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Trump appointed TOM BARRACK as the US ambassador to Turkey.Ministry of Finance of the Republic of Korea: We will pay close attention to the financial and foreign exchange market trends and take adequate measures to curb excessive fluctuations in the foreign exchange market.Guotai Junan's annual strategy for innovative drugs in 2025: innovative pharmaceutical companies have accelerated into the harvest period, and the valuation has been at a historical low in the past five years. Guotai Junan said that the centralized purchasing policy has become stable, mature and normalized, and the marginal impact has weakened. Innovative drugs have gained policy inclination in the medical insurance negotiation. In the past two years, the policy has continued to promote pharmaceutical innovation, and the top-level design and local supporting chain support the development of innovative drugs. Commercial insurance is expected to bring new growth momentum to China's pharmaceutical market, and the overall industry trend is upward. At present, the trend of innovative drug industry is improving, the supply continues to accelerate, and a number of domestic innovative drugs are approved soon, which is expected to drive a new round of heavy volume. At the same time, the commercialization has achieved remarkable results and has occupied a dominant position in some sub-sectors. Pharma's performance continued to differentiate, and innovative drugs and just-needed drugs performed well. Biotech commercialization continues to increase, per capita yield continues to increase, the node of turning losses is approaching, and innovation ushers in the harvest period. Horizontal comparison: compared with overseas peers, the overall valuation of domestic innovative pharmaceutical companies is in a historically low range; Vertical comparison: the valuation of SW- pharmaceutical biology and SW- chemical preparations is at a historical low in the past five years, and it is expected that the valuation of subsequent sectors will pick up.

Non-bank deposit self-discipline initiative has landed, and bank financial management has welcomed "three changes". "Non-bank deposit self-discipline initiative involves a large scale of deposits, and some banks have begun to rectify. For the banking industry, the overall advantages outweigh the disadvantages. On the one hand, some configurable high-yield assets are gone; On the other hand, self-regulatory initiatives are beneficial to the bond market, and bond assets are an important direction for bank financial allocation. The most important thing is that in terms of risk-return characteristics, bank wealth management products are similar to interbank deposits, and it is expected that a large amount of funds will flow into the bank wealth management market from the interbank deposit market. " On December 10, a person from a financial company of a city commercial bank in the southern region bluntly told reporters.CITIC Securities: More positive policy signals are expected to drive the market of resource products. CITIC Securities Research Report said that the Politburo meeting released more positive policy signals, and the improvement of the real economy is expected to boost the prices of upstream resource products and lead the sector to return to the upward trend. It is suggested to focus on three main lines: 1) improving the fundamentals of general steel, coking coal, copper-aluminum basic metals and chemicals with strong consumption attributes; 2) Bonus varieties such as crude oil and thermal coal under favorable market liquidity; 3) Growing varieties such as lithium and rare earth under the favorable market style.Caoji Group seeks to raise up to HK$ 138 million through Hong Kong IPO. According to the announcement of the Hong Kong Stock Exchange, Caoji Group will issue about 33.3 million shares at a price range of HK$ 3.75 to HK$ 4.15 per share. The company may raise up to HK$ 138 million (US$ 17.8 million) and is expected to start listing on December 19th.

Japanese and Korean stock markets opened slightly lower, with the Nikkei 225 index down 0.02% at 39,357.77. South Korea's KOSPI index opened down 0.2% to 2,412.15 points.Supervision intervened in the illegal use of self-built valuation models by financial subsidiaries. The reporter was informed that in view of the recent "self-built valuation model" prevalent in financial subsidiaries, the financial supervision department began to intervene and issued a notice requiring financial subsidiaries not to iron out the fluctuation of product net value through illegal closing price, smooth valuation and self-built valuation models. (21st century business herald)