What changed in the market after the broad rally?

  • During the morning of 29 October, indices fluctuated lower, the ChiNext Index fell sharply again, and trading volume was broadly unchanged from the previous day. The report says the previous day’s broad rally generated substantial selling pressure, but capital continued to show some resistance to the decline.
  • Capital favored defensive positions: dividend stocks strengthened across the board, and bank stocks reached new highs again; technology stocks weakened across the board and gave back the previous day’s gains.

Where is capital flowing after the divergence in robotics?

  • The robotics sector also diverged, but the report considers the differences manageable and its status as the main theme unchanged. It expects capital may return after another day of weak, choppy trading.
  • The report observed that capital leaving robotics shifted to commercial aerospace, and considers the trend similar to last year’s, with commercial aerospace potentially remaining active. If the momentum proves durable, synthetic biology also warrants attention.
  • The scope for consecutive daily limit-up moves in the short term is constrained, but losses have yet to become pronounced. Using Joyoung as an example, the report is watching whether high-flying stocks can start a second wave after their limit-up streaks end and they consolidate, and whether Daye Shares will follow.

What business foundations does the company being tracked in commercial aerospace have?

  • The report expects the capacity shortfall for rocket structural components to widen as launch activity becomes more frequent. Chaojie Fastener has built two riveting production lines for rocket body structural components, capable of producing components with diameters of 3.5 to 5.2 meters, covering mainstream domestic rockets with medium and low payload capacity and future heavy-lift models.
  • The company’s customers include LandSpace, Space Pioneer and CAS Space, and it supplies first-stage aft structural components for LandSpace’s Zhuque Three rocket. Aerospace revenue in 2025 was 66.962 million yuan, up 355.19% year on year; the company has secured formal orders.
  • In its manufacturing setup, the company’s riveting of shell sections and fairings in Chengdu complements its tank welding in Shanghai. It established Shanghai Chaojie Aerospace Technology in July 2026, extending into welding processes for rocket tanks and related components.