Essence of Brokerage Morning Meetings | The era of real estate stock may arrive faster due to new policies.

Yesterday, the Shanghai Composite Index opened higher and moved upward, while the ChiNext Index fluctuated and rallied toward the close. Combined turnover in the Shanghai and Shenzhen markets was 2.03 trillion yuan. On the board, hot spots rotated rapidly, with pharmaceuticals, real estate, and elderly care sectors strengthening. On the downside, precious metals concepts showed relatively weak performance. As of the close, the Shanghai Composite Index rose 0.97%, the Shenzhen Component Index rose 0.65%, and the ChiNext Index rose 0.8%. Huatai believes that the era of real estate stock may arrive faster due to new policies; China Securities Co.,Ltd. believes to focus on T-chain product releases and mass production progress, and seize opportunities in core supplier positioning; CITIC SEC believes that Huawei has officially announced the Ascend 960 supernode, and continues to be bullish on domestic NPO investment opportunities. Huatai: The era of real estate stock may arrive faster due to new policies August real estate data show that the property development chain continued to contract, and new home volume and prices continued to bottom out. The "828" new policy may further drive the contraction in development and sales, but is expected to promote further improvement in the industry's supply-demand structure and lead to the first recovery in housing prices in core cities. Reform of the sales system will reshape real estate developers' business models, and the industry will shift from being driven by high leverage and high turnover capital to being driven by management focused on quality and operations. China Securities Co.,Ltd.: Focus on T-chain product releases and mass production progress, and seize opportunities in core supplier positioning The T-chain is actively advancing factory audits, mass production, and related work, with positive feedback from multiple supply chain sources. It is recommended to focus on major customer product releases and mass production progress, which are expected to bring important catalysts to the sector. Original equipment manufacturers can directly reach end users and occupy a high-value position in the value chain. At present, Siasun Robot&Automation is actively promoting capability building in multiple dimensions such as the "brain," "cerebellum," and "body," and is actively exploring applications in industrial, commercial, and other scenarios, with shipment scale continuing to expand; as Siasun Robot&Automation's generalization level improves, its application scenarios are expected to further expand. Physical AI is the next wave of artificial intelligence, and Siasun Robot&Automation is one of the best physical carriers of AI, with a clear industry development trend. The Siasun Robot&Automation sector is expected to see continuous catalysts at home and abroad, and it is recommended to focus on high-quality segments. CITIC SEC: Huawei officially announces Ascend 960 supernode, continues to be bullish on domestic NPO investment opportunities From September 17-19, 2026, Huawei Connect was held in Shanghai. The company stated that supernodes have become the mainstream form of computing infrastructure in the Agentic AI era, with the Ascend series chips as an important foundation. The 950 has already entered large-scale commercial use, and both the 960DT and PR will be released ahead of schedule; in terms of supernodes, Huawei released the industry's first supernode using NPO, the "Ascend 960 supernode," which is expected to launch in 2027Q3. At present, domestic computing power is accelerating iteration, and Ascend is leading the major trend of "optical advancement and copper retreat" and betting on NPO. It is recommended to pay attention to investment opportunities in Huawei's optical interconnect industry chain. This article is reprinted from "Cailian Press", GMTEight editor: Xu Wenqiang.