渤海证券研究所晨会纪要（2025.12.26）-20251226

Macro and Strategy Research - The report indicates that with the easing of uncertainties in US-China trade, external demand is expected to remain stable, while effective domestic demand still needs to be boosted [2] - The central economic work conference has set a relatively restrained overall policy for 2026, but structural policy optimization is expected to bring some highlights [2] - The report forecasts that the scale of equity public funds will continue to expand, and financing scale is expected to maintain steady growth, supporting positive liquidity expectations in the investment sector [3] - The market is anticipated to return to a slowly rising central trend after recent fluctuations, with a focus on long-term investments and thematic investments, particularly in technology sectors [3] Industry Research - The report highlights that companies like Zhipu and MiniMax are progressing towards IPOs in Hong Kong, which may provide key benchmarks for industry valuation and financing systems [5] - ByteDance is projected to invest approximately 160 billion yuan in AI infrastructure in 2026, indicating significant capital inflow into the AI sector [5] - Google's parent company has acquired Intersect for $4.75 billion, enhancing its data center power layout, which reflects ongoing investment trends in the tech industry [6] - The report notes that the computer industry has seen a 1.27% increase in the Shenwan Computer Index from December 18 to December 24, with most sub-sectors experiencing growth [6] - The report emphasizes that the successful IPOs of Zhipu and MiniMax could lead to a virtuous cycle of R&D investment and commercialization in the AI sector [6] - Domestic enterprises are accelerating their layout in consumer applications, which is expected to help form a comprehensive AI business ecosystem [6]