Highlights of the Securities Firm Morning Meeting | Staying true to the times, the value of food and beverage stocks is promising.

Yesterday, the market was volatile, with the ChiNext Index falling more than 1% after hitting a high and the Sci-Tech Innovation 50 Index dropping more than 4%. The total turnover of the Shanghai and Shenzhen stock markets was 2.57 trillion yuan. In terms of sectors, the pharmaceutical, liquor, retail, and gaming concepts were active. On the downside, the semiconductor industry chain collectively adjusted, with storage chips, computing chips, and semiconductor equipment leading the decline. At the close, the Shanghai Composite Index fell by 0.29%, the Shenzhen Component Index fell by 0.97%, and the ChiNext Index fell by 1.21%. At today's securities morning meeting, Huatai believes that the copper price dividend is concentrated on the mining side, while aluminum companies benefit from cost reduction and structural upgrades leading to improved profitability; CICC believes that sticking to the basics and waiting for the right time can bring value to the food and beverage sector. CICC believes in focusing on WAIC 2026 computing chips, super nodes, AI applications, and other directions. CICC: Sticking to the Basics and Waiting for the Right Time, Value Can Be Expected in the Food and Beverage Sector The overall food and beverage industry is currently in a core configuration window for bottom recovery and structural differentiation, with overall valuations falling to historically low levels and a sufficient safety margin. The industry continues to pursue high-quality price ratios, functionality, and health trends, with snacks, membership supermarkets, and instant retail expected to continue to contribute to channel growth. Looking ahead to the second half of the year, as new consumption scenarios emerge, expectations for sector valuation repair are expected to gradually materialize. Adhere to the investment strategy of sticking to the leading companies, positioning for recovery, and selecting valuable targets, focusing on the valuation repair and high dividend dividends of the liquor sector, and targeting industry leaders with outstanding competitive strengths, reasonable valuations, and continued improvement in fundamentals. CICC: WAIC 2026 Prospects: Focus on Computing Chips, Super Nodes, AI Applications, and Other Directions From July 17th to 20th, the 2026 World Artificial Intelligence Conference (WAIC 2026) will be held in Shanghai, with 112 forums in the three major AI sectors, accounting for 64%, and attracting over 200 companies in the AI smart computing and embodied intelligent fields. The conference will focus on four major points: 1) the release of new computing chip products by companies such as ILUVATAR COREX, accelerating the commercialization process; 2) the debut of Wan Card and Ten Wan Card super nodes, leading the world in system-level computing power in China, aiding in the continuous advancement of cloud-based training scenarios; 3) continuous deployment of AI on the edge and AI applications; and 4) the introduction of big models and other AI infrastructure-related technologies. Continuous iteration and promotion of big models, AI infrastructure, computing chips, and cutting-edge technologies are expected to support the entire domestic computing power industry chain. Huatai: Copper price dividends concentrate on the mining side, while aluminum companies rely on cost reduction and structural upgrades for profitability improvement In the first half of 2026, the average price of LME copper spot YoY + 38.7%, 2Q6Q2 average price QoQ + 3.8%, YoY + 40%; electrolytic aluminum 26 H1 average price YoY + 18.7%, 26 Q2 average price QoQ + 1%. Copper prices continue to rise, with high self-sufficiency mining companies benefiting significantly; in addition, smelting companies also benefit from the rise in by-product sulfuric acid prices. The aluminum sector benefited from the sharp rise in the price of electrolytic aluminum in the first half of 26. According to the performance pre-increase announcements of various companies in the first half of 2026, the core reasons for the profit differentiation in the aluminum industry are optimization of procurement, production technology upgrades, structural upgrades to high-end products, supply chain and cost control differences. This article is reprinted from "CaiLian News". Editor at GMTEight: Liu Jiayin.