Internationally:
1. UBS: Concerns about the Fed's independence may lead to a more hawkish stance.
2. Goldman Sachs: Expects the Fed to continue making data-driven decisions, unbiased by investigative pressure.
3. Rabobank: The Fed faces political pressure, and the dollar may face high volatility in 2026.
4. ING: Concerns about the Fed's independence may trigger another "sell America" trade.
5. ABN AMRO: Under investigative pressure, the Fed may resist near-term rate cuts.
6. State Street Global Advisors: The probability of spot gold breaking $5,000 this year is over 30%.
7. ING: Concerns about the Fed's independence boost the Swiss franc.
8. Fitch: Expects the yen to recover moderately from historical lows.
Domestically:
1. CICC: If US inflation and liquidity shocks lead to a correction in assets such as stocks and gold, it is recommended to increase holdings on dips.
2. Huaxin Securities: 2026 is expected to be the "golden year" for AI applications. 3. CITIC Securities: Continues to be optimistic about the simultaneous rise in profitability and valuation of the aluminum sector.
4. CITIC Securities: Expects the Federal Reserve to cut interest rates by approximately 50 basis points in 2026.
5. CITIC Securities: With the cancellation of export tax rebates for photovoltaic products, the industry is expected to move towards high-quality development.
6. Huatai Securities: The profit center for electrolytic aluminum is expected to further rise in the first half of 2026.
7. Huatai Securities: With the reduction in export tax rebates for batteries, we are optimistic about companies with overseas production capacity.
8. Galaxy Securities: Escalating geopolitical conflicts may intensify the revaluation of key strategic metal prices.
