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The yield spread of US 10-year Treasury bonds relative to China's has widened to about 250 basis points, the largest in 22 years.Laiyifen set up a business development company including integrated circuit business. The enterprise search APP shows that recently, Shanghai Laiyifen Future Domain Business Development Co., Ltd. was established, with the legal representative of Yu Ruifen and the registered capital of 1 million yuan. Its business scope includes: the second type of value-added telecommunications business; Internet information service; Communication equipment sales; Integrated circuit chips and product sales; Integrated circuit sales, etc. Enterprise investigation shows that the company is wholly owned by Laiyi.Zou Yingguang, General Manager of CITIC Securities: It is expected that the demand for cross-border investment and financing at home and abroad will be further released. At the investor open day of CITIC Securities in 2024, Zou Yingguang, General Manager of CITIC Securities, said that the demand for two-way cross-border investment and financing is very strong, whether it is a China enterprise "going abroad" or an overseas investor "coming to China". Among them, with the rapid evolution of China's new open economic system, cross-border finance will usher in greater development space, and securities companies will be in cross-border finance. In the medium and long term, China's macro securitization rate is still accelerating, the internationalization of Chinese-funded enterprises will continue to increase, and the opening up of China's capital market will continue to increase. It is expected that the demand for cross-border investment and financing from domestic and foreign customers will be further released.

Treasury futures rose by 0.30%, the 30-year main contract rose by 0.30%, and the 30-year main contract rose by 0.30%, a record high. The 10-year main contract rose by 0.12%, the 5-year main contract rose by 0.05% and the 2-year main contract rose by 0.02%.Wang Xiaochuan Baichuan Intelligent has set up a technology company in Ningbo with a number of AI businesses. According to enterprise investigation, recently, Ningbo Baichuan Ronghui Technology Co., Ltd. was established with Wang Xiaochuan as the legal representative and a registered capital of 70 million US dollars. Its business scope includes artificial intelligence dual-creation service platform, artificial intelligence theory and algorithm software development, artificial intelligence basic software development, artificial intelligence general application system, artificial intelligence public data platform and artificial intelligence public service platform technical consulting service. Equity penetration shows that the company is wholly owned by BAICHUAN AI (HK) LIMITED.The ethylene plant of ExxonMobil Huizhou Ethylene Phase I Project entered the commissioning stage, and ExxonMobil China announced that in December 2024, the 1.6 million tons ethylene plant of ExxonMobil Huizhou Ethylene Phase I Project was handed over to China and entered the commissioning stage in an all-round way. ExxonMobil Huizhou Ethylene Project is located in Huizhou Daya Bay Petrochemical Park. The first phase of the project mainly includes ethylene plants, high-end polyethylene and polypropylene production plants in the middle and lower reaches, and supporting utilities, docks, storage and transportation and environmental protection facilities.

In the inter-bank market, the yield of the active 10-year treasury bond "24 Treasury Bond with Interest 11" dropped by 1bp to 1.815%. Wind data shows that compared with yield to maturity, a Chinese bond with the same term, it hit a record low.Ping An Securities: The gold price center is expected to increase in 2025. Ping An Securities released the 2025 annual strategy report of nonferrous metals and new materials industry, saying that nonferrous metals have entered a stage of high fluctuation in 2024, and the main pricing lines and core variables have changed to varying degrees. 2025 is still a year in which the core contradictions of various varieties continue to ferment, and the monetary attributes of precious metals represented by gold are expected to continue to be prominent. It is expected that the gold price center will still improve throughout the year, and it is recommended to pay attention to Shandong gold and Zhongjin gold; The long-term resource bottleneck of industrial metal copper has bottomed out, and the demand elasticity driven by internal and external policies is expected to be gradually released. It is suggested to pay attention to Zijin Mining and Luoyang Molybdenum Industry; The supply and demand pattern of electrolytic aluminum continues to improve, and the demand side maintains a high growth rate under the shrinking supply elasticity, and the long-term center of aluminum price is expected to further rise. It is recommended to pay attention to Tianshan Aluminum, China Aluminum, Shenhuo and Yunnan Aluminum. Tin resources are in short supply or accelerated transmission, and the gap between supply and demand is further enlarged. It is suggested to pay attention to tin industry shares; At the bottom of the energy metal industry, it is confirmed that enterprises with lower valuation level may enjoy greater flexibility under the marginal improvement of fundamentals. It is recommended to pay attention to enterprises with significant integration advantages, and it is recommended to pay attention to China Mining Resources, Tianqi Lithium Industry and Huayou Cobalt Industry.The Russian Foreign Ministry condemned the United States for providing Ukraine with the proceeds from Russia's frozen assets and announced retaliatory measures. The Russian Foreign Ministry issued a statement on the 11th local time, condemning the United States for providing Ukraine with a loan of $20 billion with the proceeds from frozen Russian assets as collateral, calling this behavior "theft". According to a report quoted by Russian Tass news agency from Russian Ministry of Finance, in retaliation, Russia will use the proceeds from the frozen assets of western countries in Russia to support Russia's regional and economic development.