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Hong Kong stocks continued to fall in the afternoon, and the Hang Seng Science and Technology Index fell by 1%, which once rose by more than 1%. The Hang Seng Index fell 0.5%.Finance Minister of Thailand: The Cabinet approved a reduction of 0.23% in FIDF (Financial Institution Rehabilitation Fund) donations within three years.The chairman of Japan's trade union called on the government to speed up its efforts to raise wages, and the chairman of Japan's Metal Workers' Union urged the government to speed up the pace of wage increase, while expressing concern about the premature tightening measures taken by the Bank of Japan. Akihiro Kaneko, president of the Board of Directors of the Japan Metal Workers' Union, said that we need to see the situation improve this year when talking about the government's measures to help small and medium-sized enterprises pass on costs to consumers through the supply chain. If we put off this effort for five or ten years, there will never be any improvement. Kaneko's remarks come as Japan prepares for annual wage negotiations, which will culminate this spring. In next year's negotiations, the union announced a record target of a monthly salary increase of 12,000 yen (US$ 79) or more. Kaneko said that we need to send a clear message that our salary increase target (this year) is higher.

Coal stocks fluctuated higher, with the daily limit of Antai Group in the afternoon, Anyuan Coal Industry rose more than 5%, and Orchid Science and Technology, Luan Huaneng, Gansu Nenghua, Baotailong, Dayou Energy and Shaanxi Black Cat followed suit.Wang Tao, UBS: It is expected that the Central Economic Work Conference will focus on the short-term policy package. Recently, the market highly expects the Central Economic Work Conference to guide the high-quality economic development of China next year. Wang Tao, head of Asian economic research at UBS and chief China economist, said: "I expect that the Central Economic Work Conference may focus on the short-term policy package in 2025 and 2026, but it will also emphasize accelerating some reform measures already outlined at the Third Plenary Session." Wang Tao believes that the next important reform measures may include providing better protection and access for the private economy, deepening the reform of state-owned enterprises to improve efficiency and governance, promoting household registration reform to improve the welfare of migrant workers, strengthening the social security network, and carrying out fiscal and taxation reforms to solve local fiscal revenue problems. "I think structural, deeper and faster reforms will be very important, not only to attract foreign investment, but also to boost domestic confidence." (China Daily)CICC: Xiamen Tungsten Industry will be successfully issued, and resource development and high-end production capacity construction are expected to accelerate. According to the research report of CICC, Xiamen Tungsten Industry (600549.SH) will be successfully issued, and resource development and high-end production capacity construction are expected to accelerate. It is worth noting that the final issue price of this fundraising is 20.80 yuan/share, which is 28.87% higher than the reserve price, and 3.35% lower than the closing price of 21.52 yuan/share on November 6, the first day of the issuance period. After the completion of the issuance, the company is expected to accelerate the development of tungsten resources and the construction of downstream high-end production capacity, and strengthen profit growth. Considering the impact of stock issuance, the net profit of returning to the mother in 2024 will remain unchanged at 1.92 billion yuan, and the net profit of returning to the mother in 2025 will be raised by 1.7% to 2.25 billion yuan, and CAGR+18.6% from 2023 to 2025. Raise the target price by 17% to 24.1 yuan.

Allan Monks, an economist in JPMorgan Chase: The Bank of England's signal about gradually cutting interest rates has been very strong recently, suggesting that the possibility of cutting interest rates next week is very low. However, if the signs of the accelerated weakening of the labor market continue, it will force the Bank of England's Monetary Policy Committee to deviate from this information.Wang Tao, UBS: It is expected that the Central Economic Work Conference will focus on the short-term policy package. Recently, the market highly expects the Central Economic Work Conference to guide the high-quality economic development of China next year. Wang Tao, head of Asian economic research at UBS and chief China economist, said: "I expect that the Central Economic Work Conference may focus on the short-term policy package in 2025 and 2026, but it will also emphasize accelerating some reform measures already outlined at the Third Plenary Session." Wang Tao believes that the next important reform measures may include providing better protection and access for the private economy, deepening the reform of state-owned enterprises to improve efficiency and governance, promoting household registration reform to improve the welfare of migrant workers, strengthening the social security network, and carrying out fiscal and taxation reforms to solve local fiscal revenue problems. "I think structural, deeper and faster reforms will be very important, not only to attract foreign investment, but also to boost domestic confidence." (China Daily)KPMG: It is expected that the amount of IPO funds raised in Hong Kong will remain in the top five next year. After the second half of this year, Hong Kong's new stock market welcomed Midea Group and other leading enterprises to come to Hong Kong for listing, KPMG said that the annual amount of IPO funds raised in Hong Kong is expected to reach HK$ 82.9 billion, ranking fourth. KPMG estimates that the new stock market in Hong Kong will continue to improve next year. It is estimated that 80 companies will come to Hong Kong to list, raising 100 billion to 120 billion Hong Kong dollars, and it is expected to remain in the top five.