Brokerage Morning Meeting Highlights | Cross-border E-commerce Prospects Improve, Leading Sellers May Experience Business Reversal

Yesterday, the three major indices experienced mixed performance, with the Shanghai Composite Index showing strong movement while the ChiNext Index retreated after reaching a high. The combined turnover of the Shanghai and Shenzhen stock markets reached 2.53 trillion yuan. In terms of sectors, coal, electronic special gases, digital currencies, PCBs, and pharmaceutical commerce saw active performance. On the downside, the power sector led the declines. By the close, the Shanghai Composite Index rose by 0.57%, the Shenzhen Component Index fell by 0.24%, and the ChiNext Index declined by 0.55%. China Securities Co., Ltd. believes that AI is accelerating the transformation of traditional pharmaceutical research and development paradigms; CICC believes that the outlook for cross-border e-commerce is improving, and leading sellers may experience a business turnaround; CITIC Securities believes that AI is becoming an important driver of economic growth in the United States. China Securities Co., Ltd.: AI is accelerating the transformation of traditional pharmaceutical research and development paradigms. The essence of drug action is the interaction between molecules and targets in the body, while traditional drug development faces the underlying pain points of the Eroom's Law. AI technology has fully penetrated core links such as target identification, virtual screening, novel design, ADMET prediction, and automated synthesis, effectively solving the throughput limitations posed by high-throughput physical blind screening in traditional pharmaceutical research and development processes, significantly improving drug development efficiency and success rates. CICC: The outlook for cross-border e-commerce is improving, and leading sellers may experience a business turnaround. From 2020 to 2023, the penetration of overseas e-commerce has increased against the backdrop of the pandemic, coupled with multiple catalysts such as consumer subsidies in Europe and the United States and domestic platforms venturing abroad, prompting a rapid influx of cross-border e-commerce sellers and intensifying industry competition. Starting in 2024, Sino-U.S. trade frictions will restrict the expansion of overseas business, and with tightening e-commerce platform rules, a reduction in traffic support, stricter cross-border tax declaration, and increased logistics supervision, the operational pressure in the industry will continue to rise, particularly for small and medium-sized sellers. From 2026 onwards, as the trade environment stabilizes, inventory pressure is digested, and weaker companies are cleared out, leading cross-border sellers may experience a turnaround, with strong sellers becoming even stronger. CITIC Securities: AI is becoming an important driver of economic growth in the United States. News of the Democratic Republic of the Congo's ban on copper concentrate exports may further stimulate bullish sentiment in the copper market, driving copper prices above $15,000 per ton. Given the cooling expectations for interest rate hikes by the Federal Reserve, frequent disruptions in mining, and the U.S. continuing to siphon global copper inventories, it is expected that the copper sector will experience a resonant increase in both valuations and performance, and it is recommended to focus on copper companies with high-quality copper mine assets and clear production growth paths. This article is reprinted from "Cailian Press," edited by GMTEight: Huang Xiaodong.