CITIC Securities Co., Ltd.(SH:600030) Zheng Quan Shi Bao Wang·2025-06-26 02:13Market Overview - Major stock indices in China experienced a narrow fluctuation in the morning, followed by a strong rally in the afternoon, driven by the financial and real estate sectors. The Shanghai Composite Index rose by 1.03% to 3455.97 points, the Shenzhen Component Index increased by 1.72% to 10393.72 points, and the ChiNext Index surged by 3.11% to 2128.39 points. The total trading volume in the Shanghai and Shenzhen markets reached 16402 billion yuan, an increase of over 1900 billion yuan compared to the previous day [1] Brokerage Sector - Guotai Junan International saw a significant increase of 198% due to the Hong Kong Securities and Futures Commission approving its upgrade to a virtual asset trading license, making it the first Chinese brokerage to offer comprehensive virtual asset services. This aligns with the current market interest in "stablecoin" themes, leading to a corresponding rise in the A-share brokerage sector [2] - Donghai Securities noted that the sustainability of the brokerage sector's performance depends on the pace of policy benefits realization and the maintenance of market activity levels. The actual impact of capital market reform policies is a key focus for investors, which is crucial for the recovery of brokerage performance [2] Semiconductor Industry - The memory market, particularly DDR4, has seen a significant price increase due to production cuts announced by storage wafer manufacturers. This price surge is attributed to strong supply-demand dynamics, with expectations of continued revenue growth for major storage manufacturers in the second quarter of 2025 [3] - Citic Securities recommends focusing on storage chip design firms and distributors, as well as module manufacturers, due to the rising prices of DDR4 memory. The increasing penetration of DDR5 is also anticipated as some DDR4 prices exceed those of DDR5 [3] AI Infrastructure - The demand for AI model training and inference is driving the evolution of system-level computing infrastructure. The focus is shifting towards larger clusters, as single-chip performance improvements are expected to slow down. System-level nodes are seen as a critical direction for AI computing development [4] - Citic Securities suggests monitoring the shipment of system-level products from leading companies and the progress of domestic system-level products represented by Huawei's CloudMatrix384, indicating potential growth in the domestic supply chain [4] Dairy Industry - The Ministry of Agriculture and Rural Affairs is actively promoting high-quality development in the dairy industry, emphasizing the implementation of industry relief policies and support for dairy farmers. Efforts are being made to boost dairy consumption and enhance the processing of dairy products [5][6] Foreign Investment - The Ministry of Commerce announced a pilot program to promote the reporting of domestic investment information by foreign-invested enterprises, with the first pilot regions being Jiangsu, Shanghai, Tianjin, Liaoning, Hebei, Hunan, Shaanxi, and Chongqing. This initiative aims to attract more foreign investment [7] Smart Transportation - The Ministry of Transport is focusing on the development of smart transportation, planning to compile a comprehensive transportation plan and promote innovative projects in this area. The goal is to secure diverse funding and resources to enhance the overall development of smart transportation [8]