Brokerage Morning Meeting Highlights | Overseas electricity supply and demand contradictions are prominent, and Chinese manufacturers are ushering in a period of accelerated overseas expansion.

Yesterday, the market rose high during the day and then fell back, with the ChiNext Index rising more than 3% at one point. The trading volume of the Shanghai and Shenzhen stock markets was 2.39 trillion yuan. In terms of sectors, concepts such as MicroLED, power grid equipment, computing power leasing, CPO, and quantum technology performed well; on the downside, there was a widespread adjustment in the seed industry sector, and oil and gas stocks rose in the afternoon but then fell back. At the close, the Shanghai Composite Index rose by 0.64%, the Shenzhen Component Index rose by 1.23%, and the ChiNext Index rose by 1.66%. At the morning meeting of securities firms today, CITIC SEC believes that there is an opportunity for software in the AI Agent era; CICC believes that there is a prominent contradiction between supply and demand for electricity overseas, and Chinese manufacturers are facing an accelerated opportunity to go global; China Securities Co., Ltd. predicts that global sales of AI NAS will increase from 60,000 units in 2024 to 6.69 million units in 2035. CITIC SEC: Software opportunity in the AI Agent era The impact of AI large models on software is spreading emotions, and the software application sector is adjusting overall. Software companies with industry know-how, high-quality data, and other advantages are expected to build moats and fully benefit from the value growth brought by AI in the AI Agent era. It is suggested to focus on companies with advantages in large models, enterprise-level Agent software, vertical Agent software, AI infrastructure, and companies with greater elasticity in new scenarios such as AI for Security, advertising marketing, multimodal, and Siasun Robot & Automation in the age of AI large models. CICC: Prominent contradiction between supply and demand for electricity overseas, Chinese manufacturers facing accelerated global opportunities Overseas data centers are facing difficulties in finding electricity, with queues in congested regions in Europe and the United States lasting more than 7 years. Grid capacity is determining capital flows, with large developers focusing on Northern Europe, Southern Europe, and emerging markets. At the same time, in some regions of the US and European FLAP-D markets, self-supply of electricity is changing from optional to mandatory, and multiple new power supply solutions are being explored simultaneously. The prominent contradiction between supply and demand overseas has brought about an accelerated period for Chinese manufacturers to go global and capture high-elasticity market opportunities. China Securities Co., Ltd.: Global AI NAS sales are expected to increase from 60,000 units in 2024 to 6.69 million units in 2035 Home NAS has comprehensive advantages, but faces core obstacles in products, markets, and awareness, leading to low penetration rates. AI completely solves the development bottleneck of traditional NAS, transforming NAS from a niche geek device to a household intelligent digital hub for the masses, achieving exponential growth in user base. Global AI NAS sales are expected to increase from 60,000 units in 2024 to 6.69 million units in 2035, with a CAGR of 54% and a penetration rate of over 60%. The future competition landscape of AI NAS will enter an accelerated restructuring period, with domestic new forces led by Ugreen Group Limited showing strong momentum, with Ugreen focusing on charging products as its core base and using AI NAS as a second growth curve. Overseas expansion and capital operations are expected to create a dual resilience in performance and valuation. This article is reproduced from "CaiLian News", edited by GMTEight: Huang Xiaodong.