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The yield of major inter-bank interest rate bonds continued to decline, and the yield of 10-year treasury bonds "24 interest-bearing treasury bonds 11" fell by 0.5bp and hit the 1.90% mark, hitting a record low.Macquarie: Raise the forecast of USD/JPY to 140 JPY by the end of 2025 from 125 JPY.Guotai Junan: OPEC+ once again postponed the increase in production without changing the global increase in production trend, and the supply and demand will still improve. Guotai Junan issued a document saying that since December, the VLCC freight rate has dropped to a low level, and the MR freight rate has rebounded slightly. Recently, OPEC+ decided to postpone production for another quarter until April 2025, and then increase production month by month, until the end of September 2026, the cumulative increase of 2 million barrels per day was completed. If implemented as scheduled, it is estimated that the increase of OPEC+production in 2025-26 will drive the global increase by 0.4%/1.2%. In addition, North America and South America are expected to increase production in 2025. The increase of crude oil production will benefit the growth of oil transportation demand, and the supply of tankers will be rigid in the next few years, and the improvement of supply and demand and the rise of prosperity will still be expected, suggesting that there is an option to lower oil prices.

Greater Bay Area's major projects are new! The Huangmaohai Cross-sea Passage was officially opened to traffic at 15: 00 on the 11th. It was learned exclusively from Guangdong Transportation Department that the Huangmaohai Cross-sea Passage Project, one of the major projects in Guangdong-Hong Kong-Macao Greater Bay Area, will be officially opened to traffic at 15: 00 on December 11th. It takes about 30 minutes from Zhuhai, Guangdong to Jiangmen, Guangdong, and the three-dimensional traffic network in Greater Bay Area is further dense. The reporter learned that in the early stage of the opening of the project, the public will be temporarily exempted from the road tolls of the project, and the detailed fees will be disclosed separately in the next step. (CCTV)China Xinbao signed a strategic cooperation agreement with the Henan provincial government, and "Henan released" the news of WeChat official account on December 10th. Recently, China Export Credit Insurance Corporation and the Henan provincial people's government signed a strategic cooperation agreement to promote a higher level of opening up in the new era. According to the strategic cooperation agreement, China Xinbao and the Henan Provincial People's Government will give full play to their respective advantages, continuously expand and deepen multi-field and multi-level cooperation in the field of opening up, take various measures to stabilize foreign trade, consolidate traditional markets and expand emerging markets; Actively cultivate and expand foreign trade entities and improve the level of digital trade empowerment and financing facilitation; Expand the new kinetic energy of foreign trade development and create new advantages of cross-border trade hub services in central China; Strengthen the chain stabilization of key industrial chains and actively implement the strategy of "going out"; Deepen the construction of Henan's "Belt and Road" platform mechanism, build an overseas risk prevention and control system, jointly promote the high-quality development of Henan's foreign trade and economic cooperation, and promote Henan's high-level opening up.The decline in the yield of major inter-bank interest rate bonds has expanded, and the decline in the yield of major inter-bank interest rate bonds has expanded. The yield of 10-year treasury bonds "24 interest-bearing treasury bonds 11" has dropped by 2.5bp to 1.88%, continuing to hit a record low; The yield of 30-year active bond "24 Special Bond 06" went down 3.5bp to 2.0750%.

Soochow securities: Market sentiment is expected to boost allocation opportunities in pro-cyclical directions. The soochow securities Research Report pointed out that in the short term, policy easing is expected to further heat up, and market sentiment is expected to be boosted. In the short term, it is suggested to pay attention to allocation opportunities in pro-cyclical directions. Before and after the inflection point of previous economic cycles, due to the obvious increase of investors' attention to policies, market transactions at the end of the year often revolve around policy expectations. Compared with 2012, 2014 and 2022, with the gradual landing of macro boots at the end of the year and the beginning of the year, the market style may switch to the broader market in stages. In the short term, the market sentiment will be significantly boosted, and the pro-cyclical style is expected to usher in configuration opportunities.Greater Bay Area's major projects are new! The Huangmaohai Cross-sea Passage was officially opened to traffic at 15: 00 on the 11th. It was learned exclusively from Guangdong Transportation Department that the Huangmaohai Cross-sea Passage Project, one of the major projects in Guangdong-Hong Kong-Macao Greater Bay Area, will be officially opened to traffic at 15: 00 on December 11th. It takes about 30 minutes from Zhuhai, Guangdong to Jiangmen, Guangdong, and the three-dimensional traffic network in Greater Bay Area is further dense. The reporter learned that in the early stage of the opening of the project, the public will be temporarily exempted from the road tolls of the project, and the detailed fees will be disclosed separately in the next step. (CCTV)Guotai Junan: Policy optimization or help improve the long-term return of the expressway industry. Guotai Junan Research Report pointed out that location advantage determines the return of road production, and policy optimization or help improve the long-term return of the expressway industry. 1) Expressway is the preferred way to deliver high dividends. In the past three years, the A-share market favored high dividends, and the excess returns of expressways were remarkable. The dividend yield depends on the dividend rate and PE valuation level. Expressway is an infrastructure asset with heavy assets and stable returns, with rigid demand and stable cash flow, and the high dividend policy continues, which is in line with market preferences. 2) Resilience of industry operation: In 2023, the repressive demand was released and the performance increased. In the first half of 2024, the industry was under pressure due to the increase of rain and snow and free days. In the second half of 2024, or due to economic impact, the traffic volume and profit of some high-speed vehicles decreased slightly, the traffic demand remained resilient and the cash flow remained stable. 3) The pressure of reinvestment may be expected to improve the policy. Expressway toll prices have been stable for a long time, while the cost of newly built or renovated units has risen sharply, and there is widespread reinvestment pressure in the industry. In the future, the industry is expected to optimize policies, or improve the high-speed return of new construction or expansion to a reasonable level by extending the charging period. 4) Expressway REITs: generally, they are stock road products with excellent location and stable returns. In 2023, the system was under pressure, and in 2024, the expressway REITs with better profit than the industry were among the top gainers. The performance of underlying assets in the future will still be the key to dominate the performance of REITs.