Securities morning meeting highlights | Redefining global commercial space valuation anchor price

Yesterday, the market shook and adjusted, with the Shenzhen Component Index falling more than 1% intraday. The yellow and white lines diverged significantly, with small and medium-cap stocks showing weaker trends, and the Micro-Cap Stock Index falling more than 1%. The turnover of the Shanghai and Shenzhen markets was 3.24 trillion yuan. In terms of sectors, concepts such as power grid equipment, optical fibers, CPO, and Siasun Robot & Automation were active. On the downside, the pork concept underwent a shakeout adjustment. At the close, the Shanghai Composite Index fell by 0.25%, the Shenzhen Component Index fell by 0.47%, and the ChiNext Index rose by 0.15%. At today's securities morning meeting, CMSC believes that the diffusion of AI driving from computing power chips is significant, and the autonomous and controllable industrial chain is booming; CICC believes that the impact of energy costs continues, and AI inflation is a new variable; Huaxi believes that global commercial aerospace valuations are once again being re-priced. CMSC: AI driving is significantly diffused from computing power chips, the autonomous and controllable industrial chain is booming The Philadelphia Semiconductor Index has continued to rise since April, with global CSP total capital expenditures expected to be around 830 billion US dollars by 2026, driving the continued improvement in the AI industrial chain's prosperity. The supply-demand gap in the storage industry will continue until 2027, domestic module companies are entering a period of profit growth, and the performance of storage companies is expected to continue. The global CPU market space has greatly increased, domestic computing power orders and revenue are growing rapidly, driving the demand for domestic advanced processes, and the performance of domestic CPU and advanced process chains is optimistic. The trend of domestic expansion of memory is clear, the rate of localization is increasing, equipment orders continue to improve, and materials will see a scale-up after breaking through production capacity bottlenecks, with a good performance expected in the autonomous and controllable sector. CICC: The impact of energy costs continues, AI inflation is a new variable In April, the seasonally adjusted CPI in the United States rose by 0.6% month-on-month and soared by 3.8% year-on-year; the core CPI rose by 0.4% month-on-month and by 2.8% year-on-year. Energy contributed over 40% of the overall month-on-month increase, and with ongoing disruptions in the Strait of Hormuz and high international oil prices, the transmission of energy costs to residents has not yet ended. Food prices are generally rising, and air ticket prices have continued to rise, both of which could be driven by the secondary transmission of oil price hikes. It is worth noting that the expansion of the AI industry is creating new structural inflation pressures, with prices of electronic products and related accessories continuing to rise. Rent has seen a jump, but it is mainly due to the "rising" effect after the previous lack of statistical data. Overall, energy inflation pressures continue to be released, overlaid with stabilization in the labor market, the Fed is expected to remain inactive in the short term, and the timing for the next rate cut may be delayed until the fourth quarter. Huaxi: Re-pricing the global commercial aerospace valuation anchor Regarding overseas developments, SpaceX's potential IPO and the expectations for the Starship V3 test flight are heating up simultaneously. SpaceX is aiming for a public market launch with a valuation of around $1.75 trillion, with the Starship project having received over $15 billion in cumulative investments; at the same time, the Starship V3 hardware has completed key static fire tests, with the Flight 12 targeting the mid-May window. If the Starship enters a more stable pace of repeat launches, it will form a closed loop with the Starlink V3's large-scale deployment. The SpaceX IPO is expected to elevate the Starship V3 from a one-time test flight event to a global commercial aerospace asset pricing event, with variables such as Starlink V3, AI tools, long-term narratives, and low-cost orbital capabilities becoming core valuation factors. This article was adapted from "Cai Lianshe", GMTEight Editor: Jiang Yuanhua.