Industrial Securities: Maintain JD-SW "Buy" rating to stimulate long-term growth through trade-in programs.

The spokesperson for the National Bureau of Statistics, Fu Linghui, said that the effective implementation of existing policies and the accelerated introduction of incremental policies have invigorated the market. The real estate and stock markets showed significant improvement in October. In November, the sales area and sales value of new commercial housing achieved positive growth, with more noticeable improvements in key cities; the stock market was active, with the trading volume and trading amount in the Shanghai and Shenzhen stock exchanges increasing by 1.1 times year-on-year. (Xinhua Finance)

Interbank cash bonds have strengthened comprehensively, with the yield on 2-5 year treasury bonds decreasing by more than 2 basis points, and the 10-year and ultra-long end down by around 5 basis points. The 10-year "24 Coupon Treasury Bond 11" reports 1.715%, reaching below 1.72%. According to Wind data, compared to the maturity yield of the same period of China Bond, it has set a new historical low; the 30-year "24 Special Treasury Bond 06" reports 1.9625%, setting a new low since February 23, 2005.