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Shanxi Securities: Sora officially launched the AI video generation tool, which continued to iterate. Shanxi Securities Research Report pointed out that 1) On December 10th, OpenAI officially launched Sora. Compared with the version released by OpenAI in February, the new Sora launched this time added Storyboard, Remix, Re-cut and other functions, which greatly improved the video re-creation ability and optimized the video generation speed and generation method. 2) Since the beginning of this year, domestic enterprises have begun to accelerate the research and development and iteration of AI video generation products, and the product capabilities have been continuously improved and the application scenarios have been continuously broadened. Sora was officially launched, and the video creation ability was significantly improved, and it began to change from a creative tool to a productivity tool. With the continuous iteration of AI video generation tools represented by Sora, its penetration into various application scenarios is expected to accelerate in the future. On the one hand, the application layer suggests focusing on creative, design, education and other multi-modal fields, especially video generation. On the other hand, the demand for computing power in video generation model is significantly higher than that in text, focusing on AI computing power related targets.Rambler: We have always taken a proactive attitude towards all kinds of co-branded products. rambler said at the shareholders' reception day on December 12 that the company has always taken a proactive attitude towards all kinds of co-branded products, and the future co-branded products will be deeper and closer.Yin Xiyue continued to exercise the presidential power to submit the consent of the appointment of the chief justice to the National Assembly. According to the information system of the Korean National Assembly's motion, South Korean President Yin Xiyue submitted the consent of the appointment of the chief justice to the National Assembly on the 12 th, and said that "with the end of the term of office of the chief justice, in order to appoint a successor judge, the consent of the National Assembly is requested." Yin Xiyue delivered a speech to the people on the 12th, refused to end his term of office ahead of schedule, and successively approved 42 bills and enforcement orders, and also submitted a consent case for the appointment of the chief justice to continue to exercise the presidential power. According to the Korean Constitution, the Chief Justice shall be submitted by the President of the Grand Court of Korea (the High Court) and appointed by the President with the consent of the National Assembly. (CCTV News)

Wu Chaoming, chief economist of Caixin Financial Holdings: The foundation for stabilizing the stock market is more solid. Wu Chaoming, chief economist of Caixin Financial Holdings, said that the Central Economic Work Conference will stabilize the stock market in the overall target paragraph, highlighting the central government's attention and care for the capital market. Since this round of incremental policies, the stock market has become a weather vane to test the effect of policies to some extent, and it is an important starting point for stabilizing expectations and stimulating vitality. Judging from the signals revealed at this meeting, the foundation for stock market stabilization in the future will be more solid.On December 4, the price of pig food was 7.74, up 0.52% from November 27. According to the data of the National Development and Reform Commission, as of December 4, the price of live pigs nationwide was 16.72 yuan/kg, down 1.30% from November 27. The price of corn in the main wholesale market is 2.16 yuan/kg, down 1.82% from November 27; The price of pig food was 7.74, up 0.52% from November 27th.Most gold stocks in Hong Kong stocks fell, and Lingbao Gold fell by nearly 5%. As of press time, Lingbao Gold (03330.HK) fell by 4.75%, Zijin Mining (02899.HK) fell by 2.82% and Zhaojin Mining (01818.HK) fell by 2.75%.

Maotai Group had an exchange discussion with Huawei. Kweichow Moutai official news on December 13th. On December 12th, Zhang Pingan, managing director of Huawei Technologies Co., Ltd. and CEO of Huawei Cloud, visited Maotai and held an exchange discussion with Zhang Deqin, Party Secretary and Chairman of Maotai Group.Guotai Junan: Pay attention to the investment opportunities in liquor, beverages, popular food and other fields. Guotai Junan Research Report pointed out that 1) Liquor: Determine ahead of growth, pay attention to the wholesale price trend and the orientation of head liquor enterprises. The report end of liquor industry began to enter the downward period in the second quarter of 2024, and the bottom shock is expected in the first half of 2025. Sales are slowing down, inventory is passively rising, and the approval price is expected to be relatively weak. The Spring Festival in 2025 will experience a stress test period. In terms of price, real estate liquor > high-end > secondary high-end. After this round of adjustment, real estate liquor is expected to recover first, followed by high-end liquor, and the secondary high-end liquor is expected to recover for a long period. 2) Beer and beverage: the performance of beer is divided and the beverage structure is prosperous. In the third quarter of 2024, the number of trips in the summer peak season was stronger than the price, and the number of trips maintained a recovery and growth trend. The beverages with low-cost/high-frequency consumption characteristics benefited significantly and the demand resilience was prominent; The regional brand of beer performance differentiation is better than the national brand, and it is expected to be repaired under the low expectation in 2025. It is expected that the passive upgrading trend and regional brand advantages will continue. 3) Popular food: marginal improvement and structural differentiation. Mass food improved marginally in the third quarter, with obvious structural differentiation. The cost reduction is gradually reflected, low cost and low price become the trend, the advantages of high cost-effective products are highlighted, and the key layout is two ends; The valuation premium of growth stocks has been significantly digested, focusing on growth track snacks, and paying attention to adjusted condiments, catering supply chain and low valuation oversold and high dividend targets.The financing balance of the two cities increased by 6.856 billion yuan. As of December 12, the financing balance of the Shanghai Stock Exchange was 961.758 billion yuan, an increase of 2.592 billion yuan over the previous trading day. The financing balance of Shenzhen Stock Exchange was reported at 916.865 billion yuan, an increase of 4.264 billion yuan over the previous trading day; The two cities totaled 1,878.623 billion yuan, an increase of 6.856 billion yuan over the previous trading day.