital Market - **Open - Market Operations** - On December 15, the central bank conducted 7 - day reverse repurchase operations of 130.9 billion yuan, with an operating interest rate of 1.40%. After offsetting the 122.3 billion yuan of reverse repurchases due on the same day, the net capital injection was 8.6 billion yuan [9]. - **Capital Interest Rates** - On December 15, the capital market remained loose. DR001 dropped 0.07bp to 1.274%, and DR007 dropped 2.51bp to 1.444% [10]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds** - **Yield Trends of Spot Bonds**: On December 15, the bond market continued to adjust, with greater fluctuations in ultra - long bonds. The yield of the 10 - year Treasury bond active issue 250016 rose 1.65bp to 1.8590%, and the yield of the 10 - year CDB bond active issue 250215 rose 2.25bp to 1.9390% [13]. - **Bond Tendering**: Information on the tendering of three agricultural development bonds, including the term, issuance scale, winning yield, and other indicators, was provided [15]. - **Credit Bonds** - **Secondary - Market Transaction Anomalies**: On December 15, the transaction prices of 4 industrial bonds deviated by more than 10%, including significant declines in "11 Willie MTN1", "21 Vanke 02", and "21 Vanke 04", and a significant increase in "H0 Zhongnan 02" [15]. - **Credit Bond Events**: Multiple companies, such as R&F Properties, Fantasia, and Times China Holdings, announced bond - related events, including resumption of trading, debt restructuring, and cancellation of bond issuance [16][18]. - **Convertible Bonds** - **Equity and Convertible Bond Indices**: On December 15, the three major A - share indices fell, and the main convertible bond indices also declined. The convertible bond market turnover was 59.394 billion yuan, a decrease of 7.972 billion yuan from the previous trading day. Most convertible bond issues fell [18][19]. - **Convertible Bond Tracking**: Information on convertible bond issuance approvals, potential price adjustments, and non - early redemptions was announced [24]. - **Overseas Bond Markets** - **US Bond Market**: On December 15, yields of US Treasury bonds across various maturities generally declined. The 2/10 - year yield spread remained unchanged at 67bp, and the 5/30 - year yield spread widened by 1bp to 111bp. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate dropped 1bp to 2.25% [22][24][26]. - **European Bond Market**: On December 15, the yield of Italy's 10 - year government bond remained unchanged, while yields of 10 - year government bonds in other major European economies generally declined [27]. - **Price Changes of Chinese - Issued US - Dollar Bonds**: The daily price changes of Chinese - issued US - dollar bonds as of the close on December 15 were presented, including the top 10 gainers and losers [29].

Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Service Outsourcing," which aims to enhance service outsourcing as a new engine for service trade innovation and a highlight of open economic cooperation in China [1]. Group 1: Key Tasks of the Action Plan - The Action Plan outlines six key tasks: enhancing platform carriers, leading innovation, cultivating main entities, expanding markets, developing industry standards, and training talent [1]. - The goal is to leverage service outsourcing to stabilize employment, foreign trade, and optimize economic structure [1]. Group 2: Future Goals - By 2030, the plan aims to cultivate a number of internationally competitive leading service outsourcing enterprises and establish clusters with strong innovation capabilities and distinct advantages [1]. - The development levels of digitalization, intelligence, greening, and integration in service outsourcing are expected to improve significantly, with a notable increase in employment [1]. - Service outsourcing is positioned as a crucial component for enhancing service trade innovation and advancing digital trade development [1].

Core Viewpoint - The Ministry of Commerce and five other departments have issued an "Action Plan for Promoting High-Quality Development of Service Outsourcing," which outlines six key tasks aimed at cultivating internationally competitive service outsourcing leading enterprises and establishing innovation-driven service outsourcing clusters by 2030 [1][3]. Group 1: Key Tasks - The action plan emphasizes enhancing platform capabilities by supporting demonstration cities in central and northeastern regions to expand their service outsourcing advantages and actively undertake offshore and onshore outsourcing transfers, thereby fostering new growth points [1]. - In terms of innovation leadership, the plan supports the establishment of internationally recognized data security and privacy protection mechanisms in qualified localities, as well as the creation of digital trade industry clusters [3]. - The plan also focuses on nurturing leading enterprises to leverage their advantages in subcontracting channels and brand standards to engage small and medium-sized enterprises in international competition [3]. Group 2: Industry Development - The action plan includes research on establishing a standard system for industry regulation and development [5]. - It supports ordinary universities and vocational colleges in setting up service outsourcing-related departments and majors, aiming to improve the socialized talent training and education system for service outsourcing [6].

Focus Events - Mu Xi Integrated Circuit (Shanghai) Co., Ltd., a leading domestic GPU company, is set to be listed on the Shanghai Stock Exchange on December 17, 2025, with a total share capital of approximately 400 million shares and an issuance of 40.1 million new shares [1] Macro News - The Ministry of Commerce and five other departments have released an action plan to promote high-quality development in the service outsourcing sector, aiming to cultivate internationally competitive leading enterprises and enhance the digital, intelligent, green, and integrated development levels by 2030 [3] - The National Bureau of Statistics indicated that China's investment potential remains significant, emphasizing the need for increased investment in education, healthcare, housing, and public services to meet the people's needs for a better life [4] Industry Dynamics - The Ministry of Industry and Information Technology has granted approval for the first batch of L3-level autonomous driving vehicles, allowing Chongqing Changan Automobile Co., Ltd. and BAIC Blue Valley Magna Automotive Co., Ltd. to proceed with their applications [6] Company Focus - Cambricon Technologies plans to use approximately 2.778 billion yuan of its capital reserve to offset accumulated losses, aiming to bring its undistributed profits to zero by the end of 2024 [14] - Zhejiang Zhuojin Environmental Technology Co., Ltd. announced that its chairman, Zhu Weilong, has been released on bail due to allegations of improper disclosure of important information [15] - Fujian Financial Regulatory Bureau has approved the appointment of Li Mingqin as the president of Quanzhou Bank, which has total assets of 175.3 billion yuan as of the end of 2024 [16] - Luoyang Molybdenum Co., Ltd. plans to acquire 100% equity of three gold mining assets in Brazil from Equinox Gold for a total consideration of 1.015 billion USD, with the transaction expected to close in the first quarter of 2026 [17] - PIANO announced a change in its actual controller to Yin Jiayin, with stock trading resuming on December 16, 2025, following a share transfer agreement [19] - Chinese Online plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, with details still under discussion [20] - Alter's subsidiary has terminated a significant contract worth approximately 1.451 billion yuan due to market conditions affecting the final customer [21] - Shanghai Birun Technology Co., Ltd. has received approval for its overseas IPO and plans to issue up to 372 million shares [22] - Aerospace Electronics intends to increase its investment in its subsidiary by 727 million yuan, maintaining its controlling stake [23] - Bojun Technology plans to invest 600 million yuan to establish an automotive lightweight component production base in Chongqing [24] - Longqi Technology is investing approximately 1.5 billion yuan to build a digital benchmark factory for AI and smart terminals, with a construction period of 24 months [25]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) is promoting the implementation of a long-term assessment mechanism for medium and long-term funds, aiming to enhance the stability of the market and encourage high-quality public equity funds and index investment development [1] - The Ministry of Commerce and five other departments have issued an action plan to promote the high-quality development of service outsourcing, targeting the cultivation of internationally competitive leading enterprises by 2030 [1] - The Ministry of Industry and Information Technology has granted approval for the first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercial application in designated areas [1] Group 2: Economic Indicators - In November, the industrial added value above designated size increased by 4.8% year-on-year, while the service production index rose by 4.2%, and retail sales of consumer goods grew by 1.3% [1] - Fixed asset investment decreased by 2.6% year-on-year from January to November, with manufacturing investment growing by 1.9% and real estate development investment declining by 15.9% [1] - The urban surveyed unemployment rate remained stable at 5.1% in November, with housing prices in 70 cities showing a decline both month-on-month and year-on-year [1] Group 3: Corporate Announcements - Muxi Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, although it has not yet achieved profitability [6] - Longi Green Energy has announced plans to invest 4.297 billion yuan in a Thai park by 2026 [6] - TCL Technology's subsidiary plans to acquire a 10.77% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [6] Group 4: Market Movements - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index fell by 1.1% to 13112.09 [5] - The Hang Seng Index decreased by 1.34% to 25628.88, reflecting a broader trend of declines across major indices [5] - The onshore RMB was quoted at 7.048, appreciating by 74 points, while the offshore RMB rose by 103 points to 7.0433 [5]

Group 1 - China's first batch of L3-level autonomous driving vehicles has received approval for market access [1] - The China Securities Regulatory Commission (CSRC) has initiated the implementation of reforms to accelerate the landing of the "1+6" reform measures for the Sci-Tech Innovation Board [1] - Six departments have deployed actions to promote high-quality development in the service outsourcing sector [1] Group 2 - The State Administration of Foreign Exchange (SAFE) aims to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1] - The Hong Kong Stock Exchange (HKEX) is set to soon launch a consultation on the reform of the minimum trading unit for securities [1] - Muxi Co., Ltd. will have its stock listed on the Sci-Tech Innovation Board on December 17 [1] Group 3 - The three major U.S. stock indices collectively declined, with the Nasdaq falling by 0.59% [1]