Highlights of Securities Morning Meeting | Robotic dogs are expected to expand into the field of special equipment with their powerful performance. Focus on components such as motors and reducers.

Yesterday, the market fluctuated and rebounded all day, with all three major indexes rising more than 1%. The total turnover in Shanghai and Shenzhen markets was 1.31 trillion yuan, a decrease of 223.2 billion yuan from the previous trading day. In terms of the market, hotspots rotated quickly, but most of them had limited sustainability, with over 3900 stocks rising across the entire market. The strong oscillation of large financial stocks drove the index higher, with the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank all hitting new highs during trading. In terms of sectors, copper cable high-speed connection, rail transit equipment, WeChat mini store, humanoid Siasun Robot & Automation, and other sectors led the gains, while football concepts, brain-computer interfaces, computing power leasing, and ST sectors led the declines. By the close, the Shanghai Composite Index rose 1.26%, the Shenzhen Component Index rose 1.27%, and the ChiNext Index rose 1.17%. At today's securities morning meeting, CICC stated that they are optimistic about the future development trend of AI Agent and the investment opportunities brought about by changes in the upstream and downstream industries; Huatai stated that mechanical dogs are expected to expand into the field of special equipment with their strong performance, and they are focusing on components such as motors and reducers; Guotai Junan proposed that they are bullish on the large-scale application of ASICs which will improve the ROI of cloud providers, and they recommend focusing on related targets in the custom chip industry chain. CICC: Optimistic about the investment opportunities brought about by the future development trends of AI Agent and changes in the upstream and downstream industries CICC stated that AI Agent is an intelligent agent that can perceive the environment, autonomously plan, make decisions, and take actions to achieve goals. It possesses basic characteristics such as autonomy, interactivity, responsiveness, and adaptability, with its core DRIVE being large language models. With breakthroughs in underlying technologies empowering large models, CICC sees AI Agent gradually landing in vertical + multi-agent collaborative application scenarios. According to market.us, the global large model market size is expected to grow from $4.5 billion in 2023 to $82.1 billion in 2033, with a 10-year CAGR of 33.7%. We are optimistic about the investment opportunities brought about by the future development trends of AI Agent and changes in the upstream and downstream industries. Huatai: Mechanical dogs are expected to expand into the field of special equipment with their strong performance, focusing on components such as motors and reducers Huatai stated that mechanical dogs are expected to expand into the field of special equipment with their strong performance, focusing on components such as motors and reducers. On December 23, 2024, Ushe Technology released a video of the B2-W industrial-grade four-legged mechanical dog. In the video, the mechanical dog can perform side somersaults, jungle descent, wading, carrying passengers forward, and climbing slopes with a load of 40KG, showcasing its powerful performance and strong environmental adaptability. In the past year, the four-legged mechanical dog industry has developed rapidly, with consumer-grade mechanical dogs selling for as low as 10,000 yuan. Industrial-grade machine dogs have been maturely used in firefighting rescue and inspection scenarios, and are expected to expand into the field of special equipment with strong performance. The mechanical dog industry chain includes core components such as motors and reducers. Guotai Junan: Optimistic about the large-scale application of ASICs bringing about ROI improvement for cloud providers, recommending focusing on related targets in the custom chip industry chain Guotai Junan stated that ASICs are designed for specific scenarios with supporting communication interconnections and software ecosystems. Although the single ASIC computing power still lags behind the most advanced GPUs, the overall computing power efficiency of the ASIC cluster may be superior to comparable GPUs, while also having obvious advantages in terms of price and power consumption. ASICs are expected to be more widely used in AI inference and training. We are optimistic about the large-scale application of ASICs bringing about ROI improvement for cloud providers, and we also recommend focusing on related targets in the custom chip industry chain. This article is reprinted from "Cai Lianshe" and edited by GMTEight: Xu Wenqiang.