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The Dow Jones Industrial Average was last reported at 44,200.59, up 0.12% in the day.Russian officials: The failure of sanctions against Russia to achieve geopolitical goals will cost the EU 1.5 trillion euros. On the 12th local time, Russian Deputy Foreign Minister Grushko said that Russia has adapted to various sanctions and will develop relations with all countries willing to cooperate. He said that the EU is on a road of self-destruction, and any geopolitical goal cannot be achieved through sanctions. If the EU wants to refuse cooperation with Russia, this is the EU's choice, but most assessments show that this choice has caused the EU to suffer a loss of 1.5 trillion euros.Liu Xiaochun, Vice President of Shanghai New Finance Research Institute: Small and medium-sized financial institutions may focus on capital increase, restructuring and mergers and acquisitions. The Central Economic Work Conference proposed to effectively prevent and resolve risks in key areas and firmly hold the bottom line of no systematic risks. The meeting also proposed that the risks of local small and medium-sized financial institutions should be properly handled. Liu Xiaochun, vice president of Shanghai Institute of New Finance and Shanghai Jiaotong University Institute of Finance, believes that local debt risks are gradually being resolved, and efforts should be made to resolve real estate risks and risks of small and medium-sized financial institutions in the next stage. (SSE)

The gap between Italian and German government bond yields widened to 111 basis points, the highest level in a week.Luo Zhiheng, chief economist of Yuekai Securities: Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. The Central Economic Work Conference proposed to implement a more active fiscal policy. Improve the fiscal deficit ratio, and ensure that the fiscal policy will continue to exert more efforts. Luo Zhiheng, chief economist of Yuekai Securities, said that the fiscal policy continued the general tone of "positive", which reflected the stability and continuity of the policy, but emphasized "more positive", which was mainly reflected in the increase of deficit ratio and the scale of special bonds and ultra-long-term special government bonds. It is expected that the scale of fiscal expenditure will be significantly increased and the growth rate of fiscal expenditure will be increased next year. The generalized deficit ratio probability in 2025 is higher than that in 2024. In his view, the narrow sense of deficit ratio has a high probability of exceeding 3%, and the improvement of deficit ratio has special significance, which can achieve triple effects. First, the increase in deficit ratio means a further increase in the deficit scale, which is conducive to expanding expenditure, strengthening the ability of fiscal countercyclical adjustment, better preventing risks, benefiting people's livelihood and stabilizing growth. Second, deficit ratio is different from other financial instruments, and the public pays great attention to deficit ratio and its changes. Therefore, fiscal policy should use limited "bullets" to stabilize expectations, and the same fiscal stimulus scale should be reflected in deficit ratio as much as possible. Deficit ratio can better convey policy intentions and has strong policy signal significance; Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. Third, the high probability of deficit is still dominated by central government bonds. The form of transfer payment can better ensure the stability of grassroots financial resources and increase the disposable degree of local financial resources, which is conducive to the local government's "three guarantees" work. (SSE)Wu Yaping, Research Fellow, Investment Research Institute, National Development and Reform Commission: Enhance the consistency of macro-policy orientation and give full play to the combination of different policy tools. The Central Economic Work Conference proposed to integrate economic policies and non-economic policies into the consistency assessment of macro-policy orientation, coordinate the whole process of policy formulation and implementation, and improve the overall effectiveness of policies. In this regard, Wu Yaping, a researcher at the Investment Research Institute of the National Development and Reform Commission, said that to enhance the consistency of macro-policy orientation, it is necessary to strengthen and improve the evaluation of macro-policy consistency, give full play to the combined force of more active fiscal policy and moderately loose monetary policy, and give play to the combined role of different policy tools. It can be understood as "three plus": increasing fiscal and monetary policies, strengthening support for "duality" and "two innovations", and strengthening efforts to prevent and resolve risks in key areas. "The external environment will face greater uncertainty next year. We must adhere to' taking me as the main factor', strengthen the research on reserve policy, and fight for preparation." Wu Yaping said. (SSE)

Dong Ximiao, Principal Investigator of Zhaolian: Support small and medium-sized banks to better establish a long-term mechanism for capital replenishment. The Central Economic Work Conference proposed to effectively prevent and resolve risks in key areas and firmly hold the bottom line of systemic risks. The meeting also proposed that the risks of local small and medium-sized financial institutions should be properly handled. Dong Ximiao, chief researcher of Zhaolian, believes that more resolute and effective measures should be taken to promote the real estate market to stop falling and stabilize, speed up the reform of small and medium-sized financial institutions, and firmly hold the bottom line of no systemic risks. (SSE)US National Security Adviser Sullivan: There are a series of risks in the situation in Syria; We fully expect that Israel's occupation of the Syrian buffer zone is temporary.Tian Xuan, Dean of Tsinghua University National Institute of Finance and Professor of Finance: Comprehensive measures are taken to promote sustained and stable economic growth and high-quality development. The Central Economic Work Conference proposed that next year, we should persist in striving for progress while maintaining stability, promoting stability through progress, maintaining integrity and innovation, making innovations before breaking, systematically integrating and cooperating, enriching and improving the policy toolbox, and improving the foresight, pertinence and effectiveness of macro-control. In this regard, Tian Xuan, dean of Tsinghua University National Finance Research Institute and professor of finance, said that the meeting clarified the core strategy of economic work next year, emphasized the innovation, systematicness and coordination of policies, and reflected the decision-makers' accurate judgment on the economic situation and positive attitude towards new changes and challenges. Tian Xuan said that compared with the past, the current policy orientation is more positive, such as "moderately loose monetary policy" and "more active fiscal policy", paying more attention to innovation, while adhering to the basic principles and bottom line, exploring new working ideas, paying more attention to the systematic nature of policies, considering the mutual influence and synergistic effect between various policies and the coordination and cooperation between different departments and policies, and maximizing the policy effect through comprehensive policies to solve the outstanding problems currently facing and promote the economy. (SSE)