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Intel executives said that whether to split the company is still an open question. Dave Zinsner, chief financial officer of Intel, said that whether to formally split the factory and product development department is an open question and will be decided by the next leader. After Pat Gelsinger was forced to leave his post earlier this month, Zinsner is now the interim co-CEO. He made the comments when attending the Barclays Technology Conference in San Francisco on Thursday. Michelle Johnston Holthaus, another co-CEO, was also present.Japanese Finance Minister Katsunobu Kato: The Mitsubishi UFJ incident is under investigation. Note: Previously, Japan's Financial Services Agency will order Mitsubishi UFJ Bank to prepare a report on a series of safe theft by a former employee.Soochow securities: It is expected that the Federal Reserve will cut interest rates by 25bps in December. According to the soochow securities Research Report, the CPI of the United States rebounded to +2.75% in November as scheduled, and the CPI that did not exceed expectations cleared the last obstacle for the Fed to cut interest rates in December. In the short term, the combination of low base and high viscosity means that CPI is expected to continue to rebound to +2.8% in December. In the medium term, Trump is expected to drive out illegal immigrants on the first day after taking office, which will aggravate the risk of stagflation in the labor market. However, the intensification of wage inflation stickiness may be concealed by the downward movement of non-agricultural centers in the same period, the expectation of increasing oil prices and the high base in the first half of 2025. The market's concern about "stagnation" may provide room for the Fed to cut interest rates smoothly in the first half of 2025. However, in the second half of 2025, the cumulative interest rate cuts will give support to the economy, the persistence of inflation stickiness and the landing of Trump's tax reduction policy will force the Fed to cut interest rates. It is expected that the Federal Reserve will cut interest rates by 25bps in December, 25bps in March and June next year, and stop cutting interest rates in the second half of the year. The end point of the policy interest rate in 2025 is [3.75,4.0]%.

The moderate increase in inflation in the United States consolidated the expectation of interest rate cuts in December. According to the data released by the US Department of Labor on December 11, local time, the US consumer price index (CPI) increased by 0.3% in November, an increase of 0.1 percentage point over October. Inflation continues to rise moderately, which is in line with the market's previous judgment and also supports the expectation that the Fed will continue to cut interest rates this month. However, considering the slowdown in inflation and the increase in uncertainties affecting the economy, many analysts believe that the Fed may slow down the pace of interest rate cuts in the future. (Economic Information Daily)CITIC Jiantou: The Matthew effect of the property insurance industry is expected to be further highlighted. CITIC Jiantou said that the State Financial Supervision and Administration Bureau recently issued the Action Plan on Strengthening Supervision, Preventing Risks, Promoting Reform and Promoting the High-quality Development of the Property Insurance Industry. In terms of comprehensive supervision and strict supervision, the Action Plan proposes to improve the quality and effectiveness of property insurance supervision from strengthening market access and exit supervision, promoting hierarchical and classified supervision, strictly rectifying illegal activities, and improving prudential supervision system and rules. In terms of effectively preventing and resolving risks, the Action Plan proposes to enhance the ability of risk prevention and resolution of the property insurance industry by enhancing the ability of capital replenishment and improving the monitoring and early warning system, and proposes to encourage mergers and acquisitions of property insurance companies. Deepen reform and promote opening up, and propose to guide property insurance institutions to position their development, accelerate business transformation and upgrading, enhance risk management capabilities, and promote high-level opening up. On the whole, the Action Plan will help to prevent and resolve risks in the property insurance industry, lay a foundation and provide guidance for the high-quality development of the industry, and the Matthew effect of the industry is expected to be further highlighted.Russian Intelligence Agency: NATO is worried about Russia's statement about the western participation in the attack on Russia. The Russian Foreign Intelligence Agency issued a statement on the 12th local time, saying that according to the information obtained by the bureau, NATO headquarters is extremely worried about Russia's statement that the United States, Britain and France are directly involved in using western long-range weapons to attack deep areas of Russia. NATO legal experts worry that Russia may accuse western countries of armed aggression against Russia.

A number of projects have accelerated the implementation of the national water network construction, and the South-to-North Water Transfer Project is a major strategic infrastructure to alleviate the serious shortage of water resources in northern China, and it is the main skeleton and artery of the national water network. On December 12th, the first phase of the East Middle Route of South-to-North Water Transfer Project ushered in the 10th anniversary of full water supply. The project has transferred more than 76.7 billion cubic meters of water, providing stable and high-quality water sources for 45 large and medium-sized cities and 185 million people in 7 provinces and cities along the route, and supporting the GDP growth of more than 16 trillion yuan in the northern region. The reporter was informed that in the next step, China will continue to promote the construction of major national water network projects, and a number of large reservoirs, large irrigation areas and other projects are being accelerated. (Economic Information Daily)Apple is reported to cooperate with Broadcom to develop AI chips, and TSMC's advanced process will welcome big orders again. On December 13, it was reported that Apple intends to invest in self-developed AI chips, jointly develop them with Broadcom, and produce them in TSMC's 3 nm process, and mass-produce them in 2026. The legal person is optimistic that after the development of Apple's self-developed AI chip is completed, the investment is expected, and TSMC's advanced process will usher in another big order. It is understood that Apple's current A-series processors for iPhone and M-series processors for Mac all adopt self-developed strategies, and are exclusively manufactured by TSMC. The legal person believes that once Apple's self-developed chips are extended to AI chips, the cooperation with TSMC will be closer. (Taiwan Province Economic Daily)The memorial hall for the victims of the Nanjing Massacre by the Japanese invaders held a ceremony to raise the national flag and fly it at half mast. (CCTV)