Yesterday, markets opened higher but closed lower, with the Shenzhen Component Index falling nearly 1%. The ChiNext Index hit a new high since June 19, 2015, during the session before fluctuating downward and dropping over 1%, halting a five-day winning streak. The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan. Sector-wise, pharmaceuticals, computing power leasing, and commercial aerospace concepts showed active performance. On the decline, lithium battery, computing hardware, and memory chip concepts weakened. At the close, the Shanghai Composite Index rose 0.01%, the Shenzhen Component Index fell 0.97%, and the ChiNext Index dropped 1.22%.

In today's securities morning briefing, China Securities Co., Ltd. suggested that the launch of Anthropic's most powerful model, Mythos, highlights the Google supply chain. Xingzheng Securities indicated that a major U.S.-Iran deal could emerge in April. Guotai Haitong pointed out that bulk snack retail is experiencing two-way empowerment in supply and demand, reshaping the industry's development logic.

China Securities Co., Ltd. stated that Mythos is Anthropic's strongest model to date, demonstrating leapfrog improvements in capability, with comprehensive leadership over its predecessor in coding, reasoning, and research assistance. Its advantages are most prominent in real-world cybersecurity scenarios, not only significantly outperforming Opus 4.6 in Firefox vulnerability exploitation tasks but also capable of discovering and leveraging zero-day vulnerabilities. Additionally, Mythos shows clear acceleration effects in biochemical R&D, finance, AI training, robotics, and other industry research processes. Although it has the best overall alignment, due to its excessive capability, the risk radius for low-frequency errors is larger, leading to its availability being restricted to core clients only. Anthropic is backed by investments and computing power supply from Amazon.com and Alphabet, with recent strengthened cooperation. Starting in 2027, TPU demand is expected to reach 3.5GW, and Alphabet's TPU supply chain is likely to benefit continuously from the expansion of cutting-edge model training demands.

Xingzheng Securities noted that as market skepticism about negotiations gradually gives way to rising optimism, both short-term and medium-term views are turning positive. Current conditions for talks are in place: maximum pressure tactics are essentially bluffs, which highlight negotiation demands. The "fight to promote talks" strategy suggests underlying movements, with a potential major deal possible in April.

Guotai Haitong explained that snacks and beverages, as products of consumption upgrading after basic living needs are met, represent a branch of the food industry moving toward scale, diversity, and health. Unlike staple foods, snack categories possess both discretionary and essential attributes, suitable across all regions, age groups, and scenarios. In the current economic environment, snacks also cater to consumers' mainstream demands for value-for-money and emotional consumption. The snack sector is being reshaped by two-way empowerment in supply and demand, altering its development logic.