Brokerage Morning Meeting Highlights | Focus on the Intelligent Driving Industry Chain

Yesterday, the three major stock indexes rose and fell differently, with the Shanghai Composite Index slightly rising to break nine consecutive gains, while the Growth Enterprise Market Index fell more than 1% at one point. The trading volume of the Shanghai and Shenzhen stock markets was 2.14 trillion yuan, a decrease of 20.9 billion yuan from the previous trading day. On the market, over 3,300 stocks fell. In terms of sectors, the Siasun Robot & Automation concept was active in the afternoon; the commercial aerospace concept remained strong; on the downside, the battery, dairy, and power sectors had the largest declines. At the close, the Shanghai Composite Index rose by 0.04%, the Shenzhen Component Index fell by 0.49%, and the Growth Enterprise Market Index fell by 0.66%. At today's broker morning meeting, Huaxi believes that the development of the space computing power industry chain is accelerating; China Securities Co., Ltd. believes that attention should be paid to the intelligent driving industry chain; CICC believes that it is the right time to invest in high-quality Chinese securities firms. Huaxi: Acceleration in the development of the space computing power industry chain The space computing power industry chain integrates upstream, midstream, and downstream, with enterprises collaborating to drive technological innovation and build an integrated computing architecture between heaven and earth. The core lies in using space CECEP Solar Energy and ultra-low temperature environments to achieve "space day computing," significantly reducing latency and data transfer. In the upstream sector, the performance of the SpaceX Starlink V3 satellite has improved, and reusable technology continues to reduce costs. Although Chinese related rocket recovery attempts have not been successful, they are key technological explorations. In terms of launching multiple satellites with one rocket, SpaceX set a record for the number of launches, while China emphasizes high payload and precise batch release technology. In the midstream operation, Starlink relies on core technologies such as phased array antennas, dynamic scheduling, and laser links, forming a large-scale commercial constellation and verifying its value in practical operations. The China national constellation, as a national system, has officially entered the construction phase with a dual-orbit design. Qianfan constellation focuses on breakthroughs in laser link technology to achieve high-speed transmission, global coverage, and multi-domain applications. China Securities Co., Ltd.: Focus on the intelligent driving industry chain Optimistic about Tesla leading the global physical AI edge (intelligent driving and Siasun Robot & Automation) revolution by 2026, with the intelligent driving end-to-end large model running ahead, companies are expected to enter a new round of accelerated growth cycle. The business model will extend from hardware product sales to software subscriptions and travel operations. In 2-3 years, L3 conditional/L4 autonomous driving is expected to achieve technological breakthroughs and accelerate popularization. The Robotaxi business model will be verified, and the industry value chain will concentrate on intelligent driving solution providers and traffic travel platform operators. It is optimistic about leading OEMs and Tier1 companies with integrated solutions, travel platforms and operators, chips, autonomous and controllable laser radar and line control chassis components, and OEMs' technology attributes are likely to be reevaluated. CICC: It is the right time to invest in high-quality Chinese securities firms The growth of the Chinese securities industry benefits from the development of the Chinese economy and capital market reform. Top Chinese securities firms are expected to accelerate their advancement to world-class investment banks during the "14th Five-Year Plan" period, better serve China's modernization, and improve their business scale, professional capabilities, and profit quality. Their long-term investment value is expected to be further highlighted. This article is reprinted from "Cailianshe". GMTEight editor: Huang Xiaodong.