Broker Morning Meeting Highlights | Key aspect of low altitude economy "air traffic control system" welcomes new development opportunities

Yesterday, the market opened high and then fluctuated downward, with the three major indexes showing mixed movements. The total turnover of the Shanghai and Shenzhen stock markets was 1.21 trillion yuan for the whole day, an increase of 22.3 billion yuan from the previous trading day. On the market, the hotspots were mainly in the technology sector, while most thematic sectors adjusted, with more stocks falling than rising and over 3200 individual stocks declining. In terms of sectors, Siasun Robot&Automation, AI glasses, semiconductor, and motor sectors performed well, while education, photovoltaic equipment, clothing, and oil and gas sectors were among the top decliners. At the close of trading yesterday, the Shanghai Composite Index fell by 0.05%, the Shenzhen Component Index rose by 0.48%, and the ChiNext Index rose by 0.36%. At today's securities morning meeting, China Securities Co., Ltd. pointed out that the core element of the low-altitude economy, "air traffic control system," is facing new development opportunities. Huatai stated that inverter exports in December rebounded, and they are optimistic about the sustainability of demand. CICC suggested that in 2025, the focus of investment in US healthcare should be on structural opportunities brought by the rise of domestic brands and optimization of the industry. China Securities Co., Ltd.: The core element of the low-altitude economy, "air traffic control system," is facing new development opportunities China Securities Co., Ltd. pointed out that with the accelerated development of the low-altitude economy, the air traffic control system is facing new development opportunities. Scenarios represented by UAM require dynamic real-time airspace information to ensure the safety of aircraft and avoid no-fly zones. In addition, it is necessary to integrate it with ground traffic to help passengers achieve convenient transfers between air and ground transport. Currently, various regions have carried out a lot of pilot explorations on low-altitude airspace management. Simplifying processes and applying new technologies such as Beidou & 5G communication are expected to be the direction of development for low-altitude airspace management. According to the Civil Aviation Administration policy documents and some benchmark cases currently being implemented, the market space for low-altitude airspace management was calculated, and it is estimated that by 2027, the market size of air traffic control is expected to reach 20 billion yuan. Investment recommendation: Considering the development sequence of the overall industrial chain of the low-altitude economy, China Securities Co., Ltd. believes that in the short term, infrastructure and software construction should take the lead, and the air traffic control system, as an important part of informatized management and safety protection, is expected to usher in good development opportunities. Huatai: Inverter exports rebounded in December, optimistic about the sustainability of demand Huatai pointed out that China's inverter exports in December reached 4.78 billion yuan, an increase of 10.2% month-on-month, with 4.207 million units exported, an increase of 4.0% month-on-month. Among them, China's exports to Europe reached 1.61 billion yuan, an increase of 31.3% month-on-month. Huatai believes that this is mainly due to year-end channel stocking and rising energy price shortages. In addition, countries such as India and the Middle East are vigorously developing solar storage, showing strong demand. In the long term, the core drivers of demand are power outages, rising electricity prices, and high growth in wind and solar installations in various regions, making the demand for inverters highly predictable. With further cost reduction in photovoltaic energy storage, the ceiling of the solar energy storage market is expected to be lifted, and the sustainability of inverter demand is promising. The leading companies in the sector have strong support in terms of performance. CICC: Suggest focusing on structural opportunities brought by the rise of domestic brands and optimization of the industry in 2025 CICC pointed out that in 2024, the overall demand in the US healthcare industry is under pressure, with increased brand competition and slowing channel dividends, leading to rising operating costs and decreasing gross sales. Looking ahead to 2025, it is expected that the demand side will benefit from factors such as the recovery of end consumer purchasing power, and the growth rates of various sub-sectors in the beauty and healthcare industry are expected to rebound on a low base, with beauty and personal care showing greater resilience and medical aesthetics showing better elasticity. The concentration of top players in the supply side and the continuous evolution of domestic brands are expected. The suggestion for investment in the US healthcare industry in 2025 is to focus on the structural opportunities brought by the rise of domestic brands and the optimization of the industry. This article is reproduced from "CaiLian Press", translated by GMTEight, edited by Xu Wenqiang.