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According to the data of the State Administration of Foreign Exchange, by the end of November, 2024, China's foreign exchange reserves were US$ 3,265.9 billion, up US$ 4.8 billion from the end of October, and its gold reserves also increased.The audit authority of local government special debt projects may be delegated to the provincial level, and 12 provinces are expected to land, which may affect the financial operation and investment projects of local governments.Brokerage research:

Policy expectation:In terms of capital, the Shanghai and Shenzhen 300 and A500 indexes have seen capital outflows, but the inflow of financing has increased and the outflow of foreign capital has increased, showing the shock and wait-and-see attitude of market funds.Xinhua News Agency commented that the central government has a large room for borrowing and deficit improvement. Looking forward to the closing year of the 14 th Five-Year Plan in 2025, the space for fiscal policy development has attracted much attention.

Executives of photovoltaic module battery companies said that they have signed a self-discipline convention and will start to control production capacity next month, which may have an impact on the photovoltaic industry.Capital market dynamics: