Securities Morning Meeting Highlights | Core Intermediate Prices Rise, Positive Outlook for Dye Industry Bottom Reversal.

Yesterday, the three major indexes were mixed, with the Shanghai Composite Index trading narrowly. The SSE 50 Index rose more than 1%, the ChiNext Index rose and then fell, and the STAR 50 Index fell more than 3%. The total turnover of the Shanghai and Shenzhen stock markets was 3.23 trillion yuan, an increase of 264.6 billion yuan from the previous trading day. In terms of market trends, market hotspots rotated rapidly, with over 3500 stocks falling across the market. In terms of sectors, the liquor sector surged in the afternoon, with Luzhou Laojiao, Sichuan Swellfun, Shede Spirits, Gansu Huangtai Wine-Marketing Industry, and Jiugui Liquor hitting the daily limit. The non-ferrous metals sector was active, with metal copper and precious metals leading the way. Oil and gas stocks continued to be strong performers. Real estate stocks rebounded. On the downside, the chip industry chain declined. By the close of trading, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index fell by 0.3%, and the ChiNext Index fell by 0.57%. At the morning meeting of securities firms today, CITIC SEC believes that the rise in core intermediates and positive prospects for the dye industry. Open Source Securities discussed the release of Alibaba's flagship inference model Qwen3-Max-Thinking, emphasizing the domestic AI cloud IAAS chain. Zhongtai thinks that by focusing on the efficiency of the catering sector, catering supply customization is expected to expand. CITIC SEC: Rise in core intermediates, positive prospects for the dye industry The core intermediates of dispersed dyes have started to increase in price, rising from 25,000 yuan/ton last year to over 38,000 yuan/ton, an increase of more than 50%, with a history of price elasticity. The supply of intermediates is highly concentrated, and the sustainability of future price increases is expected. Price hikes in intermediates may continue to drive up dye prices and accelerate industry concentration in the medium to long term. Positive outlook for integrated leading companies with core intermediate intermediates. Open Source Securities: Alibaba releases the flagship inference model Qwen3-Max-Thinking, emphasizing the domestic AI cloud IAAS chain On January 26, 2026, Alibaba officially released the flagship inference model Qwen3-Max-Thinking. The model has a total of over one trillion parameters, with pre-training data volume as high as 36TTokens. It is currently the largest and most capable inference model at Alibaba, outperforming top models in several key performance benchmarks. As giants in China such as ByteDance, Alibaba, and Tencent continue to enhance their large model capabilities, the demand for AI cloud infrastructure is expected to increase significantly. Zhongtai: Focus on refining efficiency in the catering sector, expansion potential for customized catering supplies Reviewing the entire catering industry chain, the upstream raw materials segment is relatively dispersed, with weak bargaining power, resulting in low value-added and benefits. The closing and opening rates of catering outlets in the downstream are high, leading to rapid industry reshuffling. Companies in the midstream catering supply chain provide one-stop solutions for downstream customers, improving their own profit margins and promoting the development of catering brands. Various sectors such as hot pot meatballs, frozen baking, and cold chain logistics show concentration and demand capacity trends, making them worth focusing on. This article is a reprint from "CaiLian Press." Editor: Jiang Yuanhua.