Brokerage Morning Meeting Highlights | Yushu's IPO Pricing Exceeds Expectations, Likely to Drive Valuation Reformation for Core Manufacturers

Yesterday, the Shanghai Composite Index fluctuated and rose, while the ChiNext Index narrowed its decline in the late session, having once dropped over 2.5% during the day. The Shenzhen Component Index turned positive. The total trading volume of the Shanghai and Shenzhen markets reached 2.52 trillion yuan. From a sector perspective, non-ferrous metals, pharmaceuticals, power grid equipment, consumer goods, AI applications, film and television, and military industry sectors performed actively. In contrast, the CPO concept showed weaker performance. By the close, the Shanghai Composite Index rose by 0.67%, the Shenzhen Component Index increased by 0.04%, and the ChiNext Index fell by 0.73%. In todays brokerage morning meeting, China Securities Co., Ltd. stated that the IPO pricing of Yushu exceeded expectations and is expected to drive a revaluation of the principal manufacturers; Guosheng noted that investment opportunities are gradually emerging as the AI energy system undergoes restructuring; Huatai mentioned that microbial protein is becoming an emerging method of protein production. China Securities Co., Ltd.: The IPO pricing of Yushu exceeded expectations and is expected to drive a revaluation of principal manufacturers. Yushu's IPO is priced at 150.80 yuan per share, corresponding to an issuance market value of approximately 61 billion yuan, exceeding previous expectations and likely to drive a revaluation of principal manufacturers. Domestic chain manufacturers are actively promoting the multidimensional capability building of "brain," "cerebellum," and "ontology," vigorously exploring applications in various industrial and commercial scenarios, with shipment volumes continuously expanding. As Siasun Robot & Automation's generalization level increases, it is expected that its application scenarios will expand further. Physical AI represents the next wave of artificial intelligence, and Siasun Robot & Automation is one of the best physical carriers of AI, with clear trends in industry development. The upcoming release and mass production progress of Optimus V3, the launch of new products by domestic Siasun Robot & Automation, the advancement of Siasun Robot & Automation's IPO, and the realization of applications will continue to catalyze the sector. It is recommended to focus on quality segments. Guosheng: The AI energy system restructuring has led to gradually emerging investment opportunities. In the future, AI energy infrastructure will evolve along three directions: In the short term, the core issue is to enhance the efficiency of the existing power system, with HVDC, SST, and modular power supply technologies expected to become important components of the next-generation energy architecture for AI data centers; in the medium term, due to the long waiting period for the power grid cycle, localized energy solutions such as natural gas power generation and fuel cells will become quick supplementary paths; in the long term, SMR small modular nuclear power and space computing power are expected to become long-term energy solutions to match GW-level AI data centers. Huatai: Microbial protein has become an emerging method of protein production. In the narrative of domestic substitutes for whey protein, three domestic companies have begun to establish production lines since 2025, with new production lines expected to achieve economies of scale around 2027-2028. In the narrative on alternative proteins, three types of companies are worth noting: first, technology platform companies that establish patent barriers in the fields of precision fermentation or cell culture; second, suppliers that have scale and cost advantages in mature areas such as plant protein/microbial protein; third, traditional food giants that actively layout alternative proteins and have channel and brand moats. This article is reproduced from Caixin News, edited by GMTEight: Xu Wenqiang.