Brokerage morning meeting highlights | DeepSeek strengthens the sustainability of the "spring market" in A-shares, thematic investment will remain active.

Yesterday, the market experienced a volatile adjustment, with the ChiNext Index leading the decline. The total turnover of the Shanghai and Shenzhen stock markets for the whole day was 1.64 trillion yuan, a decrease of 94.9 billion yuan from the previous trading day. On the market, the hot spots were relatively chaotic, with more stocks falling than rising, and over 3400 stocks in the entire market fell. In terms of sectors, sectors such as copper cables, cultural media, gold, and IP economy outperformed, while sectors such as medical information technology, semiconductors, liquor, and automobile manufacturing were among the top decliners. By the end of yesterday's trading, the Shanghai Composite Index fell by 0.12%, the Shenzhen Component Index fell by 0.69%, and the ChiNext Index fell by 1.43%. At today's brokerage morning meeting, Huaxi stated that DeepSeek reinforces the sustainability of the A-share "spring market," and thematic investment will continue to be active; Huatai proposed to screen for supply-side reversal opportunities from three dimensions; Galaxy Securities believes that the communication + new infrastructure sector is expected to see an upward revision. Huaxi: DeepSeek reinforces the sustainability of the A-share "spring market", thematic investment remains active Huaxi stated that DeepSeek reinforces the sustainability of the A-share "spring market". During the Spring Festival, the release of DeepSeek attracted global attention to domestic AI, and the valuation gap between China and the US in the AI field is narrowing. Although recent A-share technology growth trading shows some crowding, with the upcoming National People's Congress and the accelerated landing of domestic AI applications, supported by risk appetite, the spring market is expected to continue and thematic investment will remain active. Huatai: Screening supply-side reversal opportunities from three dimensions Huatai screens for supply-side reversal opportunities from three dimensions, namely the position of the industry's capacity cycle, changes in demand outlook, and internal competitive landscape, and recommends focusing on investment opportunities in two types of companies: 1) Industries whose capacity cycle is at the "bottom" or "near bottom", with signs of stabilized or improved demand, and a clear internal competitive landscape where leading companies have a more obvious advantage. These industries are likely to see a faster "reversal from difficulty" and have configuration opportunities, including consumer electronics, seasoning and fermentation products, cement, chemical fibers, architectural decoration, chemical pharmaceuticals, components, and rubber; 2) Industries whose capacity cycle is at a "difficult phase" with further deteriorating demand, along with a clear internal competitive landscape where leading companies have an obvious advantage. These industries are more likely to see policy-based or spontaneous production restrictions, which may present trading opportunities, including military electronics, photovoltaic equipment, and special equipment. Galaxy Securities: Communication + new infrastructure sector is expected to see an upward revision Galaxy Securities pointed out that with the continuous enhancement of policies such as Digital China and the continual introduction of new AI applications, the digital economy's new infrastructure is expected to solidify support for the upgrading of computing power networks, and the communication + new infrastructure sector is expected to see an upward revision in expectations. The recovery of the ICT cornerstone optical network industry chain catalyzes further growth in demand for optical modules, thermal control energy saving, etc. 5G application industrial Internet is also a key focus of future policies and demand, and high business activity combined with low valuation is the key direction for stock selection. Recommendations: Digital economy new infrastructure: ICT-related targets; Application sectors: satellite internet; Bullish on communication operators in the infrastructure of the computing power network + new data element space. This article is reprinted from "Cailianshe." Editor: Xu Wenqiang.