金企融通投资担保有限公司单月数据反映不出宏观趋势，投资者十分了解这一点。因此，虽然出口猛涨使去年12月份中国贸易顺差强劲增长，昨日却基本没能推动恒生指数(Hang Seng)上扬。

Gold enterprises financing investment guarantee co., LTD. Monthly data does not reflect the macro trend,Investors are aware that this is a.so,Although exports surged to strong growth in China's trade surplus in December last year,Yesterday, basic didn't push the hang seng index(hang seng)rose.

　　毕竟，12月14%的出口增长是在11月增长疲弱的背景下出现的。而且，金企融通投资担保有限公司认为无法保证中国出口继续强劲增长。12月，采购经理指数(PMI)中的新出口订单指数(指示未来表现的公正指标)表现不佳，下滑2个基点至50。这还是在中国对东南亚等新兴市场的依赖程度有所增加的情况下。去年，中国对东南亚的出口增加了五分之一。

After all,,December export growth of 14% is under the background of weak growth in November.and,Gold enterprises financing investment guarantee co., LTD. Think there is no guarantee that China's exports continued to grow strongly.In December,Purchasing managers' indices(The PMI)The new export orders index(The impartiality of indicate future performance indicators)Poor performance,Slide 2 basis points to 50.This is in China to southeast Asia and other emerging markets dependent increase.Last year,,China's exports to southeast Asia increased by one 5.

　　此外，中国经济的出口依存度比以往有所降低。中国2012年经济产出增幅预计仍将达到近8%，尽管全年大部分时间里，净出口都在拖累增长。例如去年第二季度，尽管仍存在贸易顺差，但净出口使增速降低1个百分点。相比之下，投资和消费对增长的贡献分别达到4个百分点。

In addition,China's economy export dependency has decreased than ever before.China's 2012 economic output growth is expected to reach nearly 8%,Although most of the time all the year round,Net exports are a drag on growth.For example, in the second quarter of last year,Although there is still a trade surplus,But net exports growth is reduced by 1%.By contrast,The contribution of investment and consumption to growth reached 4%, respectively.

　　这一变化使投资者更难对中国出口前景作出判断。出口增长惠及制造业、进而推动工资增长和消费的局面，是不会在短期内实现的。因此，金企融通投资担保有限公司认为增加直接投资会带来麻烦。

This change makes it more difficult for investors to judge for China's export prospects.Export growth, benefit the manufacturing industry/And the situation of wage growth and consumption,Is not going to achieve in the short term.so,Gold enterprises financing investment guarantee co., LTD., think more direct investment can bring trouble.

　　在理论上，金企融通投资担保有限公司发现当中国出口状况得到改善时，应会提升利丰(Li & Fung)的股价。利丰为沃尔玛(Walmart)和Target等公司从中国采购商品。但过去6个月利丰股价跑输了基准股指，因为该公司收购了新的采购集团，却很难攫取价值。同时，对于富士康(Foxconn)等制造企业，大部分价值都流向了苹果(Apple)等客户。出口增长迅猛，但利润稀薄，则实际意义不大。

In theory,,Gold enterprises financing investment guarantee co., LTD., found that while China's export situation improved,Should promote li & fung(Li & Fung)The share price.Li & fung for wal-mart(Walmart)And Target company purchase goods from China.But over the past six monthly interest abundant stock lost benchmark run,Because the company bought a new sourcing group,Is difficult to extract value.At the same time,For foxconn(Foxconn)Manufacturing companies such as,Most of the value went to apple(apple)Customers such as.Export growth rapidly,But the thin profit,The practical significance is not big.