Markets experienced a full day of volatile adjustments yesterday, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping more than 2%. Trading volume shrank, with the combined turnover for the Shanghai and Shenzhen stock exchanges reaching only 2.21 trillion yuan. By sector, insurance and banking led the gains, while chemicals and real estate also advanced. On the downside, computing hardware and semiconductors were among the biggest decliners. At the close, the Shanghai Composite Index was down 0.85%, the Shenzhen Component Index fell 1.87%, and the ChiNext Index declined 2.29%.

In today's brokerage morning meetings, Huatai Securities noted that the integration speed of the LPU at NVIDIA's GTC conference exceeded expectations. China Securities Co., Ltd. highlighted that the wave of chemical price increases is spreading, with the price spread index surging. Huaxi Securities suggested that elevated policy support for computing-power coordination is expected to accelerate AI infrastructure development.

Huatai Securities: NVIDIA's LPU Integration Speed Exceeds Expectations at GTC Conference Compared to January's CES, the positioning of Groq's LPU within NVIDIA's overall product lineup has become clearer at this GTC conference. NVIDIA plans to leverage the low-latency characteristics of the LPU to meet the demands of highly interactive applications such as Agent AI. According to SemiAnalysis, the LPU utilizes a vertically stacked architecture of SRAM and logic chips. The currently available second-generation version is produced by Samsung Electronics' foundry division. At the GTC conference, NVIDIA confirmed that the third-generation LPU will also be manufactured by Samsung Electronics.

China Securities Co., Ltd.: Chemical Price Increase Wave Spreads, Price Spread Index Surges Driven by post-holiday production resumption and rising oil prices, the diffusion index (the proportion of chemical categories experiencing week-over-week price increases) among 154 chemical products reached 64.94%, up 4.55 percentage points from the previous week, indicating a broadening of products seeing price hikes. Unlike the narrowing price spread index seen last week, this week's chemical product price spread index quickly rose to 13.65% of its level over the past decade, an increase of 9.39 percentage points week-over-week, suggesting that rising oil prices are beginning to be transmitted to midstream products. The outlook remains positive that rising oil prices from the cycle bottom will drive inventory reduction through price increases, potentially initiating a new inventory cycle.

Huaxi Securities: Elevated Policy Stance on Computing-Power Coordination Expected to Accelerate AI Infrastructure Development The concept of "computing-power coordination" was included in the Government Work Report for the first time in 2026, indicating a further elevation of its policy importance. Computing-power coordination is supported by a new type of power system and guided by the high-quality development of computing infrastructure and the construction of a nationally integrated computing network. It involves comprehensive consideration of all factors and the full lifecycle, deepening technological and institutional innovations in areas such as intelligent scheduling, integration of generation, grid, load, and storage, new power supply and backup systems, and aggregated supply of green electricity. The goal is to achieve global optimization of computing power and electric power—the two major productive forces—across industrial planning, production operations, resource scheduling, and market systems. The coordinated development of computing power and electric power encompasses two key elements: the computing power system and the electric power system. Key entities in the computing power system include computing power suppliers and computing network operators. The electric power system primarily consists of power generators, grid operators, and energy storage providers.