Tianfeng Securities·2025-09-22 23:41Group 1 - The report highlights an increase in the daily return volatility of actively managed equity funds heavily invested in overseas computing power since August 25, indicating a rising correlation with the overseas computing power index since June [1][22][23] - The report suggests that the adjustment level of actively managed equity funds focused on overseas computing power chains will not significantly impact the leading companies in this sector [1][24] - The report identifies a divergence in market views on the main overseas computing power chain, with a notable increase in investment during the Q2 pullback period [1][22][23] Group 2 - The report indicates that the sentiment indicators based on the number of consecutive limit-up stocks and promotion rates are crucial for assessing short-term market sentiment [2][25][26] - In a bull market, the average consecutive limit-up stocks can maintain around 6, with promotion rates typically above 25%, showing a strong positive correlation with the next-day performance of limit-up stocks [2][25][26] - The report notes that certain sectors, such as photolithography machines and AI-related industries, are currently performing strongly, driven by policy support and technological advancements [2][27][28] Group 3 - The report on the construction materials sector suggests that the recent interest rate cut by the Federal Reserve may benefit undervalued construction material stocks, particularly in the Xinjiang region [18][21][22] - The report emphasizes the expected increase in demand for cement due to major infrastructure projects in Xinjiang, with significant growth in fixed asset investment [18][21][22] - Key companies to watch in the construction materials sector include Qingsong Construction and Tianshan Shares, which are expected to benefit from these trends [18][21][22] Group 4 - The report on the computer industry discusses the emergence of AI agents and their potential to reshape the software payment landscape in China, with a focus on cost reduction and high ROI applications [17][21][22] - It highlights that the gap between domestic and international AI capabilities is expected to narrow by Q4 2024, with several Chinese companies launching competitive products [17][21][22] - The report anticipates a significant transformation in the white-collar labor market due to the empowerment of AI agents across various industries [17][21][22] Group 5 - The report on Zhongtian Technology indicates a positive trend in Q2 performance, with revenue growth of 10.19% year-on-year and a notable increase in net profit [36][37] - The company is expanding its presence in the AI sector and has several significant projects in the pipeline, particularly in offshore wind power [36][37] - The report projects a strong future growth trajectory supported by a robust order backlog in the energy network sector [36][37]