EASTMONEY(SZ:300059) 智通财经网·2025-11-09 22:46Group 1 - The core viewpoint emphasizes that AI remains a long-term focus, while short-term uncertainties in overseas financial markets, influenced by events like the potential U.S. government shutdown, may affect risk appetite in the A-share technology sector [1] - Key industries to watch include steel, coal, power supply, energy storage, AI applications, non-ferrous metals, chemicals, and engineering machinery [1] - The report suggests focusing on three main themes: 1) Growth narratives under AI-related challenges such as power shortages; 2) Price cycle commodities driven by anti-involution and stable growth expectations; 3) Low-position stocks with favorable fundamentals and good chip structures [1] Group 2 - Under the AI narrative related to power shortages, the market is shifting its investment focus from computing chip shortages to power infrastructure bottlenecks, with Chinese power equipment supply chains likely to benefit from overseas orders driven by AI data centers [2] - The report highlights that disruptive technologies like energy storage and SOFC batteries may provide rapid solutions to AI-related power shortages, while rising upstream raw material prices validate the industry's positive outlook [2] - In the context of anti-involution and stable growth expectations, the steel industry has seen production cuts exceeding seasonal trends since the central economic committee's signals, supporting the industry's fundamentals [2] - The coal sector is expected to experience stricter production checks and environmental supervision, with rising coal prices driven by heating demand and downstream winter storage [2] - Low-position stocks with good chip structures and positive fundamental expectations are concentrated in sectors such as special steel, rail transit equipment, environmental protection equipment, decorative items, packaging and printing, aquaculture, and traditional Chinese medicine [2]