Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 16.3 to 17.0 billion yuan in the first half of 2025, representing a year-on-year increase of 12.6% to 17.4% [5] - The company anticipates a significant increase in net profit in the second quarter of 2025, with estimates ranging from 8.3 to 9.0 billion yuan, reflecting a year-on-year growth of 12.5% to 22.0% [5] - The strong performance in the Yiwu import and export market, with a total import and export value of 327.13 billion yuan from January to May 2025, shows a year-on-year growth of 23.7% [5] - The company's payment platform, Yi Payment, has seen a substantial increase in cross-border collection amounts, exceeding 2.5 billion USD, which is a year-on-year growth of over 47% [5] - The global digital trade center's market segment has exceeded the company's expectations in terms of招商 (招商 means "investment attraction"), with the first batch of 389 fashion jewelry industry shops fully completed [5] - The company maintains a strong strategic position as a non-US export hub, with profit forecasts for 2025-2027 set at 42.3 billion, 57.1 billion, and 68.3 billion yuan respectively, indicating year-on-year growth rates of 38%, 35%, and 19% [5] Financial Summary - Total revenue for 2023 is projected at 11.3 billion yuan, with a year-on-year growth of 48.3% [1] - The diluted earnings per share (EPS) for 2025 is estimated to be 0.77 yuan, with a price-to-earnings (P/E) ratio of 26.80 based on the latest diluted figures [1] - The company's total assets are expected to reach 43.34 billion yuan by 2025, with a debt-to-asset ratio of 48.56% [6]

证券研究报告·金融工程·金工定期报告 金工定期报告 20250701 预期高股息组合跟踪-20250630 2025 年 07 月 01 日 [Table_Tag] [Table_Summary] 投资要点 ◼ 红利择时框架 2025 年 7 月观点：不再看多红利。 ◼ 2025 年 7 月组合最新持仓明细： | 序号 | 股票代码 | 股票简称 | 申万一级行业 | 建仓日期 | 权重 | | --- | --- | --- | --- | --- | --- | | 1 | 601668.SH | 中国建筑 | 建筑装饰 | 2025/7/1 | 3.33% | | 2 | 603833.SH | 欧派家居 | 轻工制造 | 2025/7/1 | 3.33% | | 3 | 601838.SH | 成都银行 | 银行 | 2025/7/1 | 3.33% | | 4 | 000651.SZ | 格力电器 | 家用电器 | 2025/7/1 | 3.33% | | 5 | 601328.SH | 交通银行 | 银行 | 2025/7/1 | 3.33% | | 6 | 000157.SZ | 中联重科 | ...

Group 1 - The report indicates that the influx of funds into Hong Kong since May has not significantly boosted the stock market, as these funds have primarily flowed into deposits, bond trading, and other areas rather than equities, leading to a negative sentiment shift [1][2] - Investors who previously sold stocks are now considering re-entering the market, believing that a significant downturn in Hong Kong stocks is unlikely, which could create new incremental capital [2][3] - The report suggests that returning investors are likely to favor undervalued stocks rather than high-flying thematic stocks, focusing on those with lower price-to-earnings ratios [2] Group 2 - The report lists a selection of recommended stocks, including Tencent Holdings (market cap: 470.47 billion, 2025 EPS: 22.9), Xiaomi Group (market cap: 152.97 billion, 2025 EPS: 1.5), and others across various sectors [3][8] - Tencent Holdings is highlighted for its strong competitive position in gaming and advertising, with expected EPS growth driven by AI integration and a robust ecosystem [11][12] - Xiaomi Group is noted for its innovative automotive segment and strong performance in the smartphone market, with a focus on high-margin products and AI applications [19][20] - Sunny Optical Technology is recognized for its growth in the automotive sector and advancements in optical technology for smartphones, projecting significant revenue increases [27][28] - Anta Sports is expected to benefit from strong brand performance and strategic acquisitions, enhancing its market position [33][34] - Greentown Service is identified as a quality property management company with strong growth potential and high dividend yields [39][40] - Yuehai Investment is focusing on core water supply operations, with expectations for stable cash flow and high dividends following the divestment of non-core assets [44][45] - Jiufang Zhitu Holdings is positioned for growth in the online investment space, leveraging technology to enhance its service offerings [49][50] - Dashih Holdings is expanding its store network significantly, with a focus on delivery services and menu optimization [56][57] - Far East Pharmaceutical is projected to see rapid growth in its nuclear medicine segment, with several innovative products in the pipeline [62][63] - Haitian International is expected to benefit from domestic upgrades and international expansion, with a focus on high-end markets [68][69] Group 3 - Financial data for the recommended stocks shows projected revenues and net profits for 2025, with Tencent Holdings expected to generate 716.55 billion in revenue and 210.26 billion in net profit [75] - Xiaomi Group is projected to achieve 491.83 billion in revenue and 39.60 billion in net profit for 2025 [75] - Sunny Optical Technology is expected to generate 42.68 billion in revenue and 3.32 billion in net profit in 2025 [75] - Anta Sports is projected to achieve 78.17 billion in revenue and 13.23 billion in net profit for 2025 [75] - Greentown Service is expected to generate 19.98 billion in revenue and 898 million in net profit in 2025 [75] - Yuehai Investment is projected to achieve 18.54 billion in revenue and 4.27 billion in net profit for 2025 [75] - Jiufang Zhitu Holdings is expected to generate 3.58 billion in revenue and 1.29 billion in net profit in 2025 [75] - Dashih Holdings is projected to achieve 5.37 billion in revenue and 129 million in net profit for 2025 [75] - Far East Pharmaceutical is expected to generate 12.20 billion in revenue and 2.08 billion in net profit in 2025 [75] - Haitian International is projected to achieve 18.25 billion in revenue and 3.52 billion in net profit for 2025 [75]

证券研究报告·策略报告·策略点评 策略点评 20250701 布局未来产业：重视脑机接口蓝海机遇—— 主题掘金（250701） [Table_Summary] ◼ 脑机接口领域加速发展 脑机接口是指在生物脑与智能机器之间建立信息交流的直接通道，根据技 术路径可以分为输出式和输入式两大类。输出式设备解读脑部信号、控制 外部设备，而输入式主要是将信息编码输入大脑。按脑信号采集方向分类 可分为侵入式、半侵入式及非侵入式。 脑机领域全球市场规模持续增长，国内市场重要性显著提升。根据《脑机 接口技术发展现状及未来展望》，到 2030 年全球脑机接口市场规模将达到 约 70 亿美元，2025-2030 年 CAGR 达到 16.4%，近两年脑机领域投融资也 有明显增加。国内脑机市场规模占比近年来持续提升，2023 年国内脑机市 场规模达到 17.3 亿元，占全球市场比重较 2020 年提升超 5pct。 国内非侵入式路线领先，同时侵入式技术近期实现临床试验突破。技术路 线上，侵入式涉及到芯片轻量化、柔性电极人脑适配等多项难题壁垒整体 较高，而非侵入式赛道比较分散，核心是如何以脑机技术赋能垂直领域实 现商业化。欧美主要采取 ...

基于技术指标的指数仓位调整月报 202507 2025 年 07 月 01 日 [Table_Tag] [Table_Summary] 模型概要 证券研究报告·金融工程·金工定期报告 金工定期报告 20250701 ◼ 最新宽基指数仓位： 沪深 300：20 指标发出看多信号，3 指标发出减仓信号；最优单指标发出 维持信号；滚动追涨、滚动稳健策略均发出看多信号。 中证 500：18 指标发出看多信号，5 指标发出减仓信号；最优单指标发出 看多信号；滚动追涨、滚动稳健策略均发出维持信号。 中证 1000：17 指标发出看多信号，7 指标发出减仓信号；最优单指标发出 看多信号；滚动追涨、滚动稳健策略均发出维持信号。 2025-06-03 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《基于技术指标的指数仓位调整月报 202506》 ◼ 风险提示：模型所有统计结果均基于历史数据，未来市场可能发生重大 变化；单因子的收益可能存在较大波 ...

证券研究报告·金融工程·金工定期报告 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 金工定期报告 20250701 从微观出发的五维行业轮动月度跟踪 202507 2025 年 07 月 01 日 《从微观出发的五维行业轮动 月度跟踪 202506》 2025-06-03 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 模型多空对冲绩效：以 2015/01/01-2025/06/30 为回测区间，五维行业轮 动模型在申万一级行业中，六分组多空对冲的年化收益率为 21.59%，年 化波动率为 10.77%，信息比率为 2.00，月度胜率为 73.33%，历史最大 回撤为 13.30%；多头对冲全市场行业等权组合的年化收益率为 10.52%， 年化波动率为 6.59%，信息比率为 1.60，月度胜率 70.83%，历史最大回 撤为 9.36%。 ◼ ...

- Model Name: Style Rotation Model; Model Construction Idea: The model is built from basic style factors such as valuation, market capitalization, volatility, and momentum, gradually constructing a style timing and scoring system[1][6] - Model Construction Process: 1. Construct 640 micro features based on 80 underlying micro indicators[1][6] 2. Use common indices as style stock pools instead of absolute proportion division of style factors to construct new style returns as labels[1][6] 3. Use a rolling training random forest model to avoid overfitting risks, select features, and obtain style recommendations[1][6] 4. Construct a style rotation framework from style timing to style scoring and from style scoring to actual investment[1][6] - Model Evaluation: The model effectively avoids overfitting risks and provides a comprehensive framework for style rotation from timing to scoring and actual investment[1][6] Model Backtest Results - Style Rotation Model, Annualized Return: 21.63%, Annualized Volatility: 24.09%, IR: 0.90, Monthly Win Rate: 59.12%, Maximum Drawdown: 28.33%[7][8] - Market Benchmark, Annualized Return: 7.21%, Annualized Volatility: 21.56%, IR: 0.33, Monthly Win Rate: 56.20%, Maximum Drawdown: 43.34%[8] - Excess Return, Annualized Return: 13.35%, Annualized Volatility: 11.43%, IR: 1.17, Monthly Win Rate: 66.42%, Maximum Drawdown: 10.28%[7][8] Monthly Performance - June 2025, Style Rotation Model Return: 1.28%, Excess Return: -2.51%[13] - July 2025, Latest Style Timing Directions: Low Valuation, Small Market Cap, Reversal, Low Volatility[13] - July 2025, Latest Holding Index: CSI Dividend Index[13]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8][66]. Core Viewpoints - The company is a leader in industrial software and AI, focusing on digital transformation for industrial enterprises through its proprietary software and AI agent products [8][13]. - The company has seen rapid growth in its self-developed products, with revenue from its proprietary software increasing from 205 million yuan in 2022 to 458 million yuan in 2024, achieving a doubling in revenue [8][53]. - The company has successfully signed two major contracts worth over 100 million yuan each in 2024, marking significant breakthroughs in its AI business [8][62]. Summary by Sections 1. Company Overview - Established in December 2006 and listed in October 2016, the company serves over 3,000 clients in high-end equipment manufacturing, automotive, high-tech electronics, and general machinery [8][13]. 2. Product and Service Growth - The company has developed a series of proprietary industrial software products, known as the "Le Series," which includes 12 industry packages and 156 industrial components, enhancing its coverage across various manufacturing processes [8][50]. - The AI product line, "Ling Series," has been integrated into various applications, including robotics training, automotive design optimization, and AI quality inspection for high-end equipment [8][58]. 3. Financial Performance - The company forecasts revenue growth from 1.51 billion yuan in 2024 to 2.57 billion yuan in 2027, with corresponding growth rates of 21%, 20%, and 17% [8][65]. - The projected net profit for the company is expected to rise from 191.73 million yuan in 2024 to 393.72 million yuan in 2027, with growth rates of 32%, 25%, and 24% respectively [8][66]. 4. Market Trends - The industrial software market in China is projected to grow significantly, with the market size expected to reach 531.2 billion yuan by 2027, driven by strong demand for digitalization and smart manufacturing [8][45]. - The global industrial AI software market is also expected to expand rapidly, with a projected compound annual growth rate of 35.97% from 2025 to 2030 [8][57].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-01 [Table_MacroStrategy] 宏观量化经济指数周报 20250630：内需延续结构分化，外需保持总量平 稳 货币政策对"资金空转"的关注度依然较高，仍然偏重提高资金使用效率 海外周报 20250629：特朗普《大美丽法案》开始闯关参议院 核心观点：本周以伊冲突与贸易谈判局势缓和令美股大涨，美联储理事 Waller 与 Bowman 的鸽派发言与经济数据走弱令美债利率大幅走低，10 年期美债利率下至 4.277%，美元指数下行至 97.4；黄金与原油价格在避 险情绪大幅降温的情况下分别下跌 2.79%和 12.56%。在美国部分批发商 "抢进口"行为告一段落后，本月分析师大幅上修 Q2 美国 GDP 增速预 期，同时维持美联储 Q3 首次降息，全年降息 2 次的预期不变。向前看， 特朗普《大美丽法案》本周已于参议院进入最终审议阶段，在于 8 月中 下旬来临的 X Date 前提高债务上限的需要或令法案最终通过的 "Deadline"为 7 月 31 日。 风险提示：特朗普政策超预期；美联储降息 幅度过大引发通胀反弹甚至失控；美 ...

Investment Rating - The report recommends a focus on solid-state battery equipment suppliers, particularly leading companies such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment suppliers like HangKe Technology [2]. Core Viewpoints - Solid-state batteries possess high energy density and safety, with broad future application scenarios. The transition from liquid to solid-state batteries is expected to enhance energy density significantly, with solid-state batteries projected to achieve energy densities exceeding 500 Wh/kg by 2030 [2][11]. - The dry process for all-solid-state batteries opens new demand for equipment, with significant changes in the production process across all stages, including the elimination of solvents and the introduction of new assembly techniques [2][10]. - Domestic key equipment companies are making strides in solid-state battery production, with several firms already achieving pilot production lines and partnerships for research and development [2][12]. Summary by Sections 1. High Energy Density and Safety of Solid-State Batteries - Solid-state batteries utilize solid electrolytes, offering advantages in energy density and safety compared to traditional liquid batteries. They can achieve energy densities of 300-500 Wh/kg, significantly higher than liquid batteries [11][12]. - The solid-state design eliminates risks associated with liquid electrolyte leakage and enhances thermal stability, making them suitable for various applications, including consumer electronics and electric vehicles [11][12]. 2. Dry Process as the Mainline for All-Solid-State Batteries - The dry process introduces new production techniques that enhance efficiency and reduce costs. Key changes include the elimination of solvent use and the introduction of new assembly methods that improve the overall production process [2][10]. 3. Key Domestic Equipment Companies - Notable companies in the solid-state battery equipment sector include: - XianDao Intelligent: First to achieve full-line equipment for solid-state batteries. - LianYing Laser: Leading in laser welding equipment, expected to benefit from increased demand in solid-state battery assembly [2][12]. 4. Investment Recommendations - The report emphasizes investment in solid-state battery equipment suppliers, particularly those involved in full-line production and advanced technologies, as they are positioned to benefit from the industry's growth [2][12]. 5. Policy Support for Solid-State Battery Development - The Chinese government is actively promoting the development of solid-state batteries through various initiatives, aiming for significant advancements in production capabilities by 2027 [2][39][45].