Brokerage morning meeting highlights | Dividends still have bottom value

Yesterday, the market fluctuated throughout the day, with the ChiNext Index and the Kechuang 50 Index both falling by more than 2%, and the Shenzhen Component Index falling by more than 1%. The trading volume of Shanghai and Shenzhen stock markets reached 1.84 trillion RMB. Looking at the sectors, the pharmaceutical, oil and gas, and fiber optic concepts were active. In terms of declines, the computing power leasing concept collectively adjusted. At the close, the Shanghai Composite Index fell by 0.74%, the Shenzhen Component Index fell by 1.6%, and the ChiNext Index fell by 2.31%. At the morning meeting of securities firms today, China Securities Co., Ltd. believes that the fiber optic cable industry continues to be promising; Huatai believes that dividends still have bottom position value; Guotai Haitong believes that the overflow of frameworks accelerates the differentiation of AI programming products. China Securities Co., Ltd.: Continuously bullish on the fiber optic cable industry In February of this year, China exported 3779.9 tons of fiber optics, worth 790 million RMB, an increase of 63.6% year-on-year and 126.8% compared to February 2018 (the historical peak of domestic demand). Since the third quarter of 2025, the price of fiber optics in the Chinese market has continued to rise, reflecting strong demand and overall tight supply. Overseas demand is strong, with strong export performance, reflecting strong global demand for fiber optic cables. Currently, the fiber optic cable industry has shifted from recovery to a stage of "tight supply, simultaneous rise in quantity and price." Huatai: Dividends still have bottom position value In recent years, with the rise in global macroeconomic uncertainty and the increase in domestic residents' asset allocation demand, as well as the general decline in broad investment returns in society, dividend strategies have received increasing attention from funds. Currently, dividend relative growth valuation is at a low level, and with market risk preferences disrupted by the Middle East situation, dividends still have bottom position value. Guotai Haitong: Framework overflow accelerates the differentiation of AI programming products At the end of March, Anthropic mistakenly uploaded debugging source maps when releasing the new version of Claude Code, enabling outsiders to restore about 510,000 lines of TypeScript code, and discover certain unreleased features and internal architecture clues. Anthropic stated that this issue was due to packaging mistakes and did not involve sensitive customer data or keys. The real impact of this Claude Code incident on the industry is the acceleration of the AI programming race from model competition to framework competition. Companies most likely to benefit in the future are Cursor, Cognition/Windsurf, and companies with platform capabilities within the GitHub system. This article is reproduced from "CaiLian Press", edited by GMTEight: Huang Xiaodong.