专家访谈汇总：美国制造业疲软，黄金将迎来大行情？

Group 1: Telecom Industry - In 2024, telecom business volume is expected to grow by 10%, exceeding the national service industry production index by 4.8 percentage points, positively contributing to service industry growth [1] - Emerging businesses such as cloud computing, big data, and mobile IoT generated revenue of 434.8 billion yuan, a year-on-year increase of 10.6%, accounting for 25% of total telecom business revenue, driving a 2.5 percentage point increase in telecom business revenue [1] Group 2: Bond Market - The bond market has experienced an extended bull market, with the 10-year and 30-year government bond yields declining by nearly 100 basis points, a rare historical fluctuation [2] - Since January, the central bank has suspended net purchases of government bonds, leading to significant tightening of the funding environment and a shift in market expectations regarding funding and fundamentals [2] - Changes in central bank policies have led to differing views on macroeconomic prospects, particularly regarding funding, institutional behavior, and macro fundamentals [2] Group 3: Deep Sea Technology - The 2025 government work report emphasizes the promotion of deep-sea technology and other emerging industries, indicating the government's focus on this field [3] - Deep-sea technology, which includes deep-sea equipment, exploration, resource development, and networking, is expected to have a market potential of trillions of yuan [3] - The integration of military and civilian sectors is expected to drive technological innovation and industrialization, facilitating the sharing of research outcomes and enhancing new productivity and combat capabilities [3] Group 4: Gold Market - Weak economic data from the U.S., such as lower-than-expected manufacturing PMI and CPI growth, has heightened concerns about a U.S. economic recession, benefiting gold prices [4] - Central banks globally have purchased over 1,000 tons of gold for three consecutive years, significantly exceeding the average levels from 2010 to 2021, with expectations of continued gold purchases as a stable strategic asset [4] - From early 2024 to March 14, 2025, the Shanghai gold price increased by approximately 41%, while the gold stock index rose by about 27%, indicating a lag in gold stock performance [4] Group 5: Robotics Industry - Actuators, which convert rotational motion from motors into linear motion for robotic joints, account for about 55% of the overall cost of humanoid robots [5] - The market for frameless torque motors in China was valued at 180 million yuan in 2023, with a year-on-year growth of 19.73%, and collaborative robots accounting for about 70% of market demand [5] - Different types of precision reducers, such as harmonic and planetary reducers, are suitable for humanoid robots, meeting the needs for miniaturization and lightweight design [6]