中国银河：每日晨报-20250122

Macro Insights - The inauguration of President Trump on January 20, 2025, emphasized the "America First" ideology, focusing on domestic issues over foreign policy, particularly in North America [2][3] - Trump's administration is expected to prioritize internal policies, potentially leading to external conflicts if domestic issues remain unresolved [2] Fixed Income and Equity Market - The improved performance of the equity market is reflected in the "Improved Dual Low Strategy," which outperformed benchmarks with a return of 3.2% compared to the benchmark's 2.2% [7] - The overall market saw a rebound, with the total A-share index rising by 3.5% and convertible bonds increasing by 2.5% [7] Travel and Education Sector - The travel demand is returning to rational levels, with outbound travel and international business driving growth for OTA platforms. Domestic air passenger volume increased by 10% year-on-year in Q4 2024, while international passenger flow surged by 62% [11] - The education sector shows resilience, with K12 education demand remaining strong. New Oriental is expected to see a revenue increase of 25%-28% year-on-year in Q2 2025 [13] New Energy Sector - The sixth batch of equipment for ultra-high voltage projects has been announced, with a total procurement amount of 82.26 billion yuan, indicating sustained high demand in the sector [17][19] - The construction of ultra-high voltage projects is expected to remain robust, with significant policy support and a projected delivery peak in 2025 [21] Digital Economy - The shift from "digital economy and entity economy deep integration" to "entity economy and digital economy deep integration" highlights the importance of the real economy in embracing digital technology [23] - Digital technology is expected to empower traditional industries and future industries, enhancing efficiency and driving high-quality development [26] Green Finance - Green finance is crucial for achieving sustainable economic growth and climate change mitigation, with a focus on innovative financial mechanisms to direct capital towards low-carbon projects [28] - Challenges in green finance include the lack of unified standards and transparency, which hinder cross-border investments [29]