Brokerage Morning Meeting Highlights | Light Exchange Continues to Deliver, Valuation Advantage Becomes More Prominent

Yesterday, the market fluctuated and retreated in the afternoon, narrowing the increase, with the index's white line continuing to outperform the yellow line. The total trading volume in the Shanghai and Shenzhen stock exchanges reached 1.81 trillion yuan. From a sector perspective, the large financial sector remained strong throughout the day, with securities and internet finance sectors leading the gains; both gold concept and industrial metals sectors surged; green electricity and controllable nuclear fusion concepts performed actively. On the downside, the CRO concept underwent a period of fluctuation. By the close, the Shanghai Composite Index rose by 0.59%, the Shenzhen Component Index by 0.69%, and the ChiNext Index by 0.51%. Huaxi believes that the continued realization of optical interconnection highlights its valuation advantages; Huatai believes that health food powder is a golden track under the trend of food-medicine homology; China Securities Co., Ltd. believes that global semiconductor equipment and components are experiencing an unprecedented price increase across the entire supply chain. Huaxi: The continued realization of optical interconnection highlights its valuation advantages. The next-generation communication computing power network will encompass themes such as 6G wireless communication, gigabit optical networks, computing interconnection infrastructure, low-orbit satellite constellations, industrial private networks, and IoT perception. Core components like high-speed optical modules and optical devices, radio frequency devices, optical chips and interconnection chips, satellite communication payloads, and industrial Ethernet will continue to benefit. The optical module and CPO are at a "dual inflection point of industrial acceleration and negative factor dulling," making them the current most certain and cost-effective mainline in the communication sector. Huatai: Health food powder as a golden track under the trend of food-medicine homology. Under the strategic guidance of the "Healthy China 2030" plan, the focus of resident health management is shifting from "disease treatment" to "active prevention." The concept of food therapy, centered around "preventing disease," is gaining recognition from both policy and the public. With the awakening of national health awareness and the improvement of consumption capacity, products with both natural attributes and scientific content in the realm of food-medicine homology, owing to their unique value of nourishing through food, are becoming the preferred category to meet everyday health management needs, resulting in a robust supply and demand situation in the market. In view of this, this report will explore the growth logic and development prospects of the health food powder industry based on the demand for policy dividends and consumption upgrades, focusing on two dimensions: product innovation on the supply side and changes in consumer behavior and scenario penetration on the demand side. China Securities Co., Ltd.: The global semiconductor equipment and components are undergoing a historically rare price increase across the entire supply chain. The pricing power within the semiconductor industry chain is structurally shifting from chip terminals to the equipment and components sector. Component companies are relatively small, with a high proportion of fixed costs; price increases directly profits. Additionally, the production line expansion cycle is long, spanning 12-18 months, resulting in the worst supply elasticity. We should pay attention to the demands for domestic substitution and price increase logic arising from prolonged delivery times of overseas suppliers for valves, pipelines, ceramic parts, RF power supplies, and GAS BOX. This text is reproduced from Cailian Press, edited by GMTEight: Liu Jiayin.