cryptography vs cryptocurrency- Top Knowledge

Guotai Junan: Pay attention to the investment opportunities in liquor, beverages, popular food and other fields. Guotai Junan Research Report pointed out that 1) Liquor: Determine ahead of growth, pay attention to the wholesale price trend and the orientation of head liquor enterprises. The report end of liquor industry began to enter the downward period in the second quarter of 2024, and the bottom shock is expected in the first half of 2025. Sales are slowing down, inventory is passively rising, and the approval price is expected to be relatively weak. The Spring Festival in 2025 will experience a stress test period. In terms of price, real estate liquor > high-end > secondary high-end. After this round of adjustment, real estate liquor is expected to recover first, followed by high-end liquor, and the secondary high-end liquor is expected to recover for a long period. 2) Beer and beverage: the performance of beer is divided and the beverage structure is prosperous. In the third quarter of 2024, the number of trips in the summer peak season was stronger than the price, and the number of trips maintained a recovery and growth trend. The beverages with low-cost/high-frequency consumption characteristics benefited significantly and the demand resilience was prominent; The regional brand of beer performance differentiation is better than the national brand, and it is expected to be repaired under the low expectation in 2025. It is expected that the passive upgrading trend and regional brand advantages will continue. 3) Popular food: marginal improvement and structural differentiation. Mass food improved marginally in the third quarter, with obvious structural differentiation. The cost reduction is gradually reflected, low cost and low price become the trend, the advantages of high cost-effective products are highlighted, and the key layout is two ends; The valuation premium of growth stocks has been significantly digested, focusing on growth track snacks, and paying attention to adjusted condiments, catering supply chain and low valuation oversold and high dividend targets.The weighted share price index of Taiwan Stock Exchange opened 0.2% lower at 23,002.37.The turnover of Shanghai and Shenzhen stock markets exceeded 500 billion.

Hebai Group: With the help of policy dividends, it will further stimulate new consumer demand and help the company's sales promotion. Hebai Group (000417) said on the interactive platform on December 13th that the company's top 100 electrical appliances actively grasped the new round of "trade-in" policy opportunity, adhered to "policy+activity" to stimulate new consumption potential, and quickly launched more than 33,000 subsidized goods in 8 categories of household appliances and 24 categories of smart homes. Since the implementation of the national subsidy policy in 2024, there have been more than 100,000 rejuvenation machines in stores in Anhui Province, with sales exceeding 400 million yuan, and the sales of household appliances in stores increased by 121% year-on-year. In the next step, the company will seize the time window, continue to integrate resources, closely focus on the national subsidy policy for household appliances in Anhui Province and Hefei consumer vouchers, and further stimulate new consumer demand with the help of policy dividends to help the company's sales increase.Li Zaiming, leader of the opposition party in South Korea, said that impeaching Yin Xiyue is the best way to restore order. Thanks to the United States and its allies for supporting Korean democracy.The CSI convertible bond index opened lower by 0.03%. Lide convertible bonds rose by more than 7%, and Weipai convertible bonds rose by more than 4%; Z-mode convertible bonds fell by nearly 3%, while Fuxin convertible bonds and Yinxin convertible bonds fell by nearly 2%.

Shangpin home delivery and Shulan signed a strategic cooperation agreement. According to Shangpin home delivery, on December 11th, Shangpin home delivery and Shulan formally signed a strategic cooperation agreement at Changshun Group headquarters. The two sides will break through the customized track, explore the path of "customization+software" integration and co-construction, jointly explore market channels, and provide consumers with more convenient, personalized and professional home solutions through integrated and integrated ecological scenarios.Guotai Junan: Pay attention to the investment opportunities in liquor, beverages, popular food and other fields. Guotai Junan Research Report pointed out that 1) Liquor: Determine ahead of growth, pay attention to the wholesale price trend and the orientation of head liquor enterprises. The report end of liquor industry began to enter the downward period in the second quarter of 2024, and the bottom shock is expected in the first half of 2025. Sales are slowing down, inventory is passively rising, and the approval price is expected to be relatively weak. The Spring Festival in 2025 will experience a stress test period. In terms of price, real estate liquor > high-end > secondary high-end. After this round of adjustment, real estate liquor is expected to recover first, followed by high-end liquor, and the secondary high-end liquor is expected to recover for a long period. 2) Beer and beverage: the performance of beer is divided and the beverage structure is prosperous. In the third quarter of 2024, the number of trips in the summer peak season was stronger than the price, and the number of trips maintained a recovery and growth trend. The beverages with low-cost/high-frequency consumption characteristics benefited significantly and the demand resilience was prominent; The regional brand of beer performance differentiation is better than the national brand, and it is expected to be repaired under the low expectation in 2025. It is expected that the passive upgrading trend and regional brand advantages will continue. 3) Popular food: marginal improvement and structural differentiation. Mass food improved marginally in the third quarter, with obvious structural differentiation. The cost reduction is gradually reflected, low cost and low price become the trend, the advantages of high cost-effective products are highlighted, and the key layout is two ends; The valuation premium of growth stocks has been significantly digested, focusing on growth track snacks, and paying attention to adjusted condiments, catering supply chain and low valuation oversold and high dividend targets.The Philippine side's provocation and China's counter-measures will be one step stronger. The Philippine Coast Guard said that China has recently launched "aggressive actions" against Philippine fishing boats heading for the reef. Senior Colonel Wu Qian, director of the Information Bureau of the Ministry of National Defense and spokesman of the Ministry of National Defense, said today that the Philippine side likes to take a boat full of journalists wherever it goes, whether it is sailing or shipping, but the key is not to see who has more journalists, but to see who is more reasonable and legal. China Nansha Islands and Huangyan Island have never been included in the territory of the Philippines, which is determined by a series of international treaties. The Philippines is well aware of this. China's attitude is clear and definite: one point for provocation and one step for counter-attack; If you are stubborn, you will be with me to the end.