Morning Meeting Highlights of Securities Firms | The competition and iteration of AI large models are still ongoing, and the likelihood of maintaining high computational power investment is high.

The market fluctuated and rose yesterday, with the Shanghai Composite Index breaking through the high point of October 8 last year, reaching a new high in nearly 4 years. The total turnover of the Shanghai and Shenzhen stock markets was 2.15 trillion, an increase of 269.4 billion from the previous trading day, returning to above 2 trillion for the first time in 114 trading days. In terms of sectors, non-ferrous metals, PEEK materials, CPO, lithography machines and other sectors led the gains, while coal, banks, ports, logistics and other sectors led the declines. As of the close of yesterday, the Shanghai Composite Index rose by 0.48%, the Shenzhen Component Index rose by 1.76%, and the ChiNext Index rose by 3.62%. At today's brokerage morning meeting, China Securities Co., Ltd. pointed out that the competition and iteration of AI large models are still ongoing, and the investment in computing power is likely to maintain a high intensity; Tianfeng believes that in recent years, the demand growth rate for spandex has been rapid, and the current price is running in a relatively low range; Huatai said that the policy expectations are positive, seize the structural opportunities of banks. China Securities Co., Ltd.: The competition and iteration of AI large models are still ongoing, and the investment in computing power is likely to maintain a high intensity China Securities Co., Ltd. pointed out that the performance forecast released by computing power chain companies showed rapid growth, continuing to verify that the industry's prosperity driven by AI is still high. At the current position, China Securities Co., Ltd. believes that the competition and iteration of AI large models are still ongoing, which means that the investment in computing power is likely to maintain a high intensity, so it continues to recommend the computing power sector: firstly, the core targets of North American computing power chains with continuous high growth in performance and valuation still at historically low levels; secondly, companies that are expected to benefit from spillover demand, acquire customers or market share breakthroughs; thirdly, upstream scarce links; fourthly, with the bulk shipment of GB300, it is recommended to focus on 1.6T optical modules and the CPO industry chain; fifthly, with the recovery of H20 supply and NV launching new GPUs in China, it is recommended to focus on domestic computing power chains. Tianfeng: Spandex demand has grown rapidly in recent years and the current price is running in a relatively low range Tianfeng believes that China's spandex supply is highly concentrated and the current price is running in a relatively low range. The industry is on average in a loss-making state, with profits at historical lows; new capacity delays or reductions, capacity elimination or continued increases. In recent years, the demand growth rate for spandex has been rapid, with continuous improvement in downstream penetration; in 2005, China's apparent consumption of spandex was 121,000 tons, growing to 1.027 million tons by 2024, with a CAGR of 11.9% in demand from 2005 to 2024. Against the background of "anti-job scarcity", focus on listed companies located on the left side of the cost curve. Huatai: Positive policy expectations, seize structural opportunities in banks Huatai pointed out that on August 12, the Ministry of Finance, the central bank, and the financial regulatory authority issued the "Implementation Plan for the Financial Subsidy Policy for Personal Consumption Loans", with an annual subsidy rate of 1%. The central government and provincial governments bear 90% and 10% of the subsidy funds respectively, with government subsidies replacing unilateral concessions by banks, helping to protect interest rate differentials and drive credit lending. The State Council's meeting on July 31 deployed the implementation of the financial subsidy policy for personal consumption loans and the financial subsidy policy for service industry entities. Since August, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and many other banks have actively responded to the financial subsidy policy for personal consumption loans and the financial subsidy policy for service industry entities. Positive policy expectations, seize structural opportunities in banks. This article is reprinted from "Cailianshe", GMTEight Editor: Xu Wenqiang.