国泰海通｜策略：聚焦新兴科技产业新一轮行情

Core Viewpoint - The article highlights a significant increase in thematic trading activity, particularly in Western infrastructure, with net inflows into brokerage and resource sectors. The focus is on the new round of market trends driven by emerging technology industries, especially AI and embodied intelligence [1]. Group 1: Thematic Trading Trends - The average daily trading volume for hot themes reached 671 million yuan, with an average turnover rate of 4.02%, indicating a notable increase compared to the previous period [1]. - Major engineering projects related to hydropower saw substantial gains, while resource futures experienced a short squeeze, leading to strong stock price performance in related sectors [1]. - The China Securities Regulatory Commission emphasized efforts to stabilize the market, which is expected to benefit thematic investments, particularly in AI and embodied intelligence driven by the upcoming AI conference [1]. Group 2: AI New Infrastructure - The 2025 World Artificial Intelligence Conference opened with significant product launches and new demand catalysts for the domestic AI industry chain [2]. - The conference focused on ten major areas, including AI infrastructure and AI-enabled new industrialization, which are expected to drive investment trends [2]. - Recommendations include sectors benefiting from large-scale applications of AI, such as research, autonomous driving, and fintech, as well as the domestic computing power industry [2]. Group 3: Embodied Intelligence - Domestic robotics startups are accelerating product launches and financing, with notable releases like the humanoid robot Unitree R1 priced from 39,900 yuan [3]. - The capital operations and financing processes of robotics companies are speeding up, supporting the industry's scale development [3]. - Recommendations focus on manufacturers capable of large-scale production and components benefiting from technological advancements [3]. Group 4: Regional Economy - The new open pattern represented by Hainan's customs closure and the Western infrastructure projects signifies new trends in regional economic development [4]. - Hainan's free trade port is set to officially launch customs closure by December 18, 2025, promoting a model of "open on one line, controlled on another, and free within the island" [4]. - Recommendations include sectors benefiting from Hainan's customs closure, such as transportation logistics and tourism, as well as industries driven by major engineering investments [4]. Group 5: Production Limits and Price Stabilization - Comprehensive measures to address "involution" competition are being implemented, with a draft price law seeking public input to regulate market pricing [4]. - The central government has emphasized the need to govern low-price disorderly competition in industries like new energy vehicles and photovoltaics [4]. - Recommendations include sectors facing issues with low-price competition and those with improved supply-side expectations, such as steel, coal, chemicals, and pig farming [4].