Highlights of the securities firm's morning meeting | AI investment opportunities are expanding, focusing on the computing power industry chain and AI applications.

The market fluctuated and rose yesterday, with the three major indexes opening low and closing high, and the Shanghai Composite Index hitting a ten-year high, while the ChiNext Index rose more than 2%. The turnover of the Shanghai and Shenzhen markets reached 2.04 trillion, an increase of 969 billion from the previous trading day. In terms of sectors, energy metals, batteries, and non-ferrous metals led the gains, while fentanyl and oil and gas sectors led the declines. As of the closing yesterday, the Shanghai Composite Index rose by 0.73%, the Shenzhen Component Index rose by 1.78%, and the ChiNext Index rose by 2.55%. At today's securities morning meeting, Huatai stated that the GMV of "Double 11" e-commerce may see a moderate increase, with continued differentiation on the platform side; Galaxy Securities pointed out that the overall prices and premium rates of convertible bonds have risen to high levels and need to control downside risks properly; CITIC SEC believes that AI investment opportunities are spreading, focusing on the computing power industry chain and AI applications. Huatai: "Double 11" e-commerce GMV may see a moderate increase, with continued differentiation on the platform side Huatai estimates that the industry-level growth during the 2025 Double 11 promotion season will be moderate, with GMV growing by mid to high single digits to around 10% year-on-year. Steady growth is attributed to active subsidies by various platforms and the extension of promotion timelines. However, this is partly offset by the higher base of home appliance sales brought by last year's national subsidy action during the same period. From a platform perspective, major e-commerce platforms may continue to show differentiation. Huatai states that looking ahead to 2026, competition among e-commerce platforms around traffic entrance and core user rights will continue to be intense. The stabilization of consumer end-product prices is an important driver for the stable performance of e-commerce platforms and upstream suppliers. Potential policy stimuli and shifts in consumer sentiment should be closely monitored. Galaxy Securities: Currently, the overall prices and premium rates of convertible bonds have risen to high levels, the need to control downside risks properly Galaxy Securities pointed out that in the previous period, the convertible bond market showed outstanding performance, with high-price index rose by 1%, and high volatility strategies performed significantly. In terms of entry and exit adjustments, this period saw an acceleration in the redemption progress of high-priced large and medium-sized convertible bonds, as well as the entry of high-priced targets with stable performance and low redemption risks in the first three quarters. Currently, the overall prices and premium rates of convertible bonds have risen to high levels. While the bullish sentiment remains the same, increased volatility in a high-level environment requires proper control of downside risks and timely follow-up on the spread of subsequent trends and sector rotation styles. CITIC SEC: AI investment opportunities are spreading, focusing on the computing power industry chain and AI applications CITIC SEC stated that since 2025, both Chinese and American tech stocks have achieved impressive results, with the computing power sector leading the market in gains, and opportunities for models and applications also appearing explosively. Looking ahead to 2026, domestic computing power is on the rise, with a combination of performance elasticity and investment certainty, possibly replicating the long bull market in US stocks since 2023. Models and applications side may also see explosive opportunities. We are optimistic about internet technology giants empowered by AI, as well as AI applications with rapid deployment such as AI advertising, AI agents, AI video generation, and commercialized autonomous driving. This article is reprinted from "CaiLian Press." Editor: Liu Jiayin.