Brokerage Morning Meeting Highlights | External Disturbances Trigger Short-Term Adjustments, Repair Market is Still Expected to Continue

Yesterday, the market adjusted throughout the day, with the three major indexes opening low and trending downwards. The trading volume in the Shanghai and Shenzhen markets reached 2.51 trillion yuan. From a sector perspective, coal, chemicals, real estate, agriculture, and banking sectors surged against the trend. On the downside, high-position stocks collectively retreated, and the human-shaped Siasun Robot & Automation concept declined. By the close, the Shanghai Composite Index fell by 2.4%, the Shenzhen Component Index by 5.01%, and the ChiNext Index by 6.26%. CICC believes that external disruptions have triggered a short-term adjustment, but the recovery trend is expected to continue; Huatai holds that county-level consumption is gradually becoming a core driver for expanding domestic demand; China Securities Co., Ltd. believes that the gap in physical AI and data is driving capital allocation, with tangible asset visibility establishing long-term barriers. CICC: External disruptions have triggered short-term adjustments, and the recovery trend is expected to continue. Prosperity growth still requires careful selection: the technology sector has significantly reduced its congestion after adjustments, and industries with sufficiently high prosperity can achieve high growth on the numerator side to offset the drag on the denominator side. Relevant segments related to AI infrastructure, such as optical communication and PCBs, remain in a strong state of prosperity this year. Many companies in semiconductors and computing power still need to pay attention to the alignment of fundamentals and valuations; technology growth may show divergent trends in the future. Many innovative pharmaceutical companies have entered the clinical data verification stage, which is worth monitoring from the bottom up; cyclical improvement: an increasing number of fields are rebounding from the cyclical bottom, suggesting a comprehensive consideration of geopolitical situations and the position of capacity cycles, focusing on areas with improving performance and supply-demand patterns, such as power grid equipment, petrochemicals, engineering machinery, and non-bank financial sectors benefiting from a favorable capital market; the non-ferrous metal sector, having undergone numerous adjustments, is also worth attention. The progress of the fundamental recovery in purely domestic demand sectors is still relatively slow and needs further observation. Huatai: County-level consumption is gradually becoming a core driver for expanding domestic demand. Recently, the Ministry of Commerce and nine other departments jointly issued the "Opinions on Further Stimulating the Vitality of the Sink Market and Activating County-Level Consumption," proposing 18 measures in six areas. Core measures include supporting the upgrading of county-level consumption channels, deepening the transformation of "thousands of markets and tens of thousands of stores," supporting the upgrade of commerce centers and farmers' markets in towns, and introducing domestic and foreign brands to establish regional flagship stores; promoting innovation in county-level business formats and brand development, implementing "one license, multiple addresses" for chain enterprises in the same county, and supporting the expansion of domestic goods to county markets; optimizing the supply of goods and services in counties to promote "same-quality, same-style" products being equally shared between urban and rural areas; further enhancing the modernization level of county circulation and guiding the coordinated development of online and offline channels. The county market has upgraded from being a "supplementary market" for fast-moving consumer goods to a "core incremental engine." For leading companies with brand recognition, supply chain efficiency, and channel management capabilities, the ability to penetrate the market is becoming a necessity rather than an option. China Securities Co., Ltd.: The gap in physical AI and data drives capital allocation, and the visibility of assets establishes long-term barriers. Physical AI is poised to become the core variable for the next stage of AI growth. The data from the physical world acts as a critical engine spanning from perception to feedback, facing a substantial rigid demand gap. Constrained by the "impossible triangle" of authenticity, scale, and cost, the acquisition of physical world data is expected to drive the industry towards a triple transformation: on the business model side, through social crowdsourcing; on the technological paradigm side, relying on world models for virtual data generation; and on the asset property side, rising as a core intangible asset with high premiums for enterprises. Supply-demand imbalance drives the revaluation of physical data asset value, with capital accelerating towards data infrastructure and assessment. The market landscape has not yet stabilized, and companies that master scarce data and data generation closed-loop capabilities are expected to reap core premiums. This article is reproduced from "Caixin News," GMTEight editor: Chen Siyu.