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The Bank of Japan's short-term survey may show that business confidence has hardly changed. It is reported that the short-term survey released by the Bank of Japan on Friday may show that the mood of large manufacturers has remained almost unchanged in the last quarter under the influence of complex signals such as the recovery of the automobile industry and concerns about the global economic slowdown. Economists surveyed by data provider Quick predict that the prosperity judgment index of large-scale manufacturing industry will be +12, compared with +13 in the last survey. The survey is closely watched for clues about the decision of the Bank of Japan at its meeting next week. If it shows strong capital expenditure plan, high inflation expectation and tight employment situation, it may support the idea of raising interest rates early.Lu Dongsheng was appointed Deputy Secretary and General Manager of the Party Committee of Shanghai Futures Exchange. The Party Committee of China Securities Regulatory Commission decided that Comrade Lu Dongsheng was appointed Deputy Secretary and General Manager of the Party Committee of Shanghai Futures Exchange. Comrade Wang Fenghai no longer serves as deputy secretary and general manager of the Party Committee of Shanghai Futures Exchange. (website of last issue)China Merchants Securities: Hisense's household appliances are obviously underestimated, and the safety cushion is thick, and it is rated as "strongly recommended". China Merchants Securities Research Report pointed out that the growth rate of Hisense's household appliances (000921.SZ) slowed down, showing the first year-on-year decline in nine quarters since 22Q3, and the market confidence was weak. The company is obviously underestimated, and the safety mat is thick. Looking horizontally, in 2025, the valuations of Hisense, Midea and Haier will be 10/13/13 times; Historically, the company's share price has been deeply adjusted since May this year, and the current valuation is at a lower level since the 22-year reform. Referring to the global valuation system, the steady-state PE hub of johnson controls/Carrier/Trane is 30/25/20 times, which is higher than the valuation of white power enterprises represented by Whirlpool and Electrolux. Hisense household appliances, as the standard of A-share central air conditioning, should enjoy a higher valuation than white power companies. The improvement of the company's bottom management promotes efficiency and cost reduction+the global operation competitiveness is constantly strengthened+the company's leading position is stable under the background of domestic substitution of central air conditioning, and it continues to be firmly optimistic about the company. It is estimated that the company's revenue will increase by +8%, +9% and +10% from 2024 to 2026, and its performance will increase by +15%, +14% and +16% respectively. Give a "strongly recommended" rating.

Informed sources: The main reason for the extreme flash crash is Baidu's divestment. Many people familiar with the extreme flash crash believe that the main reason is Baidu's divestment. Baidu insiders told that in October 2024, the company sent a financial team to make preparations for the follow-up investment of 3 billion yuan: "As a result, it was found that there were as many as 7 billion financial holes and it was decided not to continue investing." (Caixin)The downtime lasted more than 4 hours, and the failure of ChatGPT and Sora services has been fully repaired. On the afternoon of December 12, Beijing time, OpenAI updated the accident report and said that API, ChatGPT and Sora services have now fully resumed operation. Earlier today, OpenAI confirmed that ChatGPT, its chat robot, experienced a worldwide downtime, and Sora and API were also affected. It is understood that the fault lasted about 4 hours and 10 minutes. OpenAI said that it will conduct a comprehensive root cause analysis of this failure.Interbank certificates of deposit funds are popular. In the context of the current downward trend of non-bank interbank deposit rates, interbank deposit rates are relatively more attractive, and interbank deposit funds have recently gained popularity. Since December, the 7-day holding fund of AAA index of China Securities Interbank Deposits issued by BlackRock Fund and Agricultural Bank of China Credit Suisse Fund has reached the upper limit of 5 billion yuan, and triggered proportional placement. Both funds are partially confirmed by the principle of "doomsday ratio confirmation", and the doomsday confirmation ratio is 73.36% and 27.02% respectively. In addition, Huatai Bairui Fund and China-Canada Fund also imposed subscription restrictions on their 7-day holding funds of the AAA Index of China Securities Interbank Deposits. From December 11th, the amount of multiple cumulative subscriptions (including conversion and fixed investment) for a single fund account of Huatai Bairui CSI Interbank Deposit Certificate AAA Index 7-day holding fund shall not exceed 100,000 yuan; From December 6th, the subscription amount of a single investor of the 7-day holding fund of China-Canada CSI Interbank Deposit Certificate AAA Index will not exceed 10 million yuan (except for individual investors and public asset management products). (CSI Taurus)

Market information: The major shareholders of Hershey, an American chocolate manufacturer, will reject the takeover proposal of Yizi International, thinking that the other party's offer is too low.Jilin: Set up an investment fund of 1 billion yuan to guide the ice and snow industry. According to the news of "Jilin Publishing" WeChat WeChat official account on December 12, recently, the General Office of Jilin Provincial Party Committee and the General Office of the provincial government issued the "Implementation Opinions on Promoting the High-quality Development of Ice and Snow Economy in Jilin Province". Sun Guangzhi, director of Jilin Provincial Department of Culture and Tourism, said that the "Implementation Opinions" focused on the ice and snow equipment industry. Industry-University-Research will be promoted to tackle key problems through collaboration, and breakthroughs will be made in key technologies of ice and snow. Build an ice and snow equipment industrial park, introduce advanced ice and snow equipment projects, and improve the ice and snow equipment industrial chain in Jilin Province. Through "one-on-one" accurate counseling, we will cultivate "specialized and innovative" enterprises of ice and snow equipment. Plan to set up large-scale ice and snow equipment maintenance companies such as ropeways, cable cars and snow presses to provide market-oriented services for snow rinks and ice rinks. Focus on improving the security system of ice and snow economic factors. Relying on the universities in the province, we will build 10 first-class majors such as ice and snow sports and ice and snow economy, build 10 modern industrial colleges in the field of ice and snow, and build a perfect training system for ice and snow professionals. Increase financial support, set up an investment fund of 1 billion yuan to guide the ice and snow industry, and co-ordinate various financial funds to support the ice and snow economy of 500 million yuan. Establish a financial aid mechanism to guide social capital to invest in ice and snow projects. Innovate industrial support policies and strengthen the protection of factors such as land for ice and snow projects.Indian government: India's definition of "green steel" is that the carbon dioxide emission per ton of finished steel is less than 2.2 tons.