Highlights of the securities industry morning meeting | Overseas major companies have intensive capital expenditures, and the AI industry continues to be highly prosperous.

Yesterday, the market fluctuated and adjusted, with all three major indexes experiencing a dive during the trading session. The ChiNext Index fell nearly 2%, and the Shanghai Composite Index fell below 4000 points. The total turnover of the Shanghai and Shenzhen markets was 2.42 trillion, an increase of 165.6 billion from the previous trading day. In terms of sectors, energy metals, steel, quantum technology, and battery sectors saw the largest gains, while CPO, gaming, and coal sectors saw the largest declines. At the close of yesterday, the Shanghai Composite Index fell by 0.73%, the Shenzhen Component Index fell by 1.16%, and the ChiNext Index fell by 1.84%. At today's morning meeting of securities firms, CMSC pointed out that the business lines of the capital market are expected to continue to improve; Open Source Securities believes that the bottom of wind power policies has been reached; China Securities Co., Ltd. stated that overseas large companies have been making intensive capital expenditures, and the AI industry continues to be in high demand. CMSC: Business lines of the capital market are expected to continue to improve CMSC stated that due to the confidence and ample funds of individual investors, which effectively resisted the negative factors of trade friction, the pressure on some companies in their third-quarter performance has significantly promoted the strong and positive trend of the capital market. The business lines of the capital market are expected to continue to improve, benefiting directly for securities firms with continuous improvement in profitability; in terms of insurance, as the stock market continues to improve and bond interest rates rise from the bottom, investment yields are significantly better than the continuously decreasing comprehensive liability cost rates, alleviating short-term interest rate spread risks, and the potential investment value of insurance continues to increase. Open Source Securities: The bottom of wind power policies has been reached Open Source Securities stated that with the landing of policy uncertainties on the revenue side and the market-oriented reform entering a deep-water area, the bottom of wind power policies has been reached. Document 136 has promoted the comprehensive entry of new energy into the market, supplemented by an off-market price differential settlement mechanism, and the uncertainties in green electricity income policy have been resolved. The first round of price bidding for mechanism electricity in Shandong, Gansu, Xinjiang, and Yunnan has been completed, with clearing results significantly lower than the benchmark price of coal, indicating that market-oriented reform has entered a deep-water area. The subsidy decline for wind power value-added tax indicates that the policy bottom has been reached. China Securities Co., Ltd.: Overseas large companies are making intensive capital expenditures, and the AI industry remains in high demand China Securities Co., Ltd. pointed out that overseas large companies have been making intensive capital expenditures recently, with Google reaching a cooperation agreement worth hundreds of billions of dollars with Anthropic to provide massive computational support for the latter's AI model training and inference; Oracle has secured a 300 billion dollar agreement with OpenAI and purchased GPUs from Nvidia and AMD; OpenAI has entered into agreements with Nvidia, AMD, and Broadcom for the deployment of 26GW data centers, and has reached a cumulative 22.4 billion dollars of computational power rental agreement with CoreWeave. The progress mentioned above reflects the continued high demand in the AI sector, which is expected to lead to a continuous increase in capital expenditures for large companies at home and abroad. This article is reposted from "Cai Lianshe," GMTEight editor: Xu Wenqiang.