CSC(SH:601066) Zheng Quan Shi Bao Wang·2025-07-07 01:42Market Overview - The Shanghai Composite Index rose by 0.32% to 3472.32 points, driven by gains in the banking and insurance sectors, while the Shenzhen Component Index and ChiNext Index fell by 0.25% and 0.36% respectively [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 145.47 billion yuan, an increase of over 120 billion yuan from the previous day [1] Economic Insights - Citic Securities noted that the Shanghai Composite Index reached a new high since 2025 due to three favorable factors: improving macroeconomic conditions, heightened market sentiment, and positive earnings forecasts in new economic sectors [1] - The firm anticipates a rising market fluctuation center in the medium term, with potential short-term index pullbacks presenting good buying opportunities [1] Sector Analysis - The air conditioning demand is expected to improve due to extreme high temperatures globally, with historical data showing a significant positive correlation between temperature changes and air conditioning sales [2] - The upcoming government subsidies are expected to stimulate domestic demand for air conditioning in the third quarter [2] Technology Sector - The demand for computing power remains strong, with Nvidia's GB300 system set to launch in the third quarter, and major cloud service providers preparing for new server deliveries [3] - Citic Securities continues to recommend investments in companies with sustained high growth and those positioned to benefit from external demand and market share breakthroughs [3] Consumer Electronics - The smartphone market in China is projected to see slight year-on-year growth in Q2 2025, driven by Huawei and Apple, with Huawei expected to be the fastest-growing brand [4] - Apple's promotional activities for the iPhone 16 series have contributed to sales growth, and the development of a foldable iPhone is underway, expected to launch in late 2026 [4][5] Energy Sector - The National Energy Administration reported that the maximum electricity load in China reached a historical high of 1.465 billion kilowatts, driven by sustained high temperatures [10] - The East China grid load reached 422 million kilowatts, with air conditioning load accounting for approximately 37% [10]