Highlights of the securities firm's morning meeting | High-performance carbon fiber for commercial aerospace ushers in a new cycle of rising volume and price

Yesterday, the three major indexes fluctuated, with the Shanghai Composite Index opening low and rising by 0.47%, while the ChiNext Index rose and then fell, briefly turning positive during trading. The Huang Bai Line showed clear differentiation. The total turnover of the Shanghai and Shenzhen stock markets was 3.02 trillion yuan. In terms of sectors, oil and gas stocks surged across the board, with nearly twenty component stocks hitting the limit up, while concepts such as precious metals, chemicals, and port shipping were active. On the downside, the photovoltaic equipment concept collectively fell. At the close, the Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index fell by 0.2%, and the ChiNext Index fell by 0.49%. At today's securities morning meeting, Zhongtai believes that the commercial aerospace high-performance carbon fiber is ushering in a new cycle of volume and price increases; CITIC Securities believes that the escalation of conflicts in the Middle East may help improve the valuation of the coal sector; Huatai believes that it is recommended to focus on thematic investments and economic strategies. Zhongtai: Commercial aerospace high-performance carbon fiber ushers in a new cycle of volume and price increases Lightweighting is the key to cost competition in commercial aerospace, and carbon fiber composites are strategic necessities. Commercial aerospace has entered a key window of large-scale development. Under the international rules of "first come, first served" for low-orbit satellites, frequency band resources have become scarce strategic assets. China has already applied to the ITU for a giant constellation plan of over 200,000 satellites, and the development of the industry chain has a clear and rigid timetable and task targets. The essence of the commercial aerospace competition is the competition of cost and efficiency, and material lightweighting is a key point. It is estimated that reducing the weight of a satellite by 1kg can indirectly reduce the fuel of the launch system by 500kg and save about $20,000 in launch costs. Carbon fiber composite materials, with excellent properties such as low density, high specific strength, high specific modulus, and dimensional stability, have become the mainstream structural materials for spacecraft. Major brands of carbon fiber for aerospace include the MJ series for satellites and the T700S, T800S, etc. for rockets. CITIC Securities: Escalation of conflicts in the Middle East may help increase the valuation of the coal sector The escalation of geopolitical conflicts in the Middle East may lead to an increase in oil prices, which could effectively push up coal prices; at the same time, if the trade logistics of chemicals such as methanol are affected, the domestic coal chemical industry's coal consumption is also expected to increase, which is favorable for coal prices. Currently, coupled with the export disturbance caused by the reduction in Indonesian coal, the domestic coal price is expected to continue to improve. It is recommended to focus on undervalued companies with coal chemical business and companies with a relatively high proportion of chemical coal sales, as well as companies with coal resource layout in Indonesia. Huatai: It is recommended to focus on thematic investments and economic strategies The underlying logic of this year's calendar effect may still be effective, but there may be some differences from previous years: 1) The high turnover after the holiday indicates that the cornerstone of abundant liquidity is still there, but the visibility of further breakthroughs in risk premium is reduced, and the upward trend of the market may slow down compared to previous years, increasing the necessity of exploring structural opportunities; 2) In terms of style, the question of whether the post-holiday funds will trigger a style switch from technology to cyclical industries prematurely, the style switch from small caps to large caps still requires a surplus turning point in liquidity, a trend of value stocks in the large market, and the coordination of funds, the observation window may be in March-April. In terms of allocation, it is recommended to focus on thematic investments and economic strategies. Themes should prioritize policy direction, while economic trends should focus on communication equipment, minor metals, rare metals, batteries, building materials, etc. This article is reprinted from "Cai Li"Editor: Jiang Yuanhua.