国信证券晨会纪要-20260112

Macro and Strategy - The global commodity market has entered a structural uptrend since the end of 2025, with industrial and precious metals leading the rise, driven by geopolitical uncertainties and a shift in global economic structure [7][8] - The demand for computing power is driving a divergence in commodity prices, with significant increases in copper and oil ratios indicating a new economic growth model centered around "computing power + electricity" [7][8] - The macroeconomic indicators show a recovery in China's economy, with December's manufacturing PMI returning above the expansion threshold, indicating effective policy support [10][11] Industry and Company - The AIDC power equipment sector is expected to benefit from the surge in data center construction, with major tech companies accelerating their investments in AI data centers [26][27] - The solid-state battery industry is experiencing rapid industrialization, with significant improvements in profitability expected for lithium battery companies in 2026 due to ongoing demand for energy storage [26][30] - The global energy storage demand is projected to reach 404 GWh in 2026, a year-on-year increase of 38%, driven by market demand and supportive government policies [28] - Wind power equipment manufacturers are expected to see improved profitability in 2026, with domestic installations projected to grow by 10%-20% [28] - The electric grid equipment sector is anticipated to experience increased demand, particularly with the acceleration of ultra-high voltage approvals and the introduction of new smart meter standards [29]