关注M9覆铜板材料的积极变化 | 券商晨会

Group 1 - The report from Guojin Securities highlights the positive changes in M9 copper-clad laminate materials, with optimism surrounding AI-driven industry growth and leading companies expected to expand production to meet high demand [1] - The M9 copper-clad laminate is anticipated to bring material solution upgrades, including a shift towards HVLP4 copper foil, Q fabric combined with second-generation fabric for electronic cloth, and hydrocarbon resin, which may increase PCB processing difficulty and enhance the usage of drilling consumables [1] - Market attention is expected to focus on the confirmation rhythm of solutions, usage volume, and price space resulting from supply tightness [1] Group 2 - Xingye Securities indicates that the development of commercial aerospace is poised for a significant acceleration, with the aerospace industry elevated to a core national strategic level alongside manufacturing [2] - The goal of becoming a "space power" necessitates the development of commercial aerospace, transitioning from "task-driven" to "demand-driven" activities, which will promote industrial scale upgrades [2] - Currently, China's commercial aerospace is in a breakthrough development phase, with the launch of large-scale satellite constellations, leading to a significant increase in rocket launches and satellite demand during the "15th Five-Year Plan" period [2] Group 3 - CICC's report anticipates a potential slowdown in the pace of interest rate cuts by the Federal Reserve, following a 25 basis point cut in October, with indications from Powell suggesting a more hawkish stance [3] - The report suggests that the internal support for pausing rate cuts is gaining traction within the Fed, indicating a cautious outlook for future monetary policy [3] - Although the Fed retains some room for easing, the effectiveness of rate cuts may be weaker than in previous cycles due to a noticeable reduction in refinancing effects [3]