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The organization looks forward to the semiconductor industry in 2025: the AI ​ ​ replacement tide leads the growth, and the semiconductor ETF(512480) may usher in new development opportunities. On December 13, the semiconductor ETF(512480) closed down by 1.38%, with a turnover of 1.671 billion yuan. The constituent stocks are mixed, and Zhaoyi Innovation leads the rise. In terms of decline, SMIC led the decline. CICC said that after the boom in 2024, it is expected that the inventory of the semiconductor industry will stabilize and the relationship between supply and demand will be more balanced in 2025. With the gradual landing of AI cloud and end demand, domestic semiconductor elements will usher in new development opportunities. In addition, the AI-changing tide has a pulling effect on the downstream demand of the semiconductor design sector, which is expected to accelerate the growth of the semiconductor design sector in 2025 and inject new vitality into the industry.FTSE China A50 index futures fell 2%.Shenzhen Stock Exchange: The Shenzhen Stock Exchange, together with the Financial Office of Henan Provincial Party Committee, Henan Securities Regulatory Bureau and Zhengzhou Municipal Party Committee and Municipal Government, jointly held an industrial exchange meeting on "Shenzhen M&A Revitalizing Quality". This activity focused on the advantageous industries of high-end equipment manufacturing in Henan Province, discussed in depth the development characteristics of the industry and the main points of M&A investment, built an exchange platform, conveyed the concept of supervision, supported the integration of upstream and downstream of the industrial chain, strictly prevented insider trading in M&A and reorganization, and helped Henan develop new quality productivity according to local conditions. Next, Shenzhen Stock Exchange will continue to implement the requirements of "Six Articles on M&A" in accordance with the unified deployment of China Securities Regulatory Commission, adhere to the direction of marketization, adhere to the major strategy of serving the country, give full play to the role of the capital market as the main channel in enterprise M&A and reorganization, take various measures to support listed companies to standardize M&A and reorganization, promote the landing of high-quality cases, strengthen exchanges with market players, and strive to create a healthy and orderly market ecology.

The Zhuhai earthquake did not meet the emergency response standard, so citizens need not worry too much. On December 13th, some Zhuhai citizens felt obvious vibration, and many people suspected that an earthquake had occurred. Some citizens felt the vibration during lunch break, and some people felt the building shaking in the office. On the afternoon of the 13th, the reporter called the Seismological Bureau of Guangdong Province, and the relevant staff responded that at about 1: 25 noon on December 13th, a magnitude 2.1 earthquake occurred in the urban area of Zhuhai, so citizens need not worry too much. Because the magnitude of the earthquake did not reach the preset emergency response standard, the relevant departments did not start the emergency response mechanism, so the earthquake quick report information was not released. The staff member said that the bureau is also concerned about the public's concern about the earthquake, and is currently conducting corresponding research and judgment, and will issue corresponding research and judgment opinions later. (Nanfang Daily)Hengrui Pharma: SHR-2173 injection was approved for clinical trial. Hengrui Pharma announced that its subsidiary, Guangdong Hengrui Pharma Co., Ltd., received the Notice of Approval for Clinical Trial of SHR-2173 injection approved and issued by National Medical Products Administration, and agreed to carry out clinical trial. The indication is lupus nephritis. SHR-2173 injection is a therapeutic biological product independently developed by the company, and the research and development expenses have been invested about 45.03 million yuan. The period from research and development to listing of drugs is long, there are many links, and there are uncertain factors. The company will actively promote research and development projects and fulfill its information disclosure obligations.On the 13th, the European futures of the container freight index rose by 7.03%, and the latest main contract positions changed as follows. According to the data of the exchange, as of December 13th, the European futures of the main contract container freight index closed at 2502, up or down by +7.03%, with a turnover of 41,900 lots. The position data showed that the top 20 seats were net, and the difference position was 3,022 lots. A total of 78,900 lots of European futures contracts were traded, an increase of 8,599 lots over the previous day. The first 20 seats in the contract held 25,100 lots, an increase of 466 lots over the previous day. The short positions in the top 20 seats of the contract were 22,100 lots, a decrease of 120 lots from the previous day. (Sina Futures)

-40.8℃！ Bayinbuluke, Xinjiang refreshed the lowest temperature in the country in winter. With the strong invasion of cold air, the temperature in many places in Xinjiang hit a new low. On December 12th, according to the live ranking of the lowest temperature by the Central Meteorological Observatory, the lowest temperature in Bayinbuluke reached -40.8℃ from 15: 00 on December 11th to 14: 00 on December 12th, making it the top of the national lowest temperature list in this period, 5.4℃ lower than the Tuli River in Inner Mongolia, which ranked second, and becoming the first national weather station in China to fall below -40℃ after winter. (Xinjiang Daily)On the 13th, the European futures of the container freight index rose by 7.03%, and the latest main contract positions changed as follows. According to the data of the exchange, as of December 13th, the European futures of the main contract container freight index closed at 2502, up or down by +7.03%, with a turnover of 41,900 lots. The position data showed that the top 20 seats were net, and the difference position was 3,022 lots. A total of 78,900 lots of European futures contracts were traded, an increase of 8,599 lots over the previous day. The first 20 seats in the contract held 25,100 lots, an increase of 466 lots over the previous day. The short positions in the top 20 seats of the contract were 22,100 lots, a decrease of 120 lots from the previous day. (Sina Futures)During the policy landing period, the market may become a structural market, which is expected to further benefit the performance of high-interest stocks. On December 13, the Standard & Poor's dividend ETF(562060) closed down by 1.93%, with a turnover of 35.7287 million yuan. Puyin International pointed out that next year, before the two sessions next year, it will enter the policy landing period, and more detailed policies will be gradually implemented. The superimposed overseas uncertainty may increase with Trump's coming to power, so we expect the market to present a structural market. Based on the profit growth rate, capital stock, liquidity and market sentiment, the overall performance of A shares may be more stable than that of overseas Chinese shares. Investment trading strategy suggests both offensive and defensive. When the market sentiment improves and the stock index rebounds, it is expected that the high beta sector, such as non-bank finance, optional and mandatory consumption, real estate and other sectors and individual stocks may be more elastic. When the market sentiment is low and the stock index fluctuates downward, funds may prefer more defensive sectors, such as telecommunications services. There are many high-quality and high-interest stocks in the defensive sector. There is still room for the Bank of China to cut interest rates further next year, which is expected to further benefit the performance of high-interest stocks.