Investment Rating - The report assigns a rating of "Outperform" with a target price of 54.74 CNY for the company [1][5][15]. Core Insights - The company is positioned as a leader in data intelligence, implementing two main strategies: "Data Element ×" and "Artificial Intelligence +" to leverage high industry growth and return to a rapid growth trajectory [1][5][22]. - The data analysis industry is expected to maintain a compound annual growth rate (CAGR) of over 15% until 2029, driven by government policies and market demand [9][10]. - The company has made significant investments in AI, developing an AI application platform and integrating AI with data analysis to create new growth opportunities [29][41]. Financial Summary - Revenue projections for 2025-2027 are 581 million, 747 million, and 941 million CNY, representing year-on-year growth rates of 30.8%, 28.7%, and 25.9% respectively [3][11]. - The net profit attributable to the parent company is expected to be 54 million, 81 million, and 117 million CNY for the same period, with growth rates of 201.0%, 50.9%, and 44.0% respectively [3][11]. - The company is currently experiencing a temporary decline in performance due to macroeconomic factors but has shown signs of recovery in early 2025 [23][26]. Business Overview - The company has over 15 years of experience in data analysis and is gradually expanding into AI-driven data intelligence solutions [17][18]. - It provides comprehensive data analysis services, including customized industry analysis and application solutions for leading enterprises and government agencies [17][21]. - The company aims to enhance its market position by focusing on AI and data integration, developing various AI platforms and solutions to meet diverse client needs [22][26]. AI Development - The company has launched the "Hui AI Intelligent Application Platform," which integrates various AI models to support enterprise applications [29][30]. - It has developed a digital employee solution that combines hardware and software to facilitate AI deployment in various business scenarios [41][50]. - Strategic partnerships have been established to create a unified computing power management service platform, enhancing operational efficiency and service offerings [51].

Investment Focus - Amazon (AMZN US) is highlighted for its leading position in the cloud industry with a global market share of 30%, benefiting from stable margins and growth in IaaS demand [1] - Meta (META US) shows continuous user growth and improved profitability, with expectations for AI marketing to start yielding results [1] - Alphabet (GOOGL US) is expected to improve margins due to rising IaaS cloud scale and strong self-developed capabilities in AI, although its stock price upside is limited [1] - Meituan (3690 HK) demonstrates strong cash flow and cost advantages, with a significant cash reserve of 115 billion yuan, providing a buffer against competition [1] - Broadcom (AVGO US) is expected to see significant revenue growth from ASIC chips, with projected revenue exceeding $20.5 billion by 2026 [1] - NVIDIA (NVDA US) benefits from improving macro conditions and stable capex expectations, with successful product launches anticipated [1] - Samsung (005930 KS) is positioned well with low valuations and upcoming product releases in the AI sector [1] - Lenovo (992 HK) is expected to achieve record revenue driven by AI server business growth [1] - TSM (2330 TT) maintains high utilization rates in advanced processes, with promising profitability outlooks [1] - MediaTek (2454 TT) is collaborating with Nvidia to enhance its product offerings, with significant revenue growth expected from AI ASICs [1] Internet Sector - Tencent (700 HK) is expected to benefit significantly from AI advancements, with revised revenue and profit forecasts for 2025 [2] - NetEase (NTES US) is seeing growth driven by its online gaming segment, with potential for profits to exceed expectations [2] - New Oriental (EDU US) has a diverse revenue stream and a strong offline presence, with a projected 20% CAGR in profits over the next three years [2] - Futu (FUTU US) anticipates a 11% CAGR in AUM from 2025 to 2027, supported by its low commission model and quality customer service [2] Pharmaceutical Sector - Hansoh Pharmaceutical (3692 HK) is expected to see innovative drug revenue exceed 10 billion yuan by 2025, with a strong pipeline in oncology and other therapeutic areas [3] - WuXi AppTec (603259 CH) is positioned for growth driven by its dual focus on oncology and chronic disease, with strong data from its IBI363 product [3] - Innovent Biologics (1801 HK) is expanding its product portfolio with multiple approvals expected, contributing to significant revenue growth [3] - Zai Lab (9688 HK) is focusing on commercializing its innovative drugs, with a projected revenue of 6 billion yuan in 2025 [3] Consumer Sector - Master Kong (322 HK) is expected to benefit from seasonal demand in beverages, with attractive dividend yields [4] - Budweiser APAC (1876 HK) faces challenges due to management instability and low beer consumption [4] - Midea Group (000333 CH) is benefiting from domestic policy support and strong export performance, with a focus on high dividend yields [4] New Energy Vehicles - Li Auto (2015 HK) is leading in smart driving technology, with strong sales performance and new model releases expected [4] - Tesla (TSLA US) is positioned for growth with advancements in autonomous driving technology and strong demand for its vehicles [4] - Geely (175 HK) is expected to launch multiple key models in 2025, enhancing its competitive position in the market [4] Industrial and Energy Sector - GE Vernova (GEV US) is expected to benefit from infrastructure spending in the US, with strong demand for electrical and intelligent equipment [5] - Siemens Energy (ENR GR) is poised for growth as the construction cycle improves in Europe and North America [5] - Cameco (CCJ US) is seeing increased demand for uranium as global clean energy needs rise [5]

美国：居民消费支出走弱 [Table_Authors] 贺媛(分析师) ——海外经济政策跟踪 本报告导读： 本周全球大类资产中大宗商品价格大多下跌，主要经济体股市普遍上涨。美国 5 月 居民消费支出边际走弱，核心 PCE 有所抬升，通胀预期回落，美联储后续降息节奏 仍需观望。 投资要点： 登记编号 S0880525040129 观 研 究 宏观研究/[Table_Date] 2025.06.30 021-38676666 宏 观 周 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 宏观周报 梁中华(分析师) 021-38676666 登记编号 S0880525040019 2025-06-30 [Table_Summary] 全球大类资产表现。本周（2025.6.20-2025.6.27），大宗商品价格大 多下跌。其中，IPE 布油期货下跌 12.9%，标普-高盛商品指数下跌 6.0%，伦敦金现下跌 2.8%，COMEX 铜上涨 3.0%。主要经济体股市 普遍上涨，其中日经 225 上涨 4.6%，标普 500 上涨 3.4%，恒生指数 上涨 3.2%。债市方面，10 年期美债收益率较前一周 ...

Investment Rating - The report does not explicitly state an investment rating for Yeahka (9923 HK) Core Insights - Stablecoins are reshaping the global cross-border payment landscape with advantages such as short settlement times, low costs, and resistance to exchange rate fluctuations, making them ideal for various payment scenarios [2][10] - Yeahka has expanded internationally since 2021, obtaining payment licenses in Singapore and the U.S., and launched its cross-border payment brand YeahPay in 2023, achieving an overseas transaction volume of over 1.1 billion RMB in 2024, a nearly 5-fold year-on-year increase [11][12] - The traditional cross-border payment model incurs fees of approximately 3-8% for merchants, while third-party payment platforms like Yeahka generate revenue through diverse models including transaction fees, currency conversion fees, and interest income from deposited funds [12][10] Summary by Sections Section: Stablecoins in Cross-Border Payments - Stablecoins enable peer-to-peer real-time settlement through distributed ledger technology, reducing transaction costs and compressing settlement times to minutes compared to the traditional banking system which relies on the SWIFT network [2][10] Section: Yeahka's Overseas Expansion - Yeahka has successfully launched its cross-border payment brand YeahPay and signed a global strategic cooperation memorandum with Alipay International, marking significant growth in its overseas business [11][12] Section: Existing Payment Industry Model - The revenue model for third-party payment platforms includes transaction fees, currency conversion fees, interest income from overseas payments, and technology output, showcasing a diverse approach to profitability [12][10] Section: Future Business Models for Third-Party Payment Providers - Stablecoins present new business opportunities for acquirers, allowing them to expand into overseas markets and diversify payment scenarios, such as providing one-stop services for merchants [13][14]

Investment Rating - The report maintains a positive outlook on the AI industry and recommends an "Outperform" rating for key stocks in the computer sector, including Huada Jiutian, Dameng Data, Kingsoft Office, Newland, Tongxingbao, Saiyi Information, and Hehe Information [4][8]. Core Insights - The development of AI foundation models is progressing positively, with decreasing costs, which is expected to accelerate the adoption of AI applications across various industries [3][8]. - OpenAI's o3-pro model has been launched, showcasing superior performance and an 80% price reduction compared to its predecessor, which is anticipated to further promote AI adoption [9]. - The Doubao 1.6 model has introduced an innovative pricing structure based on input length, significantly reducing costs and enhancing its market competitiveness [10]. - Ant International plans to apply for a stablecoin license in Hong Kong, indicating a positive outlook for the stablecoin market, which may experience rapid growth with the support of major players [11]. Summary by Sections AI Model Developments - OpenAI's o3-pro model outperformed Google's Gemini 2.5 Pro and Anthropic's Claude 4 Opus in key benchmarks, with a significant price reduction that enhances its accessibility [9]. - Doubao's daily token usage surged to over 16.4 trillion, a 137-fold increase, with the new model's pricing structure reducing costs by 63% compared to previous models [10]. Market Outlook - The report emphasizes the ongoing positive cycle in AI model development, with both performance improvements and cost reductions driving the industry's growth [3][8]. - The anticipated regulatory changes in Hong Kong regarding stablecoins are expected to foster a more robust market environment, supported by major financial entities [11].

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for Huali Industrial Group [2]. Core Views - Huali Industrial Group is a leading global ODM manufacturer of athletic shoes, benefiting from a strong customer base and robust global capacity expansion, which enhances its profitability [4][11]. - The company has established stable partnerships with nine of the top ten global athletic brands, maintaining a high revenue concentration while diversifying its customer structure to mitigate risks [5][27]. - Huali's revenue is projected to grow significantly, driven by increased demand in the athletic footwear market and the company's capacity expansion [15][16]. Summary by Sections 1. Company Overview - Huali Industrial Group has been deeply engaged with high-quality customers for over 50 years, establishing itself as a leading player in the athletic shoe manufacturing sector [11]. - The company primarily serves major brands like Nike, Adidas, and Vans, with a total annual shipment of 223 million pairs, making it the second-largest manufacturer globally [4][11]. 2. Revenue and Profitability - In 2024, Huali's revenue reached RMB 24.01 billion, reflecting a year-on-year growth of 19.4%, driven by recovering global footwear demand [6][15]. - The gross profit margin for 2024 was 26.8%, outperforming competitors due to an optimized customer structure and increased high-value brand orders [6][26]. 3. Customer Structure - The top five customers contributed 79.3% of total revenue in 2024, with Nike being the largest, accounting for over 30% of shipments [5][27]. - The company is actively introducing high-growth brands to its portfolio, which is expected to reduce revenue concentration from its top customers over the next few years [27][40]. 4. Capacity Expansion - Huali's production capacity is primarily located in Vietnam, with plans to increase the number of factories from 20 in 2024 to 26 by the end of 2026 [46][48]. - The strategic location of factories in low-cost regions helps maintain competitive manufacturing costs, enhancing overall profitability [48][49]. 5. Financial Forecast - Revenue is expected to grow to RMB 26.83 billion in 2025, with a compound annual growth rate (CAGR) of approximately 12.4% from 2025 to 2027 [8][15]. - Net profit is projected to reach RMB 39.51 billion in 2025, with a CAGR of 16.2% over the same period [16][8].

Investment Rating - Target price is RMB 29.84, maintaining 'Outperform' rating [12] Core Views - The company is implementing the "300×300" strategy for its digital wind tunnel products, with a focus on AI applications and educational training solutions [12] - Revenue for 2024 is projected at RMB 356 million, down 9.99% YoY, with a net profit attributable to shareholders of RMB 8 million, down 72.73% YoY [12] - The company launched the Yuanfang-AI teaching and training platform to support AI talent development [12] Financial Summary - 2023A revenue was RMB 396 million, with a net profit of RMB 31 million [3] - 2024A revenue is expected to be RMB 356 million, with a net profit of RMB 8 million [3] - EPS for 2025-2027 is forecasted at RMB 0.43, 0.61, and 0.80 respectively [12] Product and Market Insights - Digital wind tunnel testing revenue for 2024 is expected to be RMB 175 million, up 50.50% YoY, while network range and operations revenue is projected at RMB 157 million, down 33.84% YoY [12] - The company has signed over 150 clients for its digital wind tunnel products, with an average order value exceeding RMB 1 million [12] - The network range business has seen a decline due to reduced client budgets and project delays [12]

Consumption - Marginal improvement in consumer goods, with automotive wholesale and retail sales showing seasonal recovery[6] - High-end dining and liquor, particularly Moutai, continue to decline due to policy impacts, with Moutai prices down 6.8% week-on-week[6] - Textile and apparel demand is recovering, with a second consecutive week of improvement[6] Investment - Special bond issuance accelerated, totaling CNY 2.16 trillion as of June 28, reflecting a faster pace compared to previous years[17] - New home sales in 30 cities showed seasonal recovery but were down 15.8% year-on-year, indicating a slower recovery in second and third-tier cities[17] - Construction progress in infrastructure and real estate is marginally improving, with asphalt operating rates rising[17] Trade and Export - External demand remains weak, with South Korea's exports and imports from China growing by 3.4% and 8.3% year-on-year, respectively[22] - Port data indicates a recovery in the number of ships but a slight decline in cargo tonnage, suggesting a mismatch between supply and demand[22] - The Baltic Dry Index (BDI) fell by 12.4%, indicating weakened freight rates despite restored shipping capacity[22] Production - Power generation shows seasonal coal consumption recovery, but steel and petrochemical industries are under pressure[31] - The operating rates for steel and petrochemical products continue to decline, indicating ongoing industry stress[32] Inventory - Coal inventories at ports have dropped for six consecutive weeks, reaching a yearly low, while cement inventory ratios are recovering[41] - Downstream industries are primarily focused on restocking, reflecting subdued demand[41] Prices - Consumer Price Index (CPI) and Producer Price Index (PPI) are both declining, with oil prices dropping below $70 per barrel, down 10.6% week-on-week[46] - Industrial prices are also falling, with the South China price index down 1.1%[46] Liquidity - The US dollar index fell below 98, marking its lowest level since February 2022, while the People's Bank of China injected CNY 10,672 billion to support liquidity[55] - The 10-year government bond yield rose by 0.7 basis points to 1.65%[55]

Profit Trends - In May, the profit growth rate of industrial enterprises fell to -9.1%, a decrease of 12.1 percentage points from April[3] - Cumulative profit growth from January to May was -1.1%, down from 3.2% in the previous four months[4] - The profit margin for May was 5.3%, slightly down from April, indicating a significant year-on-year decline due to high profit margins last year[5] Industry Performance - The share of profits from midstream industries dropped from 54% to 49%, reflecting weaker demand compared to upstream and downstream sectors[6] - Upstream industries faced profit declines primarily due to falling prices and volumes, while midstream sectors, particularly export-oriented ones, struggled to pass costs downstream[10] - Specific sectors like specialized equipment and electrical machinery saw profit growth rates drop by over 20 percentage points due to changing export dynamics[10] Economic Outlook - Active inventory reduction has continued for two months, with finished goods inventory growth at 3.5%[16] - Future profit recovery for enterprises will depend on the effectiveness of domestic demand policies amid ongoing external uncertainties[16] - The report anticipates that proactive policies will support domestic demand improvement, aiding in profit recovery for businesses[3]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, Haier Smart Home, and many others [1]. Core Insights - The report highlights a positive resonance between old and new consumption sectors, indicating an upward trend in the discretionary market [4][14]. - The gaming sector showed the best performance, with average daily gross gaming revenue (GGR) recovering to 686 million MOP, reaching 89% of pre-pandemic levels [5][14]. - Nike's stock surged by 18.5% due to better-than-expected Q4 FY25 results and positive future outlooks, particularly in the running segment [5][14]. - The report notes that many sectors are still undervalued compared to their historical averages, suggesting potential investment opportunities [9][17]. Weekly Performance Review - The report details the weekly performance of various sectors, with gaming, overseas sportswear, and U.S. hotels leading the gains, while luxury goods and daily necessities showed negative growth [4][11]. - Year-to-date performance highlights that gold and jewelry, domestic cosmetics, and pet sectors have outperformed the MSCI China index [11][12]. Sector Valuation Analysis - The report provides a valuation analysis indicating that most sectors are trading below their five-year average P/E ratios, with the overseas sportswear sector expected P/E at 34.4x, which is 55% of its historical average [9][17]. - The domestic sportswear sector's expected P/E is 12.6x, representing 73% of its five-year average, while the luxury goods sector is at 21.7x, 44% of its historical average [17].