Core Viewpoint - The Federal Communications Commission (FCC) has voted to advance the review of a spectrum sharing mechanism for satellite systems that SpaceX has sought for decades [1] Group 1 - The FCC's decision indicates a significant step towards evaluating the long-standing request from SpaceX regarding satellite frequency sharing [1]

Group 1 - The core viewpoint of the report emphasizes the need for a proactive approach in economic management, focusing on domestic demand expansion and self-sufficiency in response to external uncertainties [1][8] - The Politburo meeting highlighted the importance of strengthening bottom-line thinking and preparing contingency plans to ensure economic stability, with a focus on stabilizing employment, enterprises, markets, and expectations [1][8] - The report indicates that expanding internal demand is crucial for countering external shocks and low domestic inflation, with future policies expected to revolve around this central theme [1][8] Group 2 - Domestic economic data for Q1 shows positive signs, with industrial production and domestic consumption showing relative strength, although Q2 may face volatility due to external factors [2][16] - The report notes a potential easing of the "tariff war" between the US and China, which could positively impact market sentiment, but warns that formal trade negotiations have not yet commenced, leaving external trade risks high [2][17] - The report suggests that the capital market may benefit from strong signals of domestic demand expansion, with sectors such as consumer goods, real estate, and technology being highlighted for potential investment opportunities [3][18] Group 3 - The report identifies specific sectors that may benefit from the expansion of domestic demand, including consumer electronics, automotive, and healthcare, particularly in light of upcoming holidays that may boost spending [3][18] - It also recommends a cautious approach to investment in defensive assets and dividend-paying stocks to mitigate ongoing external risks [3][18] - The focus on technology and self-sufficiency is underscored, with attention drawn to domestic alternatives in critical areas such as semiconductors and emerging industries like robotics and healthcare [5][18]

Group 1 - The core viewpoint of the report emphasizes the differing core objectives behind the policies of China and the United States, leading to inconsistent market volatility between the two countries [3][4][10] - The report identifies the underlying issue of capital erosion in the U.S. economy, which is driving economic output outflow, rather than merely focusing on trade deficits and manufacturing repatriation [4][14][34] - The analysis reveals that by the end of 2024, the U.S. net foreign liabilities are projected to reach approximately $26.23 trillion, accounting for about 89.88% of nominal GDP, marking a historical high since the Bretton Woods system [4][23][34] Group 2 - The report outlines the core goals and pathways of "Trump 2.0," indicating that reducing trade deficits will take precedence, with expectations of continued high-tier tariffs and policies to promote domestic manufacturing [5][34][35] - The 4.25 Politburo meeting highlights the importance of "bottom-line thinking" in response to external shocks, focusing on domestic demand expansion, technological innovation, and exports to other countries as key strategies [6][39][43] - Investment strategies should focus on "self-controllable" technology and military industries, domestic consumption, and gold as a hedge against external uncertainties, with specific sectors identified for investment opportunities [6][44][43]

Investment Rating - Industry rating is maintained at "Outperform the Market" [7] Core Viewpoints - The military industry chain is relatively closed and driven by the trend of self-control, with a high degree of domestic production in the midstream communication equipment sector, which is less affected by international market fluctuations [2] - The industry is showing signs of recovery after adjustments, with demand expected to be under pressure in 2024 due to the mid-term adjustments of the 14th Five-Year Plan for equipment procurement [3] - The construction of unmanned combat systems is being empowered by AI, which is becoming a key factor in modern warfare, enhancing operational efficiency and battlefield advantages [4] - 2025 is expected to be a pivotal year for satellites, with commercial space accelerating and satellite internet constellations entering a phase of rapid deployment [5] Summary by Sections Military Industry - The military industry is characterized by a high degree of self-sufficiency, particularly in communication equipment, which has largely achieved domestic production [2] - The demand side is expected to face challenges in 2024, but recovery is anticipated in 2025 as strategic tasks and major engineering projects reach their final stages [3] AI and Unmanned Systems - AI technology is increasingly being integrated into military applications, with smart unmanned systems becoming a significant part of the defense equipment system [4] Satellite Internet - The satellite internet sector is entering a rapid deployment phase, with significant advancements in technology supporting mobile direct satellite connections [5] Investment Opportunities - Suggested focus on military semiconductor companies, military communication sectors, unmanned systems combined with AI, and satellite technology firms [6]

站在全球视野看，409这个数字既是勋章也是考题。美国硅谷用半个世纪培育出苹果、特斯拉，德国隐 形冠军企业往往专注细分领域数十年。中国独角兽的"青春风暴"令人惊艳，但能否避免"其兴也勃焉， 其亡也忽焉"的历史周期律？当智元机器人还在练习系围巾时，波士顿动力的Atlas已能后空翻；当我们 的新能源电池续航突破1000公里，固态电池技术又掀起新竞赛。创新没有终点线，今天的领跑可能只是 明天比赛的入场券。 这组数据像一束强光，再度照亮了中国新经济版图。当全球每三家独角兽企业中就有一家来自中国，我 们既为这份成绩单振奋，更需冷静思考：这些疾驰在新赛道上的创新骏马，究竟靠什么赢得未来？ 独角兽企业的爆发式增长，本质上是一场关于创新效率的竞赛。上海智元的人形机器人能优雅地倒红 酒，银河航天的卫星太阳翼薄如蝉翼，中建材的光伏玻璃突破1.5毫米极限——这些技术突破揭示了一 个硬道理：中国创新正从"模式复制"转向"技术攻坚"。当年共享单车烧钱大战的硝烟散去后，如今智能 工厂里机械臂的精准舞动、生物实验室的基因剪刀、太空中的可堆叠卫星，才是真正衡量创新含金量的 标尺。这种转变如同登山者从缓坡观光转向峭壁攀岩，既需要更强的技术肌肉， ...

Group 1 - The core viewpoint of the report emphasizes the investment strategy of "Technology + Consumption" for 2025, with technology already forming a consensus expectation while the consumption aspect still has potential to be explored [1][9]. - The report identifies two key expectation gaps: the first being that even with weak fiscal expansion, retail sales (社零) will exhibit higher elasticity [2][12]. - The report anticipates that as the fiscal spending cycle transitions from a contraction phase in 2023-2024 to a weak expansion phase in 2025, retail sales will show significant upward elasticity [2][12]. Group 2 - The second expectation gap highlights the easing of local debt pressure on consumption, indicating that provinces with higher debt burdens will see more pronounced rebounds in retail sales in categories such as jewelry, clothing, automobiles, and cosmetics [3][18]. - The report suggests that the market may experience short-term consolidation due to high market sentiment, profit-taking, and the calendar effect of the Two Sessions, but the core driving force of the current market remains unchanged [20][21]. - Industry allocation recommendations include four key sectors: (1) Technology growth focusing on AI and autonomous control, (2) Consumption driven by policy and endogenous recovery, (3) Cost improvement sectors, and (4) Structural opportunities in overseas markets [21][22].