The market experienced a V-shaped recovery yesterday, with the three major indices significantly paring their losses. The ChiNext Index and the Shenzhen Component Index had fallen over 3% intraday. The total trading volume for the Shanghai and Shenzhen stock exchanges reached 2.65 trillion yuan. In terms of sectors, concepts such as computing power leasing, electric power, and power grid equipment showed strength against the trend. On the downside, the port and shipping sector collectively declined, while the oil and gas concept opened higher but closed lower. At the close, the Shanghai Composite Index fell 0.67%, the Shenzhen Component Index dropped 0.74%, and the ChiNext Index declined 0.64%.
In today's brokerage morning briefings, China Securities Co., Ltd. expressed the view that the commitment to self-sufficient power supply signed by seven major U.S. tech giants reinforces a positive outlook for trends like gas turbines and ship fuel conversion. CITIC Securities believes that renewed policy expectations signal an inflection point for the industrialization of hydrogen energy. Guosheng Communications suggests that as the core hub of optical communication, the market share of domestic products is expected to increase.
China Securities Co., Ltd. highlighted that representatives from seven companies, including Microsoft, Alphabet, OpenAI, Amazon, Meta Platforms, Inc., xAI, and Oracle, recently signed a relevant document at the White House. It was noted that concerns exist among some U.S. citizens regarding data centers potentially driving up electricity demand and causing higher utility bills, and this document is expected to address those issues. The proportion of self-built power sources for North American AI data centers is anticipated to continue rising, further boosting demand for gas turbines. Projections indicate that global demand for gas turbines will exceed 120 GW by 2028, while global supply is estimated to be around 90 GW, suggesting a widening supply gap. A continued positive outlook is maintained for the gas turbine industry chain and trends like ship fuel conversion.
CITIC Securities pointed out that hydrogen energy's positioning was upgraded to a new growth point in the 2026 government work report, with green fuels being mentioned for the first time. The simultaneous proposal to establish a national low-carbon transition fund aims to foster industrial development. Proposals from delegates during the "Two Sessions" frequently focused on resolving industrial bottlenecks, such as advancing pipeline storage and transportation, deepening electricity-hydrogen coupling, accelerating mechanisms like carbon pricing, and setting subsidy policies, indicating the initial formation of a policy framework. During the "15th Five-Year Plan" period, the focus of the hydrogen energy industry is expected to shift from technological demonstration to systematic supply and scaled application scenarios. Integrated projects involving green power, green hydrogen, and green fuels are likely to achieve breakthroughs first. Attention is recommended on investment operators of green fuel projects like green hydrogen, ammonia, and alcohols.
Guosheng Communications emphasized that electrical chips (such as TIA, Driver, CDR) are not merely simple components for optical modules but are core hubs determining signal rate and power consumption. The TIA amplifies signals received by the photodetector (PD) at the receiving end and converts them into voltage signals, while the Driver converts electrical signals into current signals at the transmitting end to drive the laser for light emission. The deep integration of functions like equalization and clock recovery in TIA/Driver represents not just a technological upgrade but a value leap for the optical communication industry, moving from "module assembly" to "chip-defined" systems. Electrical chips form the foundational core for the long-term development of the optical communication industry, with high-speed design capabilities and process accumulation becoming key barriers. It is advised to focus on core enterprises involved in the layout of optical communication electrical chips.