瑞幸咖啡（LKNCY，买入）：FY25Q2 业绩略超市场预期，同店销售实现进一步恢复增 长 Robinhood Markets（HOOD，持有）：技术驱动盈利爆发，三大增长飞轮重构估值逻辑 新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4831 期 2025 年 8 月 6 日 星期三 研究观点 【公司研究】 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 瑞幸咖啡 | LKNCY | 买入 买入 45.30 | | 39.00 | 16% | 1.854 | 1.610 | 15% | 2.431 | 1.976 | 23% | | Robinhood | HOOD | 持有 买入 110.00 | | ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4829 期 2025 年 8 月 4 日 星期一 【公司评论】 美高梅中国控股有限公司（2282，未评级）：第二季度业绩表现亮眼，市场份额达 16.6% 红迪网（RDDT，未评级）：2025 财年第二财季财报摘要 【行业评论】 科技行业周报：算力景气持续下的产业链机会 首次评级 研究观点 【公司研究】 浪潮数字企业 (596，买入）：国产信创之风吹动浪潮，云服务实现快速增长 | 公司 | 代码 | 评级 | 现价 | 目标价 | 上涨空间 | 25EPS | 26EPS | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （港元） （港元） | | (%) | （元） | （元） | | 浪潮数字企业 | 596 | 买入 | 10.48 | 14.3 | 36.5% | 0.11 | 0.14 | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@fir ...

行业评论 第一上海研究部 research@firstshanghai.com.hk 2025 年 8 月 4 日 星期一 【行业评论】 科技行业周报：算力景气持续下的产业链机会 +852-2532 1954 我们继续强烈看好 AI 应用驱动的算力需求持续高增长，海内外 AI 应用进入普及的 拐点时刻，国内外算力产业链共振。国产算力产业链在沉寂数月后重新赢得市场关 注。我们认为国内算力紧平衡的状态将持续，国产算力的卡脖子环节如先进制程产 能、先进封装产能、大模型适配、HBM 供给等，随着时间推移均将被逐步攻克，产 业链好消息预计将持续不断催化市场，看好下半年乃至明年国产算力的投资机会。 国内外算力产业链共振机会： 海外算力产业链，我们建议关注高端 PCB、光模块、服务器 ODM 等细分行业。我们 认为相关行业景气度将高企，供需情况紧平衡状况有望持续，行业盈利能力具有持 续性，市场的关注点将逐步移至上游。根据我们的产业调研，AI 服务器使用的 PCB 上游的玻纤布和 M8 CCL 材料供应紧缺将持续，行业价格和利润率水平有望继续上 升。相关上游产品如 M8/M9 材料，PTFE 板，高端玻纤布等供应商值得关注。 ...

公司评论 第一上海研究部 research@firstshanghai.com.hk 2025 年 8 月 1 日 星期五 【公司评论】 Super X AI Technology（SUPX.US，未评级）：人工智能基础设施解决方 案的领先提供者，将于日本开启新征程 Mianlu.zhao@firstshanghai.com.h 公司要点： Super X AI Technology 是一家总部位于新加坡的高科技企业，专注于人工智能 （AI）基础设施解决方案。公司通过全资子公司 SuperX Industries Pte. Ltd.和 SuperX AI Pte. Ltd.，提供高性能 AI 服务器、高压直流（HVDC）系统、高密度液 冷解决方案及端到端服务。2025 年 6 月，公司从 Junee Limited 更名为 SuperX， 转型为一体化 AI 基础设施解决方案提供商，致力于满足全球 AI 计算需求的快速 增长。 公司优势： SuperX 的核心市场地位: 美元市值 5.12 亿美元 已发行股本 2,216.99 万股 52 周高/低 29.64 元/2.75 元 每股净现值 0.5367 美元 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4828 期 2025 年 8 月 1 日 星期五 研究观点 【公司研究】 Meta Platforms（META，买入）：AI 助力广告业务大超预期，WhatsApp 及 Threads 将货币化 【公司评论】 Super X AI Technology（SUPX.US，未评级）：人工智能基础设施解决方案的领先提 供者，将于日本开启新征程 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | Meta（美元） | META | 买入 买入 880.00 | 740.00 | 19% | 28.000 | 25.200 | 11% | 29.800 | 28.200 | 6% | 第一 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4827 期 2025 年 7 月 31 日 星期四 研究观点 【公司评论】 Deckers Outdoor Corp.（DECK，未评级）：2026Q1 业绩超预期，HOKA、UGG 主导增长 FIGMA(FIG,未评级)：Figma IPO 前瞻 【行业评论】 互联网行业周报 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 第一上海证券有限公司 www.mystockhk.com 第一上海 新力量 New Force 【公司评论】 唐伊莲 852-25321539 alice.tang@firstshanghai.com.hk Deckers Outdoor Corp.（DECK，未评级）：2026Q1 业绩超预期，HOKA、UGG 主导增长 patrickwong@firstshanghai.com.h 当前收入增长快于门店扩张，全球各大渠 ...

Investment Rating - The report maintains a "Buy" rating for Google with a target price of $250, representing a potential upside of 28% from the current stock price of $196 [2][37]. Core Insights - Google's Q2 2025 performance exceeded expectations, driven by strong demand for core products, particularly in cloud services and AI solutions, leading to a significant increase in revenue and profit [3][9][37]. - The company is experiencing robust growth in its advertising and cloud business, with AI-related products enhancing user engagement and click-through rates [37]. Financial Performance Summary - Total revenue for Q2 2025 reached $96.43 billion, reflecting a year-over-year increase of 13.8% and a quarter-over-quarter increase of 6.9% [9][11]. - Net profit for the same period grew by 19.4% to $28.2 billion, with earnings per share increasing by 22% to $2.31 [11][37]. - Google's cloud revenue was $13.62 billion, showing a year-over-year growth of 31.6%, significantly outpacing overall business growth [9][18]. Revenue Breakdown - Google Services revenue was $82.54 billion, up 11.7% year-over-year, with strong contributions from search and YouTube advertising [9][16]. - YouTube ad revenue reached $9.8 billion, growing 13.1% year-over-year, driven by direct response and brand advertising [16][17]. - Subscription, platform, and device revenue totaled $11.2 billion, marking a 20.3% increase year-over-year, primarily from YouTube subscriptions [17]. Cost and Capital Expenditure - Total costs and expenses for Q2 2025 were $65.16 billion, with operating costs increasing by 9.9% year-over-year [10][11]. - Capital expenditures for the quarter were $22.4 billion, with the annual budget raised to $85 billion to support cloud and AI infrastructure [31][37]. Business Outlook - The overall business momentum is expected to remain strong, although Google Services revenue growth may be impacted by high comparatives from the previous year [33]. - The company plans to continue investing in AI and cloud infrastructure, with a focus on enhancing operational efficiency to mitigate rising costs [33][37].

Group 1: Alphabet (GOOGL) Performance Overview - Alphabet's Q2 2025 revenue reached $96.43 billion, a year-over-year increase of 13.8% and a quarter-over-quarter increase of 6.9%[7] - Operating profit grew to $31.27 billion, with an operating margin of 32.4%, exceeding market expectations[7] - Net profit increased by 19.4% to $28.2 billion, with earnings per share (EPS) rising by 22% to $2.31[7] Group 2: Revenue Breakdown - Google Services revenue was $82.54 billion, up 11.7% year-over-year, while Google Cloud revenue surged 31.6% to $13.62 billion[7] - YouTube ad revenue reached $9.8 billion, reflecting a 13.1% increase, driven by direct response advertising[8] - Subscription and platform revenue grew by 20.3% to $11.2 billion, primarily from YouTube subscriptions[8] Group 3: Future Outlook and Investment - Alphabet plans to increase its capital expenditure from $75 billion to $85 billion, focusing on AI and cloud infrastructure[7] - The company maintains a target price of $250, with a buy rating based on strong growth prospects in AI-driven advertising and cloud services[9] - Risks include potential economic slowdown in the U.S. and challenges in AI commercialization and cloud growth[10]

Company Overview - Ping An Insurance is the first joint-stock insurance company in China, providing comprehensive financial and healthcare services[6] - The company has maintained a dividend growth for 13 consecutive years, indicating strong long-term profitability and shareholder returns[6] Financial Performance - In 2023, the operating profit attributable to shareholders decreased by 19.7%, but is expected to recover by 9.1% in 2024[7] - New business value for life and health insurance reached CNY 40.024 billion in 2024, a year-on-year increase of 28.8%[7] - Net profit from property insurance in 2024 was CNY 15.021 billion, up 67.7% year-on-year[7] Investment Strategy - The company is diversifying its investment strategy, increasing stock investments from 5.3% to 7.6% in 2024, while reducing real estate investments to 3.5%[7] - Ping An Bank's asset quality remains stable, with sufficient risk compensation despite short-term profit pressures[7] Technology and Healthcare Integration - Ping An has filed 55,000 patents, ranking among the top international financial institutions, and is focusing on internal ecosystem collaboration[8] - The healthcare service business has significantly impacted customer retention and differentiation, contributing 70% to the new business value of life insurance[8] Market Outlook - The target price for Ping An is set at HKD 90, representing a potential upside of 65.14% from the current price of HKD 54.5[5][12] - Revenue projections for 2025-2027 are CNY 1,106.70 billion, CNY 1,154.30 billion, and CNY 1,211.20 billion respectively, with net profits of CNY 111.93 billion, CNY 123.33 billion, and CNY 126.32 billion[10][13]

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory in the industry [2]. Core Insights - The computing power industry is experiencing a resurgence in interest, particularly in the domestic market, as the supply chain begins to address critical bottlenecks such as advanced process capacity and supply of high-bandwidth memory (HBM) [2][3]. - The report highlights the ongoing tight balance in domestic computing power supply, with expectations that key challenges will gradually be overcome, leading to continuous positive news for the industry [2]. - The report suggests that the second half of the year and into next year will present significant investment opportunities in domestic computing power [2]. Summary by Sections Domestic Developments - Domestic AI applications are launching new products, with notable advancements such as Alibaba's Tongyi Qianwen 3 achieving significant breakthroughs in programming capabilities, comparable to top-tier closed-source models [3]. - Tencent's CodeBuddy IDE is set to enhance software development efficiency by allowing users to create applications through natural language dialogue, eliminating the need for coding knowledge [3]. Overseas Developments - The report recommends focusing on high-end PCB, optical modules, and server ODM sectors within the overseas computing power supply chain, anticipating sustained high demand and profitability [3]. - The supply of key materials for AI servers, such as fiberglass cloth and M8 CCL materials, is expected to remain tight, leading to potential price and profit margin increases [3]. Investment Recommendations - Key domestic computing power hardware companies, such as Cambricon and SMIC, are highlighted as potential investment opportunities [4]. - The report also suggests monitoring traditional analog chips, which are benefiting from domestic substitution and local demand, with wafer fab utilization rates remaining high and terminal prices increasing by 10-20% [6]. - The report identifies potential investment opportunities in the Apple supply chain, particularly with the upcoming iPhone 17 and 18 models, which may lead to upward revisions in market expectations [9].