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CITIC Securities: The resonance between supply and demand of medical beauty accelerates the space expansion, and the difference in operating ability promotes the evolution of the industry structure. CITIC Securities Research Report stated that the medical beauty industry has both medical and consumption attributes, and the medical attribute has strong product-driven characteristics, while the consumption attribute has high operating ability requirements. The medical beauty botulinum toxin track is also affected by the dual attributes of medicine and consumption: 1) The increase in penetration rate, the acceleration of compliance substitution and the extension of indications have brought about high demand for medical beauty botulinum toxin, and with the recent supply expansion, the industry scale has experienced high growth; 2) The iteration of product innovation is slow, brand barriers are created through marketing, doctors are empowered through direct sales, and control is strengthened to enhance product competitiveness. Recently, a variety of medical botulinum toxins in China have been approved, and the promotion of low-priced products is expected to push up the penetration rate, and enterprises with strong operational capabilities will enter the market or promote the evolution of the pattern.CITIC Securities: There is no need to be overly pessimistic about the export of home appliances catalyzed by state subsidies. CITIC Securities Research Report said that domestically, the sales data of white electricity and black electricity continued to improve under the support of state subsidies. Externally, the overall export exposure of home appliance enterprises to the United States is relatively limited, so there is no need to be overly pessimistic. Looking forward to the future, the domestic demand stimulus policy is expected to be further overweight, and it is suggested to focus on white power enterprises that benefit from state subsidies; Optional sectors where domestic demand is expected to reverse (small household appliances, projection).Kweichow Moutai: The company will hold a briefing on the third quarter of 2024 from 15: 00 to 16: 00 on Tuesday, December 17, 2024.

The Central Meteorological Observatory continued to issue a gale blue warning at 18: 00 on December 12. It is estimated that there will be 5 winds in parts of Inner Mongolia, northwestern Shaanxi, Shanxi, northern Hebei, Henan, Shandong and other places from 20: 00 on December 12 to 20: 00 on December 13, with gusts of 6~8; Most of the Yellow Sea, most of the East China Sea, Taiwan Province Strait, east of Taiwan Province, bashi channel, northern and central South China Sea, and Beibu Gulf will have strong winds of 7-8 grades and gusts of 9 grades. From 20: 00 on December 13 to 20: 00 on December 14, there were 5~6 winds in parts of central and eastern Inner Mongolia, northern Hebei, Shandong Peninsula and coastal areas of East China and South China, with gusts of 7~8; Most of the Yellow Sea, most of the East China Sea, Taiwan Province Strait, east of Taiwan Province, bashi channel, northern and central South China Sea, and Beibu Gulf will have strong winds of 7-8 grades and gusts of 9 grades.Commander-in-Chief of Russian Navy: NATO increases its military activities in the Arctic.Market News: South Korean President Yin Xiyue may release a recorded public speech.

Yiwangyichuang: Shareholder Zhang Fan plans to reduce his shareholding by no more than 1%. Yiwangyichuang announced that shareholder Zhang Fan, who holds more than 5% of the company's shares, plans to reduce his shareholding by centralized bidding and/or block trading, and the number of shares to be reduced is no more than 2,369,400, accounting for 1.00% of the company's total share capital. The reduction period is from January 6, 2025 to April 4, 2025. The price range of reduction will be determined according to the market price and trading method at the time of reduction. The reason for Zhang Fan's reduction is based on his own capital demand, and the shares come from the shares issued before the initial public offering, the shares transferred due to equity distribution and the shares transferred by agreement.Summary of Hong Kong stock announcements, Small Vegetable Garden: It is planned to sell about 101 million shares worldwide, and it is expected to be listed on December 20. BOSS direct employment -W: The operating profit in the third quarter increased by 26.5%, and the monthly active users increased by 30%. BAIC Investment and Hyundai Motor injected US$ 1.095 billion into Beijing Hyundai in proportion. China Pacific Insurance: Pacific Life Insurance's premium income from January to November was 228.842 billion yuan. Year-on-year growth of 2.2% Hong Kong Science and Technology Exploration: In November, the total merchandise transaction volume of orders reached HK$ 687 million. SJM Holdings: It plans to acquire new quality digital technology in Hengqin New District, Zhuhai City for 546 million yuan. It plans to discount about 7.89% and place up to 800 million shares. Net raised HK$ 530 million. Kyle Digital Technology: It is planned to allocate a total of 212 million shares at a discount of about 15.38% to raise HK$ 210 million. Mongolian Mining: It is planned to spend US$ 20.5 million to acquire Mongolian copper exploration company and expand diversified mineral business. CGNPC New Energy: In November, the power generation was 1,360.8 GW, a year-on-year decrease of 18%.CITIC Securities: The resonance between supply and demand of medical beauty accelerates the space expansion, and the difference in operating ability promotes the evolution of the industry structure. CITIC Securities Research Report stated that the medical beauty industry has both medical and consumption attributes, and the medical attribute has strong product-driven characteristics, while the consumption attribute has high operating ability requirements. The medical beauty botulinum toxin track is also affected by the dual attributes of medicine and consumption: 1) The increase in penetration rate, the acceleration of compliance substitution and the extension of indications have brought about high demand for medical beauty botulinum toxin, and with the recent supply expansion, the industry scale has experienced high growth; 2) The iteration of product innovation is slow, brand barriers are created through marketing, doctors are empowered through direct sales, and control is strengthened to enhance product competitiveness. Recently, a variety of medical botulinum toxins in China have been approved, and the promotion of low-priced products is expected to push up the penetration rate, and enterprises with strong operational capabilities will enter the market or promote the evolution of the pattern.