海通证券晨报-20250626

Group 1: Solid-State Battery Industry - Favorable policies for solid-state batteries are emerging, indicating a broad application prospect as pilot lines are established, and leading companies' investments are expected to attract more entrants, leading to continuous product technology iterations [1][3] - The Chinese government plans to invest approximately 6 billion yuan in solid-state battery research and aims to achieve small-scale vehicle demonstrations by 2027, with a focus on safety standards and policy guidance for the industry [3] - The solid-state battery market is projected to reach a shipment volume of 614.1 GWh and a market size exceeding 250 billion yuan by 2030, driven by its high energy density and safety features suitable for various applications [4] Group 2: Hong Kong Stock Market Dynamics - The correlation between the Hong Kong stock market and the A-share market has significantly increased since 2020, contrasting with the historical stronger correlation with the US stock market [2][6] - The decline in foreign capital's share in the Hong Kong market and the increase in domestic capital inflow have contributed to this enhanced correlation, reflecting a shift in the investment environment [7][8] - Over 90% of the net profits in the Hong Kong market are contributed by Chinese companies, indicating a strong link between the fundamentals of the Hong Kong market and the mainland economy [8] Group 3: Semiconductor Industry - The establishment of a growth layer in the Sci-Tech Innovation Board is beneficial for high-quality semiconductor companies to stand out in the capital market, aligning with the trends of AI and self-sufficiency [9][12] - Domestic advanced process technology is continuously iterating, and AI computing chips are expected to gradually shift towards domestic foundries, creating significant opportunities for companies like SMIC and Hua Hong Semiconductor [12][12] - The ongoing sanctions against Chinese technology firms are accelerating the domestic production process, with the proportion of AI server chips sourced from abroad expected to decrease from 63% to 42% by 2025 [12]