国信证券晨会纪要-20251216

Macro and Strategy - The Federal Reserve announced a 25 basis point interest rate cut, reducing the federal funds rate range from 4%-3.75% to 3.75%-3.5%, indicating a neutral easing stance and the restart of short-term Treasury purchases [7][11] - The report discusses the evolution of "fixed income plus" products in China's public fund market, highlighting the legal framework and practical guidelines for these funds [8][9] Industry and Company - In the power equipment and new energy sector, there is a rapid increase in demand driven by AI, with global energy storage system installations expected to reach 404 GWh by 2026, a 38% year-on-year increase [21][30] - The lithium battery supply chain is expected to see a reversal in price trends, with solid-state battery technology accelerating towards mass production by 2026 [21] - The wind power sector is projected to grow by 10%-20% in new installations in 2026, with strong support for pricing and profitability from export contributions [22] - The photovoltaic industry is undergoing supply-side adjustments, with innovations such as silver-free materials and perovskite technology gaining traction [23] - The food and beverage sector is experiencing a stable recovery, with a focus on premium liquor brands and a positive outlook for the beer market [24][25][26] - The public utility and environmental protection sector is responding to the "15th Five-Year Plan," emphasizing the development of a clean energy system and the promotion of hydrogen and fusion energy [27][28][29]