Pre-market report on A-shares | National Conference sets tone to promote stable development of capital markets, three leading silicon material companies disclose maintenance plans on the same day.

Investment Calendar National Bureau of Statistics official website is now online and running. Editor's View Editor's View: The market fluctuated and rebounded yesterday, with the Shanghai index approaching the 3400-point mark; Orient believes that the market sentiment has improved, and there are opportunities for theme and dividend performance at the end of the year and the beginning of the year. Pre-market News 1. State Council Meeting: Crack down on financial fraud and other illegal activities, promote the healthy and stable development of the capital market Category: Macro Emotional Impact: Positive The State Council meeting proposed to leverage the role of intermediaries as "gatekeepers" of the capital market, prevent improper interests between intermediaries and issuers, crack down on financial fraud, fraudulent issuance, and other illegal activities, effectively protect the legitimate rights and interests of investors, and promote the healthy and stable development of the capital market. 2. Ministry of Finance explains the fiscal policy for 2025: Increase the fiscal deficit ratio, arrange for a larger scale of government bonds Category: Macro Emotional Impact: Positive Regarding next year's fiscal policy, Minister of Finance Lao Fu'an stated: Increase the fiscal deficit ratio, increase expenditure intensity, expedite expenditure progress. Arrange for a larger scale of government bonds to provide more support for stable growth and structural adjustment. Vigorously optimize expenditure structure, strengthen targeted deployment, focus more on benefiting the people, promoting consumption, and boosting future momentum. 3. SASAC: Firmly establish the concept of scientific market value management, intensify efforts to promote strategic restructuring and professional integration Category: Macro Emotional Impact: Positive The State-owned Assets Supervision and Administration Commission of the State Council held a meeting and emphasized the need to optimize the economic layout and structural adjustment of state-owned enterprises, focus on core responsibilities and industries, speed up the "three concentrations" of state-owned capital, and intensify efforts to promote strategic restructuring and professional integration. Firmly establish the concept of scientific market value management to better maintain the stability of the capital market. 4. Shanghai plans to build a global medical AI highland, support innovative explorations in medical frontier fields such as brain-machine interfaces Category: Industry Emotional Impact: Positive Shanghai's document proposes to build Shanghai into a globally influential highland for medical artificial intelligence technology innovation, application demonstration, and industry development. The plan supports innovative explorations in medical frontier fields such as brain science and brain-machine interfaces, computational biology. It encourages cooperation between national laboratories, research institutions, and medical institutions in Shanghai. Institutional Views 1. Soochow: The spring market frenzy next year will still be dominated by liquidity trading, with a stronger focus on dividends and broad consumer goods. 2. CMSC: In the context of loose liquidity next year, the market is expected to remain upward, focusing on quality... (Unfortunately, the response is too long. Please let me know if you would like me to continue translating.)