投资有风险，入市需谨慎 国内外宏观经济数据 股指、黄金周度报告 新纪元期货研究 20251212 今年11月进口同比增长1.9%，出口同比增长5.9%，增速分别较上月加快0.9和7个百分 点。CPI同比上涨0.7%,涨幅较上月扩大0.5个百分点，PPI同比下降2.2%，降幅比上月 扩大0.1个百分点，主要受去年同期基数抬升和部分工业品价格下跌的影响。 期货6+" 目标导向，问题出口: 惠农保价稳产 数据来源：同花顺iFind 新纪元期货研究 期货6+" 目标导向，问题出口: 股指、黄金现货价格走势 IF 惠农保价稳产 IC IH AU 数据来源：同花顺iFind 新纪元期货研究 股指基本面数据 随着"两新"政策的效用边际减弱，以及汽车、家电、移动通讯等耐用品需求提前释 放，相关行业利润增长放缓，下游企业经营压力依然较大，仍在主动去库存阶段。 利率 流动性 沪深两市融资余额上升至24888.31亿元，央行本周共开展6685亿7天期逆回购操作， 实现净投放47亿元。 数据来源：同花顺iFind 新纪元期货研究 企业盈利 资金面 黄金基本面数据 惠农保价稳产 无风险利率：持有成本 通胀水平 美联储12月会议如期降息 ...

Group 1 - Liu Wei resigned from the position of securities affairs representative at Ruima Precision due to personal reasons, and her responsibilities have been successfully handed over, ensuring no disruption to the company's operations [1][1][1] - For the first half of 2025, Ruima Precision's revenue composition is as follows: automotive industry accounts for 79.85%, mobile communications for 12.72%, electronics and electrical for 4.96%, and others for 2.47% [1][1][1] - As of the report date, Ruima Precision has a market capitalization of 3.4 billion yuan [1][1][1] Group 2 - The global chip industry is experiencing significant upheaval, with Google's TPU chip emerging as a major player, potentially impacting Nvidia, which has seen a market value loss of 400 billion yuan [1][1][1] - The competitive landscape is shifting, raising concerns about Nvidia's market position and its previously established competitive advantages [1][1][1]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - In the short - term, stock index futures have risen sharply due to policy, capital, and sentiment factors, but corporate earnings have not significantly improved, so be wary of adjustments caused by profit - taking. Gold rebounds in the short - term, but pay attention to increased volatility risks. In the medium - to long - term, the stock index maintains a wide - range oscillation, and gold faces a risk of deep adjustment [32]. 3. Summary According to Related Catalogs 3.1 Domestic and Foreign Macroeconomic Data - From January to July this year, the profits of industrial enterprises above designated size decreased by 1.7% year - on - year, and the inventory of finished products increased by 2.4% year - on - year, with the growth rate falling for four consecutive months, indicating insufficient terminal demand and high operating pressure on downstream enterprises [4]. 3.2 Stock Index Fundamental Data 3.2.1 Corporate Earnings - The decline in the profits of industrial enterprises above designated size has narrowed marginally, but there is a differentiation in operating efficiency among different industries. The profits of high - end and equipment manufacturing industries maintain rapid growth, while those of industries such as textiles, chemical fibers, and plastics decline more [15]. 3.2.2 Capital - The margin trading balance in the Shanghai and Shenzhen stock markets has exceeded 2.2 trillion yuan, hitting a record high. The central bank has carried out 2273.1 billion yuan of 7 - day reverse repurchase and 600 billion yuan of 1 - year MLF operations this week, achieving a net investment of 496.1 billion yuan [19]. 3.3 Gold Fundamental Data 3.3.1 Risk - free Interest Rate: Holding Cost, Inflation Level - In the US, durable goods orders decreased by 2.8% month - on - month in July, and the consumer confidence index dropped from 98.7 to 97.4 in August, indicating a slowdown in manufacturing activities and pressure on employment. The market has repeatedly digested the expectation of a Fed rate cut in September, and the US Treasury yield has declined slightly [22]. 3.3.2 US Consumer Confidence Index, Employment Situation - Affected by Trump's tariff policy, US manufacturing activities have slowed down significantly, downstream durable goods orders have declined, and employment is under pressure [22]. 3.3.3 Domestic and Foreign Gold Inventory Situation - Shanghai gold futures warehouse receipts and inventory have increased significantly, while New York futures inventory has continued to decline, and market bullish sentiment has cooled [29].

Group 1 - The company, Ruima Precision, announced a provision for asset impairment totaling 27.9072 million yuan, which will reduce the net profit attributable to shareholders by 22.6395 million yuan for the first half of 2025 [1] - The revenue composition for Ruima Precision in the first half of 2025 is as follows: automotive industry accounts for 79.85%, mobile communications 12.72%, electronics and electrical 4.96%, and others 2.47% [1]

Core Insights - The acquisition of Sky Mobile, the operator of Beeline Kyrgyzstan, by OAO Эльдик Банк has been completed, marking a significant move in the telecommunications sector in Kyrgyzstan [1] - This transaction is supported by President Zaparov and is part of the national development strategy aimed at enhancing national interests and modernizing the economy [1] - The acquisition is expected to create new opportunities for integrating modern financial and digital services, improving accessibility to technology for citizens and businesses, and fostering innovation [1] - The deal adheres to international standards of transparency and corporate governance, which is anticipated to improve the investment environment and promote sustainable development in key economic sectors [1]

Event Overview - The 2025 MWC Shanghai Mobile Communication Conference will be held from June 18 to 20, 2025, serving as a key platform for showcasing the latest developments and strategies in the mobile industry in China and the Asia-Pacific region [1] - MWC is one of the largest and most influential exhibitions in the global mobile communication field, featuring leading companies, experts, government departments, and decision-makers [1] Key Themes and Agenda - The conference will focus on four main themes: Artificial Intelligence+, 5G Integration, Empowering Connectivity, and Industry Connectivity, with industry leaders delivering keynote speeches [1] - A detailed agenda includes various summits and sessions, such as the IoT Summit and Open Gateway Summit, scheduled throughout the event [2] Industry Growth Projections - According to the GSMA's report on the mobile economy in the Asia-Pacific region, the mobile industry is expected to contribute over $1 trillion by 2030, with growth rates in the region anticipated to exceed the global average due to the accelerated application of 5G technology [3] Historical Performance of Leading Companies - ZTE Corporation announced ten innovative products and solutions related to 5G-A during the MWC 2024, experiencing a continuous rise in stock prices before and during the conference [4] Participating Companies - Notable speakers at the conference will include executives from major companies such as Meige Intelligent, Unisoc, ZTE, China Mobile, and China Unicom, among others [6]