Highlights from the Securities Firm Morning Meeting | Red dividends highlighted in refining, shale oil, and natural gas sectors by 2026.

Yesterday, the ChiNext Index rose and then fell back. The trading volume of Shanghai and Shenzhen stock markets reached 2.85 trillion, an increase of 476 billion from the previous trading day, with the trading volume exceeding 2.8 trillion for two consecutive trading days. In terms of sectors, the commercial aerospace concept was active, with more than ten component stocks hitting the limit up. Beijing LeiKe Defense Technology rose for 6 consecutive sessions, and Goldwind Science & Technology rose for 2 consecutive sessions. The coal sector continued to rise, with Henan Dayou Energy and Shaanxi Heimao Coking hitting the limit up. Semiconductor equipment stocks continued to be strong, with Advanced Micro-Fabrication Equipment Inc. China and NAURA Technology Group rising to new highs. The photoresist concept was active, with Anhui Guofeng New Materials hitting the limit up for 3 days in 2 sessions, and Jiangsu Nata Opto-electronic Material and Red Avenue New Materials Group hitting the limit up. At the close, the Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index rose by 0.06%, and the ChiNext Index rose by 0.31%. At today's brokerage morning meeting, China Securities Co., Ltd. believes that the refining, shale oil, and natural gas sectors will highlight dividends in 2026; CITIC SEC stated that it is optimistic about the nonlinear growth of Agent, multimodal, emotional companionship, and AI hardware in 2026; Guotai Haitong pointed out that in the field of advanced manufacturing, a focus should be placed on the revaluation of leading companies with outstanding profitability and deep global layout. China Securities Co., Ltd.: Dividends in the refining, shale oil, and natural gas sectors will be highlighted in 2026. China Securities Co., Ltd. expects that in 2026, crude oil will enter a surplus supply cycle, and dividends in the refining, shale oil, and natural gas sectors will be highlighted. In 2026, the global oil market will officially enter a surplus supply cycle, with the surplus size expected to reach 3.84 million barrels per day by IEA, and the systemic downward shift of oil prices becoming the main trend. However, geopolitical conflicts, sanctions, and inventory disruptions will still bring phased trading opportunities. Real structural opportunities are shifting from "oil prices" to "companies": high cracking margins in the refining sector, US shale oil showing production resilience around $60, and LNG expansion and electricity demand driving M&A heating up in the natural gas sector are the core beneficiaries in a low oil price environment. CITIC SEC: Optimistic about the nonlinear growth of Agent, multimodal, emotional companionship, and AI hardware in 2026. Looking ahead to 2026, AI narrative will deepen and continue to reshape the value of the technology sector. The main focus of the market is expected to shift from "model iteration" to "scenario implementation." Computing power as basic infrastructure remains a solid ballast, and the hardware layer will experience a double resonance of "independent controllable" and "retail prosperity": looking favorably on the system-level breakthrough of domestic computing power and semiconductor equipment under the trend of independent controllable; grasping the super prosperity cycle of AI PCB and storage under global demand resonance. In addition, excess returns may come from the explosion of the application layer: a focus on the nonlinear growth of Agent, multimodal, AI + office/coding, emotional companionship, and AI hardware. Furthermore, the capitalization process for top models and application unicorns will provide key valuation anchors and revaluation opportunities for the sector. As for overseas markets, although US tech stocks may face volatility, a 20% index-level return is still a reasonable target with performance support. Guotai Haitong: Focus on the revaluation of leading companies with outstanding profitability and deep global layout in the field of advanced manufacturing. The development of the domestic advanced manufacturing industry is relatively mature, with a solid industrial system and significant cost efficiency advantages established globally. In the field of new energy, lithium batteries lead in scale and profitability globally, with valuations of top companies generally lower than overseas leaders, highlighting cost-effectiveness advantages; while wind power profitability is weaker than overseas, but valuations are similarly low; the profitability of high-end equipment and new materials industries is comparable to overseas leaders, with valuations at a reasonable level, but there is still significant room for global expansion. In the future, focus should be placed on the revaluation of leading companies with outstanding profitability and deep global layout, as well as investment opportunities for high-quality manufacturing companies expanding overseas. This article is reprinted from "CaiLian Press", edited by GMTEight: Liu Jiayin.