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Goldman Sachs upgraded Societe Generale to neutral. Chris Hallam, an analyst at Goldman Sachs, had a previous rating of sell. The target price is 29.25 euros, which is 9% higher.Securities Daily: Vigorously boosting consumption is the focus of the current macro policy. The article said that consumption is the ballast stone for stable economic operation. However, we must also see that residents' consumer confidence still needs to be enhanced. Therefore, it is necessary to take multiple measures simultaneously, constantly consolidate the foundation of consumption growth, enhance residents' willingness and ability to consume, and promote the sustained recovery of the consumer market. First, increase residents' income through multiple channels and improve their spending power. Second, further support the trade-in of consumer goods. Third, promote the upgrading and expansion of service consumption. Promoting consumption is the main starting point for expanding domestic demand, and boosting consumption is the focus of macroeconomic policy. We firmly believe that with the continuous efforts of various policy initiatives, consumer confidence will continue to increase and consumption potential will continue to be released.Front page of securities daily: vigorously boosting consumption is the focus of current macro policy. The front page article of securities daily points out that consumption is the ballast stone for stable economic operation. In recent years, China has issued a series of policies to promote consumption, which has brought vitality to the consumer market; The rapid development of some emerging consumption patterns has brought new growth points to the consumer market. However, we must also see that residents' consumer confidence still needs to be enhanced. Therefore, it is necessary to take multiple measures simultaneously, constantly consolidate the foundation of consumption growth, enhance residents' willingness and ability to consume, and promote the sustained recovery of the consumer market. First, increase residents' income through multiple channels and improve their spending power. Income is the primary factor that determines consumption. With income, residents have the confidence to spend. Therefore, on the one hand, it is necessary to increase residents' property income through multiple channels and enhance residents' consumption ability and willingness; On the other hand, it is necessary to increase support for key groups and enhance the overall consumption capacity. Second, further support the trade-in of consumer goods. Third, promote the upgrading and expansion of service consumption.

The probability that the Fed will cut interest rates by 25 basis points in December is 98.6%. According to CME's "Fed Watch", the probability that the Fed will keep the current interest rate unchanged by December is 1.4%, and the cumulative probability of cutting interest rates by 25 basis points is 98.6%. The probability of keeping the current interest rate unchanged by January next year is 1.1%, the probability of cutting interest rates by 25 basis points is 79.9%, and the probability of cutting interest rates by 50 basis points is 19%.Morgan Stanley upgraded the rating of Shandong Gold H shares to over-allocation, with a target price of HK$ 22.20.Canada's stock index closed up 0.6% on the day when the central bank cut interest rates, Brazil's real rose over 1% on the day when the central bank raised interest rates, and Canada's S&P /TSX composite index closed up 0.60% at 25,657.70 points, approaching the closing record high of 25,691.80 points on December 6 and the intraday record high of 25,843.20 points on December 9. Small-cap stocks closed up 0.74% at 847.15 points. In late North America on Wednesday (December 11th), the yield of Canada's 10-year benchmark government bonds rose by 6.7 basis points to 3.085%. The yield of debt increase in the two-year period rose by 5.3 basis points to 2.941%. After the US CPI inflation data was released at 21:30 Beijing time, the refresh rate was as low as 2.827%. After the Bank of Canada announced a 50 basis point interest rate cut at 22:45, it pulled back steeply from 2.84% to 2.960% at 03:06. The yield of five-year debt increase rose by 6.1 basis points to 2.891%. Mexico Composite Index closed down 0.17%, while Mexican peso rose 0.11% against the US dollar. The index of Sao Paulo Stock Exchange in Brazil closed up 1.06% to 130,000 points, and since it rose to a record high of 137,000 points on August 28th, it has been continuously and smoothly adjusted back. The Brazilian real rose by 1.43% against the US dollar, and it was reported at R $5.9647 before the Brazilian central bank raised interest rates by 100 basis points and predicted that it would raise interest rates in the next two times.

In recent years, the installed capacity of new energy generation in China has increased rapidly, and the demand for new energy storage and other regulatory resources has also increased. The energy storage development track is competing with each other, and the total output value of the industry will reach trillion level. In many new energy storage routes, lithium-ion batteries occupy more than 90% of the energy storage, and they are firmly in the first place; All-vanadium redox flow battery has high hopes because of its advantages of high safety, long life and expansibility, and has a good application prospect in the field of large-scale energy storage. This year, Sichuan Province issued the first national special policy to support the development of vanadium battery industry, Panzhihua City, Sichuan Province put forward the vision of building "China Vanadium Power Capital", and the demonstration project of all-vanadium liquid energy storage power station with commercial lease mode was launched here. In November, the project completed the bidding for the procurement of all-vanadium flow battery equipment, which has benchmarking significance for the integration and development of vanadium energy storage industry and financial services industry. (Securities Times)"The number of accounts opened exceeds expectations" is a general evaluation of the pilot situation of personal pension in the industry. Starting with the announcement of the pilot list of 36 cities (regions) on November 25th, 2022, by the end of June 2023, in less than one year, the number of people opening individual pension accounts has reached 40.3 million, and by the end of June 2024, the number of people opening individual pension accounts in China has exceeded 60 million. (Securities Times)Brazil will auction a foreign exchange credit line of up to $4 billion on December 12th.