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The organization looks forward to the semiconductor industry in 2025: the AI ​ ​ replacement tide leads the growth, and the semiconductor ETF(512480) may usher in new development opportunities. On December 13, the semiconductor ETF(512480) closed down by 1.38%, with a turnover of 1.671 billion yuan. The constituent stocks are mixed, and Zhaoyi Innovation leads the rise. In terms of decline, SMIC led the decline. CICC said that after the boom in 2024, it is expected that the inventory of the semiconductor industry will stabilize and the relationship between supply and demand will be more balanced in 2025. With the gradual landing of AI cloud and end demand, domestic semiconductor elements will usher in new development opportunities. In addition, the AI-changing tide has a pulling effect on the downstream demand of the semiconductor design sector, which is expected to accelerate the growth of the semiconductor design sector in 2025 and inject new vitality into the industry.The Third Green Conference of Electronic Information Industry was held in Beijing. According to the Ministry of Industry and Information Technology, on December 11th, China Institute of Electronic Technology Standardization held the Third Green Conference of Electronic Information Industry in Beijing. At the meeting, relevant comrades of the Department of Energy Conservation and Comprehensive Utilization of the Ministry of Industry and Information Technology said that the electronic information industry is an important strategic and basic industry, and it is also a key industry to vigorously promote green development. The Ministry of Industry and Information Technology has adopted a series of policy measures around strengthening source control, promoting green manufacturing, and strengthening resource recycling, so as to promote the green development of the entire process and chain of the electronic information industry and help the construction of new industrialization. Relevant experts, scholars and business representatives conducted extensive exchanges on topics such as the control of harmful substances in electrical and electronic products, green supply chain management, and coordinated development of digital green.The Shanghai 50 index fell more than 2%, and the Shanghai and Shenzhen 300 index fell 1.8%.

Shenzhen Stock Exchange: The Shenzhen Stock Exchange, together with the Financial Office of Henan Provincial Party Committee, Henan Securities Regulatory Bureau and Zhengzhou Municipal Party Committee and Municipal Government, jointly held an industrial exchange meeting on "Shenzhen M&A Revitalizing Quality". This activity focused on the advantageous industries of high-end equipment manufacturing in Henan Province, discussed in depth the development characteristics of the industry and the main points of M&A investment, built an exchange platform, conveyed the concept of supervision, supported the integration of upstream and downstream of the industrial chain, strictly prevented insider trading in M&A and reorganization, and helped Henan develop new quality productivity according to local conditions. Next, Shenzhen Stock Exchange will continue to implement the requirements of "Six Articles on M&A" in accordance with the unified deployment of China Securities Regulatory Commission, adhere to the direction of marketization, adhere to the major strategy of serving the country, give full play to the role of the capital market as the main channel in enterprise M&A and reorganization, take various measures to support listed companies to standardize M&A and reorganization, promote the landing of high-quality cases, strengthen exchanges with market players, and strive to create a healthy and orderly market ecology.Contemporary Amperex Technology Co., Limited applied for the trademark of "Chargeo Charging Dog", and the intellectual property information of Tianyancha shows that recently, Contemporary Amperex Technology Co., Limited New Energy Technology Co., Ltd. applied for the registration of three trademarks of "Chargeo Charging Dog", which are internationally classified as transportation, scientific instruments and building repair, and the current trademark status is awaiting substantive examination. According to media reports, "CharGo charging dog" is a storage, charging and inspection integrated robot developed by Contemporary Amperex Technology Co., Limited. The charging dog has three functions in one. It is not only a mobile charging facility, but also a distributed energy storage, and it is also a battery safety guardian of new energy vehicles.Ministry of Finance of Thailand: It is estimated that the global minimum corporate tax of 15% will be implemented from January 2025.

The Zhuhai earthquake did not meet the emergency response standard, so citizens need not worry too much. On December 13th, some Zhuhai citizens felt obvious vibration, and many people suspected that an earthquake had occurred. Some citizens felt the vibration during lunch break, and some people felt the building shaking in the office. On the afternoon of the 13th, the reporter called the Seismological Bureau of Guangdong Province, and the relevant staff responded that at about 1: 25 noon on December 13th, a magnitude 2.1 earthquake occurred in the urban area of Zhuhai, so citizens need not worry too much. Because the magnitude of the earthquake did not reach the preset emergency response standard, the relevant departments did not start the emergency response mechanism, so the earthquake quick report information was not released. The staff member said that the bureau is also concerned about the public's concern about the earthquake, and is currently conducting corresponding research and judgment, and will issue corresponding research and judgment opinions later. (Nanfang Daily)Zaks, managing director of the European Central Bank: If necessary, the interest rate can be greatly reduced. zaks, managing director of the European Central Bank, said that if economic development requires it, the interest rate cut may be increased. Although zaks thinks that the gradual approach is appropriate, he warns that the impact of geopolitics and war may bring "new impetus" to inflation. Kazakhstan said in a blog post on Friday: "If necessary, this range can be greater than 0.25%." "The current method-analysis/decision based on data and each meeting-is very suitable for this situation." Zaks also said that the future trend of interest rates is also very clear, that is, downward. The neutral interest rate is closer to 2% than 3%, so it is still necessary to cut interest rates sharply.Chen Guo, China Securities: The 2025 policy will focus on expanding domestic demand and AI+ in all directions, and the Central Economic Work Conference will be held in Beijing from December 11th to 12th. Chen Guo, chief strategy officer of China Securities, said that the meeting had seven highlights, including clarifying the growth target and fiscal and monetary policy measures, expanding domestic demand in all directions as the top priority of the policy, focusing on "AI+" in science and technology, focusing on implementation of reform measures, paying attention to coping with external shocks in opening up, strengthening the expression of real estate policies, and increasing efforts to improve people's livelihood. Chen Guo said that further RRR cuts and interest rate cuts from the end of 2024 to 2025 are worth looking forward to, and the easing of the liquidity environment has become a market consensus. However, this does not mean that liquidity is rampant, because the growth of money supply in the scale of social financing still continues the requirement of matching the expected target of the overall price level of economic growth. Chen Guo believes that the 2025 policy will focus on expanding domestic demand and AI+ in an all-round way, and the strength and direction of the policy are in line with expectations. With the support of policy expectations and liquidity, it is expected that the market will continue to show the characteristics of volatility. From the perspective of investment strategy, Chen Guo suggested focusing on non-bank finance, real estate chain, consumer electronics, machinery, construction, building materials, steel, social services, catering chain and other sectors. In terms of theme, it is suggested to pay attention to investment opportunities such as "duality" and "two innovations", supply-side optimization, new quality productivity, market value management of state-owned enterprises and CSI A500 index.