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CITIC Securities: The main line of the anti-monopoly investigation on domestic chips in NVIDIA is clear. According to the CITIC Securities Research Report, on December 9, 2024, the General Administration of Market Supervision launched an investigation on NVIDIA Company in accordance with the law, which is a legal management means to regulate and maintain fair market competition order, and has a leading role in the domestic chip industry, and is expected to boost domestic computing power and market sentiment of chips in a short time. In combination with the increasing emphasis on self-control by relevant domestic departments and industry associations, we expect that the overall localization pace of domestic semiconductor industry is expected to be further accelerated, and the manufacturing link is also expected to benefit.The yield of China's 10-year government bonds hit the 1.88% mark, hitting a new low.South Korea's Ministry of Finance said in a joint statement that South Korea will actively respond and reverse market sentiment.

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.CITIC Securities: In November, the PPI turned positive more than expected, and the core CPI continued to improve. According to the research report of CITIC Securities, the price data in November 2024 showed that the boosting effect on the economy after the policy shift in late September initially appeared at the "price end", mainly in two aspects: "PPI turned positive" and "continuous improvement of core CPI". In terms of PPI, this month's PPI turned positive more than expected, and the main contributions came from "the effect of trade-in for new products is gradually appearing at the price end of related industries" and "the acceleration of physical workload of infrastructure has boosted the prices of raw materials industries in the upper and middle reaches". It is embodied in the remarkable improvement of PPI in computer machine manufacturing, communication terminal equipment manufacturing, automobile manufacturing, durable consumer goods (means of subsistence), non-metallic mineral products industry and other industries. In terms of CPI, although the year-on-year growth rate of CPI further declined to 0.2%, which was significantly lower than the market expectation, it was largely affected by the over-seasonal decline in food prices. The core CPI, which the market paid more attention to, continued to improve slightly on the margin, with the year-on-year reading rising from 0.1% at the bottom of September to 0.2% in October and 0.3% in November. In terms of splitting, the CPI decline of the three major durable consumer goods and services has narrowed compared with the same period of last year. On the whole, the combination of "CPI 0.2%+PPI -2.5%" reveals that China is still facing significant "low inflation" pressure, and it is still necessary to continue to strengthen the price level with a package of incremental policies. Looking back, if the boosting effect of the "two new" policies on the demand of downstream industrial products and the driving effect of the accelerated issuance of special bonds on the physical workload of infrastructure can be released continuously, it will provide some support for the improvement of PPI; However, if you want to see the PPI continue to turn positive significantly, you may have to wait for the policy to further push the physical workload and real estate start-up data, as well as the more stringent supply-side optimization policies in some areas with more production capacity.The yen fell to its lowest level against the US dollar since November 29th, at 151.55.

The US military suspended the flight of some Osprey transport planes and informed the Japanese government. On the 9th, the US military said that it had suspended the flight of some Osprey transport planes and informed the Japanese government of the relevant situation. According to the Associated Press, the suspension of the flight was related to the plane crash that almost happened at an air base in New Mexico on November 20th.China's Ambassador to Ukraine met with Ukrainian Minister of Agricultural Policy and Food to jointly promote the upgrading of agricultural cooperation. According to the website of the Embassy of China in Ukraine, on December 9, 2024, Ambassador Ma Shengkun met with Ukrainian Minister of Agricultural Policy and Food Covali, and Tcaciuc, Director of Ukrainian Food Safety and Consumer Protection Agency, attended the meeting. The two sides had an extensive and in-depth exchange of views on cooperation in agriculture and food. Ambassador Ma said that China-Ukraine agricultural cooperation has a long history, good foundation and broad prospects, which is an important aspect of bilateral economic and trade cooperation. China has always attached great importance to it and is willing to strengthen cooperation with Uzbekistan in the fields of policy communication and coordination, mutual access of agricultural products and agricultural technology cooperation, and jointly promote the upgrading and upgrading of agricultural cooperation between the two countries. Minister Covali said that China and Ukraine are strategic partners, and China is the most important agricultural trade partner of Ukraine. Uzbekistan attaches great importance to Sino-Ukrainian agricultural cooperation and is willing to strengthen communication with China, improve the level of trade and jointly promote the agricultural development of the two countries.Yardeni, Wall Street Strategist: The Federal Reserve should keep interest rates unchanged at its December meeting. Yardeni Research believes that at the upcoming FOMC meeting, US policymakers should keep interest rates unchanged and assess the economic situation. "Policy committees should take time to see how the economy will evolve in the coming months after Trump wins the election," strategists such as Ed Yardeni said in the report. Jerome Powell, chairman of the Federal Reserve, asserted at the last meeting that policymakers "can't (or won't) model the new government's fiscal policy before it is implemented". Although the impact of tariffs and tax cuts is still uncertain, the basic view is that inflation is still too high, real GDP growth is strong, and the labor market is close to full employment, which is likely to contradict the relaxation of monetary policy.