Major stock indices closed mixed yesterday. The Shanghai Composite Index saw a fluctuating rise, while the ChiNext Index surged before retreating and the STAR 50 Index gained over 1.5%. The combined trading volume for the Shanghai and Shenzhen markets reached 2.58 trillion yuan. Sector-wise, commercial aerospace, optical fiber, liquid cooling servers, and glass substrate concepts showed strong performance. Conversely, the pharmaceutical sector weakened. At the close, the Shanghai Composite Index was up 0.76%, the Shenzhen Component Index rose 0.55%, and the ChiNext Index edged down 0.02%.

In today's broker morning briefings, CITIC Securities highlighted that the experience economy is thriving, marking a new chapter for service consumption. China Securities noted that upcoming catalysts for commercial aerospace are dense and expressed optimism about its future performance. Huaxi Securities pointed out that high-end overseas computing power remains tight, with multiple signals from manufacturing, storage, and earnings collectively confirming the persistence of the sector's prosperity.

CITIC Securities: Experience Economy in Full Swing, Service Consumption Enters New Phase During the "16th Five-Year Plan" period, policies are strategically positioning service consumption as key to expanding domestic demand, aiming to promote high-quality, diverse, and convenient development of consumer services. This involves deepening the integration of commerce, tourism, culture, sports, and health, creating immersive and interactive experience economies and new consumption scenarios to全面提升 service consumption quality and experience. The broad travel sector, as a primary arena for the experience economy, is poised to benefit continuously and is expected to become a significant driver for boosting consumption and stimulating growth. Three main investment themes are recommended: 1) High-quality assets in hotels and scenic spots within leisure travel scenarios; 2) Stable and growth-oriented leaders in the pro-cyclical leisure sector, such as catering and duty-free; 3) Gambling companies and leading freshly-made beverage brands with high demand elasticity during the current upswing. Attention is also advised on Online Travel Agencies (OTAs) and the exhibition sector.

China Securities: Dense Catalysts Ahead for Commercial Aerospace, Positive Outlook Maintained The commercial aerospace sector recently experienced significant corrections due to factors including some rocket launch failures/delays and shifts in market risk appetite. However, with a series of upcoming catalysts and an expected recovery in market sentiment, the sector's performance is viewed favorably. Within the satellite segment, focus should be on payload systems, antennas and supporting equipment, laser communication terminals and配套, solar wings, and energy systems. For the rocket segment, emphasis is on engines and related 3D printing technologies, as well as rocket body structural components. In the ground equipment sector, civil terminals and direct-to-device (e.g., phone connectivity) technologies are key areas. For operational services, companies possessing稀缺 licenses are particularly noteworthy.

Huaxi Securities: Overseas High-End Computing Power Remains Tight; Manufacturing, Storage, and Earnings Signals Confirm Sustained Prosperity Google is set to host the Google Cloud Next '26 conference. Reports indicate the event will take place from April 22nd to 24th, focusing on cloud computing and AI computing power, with expectations for the release of a new-generation TPU architecture and updates on technologies like memory pooling and optical circuit switching (OCS). If the conference reinforces directions in infrastructure such as TPUs, memory pooling, and optical interconnects as anticipated, the focus within the overseas computing power industry chain is likely to shift beyond just GPU supply constraints to encompass more foundational aspects like cloud providers' self-developed chips, cluster interconnects, and data center network architecture upgrades. These converging signals suggest that the current computing boom is not merely driven by event catalysts but is being reinforced simultaneously across multiple fronts including pricing, manufacturing, storage, and earnings realization.