Core Viewpoint - Ruichuang Micro-Nano has experienced explosive growth in performance, with revenue increasing from 685 million yuan in 2019 to 4.316 billion yuan in 2024, achieving a 630% growth over five years and an average annual compound growth rate of 44.50% [1] Group 1: Company Growth and Market Position - The company has established a full industry chain layout from chips to complete machines, showcasing strong market competitiveness and industry leadership [1] - Ruichuang Micro-Nano has raised approximately 2.7 billion yuan through capital operations, including IPO and convertible bonds, which has significantly supported its rapid development [3] - The company has released the world's first 8μm 1920×1080 infrared detector chip in 2021 and the world's first 6μm VGA infrared detector chip in 2024, driving advancements in small pixel infrared thermal imaging technology [3] Group 2: Industry Ecosystem and Regional Development - Ruichuang Micro-Nano plays a leading role in the "Yantai Optical and Magnetic Materials Industry Chain," contributing to a total output value exceeding 27 billion yuan by the end of 2024 [7] - The company benefits from a favorable business environment in Shandong Province, which supports the development of chip enterprises through various financial and policy measures [8] - The company has helped establish the Yantai Optical Sensing Industrial Park, attracting several industry-leading companies and creating thousands of high-quality jobs [8] Group 3: Expansion into New Markets - Ruichuang Micro-Nano is expanding its application fields into low-altitude economy, commercial aerospace, and intelligent driving, capturing market opportunities in these emerging sectors [10] - The company provides a variety of products for the drone industry, including thermal imaging modules and microwave RF chips, as the low-altitude economy rapidly develops [10] - In the intelligent driving sector, Ruichuang Micro-Nano is the first domestic infrared chip company to obtain AEC-Q100 automotive-grade certification, enhancing its offerings for automotive applications [11] Group 4: Future Strategy and Vision - The company aims to continue deepening its focus on "multi-dimensional perception + AI," maintaining a full industry chain layout from chips to complete machines [11] - Ruichuang Micro-Nano plans to leverage its core technologies in infrared detectors and thermal imaging modules to build and integrate the optoelectronic industry ecosystem [12]

Group 1 - The U.S. trade policy towards China is experiencing significant changes, particularly in the semiconductor sector, with the potential for new tariffs looming [1] - The U.S. government's recent 301 investigation into China's semiconductor industry aims to impose tariffs by June 2027, complicating the already tense relationship between the two countries [1] - The U.S. national debt has surged to $38 trillion, with interest payments nearing $1 trillion, indicating substantial financial pressure that underpins its aggressive foreign policy stance [1] Group 2 - China has been actively reducing its holdings of U.S. Treasury bonds, reaching a 17-year low, as part of a long-term strategy to enhance economic security and reduce dependence on U.S. monetary policy [3] - The semiconductor supply chain has become a focal point in the U.S.-China competition, with the U.S. employing export controls and tariffs to exert pressure, despite its own reliance on global supply chains [3] - The European Union and Japan are also applying pressure on China, with the EU initiating lawsuits and Japan exhibiting hostility, which collectively intensifies the challenges faced by China [3] Group 3 - China is demonstrating resilience through its vast domestic market and collaboration with emerging markets, effectively countering the pressures from the U.S., EU, and Japan [6] - The U.S. must address its debt and fiscal issues to sustain its aggressive stance against China, but the current situation is bleak with high interest rates and significant debt obligations [6] - China's strategy includes not only reducing U.S. debt holdings but also leveraging its domestic market potential to mitigate the negative impacts of external pressures [6] Group 4 - The future economic competition will hinge on patience and strategic thinking, with the U.S. losing its capacity for a high-intensity trade war due to escalating debt issues [8] - China is actively seeking new avenues for economic development through flexible and multi-layered responses to external pressures [8] - The ongoing strategic competition is expected to yield innovative approaches, with the ability to withstand the test of time determining future positions on the international economic stage [8]

| 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周三成长类指数带动市场走强，市场人气逐步恢复，航天卫星板块涨幅居前。两市 | | | | | 成交额 1.88 万亿元，基本无变化。中证 500 指数收 7352 点，涨 95 点，涨幅 1.31%； | | | | | 中证 1000 指数收 7506 点，涨 113 点，涨幅 1.54%；沪深 300 指数收 4634 点，涨 | | | | 13 | 点，涨幅 0.29%；上证 50 指数收 3025 点，跌 2 点，跌幅-0.08%。行业与主题 ETF | | | | | 中涨幅居前的是卫星产业 ETF、通用航空 ETF 南方、航天 ETF、科创材料 ETF、高端 | | | | | 装备 ETF，跌幅居前的是畜牧 ETF、养殖 ETF、农业 ETF。两市板块指数中涨幅居前 | | | | | 的是航天装备、玻璃玻纤、元器件、商业航天、大飞机指数，跌幅居前的是养殖业、 | | | | | 贵金属、煤炭开采、饲料、游戏指数。中证 500、中证 1000、沪深 300、上证 ...

来源：光大证券微资讯 热点聚焦 1、隔夜，美股三大指数集体收涨，均录得日线5连涨。道指涨0.6%，标普500涨0.32%，纳指涨0.22%。 其中，标普500、道指均创历史收盘新高。当天盘前，英特尔股价直线跳水，盘中跌幅一度超过5%，收 盘跌0.52%。有报道称，英伟达已暂停对英特尔18A制程工艺的测试。同时，英伟达称并未收购AI芯片 初创公司Groq，仅为技术许可安排。此前报道称，英伟达拟以约200亿美元收购Groq。 2、隔夜，国际贵金属期货收盘涨跌不一。COMEX黄金期货持平，报4505.4美元/盎司；COMEX白银期 货涨1.04%，报71.88美元/盎司。12月25日1:16，现货白银短线拉升，向上触及72美元/盎司，日内上涨 0.8%。此前，黄金、白银在创下历史新高之后，一度跳水。北京时间25日5:59纽约尾盘，离岸人民币兑 美元报7.0074元，较周二纽约尾盘涨119点。 3、据环球时报，美国政府23日宣布，将在2027年对华芯片加征关税，结束了拜登政府发起的对华芯片 贸易调查。美媒分析称，尽管美国政府称中方在芯片产业中的做法"损害美国利益"，但最终决定至少在 18个月内不对华芯片加征额外关税。 ...

责任编辑：王珂 据环球时报，美国政府23日宣布，将在2027年对中国芯片加征关税，结束了上届拜登政府发起的针对中 国芯片的贸易调查。 美媒分析称，尽管美国政府称中国在芯片产业中的做法"损害美国利益"，但最终决定至少在18个月内不 对中国芯片加征额外关税。 美媒分析称，尽管美国政府称中国在芯片产业中的做法"损害美国利益"，但最终决定至少在18个月内不 对中国芯片加征额外关税。 彭博社说，暂缓加征新关税是美国政府寻求巩固中美"休战"协议、稳定中美关系的最新信号。 据环球时报，美国政府23日宣布，将在2027年对中国芯片加征关税，结束了上届拜登政府发起的针对中 国芯片的贸易调查。 彭博社说，暂缓加征新关税是美国政府寻求巩固中美"休战"协议、稳定中美关系的最新信号。 责任编辑：王珂 ...

据环球时报，美国政府23日宣布，将在2027年对中国芯片加征关税， 结束了上届拜登政府发起的针对中国芯片的贸易调查。 美媒分析称，尽管美国政府称中国在芯片产业中的做法"损害美国利益"， 但最终决定至少在18个月内不对中国芯片加征额外关税。 彭博社说，暂缓加征新关税是美国政府寻求巩固中美"休战"协议、稳定中美关系的最新信号。 ...

1、美国政府23日宣布将在2027年对中国芯片加征关税，结束上届拜登政府发起的针对中国芯片的贸易 调查，至少在18个月内不对中国芯片加征额外关税。 2、英伟达表示不是收购Groq而是获得技术授权， 将把Groq产品整合到未来的产品中。 3、美国上周初请失业金人数为21.4万人，低于预期22.4万人。 4、俄罗斯方面表示最新美国和平计划缺乏关键条款，将其视为谈判起点但希望作出修改。 5、英特尔 因消息称英伟达暂停测试其18A制程工艺，收盘跌0.52%。 6、耐克涨3%，苹果CEO库克斥资约295万美 元买入50000股耐克股票。 7、德纳维制药涨38%创四年来最大涨幅，因赛诺菲斥资22亿美元收购德纳 维制药。 8、美国能源信息署原定本周公布的原油和 天然气库存数据分别推迟至12月29日和12月30日公 布。 9、欧盟强烈谴责美国对欧委会前委员实施签证限制。 10、泽连斯基公布20点俄乌和平计划草案， 俄罗斯欲修改该方案。 11、中国人民 银行货币政策委员会2025年第四季度例会指出要继续实施适度宽 松的货币政策，加大逆周期和跨周期调节力度。 12、中国人民银行12月25日开展4000亿元1年期MLF操 作。 1 ...

【环球时报驻美国特约记者 冯亚仁 环球时报记者 张依依】美国政府23日宣布，将在2027年对中国芯片 加征关税，结束了上届拜登政府发起的针对中国芯片的贸易调查。美媒分析称，尽管美国政府称中国在 芯片产业中的做法"损害美国利益"，但最终决定至少在18个月内不对中国芯片加征额外关税。彭博社 说，暂缓加征新关税是美国政府寻求巩固中美"休战"协议、稳定中美关系的最新信号。 美国政府的最新声明为持续一年对中国传统芯片的调查画上句号。美国《纽约时报》称，这些芯片被广 泛应用于智能手机、汽车、家用电器、电信网络甚至军事武器中。报道称，近年来，美国两党议员日益 担忧，美国对这些产品的依赖程度不断加深，可能构成"国家安全威胁"，"中国已在老旧芯片的生产领 域投入巨资，使得生产类似产品的美国工厂难以维持运营"。 "这一领域近年来在中国发展迅猛。美国试图通过关税措施，缓解国内企业在成熟芯片市场的竞争压 力，同时降低对中国芯片供应的依赖。"商务部研究院研究员周密24日对《环球时报》记者表示，芯片 产业具有高度全球化特征，单纯依靠关税措施难以重塑产业格局。若美方最终采取行动，其将经贸问题 政治化的做法不仅可能扰乱市场机制、推高各方成本 ...

Group 1: Real Estate Policy - Beijing has implemented new real estate policies to stabilize the market, including reducing the social security or tax payment duration for non-Beijing residents to purchase homes within the Fifth Ring Road from 3 years to 2 years, and from 2 years to 1 year outside the Fifth Ring Road [2][7] - The new policies also support multi-child families, allowing eligible families to purchase additional homes within the Fifth Ring Road [2][7] - Credit policies have been optimized, with no distinction between first and second home loan interest rates, and the down payment ratio for second homes using public housing funds reduced to 25% [2][7] Group 2: Currency and Commodities - The offshore RMB briefly surpassed the 7.0 mark against the USD, reaching a low of 6.9999, driven by improved supply-demand dynamics and a declining USD index [2][7] - The global precious metals market saw significant gains, with gold surpassing $4500 per ounce, silver exceeding $72 per ounce, platinum breaking $2300 per ounce, and copper reaching $12159.50 per ton, influenced by liquidity expectations and supply-demand imbalances [2][7][8] Group 3: Stock Market Activity - A-shares financing balance reached a historic high of 25,145.96 billion yuan, increasing by 6,764.47 billion yuan since the second half of the year, indicating heightened market activity [3][8] - The AI hardware sector saw strong performance, with companies like Zhongji Xuchuang and Yingweike reaching new highs, following news of Nvidia's plans to deliver H200 chips to China [3][8] - Intel's stock fell over 5% in pre-market trading due to Nvidia pausing tests on Intel's 18A process technology, raising concerns about Intel's market position despite previous investments [3][8] Group 4: Economic Outlook - Analyst Ren Zeping describes the current bull market as a once-in-a-decade event, driven by policy easing, technological revolutions, and abundant liquidity, which are expected to support economic recovery and market growth [4][9] - The National Development and Reform Commission plans to accelerate the introduction of major foreign investment projects and improve the business environment to attract foreign capital [5][9] - The central bank and eight departments issued guidelines to support the construction of the Western Land-Sea New Corridor, proposing 21 measures to enhance financial cooperation and promote high-quality development [5][10]

周三（12月24日），美股低开高走，三大指数连涨五日，其中道指和标普收于新高。由于逢圣诞夜，美股周三提前3 小时收盘，周四圣诞节全天休市。 截至收盘，道琼斯指数涨0.6%，报48731.16点，刷新了12月11日录得的收盘纪录；标普500指数涨0.32%，报6932.05 点，连续第二日收新高，另还创下了6937.32点的盘中纪录；纳斯达克综合指数涨0.22%，报23613.31点。 大型科技股多数收涨，（按市值排列）英伟达跌0.32%，苹果涨0.53%，谷歌C微跌0.01点，微软涨0.24%，亚马逊涨 0.1%，Meta涨0.39%，博通涨0.26%，特斯拉跌0.03%。同时，科技股整体走强，全球存储芯片巨头美光科技收涨 3.77%，年内涨幅超过241%；Sandisk收涨2.12%，西部数据涨0.73%，年内涨幅分别达到613%和300%。 | く 赋 | 知名美股() | | Q | | --- | --- | --- | --- | | 名称 | 最新, | 涨幅。 总量 | | | 特斯拉 TSLA | 485.400 | -0.03% 4129万股 | | | 英伟达 NVDA | 188.610 ...