UBS: Reduce Adobe's target price from $550 to $525, and maintain a "neutral" rating.By the end of November, more than 1,400 enterprises in Shenzhen had participated in the pilot of high-level opening of cross-border trade and investment. The reporter learned from the People's Bank of Shenzhen that since the pilot of high-level opening of cross-border trade and investment was launched in Shenzhen, by the end of November, more than 1,400 enterprises in Shenzhen had participated in the pilot, with a business scale exceeding 90 billion US dollars. Among them, the newly registered amount and actual inflow of foreign debts of Shenzhen enterprises increased by 2.6 times and 3.1 times respectively year-on-year, which became another "facilitation" channel to attract and utilize long-term foreign investment."High-end liquor" was actually produced in a small workshop in a ravine. The police cracked a case of manufacturing and selling fake liquor across three provinces. The so-called high-end liquor was actually produced in a small workshop where garbage was everywhere in a remote ravine, and the price from production to sale was dozens of times. The police in Fuzhou, Jiangxi Province cracked a case of manufacturing and selling counterfeit liquor across Hubei, Henan and Jiangxi, arrested five suspects at the scene and seized more than 30 boxes of high-grade liquor such as counterfeit Maotai, Wuliangye and Jiannanchun. (CCTV News)
Pimco and Fidelity believe that the economic outlook in the euro zone is weak, and the European Central Bank has cut interest rates by more than market expectations. Investors such as Pimco and Fidelity International believe that the economic outlook in Europe is bleak, which may force policymakers to cut interest rates by more than market expectations. The latest market pricing shows that the European Central Bank is expected to cut its key interest rate to 1.75% next year. The bank cut interest rates for the third time in a row on Thursday, to 3%. However, Fidelity said that the borrowing cost may be further reduced to 1.5%, and Pimco also believed that there was a risk of a larger interest rate cut. Further repricing may aggravate the rise of European bonds, which have outperformed the US and UK bond markets in 2024. A Bloomberg index, which tracks the return of euro bonds, has risen by more than 3% this year, while the corresponding indexes of US bonds and British bonds have risen by 2% and fallen by 2% respectively. "Market expectations are still more hawkish than we expected," said Salman Ahmed, global head of macro and strategic asset allocation at Fidelity. "If downside risks become a reality, then the European Central Bank may cut interest rates further."Twenty-five pilot banks in Shenzhen have opened a total of 64,000 cross-border wealth management accounts. The reporter was informed that by the end of November 2024, 25 pilot banks in Shenzhen had opened a total of 64,000 cross-border wealth management accounts, with a total amount of cross-border receipts and payments of 42.74 billion yuan, accounting for 48.1% and 44.2% of Guangdong-Hong Kong-Macao Greater Bay Area respectively.Four departments: By 2027, the digital transformation of specialized and innovative small and medium-sized enterprises should be completely reformed. The Ministry of Industry and Information Technology, the Ministry of Finance, the People's Bank of China and the General Administration of Financial Supervision issued the Special Action Plan for Digital Empowerment of Small and Medium-sized Enterprises (2025-2027). According to the notice, by 2027, the "100-city" pilot project for the digital transformation of small and medium-sized enterprises has achieved solid results, and the digital transformation of specialized and special small and medium-sized enterprises should be completely reformed, forming a number of transformation benchmarks with a digital level of three or four; The digital level of the pilot provincial-level specialized and innovative small and medium-sized enterprises has reached the second level and above, and the numerical control rate of key processes of industrial small and medium-sized enterprises in the country has reached 75%; The cloud access rate of small and medium-sized enterprises exceeds 40%. Initially build a digital transformation ecology of small and medium-sized enterprises, which is coordinated by the Ministry and the province, the integration of large and medium-sized enterprises, the adaptation of supply and demand in key scenes, and the strong public service guarantee, and empower small and medium-sized enterprises to specialize in special new development.
Four departments: Strengthen the application and promotion of artificial intelligence in small and medium-sized enterprises and build a number of vertical industry models suitable for small and medium-sized enterprises. The Ministry of Industry and Information Technology, the Ministry of Finance, the People's Bank of China and the General Administration of Financial Supervision issued the Special Action Plan for Digital Empowerment of Small and Medium-sized Enterprises (2025-2027) to strengthen the application and promotion of artificial intelligence in small and medium-sized enterprises. Give play to the platform role of on-site exchange activities in pilot cities of digital transformation of small and medium-sized enterprises, publicize and promote typical application scenarios and solutions of artificial intelligence to empower small and medium-sized enterprises, and accelerate the replication and promotion of artificial intelligence applications in small and medium-sized enterprises. Encourage all localities to refer to the typical application cases and application maps of artificial intelligence in small and medium-sized enterprises, and promote the popularization of artificial intelligence technology in key business scenarios of small and medium-sized enterprises such as R&D design, manufacturing, quality inspection, operation and maintenance, and management. Strengthen the application foundation of artificial intelligence in small and medium-sized enterprises. Support open source communities such as the Open Atomic Open Source Foundation to take the lead in establishing an artificial intelligence open source community, set up special artificial intelligence open source projects focusing on the characteristic needs of small and medium-sized enterprises, and provide training frameworks, development examples, testing tools and open source codes that can be replicated and easily promoted. Guide small and medium-sized enterprises to actively participate in open source projects and lower the threshold for the deployment and development of artificial intelligence. Encourage leading enterprises, trading institutions, platform enterprises, data service enterprises and other business entities to build public data sets and industry data sets, and provide high-quality data for small and medium-sized enterprises for artificial intelligence model training. Build a number of vertical industry models suitable for small and medium-sized enterprises, and strengthen the supply of large model technology products for small and medium-sized enterprises.Huang Hongfei, former CFO of McDonald's China, joined the company? Bawang Chaji: No response. Recently, it was reported in the market that Huang Hongfei, the former CFO of McDonald's China, recently left his post and joined Bawang Chaji after a short break. In response to this news, Bawang Chaji said that he would not respond. According to public information, Huang Hongfei joined McDonald's around 1995 and played an important role in the financial and strategic planning of McDonald's China. He was one of the key figures who witnessed the development of McDonald's China. (SSE)Bank of Communications International: For the first time, it covers the "buy" rating and target price of HK$ 5.86 given by the rich industrial trust. The Bank of Communications International published a report that the rich industrial trust has multiple investment advantages and stock price drivers, including stable profit prospects, low valuation, further interest rate cuts and potential inclusion in Shanghai-Shenzhen-Hong Kong Stock Connect, which are all beneficial to the valuation of REITs. For the first time, the bank covers the purchase of wealth and gives a "buy" rating with a target price of HK$ 5.86. Bank of Communications International believes that the rental income prospect of Zhifu Industrial Trust can remain basically stable. At the same time, the current share price corresponds to a dividend of 9.4% in 2025, and the gap between the dividend yield and the yield of 10-year US bonds is about 1.1 standard deviation lower than the long-term level. It is considered that the current valuation is still far below its long-term average level, and has reflected most of the worries of the retail market in Hong Kong. The report continued that although high interest rates will still have a negative impact on this year's earnings, it is expected that the dividend per unit of Zhifu will resume growth from next year under the condition of continuous interest rate reduction. It is expected that the dividend per unit will decrease by 10%, increase by 3.8% and increase by 4.1% from 2024 to 2026 to 36.34, 37.71 and 39.26 Hong Kong cents respectively.