第一创业晨会纪要-20260112

Macro Economic Group - In December, China's CPI increased by 0.8% year-on-year, matching expectations, and up from 0.7% in November. Core CPI also remained stable at 1.2% year-on-year [5] - December's PPI decreased by 1.9% year-on-year, slightly better than the expected decline of 2% [6] - The U.S. non-farm payrolls increased by 50,000 in December, below the expected 60,000, while the unemployment rate fell to 4.4% [7][8] Industry Comprehensive Group - TSMC reported a revenue of NT$335 billion in December 2025, a 2.5% decrease from November but a 20.4% increase year-on-year. The fourth quarter revenue reached NT$1.05 trillion, approximately US$33.1 billion, exceeding market expectations [10] - The competition for satellite orbital resources between China and the U.S. has officially begun, with significant implications for satellite manufacturing and commercial rocket industries [11] Advanced Manufacturing Group - Starting April 1, 2026, China will cancel the VAT export rebate for photovoltaic products and reduce the rebate for battery products from 9% to 6%. This is expected to stabilize export prices and enhance product structure upgrades in the battery industry [13] - In December, the retail sales of new energy passenger vehicles reached 1.337 million units, a year-on-year increase of 2.6%, with a penetration rate of 59.1% in the domestic market [14] Consumer Group - Mao Geping has launched new products and formed a strategic partnership with LVMH's investment firm, aiming to enhance its global presence in the beauty market. This collaboration focuses on expanding high-end retail channels and establishing a beauty investment fund [16] - The CES 2026 highlighted the importance of LiDAR technology, which is expected to drive the growth of smart lawn mowers and other intelligent devices, with the global market projected to reach US$4 billion by 2028 [17]