观点全追踪（1月第4期）：晨会精选-20260122

Group 1: Core Insights - The report highlights the significant potential of aerospace-grade UTG glass, which is expected to see increased demand due to its application in flexible solar wings for low-orbit satellites, driven by satellite functionality upgrades and cost reduction needs [2]. - The report notes that the People's Bank of China announced a 0.25 percentage point reduction in relending and rediscount rates effective January 19, 2026, and lowered the minimum down payment ratio for commercial housing loans to 30%, indicating further room for interest rate cuts and expectations for lower mortgage rates within the year [2]. - The supply of low CTE fiberglass is currently tight, with Apple seeking alternative sources, while the special electronic fabric market is expected to remain robust due to the global shift towards AI led by Nvidia [2]. Group 2: Industry Overview - The aerospace-grade UTG glass is characterized by high technical barriers and a favorable competitive landscape, indicating a strong market position for companies involved in its production [2]. - The report emphasizes that the special electronic fabric industry is likely to maintain high prosperity levels, driven by ongoing supply constraints and increasing demand from AI-related applications [2].