国信证券：晨会纪要-20241220

Macro and Strategy - The Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 4.25-4.5% during the December FOMC meeting [4] - December market interest rates are expected to rise due to a generally tight year-end funding environment, with a seasonal increase in market rates [4] Fixed Income Research - Government debt issuance is nearing completion, with net financing of 213.6 billion in the 50th week and -77.3 billion in the 51st week, totaling 9.35 trillion for the year, achieving 104% of the target [5] - The fiscal policy for 2025 is expected to be more aggressive, with a deficit rate increase from 3% to 3.5-4.0% and new local special bonds rising to 4-4.5 trillion [5] Industry and Company - The uranium market is experiencing a significant increase in demand driven by both civilian nuclear power and military applications, with global uranium demand projected to reach 67,517 tons in 2024, and China accounting for 13,132 tons [9] - The supply of uranium is expected to face a growing deficit starting in 2026, with the supply gap projected to reach 1,427 tons in that year and expand annually thereafter [9] - The petrochemical industry is anticipated to improve in 2025, with a recovery in chemical prices and a recommendation for investments in oil, natural gas, and phosphate chemicals [13]