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Insiders: Incorporating national debt and index funds into the scope of personal pension products is expected to increase the scale of deposit. On December 12, the Ministry of Human Resources and Social Security, the General Administration of Financial Supervision and other five departments officially issued the Notice on the Full Implementation of Personal Pension System, which stipulated that national debt should be included in the scope of personal pension products on the basis of existing financial products such as wealth management products, savings deposits, commercial pension insurance and Public Offering of Fund. E Fund believes that the index funds included in personal pension products are mainly broad-based and dividend products, which are also in line with the long-term stable value-added investment goal of pensions. Because the broad-based index reflects the overall performance of a certain type of market, covering a wide range of industries, with a large number of constituent stocks and scattered risks, the pension investment time is often as long as several decades. In a market with healthy and sustainable economic development prospects and long-term upward trends, the broad-based index can help pension investors share the fruits of economic growth and obtain long-term stable returns. It is reported that with the inclusion of national debt in the scope of personal pension products, it is widely expected that this move will further increase the scale of personal pension payment. (per warp net)Analysis: Lagarde's speech increased the market's bet to cut interest rates by 50 basis points. In December, the European Central Bank lowered its economic forecast and inflation forecast. At the press conference, European Central Bank President Lagarde paid attention to the downside risks of economic growth, especially mentioning that trade friction may put pressure on economic growth, and also mentioned that they discussed cutting interest rates by 50 basis points. Therefore, the atmosphere of the whole meeting is biased towards doves. The market then increased its bet on a 50 basis point rate cut after January. Although the possibility of a sharp interest rate cut in January is stable at 30%, the possibility of a 50 basis point interest rate cut in March has increased from 30% before the meeting to 40%, and the possibility of a 50 basis point interest rate cut in April has increased from 0% to 5%.Lagarde, President of the European Central Bank: The Transmission Protection Tool (TPI) was not discussed.

Stellantis: After rejoining ACEA, it will be consistent with its proposal. Jean-Philippe Imparato, head of Europe for Stellantis, said on Thursday that Stellantis decided to rejoin the European automobile lobby group ACEA, which means that the automobile manufacturer will immediately be consistent with the group's proposal. Stellantis said last week that he would rejoin ACEA, and the group withdrew in early 2023. Under the leadership of Carlos Tavares, CEO who resigned earlier this month, the group had previously opposed ACEA's call for reducing the EU's intermediate carbon emission reduction target in 2025, saying that it might bring billions of dollars in losses to the automobile industry.Lian Ping: The Central Economic Work Conference released a strong financial afterburner signal to lower the RRR or cut interest rates at the end of this year or early next year. Lian Ping, chairman of the China Chief Economist Forum and president of the Guangkai Chief Industry Research Institute, said in an interview that the Central Economic Work Conference mentioned that "a moderately loose monetary policy should be implemented" and "lowering the RRR and cutting interest rates at the right time", which means that it is expected to intensify next year. Combined with the current domestic and international situation and liquidity situation, it is expected that the RRR cut and interest rate cut will land at the end of this year and early next year. Regarding "exploring and expanding the macro-prudential and financial stability functions of the central bank", Lian Ping believes that, on the one hand, the monetary policy should be reasonable and moderate, with a steady pace, so as to avoid a big deviation from market demand; On the other hand, monetary policy should explore and expand related fields and innovate constantly in maintaining financial stability. The functional connotation of the subsequent central bank is expected to be further enriched, and its coverage function may be extended to the whole financial field. "Next, whether it is the real estate market or the stock market, we need to build a long-term mechanism for financial stability." Lian Ping said. (SSE)European Central Bank President Lagarde: Economic growth in the euro zone is facing downside risks. European Central Bank President Lagarde said that the latest information shows that the euro zone economy is losing momentum and the risk of economic growth is on the downside. Lagarde said at a news conference in Frankfurt on Thursday that in the face of weak demand and highly uncertain prospects, enterprises are curbing investment spending-labor demand continues to weaken, exports are also weak, and the labor market remains flexible. "Over time, the economy should strengthen, though at a slower pace than previously expected," she said.

Market news: STARBOARD VALUE shares in bitcoin mining company RIOT.The European Central Bank predicts that inflation will decline in 2025, and the European Central Bank currently predicts that inflation will cool down slightly faster than predicted in September. The bank's latest forecast shows that the average inflation rate in 2024 and 2025 is 2.4% and 2.1% respectively, while the previous forecast is 2.5% and 2.2% respectively. After cutting interest rates by 25 basis points, the European Central Bank said in a statement: "The anti-inflation process is on the right track." The bank said: "Domestic inflation has declined slightly, but it is still at a high level, mainly because wages and prices in some industries are still adapting to the past inflation surge, but there is a great delay." The European Central Bank maintains its inflation forecast of 1.9% in 2026, and predicts that the average inflation rate in 2027 will be 2.1%.American stock index futures maintained a downward trend, with S&P 500 E-MINI futures down 0.3%, Nasdaq futures down 0.6% and Dow Jones futures down 0.1%.