Investment Rating - The report does not explicitly state an investment rating for the industry or specific company Core Insights - Huawei officially released the developer preview of HarmonyOS 6, focusing on AI capability upgrades and ecosystem expansion, with key innovations including low-latency interaction and the Harmony Multi-Agent Framework (HMAF) [13][14] - Huawei has successfully built a HarmonyOS ecosystem with over 30,000 native applications, demonstrating the viability of its technical path despite external challenges [14][15] - The new system is expected to save approximately 1.5 GB of RAM and improve overall system smoothness by 30% compared to previous versions [15][16] Summary by Sections Event Overview - On June 20, 2025, Huawei launched HarmonyOS 6 at the HDC 2025 Developer Conference, emphasizing AI upgrades and ecosystem growth, including a RMB 100 million "Harmony Starlight Program" to support developers [13][14] Technological Innovations - Huawei's competitive advantage is built on three core innovations: 1) HMAF framework enabling 8ms-level multi-agent coordination 2) Computing Routing Protocol allowing smartphones to utilize PC GPUs for 4K rendering, improving efficiency by 58% 3) DevEco CodeGenie achieving 91% code generation accuracy [15][16] Competitive Landscape - HarmonyOS 6 is reshaping the mobile operating system landscape, showing potential to challenge the Android/iOS duopoly, with a first-mover advantage in AI-native architecture [16]

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of HK$60.00 for Cirrus Aircraft (2507 HK) [2]. Core Insights - Cirrus Aircraft is recognized as a global leader in private aviation manufacturing and safety innovation, with a comprehensive product matrix covering both mid-range and high-end markets [3][4]. - The company has demonstrated strong financial growth, with revenue projected to increase from US$1.197 billion in 2024 to US$1.904 billion by 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [5][6]. - Cirrus Aircraft's innovative safety technologies, such as the whole aircraft parachute system (CAPS) and the FAA-certified Safe Return™ emergency landing system, set it apart in the industry [4][5]. Company Overview - Cirrus Aircraft, founded in 1984 and headquartered in Wisconsin, USA, has established itself as a pioneer in the private aviation sector, delivering over 10,000 SR2X series aircraft and over 600 Vision Jets by the end of 2024 [11][12]. - The company is primarily controlled by the Aviation Industry Corporation of China, which holds 84.97% of its shares [12]. Product Lines - The core product lines include the SR2X series single-engine piston aircraft and the Vision Jet, which cater to a wide range of market segments from entry-level to high-end private aviation [3][15]. - The SR22T model has maintained its position as the best-selling single-engine piston aircraft for 22 consecutive years, while the Vision Jet has been the top-selling business jet for six years [3][15]. Financial Performance - Cirrus Aircraft's revenue grew from US$587 million in 2020 to US$1.197 billion in 2024, with a net profit increase from US$36.11 million to US$121 million during the same period [5][18]. - The gross profit margin improved from 31.6% in 2020 to 34.6% in 2024, driven by product price increases and a higher proportion of high-margin products [18][24]. Market Trends - The global general aviation market is expected to experience rapid growth, driven by an increase in high-net-worth individuals, regional market expansion, and technological innovations [6][49]. - The demand for private aircraft is rising due to their advantages in mobility, privacy, safety, and flexibility, with the average price of private jets increasing due to rising material and labor costs [49][52]. Competitive Position - Cirrus Aircraft has a significant competitive advantage in the private aviation sector, with a product matrix that outperforms competitors in terms of cost-effectiveness, performance, and operational efficiency [69]. - The company achieved a market share of 23.9% in Q1 2025, with a 100% year-on-year increase in aircraft deliveries [68].

Report Industry Investment Rating No information provided in the given text. Core Views of the Report - Global infrastructure and construction equipment: In the data center field, OpenAI is re - negotiating its cooperation with Microsoft, and Altman said the partnership is still highly beneficial. In energy construction, the US has introduced new methods for managing transmission system capacity, and NERC corrected the resource adequacy assessment of the MISO region. In Europe, Finland may use data - center backup power for power system balance, and France and Spain will increase power interconnection capacity. In Asia, the State Grid and China Southern Power Grid will invest over 825 billion yuan in their power grids in 2025. Hitachi Energy will provide digital solutions for a virtual power plant in Zhejiang [1]. - Global electrical and intelligent equipment: In the US, the gas turbine price index increased year - on - year in May 2025, and the production price indices of power and special transformers also rose year - on - year. In Europe, the production price index of motors, generators, and transformers manufacturing and distribution increased year - on - year in April 2025. In Asia, South Korea's transformer exports increased year - on - year in May 2025, and China's transformer exports also had a significant year - on - year growth. In the robotics field, the US mechanical manufacturing industrial product price index increased slightly in May 2025. ABB will launch a compact mobile robot, and Mitsubishi Electric developed a compact 7GHz GaN power amplifier module [2]. - Global energy industry: In the US, the average spot price of electricity in major regions increased week - on - week, and natural gas spot and futures prices also rose. In Europe, the day - ahead trading price of the power market generally increased. As of June 25, 2025, US WTI and Brent crude oil futures prices decreased week - on - week [3]. - Global new materials: In April 2025, the global actual market price of uranium was $52.17 per pound, with a month - on - month increase of 0.7% and a year - on - year decrease of 27.2% [3]. - Global defense and aerospace: In the US, the price indices of aircraft engine and engine component manufacturing increased year - on - year in May 2025. The US government expenditure defense price index in Q1 2025 increased year - on - year [4]. Summary According to the Table of Contents 1. Global Market Review - US stock market: In recent trading days, major US stock indices showed strong upward momentum, breaking through key levels and reaching new highs. The market's risk appetite increased, and the index formed a stable support after the breakthrough [8]. - By industry: The market rally was comprehensive, with both cyclical and defensive sectors rising. Cyclical sectors such as finance, industry, and optional consumption led the rise, while defensive sectors like utilities and healthcare also had stable gains [9]. - By region: Global major capital markets showed a pattern of regional differentiation and convergence. Asian markets, including the Hang Seng Index and the Shanghai Composite Index, rebounded strongly. European major indices also rose steadily, and most major global indices closed higher at the end of the observation period [13]. 2. Global Infrastructure and Construction Equipment (1) Data Center - OpenAI and Microsoft are re - negotiating their partnership, with differences in key issues such as Microsoft's future shareholding in OpenAI. Altman also had a "productive" exchange with Trump on AI [14]. - Multiple data center construction projects are planned in the US, with a total investment of up to $21 billion in some projects [16]. (2) Energy Construction - In the US, FERC introduced a new method for managing transmission system capacity, and NERC corrected the resource adequacy assessment of the MISO region. - In Europe, Finland may use data - center backup power for power system balance, France and Spain will increase power interconnection capacity, and the EU's demand - side response can reduce system and grid investment [17][18][19]. (3) Construction Equipment - Cummins held its first National Central Warehouse Conference in China. Caterpillar released its Q1 2025 financial report, with a 10% year - on - year decrease in sales revenue. It also plans to invest $100 million in the next five years to help the future workforce acquire necessary skills [20]. 3. Global Electrical and Intelligent Equipment (1) Industrial Equipment Price Index - The gas turbine price index in the US increased year - on - year in May 2025, and the production price indices of power and special transformers, as well as transformers and power regulators, also rose year - on - year. - The production price index of motors, generators, and transformers manufacturing and distribution in Europe increased year - on - year in April 2025. - The US mechanical manufacturing industrial product price index increased slightly in May 2025 [2][33][42]. (2) Industrial Equipment Export Index - China's transformer exports in May 2025 maintained high growth, with significant year - on - year increases in exports to Asia and Europe. - South Korea's transformer exports in May 2025 increased year - on - year, with a significant increase in high - voltage exports [46][49]. 4. Global Energy Industry (1) Energy Equipment - SMR is expected to be the best energy solution for AI data centers after 2030, and the Trump administration may promote the SMR sector. The US is breaking the "approval bottleneck" of nuclear power deployment to accelerate SMR commercialization [53][54]. (2) Energy Development (1) US Power Market - US electricity consumption is expected to increase in 2025 and 2026, mainly from the commercial and industrial sectors. The average wholesale electricity price in most US regions is expected to be slightly higher in 2025 than in 2024. The average retail electricity price has been rising, and the average spot price of electricity in major regions increased week - on - week [56][57][62]. - Extreme weather and aging infrastructure are putting pressure on the US grid. Different power markets, such as CAISO, PJM, and ERCOT, have different operating conditions and challenges [66][74][79]. (2) European Power Market - The day - ahead trading price of the European power market generally increased, with significant increases in some countries such as the UK, Germany, and France [84]. (3) Oil and Gas Market - US natural gas spot and futures prices increased week - on - week, while the total持仓量 decreased. The supply and consumption of US natural gas both increased week - on - week. - The Northwest European natural gas market strengthened, while the Northeast Asian LNG market had a mild increase. - US oil drilling decreased week - on - week, while natural gas drilling increased. Crude oil futures prices decreased, and commercial crude and gasoline inventories decreased week - on - week [85][90][101]. 5. Global New Materials - In March 2025, the global uranium actual market price was $52.17 per pound, with a month - on - month increase of 0.7% and a year - on - year decrease of 27.2%. The uranium price is expected to rise in the short term, and Russia's restriction on uranium exports to the US may promote the self - sufficiency of the US nuclear power industry [107]. 6. Global Defense and Aerospace (1) Aerospace (1) Aerospace Industry Dynamics - Firefly Aerospace launched a new lunar imaging service, Qatar temporarily closed its airspace, and SpaceX successfully launched a manned mission [109]. - Boeing reached an agreement with the US Department of Justice and had strong performance in May 2025 [110]. (2) Aerospace Price Index - The price indices of US aircraft engine and engine component manufacturing increased year - on - year in May 2025 [112][115]. (3) Aerospace Air Traffic - In April 2025, the global total revenue passenger kilometers (RPK) increased by 8.0% year - on - year, and the available seat kilometers (ASK) increased by 6.5% year - on - year [118]. (2) Defense - NATO agreed to significantly increase the defense expenditure target to 5% of GDP. The US government expenditure defense price index in Q1 2025 increased year - on - year [121]. 7. Key Company Information and Comments - Some companies' stocks had price increases, such as TLN, VST, SMR, and OKLO [123]. 8. This Week's Report Selections - Reports cover various industries, including electrical machinery, energy, and strategy, with topics such as the demand for power transformers, water management, and SMR nuclear solutions [122].

Group 1 - The capacity and inventory cycles are expected to bottom out and recover, enhancing the momentum of enterprise profit recovery [1][6][53] - The current capacity cycle has been in a downward trend since the second half of 2021 and is nearing its end, while the inventory cycle is also expected to transition from a bottoming phase to a replenishment phase within the year [1][2][11] - The recovery of the capacity cycle is typically driven by strong fiscal support policies, as seen in previous cycles [8][14] Group 2 - The downstream capacity cycle is approaching a turning point, with upstream capacity utilization still declining and the mining industry requiring more time for capacity reduction [2][15] - The inventory cycle shows significant differentiation across upstream, midstream, and downstream sectors, primarily due to varying demand improvements [2][15] - Demand improvements are concentrated in sectors with strong policy support, emerging industries, and export-oriented industries, while traditional sectors like real estate remain weak [15][16] Group 3 - The manufacturing sector is currently in a dual bottom phase for both capacity and inventory cycles, with the manufacturing capital expenditure declining significantly since its peak in 2021 [14][40] - The industrial sector is experiencing a passive destocking phase, with inventory levels expected to gradually recover as revenue growth improves [14][17] - The midstream equipment manufacturing sector is showing signs of recovery, driven by policy support and increased consumer demand for electronics and vehicles [30][37] Group 4 - The downstream consumer manufacturing sector is also in a destocking phase, with revenue growth rebounding since the beginning of 2024 [40][48] - Specific industries within the downstream sector, such as agricultural and food processing, are entering active replenishment phases, indicating a positive outlook for inventory levels [48][49] - The overall economic recovery will depend on the strength of consumer and investment demand, which will gradually transmit to the production side [53]

Investment Rating - The report assigns an "Outperform" rating to the company [4][19]. Core Insights - The company, Multi-Point Intelligence, is a leader in retail digitalization, driven by its core operating system and AIoT solutions, which are opening new market opportunities globally [1][4]. - Revenue projections for 2025-2027 are estimated at RMB 22.37 billion, RMB 26.35 billion, and RMB 30.25 billion, reflecting year-on-year growth rates of 20.3%, 17.8%, and 14.8% respectively. Net profit attributable to shareholders is expected to be RMB 1.01 billion, RMB 1.99 billion, and RMB 3.14 billion, with growth rates of 104.6%, 96.4%, and 58.0% respectively [4][8][19]. Financial Summary - Revenue and profit forecasts indicate a strong growth trajectory, with operating income expected to rise from RMB 18.59 billion in 2024 to RMB 30.25 billion by 2027, alongside a significant recovery in net profit from a loss of RMB 2.195 billion in 2024 to a profit of RMB 314 million by 2027 [3][8][10]. - The company’s gross profit margin is projected to improve from 40.34% in 2025 to 42.30% in 2027, indicating enhanced operational efficiency [3][10]. Business Model and Strategy - Multi-Point Intelligence focuses on two main business segments: the retail operating system (Dmall OS) and AIoT solutions, which are essential for the digital transformation of retail [20][29]. - The Dmall OS system is designed to enhance store operations, financial integration, and human resource management, with a strong emphasis on high-frequency, essential modules that exhibit SaaS characteristics [8][29]. - The AIoT solutions are positioned as a key driver for intelligent upgrades in retail scenarios, integrating AI agents and IoT devices to improve efficiency and reduce costs [9][31]. Market Position and Growth Potential - The retail digitalization market in Asia is projected to reach RMB 94.7 billion by 2029, with a compound annual growth rate (CAGR) of 22.5% from 2024 to 2029, indicating significant growth potential for the company [4][8]. - The company has expanded its international presence, serving clients in 10 countries and regions, with overseas revenue reaching RMB 1.58 billion in 2024, a year-on-year increase of 27.9% [41][42]. Customer Base and Retention - As of 2024, the company serves 591 clients, with a notable retention rate of 114%, showcasing strong customer loyalty and the effectiveness of its solutions [37][41]. - Key clients include major retail players such as Metro AG and 7-Eleven, which enhances the company's credibility and market penetration [37][41].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 46.70 [5][11]. Core Insights - The company is expected to achieve EPS of RMB 0.72, RMB 0.90, and RMB 1.14 for the years 2025, 2026, and 2027 respectively, reflecting strong growth potential [5][11]. - The report highlights the company's strong AI integration capabilities and its recent breakthroughs in AI solutions, which are expected to enhance its operational efficiency and market position [12][13][14]. Financial Summary - The company's projected revenue for 2025 is RMB 2,658 million, with a growth rate of 14.0% compared to 2024 [3][7]. - Net profit attributable to the parent company is expected to reach RMB 195 million in 2025, representing a 25.3% increase from 2024 [3][6]. - The projected PE ratio for 2025 is 44.57, with a valuation premium applied due to the company's strong market position [5][11]. Revenue Breakdown - The company's total revenue is expected to grow from RMB 2,331 million in 2024 to RMB 2,658 million in 2025, with a gross margin improvement from 58% to 61% [7]. - The technical services segment is projected to generate RMB 1,258.50 million in revenue for 2025, with a gross margin of 55% [7]. Market Position and Strategy - The company aims to create an AI+ era through its innovative framework of "one model, two cores, three intelligent agents," which integrates physical and digital worlds [12][14]. - Collaborations with partners like Huawei Cloud are emphasized as crucial for building an inclusive AI service ecosystem, enhancing the company's competitive edge in the digital economy [14].

Investment Rating - The report maintains a full-year performance guidance with expectations for flat profit and cautious gross margin, while net profit margin is expected to improve year-on-year due to optimized expense ratios [3][10]. Core Viewpoints - The overall sales revenue for retail and wholesale operations in 1Q FY25 declined by a mid-single-digit percentage year-over-year, aligning with the company's progress plan amid a stable consumer environment [2][8]. - Direct-to-consumer online sales accounted for 40% of total direct sales in 1Q FY25, up from 30-40% for the full year last year, indicating a strategic shift towards online channels [2][10]. - The company is focusing on improving online efficiency and optimizing inventory management, with a cautious approach to discounting and inventory control [2][10][12]. Summary by Sections Sales Performance - Total sales revenue (pre-tax) for retail and wholesale operations in 1Q FY25 saw a mid-single-digit percentage decline year-over-year, attributed to a high base from the previous year [2][8]. - Offline foot traffic remained weak, with same-store foot traffic declining by double digits, while direct-to-consumer online sales grew significantly [2][8]. Promotional Activities - The promotional atmosphere during the 618 shopping festival was strong, with the company effectively managing multiple small peaks, resulting in profits meeting expectations [3][9]. - Consumer behavior showed rational decision-making, with increased acceptance of new products and a willingness to pay for quality [3][9]. Operational Strategy - The company continues to optimize its channel area, with a 1.3% quarter-on-quarter decrease in gross sales area of directly operated stores, a slower pace than the previous quarter [4][11]. - Collaborative brands are expected to see improved order volumes, with proactive adjustments in product offerings and a focus on high-quality items [12][13]. Brand Partnerships - The company adheres to an exclusive partnership model in China, recently announcing exclusive agency rights for several brands, including high-end outdoor and running brands [5][13]. - The introduction of new brands is aimed at enhancing consumer engagement and expanding market reach, particularly in the outdoor and running segments [5][13].

[Table_Title] 研究报告 Research Report 25 Jun 2025 New Industria 高利率成本加重美国基础设施建设负担。美国发电及输配电建设项目的融资渠道包括联邦项目（通过 IRA 和 IIJA，每 个项目 20-30 亿美元）、公用事业费率支付者模式（仅输电项目每年就达 400 亿美元）、私人投资（公私合作项目、 ITP 等）以及州政府主导的资金支持。联邦政府的资金支持在建设中至关重要，但仍然需要私人资本和州政府作为补 充，在建设过程中，许可延迟和成本分摊纠纷等事件都会影响建设进度，如冗长的审批流程（7-12 年）导致资金锁 定期延长，增加了融资成本，利率走低可缓解政府支出及项目融资的压力，利于加快项目的建设。 数据中心建设支出中融资比例较高，降息有利于项目加快落地。美国超大规模 AI 数据中心项目带动大量资本需求， 数据中心开发融资通常涉及覆盖项目成本 65%-80%的贷款，资金来源主要包括主流贷款机构、房地产投资银行、私 募信贷基金以及专注于基础设施的贷款机构等，常见融资利率区间因贷款机构类型和融资结构而异，项目融资一般 约为基准利率加上 3.25%-3.50%利差 ...

Market Overview - Southeast Asia ETF fell by 2.99% in the past two weeks (2025/06/07-2025/06/20) [1] - Thailand and Indonesia markets remain under pressure, while Vietnam shows signs of recovery [1] - Southeast Asia ETF underperformed compared to Japan, Latin America, the United States, and China [1] Country-Specific Performance - iShares MSCI Indonesia ETF decreased by 4.70%, underperforming by 1.71 percentage points [2] - iShares MSCI Singapore ETF fell by 2.87%, outperforming by 0.13 percentage points [2] - iShares MSCI Thailand ETF dropped by 6.41%, underperforming by 3.42 percentage points due to political turmoil and economic concerns [2] - iShares MSCI Malaysia ETF declined by 1.40%, outperforming by 1.59 percentage points [2] - Global X MSCI Vietnam ETF decreased by 0.48%, outperforming by 2.52 percentage points, with improved market sentiment recently [2] Risk Factors - Risks include macroeconomic downturn and geopolitical uncertainties [3]

Economic Growth - Vietnam's GDP growth rate averaged 7.2% from 1988 to 1999, significantly higher than the emerging markets average of 3.7%[8] - From 2000 to 2024, Vietnam's GDP growth rate is projected to average 6.4%, surpassing the emerging markets average of 5.2% and the global average of 3.5%[8] - By 2024, Vietnam's GDP is expected to account for over 0.4% of the global total, up from less than 0.05% in 1990[8] Foreign Investment and Trade - Foreign direct investment (FDI) in Vietnam surged from $4 million in 1989 to $18.5 billion in 2023, with FDI accounting for over 10% of fixed capital formation[12] - Vietnam's trade volume increased from under $3 billion before "Doi Moi" to nearly $800 billion by 2024, with a global trade share rising to 1.6%[12] Manufacturing Opportunities - The manufacturing sector constituted 23.9% of Vietnam's GDP in 2023, significantly above the global average of 15%[16] - Manufacturing investment accounted for 24.4% of total investment in 2023, leading all sectors[16] Consumer Market Potential - Vietnam's population is projected to exceed 100 million by 2024, with a median age of 34 years, indicating a youthful demographic[28] - Urbanization rate reached 39.5% in 2023, with plans to increase to 45% and 50% by 2025 and 2030, respectively[28] Consumer Preferences - OPPO leads the smartphone market with a 25% share, followed by Samsung at 22% and Apple at 20%[33] - In the home appliance sector, Samsung dominates the TV market with a 46% share, while LG holds 22%[33] Electric Two-Wheeler Market - Over 74 million two-wheelers were registered in Vietnam by 2023, making it the second-largest market in ASEAN after Indonesia[40] - The market share of electric motorcycles increased from 1.2% in 2017 to 10.4% in 2021, with projections suggesting it could reach 75% by 2035[40] Risks and Challenges - Rising labor costs in Vietnam, with average monthly wages increasing from $89 in 2007 to approximately $330 in 2023[19] - Increased competition due to a surge in manufacturing enterprises entering the Vietnamese market, leading to higher operational pressures[25]