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CITIC Securities' Outlook for OpenAI Release: The commercialization of AI will accelerate again. According to CITIC Securities Research Report, according to its official website, OpenAI announced that it will announce new products and functions for 12 consecutive working days from December 5th. At present, the official version of o1, ChatGPT Pro, enhanced fine-tuning and other functions have been released. We expect that the main directions of subsequent release will include multimodal, Agent and platform tools, AI applications, etc. The main products will include the foresight of important products such as Sora and Operator. At present, the rapid prosperity of model ecology, considering the upgrading of model capabilities and the lowering of industrialization threshold, combined with the application landing forms such as Agent, we expect that the landing of AI applications will continue to accelerate in 2025.The yield of China's 10-year treasury bonds dropped to 1.87% at the beginning of the session, and the betting easing policy was accelerated. The yield of 10-year treasury bonds "24 Treasury bonds with interest 11" dropped by 3.5bp to 1.87%, hitting a record low.Millennium Capital has increased its office space in Hong Kong. According to Sing Tao Daily, Millennium Capital Management Asia leased another floor of the second phase of Hong Kong Central International Financial Center. Millennium will lease 46 floors of about 23,909 square feet of space until September 2027. The rent for new office space is estimated at around HK$ 120 per square foot. The company has rented the 43rd floor of the same building.

The decline in the yield of major inter-bank interest rate bonds has expanded, and the decline in the yield of major inter-bank interest rate bonds has expanded. The yield of 10-year treasury bonds "24 interest-bearing treasury bonds 11" has dropped by 2.5bp to 1.88%, continuing to hit a record low; The yield of 30-year active bond "24 Special Bond 06" went down 3.5bp to 2.0750%.Ping An Securities: In 2025, the A-share market will have more flexibility in the slow-release growth style of key pricing risks. Ping An Securities Research Report pointed out that in 2025, the A-share market will have more flexibility in the slow-release growth style of key pricing risks. Specifically, structural investment opportunities are increasing. 1) scientific and technological innovation, that is, technology industries that benefit from the support of domestic new quality productivity policies and can cope with overseas risks, including TMT and artificial intelligence; 2) Manufacturing growth, that is, advanced manufacturing sectors with global competitiveness and expected marginal improvement in industrial structure, including power equipment (photovoltaic, lithium battery, etc.), new energy vehicles, national defense and military industry, etc.; 3) domestic demand consumption, that is, the consumption sector that is expected to be repaired by fundamentals under the support of domestic demand policy, and pay attention to some real estate infrastructure chains that are reversed; 4) Commodity price increase, paying attention to ferrous metals that benefit from the stabilization of real estate, and other commodity price increase sectors with potential disturbances on the supply side.Wuliangye Group signed a memorandum of cooperation with Gan Lu Wine Group of Chile, and on December 5th, Wuliangye Group signed a memorandum of cooperation with Gan Lu Wine Group of Chile. Chile Gan Lu Wine Group is the largest wine production group in South America, with its brand footprints in Chile, Argentina and the United States, and its sales covering 147 countries and regions around the world. This signing indicates that Wuliangye and Gan Lu Wine Group of Chile have further established a long-term and stable partnership.

Debon Securities: Pay attention to the investment opportunities in the fields of liquor, beer and leisure snacks. Debon Securities Research Report pointed out that 1) Liquor: The dealer conference will set the tone for next year, giving priority to the opportunities of low-value leading layout. Recently, wine companies have intensively held dealer meetings to set the tone for next year's growth. At present, wine enterprises are generally rational and pragmatic, and reasonable speed reduction reduces the burden on channels. With a series of economic policies, the consumption of enterprises and residents is expected to pick up in 2025. The competitiveness of head enterprises has been further enhanced through continuous evolution, so it is suggested to grasp the investment opportunities with low expectations at present. 2) Beer: The overall performance of the third quarterly report is under pressure due to the weak recovery of demand and weather, but it is expected that the ton price of major beer enterprises will maintain a steady and rising trend throughout the year. With the introduction of a series of policies to stimulate consumption, terminal demand is expected to improve, and the recovery of ready-to-drink scenes such as catering is expected to promote the upgrading and continuation of beer structure. 3) Leisure snacks: The performance of leisure snack enterprises is further differentiated, and the performance of high-potential targets is optimistic in the peak season. In the third quarter, the performance of leisure and snack enterprises was divided, and the growth toughness of high-potential enterprises remained the same. The follow-up Spring Festival peak season is expected to bring the possibility of exceeding expectations. At present, the level of income profit rate of head enterprises is expected to remain stable.Guotai Junan: Actively grasp the double-low and low-premium convertible bonds with high selective price and good flexibility. Guotai Junan said that the probability of short-term risk events is not high, and the liquidity of the domestic stock market is also supported. Considering the A500 opening of positions, the allocation of insurance and wealth management products and the year-end ranking of funds, we should actively prepare for the new year-end rebound of China stock market from December 2024 to January 2025. Actively grasp the new year's rebound, high selective price and good flexibility of double low and low premium convertible bonds.CITIC Securities: Short-term home fundamentals are expected to usher in a window of policy improvement, and we can bargain and seize the opportunity of valuation repair. CITIC Securities recently reported that the situation in the light industry has been severe since 2024, but it still presents three bright spots: channel reconstruction of the personal care industry, internationalization of the tobacco industry and asset integration of the metal packaging industry. The above-mentioned opportunities for subdividing the track are expected to continue and be further strengthened in 2025. Short-term home fundamentals are expected to usher in a policy improvement window, which can be laid out on dips, seize the opportunity of valuation repair, pay attention to industry demand and policy continuity, and attach importance to reasonable valuation intervals. In 2025, the papermaking and paper packaging industries will benefit from the recovery of consumption.