万联证券：万联晨会-20250225

Market Overview - The A-share market experienced a collective decline on Monday, with the Shanghai Composite Index falling by 0.18%, the Shenzhen Component Index down by 0.08%, and the ChiNext Index decreasing by 0.67%. The total trading volume in the Shanghai and Shenzhen markets reached 20,799.07 billion yuan [2][6] - In terms of industry performance, sectors such as construction decoration, building materials, and real estate led the gains, while communication, pharmaceutical biology, and media sectors faced declines. Concept sectors like land circulation, ecological agriculture, and grain concepts saw significant increases, whereas concepts related to AI, brain-machine interfaces, and e-sports experienced notable declines [2][6] Important News - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to enhance the role of capital markets in promoting new industrialization. He highlighted the importance of a multi-tiered capital market system and the collaboration between stock, bond, and futures markets. He also called for support for technology companies in financing and mergers and acquisitions, as well as improving the regulatory framework for listings and private equity [3][7] - DeepSeek announced the launch of "Open Source Week," introducing its first open-source codebase, Flash MLA, which is optimized for Hopper GPUs and designed for efficient decoding of variable-length sequences, currently in practical production use [3][7]