Highlights of the securities firm's morning meeting | It is expected that agents will significantly drive CPU demand and bring about a reevaluation of the value of CPUs.

Yesterday, the three major indexes were mixed, with the Sci-tech 50 Index and the Shenzhen Component Index rising and then falling, while the ChiNext Index dropped over 3%. The trading volume of the Shanghai and Shenzhen stock markets reached 2.65 trillion yuan. In terms of sectors, concepts such as electricity, non-ferrous metals, hash rental, and super nodes were active. On the downside, concepts like storage chips and PCBs were fluctuating. By the close, the Shanghai Composite Index rose 0.07%, the Shenzhen Component Index fell 1.42%, and the ChiNext Index fell 3.23%. During today's brokerage morning meeting, Huatai believes that the intelligent process is expected to accelerate, focusing on the revaluation of the valuation of the home appliance and light industry industries; CITIC SEC expects that Agent will significantly stimulate CPU demand and bring about a revaluation of CPU value; China Securities Co., Ltd. believes in paying attention to the strength of funds receiving in related sectors. Huatai: The intelligent process is expected to accelerate, focusing on the revaluation of the valuation of the home appliance and light industry industries As AI glasses evolve, related traditional industries (home appliances and light industry) will have the opportunity for value revaluation. As AI glasses move from innovative products to durable goods, the value of related manufacturing processes is expected to increase. This process is expected to bring about a medium- to long-term opportunity for relevant companies to migrate from traditional manufacturing valuation to "intelligent hardware platform type valuation". CITIC SEC: It is expected that Agent will significantly stimulate CPU demand and bring about a revaluation of CPU value In an optimistic scenario, the CPU-to-GPU ratio is expected to reach 8:1, and the long-term market size is expected to reach 2 trillion US dollars, higher than the current GPU market size. 2026 will also be the year when domestic CPUs accelerate penetration, with expected rapid growth from single-digit to double-digit penetration rates in the domestic commercial market. China Securities Co., Ltd.: Pay attention to the strength of funds receiving in related sectors In the second quarter of 2026, the scale of public offering fund market has resumed growth, with a significant increase in the scale of mixed funds and a significant shrinkage in commodity funds; the new issue market heat continues to rise. In the second quarter, the equity market as a whole is on the rise, with the ChiNext and Nasdaq leading the way, small-cap growth styles relatively dominant, with outstanding performance in electronics and communications; most of the leading equity funds in the year are biased towards technology. In the second quarter, the stock position of actively managed equity funds has rebounded slightly, with Hong Kong stock positions continuing to decrease; in terms of market capitalization, the proportion of the innovation and entrepreneurship board and large-cap styles has significantly increased; in terms of industries, there is more buying in electronics and communications, while manufacturing and cyclicals are being reduced, with electronics holdings exceeding 40%; among the top-heavy stocks, Zhongji Innolight (300308.SZ) and Eoptolink Technology Inc. (300502.SZ) are the top two heavy-weighted stocks. This article is reproduced from "Caixin," GMTEight editor: Huang Xiaodong.