GUOTAI HAITONG SECURITIES·2026-01-26 15:26Group 1: Core Insights - The report highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the gains, while light communication and consumer electronics have seen a pullback [1][7] - The focus of incremental policies is on urban renewal and emerging technologies, with a positive outlook on urban renewal, commercial aerospace, domestic computing power, and new power grids [1][6] Group 2: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with a projected 60,015 urban renewal projects nationwide in 2024, totaling an investment of 2.9 trillion yuan [19][25] - Key areas of urban renewal include the renovation of old residential communities, urban villages, and underground pipeline upgrades, with recommendations for investment in waterproofing, piping, and coatings [20][26] Group 3: Commercial Aerospace - Elon Musk indicated that space will become the lowest-cost location for deploying AI data centers within 2-3 years, with reusable spacecraft potentially reducing access costs by 100 times [21][36] - The report anticipates the establishment of a leading space computing center in China by 2030, focusing on green and low-carbon solutions [38][40] Group 4: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, with a projected 37% increase in 2026 to reach $56 billion, indicating strong demand in the semiconductor manufacturing sector [21][48] - The rapid iteration of domestic AI models is expected to drive investment demand in domestic computing power, with significant increases in user engagement and data usage [22][49] Group 5: New Power Grids - The State Grid's investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, a 40% increase from the previous plan, aimed at accelerating the construction of new power systems [21][22] - By 2025, non-fossil energy consumption in China is expected to account for 20% of total energy consumption, increasing to 25% by 2030 [21][22]