Brokerage Morning Meeting Highlights | The explosion of token volume has led to a shortage of computing power. Domestic computing power is accelerating penetration in the inference end.

Yesterday, the market collectively rebounded, with the Shenzhen Component Index rising over 2% and the Growth Enterprise Board Index rising over 3%, continuing to refresh near an 11-year high. The divergence between the Huabian and Baibu lines is evident, with the trend of heavyweight stocks being relatively strong. The turnover of the Shanghai and Shenzhen stock markets reached 2.34 trillion yuan. In terms of sectors, the computing power industry chain and battery industry chain were active. On the downside, the pharmaceutical sector saw a volatile adjustment. By the close, the Shanghai Composite Index rose by 0.7%, the Shenzhen Component Index rose by 2.05%, and the Growth Enterprise Board Index rose by 3.17%. At today's morning meeting of securities firms, CITIC SEC believes that the surge in Token volume has led to a shortage of computing power, and domestic computing power is accelerating its breakthrough in the inference end. China Securities Co., Ltd. believes that they continue to be optimistic about the property management and operation services track, while Huatai believes that the high bid price for urea in India may benefit Chinese export companies. CITIC SEC: Surge in Token volume leads to shortage of computing power, and domestic computing power accelerates its breakthrough in the inference end The explosion of applications such as Agent & multimodal drives the surge in Token call volume, leading to a shortage of domestic computing power. The active adaptation of large domestic models in the inference end brings accelerated volume opportunities for domestic computing power manufacturers. It is expected that the shipment volume of domestic computing power chips will double or more by 2026, bringing strong growth momentum for computing design companies, advanced processes, advanced packaging, advanced storage, and supporting industries. China Securities Co., Ltd.: Continue to be optimistic about the property management and operation services track In 2025, high-quality development has become the core theme of the property management and commercial management industry. Companies have returned to the core business of property management services. With the manifestation of cost reduction and efficiency improvement effects, and the gradual release of impairment pressure, the overall performance of companies has shown positive changes. There is a differentiation in the performance of enterprises, with some high-quality property management and commercial management enterprises showing sustained growth. Top real estate agencies such as Shell have actively reduced costs, leading to marginal improvement in profit margins. The leading project construction service provider, GREENTOWN MGMT, maintains the highest project construction fees in the industry and significantly improves the quality of new projects, with improved cash flows and repayments. Operating service enterprises generally choose high dividend payouts to actively reward shareholders. With the backdrop of expanding domestic demand, the overall development of the real estate industry continues to be supported by policies. The property management and operation services track are still promising, with recommendations for top real estate agencies, project construction service providers, and property enterprises with high service quality and operational efficiency. Huatai: High bid price for urea in India, Chinese export companies may benefit Under the conflict in the Middle East, global supplies of urea and natural gas have been somewhat restricted. According to Bloomberg, on April 10, the price of urea (Middle East granules) increased by 73% to $835 per ton compared to early March. With a tight global supply of urea, India's tender on April 15 saw oversubscription and high CFR prices. India may continue to tender in the future, and if urea exports are opened up further, domestic urea production companies may benefit, as well as leading American urea companies. This article is reprinted from "Cai Lianshe", with GMTEight editor: Jiang Yuanhua.