Securities Morning Meeting Highlights | In December, there is virtually no liquidity gap. The risk faced by the bond market is limited.

Market shook and adjusted yesterday, with a trading volume of 1.59 trillion in the Shanghai and Shenzhen stock markets, a decrease of 280.5 billion from the previous trading day. In terms of sectors, Fujian, food, pharmaceutical commerce, and other sectors saw the highest increase in gains, while energy metals, non-ferrous metals, and film and television sectors saw the largest decrease in losses. As of the close yesterday, the Shanghai Composite Index fell by 0.42%, the Shenzhen Component Index fell by 0.68%, and the ChiNext Index fell by 0.69%. At today's brokerage morning meeting, CITIC SEC pointed out that there is basically no liquidity gap in December, and the risk of funds facing the debt market is limited; China Securities Co., Ltd. stated that Alibaba Cloud is accelerating, and the open source ecosystem + model performance is constructing a B-end stronghold. CITIC SEC: Basically no liquidity gap in December, limited risk of funds facing the debt market CITIC SEC pointed out that based on calculations, there is basically no liquidity gap in December, and the risk of funds facing the debt market is limited. Referring to the performance of the 10-year government bond yields since 2021, the interest rates in the bond market tend to trend downwards at the end of the year. With the bond market adjustment in November this year, the 10-year government bond yield has risen to the range of 1.75% to 1.85%, and trading opportunities have begun to emerge. However, CITIC SEC believes that the space for year-end market opportunities may still be limited, and it is recommended to flexibly adjust strategy pace in combination with marginal changes in the bond market. China Securities Co., Ltd.: Alibaba Cloud continues to accelerate, open source ecosystem + model performance builds B-end stronghold China Securities Co., Ltd. stated that Alibaba relies on the Qwen large model base to achieve a comprehensive reshaping of its business, and accelerates the construction of a B-end ecosystem stronghold through open source strategies and strong performance. At the same time, the company firmly increases capital expenditure to cope with the strong demand for computing power, with cloud revenue continuing to grow rapidly, verifying the closed-loop logic of "infrastructure investment - technological iteration - commercial realization." It is suggested to pay attention to 1) Alibaba ecosystem players; 2) Pre-AI revenue landing first, recommended OA+ERP link; Pre-AI. 3) Some segmented vertical AI scenes bring in revenue faster. Focus on AI-coding and multimodal to reduce costs. 4) Local inference gradually gaining traction. 5) Edge AI. This article is reproduced from "Cai Lian She", GMTEight Editor: Huang Xiaodong.