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CITIC Securities: Potential policies such as consumer vouchers are expected to give birth to a staged turning point in catering demand. According to the research report of CITIC Securities, domestic consumer demand has been sluggish since 2023, and the price of the catering industry has entered a downward channel. How will China catering enterprises behave at this moment? The experience of Japanese restaurant enterprises may provide some enlightenment. Although the differences between macro and national conditions prevent China from simply repeating the price war of Japanese catering and its impact, the catering competition in high-speed cities in China is similar to that in Japan in structure. The research report believes that the change of restaurant supply and CPI performance can be used as a forward-looking indicator to judge when the current price war will end, while potential policies such as consumer vouchers are expected to give birth to catering demand and form a stage turning point. Two main lines are recommended: 1) Mature catering enterprises pay attention to the same-store sales and valuation improvement brought about by the rebound of CPI, while enterprises with serious decline in same-store sales before have higher performance and valuation resilience. 2) Growing catering enterprises pay more attention to the rhythm of income growth and profit release.China Bank's RMB clearing volume in Australia exceeded 100 trillion yuan. According to Bank of China, recently, Bank of China Sydney Branch and Bank of China Hong Kong jointly held a RMB forum in Sydney to celebrate the 10th anniversary of being an Australian RMB clearing bank. As the only RMB clearing bank in the South Pacific at present, in the past ten years, China Bank has taken root in Australia and South Pacific, continuously expanded its clearing network, cooperated with four local banks and other financial institutions in Australia, and became the main channel for RMB clearing of local important banks, providing RMB clearing volume of more than 100 trillion yuan.South Korean President Yin Xiyue will speak to the people again. The reporter learned on the 12th local time that South Korean President Yin Xiyue will speak to the people again. (CCTV News)

Market news: South Korean prosecutors summoned the Minister of Health to participate in the investigation.Australia's unemployment rate in November was 3.93%, which is estimated to be 4.2%.Hong Kong suspended the import of poultry meat and poultry products from Ehime Prefecture, Japan. On December 11th, the Center for Food Safety of the Food and Environmental Hygiene Department of Hong Kong announced that in response to the notification from the Ministry of Agriculture, Forestry and Fisheries of Japan that highly pathogenic H5 avian influenza broke out in Ehime Prefecture, Japan, the Center immediately instructed the industry to suspend the import of poultry meat and poultry products (including eggs) from this area to protect public health in Hong Kong. A spokesman for the Centre said that according to the information of the Census and Statistics Department, Hong Kong imported about 2,000 metric tons of frozen poultry meat and 227.42 million eggs from Japan in the first nine months of this year. The spokesman said: "The Center has contacted the Japanese authorities on the incident and will continue to pay close attention to the news of the outbreak of avian influenza issued by the World Organization for Animal Health and relevant authorities, and take appropriate actions in response to the development of the local epidemic."

Huatai Securities looks forward to the communication industry in 2025: embrace the trend of AI/ satellite industry and allocate core assets. When looking forward to the communication industry in 2025, Huatai Securities said that it is optimistic about three main investment lines: 1) Continue to embrace the industry trend, and with the progress of commercialization of AI computing chain and satellite Internet, we are optimistic about investment opportunities in related sub-sectors; 2) New quality productivity: low-altitude industries or the opening of provincial and municipal infrastructure construction, the domestic quantum communication industry is expected to go from 0 to 1, and the commercial aviation scene will be accelerated; 3) revaluation of core assets: with the improvement of market liquidity, leading enterprises with long-term competitiveness and performance toughness are expected to usher in opportunities for valuation improvement; In addition, the merger and reorganization of central state-owned enterprises is expected to promote more high-quality enterprises to complete the process of capitalization and play a positive role in the valuation of the sector.Google executives: Search for artificial intelligence is the biggest bet, with an estimated investment of 50 billion yuan in 2024. ruth porat, president and chief investment officer of Google, revealed at a conference that Google's biggest bet is to apply artificial intelligence to search business. Despite the problems of technical competition and artificial intelligence model, Google is still firmly pushing forward this strategy. Polat emphasized that integrating artificial intelligence into search business is Google's current core strategy. Google has introduced an overview of AI into the search tool, added advertisements to it, and introduced shopping advertisements to Google Lens. Despite the existence of false or misleading results such as artificial intelligence illusion, Google is still optimistic about the development potential of artificial intelligence in the search field. In addition to the search business, Polat also pointed out that Google Cloud is another important investment of the company. When answering a question about whether Google's investment cost in artificial intelligence will follow the industry trend, Polat said that artificial intelligence represents "an opportunity for generations". She revealed that Google plans to spend $50 billion on chips, data centers and other capital expenditures in 2024, but stressed that Google will make careful bets based on the results.Japanese and Korean stock markets opened higher, with the Nikkei 225 index rising 1.21% to 39,849.97. South Korea's KOSPI index rose 0.6% to 2,456.63.