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Luxury car dealers "switch to" domestic brands, and the competition between new and old forces spread to the channel side. Recently, Beijing Huayang Aotong Automobile Sales Co., Ltd. (referred to as "Huayang Aotong") announced that "the company will no longer continue the distribution business of Audi brands, but will continue to engage in the maintenance business of Audi models". On December 12, the reporter went to Huayang Aotong in Laiguangying, Beijing. The above announcement was posted at the entrance, and the store has been replaced with the "AITO" logo. There is no Audi car in the store, and it has been replaced by two models for sale in the world. A luxury brand dealer who did not want to be named revealed to reporters that Huayang Aotong had indeed been cancelled by Audi, and Zhengzhou Zhongsheng Huidi Store was also withdrawn from the network with it, all because it switched to Huawei's channel network without permission. "The war between new forces and traditional car companies has burned from the product side to the channel side." According to Zhang Xiuyang, secretary-general of China Passenger Car Industry Alliance, the "price war" that lasted for nearly two years has made it difficult for car dealers who are in retail terminals and have been upside down all the year round, and their loyalty has also declined. At the same time, in the tide of the era of smart cars, the concept of consumption is changing rapidly, and the high-end electric vehicle brands in China are gradually winning the wide favor of the market and consumers. (Securities Daily)CITIC Jiantou: With the increase of policy stimulus, the pro-cyclical catering chain is expected to take the lead in benefiting from the expected improvement. According to CITIC Jiantou Research Report, since September, heavy meetings have continuously released a clear policy signal to strive to achieve the goals and tasks of economic and social development throughout the year, and policies such as lowering the standard, reducing interest rates, lowering the mortgage interest rate, supporting local governments to resolve government affairs risks, issuing special government bonds to supplement core Tier 1 capital, using various tools to promote the real estate market to stop falling and stabilize, and increasing support and guarantee for key groups have been released one after another. Focusing on boosting consumption and expanding effective domestic demand, the food and beverage industry is expected to usher in an inflection point, and its performance and valuation are expected to continue to improve. The liquor sector is expected to rebound with the boost of the domestic economy and the activation of household consumption, and the business scene and mass consumption boom will return to the consumption upgrading channel, and the profitability of leading liquor companies is expected to accelerate the repair. At present, the overall valuation of the liquor sector is still at a low level, and the long-term investment value is prominent. With the increase of policy stimulus, the pro-cyclical catering chain is expected to take the lead in benefiting from the expected improvement. Continue to be optimistic: 1) The leisure snacks and beverage industries maintain a high degree of prosperity, and new channels bring important incremental opportunities to companies in the industry; 2) Combined with the catering channels that are recovering continuously, it is suggested to pay attention to condiments, beer and catering chain labels with innovative products or reform expectations. At the same time, the current market price of molasses has further dropped from the previous month, which is of great help to yeast enterprises to improve their profit elasticity. 3) The inflection point of the raw milk cycle is approaching, the gift scene is expected to be repaired, and the dairy products continue to upgrade their structure, with high dividends and outstanding cost performance.Japan's short-term survey index of large-scale manufacturing industry in December reported 14, with an estimated 13.

CITIC Jiantou: The food and beverage industry is expected to usher in an inflection point. The CITIC Jiantou research report pointed out that 1) focusing on boosting consumption and expanding effective domestic demand, the food and beverage industry is expected to usher in an inflection point, and its performance and valuation are expected to continue to improve. The liquor sector is expected to rebound with the boost of the domestic economy and the activation of household consumption, and the business scene and mass consumption boom will return to the consumption upgrading channel, and the profitability of leading liquor companies is expected to accelerate the repair. At present, the overall valuation of the liquor sector is still at a low level, and the long-term investment value is prominent. 2) With the increase of policy stimulus, the pro-cyclical catering chain is expected to take the lead in benefiting from the expected improvement. Continue to be optimistic: 1) The leisure snacks and beverage industries maintain a high degree of prosperity, and new channels bring important incremental opportunities to companies in the industry; 2) In combination with the catering channels that continue to recover, it is suggested to pay attention to condiments, beer and catering chain labels with innovative products or reform expectations, and at the same time, the current molasses market price is further reduced from the previous month, which is of great help to yeast enterprises to improve their profit elasticity; 3) The inflection point of the raw milk cycle is approaching, the gift scene is expected to be repaired, and the dairy products continue to upgrade their structure, with high dividends and outstanding cost performance.Du Zhaocai, former deputy director of the State Sports General Administration, will be sentenced in the first instance today. Today, Du Zhaocai, former deputy director of the State Sports General Administration, will be sentenced in the Wuhan Intermediate People's Court.Guotai Junan: It is suggested that the beauty care sector with product and channel changes and flexibility should be optimized from the bottom up. Guotai Junan said that after the pressure of consumption in 2022 and the destocking of consumers in 2023, the beauty consumption will return to the normal purchase cycle in 2024, and the industry prosperity will improve month-on-month, and the double-digit growth of online beauty will be achieved. However, after the channel dividend subsided, the platform traffic and price competition became fierce, and the brand differentiation further intensified. Relying on the product innovation and channel operation ability brought by organizational efficiency, the performance of domestic products in the head is still bright, and the rise of new domestic products has spread from beauty cosmetics to personal care. Looking forward to 2025, the market risk appetite will be significantly restored. Because of its many changes and the rising trend of domestic products as a whole, the American nursing sector has obvious growth attributes and significantly benefited from its style. Brand differentiation in the fundamental dimension has intensified, and it is suggested that the flexible target with product and channel changes should be optimized from bottom to top.

Media Office in the Gaza Strip: The Israeli army bombed the Nuseilet refugee camp, killing 33 people. According to Palestinian media, from the evening of 12th to the early morning of 13th local time, the Israeli army attacked the central and southern parts of the Gaza Strip, causing a lot of casualties. According to the Gaza Media Office, 33 people were killed and 84 others were missing or injured in the Israeli bombing of Nuseilet refugee camp in central Gaza on the evening of 12th. The Palestinian newspaper Al-Quds reported that Israeli troops bombed a tent for displaced people in Khan Younis, a city in southern Gaza, early on the 13th, killing two people and injuring many others.CITIC Jiantou: The Matthew effect of the property insurance industry is expected to be further highlighted. CITIC Jiantou said that the State Financial Supervision and Administration Bureau recently issued the Action Plan on Strengthening Supervision, Preventing Risks, Promoting Reform and Promoting the High-quality Development of the Property Insurance Industry. In terms of comprehensive supervision and strict supervision, the Action Plan proposes to improve the quality and effectiveness of property insurance supervision from strengthening market access and exit supervision, promoting hierarchical and classified supervision, strictly rectifying illegal activities, and improving prudential supervision system and rules. In terms of effectively preventing and resolving risks, the Action Plan proposes to enhance the ability of risk prevention and resolution of the property insurance industry by enhancing the ability of capital replenishment and improving the monitoring and early warning system, and proposes to encourage mergers and acquisitions of property insurance companies. Deepen reform and promote opening up, and propose to guide property insurance institutions to position their development, accelerate business transformation and upgrading, enhance risk management capabilities, and promote high-level opening up. On the whole, the Action Plan will help to prevent and resolve risks in the property insurance industry, lay a foundation and provide guidance for the high-quality development of the industry, and the Matthew effect of the industry is expected to be further highlighted.Onlikon: The cooperative product Aidit calcitonin soft capsules is planned to be selected for the tenth batch of national centralized drug procurement. Onlikon announced on December 13th, and on December 12th, the company received a notice from its partner Beijing Meifurun Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Meifurun") that the Aidit calcitonin soft capsules jointly developed by the company and its wholly-owned subsidiary Wenzhou Haihe Pharmaceutical Co., Ltd. are planned to be selected for the tenth batch of national centralized drug procurement. According to the Pharmaceutical Cooperation Agreement signed by the company and its partner Mei Furun, the company owns 50% of the cooperative products.