The market staged a rebound after an initial dip yesterday, with the Shanghai Composite Index reclaiming the 4,100-point level and the Shenzhen Component Index turning positive after having fallen over 1% earlier. The ChiNext Index saw its losses narrow in the afternoon session. The combined turnover for the Shanghai and Shenzhen markets stood at 2.48 trillion yuan, a decrease of 63.3 billion yuan from the previous trading day. Sector-wise, market hotspots rotated rapidly, with more than 3,200 stocks advancing across the board. In terms of sectors, the coal concept led a surge with numerous stocks hitting their daily limit-up, the space-based photovoltaic concept experienced a strong breakout, and the airport and aviation sector showed strength. On the downside, AI application, precious metals, and computing hardware sectors were among the top decliners. At the close, the Shanghai Composite Index was up 0.85%, the Shenzhen Component Index gained 0.21%, and the ChiNext Index fell 0.4%.

In today's broker morning briefings, Changjiang Securities posits that AI Agents are currently at the pivotal 0-1 stage, transitioning from technological accumulation to large-scale eruption. CITIC Securities believes the catering sector is at an inflection point influenced by multiple factors, with its valuation center expected to rebound. China Securities Co., Ltd. highlights the dividends from home appliance exports and a cycle of transformation.

Changjiang Securities: AI Agents are currently at the critical 0-1 stage, moving from technological accumulation to scaled explosion. Competition within the AI industry has now centered on the battle for traffic entry points, with on-device models emerging as the core breakthrough. AI Agents are progressively delving into the underlying operating system, evolving into personal assistants capable of autonomous analysis and problem-solving, thereby transcending the limitations of traditional tool-based functionalities. In terminal scenarios, AI phones, AI PCs, and AI glasses are synergizing effectively, constructing a comprehensive on-device AI ecosystem that spans diverse scenarios such as daily office work and intelligent mobility. Concurrently, simultaneous upgrades are occurring across the industry chain; iterations in SoC chip computing power, optimizations in thermal management technology, and enhancements in battery life are solidifying the hardware foundation for the implementation of on-device AI. The on-device AI sector now benefits from policy support, technological breakthroughs, and market demand, creating a favorable confluence of timing, geographic advantage, and human harmony, positioning it precisely at the crucial 0-1 juncture from technology accumulation to mass-scale adoption.

CITIC Securities: The catering sector is at a multi-faceted inflection point, with its valuation center expected to recover. The catering industry is currently in a phase of resonance driven by multiple factors: marginal improvement in fundamentals, continuous policy impetus, repair of pricing mechanisms, and anticipated valuation enhancement. On the operational front, since the second half of 2025, catering revenue within total retail sales and the same-store performance of major catering segments have shown sustained recovery. Coupled with a slowdown in the pace of supply expansion, the intensity of industry competition has marginally decreased, providing a more favorable external environment for operational recovery and profit improvement for enterprises. At the policy level, the orientation towards promoting service consumption continues to strengthen. Leveraging its characteristics of high frequency, strong scenario dependency, and short decision-making chains, the catering sector stands as one of the clearest beneficiaries within consumption stimulus policies. Regarding pricing, against the backdrop of the nation's explicit push for reasonable price increases, catering companies are successively implementing price adjustments. Historical experience suggests that cost disturbances typically manifest as temporary impacts, with mid-to-long-term gross profit margins expected to recover and rise. From a valuation perspective, drawing comparisons with international examples, improved inflation expectations often lead to a rebound in the valuation center of the catering sector. Under the combined influence of fundamental, policy, pricing, and valuation factors, the catering industry is steering towards a more positive trajectory of recovery.

China Securities Co., Ltd.: Dividends from home appliance exports and a cycle of transformation. In 2025, the home appliance sector underperformed the CSI 300, constrained by disruptions from tariff hikes, fluctuations in trade-in policies, and expectations of a high base effect in the second half of the year. From a long-term perspective, a company's competitiveness ultimately reverts to the essence of product innovation and efficiency advantages. Consequently, from an investment standpoint, two main themes emerge: firstly, overseas expansion continues to be the most significant source of growth, and secondly, the dividends arising from transformative changes.