Securities Morning Meeting Highlights | Optimistic about investment opportunities in the semiconductor equipment industry

Yesterday, the three major stock indexes in A-shares showed mixed performance, with a total turnover of 1.66 trillion in Shanghai and Shenzhen, down by 155.7 billion from the previous trading day. In terms of sectors, pharmaceutical business, banks, and retail sectors led the gains, while battery and power grid equipment sectors led the declines. At the close of yesterday, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index fell by 1.29%, and the Growth Enterprise Market Index fell by 2.17%. At today's morning meeting of securities firms, CITIC SEC expressed optimism about investment opportunities in the semiconductor equipment industry; CICC predicts that coal prices will show a trend of low first and high later by 2026; Huatai proposed optimizing the performance evaluation of public funds and focusing on high-quality financial companies. CITIC SEC: Optimistic about investment opportunities in the semiconductor equipment industry CITIC SEC believes that since September 2025, the stock prices of leading semiconductor equipment companies have risen rapidly due to downstream major customers Intel's series of capital injection cooperation and storage factory price increases. Considering the current storage upward cycle and active demand logic downstream, it is expected that the global semiconductor wafer fabrication equipment (WFE) market size will maintain high single-digit percentage year-on-year growth in 2025/2026, and the proportion of storage is expected to further increase. At the same time, it is expected that the normalization of demand in the mainland China market in 2026 will gradually reduce previous uncertainties such as control risks. Optimistic about investment opportunities in the semiconductor equipment industry. CICC: Predicts coal prices will show a trend of low first and high later by 2026 CICC believes that coal prices will show a trend of low first and high later by 2026, with the central point for the year possibly remaining roughly the same as in 2025. Demand may be the main drag, but supply-side constraints are relatively strong. In the first half of the year, demand may be subdued due to policy transmission lag and seasonal factors, leading to some pressure on coal prices; in the second half of the year, demand is expected to marginally improve, driving coal prices higher. Huatai: Optimizing the evaluation of public fund performance, focusing on high-quality financial companies Huatai stated that the December "Guidelines for Performance Evaluation Management of Fund Management Companies (Consultation Draft)" were issued, strengthening long-term performance orientation, increasing mandatory co-investment ratios, and specifying quantified salary reduction and accountability mechanisms, deeply linking the interests of fund companies and their core investment research personnel with long-term investor interests. The steady upward trend in the capital market remains unchanged, laying the foundation for the development of asset management products. It is recommended to grasp high-quality individual stocks, with banks recommending companies that benchmark retail and wealth management, and companies that improve their strategic position in wealth management; securities firms recommend companies with strong advantages in the large wealth management industry chain. This article is reprinted from "Cai Lianshe". GMTEight editor: Chen Xiaoyi.