Brokerage Morning Meeting Highlights | The Experience Economy is Now, Opening a New Chapter in Service Consumption

Yesterday, the three major indexes fluctuated differently, with the Shanghai Composite Index oscillating and rising, the ChiNext Index rising and falling, and the Sci-Tech Innovation 50 Index rising more than 1.5%. The turnover of the Shanghai and Shenzhen stock markets was 2.58 trillion yuan. In terms of sectors, concepts such as commercial aerospace, optical fiber, liquid-cooled servers, and glass substrates performed strongly. On the downside, the pharmaceutical sector showed weaker trends. As of the close, the Shanghai Composite Index rose by 0.76%, the Shenzhen Component Index rose by 0.55%, and the ChiNext Index fell by 0.02%. At today's brokerage morning meeting, CITIC SEC believes that the experience economy is timely, and service consumption is ushering in a new chapter; China Securities Co., Ltd. believes that the follow-up commercial aerospace catalysis is intensive and is optimistic about the subsequent performance; Huaxi believes that overseas high-end computing resources are still tight, and manufacturing, storage, and performance multiple signals jointly verify the continuation of prosperity. CITIC SEC: The experience economy is timely, and service consumption is ushering in a new chapter During the "Fourteenth Five-Year Plan" period, the government will make service consumption a strategic focus for expanding domestic demand, strive to promote the high-quality, diversified, and convenient development of life service industries, deepen the integration of business, travel, culture, and sports, create immersive, interactive experience economy and consumption new scenes, and comprehensively enhance the quality of service consumption and experience. The pan-travel sector, as an important scene for experiencing the economy, will continue to benefit and is expected to become an important driving force for boosting consumption and driving growth. Three main lines are recommended: 1) high-quality targets in hotels and scenic spots in leisure travel scenes; 2) steady-operating and growth-oriented catering and duty-free leaders in the cyclical leisure sector; 3) gambling companies and top brands of instant beverages with a high demand elastic slope in the improved economy; focus on OTA and exhibition sectors. China Securities Co., Ltd.: Intensive follow-up commercial aerospace catalysis, optimistic about subsequent performance Recently, the commercial aerospace sector has experienced a significant pullback due to some rocket launch failures/delays and changes in market sentiment. With intensive follow-up catalysis and the repair of market sentiment, the outlook for the subsequent performance of the commercial aerospace sector is optimistic. In the satellite sector, the focus is on payloads, antennas and accessories, laser communication terminals and accessories, solar wings, and energy system-related aspects; in the rocket sector, the focus is on engines and related 3D printing, rocket structural components; in the ground equipment sector, the focus is on civilian terminals and smartphone direct connections; in the operation service sector, the focus is on companies with scarce qualifications. Huaxi: Overseas high-end computing resources are still tight, manufacturing, storage, and performance multiple signals jointly verify the continuation of prosperity Google will hold the Google Cloud Next'26 conference. Sina Finance mentioned that the conference will be held from April 22 to 24, focusing on cloud computing and AI computing power, and is expected to release a new generation of TPU architecture, while also disclosing progress in technology applications such as memory pooling and optical cross-connect switches (OCS). If the conference strengthens directions such as TPU, memory pooling, and optical interconnection as scheduled, the focus of the overseas computing industry chain will further expand from single GPU resource shortages to cloud vendors' self-developed chips, cluster interconnections, and data center network architecture upgrades and other more fundamental aspects. These signals mutually confirm each other, indicating that the support for the current computing power prosperity is not only event-driven but is synchronously strengthened in terms of price, manufacturing, storage, and performance realization. This article is reprinted from "Cailianshe", GMTEight Editor: Feng Qiuyi.