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Li Tie was sentenced to 20 years. On December 13, 2024, the Intermediate People's Court of Xianning City, Hubei Province publicly pronounced the case of Li Tie, the former head coach of China National Men's Football Team. Li Tie was sentenced to 20 years' imprisonment for accepting bribes, bribery, unit bribery, bribery of non-state staff and bribery of non-state staff. (CCTV News)The 28th meeting of the China-ROK Joint Economic and Trade Commission was held in Seoul, South Korea. On the 12th, Vice Minister of Commerce Li Fei co-chaired the 28th meeting of the China-ROK Joint Economic and Trade Commission with Vice Minister of Foreign Affairs Jiang Renxian in Seoul, South Korea. The two sides exchanged views on deepening China-ROK industrial chain supply chain, trade and investment, regional and multilateral cooperation, pragmatically promoted related matters, and reached broad consensus.The negative spread of 10-year treasury bonds between China and the United States has expanded to more than 250BP, the largest since June 2002.

The turnover of Shanghai and Shenzhen stock markets exceeded 500 billion.The three major stock indexes opened lower, with the Shanghai Composite Index down 0.54%, the Shenzhen Component Index down 0.74% and the Growth Enterprise Market down 0.87%.Pacific Securities: The reversal of photovoltaic industry is about to focus on three directions. The Pacific Securities Research Report pointed out that with the continuous breakthrough of new markets and technologies, the new cycle of photovoltaic parity is accelerating, and the reversal of photovoltaic industry is about to begin. It is suggested to focus on three directions: 1) The new cycle of supply and demand is expected to start in 2025, the industry quotation and profit are expected to be restored, and the leading advantages will be gradually highlighted. In 2025, it is expected to usher in a new round of growth, including Longji Green Energy and Jingke Energy. 2) New technology fields with large cost reduction space and continuous technology iteration, such as GCL Technology and Perovskite, are expected to fully benefit; 3) The advantages of supporting facilities and leading enterprises are prominent, and emerging markets are expected to promote the rapid improvement of shipments and profits, and the advantages of leading enterprises will be further enhanced, and enterprises such as Sunshine Power and Foster are expected to fully benefit.

Ministry of National Defense: Sun Tzu's Art of War belongs to both China and the world. On the morning of December 13th, Senior Colonel Wu Qian, director of the Information Bureau of the Ministry of National Defense and spokesman of the Ministry of National Defense, released a message on the recent military-related issues. Reporter: It is reported that the 10th International Symposium on the Art of War was held in Beijing, which aroused widespread concern at home and abroad. Please tell us more about the situation. Wu Qian: On December 5-6, the 10th International Symposium on Sun Tzu's Art of War was held in Beijing. More than 350 Chinese and foreign experts and scholars from nearly 30 countries conducted in-depth discussions on the theme of "Sun Tzu's Art of War and Mutual Learning of Civilizations" and achieved positive results. Sun Tzu's Art of War is not only China's, but also the world's. It not only shows the mystery of the Art of War, but also embodies the dialectical thought. The ideas contained in it, such as "stopping fighting for military power", helping each other in the same boat, knowing ourselves and preparing for victory, have already surpassed the scope of the country and become the common wealth of human civilization. Since ancient times, knowing soldiers is not bellicose. Studying Sun Tzu's art of war is not to follow the ancient times, but to learn from the present. Today's world should not be an arena where you lose and I win, but a garden where civilizations learn from each other. We are willing to take Sun Tzu's art of war as a bridge, study and discuss the way of peaceful development that transcends barriers through communication, conflicts through mutual learning and superiority through equality, actively practice the concept of community of human destiny, and contribute to the great integration and development of human civilization.Guotai Junan: Pay attention to the investment opportunities in liquor, beverages, popular food and other fields. Guotai Junan Research Report pointed out that 1) Liquor: Determine ahead of growth, pay attention to the wholesale price trend and the orientation of head liquor enterprises. The report end of liquor industry began to enter the downward period in the second quarter of 2024, and the bottom shock is expected in the first half of 2025. Sales are slowing down, inventory is passively rising, and the approval price is expected to be relatively weak. The Spring Festival in 2025 will experience a stress test period. In terms of price, real estate liquor > high-end > secondary high-end. After this round of adjustment, real estate liquor is expected to recover first, followed by high-end liquor, and the secondary high-end liquor is expected to recover for a long period. 2) Beer and beverage: the performance of beer is divided and the beverage structure is prosperous. In the third quarter of 2024, the number of trips in the summer peak season was stronger than the price, and the number of trips maintained a recovery and growth trend. The beverages with low-cost/high-frequency consumption characteristics benefited significantly and the demand resilience was prominent; The regional brand of beer performance differentiation is better than the national brand, and it is expected to be repaired under the low expectation in 2025. It is expected that the passive upgrading trend and regional brand advantages will continue. 3) Popular food: marginal improvement and structural differentiation. Mass food improved marginally in the third quarter, with obvious structural differentiation. The cost reduction is gradually reflected, low cost and low price become the trend, the advantages of high cost-effective products are highlighted, and the key layout is two ends; The valuation premium of growth stocks has been significantly digested, focusing on growth track snacks, and paying attention to adjusted condiments, catering supply chain and low valuation oversold and high dividend targets.The central parity of RMB against the US dollar was reported at 7.1876, down by 22 points; The median price of the previous trading day was 7.1854, the official closing price of the previous trading day was 7.2630, and it closed at 7.2700 last night.