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Australia's unemployment rate in November was 3.93%, which is estimated to be 4.2%.Industrial Securities' investment strategy for the construction industry in 2025: internal and external resonance, optimistic about debt conversion and the "Belt and Road" industry, Industrial Securities Research Report said that the construction industry will face certain pressure in 2024, and it is expected that infrastructure investment will remain high in 2025, driven by the debt conversion policy. Review and prospect of plate market: central state-owned enterprises and design plates led the gains, with obvious excess returns. Main line 1: Debt conversion is expected to drive the improvement of the management quality of construction central enterprises. 1) The driving force and mode of action of this debt conversion can be compared with the "Belt and Road" market in 2014 and the PPP market in 2016, and the policy is driven from top to bottom. 2) The institutions' positions in construction central enterprises are low, and the valuation of construction central enterprises is also in the lower position of the historical center. 3) The unprecedented intensity of debt conversion will help the central enterprises to realize the double promotion of EPS and PE. Main Line 2: The Belt and Road Initiative is expected to accelerate and benefit international engineering enterprises. The "Belt and Road" market has accelerated its expansion, and international engineering enterprises are expected to accelerate their going out to sea, and their performance and valuation have both improved.Google executives: Search for artificial intelligence is the biggest bet, with an estimated investment of 50 billion yuan in 2024. ruth porat, president and chief investment officer of Google, revealed at a conference that Google's biggest bet is to apply artificial intelligence to search business. Despite the problems of technical competition and artificial intelligence model, Google is still firmly pushing forward this strategy. Polat emphasized that integrating artificial intelligence into search business is Google's current core strategy. Google has introduced an overview of AI into the search tool, added advertisements to it, and introduced shopping advertisements to Google Lens. Despite the existence of false or misleading results such as artificial intelligence illusion, Google is still optimistic about the development potential of artificial intelligence in the search field. In addition to the search business, Polat also pointed out that Google Cloud is another important investment of the company. When answering a question about whether Google's investment cost in artificial intelligence will follow the industry trend, Polat said that artificial intelligence represents "an opportunity for generations". She revealed that Google plans to spend $50 billion on chips, data centers and other capital expenditures in 2024, but stressed that Google will make careful bets based on the results.

Market News: Australia and Papua New Guinea sign bilateral security agreement.South Korean President Yin Xiyue: The opposition party does not recognize the president.Australian Government: Australia will provide Papua New Guinea with $600 million in 10 years to help rugby league teams enter Australia's top leagues.

CITIC Securities: The interest rate of the 10-year US bond may show an upward trend due to factors such as monetary policy next year. According to the CITIC Securities Research Report, historically, the actual short-term interest rate expectation in the interest rate reduction cycle since 1983 is usually the main driving force for the downward trend of the 10-year US bond interest rate, while the term premium may rise in the interest rate reduction cycle due to factors such as supply and demand, deficit concerns and external shocks. Looking forward to the future, it is expected that the short-term 4.0% will be the support level of the 10-year US bond interest rate, and the 10-year US bond interest rate may show an upward trend next year due to factors such as monetary policy and "Trump transaction".Offshore RMB and Australian dollar rose slightly. Affected by the news, USD/offshore RMB fell 0.1% to 7.2696. AUD/USD rose 0.2% to 0.6381. A foreign exchange trader in Asia said that the small leveraged account that shorted AUD/USD on Wednesday also closed its position. NZD/USD rose 0.1% to 0.5792.South Korean President Yin Xiyue made a speech to the people on the 12th, accusing the opposition party of framing "the crime of civil strife" and engaging in impeachment. (Xinhua News Agency)