Securities industry morning meeting highlights | Moutai wholesale prices are expected to rebound, cherish the opportunity at the bottom of the white wine.

Yesterday, the market fluctuated and rebounded, with the ChiNext Index leading the gains. Contemporary Amperex Technology rose by nearly 5%. The total turnover of the Shanghai and Shenzhen markets was 1.31 trillion yuan for the whole day, a decrease of 67.2 billion yuan from the previous trading day. On the market, the hot spots were somewhat chaotic, with more stocks rising than falling, and over 3200 stocks in the entire market increased. In terms of sectors, PCB, consumer electronics, innovative pharmaceuticals, and solid-state batteries were among the top gainers, while controlled nuclear fusion, marine economy, oil and gas, and gaming sectors were among the top decliners. At the close yesterday, the Shanghai Composite Index rose by 0.18%, the Shenzhen Component Index rose by 1.17%, and the ChiNext Index rose by 1.9%. At today's securities morning meeting, Huatai believes that a national fertility subsidy policy is expected to be implemented within the year; China Securities Co., Ltd. stated that Maotai's wholesale prices are expected to rebound, and opportunities in the bottom of the white wine market should be cherished; CITIC SEC stated that the CAGR of the global submarine cable market size is estimated to be 13% from 2025 to 2030. Huatai: National fertility subsidy policy is expected to be implemented within the year Huatai stated that through a review of typical cases of domestic and foreign fertility policies, Huatai believes that: 1. The strength of public fiscal subsidies for family welfare is one of the important factors affecting fertility rates; 2. There is still room for enhancement in family welfare subsidies in China, especially in direct subsidies including fertility subsidies; 3. The overall effect of local fertility subsidies is positive, but the limitations of the beneficiaries or the need for a national subsidy to supplement them. Huatai believes that a national fertility subsidy policy is expected to be implemented within the year, considering complementarity with local fertility subsidies, and it is expected that national fertility subsidies may focus on families with infants and young children under 3 years old, including the first child in the subsidy scope, and maintain a strong subsidy level (about 3600 yuan per year based on an average annual expenditure of 15%). China Securities Co., Ltd.: Maotai's wholesale prices are expected to rebound. Cherish opportunities in bottom of white wine market China Securities Co., Ltd. stated that since June, the wholesale price of Feitian Maotai has fallen significantly, with the lowest price dropping below 1800 yuan according to "Today's Liquor Price". With articles published by People.cn Co., Ltd+ and Xinhuanet Co., Ltd. emphasizing "cracking down on illegal eating and drinking, it cannot be done in one go," low-end white wine catering chains are expected to rebound. Combined with the end of the 6.18 e-commerce event, China Securities Co., Ltd. believes that Maotai's wholesale prices are expected to rebound. Liquor companies are actively seeking change, with Wuliangye Yibin and Laiojiao conducting research on low-degree product innovation, while Laiojiao, Jiugui Liquor, and others are also expanding their terminal presence. There is still room for significant improvement in industry concentration, and leading white liquor companies still have good growth opportunities. Currently, the valuation of the white liquor sector has declined, with investor expectations dampened, and opportunities at the bottom of the sector are worth cherishing. CITIC SEC: Estimate that the CAGR of the global submarine cable market size will be 13% from 2025 to 2030 CITIC SEC stated that submarine cables are laid on the seabed at a depth of 8000 meters, used to connect global data centers in different regions for high-speed information transmission, and have high industry barriers. Driven by AI, internet giants are increasing their construction of submarine cables; deep-sea technology in China is included in the government work report, and ocean observation is expected to increase demand for submarine cables. It is estimated that from 2026 to 2030, approximately 540,000 kilometers of new submarine cables will be built globally, an increase of 60% compared to the planned construction length from 2021 to 2025, and the CAGR of the global submarine cable market size from 2025 to 2030 is estimated to be 13%. It is expected that in the future, China will lead more submarine cable projects, with domestic submarine cable companies' competitiveness continuing to strengthen, and leading companies are promising.