1. **Ministry of Finance to Roll Over RMB 750 Billion in Special Bonds** *Importance: ★★★★★* On December 10, the Ministry of Finance announced plans to issue RMB 750 billion in special bonds to roll over maturing debt. The issuance, targeted at selected banks in the interbank bond market, will take place on December 12. The bonds consist of two tranches: a 10-year RMB 400 billion issue and a 15-year RMB 350 billion issue. The ministry clarified that this is a refinancing operation, not an expansion of fiscal deficit, as it matches existing liabilities.

2. **Kweichow Moutai Announces RMB 30 Billion Mid-Term Dividend** *Importance: ★★★★* Kweichow Moutai disclosed a mid-term dividend plan, offering RMB 23.957 per share (tax-inclusive), totaling RMB 30 billion. The ex-dividend date is set for December 19, 2025, with payment on the same day.

3. **Fed Meeting Preview: Powell’s "Hawkish Cut" and Market Reactions** *Importance: ★★★* Markets anticipate a 95% probability of a Fed rate cut, but Chair Powell’s hawkish tone may be diluted by his impending departure. Analysts suggest two scenarios: a "hawkish cut" could weaken Treasuries and tech stocks while boosting the dollar, or a "Hassett trade" (referring to dovish signals) might steepen the yield curve.

4. **China Reportedly Mulling Restrictions on Nvidia H200 Chips** *Importance: ★★★* Foreign media reported that China is considering limiting access to Nvidia’s H200 chips despite U.S. approval for sales. The Foreign Ministry redirected inquiries to relevant authorities without further comment.

5. **Micron’s NAND Prices Surge Nearly 50% Monthly Amid Shortages** *Importance: ★★★* Module manufacturers warn of severe NAND shortages, with inventories depleting by Q1 2026. Micron’s recent price hikes—up 50% monthly—have forced buyers to adopt floating-price orders to avoid losses.

6. **IMF Raises China’s 2025 Growth Forecast to 5%** *Importance: ★★★* The IMF upgraded China’s 2025 GDP growth projection to 5%, citing effective stimulus and lower-than-expected U.S. tariffs. The 2026 forecast was also raised to 4.5%.

7. **Hygon and Sugon Call Off Merger Due to Stock Volatility** *Importance: ★★★* Hygon Information and Sugon terminated their restructuring plan, citing significant share price swings driven by AI sector hype and market conditions. Both firms pledged to deepen strategic cooperation in CPUs, DCUs, and supercomputing.

**Investment Opportunities Highlighted**: - **Aluminum Sector**: Breakthroughs in aluminum batteries and tight supply-demand dynamics buoy the sector. Stocks like Chalco and Yunnan Aluminium have doubled YTD. - **Retail, AI Glasses, Fertility Subsidies, Cross-Border E-Commerce** also drew attention.

**Corporate Announcements**: - *Positive*: Kweichow Moutai’s dividend; Ningbo Huaxiang’s acquisition. - *Negative*: Xin Da Zhou’s tax issues; CanSino’s sales drop.