Highlights of the Securities Firm's Morning Meeting | Efficiency Revolution Reconstructs Ecosystem, Dual-Driven by Computing Power and Applications.

Yesterday, the three major indexes all fell, with the Sci-Tech 50 Index rising and then falling by more than 4%, the ChiNext Index falling by nearly 3%, and the Shenzhen Component Index falling by nearly 2%. The trading volume in the Shanghai and Shenzhen markets was 2.4 trillion yuan. In terms of sectors, the medical, edge AI, film and television industry, and PCB concepts were active. On the downside, the semiconductor industry chain collectively fell, with the semiconductor equipment sector continuing to weaken and the storage chip concept continuing to adjust. At the close, the Shanghai Composite Index fell by 1.85%, the Shenzhen Component Index fell by 1.97%, and the ChiNext Index fell by 2.95%. At today's morning meeting of securities firms, Huaxi believes that the efficiency revolution is restructuring the ecosystem, with computing power and applications driving both wheels; China Securities Co., Ltd. believes that unlocking non-druggable targets, RAS drugs are opening up a new pattern for cancer treatment; CITIC SEC believes that confirming the cost of destocking old goods, embracing the improvement of operating services: a look ahead at the mid-term performance in 2026. Huaxi: The efficiency revolution is restructuring the ecosystem, with computing power and applications driving both wheels In terms of market size, the industry is in a period of rapid expansion, with the growth rate in the Chinese market significantly ahead of the global average. Data from the Prospective Industry Research Institute shows that the global big model market size is expected to be around 28 billion US dollars in 2024, with the US accounting for nearly 70% of the share of basic big models, while the growth momentum in the Chinese market is stronger. Around three investment themes: computing power and infrastructure, benefiting from the strongest certainty, is currently the clearest investment theme; vertical big model enterprises with industry data barriers and scene Know-how are expected to achieve commercial closure first; platform enterprises with a large user base and distribution capability for big models will gradually show platform effects as commercialization maturity increases. China Securities Co., Ltd.: Unlocking non-druggable targets, RAS drugs open a new pattern for cancer treatment RAS is one of the most important oncogenic driver gene families in human tumors, mainly including KRAS, NRAS, and HRAS, with KRAS occupying a central position. RAS targeted therapy has moved from G12C breakthroughs to G12D, Pan-KRAS, and Pan-RAS(ON) multiple advancement stages, and pipeline layout and clinical validation are gradually becoming richer. At the 2026 ASCO meeting, RMC-6236 achieved positive results in a Phase III study for 2L metastatic pancreatic cancer, with a median OS close to doubling that of chemotherapy, further strengthening market expectations for the clinical value of RAS targeted therapy. Domestic companies are also actively following up in multiple directions such as G12D, Pan-RAS, and Pan-KRAS. CITIC SEC: Confirming the cost of destocking old goods, embracing the improvement of operating services: a look ahead at the mid-term performance in 2026 It is expected that the mid-term development enterprises will continue their previous financial performance into 2026, continuing to digest the losses and asset impairment pressure from clearing old goods. In the mid-term, the trend of housing prices, the development capabilities of enterprises, and the NOI of investment properties will determine the industry's profit prospects. Starting in 2028, the performance of the development industry will return to a positive track. Leading property management companies will continue to benefit from policy support and high competitive barriers, while the brokerage industry will benefit from concentration and efficiency improvements. It is expected that good performance will continue into the mid-term of 2026. Behind the challenges in the property services sector lies the fact that under the unclear source of operating funds in residential areas, property companies cannot simultaneously achieve scale, satisfaction, and profitability. This article is a reprint from "Cai Lianshe", translated by GMTEight, edited by Xu Wenqiang.