华龙证券：华龙内参2025年第23期，总第1822期（电子版）-20250217

Market Analysis - The market is experiencing a divergence in technology stocks, with a need to control positions as the Shanghai Composite Index closed at 3318.06, down 0.12%, and the Shenzhen Component Index at 10557.62, down 0.69% [2][5] - The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion, a decrease of 949 billion from the previous trading day, indicating a contraction in market activity [4][5] - The DeepSeek concept stocks showed mixed performance, while media and film stocks surged against the trend, and gold stocks collectively strengthened [4][5] Data Insights - As of February 10, the financing balance on the Shanghai Stock Exchange was reported at 936.542 billion, an increase of 8.506 billion from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 888.741 billion, up by 10.551 billion, leading to a total of 1.825283 trillion across both exchanges, an increase of 19.057 billion [7] Investment Advisory Perspectives - The AI sector, particularly led by DeepSeek, is beginning to show signs of divergence, with many stocks retreating after initial gains. Defensive sectors such as banking and precious metals are gaining strength, indicating a shift towards risk aversion among investors [8] - The Shanghai Composite Index has reached its 60-day moving average, with technical indicators entering an overbought zone, suggesting a significant need for technical adjustments and caution in position management [8] Concept Highlights - Apple is set to launch a dual-folding smartphone next year, which is expected to feature Apple's own modem, enhancing the interaction experience of AI functions on larger screens. This development is anticipated to boost the folding screen market and related companies in the supply chain [9] - DeepSeek has accelerated the application of AI glasses, with reports indicating that multiple AI products are expected to hit the market in the first half of the year, suggesting a significant growth potential in the AI glasses market [11] - NXP has announced a cash acquisition of Kinara for $307 million, which is expected to enhance AI performance in various applications, particularly in the rapidly growing automotive market [11] Future Events Reminder - Notable upcoming events include Nvidia's 2024 earnings announcement on February 19, which is relevant to the artificial intelligence sector, and Apple's shareholder meeting on February 25 [15]