海通证券晨报-20250912

Fixed Income Research - The bond market may have completed a "five-wave" cycle and is now entering an adjustment phase, with historical data suggesting that the decline from the peak could be around 30%-35% of the previous gains [1][3][30] Coal Mining Research - The fundamental reason for the frequent global electricity shortages is the rapid growth in electricity demand, while structural bottlenecks on the supply side remain unresolved. Traditional energy sources, particularly coal-fired power, will continue to be the ballast of the global electricity system in the medium to long term [5][7][8] - Global electricity demand is expected to grow at a rate of 4.4% in 2024, significantly outpacing the global GDP growth of 2.9%. This growth is driven by deep electrification in the industrial sector, rapid expansion of data centers driven by artificial intelligence, and increased extreme weather events due to global climate change [6][7] Power Equipment and New Energy Research - Solid-state batteries are identified as the next generation of high-performance batteries, with increasing demand for oxide semi-solid batteries and the potential for sulfide all-solid-state batteries to demonstrate their capabilities. Continuous advancements in the industry are expected to enhance the trend of solid-state battery markets [9][10][11] - The solid-state battery market has transitioned from being demand-driven to being driven by new technologies, with significant developments expected in various fields, including consumer batteries and electric vehicles [12][13]