Highlights of the securities firm's morning meeting: focusing on structural opportunities in semiconductor equipment.

The three major A-share indexes collectively rose. As of the close, the Shanghai Composite Index rose 0.5%, the Shenzhen Component Index rose 2.48%, the ChiNext Index rose 2.99%, and the Science and Technology Innovation 50 Index rose 3.85%. The total turnover of the Shanghai and Shenzhen stock markets was about 3.2737 trillion yuan. In terms of sectors, WIFI, MLED, the laser industry, optical optoelectronics, semiconductors, electronics, and other industries and concepts were at the forefront in terms of gains; while PTA, pharmaceutical commerce, agricultural planting, coal mining and selection, banking, shipping ports, and other industries and concepts were at the forefront in terms of declines. At today's brokerage morning meeting, Huatai believes in focusing on the structural opportunities of semiconductor equipment; CITIC SEC believes in focusing on the structural upgrading opportunities of leading household appliance companies; China Securities Co., Ltd. believes in the scale of Robotaxi, the standardization of lidar, and the restructuring of chip architectures. Huatai: Focus on the structural opportunities of semiconductor equipment Under the high prosperity of AI, the expansion of advanced processes, HBM, and advanced packaging capacity will bring continuous demand for equipment, and equipment manufacturers may usher in long-term structural benefits under this ten-year long-term investment cycle. Overseas companies related to the industry chain include global leading front-end equipment suppliers such as lithography leaders, deposition and etching equipment leaders, and spin coating and development equipment leaders, companies with a higher proportion of storage revenue, etc.; Chinese related companies include cleaning equipment manufacturers and heat treatment equipment manufacturers that have business layouts in South Korea. CITIC SEC: Focus on the structural upgrading opportunities of leading household appliance companies During the "618" period in 2026, the terminal demand for household appliances still needs to be repaired, presenting the features of "weak total volume, differentiated structure, and outstanding resilience of leading companies": the overall network retail sales only slightly increased year-on-year, most categories of household appliances online continue to be under pressure due to the high base number of national subsidies, the pre-promotion rhythm, and the cautious consumer confidence; some demand and improvement categories show marginal recovery. As the pressure on the base number gradually eases in the second half of the year, with the advancement of the peak season and new product cycles, the industry's operational recovery is expected to gradually materialize. China Securities Co., Ltd.: Scale development of Robotaxi, standardization of lidar, and restructuring of chip architectures In 2026, China's intelligent driving industry is shifting from "functional competition" to "institutionalized commercialization." In 2024-2025, the smart driving industry mainly focused on the rapid penetration of L2+ advanced assisted driving, NOA capability sinking, and the equal competition among whole vehicle manufacturers for smart driving. In 2026, the industry coordinates have clearly switched to three parallel main lines: 1) L2 enters a period of strong supervision, and the industry shifts from "competitive experience" to "competitive compliance, safety, and system integration"; 2) L3 moves from pilot to limited commercialization, with responsibility boundaries, access mechanisms, and standard systems beginning to form; 3) L4/Robotaxi enters the stage of scale verification under the resonance of China and the United States, and the commercial judgment standards shift from "whether it can run" to "whether it can be replicated at low cost, whether it can run a viable single-vehicle economic model." Based on the industry inflection point of intelligent driving, segmented industry chains such as robotaxi, smart driving chips, and lidar are expected to benefit fully. This article is reprinted from "Cailianshe." GMTEight Editor: Liu Jiayin.