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Soochow securities: Market sentiment is expected to boost allocation opportunities in pro-cyclical directions. The soochow securities Research Report pointed out that in the short term, policy easing is expected to further heat up, and market sentiment is expected to be boosted. In the short term, it is suggested to pay attention to allocation opportunities in pro-cyclical directions. Before and after the inflection point of previous economic cycles, due to the obvious increase of investors' attention to policies, market transactions at the end of the year often revolve around policy expectations. Compared with 2012, 2014 and 2022, with the gradual landing of macro boots at the end of the year and the beginning of the year, the market style may switch to the broader market in stages. In the short term, the market sentiment will be significantly boosted, and the pro-cyclical style is expected to usher in configuration opportunities.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%.CICC interprets the meeting of the Politburo in December: the fiscal policy next year is expected to be significantly higher than this year. CICC issued a document saying that the tone of the Politburo in September will be continued, and this Politburo meeting will further inject confidence into the market, and there will be many new formulations in policy. From the perspective of policy objectives, the demand for growth is more clear, and the expression of "property market and stock market" is also very clear. From the policy direction, expanding domestic demand ranks first, and the tendency to boost consumption and improve people's livelihood is further highlighted. From the policy tone, monetary and fiscal policies are more active, and "extraordinary countercyclical adjustment" is put forward for the first time. In terms of specific policy prospects, we believe that the following aspects are worthy of attention: the intensity of fiscal policy next year is expected to be significantly higher than this year; The loose space of monetary policy may be opened through comprehensive policies, and the structural monetary policy may be significantly overweight; Expand domestic demand in an all-round way, and incremental measures may focus more on consumption; Further promote reform and opening up. Generally speaking, the policy mix is in line with what we judge as "tight credit, loose money and wide finance" in the second half of the financial cycle.

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.Guotai Junan: Policy optimization or help improve the long-term return of the expressway industry. Guotai Junan Research Report pointed out that location advantage determines the return of road production, and policy optimization or help improve the long-term return of the expressway industry. 1) Expressway is the preferred way to deliver high dividends. In the past three years, the A-share market favored high dividends, and the excess returns of expressways were remarkable. The dividend yield depends on the dividend rate and PE valuation level. Expressway is an infrastructure asset with heavy assets and stable returns, with rigid demand and stable cash flow, and the high dividend policy continues, which is in line with market preferences. 2) Resilience of industry operation: In 2023, the repressive demand was released and the performance increased. In the first half of 2024, the industry was under pressure due to the increase of rain and snow and free days. In the second half of 2024, or due to economic impact, the traffic volume and profit of some high-speed vehicles decreased slightly, the traffic demand remained resilient and the cash flow remained stable. 3) The pressure of reinvestment may be expected to improve the policy. Expressway toll prices have been stable for a long time, while the cost of newly built or renovated units has risen sharply, and there is widespread reinvestment pressure in the industry. In the future, the industry is expected to optimize policies, or improve the high-speed return of new construction or expansion to a reasonable level by extending the charging period. 4) Expressway REITs: generally, they are stock road products with excellent location and stable returns. In 2023, the system was under pressure, and in 2024, the expressway REITs with better profit than the industry were among the top gainers. The performance of underlying assets in the future will still be the key to dominate the performance of REITs.More than 1,000 A-share companies have issued shareholder return plans, and both the mid-term dividend and the third quarterly dividend reached record highs this year. Since the beginning of this year, more than 1,000 A-share listed companies have issued shareholder return plans, focusing on the company's long-term and sustainable development, and making institutional arrangements for profit distribution in the next three or five years based on the actual business development and shareholders' wishes. Among them, many leading enterprises with large market capitalization have made high dividend commitments. Judging from the dividend situation in 2024, under the guidance of policies, the dividend rhythm of listed companies has been continuously optimized. During the year, the number and amount of A-share listed companies that have announced interim dividends and third quarterly dividends have set a new record, and the awareness of listed companies to repay investors has been continuously enhanced. (Economic Information Daily)

Sources: The current Secretary-General of OPEC, Ghais, will be re-elected. Four representatives of the Organization of Petroleum Exporting Countries (OPEC) said that the organization will re-elect the current Secretary-General Haitham Al-Ghais for a three-year term at a virtual meeting on December 10th. A source said that the meeting will start at 18:30 Beijing time today and is expected to be short and only deal with administrative affairs.FTSE China A50 index futures rose 0.75% at the beginning, and closed up 0.84% in the last trading day and night.The Singapore Straits Times Index was basically flat at 3,795.86.