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Foreign investment continues to increase.The General Office of the Shanghai Municipal People's Government issued the Action Plan for Shanghai to Support the Merger and Reorganization of Listed Companies (2025-2027). Among them, it is proposed to strive to land a number of representative M&A cases in key industries by 2027, and cultivate about 10 internationally competitive listed companies in key industries such as integrated circuits, biomedicine and new materials, forming a scale of M&A transactions of 300 billion yuan and activating total assets of over 2 trillion yuan.The State Financial Supervision and Administration Bureau has officially approved the change of registered capital of National Pension and added Allianz Investment as the company's shareholder. Allianz Investment completed the subscription of about 228 million new shares issued by National Pension for about 284 million yuan (about 39 million US dollars), so the registered capital of National Pension increased to about 11.378 billion yuan. After the subscription, Allianz Investment will hold 2% equity of National Pension and become its first foreign shareholder. It is reported that Allianz Investment is an asset management institution under the Allianz Group of Germany, which is one of the largest insurance and asset management groups in the world.

Foreign investment continues to increase.On December 10th, the Great Hall of the People in Beijing met with the heads of major international economic organizations who came to China to attend the "1+10" Dialogue, expressing full confidence in achieving this year's economic growth target and continuing to play the role of the biggest engine of world economic growth.After the exchange rate rushed to 7.314, it began to fluctuate and weaken. As we have told you many times before, the vicinity of 7.3 is heavily guarded, and the depreciation in this area is almost in place, and there is no room for further sharp depreciation. Some time ago, around 7.3, the market began to get nervous. Instead, we clearly told everyone that this was a good thing, because the direct depreciation was in place, and the subsequent appreciation expectation was formed. From the current situation, it is really difficult for the exchange rate to weaken further. At present, the daily level has entered a short-term adjustment trend, but we should focus on observing whether it can fall below 7.258 this week. Only when it falls below, the medium-term depreciation momentum can be ended, otherwise it will be repeated.

Today, the A50 index has closed below the daily offensive line, which is a bad sign. If the A50 index weakens, the pressure on the market will increase. The current offensive line is around 13,574, and it must be closed above that point tomorrow, so that the short-term trend at the daily level can be improved again. Judging from the trend of the 60-minute level, the index has stepped back near the long-term trend line and temporarily gained support. If it falls below 13,511 points effectively, the 60-minute level will be completely broken, and the A50 index may be further weakened. The A50 index represents the weight index. If the market wants to repair tomorrow, it still depends on the heavyweights. If the heavyweights don't make efforts, it is necessary to always pay attention to the trend of the A50 index.Listed companies can achieve extensive growth through mergers and acquisitions, and mergers and acquisitions have a positive effect on the overall share price of A-share listed companies as bidders. With the continuous increase of China's M&A support policies since 2024, the A-share market is expected to usher in a big era of M&A. The last merger and reorganization was so hot in 2014. Is this also a sign that the market will go bullish in the future?The securities sector is still the key to tomorrow. Today, it is also high and low. At present, it has not fallen below the offensive line, and the short-term trend remains intact. If it falls again tomorrow, it will fall below the offensive line, and the short-term trend will initially weaken. We should pay attention to short-term risks and control our positions.