Core Viewpoint - Huawei is exploring a path to build its full-stack AI competitiveness through soft and hard collaborative innovation, transitioning from merely catching up with industry SOTA models to customizing model architectures to better leverage its self-developed Ascend hardware [1][2]. Group 1: AI Development Strategy - Huawei's AI development strategy has shifted towards a dual evolution path that addresses systemic issues in the large-scale application of AI models, focusing on a technology system composed of hardware-software collaborative architecture, operators, and software stacks [1]. - The evolution of the Pangu large model aims to solve efficiency challenges in large-scale distributed systems, particularly addressing the systemic bottleneck of expert load imbalance in the transition from dense architectures to mixture of experts (MoE) sparse architectures [1][2]. Group 2: Innovative Paths for Large Models - Huawei has launched two innovative paths at the large model level: Pangu Pro MoE, which introduces a grouped expert mixture (MoGE) architecture to tackle load imbalance, and Pangu Ultra MoE, which optimizes model architecture through system-level enhancements to better adapt to Ascend hardware [2]. - The physical foundation for this software-hardware collaborative innovation is the new generation AI infrastructure CloudMatrix, which features a unified bus (UB) network that reduces performance discrepancies in cross-node communication [2]. Group 3: Hardware and Software Synergy - The development of CloudMatrix not only provides a physical basis for software innovations like the Prefill-Decode-Caching (PDC) decoupled architecture but also enables high parallelism and low latency in software through large-scale expert parallelism (LEP) and operator-level optimizations like AIV-Direct [2].

Group 1 - The Hong Kong stock market has shown outstanding performance since the beginning of the year, attracting attention from investors [5] - There are specific asset classes within the Hong Kong market that present better allocation advantages for investors [5] Group 2 - The article emphasizes the importance of understanding market dynamics and trends to identify potential investment opportunities [5]

Core Viewpoint - The article highlights the robust growth trend in the new tobacco industry, as evidenced by British American Tobacco's performance in the first half of 2025, particularly in the heated tobacco and new oral tobacco segments [1]. Group 1: Investment Recommendations - The global HNB (Heated Not Burned) industry is entering a new product lifecycle phase, with major brands actively engaging in market cultivation, leading to accelerated industry expansion [2]. - The vaping market faced challenges in the first half of 2025, with British American Tobacco's vaping business generating £737 million in revenue, a decrease of 15% year-on-year, primarily due to illegal products in the U.S. and Canada, as well as market dynamics in Europe and other regions [2]. - The company has exited markets like Malaysia and Saudi Arabia to improve investment returns, while the U.S. has seen a clearance of illegal disposable brand inventories, which will take time to impact the market [2]. Group 2: Performance Analysis - The overall performance of HNB products remained stable, with British American Tobacco's HNB business achieving £444 million in revenue, a slight increase of 1% year-on-year, and heated stick sales reaching 10.1 billion units, up 2% [3]. - The introduction of Glo Hilo has helped expand market share in trial regions, with a 1.5 percentage point increase in Glo's market share in Sendai [3]. - The new oral tobacco segment has shown significant growth, with revenue reaching £470 million, a 38% increase year-on-year, and sales volume of 5 billion pouches, up 42% [3]. - The U.S. market for new oral tobacco has surged, with a 206% increase in sales, and the Velo brand capturing a market share of 17% by July 2025, making it the fastest-growing brand in this category [3].

报告导读： 本文筛选出四位历史投资业绩较优的科技基金经理，对他们的投资风格与操作 特征进行分析。 科技板块投资机会分析： 我国科技产业有较大的发展空间，板块投资价值较大，发展主要驱动因素分为市场与政策两大方面。 —富国孙权： 聚焦科技成长，投资框架为产业研究 + 个股挖掘。产业方面，偏好长期趋势好、空间大、景气向上的细分赛道，集中度较高，对于阶段性看好 的赛道敢于重配。个股方面，偏好细分产业中具有竞争力的公司。从操作来看，由于主要通过景气跟踪来把握买卖时点，因此换手率波动较大，此外会根据对 个股的把控度动态调整权重。 风险提示。 1 、基金过往业绩不能代表未来表现，本文根据客观数据和评价指标计算，不作为对未来走势的判断和投资建议。报告内涉及的个股案例均为对 历史数据的客观分析，同样不构成投资建议。 2 、作为主动权益类产品，基金的业绩表现与基金经理密切相关，需要关注基金经理变动对业绩的影响。 3 、 作为主动权益类产品，股票价格的波动对组合影响较大，适合具备中高风险承受能力的投资者持有。 4 、投资科技基金，需要警惕估值波动、海外政策的不 确定性、基本面不及预期以及技术落地与迭代失败等相关风险。 报告来源 以 ...

国泰海通煤炭黄涛团队 持续开展煤炭深度研究，分别从反内卷、电煤需求、煤炭企业成本、疆煤等不同视角切入，前瞻挖掘煤炭行业投资机会，以下为研究报告、电 话会议、深度报告节选。 一、研究报告 （点击标题查看报告） 专题研究： 深度研究： 01、煤化工风起新疆，或迎来黄金时代 20250102 二、电话会议回放 （扫码查看） 01、煤炭"反内卷"政策再起，供需拐点明确 7月22日 02、周期行业"反内卷"专题探讨 7月22日 三、重点报告节选 01、煤炭"反内卷"专题研究二：不一样的煤炭，中期行业拐点已现 20250730 02、煤炭"反内卷"专题研究一："反内卷"务实煤价底部，当下就是拐点 20250717 03、电煤需求展望专题：新能源步入下半场，电煤压力最大已过 20250707 04、电煤需求研究专题：从用电结构变化看电煤需求底部支撑 20250702 05、煤炭企业成本专题：从财务及固定资产视角看价格支撑 20250410 煤炭"反内卷"专题研究二：不一样的煤炭，中期行业拐点已现 报告日期：20250730 导读： 通过对比煤炭行业当前与其他周期性行业（如多晶硅、玻璃）在供给组成上的深层次差异，我们认为煤炭 ...

Group 1: Hong Kong Stock Market Outlook - The Hong Kong stock market is expected to continue its bull run in the second half of the year, outperforming the A-share market due to a more significant overall increase since the beginning of the year [2] - The current market conditions are reminiscent of the 2012-2014 period, with Hong Kong stocks benefiting from the scarcity of certain assets and alignment with industry development trends [2][3] - The influx of capital from mainland investors is likely to support the upward momentum of Hong Kong stocks, particularly in technology and consumer sectors [2] Group 2: Technology Sector and AI - The acceleration of AI technology, particularly with the introduction of cost-effective and high-performance models like Deepseek-R1, is expected to drive commercialization in the sector [3] - Hong Kong's technology leaders are well-positioned across the entire AI value chain, which includes model development, commercial applications, and terminal ecosystems, benefiting from the AI industry transformation [3] - The easing of U.S. export controls on technology products to China may lead to increased capital investments in AI infrastructure by Hong Kong internet giants, further enhancing the growth prospects of the sector [3] Group 3: Military and Defense Industry - The ongoing geopolitical tensions are expected to drive long-term growth in the military and defense sector, with increased defense spending being a necessary option for national security [6] - Recent performance data shows that the defense and military index outperformed the broader market, indicating strong investor interest in this sector [6] - The U.S. and NATO are developing new mechanisms to provide military support to Ukraine, which may further stimulate the defense industry [8] Group 4: Cosmetics Industry - The cosmetics market is projected to grow to 688.6 billion yuan by 2024, with a compound annual growth rate (CAGR) of 7.2% from 2024 to 2029 [12] - The anti-wrinkle and firming skincare segment is expected to reach a market size of 119.8 billion yuan by 2024, with a CAGR of 18.9% during the same period [12] - The facial essence oil market is anticipated to grow significantly, with a CAGR of 42.8% from 2019 to 2024, indicating strong consumer acceptance of the "oil-based skincare" approach pioneered by brands like Lin Qingxuan [12]

国泰海通证券 GUOTALHAITONG SECURITIES 研究所 造纸轻工研究分析 造纸鞋工研究分析 日科佳 造纸轻工研究分析师 使用 组织 研究首席分 te 电话 NE t 5 刘佳昆团队 海道 11 = E 3 4月10日 对话越南第 期: 越南视角下的对等关税 | 7月10日 对话越南第二期:关税近况解读 | | | --- | --- | | 8月5日 英美烟草(BTI.N,英语) 密码:57901228 | | | 8月19日 日本市场分析师(中文) 密码:待更新 | | | 8月25日 日本烟草(2914.T,日语) 密码:75853808 | | | 8月25日 三丽鸥(8136.T,日语) | 密码:36633436 | | 8 月 28 日 越南市场分析师(中文) 密码:待更新 | | | 9月3日 依视路陆逊梯卡(EL.PA,英语)密码:66844827 | | | 科乐美(9766.T,日语) 9月8日 密码:76998745 | | * 本资料不构成任何投资建议,所载内容仅供国泰海通证券客户中的专业投资者参考,本公司不因 接收人收到本资料而视为客户,具体分析内容(包括风险提示等) ...

Group 1: Macro Strategy and Global Capital Investment - The article discusses the extension of the tariff exemption period for Sino-U.S. trade talks by 90 days, indicating a phase of stabilization in Sino-U.S. economic relations [3] - The U.S. has initiated a new differentiated tariff structure, with a unified 40% tax rate on transshipment trade, impacting countries like Vietnam, the UK, and Indonesia [3] Group 2: Domestic Economy and Industrial Policy - The Political Bureau meeting emphasized a "seeking progress while maintaining stability" approach, focusing on promoting consumption, addressing internal competition, upgrading industries, and preventing risks [4] - Key meetings held include discussions on market regulation development and industrial and information technology planning for 2025, highlighting the government's commitment to economic recovery and reform [4] Group 3: Capital Market - Positive signals from policy levels aim to consolidate the recovery of the capital market, with a focus on enhancing its attractiveness and inclusiveness [5] - The People's Bank of China is set to prevent and mitigate financial risks in key areas, establishing a macro-prudential and financial stability committee [5] Group 4: Global Geopolitical and Economic Tracking - The article notes various tariff increases announced by the U.S. on imports from India, Brazil, and copper products, reflecting ongoing trade tensions [6] - The U.S. Federal Reserve maintained the federal funds rate target range at 4.25% to 4.50%, with July non-farm payrolls showing an increase of 73,000, below market expectations [6] Group 5: Future Important Events Outlook - Upcoming events include the 2025 World Robot Expo in Beijing and the first comprehensive competition for humanoid robots, indicating a focus on technological advancements [7] - The implementation of cross-border asset management pilot business guidelines in Hainan Free Trade Port is set to take effect [7]

Core Viewpoint - The domestic economy showed strong resilience in the second quarter, and with the central government's ongoing "anti-involution" policy, the A-share market continued its upward trend in July, suggesting a shift towards growth-oriented fund allocation while emphasizing the importance of stock selection and risk control by fund managers [1][2]. Fund Investment Strategy - **Equity Mixed Funds**: In July, the manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from the previous month, aligning with seasonal trends. The long-standing economic transformation pains and high risk-free returns have hindered stock market performance and investor sentiment. Despite these challenges, stock prices reflect investor expectations for the future, and there is potential for new highs in stock indices. It is recommended to increase Chinese equity positions during market pullbacks, focusing on technology growth, cyclical consumption recovery, and high-dividend sectors [2]. - **Bond Funds**: With narrowing trend trading opportunities, there is a need to focus on trading opportunities in the bond market. This includes short-term adjustments driven by market sentiment and structural strategies involving 30-year and 10-year government bonds to enhance portfolio returns. As the equity market recovers, fixed income plus funds also hold certain allocation value [3]. - **QDII and Commodity Funds**: Looking ahead, global central bank gold purchases indicate a long-term trend reflecting changes in the global monetary system. The rise of trade protectionism and global economic restructuring will increase economic differentiation, supporting demand for gold. The current gold bull market is characterized by different driving factors and pricing frameworks, suggesting a potentially long cycle. Therefore, it is advisable to consider allocating to gold ETFs for long-term and hedging investments [3].

Core Viewpoint - The article discusses a series of research seminars held by Guotai Junan Securities across three cities, focusing on various sectors including construction materials, real estate, steel, coal, and chemicals, aiming to provide insights into investment opportunities and industry trends [3][6][7]. Group 1: Seminar Topics - The seminar in Beijing covered topics such as the consumption of construction materials, property reports and investment logic, and the cyclical patterns in the construction industry [6]. - The sessions included discussions on the steel industry, coal sector analysis over the past 30 years, and the evaluation of energy metals [6][7]. - In addition, the seminars addressed the current state and future trends of chemical new materials and the classification of electricity pricing [7]. Group 2: Industry Insights - The construction materials segment focused on the historical and current perspectives of glass and fiberglass [7]. - The transportation sector examined the impact of internal competition on airlines and express delivery services [7]. - The seminars also explored the potential resurgence of financial copper and the implications for the non-ferrous metals market [7].