Brokerage Morning Meeting Highlights | Focus on optimizing and upgrading the release of the 2026 "Two New" Policies

Yesterday, the market fluctuated and rose in the afternoon, with the Shanghai Composite Index closing up for the tenth consecutive day, and both the Shenzhen Component Index and the ChiNext Index rising by over 0.5% during the session. The total trading volume in the Shanghai and Shenzhen markets was 2.14 trillion yuan, an increase of 32 billion yuan from the previous trading day. In terms of market performance, there was rapid rotation of hot spots, with over 3400 stocks falling across the entire market. In terms of sectors, the Siasun Robot & Automation concept continued to soar, AI applications were active, and the commercial aerospace concept rose overall before falling back. On the downside, sectors like Hainan and retail led the declines. At the close, the Shanghai Composite Index remained unchanged, the Shenzhen Component Index rose by 0.49%, and the ChiNext Index rose by 0.63%. During today's brokerage morning meeting, CITIC SEC stated that the release of the 2026 "two new" policies focuses on optimization and upgrading; Huatai believes that moving forward amid differences, global AI may continue to thrive; China Galaxy Securities stated that a wave of domestic EDA mergers and acquisitions is surging, with AI + advanced processes driving the rise of the "mother of chips." CITIC SEC: 2026 "two new" policies released, focus on optimization and upgrading The 2026 "two new" policies have officially landed, mainly reflecting optimizations in the support scope, subsidy standards, implementation methods, etc., overall content in line with market expectations. At the same time, the National Development and Reform Commission, together with the Ministry of Finance, announced that the first batch of 62.5 billion yuan in special long-term special national bonds to support the consumption of old-for-new funds for 2026 has been allocated to localities in advance, and it is expected that the smooth and orderly implementation of the policy across the year will be achieved. Huatai: Moving forward amid differences, global AI may continue to thrive Looking back at 2025, the communication (Shanghai) index moved forward in fluctuations. Earlier, under the influence of narratives questioning AI computing power (DeepSeek) and geopolitical impacts, stock prices in the sector fluctuated greatly; subsequently, they gradually returned to industry trend pricing logic, with AI computing power becoming the main theme. Looking ahead to 2026, we are optimistic about the "one main line and two sub-lines" three investment themes: 1) Continue to embrace the AI computing power theme: bullish on the AI industry trend, focusing on investment opportunities in the domestic and foreign computing power industry chain; 2) The first sub-line is new quality productivity: the launch of the "14th Five-Year Plan" new cycle, commercial aerospace and satellite internet, low-altitude economy, quantum communication, and computing and other emerging tracks are expected to accelerate development; 3) The second sub-line is core assets: as market liquidity improves, leading companies with long-term competitiveness and performance resilience (telecom operators, etc.) are expected to see valuation growth opportunities. China Galaxy Securities: A wave of domestic EDA mergers and acquisitions surges, AI + advanced processes drive the rise of the "mother of chips" EDA is the core technology of electronic system design automation, located at the upstream core support position of the integrated circuit industry chain, spanning the entire process of chip design and manufacturing, and opening up industry growth ceilings with triple resonance. 1) Domestic replacement rigidness: in May this year, the U.S. government began to control the export of EDA software, and subsequently relaxed it to some extent in July, but strict control still applies to advanced processes below 7nm, further driving domestic EDA companies to accelerate their localization process; 2) Technological and demand upgrades: the design costs of advanced processes from 7nm to 3nm have grown exponentially, and in the post-Moore era, system-level designs such as Chiplet, 3D IC, and heterogeneous integration have spurred new AI + EDA demand; 3) Industrial integration catalysis: the current Chinese EDA industry presents a scattered and small-scale pattern, with industry mergers and acquisitions accelerating, and leading domestic EDA companies are increasingly completing their product lines to enhance their comprehensive strength. This article was reproduced from "CaiLian News", edited by GMTEight: Chen Xiaoyi.