Essence of securities firms' morning meeting | Commercially recyclable rockets iterate faster, engineering system gradually improves.

Yesterday, the market fluctuated and rebounded throughout the day, with the three major indices opening low and closing high. The Shanghai Composite Index returned above 4100 points, and the ChiNext Index rose by over 2%. The trading volume of Shanghai and Shenzhen stock markets reached 2.59 trillion yuan. In terms of sectors, concepts such as the lithium battery industry chain, computing power leasing, CPO, rare earth permanent magnets, and PCB industry chain performed actively. On the downside, semiconductor material stocks experienced a volatile adjustment. By the close, the Shanghai Composite Index rose by 0.71%, the Shenzhen Component Index rose by 1.96%, and the ChiNext Index rose by 2.52%. At today's brokerage morning meeting, Huatai believes that the optical fiber and cable industry has entered a historical boom cycle; Huaxi believes that the iteration speed of commercial reusable rockets is accelerating, and the engineering system is gradually improving; Tianfeng believes that the printing and dyeing industry is steadily developing, and dyes have strong bargaining power downstream. Huatai: Optical Fiber and Cable Industry in Historical Boom Cycle The market believes that the rise in optical fiber prices will lead to large-scale production expansion by enterprises, with limited effective supply added to the industry in the next 2 years, and the economic cycle is expected to lengthen: 1. The production expansion cycle of optical fibers is long, and after the rational expansion trend following the last round of industry clearance, it is difficult for large-scale new production capacity to be put in place in the short term; 2. High-end optical fibers are squeezing out production capacity: mainstream manufacturers are tilting their capacity towards A1 optical fibers and A2 products for drones, squeezing the supply of ordinary optical fibers. Huaxi: Accelerated Iteration Speed of Commercial Reusable Rockets and Gradual Improvement of the Engineering System At the current point in time, with multiple commercial rocket reusable launch plans progressing in an orderly manner, commercial spaceflight is entering an accelerated implementation stage, the momentum of satellite internet development is surging, satellite constellations are being launched regularly, communication capacity is increasing, latency is decreasing, and applications related to mobile broadband satellite direct connection and low-orbit satellite network-connected intelligent driving systems are expected to be quickly implemented. Tianfeng: Steady Development of the Printing and Dyeing Industry, Strong Bargaining Power of Dyes Downstream Dyes refer to substances that can color fibers, textiles, or other materials, and there are multiple classification methods for dyes. China is the world's largest producer, exporter, and consumer of dyes, accounting for approximately 70% of global dye production (by 2024). The production pattern in China is relatively concentrated, with the mainstream dye category CR5 accounting for over 70%. Disperse dyes are the largest variety by scale, mainly used downstream for polyester. China mainly exports dyes to Southeast Asia. Intermediates are key raw materials for dyes, with high production safety and environmental protection requirements. This article is reprinted from "Cai Lianshe". GMTEight Editor: Huang Xiaodong.