格隆汇1月8日｜由于担心人工智能交易放缓，华尔街的策略师正寻找为美股牛市提供动力的新引擎。高 盛团队将目光投向那些受益于中产阶层消费者支出增加的公司。其看好医疗服务提供商、材料生产商以 及必需消费品制造商。但他们尤其看涨那些销售"锦上添花"型商品、而非"生活必需"商品的企业。高盛 的团队认为，美国经济有望加速增长，这将提振那些增长稳定但利润率较低公司的利润—这类股票的表 现自10月以来一直跑赢。 ...

随着市场担忧人工智能(AI)相关交易热潮降温，华尔街各大策略师正积极寻找美股牛市新的增长引擎。 以Ben Snider为首的高盛分析师团队将目光锁定在受益于中产阶层消费支出增加的企业上。Snider团队 看好医疗服务提供商、材料生产商和必需消费品制造商，同时对那些销售"锦上添花"型非刚需商品的企 业尤为看涨。 接受一项调查的经济学家预测，在消费支出的拉动下，美国经济今年将实现2.1%的增长。这一预期推 动投资者将资金转向近年来表现滞后的板块。 野村证券国际跨资产宏观策略师Charlie McElligott表示："市场正上调对美国经济增长的预期。若这一趋 势延续，将利好更为传统的价值股板块。" 他在接受采访时补充道："去年的市场呈现出明显分化态势，仅靠12只个股撑起了整个市场的上涨行 情。而现在，市场的上涨正朝着更广泛的领域扩散。" 这类企业涵盖高端服饰配饰零售商、家居用品生产商、旅行社以及博彩运营商。高盛团队分析指出，美 国经济增速有望加快，这将带动一批增长稳定但利润率偏低的企业盈利改善——而这类公司自去年10月 以来表现一直领先市场。 Snider团队在1月6日发布的投资者报告中写道："对中产阶层消费支出 ...

12月22日，在十四届全国人大常委会第十九次会议上，全国人大常委会副委员长肖捷作了全国人大常委 会执法检查组关于检查《中华人民共和国节约能源法》实施情况的报告。 重点领域能源利用效率持续提升。工业节能领域，实施工业能效提升专项行动，建立重点工业产品产能 预警机制，对重点行业领域开展节能服务诊断，发布重点行业能效"领跑者"企业206家、国家绿色数据 中心246家。建筑节能领域，稳步推进既有建筑节能改造和绿色建筑推广应用，大力发展绿色建筑、超 低能耗建筑。2024年全国新建绿色建筑面积占城镇新建建筑面积比例超过97%。交通节能领域，全国交 通运输结构持续优化，2024年全国铁路货运总发送量、水运完成营业性货运量比2019年分别增长17.3% 和31.3%；运输工具绿色转型稳步推进，2024年新能源汽车新车销售达到新车总销售量的40.9%，充电 站超15万个。 节能领域科技赋能成效显著。节约能源法实施后节能技术领域创新积极性高涨，创新活跃度升高，全国 节能相关企业涉及装备制造、材料生产、工程施工、技术服务等节能产业链多个环节。 报告分析了我国节能工作面临的新形势、贯彻节约能源法存在的主要问题和困难，提出要强化节约优 ...

Core Viewpoint - Ok Technology (001223.SZ) demonstrates strong confidence in its "Equipment + Materials" strategy, showcasing rapid advancement and broad prospects in solid-state batteries and lithium battery equipment, while emphasizing the importance of investor rights and core value creation [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 737 million yuan, a year-on-year increase of 128.5% [1] - The net profit excluding non-recurring items reached 85.01 million yuan, reflecting a year-on-year growth of 902.34%, indicating robust growth momentum [1] Group 2: Product Development - The company has established a business structure covering three core products: intelligent equipment for household paper, film materials, and intelligent equipment for new energy lithium batteries, facilitating a transformation from a paper equipment manufacturer to a high-tech enterprise [1] - Through its subsidiary Jiangxi Youze New Materials, the company has entered the high-performance polyimide film (PI film) market, which is essential for flexible electronics, new energy batteries, and semiconductor packaging [2] - Research indicates that PI films can significantly enhance the stability and energy density of solid-state batteries, achieving energy densities of up to 300 Wh/kg, surpassing traditional lithium-ion batteries [2] Group 3: Industry Position and Future Outlook - The company has successfully developed a series of new energy equipment, including wet and dry lithium battery separator equipment, laying a solid foundation for its deep involvement in the lithium battery industry chain [2] - The management has confirmed that solid-state battery equipment has been produced and is undergoing customer validation, positioning the company to benefit from the growing demand for energy storage driven by the dual carbon transition [2] - The company has initiated a 1.5 billion yuan industry fund with partners to support its strategic development and enhance its competitive edge in high-end intelligent equipment and new materials [3] - With the dual drive of "Equipment + Materials" and the capital empowerment from industry funds, the company aims to deepen its core business and continuously create value for investors [3]

Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [5]. Core Views - The U.S. service sector showed significant recovery in October, with the ISM Services PMI reaching 52.4, the highest in eight months, driven by a surge in new orders [1]. - Inflationary pressures are rising, with the price index for business input costs soaring to 70, the highest in three years, indicating increased cost pressures in the service sector [1]. - The Federal Reserve faces uncertainty regarding future interest rate cuts, with a notable divide among committee members on the aggressiveness of potential rate reductions [2]. - The U.S. government is nearing the end of a 40-day shutdown, which is expected to alleviate liquidity pressures in the market once fiscal spending is released [3]. Summary by Sections Economic Activity - The U.S. economy is exhibiting resilience, with service sector activity rebounding and inflation pressures complicating the Federal Reserve's anti-inflation efforts [1][2]. - The employment index remains in contraction territory, but the rate of decline has slowed to the slowest pace in five months [1]. Monetary Policy - There is a strong debate within the Federal Reserve regarding the pace of future interest rate cuts, with a 67% probability of a 25 basis point cut in December [2]. Government Operations - A bipartisan agreement in the Senate is expected to end the government shutdown, which has significantly impacted economic forecasts, with GDP growth for Q4 potentially halved [3]. Investment Strategy - The report suggests utilizing a medium to short-duration strategy to capture yields while managing long-term interest rate risks, recommending a core allocation in 2-5 year U.S. Treasuries [4]. - Caution is advised regarding long-term bonds due to high government debt and fiscal deficit pressures, with a focus on maintaining flexibility in investment portfolios [4].