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Guosheng Financial Holdings recently announced that the company has received the "Acceptance Form for Administrative License Application of China Securities Regulatory Commission" issued by China Securities Regulatory Commission, and the CSRC has accepted the application for administrative license for the merger of Guosheng Securities by Guosheng Financial Holdings. The merger and acquisition still needs the approval of the CSRC, and there are uncertainties about whether and when the relevant approval can be obtained and the final implementation completion time. The company will disclose the progress in a timely manner in accordance with relevant regulations.Citic Securities said that near the Spring Festival, the superposition policy is expected to heat up, and consumption is expected to usher in a new round of rebound and repair. CITIC Securities suggested that the consumption allocation should be progressive from both offensive and defensive to flexible varieties. In terms of both offensive and defensive, we can pay attention to consumer internet, dairy products with low valuation and high return, and mass catering that are expected to be the first to stabilize; In the aspect of flexibility, the catering supply chain, alcohol, human resources services, hotels and so on with obvious pro-cyclical characteristics are considered.Ping An Securities judges that the growth style of A-share market will be more flexible in 2025, and structural investment opportunities will increase.

Looking forward to the market outlook, Guohai Securities said that the upside of the index has been opened, and Hong Kong stocks, as the leading indicator, may be more flexible with the blessing of the Fed's interest rate cut. Stylistically, the market is dominated by stages at the end of the year, and the SSE 50 is at a low level relative to the small-cap style. The recent value style is expected to remain strong driven by "insurance capital allocation+policy expectation".Guolian Securities recently announced that the M&A Review Committee of Shanghai Stock Exchange is scheduled to hold the 6th M&A Review Committee review meeting in 2024 on December 17th to review the company's application for this transaction.Citic Securities said that near the Spring Festival, the superposition policy is expected to heat up, and consumption is expected to usher in a new round of rebound and repair. CITIC Securities suggested that the consumption allocation should be progressive from both offensive and defensive to flexible varieties. In terms of both offensive and defensive, we can pay attention to consumer internet, dairy products with low valuation and high return, and mass catering that are expected to be the first to stabilize; In the aspect of flexibility, the catering supply chain, alcohol, human resources services, hotels and so on with obvious pro-cyclical characteristics are considered.

The big consumption sector has become the strongest main line of the market.Citic Securities said that near the Spring Festival, the superposition policy is expected to heat up, and consumption is expected to usher in a new round of rebound and repair. CITIC Securities suggested that the consumption allocation should be progressive from both offensive and defensive to flexible varieties. In terms of both offensive and defensive, we can pay attention to consumer internet, dairy products with low valuation and high return, and mass catering that are expected to be the first to stabilize; In the aspect of flexibility, the catering supply chain, alcohol, human resources services, hotels and so on with obvious pro-cyclical characteristics are considered.