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Guojin Securities: The warm wind of medical policy comes first, then the progress of innovation going out to sea, and then the opportunity of performance reversal. Guojin Securities Research Report said that the core investment opportunities in the pharmaceutical sector in 25 years will revolve around three logics: 1) innovation going out to sea; 2) demand recovery; 3) Policy expectation reversal. At present, the policy warm wind comes first (the medical track policy continues to warm up, and the overall industry expectation is expected to be optimistic); Then, R&D and innovation will go to sea (innovative drug track will continue to make progress, and it will still be the hottest track in the pharmaceutical sector in 2025, especially it is recommended to pay attention to the clinical data reading and commercialization progress of the first-line target, as well as the fluctuation opportunity of the expected difference of the second-line innovative drugs), and then the performance growth rate is expected to bottom out in the first half of 2025 (but it will take time for this improvement in performance growth rate to come. Considering the current industry communication and historical base, it is expected that 4Q24 and 1Q25 should still be cautiously optimistic.)Guojin Securities: The warm wind of medical policy comes first, then the progress of innovation going out to sea, and then the opportunity of performance reversal. Guojin Securities Research Report said that the core investment opportunities in the pharmaceutical sector in 25 years will revolve around three logics: 1) innovation going out to sea; 2) demand recovery; 3) Policy expectation reversal. At present, the policy warm wind comes first (the medical track policy continues to warm up, and the overall industry expectation is expected to be optimistic); Then, R&D and innovation will go to sea (innovative drug track will continue to make progress, and it will still be the hottest track in the pharmaceutical sector in 2025, especially it is recommended to pay attention to the clinical data reading and commercialization progress of the first-line target, as well as the fluctuation opportunity of the expected difference of the second-line innovative drugs), and then the performance growth rate is expected to bottom out in the first half of 2025 (but it will take time for this improvement in performance growth rate to come. Considering the current industry communication and historical base, it is expected that 4Q24 and 1Q25 should still be cautiously optimistic.)Party Committee of CITIC Group: Firmly support the CPC Central Committee's decision to punish Xu Zuo. According to the news of CITIC Group official micro on December 13th, recently, the Party Committee of CITIC Group held a meeting to convey the decision of the State Supervision Commission of the Central Commission for Discipline Inspection to punish Xu Zuo. Xi Guohua, secretary and chairman of the Party Committee, presided over the meeting and made a speech, and members of the Party Committee made statements. Comrades attending the meeting unanimously expressed their firm support for the decision of the CPC Central Committee and the decision of the State Supervision Commission of the Central Commission for Discipline Inspection.

Hong Kong stock Jingtai Holdings plunged nearly 15%, and the company's 1.464 million restricted shares are expected to circulate freely from today.Trump said that he will meet with Amazon founder Bezos next week. US President-elect Trump said on Thursday that he will meet with Amazon founder Bezos next week and stressed that he will continue to contact with technology giants before returning to the White House, including those companies that have signed contracts with the US government. Trump pointed out that he had met with Meta CEO Zuckerberg earlier and had extensive contact with Tesla CEO Musk.Party Committee of CITIC Group: Firmly support the CPC Central Committee's decision to punish Xu Zuo. According to the news of CITIC Group official micro on December 13th, recently, the Party Committee of CITIC Group held a meeting to convey the decision of the State Supervision Commission of the Central Commission for Discipline Inspection to punish Xu Zuo. Xi Guohua, secretary and chairman of the Party Committee, presided over the meeting and made a speech, and members of the Party Committee made statements. Comrades attending the meeting unanimously expressed their firm support for the decision of the CPC Central Committee and the decision of the State Supervision Commission of the Central Commission for Discipline Inspection.

Domestic insurance in Hong Kong stocks and Chinese brokerage stocks fluctuated lower, while domestic insurance in Hong Kong stocks and Chinese brokerage stocks fluctuated lower. Guolian Securities fell more than 5%, followed by New China Life Insurance, China Pacific Insurance, China Life Insurance, China Merchants Securities and china galaxy.The T-shaped overpass with the longest and heaviest single span in China successfully turned and crossed Panxi Railway. According to The Paper, on the afternoon of December 11th, after 82 minutes of continuous construction, the T-shaped overpass with the longest and heaviest single span in China turned 52 degrees clockwise from Panxi Railway Vehicle Turning Station to Yangweishao Station under the jurisdiction of Kunming Bureau of China Railway, realizing a "gorgeous turn" and successfully completed the turn across Panxi Railway.The weighted share price index of Taiwan Stock Exchange opened 0.2% lower at 23,002.37.