光大证券晨会速递-20260227

Group 1: Macro Insights - The report discusses Trump's second term State of the Union address, focusing on tariffs, livelihood, and electricity as key topics [1] - It mentions that tariffs will be maintained at current rates, but specific arrangements regarding tax refunds and investigations remain undisclosed [1] - A retirement plan similar to a 401K for American workers is highlighted, although it faces fiscal and congressional constraints [1] - The report notes a requirement for large tech companies in the U.S. to build their own power plants to alleviate electricity price concerns, with costs borne by the companies themselves [1] Group 2: Industry Research - The transition from energy consumption dual control to carbon emission dual control in China is emphasized, with the EU's carbon tariff implementation expected to benefit low-carbon or negative carbon assets [2] - Green premium assets such as green aluminum, green hydrogen, and zero-carbon parks are projected to gain value [2] - Non-electric applications in shipping fuel, hydrogen storage, and hydrogen metallurgy are expected to benefit from this transition [2] - Recommended companies for investment include those involved in green hydrogen production and chemical transformation, such as Electric Investment Green Energy and Jiazhe New Energy [2] Group 3: Company Research - The report highlights NVIDIA's FY26Q4 performance, achieving revenue of $68.1 billion, with FY27Q1 revenue guidance set at $78 billion, exceeding market expectations [3] - Forecasted GAAP net profits for NVIDIA for FY2027-2029 are projected at $211.09 billion, $273.25 billion, and $327.93 billion respectively [3] - The strong demand for AI computing power and robust product cycles are expected to drive continued high growth for NVIDIA, maintaining a "buy" rating [3]