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【Citic SEC: With Policy Support, The Manufacturing Industry'S Prosperity Continues To Improve.】Citic SEC'S Research Report Indicates That Under The Recent Backdrop Of A Package Of Increased Policies Being Launched And The Gradual Manifestation Of The Effects Of Existing Policies, The Manufacturing PMI In November Recorded 50.3%, An Increase Of 0.2 Percentage Points From Last Month, And 0.3 Percentage Points Higher Than The Seasonal Average Of The Past Five Years. In Terms Of Sub-Indices, Both Supply And Demand Indicators In November Have Improved To Varying Degrees, And The New Order Index Has Risen Above The Boom-Bust Line For The First Time Since May This Year. Structurally, The Prosperity Of High-Tech Manufacturing And Consumer Goods Industries Has Rebounded In November. In The Non-Manufacturing Sector, The Gap Between The Service PMI In November And Seasonal Levels Has Further Narrowed, Indicating A General Upward Momentum In The Recovery Of The Service Sector. The Construction PMI In November Expanded Its Gap To 8.2 Percentage Points Compared To The Average Of The Past Five Years, Reflecting That The Actual Workload Of Infrastructure Construction Is Still Not Meeting Expectations. Considering The Recent Active And Continuous Rollout Of Incremental Policies, Especially Those To Boost Consumption, Citic SEC Determines That The Prosperity Of Both Supply And Demand Sides Of The Manufacturing Industry Will Show More Significant Improvement, While Also Suggesting Attention To The Upcoming Central Economic Work Conference In December Regarding Next Year'S Macroeconomic Policy Orientation

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【Citic Securities: Institutional Capital, Active Capital, And Retail Capital Are Expected To Resonate In December To Drive The Market'S New Year'S Eve Market】According To The Citic Securities Research Report, Looking Ahead To December, It Is Expected That The Central Economic Work Conference Will Once Again Boost Institutional Financial Confidence; Economic Data For The Fourth Quarter Are Expected To Pick Up Steadily And Price Signals In The Real Estate Sector Will Improve Partially; The Impact Of Negative External Expectations Has Been Gradually Digested, And The RMB Is Expected To Stabilize; Institutional Capital, Active Capital, And Retail Capital Are Expected To Resonate In December, Driving The Market'S New Year'S Eve Market. First, Judging From Policy Signals, Active Fiscal Policies Or The Highlight Of The Year-End Economic Work Conference Are Expected To Exceed Market Expectations. The Previous Policy Expectations For Institutional Funding Are Generally Conservative, And There Is More Room For Improvement In The Future Compared To Active Capital. Second, Judging From Price Signals, Factors Such As Trade-In And Export Grabbing Are Expected To Support A Steady And Moderate Recovery In The Real Economy In The Fourth Quarter. Housing Prices In Some Cities Already Showed A Steady Upward Trend, But Overall Stopping The Decline And Stabilizing Back Still Requires Policy Support. Again, Judging From External Signals, The Negative Impact Of Potential Additional Tariffs Has Been Gradually Absorbed By The Market, And The RMB Is Expected To Remain Stable In December After Undergoing A Round Of Rapid Adjustments. Finally, From A Market Perspective, The Increase In Agencies' Policy Expectations And The Entry Of Insurance Funds Into The Market In December May Change The Current Trend Of Weak Institutions In Terms Of Pricing Capacity And Strong Active Capital. In Terms Of Allocation, It Is Also Necessary To Gradually Switch To Excellent Performance Growth And Domestic Demand Consumption

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