Market news: The Czech cabinet has agreed not to sell L-159 fighter jets to Ukraine.

1. The first structural interest rate cut of the year has been implemented. 2. Bowman focuses on the risk of potential layoffs, urging against signaling a pause in interest rate cuts. 3. Trump's decision to drop Hassett has unsettled the bond market, leading to a "shrinkage" in expectations for interest rate cuts. 4. December 2025 economic data will be released; RMB 951.5 billion in reverse repos will mature in the central bank's open market operations this week. 5. State Council Executive Meeting: Accelerate the clearing of overdue payments to enterprises and expedite the allocation of special bond quotas to support debt clearing. 6. Shanghai's "15th Five-Year Plan" proposes supporting the development of the Science and Technology Innovation Board and the "technology board" of the bond market. 7. Jianfa Co., Ltd. plans to issue RMB 1 billion in ultra-short-term financing bonds with a term of 120 days. 8. Securities firms are simultaneously focusing on capital replenishment and business expansion, with bond issuance increasing by over 70% year-on-year at the start of the year. 9. The first "Magnolia Bond" issued by a Free Trade Zone entity was successfully issued, bringing the cumulative issuance of "Magnolia Bonds" to over RMB 22 billion. 10. Sichuan Province plans to issue 6.258 billion yuan in new special-purpose bonds and 42.855 billion yuan in special-purpose bonds to replace hidden debt. 11. Hainan Province: On the premise of not increasing local government hidden debt, banks are encouraged to actively develop medium- and long-term, low-interest financial products for urban renewal projects. 12. New regulations for local government financing vehicle (LGFV) overseas bonds are expected, and the issuance of "364" bonds will likely cool down. 13. New York City pension funds may restart investments in Israeli government bonds, conflicting with the new mayor's stance.

Bank of Canada quarterly survey: One-third of businesses have seen a decline in sales volume over the past 12 months.