Weekend Key Highlights | Brokerage firms believe that the Shanghai Composite Index around 3,900 points is expected to form a market bottom and consolidation center, focusing on opportunities in commercial aerospace, solid-state batteries, and other allocations.

The reporter from 每经｜Yang Jian    Editor from 每经｜Xiao Rui-dong

According to the latest news from early Friday Beijing time, Musk is discussing allocating as much as 30% of new shares from SpaceX to individual investors. Under U.S. stock IPO conventions, listed companies typically only allocate 5% to 10% of shares to retail investors that have no lock-up restrictions.

Reports say that an insider added that the plan drafted by Musk was conveyed to Wall Street by SpaceX Chief Financial Officer Brett Johanson. It is understood that the amount of capital SpaceX plans to raise with its listing could reach $70 billion to $75 billion, with a target valuation of $1.75 trillion.

Dongxing Securities: Near the 3,900-point level, the SSE Composite Index is expected to form a new market bottom consolidation center. In the “15th Five-Year Plan” (2026-2030) industrial development, growth stocks will be the key focus of the portfolio layout.

The geopolitical risk premium will be released repeatedly as negotiations progress, and global capital markets’ sentiment fluctuations will likewise ease. With short-term corrections having been sufficiently absorbed, the timing for a mid-term layout is getting closer.

To a certain extent, the easing of conflict benefits the market’s risk appetite, and the impact of oil prices on the market in the short term has been significantly reduced. The market has returned to fundamentals. Growth stocks that saw relatively clear pullbacks earlier are expected to stop falling and rebound. The SSE Composite Index has fallen from the prior 4,000 to 4,200 range to the 3,800 to 4,000 range, and the market is expected to form a new market bottom consolidation center near 3,900 points.

From a full-year perspective, near the 3,800-point level, the SSE Composite Index is expected to become a mid-term layout area. The core logic for how the A-share market operates is still the domestic economic recovery pace. Monetary policy and industrial upgrading, along with the industrial development directions in the “15th Five-Year Plan” (2026-2030), remain the key focus for growth-stock positioning.

In terms of investment strategy, with Middle East conflict showing signs of relief, market risk appetite is expected to rise. Sectors that benefited earlier from high oil prices face downward pressure. Second, the stage-wise excess returns of defensive assets with strong performance will be significantly reduced. As the USD exchange rate declines, precious metals are expected to rebound. In addition, industries in the industrial chain affected earlier by the supply chain are expected to gradually recover. Market attention will shift back to overall business conditions, and growth stocks that were mistakenly sold off by the market in the short term are expected to achieve excess returns. Focus should be placed on technology-industry directions represented by AI and applications, commercial aerospace, robotics, and semiconductor equipment, while also paying attention to cyclical stocks benefiting from emerging industries represented by chemicals and non-ferrous metals.

Haitong International: The space land-grabbing movement in the big space era has already started, and 2026 will become China’s first year of reusable rockets

The 2026 government work report lists aviation and space as one of the six strategic emerging pillar industries. Near-Earth orbit resources and communication frequency bands are scarce resources, and they follow a first-come, first-served principle, thereby driving fierce competition among countries to race around low-Earth orbit satellites. Based on current conditions, near-Earth orbit around Earth can accommodate 60,000 to 100,000 satellites, and the communication frequency band resources mainly used by low-Earth orbit satellites are also trending toward saturation.

2026 will become China’s first year of reusable rockets. Reusable rocket technology reduces launch costs by more than 70%, which is the core driving force for commercial aerospace to move from “technology verification” to “scaled commercial use.” In 2026, more than ten rockets are expected to collectively sprint for “reusability,” and it is believed that 2026 will become China’s first year of reusable rockets.

China’s rocket costs still need to drop quickly. At present, China’s rocket supply mainly comes from state-owned teams led by the Long March series, as well as private rocket companies represented by Blue Arrow Aerospace, Tianbing Technology, and CAS Space. Commercial bidding has established quantitative standards for rocket launch capacity and launch costs. Once breakthroughs are achieved in reusable and reuse technologies, costs will fall rapidly and capacity will also grow quickly. Six factors—reusable and reusability technologies, 3D printing, material innovation, large-scale production, vertical integration, and engine innovation—together drive cost reduction, enabling commercial aerospace to move from “technology verification” to “scaled commercial use” and opening up a trillion-level market space.

In terms of investment strategy, consider the thrust chamber, including Sruixin Materials and Western Materials; the turbine pumps, including Aerospace Power and Aish Liu Shares; gas generators/combustion pre-chambers, including Aerospace Power and Sinosteel Gusheng; 3D printing, including Feiwotech and Yinbang Shares; rocket body structures, including Chaojie Shares and Guangwei Composite Materials; control systems, including Aerospace Electronics and Zhimingda; inertial navigation systems, including Leadingway Navigation; and attitude control, including Tianyin Electromechanical.

CICC/China Merchants? (Shanxi Securities): Accelerated solid-state battery mass production is promising; focus on equipment-side investment opportunities. The trillion-yuan track is expected to be opened

The solid-state battery technology roadmap is gradually converging. Multiple routes for solid electrolytes are run in parallel, with sulfides becoming the mainstream choice. Globally, solid-state battery R&D manufacturers are concentrated in China, Japan, South Korea, and the United States, and the sulfide technology route has the highest share. For anode materials, silicon-based anodes and lithium-metal anodes are currently the main materials for solid-state batteries; for solid-state batteries with higher energy density, lithium-metal anodes are mainly chosen. For cathode materials, currently high-nickel ternary cathodes dominate, and in the future they will gradually develop toward higher specific capacity lithium-manganese-based systems.

On the demand side, favorable policies continue to be strengthened, and emerging scenarios have broad potential. In our country, around solid-state battery technology, we have built a three-dimensional advancement system of “central policy guidance—local industrial support for implementation—fiscal and financial support.” The “Action Plan for High-Quality Development of New Energy Storage Manufacturing” clearly lists solid-state batteries as a key breakthrough direction and sets a goal of building 3 to 5 leading companies by 2027.

On the supply side, it is currently in a critical transition period toward large-scale mass production. It is expected that all-solid-state batteries can achieve large-scale mass production as early as 2030, and sulfide electrolytes will become the mainstream. Overall, global leading battery companies and automakers have formed a unified timeline plan—achieving small-batch vehicle installation of all-solid-state batteries in 2027, and entering the mass-production stage in 2030. EVTank expects that by 2030, the global shipment volume of solid-state batteries will reach 614.1GWh, and the penetration rate of solid-state batteries in the overall lithium battery market is expected to be about 10%.

In terms of investment strategy, the solid-state battery industry is accelerating into the key stage of an equipment race. Equipment segments, backed by high barriers and non-substitutability, become the core track that benefits first and has the strongest certainty. Key process equipment for solid-state battery mass production includes dry-electrode, isostatic pressing, and high-precision stacking devices. Companies that can be positioned in a full-line solid-state battery equipment setup include SUNLEAD Intelligent and Liyuanheng, as well as Honggong Technology, Lianying Laser, and others that have advantages in certain sub-sectors or in key equipment.

East Wu Securities: The U.S. power investment is driven by a triple engine; China’s power equipment is riding the wave

AI computing power expansion combined with aging power grids means the supply-demand gap in U.S. power is entering a “rigid expansion period.” The rapid development of AI in North America has led to high-speed load growth. In 2024, the demand for generation capacity installation was about 1,200GW; by 2030, it needs to grow to 1,751GW, with a cumulative need to add about 550GW. Meanwhile, the U.S. power grid is in an “overstayed service” state. The collision between a surge in load and an aging base puts enormous pressure on the grid for both upgrades and new construction. CSP accelerates the grid connection by sweeping up gas turbines. With demand surging and supply releasing slowly, the U.S. power system will face unprecedented challenges.

The evolution of AIDC toward “high-voltage + self-supplied power” creates a “multiplier effect” for transformer demand. As the AIDC installed-capacity scale iterates to the GW level, its connection voltage is evolving from the traditional 10kV to 138kV, or even 230kV. To reduce impacts on the power grid and other users, self-supply solutions are gradually becoming mainstream. Compared with direct grid connection, gas turbines, photovoltaics, and energy storage involve voltage-boost stages, and thus transformer demand grows by multiples.

China’s power equipment, leveraging its advantages in “delivery schedule + production capacity,” has successfully entered the North American high-end supply chain. Overseas transformer prices rise in step with the market, and the delivery lead times for large transformers are generally extended to more than three years. China’s private power equipment leading companies, with their complete industrial-chain advantages and product quality, enter the North American high-end market driven by AIDC user demand, becoming a breakthrough point for domestic companies to go overseas. At present, companies such as Siyuan, JINPAN, and Yigore, as well as Baiyun Electric, have achieved order breakthroughs or capacity planning in the North American AIDC market. Insulator companies such as Shennma Power and Dalian Electrical Porcelain are expected to achieve breakthroughs in North American ultra-high-voltage projects through cooperation with overseas power equipment companies. With AIDC self-built power + ultra-high-voltage construction, a new chapter for China’s power equipment to go overseas will be opened.

In terms of investment strategy, with the North American AIDC self-supplied power + ultra-high-voltage project launches, leading domestic private power equipment companies are expected to fully benefit. You can consider investing in North American transformers, including Siyuan Electric, JINPAN Technology, Yigore, TBEA, Baiyun Electric, etc.; generation equipment, including Dongfang Electric, Sungrow Power Supply, Hailianxun, Harbin Electric, etc.; and North American ultra-high-voltage, including Shennma Power and Dalian Electrical Porcelain, etc.

Cover image source: 每经 media resources

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