12.8

I. In-Depth Analysis of Overnight News and Industrial Logic

1. Commercial Aerospace: Top-Level Design Implementation, Acceleration of Industrialization Process Event: Release of the Special Action Plan for 2025-2027; SpaceX clarifies the IPO schedule for the second half of next year.

Focus Areas: Satellite Manufacturing and Operations (China Satellite), Rocket Support (Aerospace Intelligent Equipment), Key Components (Aerospace Electromechanics). Attention should be paid to the risks of technological research and development and the potential impact of launch failures.

2. Cross-Strait Integration/Regional Development: Policy Dividends Entering a Period of Intensive Realization Event: Fujian Demonstration Zone Construction and Hainan Free Trade Port Operations Enter Countdown.

Core Logic: Policy implementation has high certainty, and the performance visibility of related companies is high. Attention should be paid to the progress of specific project advancements.

3. Large Finance: Regulatory Guidance Optimization, Industry Ecology Expected to Improve Event: Regulatory authorities clearly state they will expand the capital space for brokerages, pushing the industry from price competition to professional service competition. Analysis: This aims to optimize the operating environment for brokerages, encouraging them to develop capital intermediation, wealth management, and innovative investment banking businesses, thus improving ROE.

This benefits leading brokerages (CITIC Securities) and financial technology (Guidance Compass, Wealth Trend).

If the market is to continue, the large finance sector also needs to stabilize the index and provide liquidity.

4. Robotics: Enhanced Strategic Position of the Industry, Awaiting Policy Details Event: Reports indicate that relevant departments have begun to focus on and plan to introduce administrative orders in the robotics field next year.

Core: Sanhua, Wuzhou New Spring, Changsheng, etc.

5. Storage Chips: AI Demand Driven, Supply-Demand Pattern Remains Tight Event: The global AI infrastructure boom has led to a shortage of storage chips, and Micron has exited some markets.

Analysis: HBM (High Bandwidth Memory) and other high-end storage chips are core components of AI servers, with explosive growth in demand. Micron's exit further exacerbates the supply tension, benefiting storage module, chip design, and domestic storage chip manufacturers.

6. Quantum Technology: Standardization Work Initiated, Industrialization Approaches Event: The Ministry of Industry and Information Technology announces the plan to establish the Quantum Information Standardization Technical Committee.

Analysis: Standardization is a key step for the industry to move from the laboratory to large-scale and market-oriented development. It marks that China's quantum communication, quantum computing, and other industries are about to enter an accelerated development stage.

Focus on core equipment for quantum communication, security services, and core component suppliers.

II. Strategy

On Friday, the index surged, but the trading volume in both markets only increased by over 100 billion. With financial benefits over the weekend, if the index opens high today, attention should be paid to whether the trading volume in both markets continues to expand, ideally returning to 2 trillion; otherwise, it may easily rise and fall back.

1. Recently, the two most obvious directions of deviation from the index are robotics and CPO. Robotics saw a rush at the end of last Friday, so Junya is expected to open with a limit up; capacity will depend on Sanhua and Changying, while CPO will involve those few weighted stocks plus Saiwei.

2. Last Friday, commercial aerospace also resonated with the index; normally, Longzhou should have a large single limit up, with core capacity being Aerospace Development, and on the 20cm side, it is bidding stocks. Anchor the strength of the sector; capacity stocks are not afraid of divergence, but fear acceleration; the more divergence, the more to buy, while consensus reduces positions.

3. The last aspect is the direction of group holding or the deviation direction. Last Friday, Haiwang actively challenged the deviation, and its feedback today is crucial. Hefei was also reported to be under key monitoring over the weekend; if it adjusts, there’s no need to look in the short term. Moreover, if the index breaks out with volume, this could easily collapse; it is best to stabilize, as this would allow for continued group holding.

Overall, that’s about it; wishing everyone a profitable new week [fireworks][fireworks]