华龙证券：华龙内参2025年第31期，总第1830期（电子版）-20250227

Market Analysis - The market experienced a significant upward trend, with the ChiNext Index leading the gains, rising nearly 6%, marking a new high since April 26, 2023. The total trading volume in the Shanghai and Shenzhen markets reached 2.19 trillion yuan, surpassing 2 trillion yuan for the first time since December 13, 2024 [4][6] - Key sectors driving the market included computing power and chips, with over 2,800 stocks rising, and more than 150 stocks hitting the daily limit or rising over 10% [4][5] Data Insights - As of February 20, the financing balance on the Shanghai Stock Exchange was 953.03 billion yuan, an increase of 2.9 billion yuan from the previous trading day. The Shenzhen Stock Exchange's financing balance was 910.65 billion yuan, up by 3.79 billion yuan, bringing the total financing balance across both markets to 1.8639 trillion yuan, an increase of 6.7 billion yuan [8] Investment Insights - The market is currently experiencing a structural trend led by AI and robotics sectors, which have shown strong profitability, while traditional sectors like banking and energy have underperformed. The focus remains on embracing the main investment themes [9] - The AI education sector is witnessing rapid growth, with major companies integrating the DeepSeek model into their products. The Chinese education hardware market has surpassed 100 billion yuan, with a projected 24.6% year-on-year growth in sales of learning tablets in 2024 [10] Key News - The National Cybersecurity Base's Intelligent Computing Center in Wuhan has launched the DeepSeek model platform, which is now open for free trial until March 31. This development is expected to enhance the demand for computing power, particularly in AI applications [12] - Alibaba's cloud intelligence group reported a revenue of 31.742 billion yuan (approximately 4.349 billion USD) for the quarter ending December 31, 2024, reflecting a 13% year-on-year growth, with AI-related product revenues achieving triple-digit growth for six consecutive quarters [12] Stock Performance - A number of stocks reached their daily limit on February 21, 2025, driven by themes such as computing power, AI applications, and robotics. Notable performers included: - Ziguang Co., Ltd. (10.01% increase) due to computing power and Xinhua San's collaboration [14] - China Unicom and China Telecom both hitting the limit with a 10% increase, attributed to increased investments in computing power [14] - Other stocks like Zhongdali De and Yingfeng Environment also saw significant gains, reflecting the strong market sentiment in the tech sector [14][15] Future Events - Upcoming significant events include Apple's 2025 shareholder meeting on February 25, and the release of the "Guangzhou Low-altitude Economic Development Regulations" on February 28, which may impact related sectors [16]