Morning meeting highlights of securities firms | Continuous efforts against internal competition, the prosperity of the chemical industry is expected to continue to rise.

Yesterday, the Shanghai Composite Index traded narrowly, while the ChiNext Index fell by more than 1% during the session. The turnover of the Shanghai and Shenzhen stock markets was 2.8 trillion, a decrease of 53.8 billion compared to the previous trading day, with turnover exceeding 2.5 trillion for four consecutive trading days. In terms of market dynamics, market hotspots rotated quickly. From the perspective of sectors, the commercial aerospace concept collectively exploded, the brain-machine interface concept continued to be strong, and the controllable nuclear fusion concept was active. The AI application concept rose, while sectors such as large financials, rare earth permanent magnets, and non-ferrous metals led in declines. At the close, the Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index fell by 0.51%, and the ChiNext Index fell by 0.82%. At today's brokerage morning meetings, CITIC SEC believes that the anti-internal competition will continue to be strong, and the chemical industry's business climate is expected to continue to improve; China Merchants Securities believes that the Ministry of Commerce has initiated an anti-dumping investigation on Japan, and is optimistic about domestic substitutes for high-end film materials; CICC believes that Chatbot commercialization continues to drive growth. CITIC SEC: Anti-internal competition continues to be strong, and the chemical industry's business climate is expected to continue to improve With the continuous weakening of capital expenditure in the chemical industry and the background of promoting anti-internal competition in the country, the profitability of chemical enterprises is expected to gradually bottom out and rebound. It is expected that the investment value of the chemical sector will continue to increase by 2026. From an investment strategy perspective, it is recommended to focus on 1) high-energy consumption commodities such as calcium carbide, caustic soda, and yellow phosphorus, which may be an effective leverage point for anti-internal competition; 2) sub-sectors where the initial effects of anti-internal competition are seen, and self-discipline progresses steadily; 3) Some commodities have fallen below or are close to the industry's cash cost line, and capacity clearing is expected to accelerate, while industry-leading companies have significant cost advantages in products; 4) New demand drivers, or downstream strong demand, for chemical products with prices that have the potential to continue to rise; 5) Chemical products related to new materials and applications. Open Source Securities: Ministry of Commerce launches anti-dumping investigation on Japan, optimistic about domestic substitutes for high-end film materials On January 6, the Ministry of Commerce announced the prohibition of all dual-use items for Japanese military users, military purposes, and all other end users that contribute to enhancing Japan's military capabilities; on January 7, the Ministry of Commerce announced the initiation of an anti-dumping investigation into imported dichlorodihydroxysilane from Japan. In addition, as the global optoelectronics industry shifts to the Chinese mainland and domestic manufacturers expand their capacity, the domestic optoelectronics industry chain urgently needs to break the technological monopoly of high-end raw materials from Japan and achieve localization of key raw materials. CICC: Chatbot commercialization continues to drive growth Currently, overseas Chatbots are mainly monetized through subscriptions, while in China, the focus is on free services. In the long term, as the unit reasoning cost decreases, "free + transaction-oriented effect advertising" is expected to become a business model with lower barriers and higher ceilings in the ToC Agent field, where internet advertising leaders have advantages in data and infrastructure. This article is reprinted from "Cai Lian She", GMTEight Editor: Xu Wenqiang.