【Today's Headlines】Local Government Bonds Expected to Be Issued This Year Sooner Than Last YearLocal government bonds for 2025 are about to be issued, and this year's issuance pace is expected to be faster than last year to stabilize investment and growth. According to the China Bond Information Network, on January 13, Hubei and Qingdao will issue 63.9 billion yuan and 3.9 billion yuan of local government bonds, respectively. These are the first two regions to publicly disclose their bond issuance this year, marking the beginning of local bond issuance for the year. The timing of local bond issuance this year is earlier than last year's (January 17). According to data from Enterprise Warning Tong, as of January 7, 16 provinces and cities nationwide have disclosed their local bond issuance plans for the first quarter of 2025, with a disclosed issuance scale of approximately 858 billion yuan. Following past practices, more regions are expected to publicly announce their first-quarter bond issuance plans and issue bonds as soon as possible.CITIC Securities Chief Economist Mingming stated that the central bank recently emphasized &#34;timely reserve requirement ratio and interest rate cuts,&#34; indicating that there is room for the use of these two tools, while also suggesting that the timing of their operation may become more flexible. Mingming believes that the central bank's main consideration may still be the stability and abundance of the interbank liquidity market. Considering the expansion of the deficit ratio, the increase in special government bond supply, and the local bond demand, local bond supply is expected to rise, and the central bank may use the reserve requirement ratio cut tool during the concentrated issuance phase of government bonds.【Market Outlook】The U.S. stock market will be closed for one day on January 9, with trading in stock index futures under the Chicago Mercantile Exchange ending early at 22:30 Beijing time; trading in interest rate and agricultural product futures will end early at 02:15 on January 10 Beijing time; trading in treasury futures will end early at 03:30 on January 10 Beijing time; trading in precious metals, energy, foreign exchange, and cryptocurrency futures will proceed as usual, please pay attention.【Hot Topics Ahead】New National Standard for Internet of Vehicles Security to Be Officially Implemented from April 1According to the National Standard Information Public Service Platform, the &#34;Internet of Vehicles Network Security Abnormal Behavior Detection Mechanism,&#34; led by 360 Group and the China Academy of Information and Communications Technology, has been officially released and will be implemented from April 1, 2025. In addition to 360 and the China Academy of Information and Communications Technology, other organizations involved in drafting this national standard include the National Computer Network Emergency Technical Handling Coordination Center, China Mobile, China Telecom, China Unicom, the Institute of Information Engineering of the Chinese Academy of Sciences, FAW, Changan Automobile, Dongfeng Motor, as well as Baidu, Tencent, and others.Hong Kong Monetary Authority: No Need to Change the Linked Exchange Rate SystemThe Hong Kong Monetary Authority stated: We have no intention and see no need to change the linked exchange rate system; the liquidity buffer mechanism has demonstrated significant resilience, providing Hong Kong with a stable monetary environment for over 40 years.Weimob Group (02013): Officially Launches Five Major Solutions for &#34;Weimob X WeChat Store&#34;Weimob Group announced the launch of the &#34;Weimob X WeChat Store&#34; series of solutions aimed at helping merchants achieve efficient integration and business growth within the WeChat Store ecosystem. The five solutions launched this time enhance the operational efficiency and business capabilities of merchants based on the WeChat Store ecosystem through integrated operations, intelligent efficiency improvements, organizational node management, and the WeChat Store CRM membership operation systemJapan's Influenza Cases Reach Highest Level in a Decade for the Same PeriodData released by Japan's Ministry of Health, Labour and Welfare on the 9th shows that in the last week of 2024, the average reported influenza cases at designated medical institutions nationwide was 64.39 cases, approximately 1.5 times that of the previous week and nearly three times that of the same period last year, marking the highest record for the same period in the past decade. The data indicates that during this week, about 5,000 designated medical institutions across Japan reported a total of 317,812 influenza cases, with an average of 64.39 cases reported per institution, compared to an average of 42.66 cases the previous week. This week, a total of 1,838 childcare institutions and primary and secondary schools across Japan closed due to influenza, with entire grades or classes suspended.The Korea Disease Control and Prevention Agency reported on the 7th that in the last week of December last year, the number of suspected influenza cases in the country reached the highest level since 2016. With the surge in cases, many pharmacies reported shortages of over-the-counter cold medications and some prescription medications.In December, 4,520 Projects Started Nationwide with Total Investment Exceeding 2.6 Trillion YuanAccording to incomplete statistics from Mysteel, in December 2024, a total of 4,520 projects were initiated across the country, with a total investment of approximately 26,168.43 billion yuan; the total investment for 2024 is approximately 32.01 trillion yuan. Data shows that in December 2024, the top three provinces in terms of investment were Hubei, Guangxi, and Hunan, with total investments of 11,401.04 billion yuan, 3,759.90 billion yuan, and 2,747.60 billion yuan, respectively.Country Garden (02007): Consensus Reached with 7 Banks to Restructure $11.6 Billion DebtCountry Garden announced the latest situation regarding its offshore debt restructuring and business development: it has reached a consensus with a coordination committee composed of seven well-known banks, aiming for a debt reduction of approximately $11.6 billion. This also includes extending the maturity period to a maximum of 11.5 years and reducing financing costs, with the goal of lowering the weighted average borrowing cost from about 6% per year before restructuring to about 2% per year after restructuring. In addition, the controlling shareholder of Country Garden is considering converting the existing shareholder loans totaling $1.1 billion into shares of the company or its subsidiaries, with specific terms to be agreed upon.Sunac (01918) Receives Winding-Up Petition in Hong KongAccording to the judicial authority's website, China Cinda Asset Management Co., Ltd. has filed a winding-up petition against Sunac China in Hong Kong, with a hearing scheduled for March 19.Hong Kong Stock New Issue Blucon (00325) Closes Up 73.49% in Dark MarketData shows that the new stock Blucon closed up 73.49% in the dark market, priced at HKD 104.7 per share, with a total market value of HKD 25.3 billion. In this IPO, Blucon set a price limit of HKD 60.35, raising HKD 1.674 billion. Jinglin, UBS, and Franklin Templeton also stated they are cornerstone investors, subscribing for $20 million, $20 million, and $10 million, respectively.Goldman Sachs Upgrades Ratings for Several Chinese Bank StocksUpgraded the rating of Agricultural Bank of China H-shares to Neutral, target price HKD 4.77; upgraded the rating of Industrial and Commercial Bank of China H-shares to Neutral, target price HKD 5.62; upgraded the rating of Bank of China H-shares to Buy, target price HKD 4.91; upgraded the rating of China Merchants Bank H-shares to Buy, target price HKD 47.36Upgraded the rating of China Merchants Bank A-shares to Buy, with a target price of RMB 49.85; upgraded the rating of Agricultural Bank of China A-shares to Neutral, with a target price of RMB 6.06; upgraded the rating of Bank of China A-shares to Buy, with a target price of RMB 6.60; upgraded the rating of Industrial and Commercial Bank of China A-shares to Neutral, with a target price of RMB 7.56.【Stock Highlights】Dongyangguang Changjiang Pharmaceutical (01558): May benefit from rising sales of respiratory disease medicationsAs of June 30, 2024, the company has 147 approved drugs globally and over 100 drugs in development, including 45 Class 1 innovative drugs in development, of which three innovative drugs have been approved for listing review in China by NMPA and ten innovative drugs are in Phase II or III clinical trials.The majority of the company's revenue comes from its main hot-selling product, Kewai® (Oseltamivir Phosphate), used for treating influenza. From 2021 to 2023 and for the first half of 2024, the revenue of Guangdong Dongyangguang Pharmaceutical was RMB 1.058 billion, RMB 3.814 billion, RMB 6.386 billion, and RMB 2.582 billion, with net profits of RMB -2.046 billion, RMB -1.416 billion, RMB 1.014 billion, and RMB 0.473 billion, respectively.Huaxin Securities pointed out that as temperatures continue to drop, the influenza positivity rate is expected to rise in the next 1-2 months, surpassing the 2023-2024 influenza season, indicating a delayed outbreak cycle. This also means that the attention on influenza concept stocks may continue to increase. According to reports, on January 2, Dingdang Kuaiyao released data showing that there has been a continuous increase in the sales of respiratory disease medications over the past month.Data released by Japan's Ministry of Health, Labour and Welfare on the 9th showed that in the last week of 2024, the average reported influenza cases in designated medical institutions nationwide was 64.39 cases, about 1.5 times that of the previous week and nearly three times that of the same period last year, marking the highest record in the past decade. Data released by the Korea Disease Control and Prevention Agency on the 7th showed that in the last week of December last year, the number of suspected influenza cases in the country reached the highest level since 2016. With the surge in cases, many pharmacies reported tight supplies of cold-related over-the-counter medications and some prescription medications, with some even out of stock.【Disclaimer】This VIP information product is for communication and discussion purposes only and does not constitute any investment advice. Unauthorized reproduction is strictly prohibited. For more quality information and data products, please log in to the【Zhitong Finance】APP.

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Local government bonds for 2025 are about to be issued, with the bond issuance pace expected to be faster than last year to stabilize investment and growth. Hubei and Qingdao will issue local bonds of 63.9 billion yuan and 3.9 billion yuan, respectively, marking the beginning of this year's bond issuance. A total of 16 provinces and cities nationwide have disclosed their local bond issuance plans for the first quarter of 2025, with a scale of approximately 858 billion yuan. The chief economist of CITIC Securities stated that the central bank may use the reserve requirement ratio reduction tool during the concentrated issuance phase of government bonds to address fluctuations in the funding situation

- In 2025, local government bonds in China are set to be issued earlier than last year, with Hubei and Qingdao planning to issue 639 billion and 39 billion yuan, respectively.  
- As of January 7, 16 provinces have disclosed plans for approximately 858 billion yuan in local bond issuance for the first quarter.  
- The People's Bank of China may adjust monetary policy tools to ensure liquidity stability amid increased local bond supply and a rising deficit rate.

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Zhitong Hong Kong Stock Early Knowledge | Local bonds will be issued in 2025, Goldman Sachs upgrades ratings for multiple Chinese bank stocks