Brokerage Morning Meeting Highlights | Waiting for AI Capital Spending and Performance Verification to Avoid Pure Concept Stocks and Highly Crowded Directions

Yesterday, the market hit the bottom and rebounded, with all three major indexes collectively bouncing back, and the sci-tech 50 index surged by 8.41%. The yellow-white line showed noticeable differentiation, with tech-weighted stocks performing strongly. The trading volume in the Shanghai and Shenzhen markets reached 2.91 trillion. In terms of sectors, the semiconductor industry chain, advanced packaging, semiconductor materials, and computing power hardware concepts led the gains. On the downside, the lithium mining concept saw a volatile adjustment. By the close, the Shanghai Composite Index rose by 1.65%, the Shenzhen Component Index rose by 3.07%, and the ChiNext Index rose by 4.49%. At the morning meeting of securities firms today, Huatai believes that waiting for AI capital expenditures and performance verification, avoiding pure thematic and highly crowded directions is recommended; China Securities Co., Ltd. believes that there is a significant valuation recovery space in the securities sector; CICC believes that inter-satellite links have become standard for large constellations and are driving the over 50 billion increment market for laser communication. Huatai: Waiting for AI capital expenditures and performance verification In terms of allocation, short-term technology may have a recovery after overselling, but may still be in a highly volatile state due to the pressure of high crowding before it is fully digested. It is expected to usher in a long window under the resonance of the mid-to-late July Chinese and American financial report season. In terms of technology, it is recommended to avoid pure thematic and highly crowded directions and focus on four clues: 1) domestic AI computing power, including Ascend ecology, domestic GPU supply chain, and on-model real-time calls; 2) storage, especially long-term contracts, expansion, and HBM/high-end DRAM benefiting chain; 3) semiconductor equipment that benefits from storage expansion and domestic substitution expectations; 4) MLCC, PCB, and upstream materials benefiting from AI inflation. China Securities Co., Ltd.: Significant valuation recovery space in the securities sector The mid-year performance forecast of brokerage firms exceeded expectations, and ROE was driven by integration of mergers and acquisitions and sci-tech business resonance, with significant valuation recovery space in the sector. The daily average trading volume in 2026Q2 increased by 132% compared to the same period. The sci-tech board has 85 companies under review, and the listing of hard technology companies has accelerated, opening up the channels for follow-up and direct investment gains. The industry's equity multiplier increased from 4.75 to 5.03, and the enthusiasm for expanding the balance sheet has been enhanced; meanwhile, the Sci-Tech 50 surged, significantly releasing proprietary elasticity. As of July 3, the securities II PB was only 1.25 times, close to the 41st percentile in the past five years, with a clear deviation between valuation and prosperity, and optimistic about the expectation difference recovery. CICC: Inter-satellite links have become standard for large constellations, driving over 50 billion increment market for laser communication Inter-satellite links have become standard for large constellations, driving over 50 billion increment market for laser communication. Inter-satellite links allow spacecraft to communicate directly without relying on ground stations, solving the problem of global site deployment and improving data return real-time capabilities. It has become a necessary configuration for large constellation networking. With advantages such as wide bandwidth, high speed, small size, low power consumption, strong anti-jamming capability, and no spectrum control, laser links have become the mainstream technological path. The global market for laser communication terminals can reach 502 billion driven by satellite internet demand. Inter-satellite laser links have become standard for large constellations, driving the expansion of demand for inter-satellite laser communication terminals. As satellite internet construction progresses, the development of the laser communication industry is expected to accelerate. It is recommended to focus on core component suppliers and downstream terminal manufacturers for investment opportunities. This article is reprinted from "Finance Network". Editor: Li Fo.