农银国际证券：每天导读-20241212

Core Insights - The report highlights a mixed performance in global markets, with U.S. indices experiencing declines while A-shares in China showed gains, indicating a divergence in market sentiment [7][18][20]. Market Performance Summary - The Hang Seng Index closed at 20,311.28, down 0.50% for the day but up 2.86% over the past five days [3]. - The H-share index closed at 7,306.16, down 0.74% for the day and up 3.31% over the past five days [3]. - The Shanghai Composite Index showed a positive trend, with the Shanghai 300 Index at 3,995.64, up 0.73% for the day and 1.11% over the past five days [3]. Economic Indicators - China's exports in U.S. dollars decreased by 3.9% year-on-year, while imports fell by 4.7% [7]. - The report notes that the U.S. labor costs were revised downwards for Q3, reflecting a 0.8% annualized increase, while productivity grew by 2.2% [12][14]. Corporate Developments - Apple plans to equip its smartwatches with satellite communication capabilities by 2025, aiming to attract outdoor enthusiasts [26]. - Boeing has resumed production of its 737 aircraft after a strike, although November deliveries hit a four-year low [26]. - TSMC reported a 34% increase in November revenue, driven by strong AI demand [26]. Policy and Regulatory Updates - The U.S. government is expected to block a $14.1 billion acquisition of an American steel company by Japan's Nippon Steel, citing national security concerns [16]. - China's central economic work conference is set to outline policies for the upcoming year, with expectations of a shift towards a more accommodative monetary policy [18][20].