Highlights of the securities morning meeting: The new version of the plan for regulating the production capacity of live pigs has been implemented, and it is expected that the prosperity of pig prices will rise.

Yesterday, the market fluctuated and rebounded throughout the day, with the ChiNext Index leading the gains. Overall, more stocks fell than rose, with over 3100 stocks in the entire market declining. The total turnover of the Shanghai and Shenzhen stock markets was 1077.1 billion, an increase of 21.8 billion from the previous trading day. As of the close of yesterday, the Shanghai Composite Index rose by 0.41%, the Shenzhen Component Index rose by 0.04%, and the ChiNext Index rose by 0.59%. Northbound funds were net sold throughout the day, with a net sale of 7.061 billion, including a net sale of 2.312 billion through the Shanghai-Hong Kong Stock Connect and a net sale of 4.748 billion through the Shenzhen-Hong Kong Stock Connect. At today's brokerage morning meeting, Guotai Junan stated that coal prices are under pressure in the short term, but they are optimistic about future resilience; EB SECURITIES believes that with the implementation of the new pig production capacity regulation plan, the pig price outlook is expected to improve; and China Securities Co., Ltd. predicts that 2024 will be the year of AI PCs, with PC sales expected to rise in both price and quantity. Guotai Junan: Coal prices are under pressure in the short term, optimistic about future resilience Guotai Junan pointed out that the coal industry's supply-side upward elasticity is relatively small in the future. The long-term balance of supply and demand, stronger predictability of profits, long-term operational assets, and the gradual increase in dividend rates of the sector, which are considered "stable high dividend yield" assets, may have just begun to reshape their valuations. Recommendations include: 1. High-quality leading companies with stable and predictable profits; 2. Recommend integrated coal and electricity companies; 3. Recommend long-term contract coking coal; 4. Recommend state-owned enterprises that improve quality and efficiency; 5. Recommend high dividend yields. EB SECURITIES: Implementation of the new pig production capacity regulation plan, pig price prosperity expected to rise EB SECURITIES stated that in the short term, the number of sows in the breeding herd has fallen into the green zone, and the industry is expected to ensure normal profits without worrying about the current significant excess capacity. In the long term, the adjustment of a reasonable amount of sows in the breeding herd will effectively guide long-term supply behavior in the industry, significantly improving the sustainability of pig prices after the reversal of this cycle. Comparing the extent of capacity reduction in different cycles and the corresponding increase in pig prices, it is expected that the rise in pig price prosperity in this cycle may exceed that of 2009-2011 and 2021-2022, and also reach the level of sustainability seen in 2014-2016. China Securities Co., Ltd.: Predicts that 2024 will be the year of AI PCs, with PC sales expected to rise in both price and quantity China Securities Co., Ltd. stated that the industry is entering a replacement cycle, and the PC industry is experiencing a cyclical turning point. Considering that the replacement cycle for PCs is generally 5 years, the PCs sold during the pandemic have entered the replacement cycle, and the market contraction is nearing bottom, with positive growth expected in 2024. Looking to the future, technological innovation may become an important driving force for the growth of the PC market, with AI PCs deploying AI capabilities locally to further improve the interaction experience and work efficiency, making them a key driving force for the next wave of growth in the PC market. With chips and whole machine products being released successively, it is predicted that 2024 will be the year of AI PCs, and PC sales are expected to rise in both price and quantity. This article is reprinted from "Financial Associated Press", GMTEight editor: Huang Xiaodong.