Brokerage Morning Meeting Highlights | Focus on the sustainability of the rebound

Yesterday, the market rallied then pulled back, with the three major indices collectively declining in late trading, while the ChiNext Index had earlier risen over 2%. Turnover across the Shanghai and Shenzhen markets was 2.14 trillion yuan. On the board, themes showed localized strength, with concepts such as AI applications, computing power chips, pharmaceuticals, media, and on-device AI performing actively. On the downside, the shipping concept weakened. As of the close, the Shanghai Composite Index rose 0.06%, the Shenzhen Component Index fell 0.05%, and the ChiNext Index rose 0.01%. Huatai believes that AI computing power construction is driving demand for vector network analyzers; CITIC SEC believes that Kimi's release of a financial industry solution marks AI's shift from single-point assistance to end-to-end workflows; Guosheng believes attention should be paid to the sustainability of the rebound. Huatai: AI computing power construction drives demand for vector network analyzers AI computing power construction is driving accelerated upgrading of high-speed interconnects, and vector network analyzers (VNA) are expected to usher in development opportunities. Data center networks are evolving toward 800G and 1.6T, and the requirements of high-speed connectors, cables, and high-end PCBs for signal integrity and yield control continue to rise, which will drive growth in VNA testing demand; at the same time, testing is upgrading toward higher frequencies, more ports, and automation, which is expected to drive both volume and price increases for VNAs. Bullish on domestic manufacturers achieving growth against the backdrop of expanding downstream demand and domestic substitution through their accumulated RF and microwave technology and continuous product iteration. CITIC SEC: Kimi releases a financial industry solution, AI moves from single-point assistance to end-to-end workflows On September 17, 2026, Moonshot released the Kimi financial industry solution, integrating 10+ authoritative data sources, 9 financial skills, and 5 compliance and security measures, with institution-grade data modeling and report delivery capabilities. Dozens of financial institutions are currently using products such as the Kimi model, Kimi Enterprise Edition, and Kimi Work to carry out business innovation or jointly build financial solutions. AI competition is expanding from model capabilities to scenario implementation, and industry solutions precipitate general model capabilities into professional financial workflows. Existing cases have verified efficiency improvements of orders of magnitude from several days to several hours, supporting agents' entry into real business processes. Behind this is the improvement in foundation model capabilities and the rapid scaling of commercialization. The business model is moving from standardized API services to deep monetization in vertical industries, and financial scenarios are expected to become a key lever for improving revenue quality and customer stickiness. Recommend paying attention to the development potential of foundation model vendors such as Kimi and the AI application ecosystem. Guosheng: Focus on the sustainability of the rebound This week the market first weakened and then strengthened, with computing power hardware and semiconductors driving the recovery. Friday's volume-backed rise improved the short-term trend, but a reversal still needs confirmation from volume and sustained buying. After the rate hike is implemented, whether macroeconomic pressure can ease still depends on oil prices, long-end U.S. Treasury yields, and negotiation progress. Domestic indices should continue to be viewed as rebounding, with focus on the 50% retracement level of the decline and neckline resistance: if blocked and followed by sustained bearish follow-through, still respond as low-level consolidation; if effectively broken through and the pullback holds, then raise expectations and observe a wider range. Semiconductor equipment has seen higher lows, so watch for a double-bottom neckline breakout. For gold, silver, and the Philadelphia Semiconductor Index, first look for range repair; the Nasdaq is consolidating narrowly near its previous high and is relatively strong, but be alert to a deep pullback after a downward break. This article is reprinted from "Cailian Press", GMTEight editor: Xu Wenqiang.