Brokers' Morning Meeting Highlights | The main investment theme in the technology industry in 2025 will continue to focus on AI. Pay attention to three directions.

The market unilaterally declined yesterday afternoon, with the ChiNext Index leading the decline. Over 4800 stocks in the entire market fell, with nearly 700 stocks falling by more than 5%. The total trading volume of the Shanghai and Shenzhen stock markets was 1.84 trillion yuan throughout the day, a decrease of 170.7 billion from the previous trading day. In terms of sectors, ST and insurance were among the few sectors that rose, while photolithography machines, military electronics, CPO, and semiconductor sectors recorded the largest declines. By the end of yesterday's closing, the Shanghai Composite Index fell by 1.73%, the Shenzhen Component Index fell by 2.83%, and the ChiNext Index fell by 3.4%. At today's morning meeting of brokerage firms, CITIC SEC believes that the investment theme of the technology industry in 2025 will continue to focus on AI, with a focus on three directions; Soochow points out that the real estate industry is at a policy turning point, emphasizing sector investment opportunities; China Securities Co., Ltd. stated that multiple factors are accelerating market consolidation, and the valuation of leading companies in the pharmaceutical distribution industry is expected to improve. CITIC SEC: The investment theme of the technology industry in 2025 will continue to focus on AI, focusing on three directions CITIC SEC stated that with the continuous improvement of large-scale model capabilities in multimodal, logical reasoning, and other aspects, AI is expected to be deeply integrated with the digitization transformation of various industries, driving technology industry investment from AI computing infrastructure to end application landing. They recommend focusing on investment opportunities in three directions: AI computing power, applications and data, and AI terminals. With the gradual improvement of the macroeconomic environment and the gradual implementation of industrial policies, they also recommend focusing on investment opportunities in segmented technology sectors such as the Internet, consumer electronics, automotive industry chains, semiconductors, and operators under the background of demand recovery. Soochow: Real estate industry at a policy turning point, emphasizing sector investment opportunities Soochow believes that the mention of "stabilizing the decline and stabilizing" in the September Political Bureau Meeting signifies that the real estate industry has reached an important policy turning point, and the government has fully realized the important support role of stabilizing the real estate market for the macro economy. After the Political Bureau Meeting, first-tier cities accelerated the release of policies such as optimizing the purchase restrictions, and important policy meetings of various ministries have repeatedly mentioned the direction of optimizing policies such as real estate tax system reform and special debt collection and storage, conveying the government's determination to stabilize the real estate market. The current real estate market has undergone sufficient adjustment, and stabilizing the real estate market does not mean standing against new productive forces. With the combination of cyclical rules and policy determination, the industry achieving the stabilization goal is worth looking forward to, emphasizing sector investment opportunities. China Securities Co., Ltd.: Multiple factors accelerating market consolidation, valuation of leading companies in the pharmaceutical distribution industry expected to improve China Securities Co., Ltd. stated that the pharmaceutical distribution industry has seen stable growth, with market share steadily increasing. With the recovery of hospital diagnosis and treatment orders and long-term growth of medical insurance expenditures, the pharmaceutical distribution industry has sufficient short and long-term growth momentum, and the medical insurance bureau has introduced policies on prepaid funds, which are conducive to improving the industry's scale and turnover efficiency. In addition, under the influence of factors such as centralized procurement and scale advantages, the advantages of leading companies are obvious, and market concentration is accelerating. Innovative businesses are growing rapidly, contributing additional increments. Distribution companies are developing collaborative innovation businesses around their main distribution business: 1. Covering the entire chain of commercial insurance business; 2. Upstream: focusing on the research and development and production of drugs, devices, special medical foods, medical beauty products, etc.; 3. Distribution industry internally: conducting business such as SPD, general agent of innovative drugs, CSO, etc.; 4. Downstream: conducting business such as full disease management, medical equipment repair, systematic support for pharmacies, and more. This article was reprinted from "" and edited by GMTEight: Liu Jiayin.