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Guotai Junan: Policy optimization or help improve the long-term return of the expressway industry. Guotai Junan Research Report pointed out that location advantage determines the return of road production, and policy optimization or help improve the long-term return of the expressway industry. 1) Expressway is the preferred way to deliver high dividends. In the past three years, the A-share market favored high dividends, and the excess returns of expressways were remarkable. The dividend yield depends on the dividend rate and PE valuation level. Expressway is an infrastructure asset with heavy assets and stable returns, with rigid demand and stable cash flow, and the high dividend policy continues, which is in line with market preferences. 2) Resilience of industry operation: In 2023, the repressive demand was released and the performance increased. In the first half of 2024, the industry was under pressure due to the increase of rain and snow and free days. In the second half of 2024, or due to economic impact, the traffic volume and profit of some high-speed vehicles decreased slightly, the traffic demand remained resilient and the cash flow remained stable. 3) The pressure of reinvestment may be expected to improve the policy. Expressway toll prices have been stable for a long time, while the cost of newly built or renovated units has risen sharply, and there is widespread reinvestment pressure in the industry. In the future, the industry is expected to optimize policies, or improve the high-speed return of new construction or expansion to a reasonable level by extending the charging period. 4) Expressway REITs: generally, they are stock road products with excellent location and stable returns. In 2023, the system was under pressure, and in 2024, the expressway REITs with better profit than the industry were among the top gainers. The performance of underlying assets in the future will still be the key to dominate the performance of REITs.CITIC Securities: The main line of the anti-monopoly investigation on domestic chips in NVIDIA is clear. According to the CITIC Securities Research Report, on December 9, 2024, the General Administration of Market Supervision launched an investigation on NVIDIA Company in accordance with the law, which is a legal management means to regulate and maintain fair market competition order, and has a leading role in the domestic chip industry, and is expected to boost domestic computing power and market sentiment of chips in a short time. In combination with the increasing emphasis on self-control by relevant domestic departments and industry associations, we expect that the overall localization pace of domestic semiconductor industry is expected to be further accelerated, and the manufacturing link is also expected to benefit.Greater Bay Area's major projects are new! The Huangmaohai Cross-sea Passage was officially opened to traffic at 15: 00 on the 11th. It was learned exclusively from Guangdong Transportation Department that the Huangmaohai Cross-sea Passage Project, one of the major projects in Guangdong-Hong Kong-Macao Greater Bay Area, will be officially opened to traffic at 15: 00 on December 11th. It takes about 30 minutes from Zhuhai, Guangdong to Jiangmen, Guangdong, and the three-dimensional traffic network in Greater Bay Area is further dense. The reporter learned that in the early stage of the opening of the project, the public will be temporarily exempted from the road tolls of the project, and the detailed fees will be disclosed separately in the next step. (CCTV)

The snow removal operation of several expressways in Gansu Province continued due to the temporary control of snowfall. It was learned from the traffic police department of Gansu Province that due to the large-scale snowfall and road icing, as of 7: 30 on the 10th, several expressways in Gansu Province were temporarily controlled. The highway maintenance department is continuously carrying out ice and snow removal operations.Qingdao Yurun International Plaza failed again, and the starting price dropped from 1.2 billion yuan to 219 million yuan. On December 9, according to the information disclosed by Ali Assets Auction Network, the "Yurun International Plaza" project (HD0606-003 plot) in the core area of Qingdao High-tech Zone failed again, and the starting price dropped to 219 million yuan, and no one signed up. On July 4, 2022, the project was put on the market for the first time. At that time, the reserve price was 1.2 billion yuan. The project was developed by Qingdao Dihua Real Estate Development Co., Ltd., located in the core area of Central Intelligence Island. It was originally planned to invest 6 billion yuan to build a commercial complex integrating technology and finance Center and five-star hotels.China Seismological Network officially determined that a magnitude 5.7 earthquake occurred in Nevada, USA (39.05 degrees north latitude and 118.85 degrees west longitude) at 07: 08 on December 10th with a focal depth of 10 kilometers.

Japan's Minister of Economic Regeneration Ryosuka Akazawa: (When asked about the revised GDP data in the third quarter) Although we have not got rid of deflation, a virtuous circle of wage increase and price transmission has begun.South Korea's Ministry of Finance: Considering the economic fundamentals, South Korea's exchange rate fluctuates too much.More than 1,000 A-share companies have issued shareholder return plans, and both the mid-term dividend and the third quarterly dividend reached record highs this year. Since the beginning of this year, more than 1,000 A-share listed companies have issued shareholder return plans, focusing on the company's long-term and sustainable development, and making institutional arrangements for profit distribution in the next three or five years based on the actual business development and shareholders' wishes. Among them, many leading enterprises with large market capitalization have made high dividend commitments. Judging from the dividend situation in 2024, under the guidance of policies, the dividend rhythm of listed companies has been continuously optimized. During the year, the number and amount of A-share listed companies that have announced interim dividends and third quarterly dividends have set a new record, and the awareness of listed companies to repay investors has been continuously enhanced. (Economic Information Daily)