Brokerage Morning Meeting Highlights | Waiting for the Rate Hike to Land

Last Friday, the three major indices narrowed their afternoon losses after all falling more than 2% during the session. Trading volume increased significantly, with combined turnover on the Shanghai and Shenzhen exchanges reaching 1.97 trillion yuan. On the board, sectors such as AI hardware, MLCC, and power were active against the trend. On the downside, copper and precious metals led declines in the nonferrous metals sector, while the internet finance sector pulled back sharply. As of the close, the Shanghai Composite Index fell 1.18%, the Shenzhen Component Index fell 1.08%, and the ChiNext Index fell 0.49%. CITIC SEC believes it is time to wait for the rate hike to land; China Securities Co.,Ltd. believes that Vera Rubin and 800VDC will drive another upward cycle for AIDC power supplies; China Galaxy believes that foldable screens + on-device AI will provide a dual catalyst, leading to a value re-rating of the Apple supply chain. CITIC SEC: Waiting for the Rate Hike to Land Investors are beginning to take seriously the possibility that the Federal Reserve will hike rates in September. High oil prices and the standoff in the Middle East have reignited concerns about high inflation and market adjustments. The market needs to reflect at least one rate hike in pricing before it can unlock room for operations in the fourth quarter. However, the breadth of North American economic growth is far weaker than in 2004-06 and 2021, and the conditions for a trend of rate hikes are not in place. At present, various volume-price sentiment indicators in the A-share market have returned to a relatively subdued state. If only symbolic and precautionary rate hikes are considered, then the release of rate hike risk should be viewed as a buying point rather than a selling point. The landing of a Fed rate hike in September should be a signal that the adjustment since July is nearing its end. AI remains one of the few sectors currently able to resist rising interest rates. In terms of allocation, it is recommended to maintain an AI + energy structure, while the AI narrative shifts back toward the North American chain. China Securities Co.,Ltd.: Vera Rubin and 800VDC Will Drive Another Upward Cycle for AIDC Power Supplies A review of share price and fundamental changes among overseas AIDC power supply companies since 2023 shows that the core fundamental catalyst has been Nvidia chip upgrades and power supply architecture upgrades. The previous AIDC power supply cycle benefited from Blackwell chips mainly shipping in rack-scale forms such as NVL72, which greatly increased the value of power supplies, driving a concentrated release of power supply companies' results in 2025 and continuing into 2026. Nvidia's next-generation Rubin chip has entered volume ramp-up. Judging from indicators such as capex, inventory, and orders at Nvidia and power supply companies, the supply chain is ready to take on the business, with even stronger boom intensity. The volume ramp of Vera Rubin will drive the ramp of new products such as high-power PSUs and HVDC Sidecars, further increasing the value of power supplies. 2027 is expected to mark the starting point of a new AIDC power supply cycle, and mainland companies are expected to increase share and deliver results. China Galaxy: Foldable Screens + On-Device AI as Dual Catalysts, Apple Supply Chain Value Re-Rating iPhone Duo form innovation + software-hardware coordination, with restrained pricing to open the high-end foldable market. iPhone Duo is Apple's first foldable phone and a major product form innovation for the iPhone series. Several key points for iPhone Duo: Larger screen area. iPhone Duo adopts a book-style foldable design, with a 7.6-inch inner screen (about 50% larger than iPhone18 Pro Max) and a 5.4-inch outer screen (about 90% of iPhone18 Pro). Improved performance and engineering complexity. It is equipped with the A20 Pro chip and a custom display engine, vapor chamber cooling, a full-stack upgrade of the C2 cellular modem, a dual-battery design for improved battery life, a hinge with 100+ micro parts, a Grade 5 titanium frame, Ceramic Shield, and upgraded imaging features. Software-layer adaptation improves the product experience. iOS 27's reconstruction of multitasking, posture, and iPad-style interaction is the key to distinguishing Android foldables that "can fold" from Apple's "easy to use." If the experience loop is established, it is expected to bring foldables back from a niche experiment to mainstream high-end perception. Restrained pricing, high-end but accessible. The U.S. price of $1,999 is about $100 more than Galaxy Z Fold8 and lower than Z Fold8 Ultra; the China price of 15,999 yuan sits between Xiaomi 18Fold (about 10,999 yuan) and Huawei Mate XT2 triple-fold (about 19,999 yuan). Pricing is restrained, high-end but accessible, supporting sales. This article is reprinted from "Cailian Press". GMTEight editor: Li Fo.