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Ⅲ) Individual stock analysisⅢ) Individual stock analysisCICC's research report on December 9 said that grasping the "market at the end of the year and the beginning of the year", the A-share "outsole" is taking shape. Looking forward to the market outlook, the positive tone of the Politburo meeting in December is expected to help "the market at the end of the year and the beginning of the year". On the profit side, the recently released PMI, fiscal revenue and expenditure, profits of industrial enterprises, home appliance sales and many other data show that China's economic growth momentum has improved marginally. On the policy side, since the end of September, China's policies have been significantly overweight. Many ministries and commissions have launched a number of steady growth policies around local government debt, promoting the real estate market to stop falling and stabilize, benefiting people's livelihood and promoting consumption, and investors' policy expectations have improved significantly. Considering the current macro-environment at home and abroad, the shortage of effective domestic demand is still the main contradiction, and the marginal increase of overseas pressure is prompting the countercyclical policy to be further overweight. The Politburo meeting will continue to actively set the tone and guide the economic work next year, which will help boost investor confidence.

According to the research report of CITIC Securities, on December 9, 2024, the General Administration of Market Supervision launched an investigation on NVIDIA Company in accordance with the law, which is a legal management means to regulate and maintain fair market competition order, and has a leading role in the domestic chip industry, and is expected to boost domestic computing power and market sentiment of chips in a short time. In combination with the increasing emphasis on self-control by relevant domestic departments and industry associations, we expect that the overall localization pace of domestic semiconductor industry is expected to be further accelerated, and the manufacturing link is also expected to benefit.I) market reviewI) market review

ⅴ) Institutional viewpointCICC's research report on December 9 said that grasping the "market at the end of the year and the beginning of the year", the A-share "outsole" is taking shape. Looking forward to the market outlook, the positive tone of the Politburo meeting in December is expected to help "the market at the end of the year and the beginning of the year". On the profit side, the recently released PMI, fiscal revenue and expenditure, profits of industrial enterprises, home appliance sales and many other data show that China's economic growth momentum has improved marginally. On the policy side, since the end of September, China's policies have been significantly overweight. Many ministries and commissions have launched a number of steady growth policies around local government debt, promoting the real estate market to stop falling and stabilize, benefiting people's livelihood and promoting consumption, and investors' policy expectations have improved significantly. Considering the current macro-environment at home and abroad, the shortage of effective domestic demand is still the main contradiction, and the marginal increase of overseas pressure is prompting the countercyclical policy to be further overweight. The Politburo meeting will continue to actively set the tone and guide the economic work next year, which will help boost investor confidence.Ⅲ) Individual stock analysis