Brokerage Morning Meeting Highlights: Continue Tracking Price Increase Chain, Three Major Directions Worth Noting

Caixin March 13 News: Yesterday, the market bottomed out and rebounded, with the three major indices narrowing their declines after midday. The combined trading volume of the Shanghai and Shenzhen markets was 2.44 trillion yuan. In terms of sectors, green energy, chemicals, coal, and carbon fiber concepts performed strongly. On the downside, gas turbines, military industry, and other sectors weakened. At the close, the Shanghai Composite fell 0.1%, the Shenzhen Component Index dropped 0.63%, and the ChiNext Index declined 0.96%.

In today’s securities firm morning meeting, Huaxi Securities believes that tracking the price increase chain continues, with three major directions worth noting; CICC suggests that prolonged Middle East conflicts could cause turbulence in global financial markets; CITIC Construction Investment states that AI computing power-driven cooling architecture upgrades and liquid cooling primary-side equipment are experiencing a reassessment of value.

Huaxi Securities: Continue Tracking the Price Increase Chain, Three Major Directions to Watch

By 2026, the main structural theme may gradually shift from technology to the price increase chain. The following directions are worth attention: First, the imported inflation side, where energy chains (oil and gas, coal chemical industry, upstream raw materials in chemicals, shipping) are highly likely to see confirmed price increases driven by geopolitical tensions. Non-ferrous metals, especially small and medium-sized metals and aluminum, are relatively certain; gold and copper show mixed signals. Agricultural products focus on feed raw materials, fertilizers, and pesticides. Second, the endogenous inflation side, paying attention to the recovery of traditional industries driven by “anti-involution,” including chemicals, steel, coal, building materials, and hog farming. Third, the technology price increase side, focusing on the upstream of the AI computing power industry chain, including computing infrastructure (servers, computing chips), storage chips, optical communication and PCB upstream materials (fiber optics, glass fiber), and power energy.

CICC: Prolonged Middle East Conflict May Cause Turbulence in Global Financial Markets

The Middle East conflict is a typical supply shock, with the direct impact being disrupted crude oil supply and rising oil prices. For the US, which already faces supply shortages, slow inflation decline, and rising government debt, the escalation of Middle East conflicts increases the risk of stagflation, creating a dilemma for macro policies. If the conflict does not last long, its impact may be moderate. However, if the conflict intensifies, the US’s fundamental pressures will increase, and financial turmoil could worsen, with spillover effects rising. The impact on the global economy and markets could become significantly larger.

CITIC Construction Investment: AI Computing Power Drives Cooling Architecture Upgrades, Liquid Cooling Primary-Side Equipment Reassessed

The high density of AI computing power promotes data center cooling from air cooling to liquid cooling. Liquid cooling architecture significantly raises requirements for low temperature, stability, and controllability of the cooling source, transforming primary-side systems from auxiliary support to core infrastructure. Among primary-side cooling equipment, chillers and compressors are especially critical. Chillers serve as the core cooling source, providing all-weather backup cooling, while compressors are the power core of chillers, directly determining total cooling capacity, energy efficiency, and operational stability. As data center cooling systems upgrade toward medium-temperature high-efficiency, large cooling capacity, and magnetic levitation centrifugal technology, the value, technical barriers, and industry concentration of chillers and compressors will rise simultaneously. Manufacturers with independent technology for magnetic levitation centrifugal compressors and leading chiller companies with large cooling capacity products entering mainstream supply chains will continue to benefit.

(Caixin)