国泰海通 · 晨报1222｜宏观、机械

Macro - The Federal Reserve may pause interest rate cuts, while the Bank of Japan has raised rates by 25 basis points as expected [2][4] - Global commodity prices showed mixed performance, with IPE crude oil futures down 1.1% and COMEX copper up 2.3% [2] - The U.S. job market remains weak but stable, with November non-farm payrolls slightly exceeding expectations, and inflation growth lower than anticipated [3][4] Stock Market - Emerging market stocks underperformed compared to developed markets, with the Nikkei 225 down 2.6% and the Hang Seng Index down 1.1% [3] - The S&P 500 rose by 0.1%, while the emerging market stock index fell by 1.5% [3] Economic Indicators - In the U.S., November inflation growth was significantly below expectations, and the unemployment rate unexpectedly increased [3][4] - Eurozone industrial production showed a year-on-year increase, but manufacturing and services PMI fell short of market expectations [4] Policy Developments - The Federal Reserve may pause interest rate cuts, with the new chair expected to be announced in early 2026 [4] - The European Central Bank has maintained interest rates steady for the fourth consecutive meeting, indicating the end of the rate-cutting cycle [4] Fusion Industry - The controllable nuclear fusion industry is experiencing significant acceleration in contract awards, particularly in key components like magnets and power supplies [8] - Trump Media Technology has announced a merger with TAE Technologies, valued at over $6 billion, to develop fusion power plants [9] - The U.S. Department of Energy has allocated $87 million to support AI applications in fusion energy research [9] Technological Advancements - Gyro Swin, an AI tool, has improved 5D plasma modeling speed by 1000 times, reducing computation time from days to seconds [10] - Thea Energy has unveiled the core design of its commercial fusion power station, Helios, which aims to provide a low-cost path for fusion energy commercialization [10]