At today's brokerage morning meeting, Galaxy Securities stated to seize opportunities in bank stocks in the second half, focusing on three areas; China International Capital Corporation pointed out being bullish on the broad opportunities in AI Infrastructure; China Securities Co., Ltd. believes that the AI glasses market is expected to welcome a new round of heat and competition upgrade.
On June 24, the Financial Associated Press reported that the market rebounded and fluctuated yesterday, with the Shanghai Composite Index leading the way. The total trading volume of the Shanghai and Shenzhen markets reached 1.12 trillion, an increase of 54.9 billion compared to the previous trading day. In terms of sectors, cross-border payment, port shipping, military informationization, and oil and gas sectors saw significant gains, while a few sectors like liquor experienced declines. By the close of trading yesterday, the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index rose by 0.43%, and the GEM Index rose by 0.39%.
At today's brokerage morning meeting, Galaxy Securities stated to seize opportunities in bank stocks in the second half, focusing on three areas; China International Capital Corporation pointed out being bullish on the broad opportunities in AI Infrastructure; China Securities Co., Ltd. believes that the AI glasses market is expected to welcome a new round of heat and competition upgrade.
Galaxy Securities: Grasp opportunities in the second half for bank stocks, focusing on three aspects.
Galaxy Securities released the mid-term strategy for the banking sector in 2025, stating that in the first half of the year, the bifurcation of funds led to the reconstruction of bank valuations, with incremental funds continuously boosting bank valuations, including the entry of medium-to-long-term funds, under-allocation adjustments of public funds, and the shareholding expansion by China Investment Corporation as well as the development of passive index ETFs. Looking ahead to the second half of the year, the banking industry is expected to achieve a three-factor resonance of volume, price, and risk, welcoming substantial improvements in performance, primarily reflected in: (1) coordinated fiscal and monetary policies guiding banks to increase credit issuance and optimize credit structures; (2) improvement in the controllability of interest margins under asymmetric interest rate cuts; (3) enhanced expectations for risk mitigation in corporate assets driven by the intensification of debt resolution and property policies. Recommended opportunities to focus on include: (1) Restoration of under-allocation in public offerings, where high-quality city and rural commercial banks present structural opportunities; (2) Entry of medium-to-long-term funds + ongoing assessments of long cycles continuing to strengthen the banking sector's dividend value and strategic allocation; (3) Expansion and enhancement of major broad-based index ETFs to capture investment value in constituent stocks.
China International Capital Corporation: Bullish on the vast opportunities in the AI Infra layer.
China International Capital Corporation suggested that when AI permeates various niche sectors, users need to train or build applications and Agentic AI that meet their needs, therefore, the construction of multiple agents and customized agents will become a trend. At the same time, high-quality scenario data releases high value, and users creating small models or agents need effective and usable data as a foundation, highlighting the importance of enterprise data integration, governance, and analysis. Currently, the key breakthroughs in improving AI application penetration rate include: (1) optimization of computing power costs; (2) enhancement of model accuracy and scenario integration capabilities; (3) mining and governance of high-quality data; (4) achieving ROI of AI applications that meet customer expectations.
From an investment perspective, bullish on the vast opportunities in the AI Infra layer, focusing on directions like cloud migration, data governance, and network security; at the same time, bullish on the Agent field: in terms of technology, building and deploying multiple agents is a trend. In terms of competition, general agents and vertical agents penetrate the market from both horizontal and vertical dimensions, and discovering scene value and user needs is key.
China Securities Co., Ltd.: The AI glasses market is expected to experience a new wave of popularity and intensified competition.
China Securities Co., Ltd. pointed out that Meta has partnered with the well-known American sports brand Oakley to launch the new AI glasses Oakley Meta HSTN Performance, positioned as "high-performance AI glasses (Performance AI Glass)," focusing on sports scene applications. The product will start pre-sales on July 11. The core features of Oakley Meta AI glasses remain consistent with Ray-Ban Meta AI glasses, supporting photo taking, music listening, phone calls, and invoking the Meta AI assistant. Compared to the previous generation, the biggest upgrade of the new model is in battery life: the glasses have increased battery life to 8 hours, and with the charging case, they can achieve a maximum usage time of 48 hours, which is twice that of the previous generation. In addition, the glasses are equipped with a new 12 million pixel camera. Although the pixel count remains unchanged, the video recording capability has been improved from 1080P to 3K, providing a clearer shooting experience. Considering the needs of sports scenes, Oakley Meta AI glasses have an IPX4 waterproof rating, effectively addressing situations involving splashes and sweat during daily land sports.
Although this update involves limited changes in hardware parameters, the significant optimization in the key experience aspect—battery life, combined with a more definitive contextual positioning and brand collaboration, is expected to further enhance the acceptance and attention of AI glasses in the mass market. With brands like Xiaomi gradually following up with new product releases, the AI glasses market is expected to experience a new wave of popularity and intensified competition.
