Brokerage Morning Meeting Highlights| Domestic GPU development is expected to accelerate, driving demand for integrated circuit manufacturing, equipment, and materials.

Market rose yesterday and then fell back, with a trading volume of 1.9 trillion in Shanghai and Shenzhen, an increase of 379 billion compared to the previous trading day. Looking at the sectors, the Hainan free trade concept showed partial strength, with active performance in semiconductor equipment and non-ferrous metals and tungsten concepts. On the downside, the commercial aerospace concept rose and then fell back, with multiple stocks in the tourism concept declining. By the close of yesterday, the Shanghai Composite Index rose by 0.07%, the Shenzhen Component Index rose by 0.27%, and the ChiNext Index rose by 0.41%. At today's brokerage morning meeting, Huatai pointed out that Chinese gaming companies have fully entered a "high-quality growth new era" for overseas expansion; Galaxy Securities stated that domestic GPU development is expected to accelerate, driving demand for integrated circuit manufacturing as well as equipment and materials; China Securities Co., Ltd. believes that the quantum computing industry is entering a phase of rapid growth. Huatai: Chinese gaming companies have fully entered a "high-quality growth new era" for overseas expansion Huatai pointed out that the global gaming market is shifting from traffic-driven dividends to structurally driven innovation, and Chinese gaming companies have fully entered a "high-quality growth new era" for overseas expansion. Looking at future opportunities, overseas opportunities come from: 1) Regional expansion: transitioning from "widely cast net" to "meticulous cultivation", focusing on emerging markets and high-value markets equally; 2) Updates in gameplay and categories, hybrid gameplay and cross-platform play becoming new trends. Galaxy Securities: Domestic GPU development is expected to accelerate, driving demand for integrated circuit manufacturing as well as equipment and materials Galaxy Securities stated that despite market concerns about AI bubbles, AI is still in the early stages of development, the financial conditions of top U.S. Internet companies are still healthy, and there is still growth space for future capital expenditure. Muxi Holdings, Moore Threads, and Days Wisdom Chip have successively entered the capital market, and the development of domestic GPUs is expected to accelerate, thereby driving demand for integrated circuit manufacturing as well as equipment and materials. China Securities Co., Ltd.: The quantum computing industry is entering a phase of rapid growth China Securities Co., Ltd. stated that 2025 is the "International Year of Quantum Science and Technology" and a crucial year for the acceleration of quantum technology from theoretical research to industrial applications. Main countries around the world are ramping up their quantum strategic layouts, with quantum technology listed as a top priority in China's "15th Five-Year Plan" for future industries. Quantum technology has become a new battleground globally, with quantum computing as the crown jewel of quantum technology, having the highest technological barriers, strongest disruptive potential, and greatest growth potential. By achieving exponential breakthroughs in computational power, quantum computing is reshaping the boundaries of classic computing and is the key engine of the next generation of technological revolution. Currently, quantum computing is in the era of noisy medium-scale quantum, with mainstream technologies such as superconductors, ion traps, quantum optics, and neutral atoms advancing side by side and yet to converge, with focus on the development of the upstream of the industry chain. The quantum computing industry is entering a phase of rapid growth, with the global market size expected to exceed $800 billion by 2035. The downstream is still in the early stages of development, but has enormous growth potential and is worth looking forward to. This article was reprinted from "Cailianshe". GMTEight editor: Xu Wenqiang.