Brokerage Morning Meeting Highlights | Computing power and other high-frequency, high-speed demand are rapidly increasing, with electronic-grade PTFE expected to be widely used

Yesterday, the market experienced a volatile adjustment, with all three major indexes closing in the green, and the ChiNext Index falling by over 1%. The turnover of the Shanghai and Shenzhen stock markets was 2.55 trillion yuan, a decrease of 67.2 billion yuan from the previous trading day. In terms of sectors, the semiconductor materials sector saw a strong performance, with targets, photoresist, and electronic special gases all showing strength. The non-ferrous metals sector was active, and the chemical industry sector rose during the trading session. At the close, the Shanghai Composite Index fell by 0.16%, the Shenzhen Component Index fell by 0.68%, and the ChiNext Index fell by 1.13%. At today's securities morning meeting, Huatai stated that the cost-effectiveness advantage of sodium-ion batteries is becoming more prominent, and commercialization is accelerating. China Securities Co., Ltd. believes that the rapid growth of high-frequency and high-speed demand such as computing power may lead to large-scale applications of electronic-grade PTFE. CITIC SEC believes that the European Central Bank is expected to pause interest rate hikes, limiting further appreciation of the euro. Huatai: Cost-effectiveness advantage of sodium-ion batteries becoming more prominent, commercialization accelerating Huatai pointed out that the sodium-ion battery's polymer anion route is considered the preferred energy storage option due to its cost, safety, and cycle life advantages. The company builds competitiveness through material synergy, process cost reduction, and product modification. With the high price of lithium and rising prices of auxiliary materials, the cost difference between the polymer anion sodium battery cell and the lithium iron phosphate has significantly narrowed. Cost-effectiveness has become one of the factors driving its rapid growth. Huatai believes that this year will be the first year of mass production for sodium batteries, and is optimistic about the rapid growth of sodium batteries and upstream materials in the fields of energy storage, communication, and two-wheelers. China Securities Co., Ltd.: Rapid growth of high-frequency and high-speed demand such as computing power, electronic-grade PTFE expected to be widely used China Securities Co., Ltd. pointed out that PTFE materials have excellent characteristics such as thermal stability, chemical resistance, and dielectric properties. Three major downstream demands for military + servers, high-speed cables, and high-speed boards are expected to grow rapidly. With the imminent production of the new generation server Rubin ultra by NVIDIA, the industry is actively discussing the use of PTFE materials as orthogonal backplanes, and domestic Shengyi Technology is actively conducting verification. CITIC SEC believes that with the continued growth of high-frequency and high-speed transmission demand led by computing power infrastructure, the downstream areas of PTFE are expected to be redefined. CITIC SEC: European Central Bank expected to pause interest rate hikes, limited further appreciation of the euro CITIC SEC research report stated that the European Central Bank raised interest rates by 25 basis points in June as scheduled, lowered growth forecasts for the current and next two years, and raised inflation forecasts for the current and next two years. Lagarde stated that the decision to raise interest rates this time was unanimously approved by the voting committee and was necessary, and the neutral interest rate has not yet been discussed. It is expected that the inflation rate will return to target in the second half of 2027, but there is not much effective forward guidance on the subsequent policy path. The derivatives market is currently pricing in expectations for the European Central Bank to raise interest rates at least once this year, but CITIC SEC believes that the risks of the European Central Bank raising interest rates again outweigh the benefits, and expects the European Central Bank to pause interest rate hikes, with limited further appreciation of the euro and support for the US dollar index. This article is reprinted from "CaiLian News", edited by GMTEight: Huang Xiaodong.