东方财富：市场再平衡仍将继续演绎，重点关注储能、AI应用等

Core Viewpoint - The report from Dongfang Caifu 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] Group 1: Industry Focus - Key industries to watch include steel, coal, power supply, energy storage, AI applications, non-ferrous metals, chemicals, and engineering machinery [1] - Emerging themes of interest are humanoid robots, controllable nuclear fusion, deep-sea economy, low-altitude economy, and commercial aerospace [1] Group 2: AI and Energy Infrastructure - The narrative around AI investment is shifting from a focus on computing chip shortages to addressing power infrastructure bottlenecks, with potential benefits for China's power equipment supply chain due to overseas orders driven by AI data centers [2] - Disruptive technologies like energy storage and SOFC batteries may provide rapid solutions to the power shortages associated with AI [2] - Rising prices of upstream raw materials validate the positive outlook for the industry, while high-energy-consuming sectors like electrolytic aluminum face supply squeeze risks [2] Group 3: Price Cycle and Economic Stability - In the context of "anti-involution" and stable growth expectations, the steel industry has seen production cuts exceeding seasonal trends since the July meeting of the Central Financial Committee, supporting the industry's fundamentals [2] - The coal sector is expected to face stricter production checks and environmental oversight, with rising coal prices driven by heating demand and downstream winter storage [2] - The silicon material sector is also highlighted, particularly in petrochemical, chemical fiber, and plastic applications [2] Group 4: Positive Fundamentals and Low Valuations - Sectors with favorable fundamentals and good chip structures include special steel, rail transit equipment, environmental protection equipment, decorative items, packaging and printing, aquaculture, and traditional Chinese medicine [2]