Key Points of the Securities Firm Morning Meeting | Express Delivery and Cold Chain Logistics Industries Expected to Benefit from Logistics Network Construction

Last Friday, the market opened high and diverged, with the Shanghai Composite Index performing strongly while the ChiNext Index opened high and then fell, having previously risen over 2%. The turnover of the Shanghai and Shenzhen stock markets was 3.21 trillion yuan, an increase of 662.9 billion yuan from the previous trading day. In terms of sectors, the nonferrous metals sector was strong, with over a dozen component stocks hitting the limit up, and the large financial sector was active, with the PCB concept repeatedly strengthening. By the close, the Shanghai Composite Index rose by 1.12%, the Shenzhen Component Index rose by 0.75%, and the ChiNext Index rose by 0.5%. At the morning meeting of securities firms today, CITIC SEC stated that SpaceX's first day of trading surged, marking the beginning of the era of big aerospace; Huatai believes that around 2028, when chip localization reaches a critical point, the prices of green certificates and capacity electricity are expected to rise; CICC believes that the express delivery and cold chain logistics sectors are expected to benefit from logistics network construction. CITIC SEC: SpaceX's first day of trading surged, marking the beginning of the era of big aerospace SpaceX went public on the Nasdaq on June 12th, with a first-day surge of about 19%. This IPO raised about $75 billion, making it the largest IPO in history, which is expected to strongly support SpaceX's rocket and satellite iterations and expand the broad space of AI, including space computing power. Despite the objective characteristics of commercial rockets and the fluctuations in launch schedules for domestic recoverable launches, it is essential to see the potential for exponential growth of the industry after the breakthrough in recoverable technology, as well as the broader industrial space of space computing power, focusing on "core assets" and "inflation links." Huatai: Around 2028, when chip localization reaches a critical point, green certificate prices and capacity electricity prices are expected to rise Since the Spring Festival in 2026, themes such as token going global, algorithm-electricity synergy, and high-temperature power shortages have emerged, with the market initially focusing on "algorithmic electricity" stocks and then seeing a general rise in the sector, extending from green electricity to thermal electricity. Huatai retrospectively analyzed the stock price trends of European and American IPPs and found that such macro narrative trading behavior is very common in the global power industry. Huatai quantitatively calculated: around 2028, when chip localization reaches a critical point, China may experience a supply bottleneck similar to that overseas, at which point green certificate prices and capacity electricity prices are expected to rise, benefiting the fundamental of power stocks and driving further valuation expansion. CICC: The express delivery and cold chain logistics sectors are expected to benefit from logistics network construction The outline of the 15th Five-Year Plan proposes to improve the efficient and smooth modern circulation system, improve the national logistics hub network, build several core commodity backbone circulation corridors based on modern circulation strategic pivot cities, support regions with conditions to build bulk commodity resource allocation hubs, improve integrated circulation rules and standards, and reduce the logistics costs of the whole society. CICC believes that the express delivery and cold chain logistics sectors are expected to benefit from logistics network construction. China's express delivery market is highly intensively and automated, and the continued growth of the express delivery industry helps reduce social logistics costs. This article is reproduced from "Finance Association", GMTEight Editor: Liu Jiayin.