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Brokerage morning meeting highlights: The points of general Consumer are gradually increasing, focusing on high cost-performance directions.
In today's Brokerage morning meeting, HTSC suggested that the highlights of the Consumer sector are gradually increasing, recommending the selection of high cost-performance directions; China International Capital Corporation believes that with the MLF restarting net injection after 8 months, it may imply a decrease in the probability of short-term reserve requirement cuts; China Securities Co.,Ltd. indicated that the Hardware and Software of the AI Industry Chain resonate simultaneously and recommends paying attention to the ongoing changes in the AI industry.
CHINA TELECOM stated that the revenue from the company's "first Technology" DeepSeek integrated machine has reached 0.6 billion yuan | Interpretations
① CHINA TELECOM was the first in the Industry to launch the DeepSeek integrated machine, and to date, the contract amount for the DeepSeek integrated machine has reached 0.6 billion yuan. ② The revenue of Tianyi Cloud has seen a slowdown in year-on-year growth, and CHINA TELECOM stated that this is within expectations and aligns with the development trend of the Cloud Computing Industry. ③ CHINA TELECOM's preliminary plan for capital expenditure on computing power this year aims for a year-on-year increase of 22% and will be flexibly adjusted based on demand, with no upper limit.
Retail customer Assets increased by 12% year-on-year, CM BANK's 2024 annual report "regains the feeling of growth."
The dividend payout ratio and the dividend yield rank relatively high among banks of similar size.
CM BANK's net income in Q4 of last year was 35.207 billion, with a quarterly decline of 3 basis points in net interest margin, and it plans to distribute a dividend of 2 yuan per share | Earnings Reports insights.
In the fourth quarter of 2024, CM BANK's net interest margin decreased by 3 basis points to 1.94%. The net income for the entire year of 2024 increased by 1.22% year-on-year, with a net interest margin of 1.98%, which is a decrease of 17 basis points year-on-year.
CHINA TELECOM's revenue in 2024 increased by 3.1% year-on-year, Asia Vets revenue surged twofold, capital expenditure decreased by 5.4% year-on-year, and AI and quantum technology became the focus of the Global Strategy | Earnings Reports insights.
CHINA TELECOM's revenue and net profit steadily grew in 2024, with new Business showing impressive performance; Asia Vets revenue surged nearly twofold, while Tianyi Cloud, Datacenter, and video networking revenues all achieved double-digit growth. By the end of the reporting period, CHINA TELECOM's own and accessed smart computing power reached a total of 62 EFLOPS, significantly enhancing competitiveness in the intelligent computing field. The total amount of dividends distributed for the year increased by 11.4% year-on-year. There is a commitment to gradually increase the cash dividend ratio to over 75% within three years.
After the low-key release of DeepSeek-V3, the industry was shocked and once again questioned the Silicon Valley model.
① DeepSeek released the V3-0324 model on Monday evening, with preliminary tests showing that it can run on Consumer-grade Hardware, breaking the traditional notion that large models require a Datacenter; ② DeepSeek's model continues to reduce the energy consumption and computing costs of large models while maintaining an open-source approach to continuously drive technological innovation, leading to the rapid development of the domestic AI Industry and raising questions about Silicon Valley's closed and paid model.