国泰海通晨报-20251223

Group 1: Strategy Research - Global asset performance shows significant divergence, with developed European equities rising while emerging Asian equities decline. COMEX silver saw a weekly increase of 9.4%, with an annual increase exceeding 120%. The Federal Reserve has brought forward its interest rate cut expectations for 2026 [3][4][5] Group 2: Food and Beverage Research - Wuliangye held its 29th conference, emphasizing a pragmatic attitude and commitment to reform. The company aims to anchor its market share goals for 2026, maintaining a balance between volume and price, and focusing on product and channel collaboration to solidify its industry-leading position [3][8][9] Group 3: Oil and Chemical Research - Since Q4 2025, crude oil prices have been on a downward trend, with Brent crude closing at $59.68 per barrel as of December 18, 2025, a decrease of 12.43% since early September. Upstream oil and gas extraction companies are expected to face profit pressure, while refining businesses may see improved profitability due to expanded price differentials [3][11][12][14] Group 4: Automotive Research - The draft "Automotive Industry Price Behavior Compliance Guidelines" is expected to advance the anti-involution process in the automotive sector. This guideline aims to regulate pricing behaviors of automotive manufacturers and dealers, potentially alleviating price wars and improving profit margins for dealers [3][15][16][17]