Yesterday, the market experienced a volatile correction, with all three major indices plunging intraday. The ChiNext Index fell nearly 2%, while the Shanghai Composite Index dropped below the 4,000-point mark. Total turnover in Shanghai and Shenzhen markets reached 2.42 trillion yuan, up 165.6 billion yuan from the previous session. Sector-wise, energy metals, steel, quantum technology, and batteries led gains, while CPO, gaming, and coal sectors lagged. At close, the Shanghai Composite Index declined 0.73%, the Shenzhen Component Index fell 1.16%, and the ChiNext Index slid 1.84%.

In today's morning briefings: **China Merchants Securities** noted that capital market business lines are expected to sustain improving conditions, benefiting brokerages directly with continued profit recovery. For insurers, as equities rally and bond yields bottom out, investment returns have significantly outpaced declining liability costs, mitigating short-term spread risk and enhancing investment appeal.

**Kaiyuan Securities** highlighted that policy uncertainties for wind power have been resolved, marking a policy bottom. The No. 136 document accelerates renewable energy integration into markets, supplemented by off-market settlement mechanisms. Provinces like Shandong, Gansu, Xinjiang, and Yunnan have completed initial tariff auctions, signaling deeper market-oriented reforms.

**CSC Financial** emphasized intensified capital expenditure by overseas tech giants, underscoring AI's robust growth. Recent developments include Google's multi-billion-dollar partnership with Anthropic for AI compute support, Oracle's $300 billion deal with OpenAI alongside GPU purchases from Advanced Micro Devices (AMD) and Nvidia, and OpenAI's 26GW data center agreements with Nvidia, AMD, and Broadcom, plus $22.4 billion in compute leasing with CoreWeave. These moves reflect sustained AI sector vitality, likely driving further capex upgrades globally.