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Morgan Stanley published a research report that China's monetary policy changed from "prudent" to "moderately loose" to support market sentiment in 2025, and the real policy may focus on interest rate reform in 2025. Morgan Stanley said that the increased attention to reactivating the capital market should also help support market sentiment and keep the trading volume high in the short term. The bank also suggested that optimizing existing loans, more rational bank loan growth and interest rate reform may be the real focus in 2025. The bank believes that risk-based loan pricing may continue to recover, which will help to buffer the bank's net interest margin, even if some additional loan market quotations are lowered.Today, 8 new fund managers were hired and 3 left. According to the statistics of Eastern Fortune Choice, 8 new fund managers were hired today, involving 10 funds (A/C categories are calculated separately), mainly from companies such as Bosera Fund and Wanjia Fund. In addition, three fund managers left today.When the individual pension system is fully liberalized, it is expected that Y share will be added. It is learned from multiple channels that the individual pension system will be implemented nationwide after the third anniversary of the pilot project in 36 cities, and the relevant deployment is already in full swing, and the pension products are also expected to expand. According to the industry, in terms of Public Offering of Fund products, broad-based index funds and ETF-linked funds such as Shanghai and Shenzhen 300 Index, CSI 500 Index, CSI A500 Index and GEM Index are expected to be included, and Y shares will be added to meet the allocation needs of investors. (Cailian)

The net outflow of the main market exceeded 10 billion.In November, China's dollar-denominated exports increased by 6.7% year-on-year, while imports decreased by 3.9%.Bank of China Zhanjiang Branch investigated Guolian Aquatic Products Group. According to the official news of Guolian Aquatic Products, on December 9, Lin Kunxi, president of Bank of China Zhanjiang Branch, led a team to Guolian Aquatic Products Group for in-depth investigation, accompanied by Chairman Jong Li. During the talks, the leaders of Zhanjiang Branch of Bank of China showed great interest and appreciation for the production chain operation, globalization strategy and the innovation and development of prefabricated vegetable products of Guolian Aquatic Products. The two sides agreed that there is broad space and potential for cooperation in helping the high-quality development of millions of projects, rural revitalization, financial services, market expansion and product innovation in the future, and they will work together to push the cooperation between banks and enterprises to a new height.

The yield of 10-year treasury bonds fell by 5 basis points.General Administration of Customs: China's imports of iron ore, coal and natural gas increased in the first 11 months. According to customs statistics, in the first 11 months of 2024, China imported 1.124 billion tons of iron ore, up 4.3%, and the average import price (the same below) was 768 yuan per ton, down 3.9%; 506 million tons of crude oil, down by 1.9% to 4,208.8 yuan per ton, up by 0.3%; 490 million tons of coal, up 14.8%, 688.4 yuan per ton, down 12.5%; 120 million tons of natural gas, up by 12% to 3,506.2 yuan per ton, down by 5.8%; 97.09 million tons of soybeans, an increase of 9.4% and a decrease of 15.1% to 3,591.7 yuan per ton; Refined oil reached 44.94 million tons, up by 4.5%, reaching 4,322.9 yuan per ton, up by 4.5%. In addition, 26.333 million tons of plastics with primary shapes were imported, a decrease of 2.4% to 10,800 yuan per ton, a decrease of 0.1%; The unwrought copper and copper products reached 5.127 million tons, up by 1.7% and 67,700 yuan per ton, up by 11.1%.China's annual export rate in November was 5.8%, the previous value was 11.20%. China's annual import rate in November was -4.7%, while the previous value was -3.70%.