Three Positive Catalysts Ignite A-Shares: Commercial Aerospace, Memory Price Hikes, and Retail Consumption Jointly Drive Growth

In late December 2025, the A-share market witnessed the convergence of three major positive catalysts: frequent good news from commercial aerospace launches, China’s space industry setting a new record with nearly 90 launches this year, and Landspace racing to become the ‘first commercial aerospace stock’; memory chip prices continuing to soar (DDR4 memory up over 200% in half a year), with the industry entering an AI-driven ‘super cycle’; and favorable retail consumption policies being implemented (the Ministry of Commerce and others launching pilot programs for new consumption formats in 50 cities). As of December 25, the Shanghai Composite Index has recorded 7 consecutive gains, with market turnover surging to 1.94 trillion yuan[1][2][3]. Institutional investors, hot money, and northbound funds have joined forces, solidifying the position of the tech growth main theme, and the three sectors of commercial aerospace, memory chips, and retail consumption have shown significant upward trends.

The commercial aerospace sector has performed particularly strongly recently, with nearly 20 stocks hitting their daily limit, and Shenjian Co., Ltd. achieving 6 consecutive daily limits, becoming one of the most watched hot sectors in the market. In terms of industrial progress, China’s space industry has completed nearly 90 launches this year, setting a new historical record, with the proportion of commercial launches increasing significantly, marking that China’s commercial aerospace industry has entered a new stage of large-scale development[1][2].

The Long March 12 carrier rocket has completed missions at the Jiuquan Satellite Launch Center, achieving ‘nine launches, nine successes’ and successfully reaching the regular launch target of ‘one launch per month’. This achievement not only verifies the reliability of the Long March 12A rocket but also provides a stable and reliable launch vehicle for China’s commercial aerospace launch services[1]. At the capital market level, Landspace Technology Corporation has officially completed its IPO counseling work and is racing to become the ‘first commercial aerospace stock’, which is expected to become a benchmark enterprise in the commercial aerospace field of the A-share market[2].

From the secondary market performance perspective, the commercial aerospace sector has seen many bull stocks this year: Shannon Semiconductor has risen by as much as 425%, and more than 60 stocks have increased by over 100%[2]. Institutions such as CITIC Securities believe that as launch costs continue to decline, the commercial aerospace industry is expected to enter a new era of large-scale development with broad market space[1]. It is worth noting that the progress of the first flight tests of private rockets such as Tianlong-3 and Zhuque-3 will be important catalysts for the next stage.

The memory chip industry is experiencing the strongest price hike cycle in history: DDR4 memory prices have increased by over 200% in half a year, and server-grade DDR4 has risen by 30%-70% in the past month alone[3][4]. The core driver of this price hike wave comes from the rapid development of the artificial intelligence industry, with the surge in demand for HBM (High Bandwidth Memory) being a key factor driving price increases.

From the dynamics of international giants: Samsung and SK Hynix have raised the prices of HBM3E products for 2026 by nearly 20%[4]. Micron Technology’s entire HBM supply for 2026 has been sold out, indicating extremely strong downstream demand[4]. A research report released by Morgan Stanley predicts that the global memory market size is expected to approach 300 billion US dollars by 2027, and the industry has entered an AI-driven ‘super cycle’ that may last for several years[3].

This round of memory chip price hikes has been transmitted from the upstream to terminal products, benefiting all links in the industrial chain. As a leader in the memory chip sector, Shannon Semiconductor has risen by as much as 425% this year, becoming a benchmark target in the memory sector[2]. Institutions generally believe that against the background of sustained growth in AI computing power demand, the tight supply of HBM capacity is difficult to ease in the short term, and the upward trend of memory chip prices is expected to continue.

The retail consumption sector has performed actively under the stimulus of favorable policies: Baida Group has risen by 51.60% weekly, and Liqun Co., Ltd. has risen by 31.33% weekly, becoming one of the top-performing sectors this week[5]. The Ministry of Commerce and the Ministry of Finance jointly issued the ‘Notice on Doing a Good Job in Pilot Work Related to New Consumption Formats, Models, and Scenarios’, launching pilot programs for new consumption formats in 50 cities including Beijing, focusing on supporting the development of new formats such as smart stores, instant retail, and live-streaming e-commerce[5].

From the time node perspective, as the end of the year approaches the New Year’s Day and Spring Festival, expectations for the consumption peak season continue to heat up. Positive signals from the policy side resonate with seasonal factors, providing momentum for valuation repair in the retail sector. Institutions believe that the rapid development of new formats such as smart stores, instant retail, and live-streaming e-commerce will bring new growth points to traditional retail enterprises, and retail enterprises with digital capabilities are expected to stand out in this round of transformation.

From the perspective of capital flow, the operation directions of institutional investors and hot money tend to be consistent, and the market maintains a high-level volatility pattern. Institutions have significantly increased their positions in tech growth sectors such as commercial aerospace and memory chips, showing optimism about medium- and long-term industrial trends; hot money has slightly reduced their positions in the commercial aerospace sector, indicating that short-term differences have emerged[1].

Market turnover remains at a high level of over 1.9 trillion yuan, indicating high market activity and strong investor participation willingness. As of December 25, the Shanghai Composite Index has recorded 7 consecutive gains, showing abundant bullish momentum in the market[4]. The position of the tech growth main theme is solid, and some funds have begun to pay attention to the opportunity of switching between high and low valuations, looking for relatively undervalued sub-sectors to deploy.

: The three sectors of commercial aerospace, memory chips, and retail consumption seem independent, but in fact, there are deep correlations. The rapid development of commercial aerospace requires high-performance computing chips, which echoes the high prosperity of memory chips; the digital transformation of retail consumption requires more data centers and computing infrastructure, further increasing the demand for memory and computing chips. The strengthening of this logical chain provides more solid fundamental support for the sustainability of the tech growth sector.

: The ‘super cycle’ of the memory chip industry and the ‘new era’ of commercial aerospace are both at key turning points in industrial development. Memory chips benefit from the explosive growth of AI computing power demand, and the tight supply pattern is difficult to change in the short term; commercial aerospace is moving from the cultivation period to the growth period under the multiple impetuses of technical verification, cost reduction, and policy support. The overlapping development period of the two industries provides investors with a rare layout window.

: From the performance of sectors this year, the statistical data of Shannon Semiconductor’s 425% increase and more than 60 stocks doubling show that the market style is obviously biased towards tech growth. This trend is consistent with macro backgrounds such as policy support, industrial upgrading, and abundant liquidity. It is expected that under the policy framework of the ‘15th Five-Year Plan’, the tech growth sector will continue to be favored by funds.

: Commercial aerospace launches have inherent technical uncertainties; some companies are still in the large-scale investment period, and their profitability has not yet been verified[1]. If the first flight tests of private rockets such as Tianlong-3 and Zhuque-3 fail, it may impact the sector’s sentiment.

: The memory chip price hikes have been transmitted to terminal products, which may suppress consumer demand[3]. The rising cost pressure on server manufacturers and PC makers may lead downstream customers to delay procurement plans, thereby affecting the performance of memory chip enterprises.

: Hot sectors such as commercial aerospace and memory chips have seen large short-term gains, and some stocks have technical correction needs. After Shenjian Co., Ltd.'s 6 consecutive daily limits, the pressure of profit-taking on chips has increased; it is necessary to pay attention to the evolution of differences within the sector[1].

: Institutional fund activity remains relatively low at the end of the year; it is necessary to pay attention to the supporting role of turnover changes on market trends. If turnover shrinks significantly, it may lead to increased market volatility.

: Policy support for commercial aerospace and memory chips in the ‘15th Five-Year Plan’ is expected to exceed expectations, and policy dividends will continue to be released. The successful experience of Landspace racing to become the ‘first commercial aerospace stock’ may trigger an IPO wave of more commercial aerospace enterprises, bringing incremental funds to the sector.

: The regular launch of Long March 12A and the technical breakthroughs of semiconductor equipment enterprises such as AMEC mark the continuous improvement of China’s independent controllability in high-end manufacturing. The valuation reconstruction opportunities brought by industrial breakthroughs are worthy of investors’ focus.

: The Q4 report performance of memory chip and retail enterprises will become an important window to verify industrial prosperity. Factors such as the sold-out HBM supply and the soaring memory chip prices are expected to drive the Q4 performance of memory enterprises to exceed expectations.

From the perspective of urgency: The commercial aerospace sector has seen large short-term gains; it is necessary to closely monitor the performance of front-line targets such as Shenjian Co., Ltd. to judge the timing of sector divergence; the upward trend of memory chip prices is relatively certain and can be used as a key direction for medium-term allocation; the retail sector needs to wait for the implementation of policy details and the verification of consumption data. Institutions such as CITIC Securities suggest paying attention to the callback layout opportunities of the tech growth main theme and focusing on allocating sub-sectors such as memory chips and semiconductor equipment[1][4].

This analysis is based on public reports from Sina Finance, Securities Times, Wall Street News, etc.[1][2][3][4][5], and sorts out the structural opportunities in the A-share market under the convergence of three positive catalysts. China’s space industry has set a new record with nearly 90 launches this year, and the increase in the proportion of commercial launches has driven the industry into a new era; DDR4 memory has risen by over 200% in half a year, HBM prices have been raised, and the industry has entered an AI-driven ‘super cycle’; the Ministry of Commerce and others have launched pilot programs for new consumption formats in 50 cities, overlaying the expectations of the year-end consumption peak season. Under the market environment of the Shanghai Composite Index’s 7 consecutive gains and turnover of 1.94 trillion yuan, institutions and hot money have joined forces, and the position of the tech growth main theme is solid.

: The above analysis content is integrated from public market information and institutional views, aiming to provide decision support background and does not constitute investment advice. Investors should combine their own risk tolerance, pay attention to industrial progress, policy dynamics, and changes in fund sentiment, and make prudent investment decisions.

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[0] Jinling Analysis Database

[1] Sina Finance - A-share Midday Review: Shanghai Composite Index Rises 0.29% in Half Day, Commercial Aerospace Sparks Another Daily Limit Wave

[2] Securities Times - Positive Catalysts Hit, Straight 20% Daily Limit! This Concept Has Born Batch of Bull Stocks

[3] Sina Finance - Memory Chips Enter Strongest Price Hike Cycle in History, How Long Will It Last?

[4] Wall Street News - Shanghai Composite Index Rises 0.47% to Record Seven Consecutive Gains, Nonferrous Metals Correct

[5] Sina Finance - Illustrated Bull and Bear Stocks: Retail Sector Leads Gains