Brokerage Morning Meeting Highlights | U.S. Inflation Enters "Adjustment Period"

Yesterday, the market saw a fluctuating rebound, with the innovation index rising by more than 1%. The total transaction amount in the Shanghai and Shenzhen markets reached 2.15 trillion yuan. In terms of sectors, large consumer goods, real estate, CPO, optical fiber, AI applications, and computing power leasing exhibited active performance. On the downside, the oil and gas sector experienced fluctuations and adjustments. By the close, the Shanghai Composite Index rose by 0.32%, the Shenzhen Component Index increased by 1.09%, the ChiNext Index climbed by 1.49%, and the Sci-Tech Innovation 50 Index gained 1.61%. During today's brokerage morning meeting, CICC stated that U.S. inflation has entered a "gear-shifting phase"; China Securities Co., Ltd. believes that the market style is shifting further from growth to lower-level consumption and value; CITIC SEC stated that AI is reshaping the gaming industry, and the platform flywheel determines long-term value. CICC: U.S. inflation enters a "gear-shifting phase" The U.S. CPI for July rose by 0.1% month-on-month, and year-on-year it increased by 3.4%. Core inflation was up 0.2% month-on-month and 2.5% year-on-year, all in line with market expectations. Energy prices continue to decline, but since August, international oil prices have risen again, increasing future energy price uncertainty. Regarding core inflation, goods are relatively strong, while services are somewhat weak, especially as prices for information technology products such as computers and software continue to rise, reflecting the mismatch in supply and demand resulting from the expansion of AI capital expenditures gradually being transmitted to the consumer end. U.S. inflation may have entered a new stage, with its drivers shifting from tariffs, oil prices, and other supply shocks to demand expansion driven by AI investment, which may extend the duration of inflation. For the Federal Reserve, this data eases the short-term rate hike pressure, but demand-driven inflation requires more attention from decision-makers compared to supply-driven inflation. China Securities Co., Ltd.: The market style is shifting further from growth to lower-level consumption and value Industries such as media, social services, commercial retail, beauty care, food and beverage, and real estate performed strongly, while previously strong sectors like communication and electronics underwent notable adjustments; concepts related to Huawei, artificial intelligence, Siasun Robot & Automation, energy storage, new energy vehicles, and the digital economy were still active with limit-up gains, indicating significant market sentiment recovery on Friday. AI remains the central theme for mid-term prosperity, but high-level computing power hardware is entering a phase of differentiation, with capital gradually spreading to AI application ends like AIGC, cultural media, and data elements, necessitating closer attention to performance delivery and crowding risks. Siasun Robot & Automation benefits from policy support and industrialization progress, still showing thematic elasticity. New energy sectors revolve around energy storage, new energy vehicles, lithium batteries, and photovoltaics, with the logic of anti-involution and supply-demand improvement continuing. Multiple favorable factors resonate in non-ferrous metals, and industrial metals have begun to recover from overselling. Innovative drug policies and overseas expansion logic remain in play, but short-term enthusiasm has somewhat waned; consumption, real estate, and cyclical directions are undergoing low-level repairs, with sustainability still requiring observation of fundamental improvement. CITIC SEC: AI reshapes the gaming industry, and the platform flywheel determines long-term value Since 2025, generative AI has continuously lowered the threshold for game development, shifting content production from "labor-intensive" to "intelligent enhancement," thus significantly expanding the industrys supply side. However, the market has not linearly entered a stage of "blossoming everywhere" for value realization; on the contrary, factors such as player attention, product differentiation, and long-term operational capabilities have become scarcer. AI will not simply dilute the value of the gaming industry; rather, it will shift the industry's value anchor from "can content be produced" to "can high-quality products be consistently created, traffic be obtained, and commercialization be achieved." The gaming industry is transitioning from an "output-constrained" era to a "scarcity revaluation" era, with leading companies being the biggest beneficiaries. The value release of AI within the gaming industry chain is primarily divided into two stages: in the short term, AI enters the research and development pipeline of leading manufacturers, enhancing the maintenance of evergreen products, the development of high-spec new products, and capabilities for globalization experimentation; in the medium to long term, as model capabilities improve, token costs decrease, and platform infrastructure is perfected, AI is expected to expand content supply through AI UGC and create new experiences through AI Native, further expanding market size. It is highly recommended to focus on leading companies with comprehensive industrial capabilities, those with AI UGC platform opportunities, and to pay attention to companies with content platform foundations. This article is reprinted from "Cailian Press," edited by GMTEight: Liu Jiayin.