万联晨会-2025-03-27

Core Insights - The A-share market experienced slight adjustments, with the Shanghai Composite Index down 0.04%, the Shenzhen Component down 0.05%, and the ChiNext Index down 0.26%. The total market turnover was 1.18 trillion yuan, a decrease of 107.3 billion yuan from the previous day, with over 3,500 stocks rising. The aquaculture, robotics, and chemical sectors saw the largest gains, while banking and China Shipbuilding Industry Corporation stocks faced the largest declines [2][9]. Important News - The 2025 central government budget was publicly disclosed, covering overall revenue and expenditure, fiscal allocations, and key item explanations. The Ministry of Finance noted significant progress in budget transparency, with data now largely available for public access, supporting the establishment of a modern budget system [3][10]. - The State-owned Assets Supervision and Administration Commission (SASAC) announced that the development of artificial intelligence (AI) in central enterprises will accelerate. SASAC emphasized the importance of AI in national strategy and aims to enhance the capabilities of central enterprises in AI applications, computing power, data, and models [4][11]. Industry Reports Electronics - The supply-demand structure in the storage market is improving, potentially leading to price increases. The acceleration of AI product penetration is expected to boost demand [5][12]. - Storage inventory reduction is progressing well, with manufacturers announcing potential price increases. NAND Flash prices are projected to rise by 3-8% in Q2 2025, while DRAM prices may increase by 3-8% due to inventory reduction and new infrastructure projects [13][15]. Computer Industry - The central enterprise "AI+" initiative is showing results, focusing on application scenarios and computing power construction. The initiative aims to integrate AI into various industries and enhance the capabilities of central enterprises [17][18]. Communication - Major cloud companies in China, including Alibaba and Tencent, are significantly increasing their capital expenditures, with both companies planning to invest over 100 billion yuan in AI infrastructure in 2025. The three major telecom operators are also increasing their capital expenditures in computing power [20][21][23]. Transportation - The civil aviation sector is experiencing growth, with passenger traffic increasing by 5.5% in January-February 2025. The average ticket price during the Spring Festival decreased by 11.3%, but is expected to rebound as business travel demand rises [29][31]. Power Equipment - The inverter export market is stable, with a cumulative export value of 7.632 billion yuan in January-February 2025, a year-on-year increase of 5.97%. The Asian market is performing well, while the European market is experiencing a decline [33][34][40].