Brokerage Morning Meeting Highlights | Sustainable price increases as a configuration anchor

Yesterday, the market fluctuated widely throughout the day, with all three major indexes ending collectively in the red, and the Sci-Tech Innovation 50 Index rose by over 1%. The trading volume of the Shanghai and Shenzhen stock exchanges was 1.61 trillion yuan. In terms of sectors, the chemical industry, PCB, and sports concepts were active. On the downside, insurance stocks led the decline, and many stocks in the innovative pharmaceutical concept weakened. By the close, the Shanghai Composite Index rose by 0.26%, the Shenzhen Component Index rose by 0.36%, and the ChiNext Index rose by 0.36%. At the brokerage morning meeting today, Guolian Minsheng Securities believes that sustainable price increases are the anchor point for allocation; Huatai believes that the stabilization of bank interest spreads is approaching a turning point; China Securities Co., Ltd. believes that they continue to have a positive outlook on gas turbine demand. Guolian Minsheng Securities: Sustainable price increases are the anchor point for allocation Because once the war continues to affect the global supply chain, the ripple effect of price increases will inevitably spread gradually due to the decline in supply chain efficiency. Although from a medium-term allocation perspective, investment anchor points should return to common sense focus on the "industrial chains with clear buying entities" and explore opportunities for certainty; at the same time, it should also be recognized that this phase of price increase cycle may eventually come to an end, as the negative feedback effect of price increases on total demand has quietly manifested and gradually fermented, which is also an important milestone to be observed in the future. Huatai: Stabilization of bank interest spreads approaching a turning point In 2025, the performance of listed banks improved, with revenue and net profit attributable to shareholders growing by +1.4% and +1.6% year-on-year, respectively, compared to +0.6% and +0.3% year-on-year growth in September 2025, mainly driven by the stabilization of interest spreads and non-interest boosts. Key points to watch: 1) Net interest margin of sample listed banks in the fourth quarter of 2025 stabilizing, driving up the growth rate of net interest income; 2) Repairing and growing revenue, differentiated non-interest growth rates; 3) Marginal growth of listed bank size accelerating, continuation of the trend towards deposit maturity; 4) Improvement in bad debt, but retail and real estate risks fluctuating. Stocks to watch: 1) High-quality banks with both dividend and growth attributes. 2) Banks with outstanding dividend value. China Securities Co., Ltd.: Continues to be optimistic about gas turbine demand By 2028, AI in North America will drive power demand by over 70GW. Considering stable demand for gas turbines in other areas at around 60GW, while global gas turbine supply is expected to reach about 90GW by then, there is a huge gap, and the gas turbine industry chain is scheduled to rise after 2030 and price increases are inevitable, and overflow demand such as aviation fuel conversion and ship fuel conversion also need to be taken seriously. This article is reprinted from "Cailian Press", edited by Feng Qiuyi for GMTEight.