Brokerage Morning Meeting Highlights | Global commercial aerospace enters a new stage with scale deployment and ecosystem construction as the core.

Yesterday, the market hit bottom and rebounded, with the Shanghai Composite Index and the ChiNext Index both rising by over 1%, and the Shenzhen Component Index rising by over 2%. The total turnover in the Shanghai and Shenzhen markets was 2.54 trillion, a decrease of 40.5 billion compared to the previous trading day. On the market, there was rapid rotation of hot spots, with over 4800 stocks rising. In terms of sectors, the commercial aerospace concept surged, with multiple stocks such as Juli Sling Co., Ltd.,Tongyu Communication Inc., Anhui Shenjian New Materials, and Jiangsu Zhongchao Holding hitting the daily limit up. The space photovoltaic concept continued to strengthen, with stocks like Beijing Qianjing Landscape, Shandong Jinjing Science & Technology Stock, ZERUN CO., Shanghai Hiuv New Materials Co.,Ltd hitting the daily limit up. The chemical industry sector was active, with Hongbaoli Group Corporation, Ltd. hitting the daily limit for the 3rd time in 2 days, and Zhejiang Wanfeng Chemical hitting the daily limit for the 4th consecutive day. The precious metals concept hit bottom and rebounded, with Hunan Gold Corporation hitting the daily limit for the 6th time in 7 days. The AI application concept was repeatedly active, with Zhewen Interactive Group hitting the daily limit for the 5th time in 11 days. On the downside, the banking sector showed weaker performance, with BANK OF CHINA fluctuating downward. At the close, the Shanghai Composite Index rose by 1.29%, the Shenzhen Component Index rose by 2.19%, and the CHINEXT Index rose by 1.86%. In today's securities morning meeting, Huatai believes that there is still resilience in the fund, CITIC SEC believes that capacity electricity prices bring high certainty of income and are expected to significantly drive domestic energy storage installations; China Securities Co.,Ltd. believes that global commercial aerospace is entering a new stage with scale deployment and ecosystem construction as its core. Huatai: There is still resilience in the fund Last week, A shares oscillated at a high level. There were more constraints on pre-holiday risk appetite, and risk funds were relatively under pressure. The sentiment of transactional funds that had strong inflow intentions in the past declined. The number of investors participating in transactions fell to early-year levels, and the activity of financing funds was at a new low since mid-July 2025. The net outflow on last Friday hit the largest since December 2025. However, there is still resilience in the fund as the ETF with a relatively high position held by CIC underwent a net outflow of 320 billion last week. The net outflow scale shrank significantly on Friday compared to the start of the week. In addition, the strengthening of position in configuration funds in the second half of last week, along with the narrowing of net reduction in major shareholders holdings, indicates that there is some resilience in the fund. CITIC SEC: Capacity electricity prices bring high certainty of income and are expected to significantly drive domestic energy storage installations Capacity electricity prices belong to the bottom-line income. Taking a 100MW/200MWh energy storage station as an example, the fixed capital expenditure for the project is about 200 million yuan for the system + EPC totaling 1 yuan / Wh. Under the calculation based on 55 yuan / kW capacity electricity price, the annual capacity compensation for a single power plant is 5.5 million yuan, totaling 11 million yuan over 20 years, accounting for 55% of the fixed capital expenditure, recovering most of the fixed costs. From the perspective of project return on investment, it is estimated that a capacity electricity price of 55 yuan / kW can increase the overall investment return rate of the project from 4.1% to 6.3%, with a significant increase in return rate. According to data disclosed by the National Energy Administration, 183 GWh of new energy storage installations will be added in China in 2025, a year-on-year increase of 84%, maintaining a high growth rate. With the establishment of domestic energy storage capacity electricity price mechanism, domestic energy storage will continue to maintain a high growth trend in 2026. China Securities Co.,Ltd.: Global commercial aerospace enters a new stage with scale deployment and ecosystem construction as its core U.S. companies represented by SpaceX have established a global benchmark for commercial and technological standards through reusable rockets and giant constellations. China, driven by comprehensive policy empowerment and breakthroughs in capital institutions (such as the fifth set of standards for the Science and Technology Innovation Board), has driven the industry to achieve a structural leap, with overall valuations exceeding the trillion-dollar threshold. The current competition has shifted from single technological breakthroughs to comprehensive competitions in engineering of reusable rockets, industrialization of satellite manufacturing, and commercialization of space-ground integration. With the efficient synergy between state-owned and private enterprises in the industrial chain, they are accelerating the capture of frequency track resources and competing for the standard discourse power of the space-land-air integration in the 6G era. In the future, the industry boundaries will expand to multiple tracks such as space computing power and tourism, marking the transition of commercial aerospace from a national engineering project to a key ecosystem driving future economic growth and strategic competition. This article is reprinted from "Cailianshe", edited by Xu Wenqiang from GMTEight.