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Market News: Argentine President Milei met with Rio Tinto CEO Meloni in Rome.BMO raised the target price of Chevron from $170 to $175.The self-built valuation model of bank wealth managers has met with "standardization": some institutions have re-adopted the strategy of excess return of the bank's tier-2 capital bonds with the valuation system of China Securities and China Securities, and recently, the regulatory authorities issued a document to the bank wealth management subsidiary, demanding that the self-built valuation model should not be used to smooth the net value fluctuation, and the valuation standards provided by third parties such as China Securities and China Securities should be adopted, and self-inspection and rectification should be carried out. The purpose of this move is to prevent the bank's wealth management subsidiaries from adjusting product income through self-built models, and to carry out "fund pool" business in disguise to ensure market fairness. At present, a number of bank wealth management subsidiaries have received this document, and have begun to adjust the net value calculation methods of day-opening and closed wealth management products, and re-adopt third-party valuation for investment products such as bank tier 2 capital bonds. A person from a bank financing subsidiary told reporters that he heard that the financial supervision department held a small-scale meeting last week, asking the bank financing subsidiary to respect the new asset management rules and not to violate accounting standards. In addition, the relevant departments also require the financial subsidiaries of banks that have used the self-built valuation model to carry out rectification, and the financial subsidiaries that have been notified shall submit corresponding rectification plans and measures reports within one month. In the view of the above-mentioned bank wealth managers, it is not excluded that some bank wealth management subsidiaries have lowered the allocation ratio of bank tier-2 capital bonds due to the influence of regulatory policies, because when the self-built valuation model is "standardized", the strategy of over-allocating bank tier-2 capital bonds to obtain excess returns becomes increasingly difficult when the net product value fluctuates relatively smoothly. (per meridian)

Daiwa Securities SMBC Co., Ltd. downgraded Xinao Energy to Hold with a target price of HK$ 56.Xueda Education: The manager of Ziguang Group intends to transfer 5% of the company's shares by agreement. Xueda Education announced that the manager of Ziguang Group and Nanjing Xingnaheyuan Venture Capital Partnership signed the Share Transfer Agreement on December 12, 2024, stipulating that 6.162 million unrestricted shares (accounting for 5.00% of the total share capital of listed companies) held by Ziguang Group Co., Ltd. through the special account for property disposal of bankrupt enterprises will be transferred to.Minister of Transport of the Syrian Transitional Government: Aleppo Airport is ready, and the civil airport is trying to recover. On the evening of the 12th local time, the Minister of Transport of the Syrian Transitional Government said that he was working hard to prepare for the recovery of the Syrian civil airport for planes to take off and land. At the same time, the department is also coordinating the operational procedures for transit with neighboring countries. The minister said that in the next few hours, Syrian airspace will be opened to air traffic. At present, Aleppo International Airport in Syria is ready, and Syria will announce the operation dates of Damascus International Airport and Aleppo International Airport in the next few days.

International oil prices fell on the 12th. As of the close of the day, the light crude oil futures price for January delivery in the New York Mercantile Exchange fell by 27 cents to close at 70.02 US dollars per barrel, a decrease of 0.38%. London Brent crude oil futures for February delivery in 2025 fell 11 cents to close at $73.41 a barrel, a decrease of 0.15%.BNP Paribas looks forward to 2025: The Federal Reserve is expected to stay put for the whole year, and the US yield will rise. The 2025 outlook report released by BNP Paribas on Thursday shows that the yield of US Treasury bonds is expected to rise, and under the strong dollar, it will reach parity against the euro. The bank predicts that with the entry into force of the tariff measures proposed by the incoming Trump administration, the US inflation rate will start to pick up from the middle of next year, prompting the Fed to remain inactive throughout 2025. Calvin Tse, the bank's head of macro strategy for the Americas, said that customers are advised to continue to allocate low US Treasury bonds next year, because they expect that inflation will accelerate from mid-2025 after the soft landing of the economy, and the yield of 10-year Treasury bonds will be 4.65% at the end of the year. Tse also said that inflation is expected to be higher and the Fed is more hawkish next year.The President of Belarus approved the national defense plan for 2026-2030. According to the website of the President of Belarus on the 12th, President Lukashenko approved the national defense plan for 2026-2030 at the meeting of the Belarusian Security Council that day. Lukashenko pointed out at the meeting that in recent years, the military and political situation around Belarus has deteriorated, individual countries have escalated the situation around Belarus, and European countries' destructive remarks against Belarus have also increased. He stressed that the Belarusian army poses no threat to any country, is a tool to prevent war, and will repel the enemy when the country is invaded.