中国银河：每日晨报-20250224

Key Insights - The report highlights the strong performance of the Chinese stock market, particularly in the technology sector, driven by domestic economic recovery expectations and supportive policies for private enterprises and technology [5][9] - The DeepSeek model is identified as a transformative force in various industries, particularly in telecommunications and healthcare, enhancing efficiency and driving the adoption of AI applications [14][31] - The report emphasizes the potential for AI to revolutionize the pharmaceutical industry, with an expected annual market increment of nearly $40 billion due to improved data processing capabilities [31][33] Group 1: Market Overview - Global equity markets showed mixed performance, with US stocks declining due to weak economic data, while Chinese stocks, especially tech stocks, saw significant gains [5][9] - The Hang Seng Technology Index reached its highest point since January 2022, indicating a potential for short-term adjustments as investors may take profits [11] - The report suggests that the technology sector continues to present high investment opportunities, supported by policy backing and rapid advancements in AI applications [11] Group 2: Telecommunications Sector - The DeepSeek model is expected to lower costs and enhance efficiency in the telecommunications sector, facilitating the proliferation of AI applications [14][15] - Operators are positioned as leaders in the computing power industry, leveraging their data advantages to drive AI application adoption [17] - The demand for stronger training models is anticipated to accelerate the development of the optical module and AIDC supply chain [17] Group 3: Healthcare Sector - The introduction of DeepSeek is set to enhance the pharmaceutical sector's valuation, with AI applications expected to significantly improve drug development and diagnostic services [31][32] - The shift from experience-driven to data-driven paradigms in biomedicine is highlighted, with AI expected to create new service ecosystems [33] - The report anticipates that the liquidity of pharmaceutical assets will improve, leading to a rise in valuation levels supported by a positive feedback mechanism of capital inflow and value discovery [33] Group 4: Investment Recommendations - The report recommends focusing on technology stocks due to their potential for profit realization as AI applications become more prevalent [11] - In the healthcare sector, investments in companies that leverage AI for drug development and diagnostics are encouraged, as they are likely to benefit from the ongoing transformation [31][33] - The report suggests that operators with robust cloud resources and hardware capabilities will continue to see improved profitability as AI applications expand [17]