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CITIC Securities: Short-term white horse style may be dominated by stages due to compensatory growth and repair. CITIC Securities Research Report pointed out that looking forward to 2025, we expect that the market style will gradually switch from individual investors to institutional investors, and ETF will become an important configuration tool. We believe that the construction of ETF portfolio should mainly depend on the judgment of style rotation and timing. We believe that in the short term, Politburo meeting of the Chinese Communist Party and the Central Economic Work Conference will once again confirm the policy inflection point, which is expected to boost institutional investors' risk appetite, and the white horse style may prevail in stages due to compensatory growth and repair. However, in the large-cycle environment, it is still unable to meet the conditions for the continued dominance of white horse stocks, and it is necessary to continue to observe the price signals and policies.Korean media: South Korean President Yin Xiyue tried to appoint a new defense minister. The East Asia Daily did not explain that the source reported that South Korean President Yin Xiyue tried to appoint a new defense minister, which indicated that Yin Xiyue might resume his job, although he said last week that he would let the ruling party decide how to stabilize future state affairs and his term of office. After making a public speech on Thursday, Yin Xiyue approved the 42 agendas adopted at this week's cabinet meeting. This shows that Yin Xiyue may exercise the presidential power immediately after he hinted in his speech that he had no intention of stepping down.Ministry of Finance of Korea: If the volatility is excessively intensified, more market stabilization measures will be taken.

The troops stationed in Macao are the anchor of maintaining prosperity and stability. This year marks the 25th anniversary of Macao's return to the motherland. Senior Colonel Wu Qian, director of the Information Bureau of the Ministry of National Defense and spokesman of the Ministry of National Defense, said today that the troops stationed in Macao are an important manifestation of national sovereignty. In the past 25 years, especially since the 18th National Congress of the Communist Party of China, the troops stationed in Macao have resolutely implemented the policy of "one country, two systems", conscientiously implemented the Basic Law and the Garrison Law, comprehensively strengthened army building, successfully fulfilled various tasks centered on defense, and effectively safeguarded national sovereignty, security and Macao's prosperity and stability. Looking forward to the future, the troops stationed in Macao will always be loyal guardians assured by the Party and the people, the powerful force of Haojiang trusted by Macao compatriots, and the "anchor needle" for maintaining Macao's prosperity and stability. (CCTV military)Bank of Japan: The index of small non-manufacturers rose for the second consecutive quarter, reaching the highest level since August 1991.Employees hide $154 million in accounts. Macy's said that internal control was ineffective. On Thursday, Macy's said that a reassessment of its financial situation showed that as of February this year, the internal control (including proper record maintenance) of the chain department store was not effective. The retailer launched an evaluation at the end of November after discovering that an employee had concealed as much as $154 million in expenses for many years. Therefore, the company postponed the release of the third quarter earnings report until December 11th. Macy's said that under the supervision of the board of directors, Tony Spring, its CEO, and Adrian Mitchell, its chief financial officer, re-evaluated the effectiveness of internal control, and pointed out that its financial report was not effective as of February 3 due to major defects. The department store chain said that it is implementing changes to improve internal control and make up for major defects.

South Korea will take additional market stabilization measures when necessary.Citic Jiantou Pharmaceutical's 2025 strategy: looking for new additions and integration opportunities. Citic Jiantou said that looking forward to 2025, the reform policy in the medical field has been normalized, and the most noteworthy incremental policy in the medical insurance field is to establish a diversified payment system. The medical field is about to usher in the reform of "deep water areas" such as salary system and graded diagnosis and treatment, which is in line with expectations as a whole. At the same time, the innovation of China's pharmaceutical industry has gradually stepped onto the international stage, some sub-sectors will be marginally improved, and industry integration will begin. We are optimistic about the investment opportunities in the pharmaceutical industry in 2025. It is suggested to focus on the new increase (innovation, going out to sea, marginal change) and industry integration opportunities.Macquarie Asset Management is considering selling its Indian highway portfolio.