Highlights of the securities morning meeting: AI computing power demand will increase significantly, semiconductor industry profit is expected to increase.

Yesterday, the three major indices showed mixed performance, with the GEM index showing a weaker trend and the Sci-tech 50 index opening higher and rising over 3.5%. The trading volume of the Shanghai and Shenzhen markets was 2.59 trillion. In terms of sectors, the chip industry chain, CPO, PCB, lithium battery industry chain, and other sectors were active. On the downside, the concept of computing power leasing performed weakly. By the close, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index rose by 0.37%, and the GEM Index fell by 0.52%. At today's brokerage morning meeting, CMSC believes that the demand for AI computing power continues to grow, and the profitability of the semiconductor industry is expected to continue its high growth trend; China Securities Co., Ltd. believes that GEV's first-quarter performance exceeded expectations, and is optimistic about the gas turbine industry chain; Founder believes in the selection of the dividend index, while focusing on "who is more suitable for the current allocation target". CMSC: Demand for AI computing power continues to grow, and the profitability of the semiconductor industry is expected to continue its high growth trend The demand for AI computing power continues to grow, and the semiconductor demand is on the rise. In February, the global semiconductor sales increased by 61.8% year-on-year, and the semiconductor sales in China increased by 57.4% year-on-year. Computing power is driving demand for HBM, advanced packaging, and other sectors to grow exponentially, storage chip supply and demand continues to be imbalanced, DDR4, DDR5 memory prices remain high, and prices are expected to continue to rise. The domestic chip industry chain is accelerating production expansion, driven by policies and capital, continuously enhancing equipment, materials, and other key links. With the continuous improvement in the performance of domestic chips and enhanced independent controllability, the first-quarter results of the industry are expected to show high growth. With the accelerated release of AI computing power demand, price increases, and the steady progress of localization, the profitability of the semiconductor industry is expected to continue its high growth trend. China Securities Co., Ltd.: GEV's first-quarter performance exceeded expectations, optimistic about the gas turbine industry chain Following the price increase of gas turbines by companies such as GEV in March, Jerry's orders have continued to rise in price, with profit potential expected to further increase. Power shortage remains the main theme for the whole year, and the gas turbine industry chain continues to be favored. According to calculations, by 2028, AI in North America will drive power demand exceeding 100GW, while the stable demand for gas turbines in other areas is estimated at around 50GW. However, the global gas turbine supply is expected to be less than 100GW by then, creating a huge gap. Therefore, it is inevitable that the gas turbine industry chain will be scheduled beyond 2030, with price increases being necessary, and the overflow demand also needs to be taken seriously. Founder: The choice of dividend index lies in "who is more suitable for the current allocation target" The CSI Dividend Index is suitable as a mainstream base camp to accept traditional high dividend stocks; the quality of the CSI Dividend Index is based on dividend income and further filtered for profit quality and cash flow, making it more suitable for quality enhancement; the low volatility of dividends is more suitable for low volatility defense; consumer dividends are different from the high-dividend indices dominated by traditional banks and energy, with a more concentrated industry structure in sectors such as food and beverage, agriculture, forestry, animal husbandry, fisheries, cosmetics, and healthcare, combining dividend attributes and stable cash flow characteristics, making it more suitable as a style supplement tool in a dividend portfolio. Overall, the superior strategy for dividend investment at present is not to chase the hottest labels, but to focus on "mainstream base camp + quality enhancement + low volatility defense + consumer supplement" for layered allocation, aiming to control setbacks while striving for better long-term compounding. This article is reproduced from "Cailian News". Editor: Jiang Yuanhua.