Core Viewpoint - Morgan Stanley's report emphasizes the specific opportunities and risks faced by various sectors in an AI-driven, K-shaped economic environment, highlighting a constructive but selective investor sentiment [1][6]. Group 1: Investment Themes - Key investment themes for 2026 include long-term growth driven by AI and data center expansion, infrastructure development, and a shift towards high-quality growth and operational resilience [3][6]. - Companies with strong pricing power, long-term growth drivers, robust balance sheets, and those benefiting from transformative trends like data center expansion and infrastructure investment should be prioritized [3][6]. Group 2: Selected Stocks by Sector - The report lists selected stocks across various sectors, including technology (e.g., Arista Networks, Palo Alto Networks), industrials (e.g., Boeing, Caterpillar), healthcare (e.g., Eli Lilly, CVS Health), and energy (e.g., ExxonMobil, Schlumberger) [4][5]. Group 3: Economic Outlook - The U.S. is expected to remain a global growth engine, driven by a resilient economy and an AI-driven supercycle, leading to record capital expenditures and rapid earnings expansion [6][8]. - Despite concerns about an AI bubble and valuation worries, current high valuation multiples are seen as justified due to anticipated above-trend earnings growth and increased shareholder returns [6][7]. Group 4: K-shaped Economic Recovery - The K-shaped economic recovery is creating a scenario of winners and losers, with a significant concentration of market gains among high-quality growth stocks [6][10]. - The S&P 500 index is projected to reach 7,500 points by the end of 2026, with earnings growth expected to be between 13%-15% [7][12]. Group 5: AI and Capital Expenditure - 2026 is anticipated to be another strong year for AI stocks, with capital expenditures likely to exceed expectations as companies and governments accelerate spending to address infrastructure and computing power imbalances [9][12]. - Approximately 60% of S&P 500 companies are investing in AI, with 50% mentioning cost-saving benefits, indicating a growing focus on commercialization [9][12]. Group 6: Policy Environment and Market Dynamics - The dynamic policy environment is expected to drive differentiation among stock themes, with potential benefits from deregulation in sectors like finance and energy [13]. - Tactical opportunities are emerging in low-end consumer stocks and U.S. importers, with attractive valuations and potential short-term upside from fiscal stimulus related to the "Inflation Reduction Act" [13].

中新社成都12月19日电 (记者王鹏)记者19日从雅砻江流域水电开发有限公司(下称雅砻江公司)获悉，依 托雅砻江两河口水电站打造的两河口算电融合示范项目当日在四川省甘孜州投运，这也是中国首个高海 拔岩洞式算力舱智算中心。 该项目由雅砻江公司与中国电信股份有限公司四川分公司合作共建。项目总投资约3.5亿元人民币，包 括6个算力舱，提供峰值算力约600PFLOPS(每秒浮点运算60亿亿次)。 近年来，人工智能技术快速发展带来算力需求大幅提升，算力的电力消耗持续增长，绿色电力与算力协 同发展成为推动能源结构转型和数字经济融合的关键路径。 此外，两河口水电站施工隧洞通风条件良好，温湿度常年保持恒定，冬春季节寒冷干燥，夏季无高温时 段，天然形成"恒温机房"环境。借助隧洞的天然恒温优势，两河口算电融合示范项目PUE值(数据中心 总能耗与IT设备能耗之比)控制在1.2以下，达到国内领先水平。 两河口算电融合示范项目部署了2000张国产算力芯片。项目投运后，雅砻江公司将用部分算力搭建人工 智能创新平台，开发气象预测、生产运维等专业大模型。中国电信自研算力既能满足自有系统智算需 求，还能通过智算调度平台"息壤"向需求单位输出高 ...

消息面上，日本央行加息"靴子"落地。12月19日，日本央行9:0一致投票通过政策决议，宣布加息25个 基点至0.75%，利率水平创30年来新高，符合市场预期。这是日本央行2024年3月货币政策正常化以来 的第四次加息，而上次加息还要追溯到今年1月。 此次加息已被投资者提前充分定价，同时也反映出日本央行当前的举措尚未改变整体宽松的货币基调， 更多被视为"渐进式正常化"进程中的一环。· 有券商机构认为，日本良性通胀循环已较稳固，日本央行即将再次加息。去年夏季日本加息后的全球市 场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易逆转只是加剧彼时避险情绪的 次要因素，去年的"黑色星期一"不太可能在今年重演。在美日央行政策分歧的背景下，美国因素才是当 前全球流动性与美元资产定价的核心主线。目前市场对AI叙事的质疑集中体现于业务模式较激进的少 数企业，而多数财务状况较稳健的AI龙头仍能维持市场信任，产业智能化热潮应能在中短期继续支持 美股龙头的业绩表现。长端美债在本轮风险管理式降息周期内的配置性价比不高，短端美债则可能受益 于准备金管理购买操作对流动性的技术性改善，后者较前者更好。 日经225指数今日收涨1 ...

为增强以案促改促治实效，近日，中国联通党组印发《关于增强以案促改促治实效一体推进正风肃纪反 腐的意见》，要求集团各级各单位认真贯彻落实。 建立个案风险剖析制度，对于涉及业务领域生产经营管理的违纪违法案件，发案单位应在剖析案件特征 和成因的基础上，围绕落实管党治党责任、完善制度机制、规范权力运行、防控廉洁风险等，提出有针 对性的个案风险警示要点，经按程序审批后在中国联通纪检监察网刊发。以此解决过去以案促改工作形 式化、碎片化等问题，进一步推动以案促改促治工作机制和程序具体化、成效显现化。 《意见》将有助于完善权力配置运行的制约和监督机制。要求紧扣国有企业权力运行特点，对具有电信 行业特点的新型腐败和隐性腐败案件，围绕业务设计、对外合作、外购外协、结算模式等关键领域和环 节加强靶向整治。对违规吃喝、违规接待以及违规经商办企业、靠企吃企、围标串标等问题，重拳纠风 治乱，增强整改整治措施的治本性。 《意见》还结合国有企业和中国联通实际，对强化纪律法律教育、提高纪检监察建议精准性、加强国有 通信企业反腐败规律研究、健全完善以案促改促治考核评价制度等，明确具体抓手和工作要求，推动以 案促改促治同深化企业治理、推动改革发展 ...

国务院发展研究中心对外经济研究部副研究员陈红娜表示，在此背景下，把"有序扩大服务领域自 主开放"写入对外开放重点举措，既表明中国扩大高水平开放的决心坚定不移，还释放出以服务业为抓 手培育经济发展新动能的重要信号。 尤为值得注意的是，此次部署突出了"有序"和"自主"两个关键词。 新华社北京12月19日电（记者邹多为）2025年中央经济工作会议把"坚持对外开放，推动多领域合 作共赢"确定为明年我国经济工作的重点任务之一，并部署了"有序扩大服务领域自主开放"这一具体举 措。 "服务领域开放都天然具有强溢出效应。"陈红娜说，近年来，通过不断缩减负面清单，我国金融、 电信、医疗、教育、文化和旅游等重点领域开放有序扩大，政策可预见性逐步提高，这不仅有利于吸引 更多高质量外资参与中国服务业发展，也有助于倒逼国内企业提升专业能力和服务质量，不断增强国际 竞争力。 服务业扩大开放是对外开放的关键一环，也是我国经济发展的重要支撑。当前，我国货物贸易已连 续8年稳居全球第一，2024年服务贸易规模首次突破1万亿美元，位居全球第二，高端生产性服务业和体 育、养老、托育等服务消费增长尤为亮眼，服务贸易蕴藏巨大发展潜力。 更高水平的开放 ...

【资金持续涌入，港股红利低波策略成市场"避风港"】 临近岁末，在全球市场波动与利率前景交织的复杂环境中，具备高股息与低波动双重属性的资产正成为资金追逐 的焦点。近期，港股市场中的红利低波板块表现尤为引人注目，相关ETF持续获得大规模资金净流入，成为暗淡 市场中的一抹亮色。 据最新资金流向数据显示，截至2023年12月18日，港股红利低波ETF（基金代码：520550）已连续21个交易日获 得资金净买入，这一持续的加仓行为在近期港股市场中颇为罕见。在此期间，该ETF累计净流入资金约1.9亿元人 民币。若将时间线拉长至全年，其资金吸引力更为显著，年初以来累计净流入规模已接近10亿元人民币，展现出 长期资金对该策略的坚定看好。 【高股息率成核心吸引力，估值性价比凸显】 资金持续流入的背后，是港股红利板块当前突出的估值吸引力与股息回报。该ETF所跟踪的港股通红利低波指数 最新股息率已攀升至接近7%的水平，这一数字不仅显著高于内地主要股指的股息率，在全球主要市场中也处于 领先位置。在银行存款利率下行、传统理财产品收益承压的背景下，近7%的股息回报为追求稳健收益的投资者 提供了极具竞争力的选择。 分析人士指出，港股高股息 ...

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Viewpoints - The global economy is turning weak as the US is making a series of wrong policies and is starting to contract globally, which will have a profound impact on major asset classes [2]. 3. Summary by Related Catalogs Macro and Financial - Global Economy - Trump stated that the next Fed Chair must believe in "significant rate cuts" and mortgage loan rates will further decline, and he previously asked to cut rates to 1% [1]. - The Bank of Japan is focusing on its subsequent policy path, needing to balance multiple goals [1]. - Trump's account plan is to provide $1000 for newborns to invest in US stocks, which could grow to about $5800 at 18 and about $600,000 at retirement, and over $300,000 at 18 with additional family investment [1]. - PJM's latest electricity supply auction will cost consumers $16.4 billion, with the daily cost per megawatt rising from $329.17 to $333.44 [1]. - The global platinum market will face a third - consecutive - year supply shortage in 2025, with a gap of 850,000 ounces and limited supply growth in the future [1]. - Hedge fund Point72 is considering entering the commodity trading business due to asset price fluctuations [1]. - Early Bitcoin holders are cashing out at the fastest pace in recent years, and the absorbing demand from ETFs and institutions has faded [1]. - India has become the most active AI consumer market globally, but local startups face greater competition [1]. - The Fed cut rates by 25 basis points in December, buys $40 billion of short - term bonds monthly, and its balance sheet is expanding again [2]. - Some traders are betting on a Q1 rate - cut in the changing bond - option market [2]. - The decline in Las Vegas gambling revenue is similar to the 2008 financial crisis warning [2]. - The US released a new National Security Strategy, adjusting its economic relationship with China [2]. - The Fed's Beige Book shows a K - shaped consumer spending gap in the US [2]. - Japan's 10 - year Treasury yield reached its highest since July 2007 [2]. - AI - driven investment will expand the credit market, with investment - grade bond issuance expected to reach $2.25 trillion [2]. - Google plans to double AI computing power every 6 months and achieve a 1000 - fold increase in 4 - 5 years [2]. - NVIDIA's CEO believes China will win the AI race due to regulatory and energy cost advantages [2]. - AI data - center construction will require at least $5 trillion in the next five years [2]. - The US unemployment rate rose to 4.6%, raising concerns about economic slowdown [2].

张威(商务部国际贸易经济合作研究院副院长) 12月18日，海南自贸港正式启动全岛封关运作，实施以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政策制度。这不 仅是海南自贸港建设的里程碑，在中国对外开放的新征程上也具有十分重要的意义。海南自由贸易港扩大开放成效显著 近年来，服务业在双边、区域贸易投资谈判中的热度逐渐提升，高标准、广覆盖、边境后的服务贸易规则在区域贸易协定中逐步增多。按 照WTO统计，2000年，仅有8项区域贸易协定涉及到服务业，占当时区域贸易协定总量的比重不及十分之一。目前，已有超过200个区域 贸易协定涉及服务业，占新增区域贸易协定总量的比重超过40%。推动服务业扩大开放，是积极参与、引领国际经贸规则的重要内容和手 段。当前，我国制造业外资准入负面清单已经"清零"，扩大服务业开放成为未来开放发展的重点方向。《中共中央关于制定国民经济和社 会发展第十五个五年规划的建议》再次明确"以服务业为重点扩大市场准入和开放领域"，为下一步扩大高水平对外开放指明了方向，也对 海南自贸港下一步建设提出新的要求。需进一步探索海南自贸港扩大服务业开放 从促进贸易自由便利的效果看，"零关税"的政策红 ...

Core Viewpoint - Trio AI has entered into a strategic partnership with HGC Global Communications to provide AI acceleration server services, aiming to deliver efficient AI-driven computing solutions for enterprise clients [1][2] Group 1: Partnership Details - The collaboration will leverage Trio AI's expertise in AI server hardware and platform development alongside HGC's robust telecommunications infrastructure and enterprise customer network [2] - The partnership aims to enhance the technology product offerings of both companies and create new business opportunities in the rapidly growing AI infrastructure sector in Hong Kong and beyond [2] Group 2: Objectives and Benefits - The integration of resources and expertise is expected to accelerate the adoption of AI solutions across various industries, improving the efficiency and scalability of enterprise IT infrastructure [2] - The partnership will focus on enhancing service quality, reliability, and technical support, ultimately creating higher value for customers [2]

沙特阿拉伯最大的电信运营商沙特电信公司（STC）于周四宣布，与该国人工智能企业 Humain 组建合 资企业，共同开发和运营数据中心。 两家公司已签署谅解备忘录以成立该合资企业，其中 Humain 将持有 51% 的股份，沙特电信则持股 49%。 沙特正寻求加快人工智能领域的发展，以充分利用市场对算力的巨大需求，这也是该国推动经济多元 化、摆脱对石油收入依赖的整体举措之一。 Humain 是一家由沙特主权财富基金公共投资基金（PIF）投资支持的人工智能企业，已达成多项合作协 议，其中包括与埃隆・马斯克旗下的 xAI 公司，以及黑石集团投资的 AirTrunk 公司合作，在沙特本土 开展数据中心项目。该公司的目标是到 2034 年实现约 6 吉瓦的数据中心装机容量。 此次成立的合资企业，将致力于打造能够支撑最高 1 吉瓦负载量业务的基础设施，首期部署规模最高可 达 250 兆瓦。 责任编辑：郭明煜 沙特阿拉伯最大的电信运营商沙特电信公司（STC）于周四宣布，与该国人工智能企业 Humain 组建合 资企业，共同开发和运营数据中心。 两家公司已签署谅解备忘录以成立该合资企业，其中 Humain 将持有 51% 的 ...