Abstract: China Life Security** believes that at this stage, A-shares are undoubtedly in a historically significant cost-effective area.
Guotai Junan believes that the release of the SORA model will further widen the computing power gap.
Galaxy ** said that at the beginning of the year, the letter ** door red data exceeded expectations and the policy force continued, which supported the bank's fundamentals and valuation.
China Life Security**.
At this stage, there is no doubt that A-shares are in a historic and significant cost-effective regional equity market has bottomed out again**, although the fundamentals and policies have not changed significantly, but the improvement of micro liquidity has ended the negative feedback deduction of expectations and funds. At this stage, A-shares are undoubtedly in a historically significant cost-effective area, but the pressure of leveraged funds and absolute return funds has not yet been cleared, so it is still necessary to be vigilant against tail risks. China Life Security** believes that under the continuation of internal and external macro inertia, it is difficult to significantly repair the interest rate gap between China and the United States in the short term, and the continued differentiation of the internal and external economies still restricts the elasticity of index repair. From a domestic point of view, the financial data in January exceeded expectations and achieved a good start. Renminbi loans increased by 492 trillion yuan, an increase of 16.2 billion yuan year-on-year, on the basis of a high base in the same period of the previous year, maintained a year-on-year increase. The increase in the scale of social financing in January was 65 trillion yuan, the highest level in the same period in history, 506.1 billion yuan more than the same period last year. On the basis of the high base in the same period of last year, social finance continued to maintain a year-on-year increase, and the policy focused on supporting financing demand and supply from top to bottom, showing an improved situation, which has a certain positive effect on market expectations and risk appetite. China Life Security** believes that from an overseas perspective, the U.S. inflation data in January exceeded expectations, especially the largest increase in service inflation since July. The high inflation data led to the continued weakening of interest rate cut expectations, coupled with the previous far higher than expected non-farm payrolls data and the Fed's hawkish comments, which made the market's expectations for interest rate cuts this year further revised to reality. Against this backdrop, U.S. Treasury yields rose, the U.S. dollar index**, and most non-U.S. currencies weakened, while the renminbi rose slightly against the U.S. dollar.
Guotai Junan SORA widens the computing power gap Pay attention to domestic computing power opportunities Guotai Junan Research Report said that the release of the SORA large model will further widen the computing power gap. The SORA large model continues the technical path of the previous GPT model "source data-transformer-diffusion-emergence", which means that its development and maturity also require massive data + large-scale parameters + large computing power as the base, and because the amount of data required for training is much larger than the amount of data for text training, it is expected that the SORA large model will further widen the computing power gap. SORA's excellent generative capabilities may trigger a boom in domestic large-scale AI models, and it is expected that domestic large-scale model manufacturers will also quickly follow up, thereby driving the demand for computing power. In the context of the gradual widening of the computing power gap, domestic computing power companies are expected to achieve unexpected development.
Galaxy**. Continue to be optimistic about the value of the allocation of the banking sector, China Galaxy ** research report said that interest rate cuts will put pressure on asset returns in the short term, but from a medium and long-term perspective, it will be good for investment and consumption, promote economic growth and the steady and healthy development of the real estate market, and help improve the bank's operating environment and resolve bad risks. At the same time, the red-door data of the letter at the beginning of the year exceeded expectations and the policy force continued, which supported the fundamentals and valuations of banks.
As of February 21, 2024, no investment recommendation is made. )
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