智通财经网·2025-07-31 00:54Market Overview - The market experienced volatility with mixed performance across major indices, as the Shanghai Composite Index reached a new high for the year while high-profile stocks like Dongxin Peace saw significant declines [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, an increase of 41.1 billion yuan compared to the previous trading day [1] - Sector performance varied, with gains in film, oil and gas, baby products, and food sectors, while stablecoins, solid-state batteries, software development, and rare earth permanent magnets faced declines [1] AI Industry Insights - Huatai Securities reported that the AI industry is entering a new phase driven by token growth, with significant applications in vertical scenarios across various fields such as office, healthcare, and finance [2] - There is a continuous increase in demand for server computing power, with vendors focusing on promoting post-training and inference computing services based on large models, indicating ongoing revaluation opportunities [2] - The development of generative AI is characterized by B2B leading over B2C, with commercial progress in the B2B sector outpacing consumer-level products [2] - Healthy competition among domestic and international manufacturers is driving industry advancement [2] Process Industry Equipment Outlook - CITIC Construction Investment highlighted the cyclical nature of process industrial equipment, predicting a significant decline of over 20% in capital expenditure for petrochemicals in 2024 [3] - Investment planning in the northwest coal chemical sector is advancing, which is expected to bring marginal changes to the new market [3] - Policies for equipment updates in the existing market are being implemented, providing medium to long-term resilience for investments in process industrial equipment [3] - The industry encompasses various segments including compressors, pumps, seals, air separation equipment, valves, instruments, and control systems, with leading companies emerging that possess both domestic and international competitiveness [3] Photovoltaic Industry Analysis - CITIC Securities noted that the photovoltaic industry, currently facing issues of homogenization and excess capacity, is at the forefront of the "anti-involution" movement [4] - With a market-oriented approach, the industry is expected to see a reasonable price recovery and profit restoration as competition becomes more standardized and potential supply-side reform policies are implemented [4] - Technological innovation is deemed essential for overcoming the challenges of homogenized competition, with companies that have product differentiation, high-end market positioning, and strong brand manufacturing likely to experience early performance reversals and long-term growth [4] - It is recommended to focus on leading companies that possess long-term competitiveness and price recovery potential amid the ongoing "anti-involution" efforts in the photovoltaic sector [4]