中银证券中银晨会聚焦

Macro Economy - In February 2024, foreign capital saw a net inflow of $51.6 billion into U.S. securities, reversing the previous month's slight net sell-off. Official foreign capital net bought $15.5 billion, while private foreign capital net bought $36.2 billion [1] - The U.S. long-term securities recorded a net inflow of $71.5 billion, marking four consecutive months of net inflows. Short-term securities saw a net purchase of $10.5 billion, also reversing the previous month's trend [1] - The U.S. economy and inflation remain strong, leading to a market adjustment of easing expectations, with the dollar, long-term U.S. Treasury yields, and U.S. stocks rising together [2] Power Equipment Industry - The Biden administration announced a $7 billion subsidy to install over 4GW of residential solar systems for low-income households over five years, indicating potential growth in the U.S. solar installation market [3][13] - The U.S. solar installation target for 2024 is set at 62.8GW, a 55% increase year-on-year, with ground-mounted solar projects accounting for approximately 58% of the new installations [4] - The Solar for All initiative is expected to create over 100,000 jobs and reduce annual electricity costs for U.S. residents by $350 million, while also increasing the distributed solar installation capacity for low-income households from 7GW to 11GW [13]