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Guotai Junan: Policy optimization or help improve the long-term return of the expressway industry. Guotai Junan Research Report pointed out that location advantage determines the return of road production, and policy optimization or help improve the long-term return of the expressway industry. 1) Expressway is the preferred way to deliver high dividends. In the past three years, the A-share market favored high dividends, and the excess returns of expressways were remarkable. The dividend yield depends on the dividend rate and PE valuation level. Expressway is an infrastructure asset with heavy assets and stable returns, with rigid demand and stable cash flow, and the high dividend policy continues, which is in line with market preferences. 2) Resilience of industry operation: In 2023, the repressive demand was released and the performance increased. In the first half of 2024, the industry was under pressure due to the increase of rain and snow and free days. In the second half of 2024, or due to economic impact, the traffic volume and profit of some high-speed vehicles decreased slightly, the traffic demand remained resilient and the cash flow remained stable. 3) The pressure of reinvestment may be expected to improve the policy. Expressway toll prices have been stable for a long time, while the cost of newly built or renovated units has risen sharply, and there is widespread reinvestment pressure in the industry. In the future, the industry is expected to optimize policies, or improve the high-speed return of new construction or expansion to a reasonable level by extending the charging period. 4) Expressway REITs: generally, they are stock road products with excellent location and stable returns. In 2023, the system was under pressure, and in 2024, the expressway REITs with better profit than the industry were among the top gainers. The performance of underlying assets in the future will still be the key to dominate the performance of REITs.Millennium Capital has increased its office space in Hong Kong. According to Sing Tao Daily, Millennium Capital Management Asia leased another floor of the second phase of Hong Kong Central International Financial Center. Millennium will lease 46 floors of about 23,909 square feet of space until September 2027. The rent for new office space is estimated at around HK$ 120 per square foot. The company has rented the 43rd floor of the same building.Sharp's share price once rose by 5.2%, and KDDI will acquire SAKAI website.

Australia's business confidence has fallen sharply, and the economic outlook is not optimistic. Australia's business confidence index fell sharply in November, and the current situation index measuring employment, sales and profitability has further weakened, once again indicating that the private sector in the economy is facing heavy pressure. According to a survey released by the National Bank of Australia on Tuesday, the business confidence index dropped by 8 points to -3, reversing the gains in October. The status quo index dropped from 7 to 2. "Overall, the survey shows that growth continued to be weak in the fourth quarter," the bank said in the report. As the capacity utilization rate is still above average, it may take more time for price pressure to fully return to normal. The Reserve Bank of Australia will announce its last interest rate decision this year in a few hours, and it is almost certain that the policy interest rate will remain at a 13-year high of 4.35%. Last week's data showed that Australia's GDP was weak again in the third quarter, prompting traders to advance their expectations of interest rate cuts from May next year to April.Bruker sprinted for the IPO of Hong Kong stocks, Bruker Group Co., Ltd. updated its prospectus and tried to list on the main board of the Hong Kong Stock Exchange for the second time. The co-sponsors are Goldman Sachs (Asia) Securities and Huatai Financial Holdings. According to Jost Sullivan's report, Bruker's market share in China's patchwork role toy market and China's patchwork toy market is 30.3% and 7.4% respectively. Bruker's toy products are mainly divided into two categories: "assembling role toys" and "building block toys", and the prices of mainstream products range from 19.9 yuan to 399 yuan. Most of Bruco's revenue comes from the sales of products based on Altman IP, accounting for 63.5% and 57.4% of its revenue in 2023 and the first half of 2024 respectively.The weighted share price index of Taiwan Stock Exchange opened 0.2% lower at 23,228.26.

Galaxy Securities: Pay attention to the investment opportunities in the fields of pig breeding and broiler breeding. The Galaxy Securities Research Report pointed out that: 1. Pig breeding: the loss of outsourcing piglet breeding has expanded. Based on the function value of fertile sows and MSY framework, the operation judgment of pig price in 2024 was basically verified. With regard to the trend of pig price in 2025, the annual average price runs relatively smoothly, and the difference lies in the continuous optimization of the total cost of excellent pig enterprises, which brings more than expected breeding profits. In addition, the impact point of the pig price in 2025 lies in the impact of the current winter climate change on the epidemic situation, which needs to be continuously tracked. It is suggested to pay attention to pig enterprises with leading/continuous improvement in cost control industry, relatively healthy funds and reasonable valuation. 2. Broiler breeding: 1) Yellow feather chicken: Many factors, such as low production capacity, may push up the price of yellow chicken, and the cost advantage of the head enterprise will be superimposed on the price to improve, and the profit elasticity has an advantage. It is recommended to pay attention to Lihua shares. 2) White feather chicken: In early December, avian influenza broke out in Oklahoma and New Zealand. New Zealand has announced that it will stop exporting poultry products; The introduction of Oklahoma, the only introduction state in the United States, is expected to be blocked. According to Boya Hexun, the domestic Anweijie poultry farm has received a notice of suspension of introduction; In other respects, the amount of seeds available in France and the reopening time of other States in the United States are still uncertain. If the production capacity of ancestral white chickens in China is reduced or the introduction is stopped due to the influence of overseas avian influenza, the industry boom cycle is expected to go up, and it is suggested to pay attention to the plate.Xiaoyu Zhizao, Xiaomi's first furniture model company, completed a round of financing of 100 million yuan, and Beijing Xiaoyu Zhizao Technology Co., Ltd. (hereinafter referred to as Xiaoyu Zhizao), the first large model robot company invested by Xiaomi, completed a round of financing of 100 million yuan. This round of financing is exclusively invested by Beijing Information Industry Development Investment Fund. This is the second time that Xiaoyu Zhizao has received billion-dollar financing after Angel Wheel received billion-dollar investment from Xiaomi Group, Professor Wang Tianmiao and Beijing Zhiyuan Research Institute. Xiaoyu Zhizao was founded by the core founding team of Xiaomi Group in 2023, focusing on the development of large-scale model robot technology suitable for industrial fields, and has developed the "Xiaoyu Brain" universal robot brain, which enables robots to perform various tasks in the industrial environment. (science and technology innovation board Daily)Wuliangye Group signed a memorandum of cooperation with Gan Lu Wine Group of Chile, and on December 5th, Wuliangye Group signed a memorandum of cooperation with Gan Lu Wine Group of Chile. Chile Gan Lu Wine Group is the largest wine production group in South America, with its brand footprints in Chile, Argentina and the United States, and its sales covering 147 countries and regions around the world. This signing indicates that Wuliangye and Gan Lu Wine Group of Chile have further established a long-term and stable partnership.