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Hong Kong stocks ushered in the "structural bull" and the future valuation center is expected to rise. Since late September, the policy combination boxing has exceeded expectations, and the Hang Seng Index has taken advantage of the trend. As of the close of December 13th, the Hang Seng Index has risen by 17.15% this year, which is the first time since 2020. In terms of sectors and individual stocks, it is one after another, constantly deducing "structural cattle". Wind's statistics show that since the beginning of this year, a total of 333 stocks have increased by more than 50%, of which 142 stocks have doubled, and Quanzhi International has increased by more than 10 times this year. Eight stocks including Boya Interactive, Wanshun Ruiqiang Group, Zheli Holdings, Honghao International Holdings and Shanghai Qingpu Fire Protection have also increased by more than 5 times. For the trend of Hong Kong stocks in 2025, Guotai Junan Hong Kong believes that the Federal Reserve will continue to cut interest rates in 2025, and the valuation center of Hong Kong stocks will continue to improve marginally. Looking ahead, Hong Kong stocks will remain volatile and investors need to pay attention to structural industry opportunities. In its view, the Hong Kong stock market is dominated by "N"-shaped upward volatility, and there are many flexible opportunities in the stage, but we should pay attention to actively looking for structural industry opportunities. (Securities Times)Yin Xiyue's impeachment case will be voted again today. Korean media analysis: As long as one more ruling party votes in favor, the motion can be passed. The South Korean National Assembly will hold a plenary meeting at 4 pm local time on the 14th to vote on the motion on impeaching President Yin Xiyue. Korean media analysis believes that according to the relevant procedures, the impeachment case needs at least eight ruling party members to "defect" in order to be passed in Congress. At present, seven people have publicly expressed their support, so as long as one more person votes in favor, the motion can be passed. At the same time, the commentary of "Korea Economy" believes that with the impeachment of Yin Xiyue, the concern about the long-term blank in the fields of administration, national defense and public security in South Korea is intensifying. Moreover, with the deepening of various investigations, the scope of the respondents involved may be further expanded. If the relevant impeachment and recall cases are passed, about one-third of the positions of State Councillors will be vacant. The article believes that it is not groundless to worry that this situation may eventually lead to anarchy. In addition, the US and Japanese media are also "worried" about their relations with South Korea. Washington post said that a month ago, Yin Xiyue was still trying to improve his golf skills, hoping to play golf with the incoming US President-elect Trump, which would make a good start for the relationship between the two sides. Now, he is fighting for his political life. (World Wide Web)The latest research results support Harvard's discovery that Novo Nordisk's diet drug Ozempic is related to rare visual loss. The latest research shows that Novo Nordisk's best-selling diet drug Ozempic may increase the risk of a rare visual loss disease-nonarteritic anterior ischemic optic neuropathy (NAION). This finding supports similar findings published earlier by the Harvard team. A research team composed of the University of Southern Denmark, the Norwegian Institute of Public Health and the University of Copenhagen found that diabetic patients who used Ozempic were twice as likely to be diagnosed with NAION as other drugs. NAION occurs when the blood flow decreases and damages the optic nerve. The risk of eye conditions is still low; Patients should pay attention. Novo Nordisk Denmark's share price once fell more than 3.3%.

The construction of a new model of real estate development is expected to make positive progress. From December 11th to 12th, the Central Economic Work Conference was held in Beijing. The meeting emphasized "stabilizing the property market and stock market". Specific to the key tasks to be done next year, the meeting made it clear that "the real estate market will continue to exert efforts to stop falling and stabilize" and "promote the construction of a new model of real estate development". Experts interviewed generally believe that the Central Economic Work Conference will stabilize the property market and further clarify the policy direction of the real estate sector next year. In 2025, relevant policies to promote the stabilization of the real estate market will continue to exert their strength, and the construction of basic systems related to the new model of real estate development is expected to make positive progress. (Securities Daily)Market News: US President-elect Trump's Middle East envoy met with the Saudi Crown Prince on Wednesday local time.Yellen urged the incoming Trump administration not to take radical measures to interfere with the necessary banking supervision. According to Reuters's exclusive information, US Treasury Secretary Yellen urged the incoming Trump administration not to interfere with the proper supervision of the capital level, liquidity and risk-taking of American banks on the 13th local time, which is essential to ensure the health of the banking system. Reuters mentioned that Yellen has served as finance minister in Biden's government since January 2021. She said that the current regulatory system in the United States is not perfect, and it is reasonable to seek ways to reduce the burden. However, she also warned that in view of the history of financial crisis caused by bank failures, radical measures should not be taken to interfere with necessary supervision. "I don't want to say that what we have is absolutely sacred or untouchable. But I don't think it collapsed. We have a good system, "Yellen told Reuters. (World Wide Web)

The United States announced the 72nd aid plan to Ukraine, Pentagon: The Biden administration has so far promised that the total aid to Ukraine has exceeded $63.5 billion. According to Fox News, the Biden administration announced on the 12th local time that it would provide Ukraine with a new military aid plan of $500 million. In addition, the Biden administration will continue to provide military assistance to Ukraine until its term expires in January 2025. According to the U.S. Department of Defense, so far, the total amount of military aid promised by Biden's government to Ukraine has exceeded $63.5 billion. However, CNN said that before Biden left office, the Pentagon was unlikely to use nearly $7 billion of surplus funds approved by Congress to arm Ukraine, mainly because the military's ability to replenish stocks was limited. (World Wide Web)In the first 11 months, nearly 90% of stock strategy private equity products realized floating profit. According to the latest statistics released by private placement network, in the first 11 months of this year, the average yield of stock strategy products of private equity institutions with only performance display in 2014 was 18.65%, of which 1753 products realized floating profit, accounting for 87.04%. Specifically, among the sub-strategy products of stock strategy products, subjective multi-strategy products lead the way. The data shows that in the first 11 months of this year, the average yield of 1342 subjective multi-strategy products with performance display was 20.25%, of which 1137 products realized floating profit, accounting for 84.72%. Although the performance of quantitative long strategy products is not as good as that of subjective long strategy products, the gap is not obvious. The data shows that in the first 11 months of this year, the average yield of 460 quantitative long strategy products with performance display was 18.18%, of which 444 products realized floating profit, accounting for 96.52%. (Securities Daily)Market News: Meta urges California courts to stop OpenAI from turning into a profit-making enterprise.