Brokerage morning meeting highlights | Seize the trend of high power, high voltage, and DC conversion in AIDC power supplies.

Yesterday, the three major indexes showed mixed movements, with the Shanghai Composite Index falling below 4100 points at one point during the day, while the Growth Enterprise Market rebounded in the afternoon. The trading volume of the Shanghai and Shenzhen stock markets was 2.91 trillion yuan, a decrease of 1.04 trillion yuan from the previous trading day. At the close, the Shanghai Composite Index fell by 0.33%, the Shenzhen Component Index rose by 0.41%, and the Growth Enterprise Market Index rose by 0.56%. At the securities morning meeting today, China Securities Co., Ltd. believes that grasping the trend of AIDC power towards high power, high voltage, and direct current; CICC believes in understanding the macro policy path from structural interest rate cuts; Tianfeng believes in paying attention to European characteristics wind & power interconnection. China Securities Co., Ltd.: Grasping the trend of AIDC power towards high power, high voltage, and direct current The development of AIDC power towards high power, high voltage, and direct current is the most certain technological trend, and these trends are mainly led by overseas companies such as Nvidia and Google. Therefore, at the current stage, the overseas supply chain is better than the domestic supply chain, and one should prefer links that conform to the technological trend while also having high value, fast growth, and high barriers. When selecting stocks, one should consider the company's customer structure, business channels, and company quality. CICC: Understanding the macro policy path from structural interest rate cuts On January 15, 2026, the central bank announced a 0.25 percentage point reduction in various structural monetary policy tool rates, as well as five other related measures for structural monetary policy tools, adjusting the types, coverage, and adding quotas of structural monetary policy support tools. In terms of total quantity, the direct impact of this adjustment on asset prices is relatively limited, and the key lies in the subsequent implementation. This policy adjustment highlights the characteristics of the current macro policy train of thought, maintaining moderate looseness in total quantity and placing more emphasis on structural adjustments. This tone may also be reflected in fiscal policy and recent local two sessions. An important background for this tone is the stable external demand at present, and if there are significant changes in total demand, macro policies still have the ability to support. As for the issue of the long-term national bond supply-demand gap that the market is generally concerned about, the central bank also gave a direct response, stating that it has the ability to keep national bond rates relatively stable, but the structural issue of banks' national bond acceptance capabilities still needs other conditions to be resolved. Tianfeng: Paying attention to European characteristics wind & power interconnection Under the accelerated construction of European data centers, the contradiction between power supply and demand has become apparent, further driving the demand for wind power and power interconnection. Wind power and power interconnection are unique to Europe and it is worth paying attention to the European wind power chain going overseas. The demand for European grid transformation continues to be high, benefiting main network transformers and switches; grid transformers. This article is reprinted from "Cai Lianshe". GMTEight Editor: Jiang Yuanhua.