Brokerage Morning Meeting Highlights | The AI Agent is currently at the critical 0-1 stage of transitioning from technical accumulation to explosive scaling.

Yesterday, the market bottomed out and rebounded, with the Shanghai Composite Index returning to 4100 points and the Shenzhen Component Index turning red after initially falling more than 1%. The ChiNext Index narrowed its decline in the afternoon. The turnover of the Shanghai and Shenzhen stock markets was 2.48 trillion yuan, a decrease of 63.3 billion yuan from the previous trading day. On the market, hot spots quickly rotated, with over 3200 stocks rising. In terms of sectors, the coal concept triggered a trading halt frenzy, the space photovoltaic concept surged, and the airport transportation concept strengthened; in terms of declines, AI applications, precious metals, and computing hardware sectors led the way. At the close, the Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index by 0.21%, and the ChiNext Index by 0.4%. At today's securities morning meeting, Changjiang believes that AI Agent is at the crucial stage of transitioning from technical accumulation to scale explosion; CITIC SEC believes that the catering industry is at multiple turning points, and valuation centers are expected to rise; China Securities Co., Ltd. believes in the opportunities and transformation cycle of home appliances going abroad. Changjiang: AI Agent is at the crucial stage of transitioning from technical accumulation to scale explosion The current competition in the AI industry has focused on the battle for traffic entry points, with end-side models becoming the core breakthrough. AI Agent continues to delve into the underlying operating system, gradually upgrading to a private assistant capable of independently analyzing and solving problems, breaking free from the limitations of traditional tools. In the terminal scenario, AI phones, AIPC, and AI glasses work together, complementing each other, and building a comprehensive end-side AI ecosystem covering various scenarios such as daily office work and intelligent travel. At the same time, the entire industry chain is upgrading synchronously, with SoC chip computing power iteration, heat dissipation technology optimization, and battery life improvement, laying a solid hardware foundation for the landing of end-side AI. Today, the AI end industry is supported by policies, technological breakthroughs, and market demand, with timing, location, and people all in place, and is at the crucial stage of transitioning from technical accumulation to scale explosion. CITIC SEC: Catering is at multiple turning points, valuation centers are expected to rise The catering industry is currently in a resonance stage of "improvement in fundamentals - continuous policy efforts - price mechanism restoration - potential valuation increase". Operationally, since the second half of 2025, social, retail, and catering revenue, together with the same-store performance of major catering sub-races, have been continuously rebounding, coupled with a slowdown in supply expansion, a decrease in the intensity of industry competition, providing a more friendly external environment for business restoration and profit improvement. At the policy level, service consumption orientation continues to strengthen, and catering, with its high frequency, strong scenarios, and short decision-making chains, has become one of the clearest beneficiaries in consumption stimulus policies. From a pricing perspective, with the country clearly pushing for reasonable price increases, catering companies have begun to raise prices, and historical experience shows that cost disturbances are more of a temporary impact, and medium to long-term gross margin improvement is expected. From a valuation perspective, benchmarking against overseas experiences, improved inflation expectations often push the catering sector's valuation centers higher. With the multi-factor effects of fundamentals, policy, price, and valuation, the catering industry is moving towards a more positive recovery direction. China Securities Co., Ltd.: Home appliances going abroad and transformation dividends In 2025, the home appliance sector was troubled by tariffs, policy fluctuations, and high base expectations in the second half of the year, underperforming the Shanghai and Shenzhen 300 Index overall. From a long-term perspective, the competitiveness of enterprises will eventually return to the essence of product innovation and efficiency advantages. Therefore, from an investment perspective, there are two main themes: continued expansion abroad being the most important source of growth, and the dividend of transformation. This article is reproduced from "Finance Network", GMTEight Editor: Xu Wenqiang.