According to a Xinhua News Agency report, on February 7th, China successfully launched a reusable experimental spacecraft from the Jiuquan Satellite Launch Center using a Long March 2F carrier rocket. The experimental spacecraft is scheduled to undergo technical verification for reusability, providing technological support for the peaceful use of space.
Dongwu Securities: Hold Cash or Stocks During the Holiday? Market Rebound Expected to Begin Next Week Historically, A-shares exhibit a significant "Spring Festival effect," characterized by several patterns: First, regarding trading volume, there is a pattern of "contraction before the holiday and expansion after." Historical data shows market volume typically begins to decline from eight trading days before the holiday (T-8). Recently, the total A-share turnover fell below 2.5 trillion yuan, approaching the 2 trillion yuan level. Based on past experience, the trend of volume contraction generally continues until the first trading day after the holiday, with a significant rebound in average volume beginning from T+2, indicating a recovery in trading enthusiasm and market liquidity. Second, in terms of market trends, the week before the holiday is often the optimal window for positioning in indices, with a rebound turning point frequently occurring around five trading days prior. A review of Spring Festival market trends since 2006 shows that after a period of consolidation, indices typically begin a trend rebound approximately five trading days before the holiday. This rebound generally persists until around T+6 after the holiday, during which indices show a clear upward trend, though the pace of increase gradually slows. Third, from a style perspective, a notable reversal between large-cap and small-cap styles occurs around the holiday. Before the holiday, large-cap styles generally outperform small-caps, and growth styles outperform value. After the holiday, small and micro-cap stocks take the lead. The reversal effect between large and small caps is particularly pronounced.
How to interpret the "Spring Festival effect"? On one hand, trading psychology is generally subdued before the holiday but revives after the resumption of work. Active capital tends to be dormant before the holiday and warms up afterwards. This characteristic is mainly reflected in three aspects: first, the shift in average trading volume and turnover around the holiday; second, in terms of market style, small and micro-cap stocks face relative pressure before the holiday due to lack of active capital support, but recover afterwards as active funds return; third, the performance of market sentiment indices, which data from the past 12 years shows have a win rate of only 33% in the five trading days before the holiday, but a 100% win rate after the holiday,直观 reflecting the low willingness of active capital to take long positions before the holiday and a significant increase afterwards.
Overall, factors currently suppressing the market are expected to gradually weaken. Combined with the patterns of the Spring Festival effect, the market is anticipated to begin rebounding next week, with the trend likely lasting for several trading days after the holiday. Therefore, holding stocks during the holiday may be considered.
Regarding allocation directions, first, focus on technology sectors that have been excessively discounted during this adjustment phase, including domestic chips, semiconductor equipment, memory chips, computing power/communication, and cloud computing. Second, pay attention to high-growth sectors, including the energy storage/lithium battery industry chain, wind power, and cyclical segments experiencing price increases. Third, consider themes related to the "15th Five-Year Plan," specifically emerging and future industries such as commercial aerospace and 6G, nuclear power, hydrogen energy, quantum communication, and brain-computer interfaces.
Guojin Securities: Why Emphasize the "Cambrian Explosion" in Aerospace? Rocket launch capacity is analogous to "computing power." Key segments positioned in the rocket sector are expected to enjoy long-term valuation premiums and be the first to benefit from the transmission of downstream industry prosperity. The expectation gap for the rocket segment lies in the marginal changes in prosperity across the upstream, midstream, and downstream sectors. Upstream – Core engine materials. Engine core materials represent scarce industrial resources. As rocket demand increases, significant changes in demand for upstream scarce metals are likely. Midstream – The equipment segment's future marginal changes are significant in two directions: engines and 3D printing, which possess long-term logic based on scarcity and inflation. Downstream – Accelerated progress among listed companies, with resonance between China and the US, addresses bottlenecks in launch capacity. 2026 is expected to be the first year of reusable rockets in commercial aerospace. It is important to value the "Cambrian Explosion" in China's aerospace chain, including core rocket components. Relevant targets to watch include Aerospace Power, Feiwo Technology, Western Materials, Superjet Co., Ltd., and Guanglian Aviation.
Guosheng Securities: Perovskite Solar Cells Approach GW-Scale Mass Production Perovskite solar cells represent the third generation of battery technology, with single-junction and tandem technologies developing in parallel. Perovskites use organic-inorganic hybrid metal halides with the general formula ABX₃ as light-absorbing materials, offering advantages such as simple synthesis, high photoelectric conversion efficiency, low cost, and light weight. Perovskite battery technology routes are divided into single-junction and tandem categories. Tandem routes are further subdivided into crystalline silicon/perovskite tandem and all-perovskite tandem, among others. Crystalline silicon/perovskite tandem can be combined with existing crystalline silicon technologies like PERC, TOPCon, and HJT, balancing efficiency improvement and production line compatibility, making it the current mainstream R&D direction. Perovskite boasts strong cost competitiveness and clear potential for cost reduction. Currently, the investment for a single GW perovskite production line is approximately 1 billion yuan, with module production costs around 1.2 yuan/W, higher than crystalline silicon modules. In the future, with equipment localization, integration upgrades, increased capacity utilization, material配方 optimization, and process simplification, the unit cost of modules is expected to drop to 1.0 yuan/W by 2026, potentially surpassing the cost competitiveness of crystalline silicon batteries. For allocation, focus on core segments of the perovskite industry chain. Prioritize module leaders with advanced tandem technology and clear capacity plans, including GCL Tech, LONGi Green Energy, Trina Solar, and Jinko Solar. Also consider equipment companies with high localization rates and strong order books, such as Jingjiawei Chuang, Mayer, Jingshan Light Machinery, Manst, Delong Laser, and Dr. Laser. In the materials segment, pay attention to sub-sectors with significant import substitution potential, including Jinjing Technology, Yaopi Glass, Wanrun股份, First Applied Material, and Lushan New Material.
Dongfang Securities: Align with Humanoid Robot Anthropomorphism Trend, Monitor AMR Sensor Application Expansion As humanoid robots become more anthropomorphic, the trend towards increasing total degrees of freedom (DOF) continues. During the Tesla Q4 2025 earnings call, Elon Musk stated that the V3 version of Optimus would be more human-like. Domestic robot manufacturers have already made progress in anthropomorphic design. To achieve greater anthropomorphism, the Tesla V3 is expected to achieve breakthroughs in the number of body joints and hand DOF. Magnetic encoders are more likely to benefit from increases in total body DOF compared to optical encoders. As the total DOF of humanoid robots increases, demand for corresponding body encoders is expected to grow. Magnetic encoders offer a price advantage over optical encoders, making them suitable for large-scale production. Humanoid robot specifications change rapidly, with high demands for cost reduction, to which domestic manufacturers respond more proactively. Compared to Hall sensor solutions, AMR sensors offer differentiated advantages in higher measurement accuracy and better suitability for compact, lightweight designs. AMR sensor solutions are more likely to be applied in scenarios requiring high-precision control, particularly offering potential application opportunities in dexterous hands. AMR sensors are expected to see wider application in core joint components of robots, potentially driving revenue growth and market share increases for domestic manufacturers. Regarding investment advice and targets, the trend towards greater anthropomorphism in humanoid robots is expected to drive increases in total body DOF, expanding the market space for encoders. Related component manufacturers are likely to benefit. Relevant targets include Inovance Technology, Hechuan Technology, and Xinjie Electric.