Highlights of the morning meeting of securities firms | Huawei clarifies the iteration plan of the Ascend AI chip, and continues to be optimistic about domestic computing power.

(English) The three major indexes surged yesterday and quickly fell back. The trading volume in the Shanghai and Shenzhen markets was 3.135 trillion, an increase of 758.4 billion from the previous trading day, marking the third highest volume this year. In terms of sectors, the travel, CPO, and semiconductor industry chains saw the highest increase, while most sectors fell, with the non-ferrous metals, large financial institutions, and rare earth permanent magnets sectors leading the decline. As of the close yesterday, the Shanghai Composite Index fell by 1.15%, the Shenzhen Component Index fell by 1.06%, and the ChiNext Index fell by 1.64%. At today's brokerage morning meeting, CITIC SEC stated that Huawei has clearly outlined the plan for the Ascend AI chip iteration, and continues to be optimistic about domestic computing power. Huatai pointed out that after the interest rate cut, the short-term pressure on gold prices may persist, but the long-term value of allocation remains the same. Galaxy Securities suggests that during the "14th Five-Year Plan" period, car sales are expected to benefit from the continuation of supportive domestic demand policies. CITIC SEC: Huawei Clearly Outlines Ascend AI Chip Iteration Plan Continues to Be Optimistic about Domestic Computing Power CITIC SEC stated that on September 18, 2025, Huawei held the Full Connect Conference, where the company first disclosed the Ascend series AI chip plan. It is expected that the Ascend 950PR will be launched in Q1 2026, the Ascend 950DT in Q4 2026, and the Ascend 960 and 970 in Q4 2027 and 2028 respectively. At the same time, in the super-node aspect, Huawei has developed the innovative Lingqu new interconnection protocol to support the thousand-card super-node architecture. The Lingqu 2.0 technical standard has been opened, and the company is developing new large-scale super-node products such as the Atlas 960 SuperCluster. The current iteration of domestic computing power represented by Ascend has accelerated. CITIC SEC believes that the trend of independent controllable computing power has been established. They recommend paying attention to investment opportunities in Huawei's Ascend chain and recommend hardware industry leaders in the Ascend chain. Huatai: Gold Prices May Face Short-Term Pressure After Interest Rate Cut, Long-Term Allocation Value Unchanged Huatai stated that the Fed's September FOMC meeting cut its interest rate by 25 basis points as expected, and the dot plot shows that there may be a further 50 basis point cut later this year, in line with market expectations. In the short term, gold may face pressure from profit-taking as the interest rate cut benefits have already been priced in. This rate cut is a preventive measure, and looking back at the situation after the rate cut in September 2024, gold may form a "phase" top after the rate cut for a certain period. Huatai believes that the long-term value of gold allocation remains unchanged. On the one hand, with the Fed's upward economic adjustment and sticky inflation background, the path of interest rate cuts is expected to continue, combined with market expectations of a potentially looser Fed after Powell's term ends in 2026, the long-term worry of stagflation in the U.S. economy still exists. On the other hand, in an era of reshaping the global landscape, the trend of de-dollarization, geopolitical risks, and the need for portfolio diversification are all driving global central banks and institutional investors to continue to increase their gold holdings. Galaxy Securities: Looking to the "14th Five-Year Plan" Period, Car Sales are Expected to Benefit from Continued Supportive Domestic Demand Policies Galaxy Securities stated that looking to the "14th Five-Year Plan" period, expanding domestic demand and accelerating the development of new quality production forces are two key tasks. Car sales are expected to benefit from the continuation of supportive domestic demand policies. AI drives a new round of technological revolution and reshapes the development of the automotive industry with new paradigms. The automotive industry will focus on technological innovation (electrification, intelligence) and global industrial chain layout (going overseas). Galaxy Securities believes that in the short term, it is possible to grasp the policy dividends that boost domestic demand (e.g., policies for replacing old cars with new energy vehicles); in the medium to long term, it is possible to layout new quality production forces (Siasun Robot & Automation, low-altitude economy). It is recommended to focus on four main lines: 1. Policy-driven domestic demand: in the short term, policies encouraging car consumption are expected to continue, but they may lean towards higher-priced models to avoid price wars and inefficiency. In the long term, the policy orientation of supporting strong enterprises and encouraging long-endurance plug-in hybrids/lightweight technologies is expected to jointly drive domestic car sales steadily upward; 2. Further penetration of electrification and intelligence: the penetration rate of electrification continues to rise, and intelligence is accelerating to lower-priced models, driving upgrades in vehicles and components. The acceleration of the "intelligent driving parity" trend may lead to a new round of industry reshuffle; 3. Global layout and opportunities for going overseas: the export market becomes a core source of incremental growth, independent brands accelerate global layout with technological and cost advantages, focusing on Europe, Southeast Asia, and emerging markets; 4. Layout of new quality production forces: humanoid Siasun Robot & Automation and low-altitude economy are expected to create a new growth curve, the development capabilities of new emerging businesses in car companies and components are expected to drive medium- and long-term growth. This article is reproduced from "CaiLian Press". GMTEight Editor: Chen Xiaoyi.