Broker Morning Meeting Highlights | Emphasis on investment opportunities for enterprise local deployment of large models

Yesterday, the market fluctuated and rose, with the ChiNext Index leading the gains. The total turnover of the Shanghai and Shenzhen stock markets was 1.68 trillion yuan, an increase of 41.3 billion yuan compared to the previous trading day. In terms of the market, hotspots were active in rotation, with more stocks rising than falling, and over 3500 stocks in the entire market rose. In terms of sectors, the semiconductor, DeepSeek, Alibaba concept, and AI intelligent body sectors performed well, while the gold concept, non-ferrous metals, oil and gas, and port sectors saw declines. At the close yesterday, the Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index rose by 1.43%, and the ChiNext Index rose by 1.81%. At today's morning meeting of securities firms, CICC stated that the stickiness of inflation delays the timing of the Fed's rate cut; Guotai Junan proposed to focus on investment opportunities for enterprises deploying large models locally; and Tianfeng believes that BBU hitting the development needs of AIDC is favorable for the NVIDIA power chain. CICC: Stickiness of inflation delays the timing of the Fed's rate cut CICC pointed out that the core CPI in the US in January rebounded to 0.4% on a seasonally adjusted month-on-month basis, and 3.3% on a year-on-year basis, while the total CPI rose to 0.5% on a month-on-month basis and 3.0% on a year-on-year basis, both higher than market expectations. We believe that this inflation rebound is related to various supply disruptions, including: the lagged effects of hurricanes, extreme cold weather in winter, California wildfires, egg shortages due to avian flu, and the heating up of expectations for Trump's tariffs. It also reflects the seasonal factors of the "January effect". Generally, supply disruptions are temporary, but this time the tariffs are an unknown factor with great uncertainty. This uncertainty, combined with the resilience of employment, may cause the Fed to remain cautious for a longer period of time. We are pushing back our prediction of the timing of the rate cut to the third quarter, earlier than the market's current expectation of the fourth quarter. Guotai Junan: Focus on investment opportunities for enterprises deploying large models locally Guotai Junan stated that the biggest highlight of this DeepSeek-R1 is its open source, which greatly reduces the cost of enterprise deployment of first-class large models locally. We believe that enterprises deploying DeepSeek locally align with the IT spending habits of domestic enterprises, as well as the requirements for security and privacy in data-sensitive industries such as finance, energy, government, and healthcare. Local deployment may become the preferred AI deployment method for large enterprises and companies in special industries. We are optimistic about the explosion of domestic local inference computing power and the expansion of new basic software such as vector databases. Tianfeng: BBU hitting the development needs of AIDC is favorable for the NVIDIA power chain Tianfeng pointed out why BBU for AIDC is favored at the current time? Because it is sensitive to power supply safety and insensitive to cost. BBU is facing a growth opportunity, with NVIDIA listing BBU as a standard configuration for AI servers, opening up market space for the BBU industry chain, with enterprises in the NVIDIA power supply chain expected to be the core beneficiaries. Jiangsu Azure Corporation has the industrial advantage of "all bipolar ear technology + BBU battery core shipment has begun", and is expected to shine in the BBU industry. This article is reproduced from "Financial Association Society", edited by GMTEight: Xu Wenqiang.