长城基金韩林：端侧AI将迎密集催化，消费电子或有反弹机会

Core Viewpoint - The Central Political Bureau of the Communist Party of China held a meeting on December 8 to analyze the economic work for 2026, emphasizing a stable yet progressive macroeconomic policy, with a focus on more proactive fiscal policies and moderately loose monetary policies [1][3]. Economic Policy - The meeting highlighted the need to enhance macroeconomic governance effectiveness through integrated effects of existing and new policies, increasing counter-cyclical and cross-cyclical adjustments [1][3]. - There is an expectation for a positive economic policy tone that could boost market confidence regarding economic recovery and corporate profitability in the coming year [3]. Industry Trends - In the AI sector, a significant change noted is the increased attention on Google's chain, particularly with the success of the Nano Banana Pro model, which demonstrates the effectiveness of the scaling law, alleviating concerns about sustained demand for computing power [4]. - Companies in the A-share overseas computing power supply chain are beginning to benefit from structural incremental demand, with some firms opening up growth potential for the future [4]. Market Outlook - The upcoming December AI product launches, such as AI glasses and AI smartphones, are expected to catalyze a rebound in the consumer electronics sector, which has been under pressure due to rising storage prices [2][4]. - There is a particular focus on the performance recovery opportunities within the Apple supply chain, which is seen as relatively solid [2][4].