Securities Firm Morning Meeting Highlights | Energy storage and SOFC will effectively supplement the electricity demand gap in the United States.

Yesterday, the market traded narrowly for the whole day, with the three major indexes showing mixed movements and the Sci-Tech Innovation 50 Index rising by nearly 1%. The trading volume of the Shanghai and Shenzhen markets was 2.11 trillion yuan, a decrease of 143.9 billion yuan from the previous trading day. In terms of market performance, over 3100 individual stocks fell. In terms of sectors, the media sector continued to lead throughout the day, with Siasun Robot & Automation concept stocks performing actively, and the PCB concept showing fluctuations and gains. On the downside, the commercial aerospace concept declined, and the consumer staples sector fluctuated and fell. By the close, the Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index rose by 0.02%, and the ChiNext Index fell by 0.37%. During the securities morning meeting today, Tianfeng believes that energy storage and SOFC will effectively make up for the gap in US electricity demand; China Securities Co., Ltd. believes that commercial aerospace focuses on leading technology, advantageous orbits, and a clear path to commercialization; CICC believes that the real estate stock market will be mainly driven by beta. Tianfeng: Energy storage and SOFC will effectively make up for the gap in US electricity demand In the future, the majority of new power installations in the US will be gas-powered. The EIA predicts that under the current project planning, there will be an additional 7/7/16/8/7 gigawatts of gas power installations from now until 26-30 years. The rest of the stable power sources will have no additions, and coal-fired power plants will face significant retirement pressure. By the middle of October 2025, the planned capacity of reserve projects for US data centers from January 2023 has reached 245 gigawatts. With the continuous operation of data centers, peak demand will continue to rise, and relying solely on stable power sources will not be able to meet demand. Based on different pace of data center implementations, and based on the severity of the power shortage in the US, calculations were made. If not considering adjustive power sources, in scenarios where the pace of data center construction is 90GW in 5 years/245GW in 10 years/245GW in 8 years/245GW in 5 years, the demand gap in 2030 will be 12/45/75/167 gigawatts; if adjustive power sources are considered, all four scenarios will be able to meet demand. China Securities Co., Ltd.: Commercial aerospace focusing on leading technology, advantageous orbits, and a clear path to commercialization In the year 2026, the start of the "15th five-year plan", reusable rockets will continue to optimize core engines for industrialization, with intensive verification of technologies such as Deep Blue Aerospace Nebula One and Tianbing Technology Dragon Three for recovery. Blue Arrow Aerospace's multi-satellite stacking mechanism breakthrough supports high-frequency launches. The combination of satellite internet and industrialization of reusable rockets forms a high certainty main theme, focusing on leading technology, advantageous orbits, and top enterprises with a clear path to commercialization. CICC: Real estate stocks may be mainly driven by beta In January, the volume of second-hand housing transactions remained stable compared to the previous month, and the year-on-year decline narrowed; at the same time, the decline in transaction prices significantly narrowed. In terms of transaction volume, in January, the 80-city index of second-hand residential transactions in the intermediary caliber showed a slight decrease of 3% month-on-month and year-on-year (17% in December 2025, 16% in the fourth quarter); in January, the 15-city index of second-hand housing transactions in the record caliber increased by 3% month-on-month, increased by 25% year-on-year, if the effect of the low base during the last Chinese New Year holiday is not considered, there was a slight decline of 3% year-on-year (34% in December 2025, 25% in the fourth quarter). In terms of transaction prices, the index of homogeneous second-hand residential transaction prices in January showed a significant narrowing of the decline to -0.6% month-on-month. Focus on investment opportunities in the real estate and property management sectors. Recently, there have been positive changes on the policy side and the supply side, such as strengthening signals of improvement in local real estate market inventories. The real estate stock market in 2026 may be mainly driven by beta. This article is a reprint from "Cailian News". GMTEight editor: Xiaoyi Chen.