GuShiio.com The latest strategic views of the top ten securities firms + summary and sorting out the optimistic sectors.
Financial Union, February 9, reported that in the first week after the Spring Festival, driven by the strong DeepSeek concept, the A-share market rebounded as a whole, and major broad-based indices all recorded positive returns. From February 5 to February 7, the All A Index rose 3.57%. The Beijing Securities 50 rose by more than 12%. Science and Technology Innovation 50, GEM Index, China Securities 1000, and Shenzhen Stock Exchange Index relatively outperform the All A Index. How to interpret the aftermarket? Let’s take a look at the latest summary of the top ten brokerage strategies.
CITIC Securities: It is expected that this round of market will continue to interpret and suggest focusing on high-certainty directions such as end-side AI
The restless spring market driven by technological changes has accelerated significantly, the trading style and structure have become more extreme, and subsequent market differentiation is inevitable. The value of China’s technology assets is being revalued by global investors, and the valuation gap between China and the United States is expected to converge. It is expected that this round of market will continue to interpret, and structural differentiation and market rhythm will be more critical.
In terms of configuration, it is currently recommended to continue to focus on end-side AI with greater certainty in prosperity. Deepseek’s compression of reasoning computing power can directly reduce end-side AI costs, and add to the introduction of consumer subsidies. It is optimistic about the highly certain direction for domestic and foreign brands such as smart driving, AI PC, AI Phone, AI glasses and AI headphones to strengthen the layout. On a monthly basis, investors are currently showing extreme trading aggression in sectors where consensus is consensus, quickly fulfilling optimistic expectations, and may turn into extremely defensive characteristics when they adjust. It is expected that the subsequent low-volatility style will gradually reflect excess returns, and it is recommended to highlight the barbell strategy of non-American sailing themes + consumer and monopoly dividends.
China Merchants Securities: Foreign investment looks at more and China’s assets, and the AI market is interpreted to the application side
The rapid rise of DeepSeek has led to the revaluation of China’s assets, and foreign institutions have begun to look long and do more in China assets. Judging from the performance of China assets in Hong Kong stocks and U.S. stocks, this round of foreign investment seems to be more optimistic than us. Specific to the current AI market, the market may shift from general growth to links with real value increment, and transition from “scenario trading” to “business model trading”.
Looking forward to the market outlook, February-March this year is still the classic time window for long A shares. The direction of selecting stock types, and the direction of theme-oriented categories, especially AI applications, will become the key offensive direction of the market in the next stage. Areas related to large-scale model applications and the implementation of humanoid robots in consumer electronics, media Internet, software and other fields deserve special attention.
Guangfa Securities: Spring agitation continues to recommend “main line TMT” and “low-level growth branch line”
In the short term, there may be high and low switches within technology stocks or TMT, but the main technology line remains clear. In low-level growth, in addition to the low-level economy, semiconductor equipment, and photovoltaics that have responded after the Spring Festival, we can also focus on military industry, cultural voyages, satellites, medical equipment, etc., which have potential catalysts for low-level growth in the near future.
In the medium term, we should pay attention to the technological growth style from theme-driven to fundamental expectation-driven, and there is the possibility of entering a trend dominant position. In this case,”tmt turnover accounts for more than 40%” may no longer be a suppressing factor. From the perspective of global AI industry investment, DeepSeek may have changed the macro narrative of AI in the past two years. It is hoped that the proportion of medium-and long-term A-share TMT market value can be higher than the front line. It is recommended to focus on exploring opportunities in the ByteDance industrial chain.
Galaxy Securities: A-share market will usher in structural valuation reshaping opportunities
Driven by the DeepSeek concept this week, the main AI line continued to spread and market confidence was significantly boosted. Against the background of the domestic economy switching between old and new momentum, as the development of new productivity industries accelerates and the capital market accelerates to empower technology-based enterprises, the A-share market will usher in opportunities for structural valuation reshaping.
The current valuation of the A-share market is at a historically medium level. On the one hand, with the accelerated implementation of the existing policy and the intensified launch of a package of incremental policies, the economic fundamentals are gradually improving. On the other hand, Trump has taken office again as President of the United States, and the United States ‘policy towards China is facing greater uncertainty. However, in the medium and long term, China’s economic fundamentals and A-share profitability mainly depend on the direction and intensity of domestic policies.
Looking forward to the market outlook, A-shares are expected to fluctuate upwards. In terms of configuration, the focus will be on: (1) Scientific and technological innovation themes based on independent controllable logic and the requirements for developing new productive forces. (2) The “dual” and “two new” themes guided by expanding domestic demand. (3) Continue to be optimistic about the dividend sector with a higher margin of safety, focusing on central state-owned enterprises.
Huajin Securities: Spring market may enter the main rising stage
In the history of resumption of trading, A-shares have a high probability of rising from the Spring Festival to before the two sessions, and are mainly affected by factors such as policies and external events, liquidity, and fundamentals. First, A-shares have a high probability of rising from the Spring Festival to before the two sessions, rising 12 times in the 15 years since 2010. In addition, based on historical experience, there is a high probability that A-shares will perform strongly from the Spring Festival this year to the two sessions and may enter the main rising stage. In the short term, we will continue to focus on technological growth and focus on industries such as big finance and some consumption.
Everbright Securities: The spring market is getting better, focusing on AI computing infrastructure and applications
In the first trading week of the Year of the Snake, the A-share market first suppressed and then rose, getting off to a good start. AI application direction may continue to dominate in the short term and continue to spread to more application scenarios (currently, the three major domestic operators and many securities firms have announced access to the DeepSeek open source model). This also laid a solid foundation for the continuation of the spring market.
At the same time, we are currently in the warm-up period of the National Two Sessions, and the market’s expectations for policies such as raising the deficit ratio and expanding the scale of national debt issuance have further increased. In addition, the total maturity of the medium-term lending facility (MLF) in January and February this year was close to 1.5 trillion yuan. It is expected that the central bank is expected to reduce its reserve requirements to maintain sufficient market liquidity. Given that the current policy and funding expectations are relatively positive, there is a high probability that the spring market will continue.
In terms of configuration, we focus on investment opportunities in AI computing infrastructure (cost-effective ASIC chips, optical modules, liquid cooling, etc.) and application terminals (AI glasses, AI mobile phones, AI+ medical, education, etc.). At the same time, a major meeting is approaching, and there may be game opportunities on technological topics such as low-altitude economy and satellite Internet.
Industrial Securities: The main direction of AI has become increasingly clear, and more incremental capital allocations are expected to occur in the middle and lower reaches.
To sum up, the current main direction of AI has become increasingly clear, and from upstream to middle and lower reaches, from “concentration” to “letting a hundred flowers bloom”, and from AI to AI+, it is expected to become the three major trends in this round of AI market. At the same time, from the perspective of profit expectations, the prosperity of more mid-stream AI fields may experience marginal improvement this year, while institutional funds are still under-allocated in most mid-stream AI industrial chain links. As the trend of the AI industry continues, the mid-stream and lower reaches are also expected to see more incremental capital additions.
Minsheng Securities: AI is the focus, but not the only answer to investment
If the macro narrative assumptions behind AI are true, the entire market assets represented by the Shanghai and Shenzhen 300 should be revalued. If the final result of AI development falls short of expectations, then a situation may arise that is more favorable to physical assets after the weakening of U.S. dollar credit.
Therefore, we make the following recommendations:
1. Global pricing of resource products takes into account the two major attributes of demand and physical assets, and gives priority to copper, gold, aluminum, oil and coal;
2. We can look forward to repairing some domestic pro-cyclical areas with relatively low pricing in the early stage: steel (special materials), equipment (transportation equipment, construction machinery), agricultural chemicals, chemicals, transportation, and China’s advantageous assets: new energy industry chain, etc.;
3. Continue to pay attention to the banking sector with low valuation + dividend attributes;
4. The AI sector switches between high and low, compared with the directions of AI office and AI autonomous driving, which had previously increased slightly.
Soochow Securities: Pay attention to investment opportunities on the AI application side and inference side
We believe that against the background of the U.S. dollar cycle peaking and DeepSeek-R1 emerging, China is expected to fully enjoy the industrial development dividends of AI technology diffusion in the next 2-3 years, relying on its “latecomer advantage” in the technology application side.
It is recommended to pay attention to investment opportunities on the AI application side and reasoning side, focusing on: 1) End-side hardware, including humanoid robots, AIPCs, AI mobile phones, AI toys, smart wearables (AI glasses), smart driving, etc.;
2) Inference computing power, including cloud computing, domestic AI chips, and chip manufacturing industry chains (semiconductor equipment, advanced packaging, etc.);3) AI Agents and AI software applications (including but not limited to AI-enabled e-commerce, marketing, office, education, medical care, etc.).
Hua ‘an Securities: High-elastic growth technology is in the limelight, and strong seasonal infrastructure opportunities are emerging
After the holiday, the market risk appetite has increased significantly, the transaction volume has expanded rapidly, and opportunities have become exciting. The most dazzling ones are the growth technology sector catalyzed by DeepSeek and the Spring Festival Gala Dance Robot. This opportunity is in the early stages of market development, and there is still sufficient room for follow-up. In addition, the seasonal market for infrastructure with strong regularity that we strongly recommend is also being interpreted and is in the early stages of the market, and is still the preferred configuration direction.
Specifically: 1) Highly elastic growth technologies, including pan-TMT, military industry, robots, etc. 2) Superior varieties of infrastructure construction with strong seasonal effects. Including engineering consulting services, environmental protection equipment, professional engineering, environmental governance, non-metallic materials, cement, general equipment, and new metallic materials. 3) Bancassurance with medium-and long-term strategic allocation value. Its short-term dimension elasticity is weaker than the first two main lines, but its strategic investment value has been greatly enhanced in the medium and long-term dimension.
