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The allocation percentage of the 30-year treasury bond auction-winning interest rate in the United States from December 12 was 44.76%, and the previous value was 14.83%. The auction of 30-year treasury bonds in the United States until December 12-the bid multiple is 2.39, and the previous value is 2.64. The auction of 30-year treasury bonds in the United States until December 12-the winning interest rate is 4.535%, and the previous value is 4.608%.The allocation percentage of the winning interest rate in the four-week national debt auction in the United States from December 12 was 57.75%, and the previous value was 77.28%. The four-week national debt auction in the United States until December 12-the winning interest rate is 4.24%, and the previous value is 4.4%. 4-week national debt auction in the United States from December 12-bid multiple is 3.14, and the previous value is 2.74.Sources: A few ECB policymakers initially hoped to cut interest rates by 50 basis points. Three sources said that several ECB policymakers initially hoped to cut interest rates more sharply on Thursday, and they were worried that the new US tariffs would hinder economic growth. The European Central Bank cut interest rates by 25 basis points on Thursday, and opened the door for more easing policies, as the euro zone economy was dragged down by domestic political instability and the threat of a new round of trade war in the United States. However, due to the low forecast of inflation and economic growth, about five of the 26 members of the official Committee initially advocated a 50 basis point interest rate cut. In particular, they pointed out that if the incoming Trump administration imposes new tariffs on the EU, the growth of economic output next year may be lower than the 1.1% expected by the European Central Bank. A small number of policy makers who called for greater interest rate cuts quickly gave in, adding that given the current uncertainty, people are reluctant to make a hasty decision.

CITIC Securities: It is estimated that the reverse repo rate will drop by 40-50bps next year, and the LPR and loan interest rates may drop even more. CITIC Securities Research Report believes that the Central Economic Work Conference will be held in Beijing. On the whole, the policy level is fully aware of the grim situation that external pressure may increase significantly within next year, and has put forward a series of requirements such as stable growth, stable prices, stable employment and stable people's livelihood. From the perspective of fiscal policy, the amount of financial instruments supporting the real economy will be comprehensively increased, the government's disposable financial resources will be significantly improved, and the fiscal expenditure structure will be tilted to the marginal consumption of people's livelihood. From the perspective of monetary policy, the meeting called for the implementation of a moderately loose monetary policy, timely lowering the RRR and cutting interest rates. We expect the reverse repo rate to drop by 40-50bps next year, and the LPR and loan interest rates may drop even more.Russia said it cracked down on several Ukrainian military equipment and repulsed Russia's multi-directional attacks. The Russian Defense Ministry issued a war report on the 12th, saying that in the past day, Russian armed forces killed and wounded 1,345 Ukrainian troops and destroyed many Ukrainian military equipment including tanks, armored vehicles and American howitzers. Russian air defense forces shot down four American-made "Haima" rockets and 37 drones of the Ukrainian army. In addition, Russian troops also controlled the "Zarija" settlement in Donetsk. According to the General Staff of the Ukrainian Armed Forces, there were 203 battles in the frontline area in the past day, and the situation on the frontline remained grim. The Ukrainian air force, missile units and artillery units destroyed many Russian military personnel assembly areas and control points. In the direction of Kharkov, Pokrovsk and Kulahovo, the Ukrainian army repelled many Russian attacks. In addition, the Ukrainian army continued to carry out operations in the Kursk region.ServiceTitan(TTAN), a software provider, opened its US IPO at $101.00 on the first day, compared with the previous IPO price of $71.00 per share.

The Danish central bank lowered its benchmark interest rate from 2.85% to 2.6%.Russia said it cracked down on several Ukrainian military equipment and repulsed Russia's multi-directional attacks. The Russian Defense Ministry issued a war report on the 12th, saying that in the past day, Russian armed forces killed and wounded 1,345 Ukrainian troops and destroyed many Ukrainian military equipment including tanks, armored vehicles and American howitzers. Russian air defense forces shot down four American-made "Haima" rockets and 37 drones of the Ukrainian army. In addition, Russian troops also controlled the "Zarija" settlement in Donetsk. According to the General Staff of the Ukrainian Armed Forces, there were 203 battles in the frontline area in the past day, and the situation on the frontline remained grim. The Ukrainian air force, missile units and artillery units destroyed many Russian military personnel assembly areas and control points. In the direction of Kharkov, Pokrovsk and Kulahovo, the Ukrainian army repelled many Russian attacks. In addition, the Ukrainian army continued to carry out operations in the Kursk region.The U.S. Treasury auctioned eight-term treasury bonds, and the winning bid rate was 4.500% (4.350% on December 5), and the bid multiple was 2.81 (3.50 in the previous auction).