Pre-market report on A-shares | Two major central enterprises announced restructuring plans on the same day, the Artificial Intelligence Action Summit will be held in Paris.

Pre-market News 1. State-owned enterprise integration speeds up again! China's weapon and Dongfeng Corporation announced restructuring plans on the same day Type: Company Emotional Impact: Positive Companies under the China Ordnance Equipment Group, such as Chongqing Changan Automobile, Anhui Greatwall Military Industry, and Jianshe Industry Group, announced that they have received notice from the (indirect) controlling shareholder, China Ordnance Equipment Group, that they are planning to restructure with other state-owned enterprises. Companies under the Dongfeng Automobile Group, such as Dongfeng Automobile and Dong Feng Electronic Technology, also announced that they have received notice from Dongfeng Corporation that they are planning to restructure with other state-owned enterprises. 2. The National Development and Reform Commission and the Energy Administration jointly issued a document to promote the participation of new energy on-grid electricity in market transactions Type: Industry Emotional Impact: Positive The NDRC and the Energy Administration issued a notice to promote the participation of new energy on-grid electricity in market transactions, with the principle that the on-grid electricity of new energy projects should enter the electricity market. CMS believes that market-oriented mechanisms can promote the efficient allocation of electricity resources, stabilize corporate profit expectations, and help build a unified national electricity market. 3. The China Securities Regulatory Commission held an investor symposium: Protecting the legitimate rights and interests of investors is the primary task of securities regulation Type: Market Emotional Impact: Positive CSRC Chairman Wu Qing emphasized that investors are the foundation of the market, and protecting the legitimate rights and interests of investors is the primary task of securities regulation. CSRC will adhere to market demand, seek market advice, and ask about the market path. It will further promote listed companies to enhance their awareness and ability to return to investors and continuously improve the long-term mechanism for investor protection. 4. The China Securities Regulatory Commission proposes 18 policy measures to do five major financial "articles" in the capital market Type: Market Emotional Impact: Positive In the document issued by the CSRC, it proposes to support the issuance and listing of high-quality technology companies, continue to promote the implementation of a package of policies such as the "16 technology measures" and the "8 science and technology innovation board measures"; optimize the merger and reorganization and equity incentive systems of technology-listed companies, and implement the "six merger and acquisition measures" well; encourage and guide insurance companies to carry out long-term equity investment. Investment Calendar BYD Company Limited's intelligentization strategy release conference held Investment Tips Investment Tips: The essence of investment lies in buying high-quality assets at a reasonable price and protecting oneself from market fluctuations through a safety margin. "The Intelligent Investor" by [US] Graham Chief Editor's View Chief Editor's View: Last Friday, the Shanghai Composite Index regained the 3300-point mark, and the trading volumes of the two markets approached the level of two trillion; Haitong believes that the spring market trend is unfolding, with the technology sector showing stronger certainty. Institutional Views 1. Haitong: The spring market trend is unfolding, under the AI wave, the technology sector has stronger certainty, and real estate and consumption can be focused on. 2. CITIC SEC: The spring market frenzy is accelerating significantly, and it is expected that the technology market centered on the AI industry chain will continue to evolve. 3. Orient: The spring offensive is becoming a reality, and the market is expected to continue to rise with broad technology still being the focus of attention. Positive and Negative Frontiers 1. The AI Action Summit will be held in Paris: A new chapter in the global AI "competition" begins Type: Institutional Commentary CITIC SEC: With the evolution of AI into deeper industrial sectors, by 2025, the model capabilities of AI companies will reach new heights, bringing better excess returns from Chinese AI companies and assets in the next 1-2 years. 2. 10 insurance companies pilot investment in the gold business, which is expected to bring up to 200 billion yuan in incremental funds Type: Market Discussion Galaxy Securities: The logic of interest rate cuts by the Federal Reserve, geopolitical conflicts, US debt, and others will continue to play out, driving up gold prices. The A-share gold sector valuation is at low levels in recent years, and an increase in gold prices is expected to trigger a valuation recovery in A-share gold stocks. 3. "Ne Zha" box office breaks 8 billion yuan, refreshing the record of the single-market box office champion Type: Market Discussion Galaxy Securities: The continuous advancement of high-value IP film sequels will inspire the emergence of more new excellent IPs, potentially empowering the entire film IP and its surrounding licensing, derivative, development series of industrial chains. Based on the excellent box office performance of the Spring Festival, it is optimistic about the growth of the annual box office in 2025. Announcement Express Slightly positive announcements 1. Beiqi Foton Motor: The sales of new energy vehicles in January were 7,098, an increase of 129.56% year-on-year 2. Capitalonline Data Service: Recently, the full range of model adaptation work for DeepSeek has been completed 3. Jiangsu Sinopep-Allsino Biopharmaceutical: The registration certificate of ezetimibe and atorvastatin calcium tablets Slightly negative announcements 1. Montnets Cloud Technology Group: No core technical relevance to the development and application of the DeepSeek system 2. Greatoo Intelligent Equipment Inc.: The related business income of the company's Siasun Robot & Automation has a limited impact on the company's short-term performance 3. MeiG Smart Technology: No business dealings or equity relations with the DeepSeek development company Overseas Markets Self-selected Brother's Tips: Last Friday, under the dual pressure of inflation concerns and tariff threats, the three major U.S. stock indexes collectively closed down, with the slowdown in job growth in the US in January exceeding expectations; most Chinese stocks rose, and the Nasdaq China Golden Dragon Index rose by 1.35%. This article is reprinted from "Tencent self-selected stocks", GMTEight editor: Chen Wenfang.