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Market news: Russian troops advance to strategic cities in eastern Ukraine.Ping An Securities: It is estimated that the overall net profit growth rate of listed banks will be 1% in 2025. Ping An Securities released the annual strategy report of the banking industry in 2025, saying that looking forward to 2025, the insufficient effective demand and the continuous pressure on asset-side pricing level are still important factors restricting the upward flexibility of bank profits. On the one hand, the inhibitory effect of insufficient effective demand on scale growth still exists, and it is estimated that the scale of new credit will be 17.9 trillion to 19.2 trillion yuan in 2025, corresponding to the year-end growth rate of 7.0%-7. On the other hand, the level of interest margin is also subject to the downward trend of asset-side pricing level, and factors such as LPR reduction, stock mortgage adjustment and implicit bond swap will continue to impact asset-side pricing. However, considering the acceleration of the reduction of deposit listing interest rate, the improvement of deposit repricing progress, and the supervision of manual interest payment and interbank liabilities, it is expected that the decline of interest margin will be slightly narrowed in 2025. In terms of asset quality, it is expected to remain stable, the policy will continue to exert its efforts to bottom out risks, the core indicators are expected to remain stable, and the provision is expected to continue to feed back the profit level. On the whole, it is estimated that the overall net profit growth rate of listed banks will be 1.0% in 2025. The idea of stock selection is "high dividend+pro-cyclical", and policy combination boxing promotes the repair of plate valuation.German authorities predict that the German economy will stagnate in 2025. On the 12th, local time, Kiel Institute for World Economics, one of the authoritative German economic research institutes, released a winter forecast, predicting that the German GDP will stagnate in 2025, neither increasing nor decreasing, which is 0.5% lower than the previous autumn forecast. Germany's GDP will shrink by 0.2% in 2024, compared with the previous autumn forecast of 0.1%. The agency believes that Germany's potential signs of weak economic growth are emerging, not only facing the foreseeable impact of the US tariff increase, but also the domestic industrial crisis is intensifying. (CCTV Finance)

Thailand's finance minister said that Thailand is expected to levy the lowest corporate tax in the world from January 2025.South Korean police: A compulsory investigation of Yin Xiyue is being considered. The South Korean police said on the 13th that they are discussing a compulsory investigation of President Yin Xiyue and considering a seizure and search of his communication records and presidential residence. The special investigation team of the National Investigation Headquarters under the South Korean Police Agency held a press conference on the same day, saying that the plan to detain and search the presidential residence in Hannandong, Longshan District, Seoul is in the "discussion stage". The police are considering seizing and searching Yin Xiyue's communication records. (Xinhua News Agency)Ping An Securities: It is estimated that the overall net profit growth rate of listed banks will be 1% in 2025. Ping An Securities released the annual strategy report of the banking industry in 2025, saying that looking forward to 2025, the insufficient effective demand and the continuous pressure on asset-side pricing level are still important factors restricting the upward flexibility of bank profits. On the one hand, the inhibitory effect of insufficient effective demand on scale growth still exists, and it is estimated that the scale of new credit will be 17.9 trillion to 19.2 trillion yuan in 2025, corresponding to the year-end growth rate of 7.0%-7. On the other hand, the level of interest margin is also subject to the downward trend of asset-side pricing level, and factors such as LPR reduction, stock mortgage adjustment and implicit bond swap will continue to impact asset-side pricing. However, considering the acceleration of the reduction of deposit listing interest rate, the improvement of deposit repricing progress, and the supervision of manual interest payment and interbank liabilities, it is expected that the decline of interest margin will be slightly narrowed in 2025. In terms of asset quality, it is expected to remain stable, the policy will continue to exert its efforts to bottom out risks, the core indicators are expected to remain stable, and the provision is expected to continue to feed back the profit level. On the whole, it is estimated that the overall net profit growth rate of listed banks will be 1.0% in 2025. The idea of stock selection is "high dividend+pro-cyclical", and policy combination boxing promotes the repair of plate valuation.

Pakistan KSE-100 index opened up 0.3% to 114,767.90.According to sources, Keppel and Sovico Group are discussing submarine cables between Singapore and Vietnam.Australia's S&P/ASX 200 index closed down 0.4% to 8,296 points.