Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The release of the online certificate management measures is expected to expand the market for online numbers and certificates, driving significant demand for identity verification equipment [8][9] - AI development continues to progress steadily, with a positive outlook for the computer sector [8] Summary by Sections Online Certificate Management - The management measures encourage voluntary use of online numbers and certificates, providing services for applying for these and identity verification [9] - The measures are set to take effect on July 15, 2025, and are expected to benefit the sector significantly [9] AI Development - The release of Claude 4 models marks a shift in AI capabilities, allowing for long-term task execution and complex project handling [10] - Google's integration of AI products into daily workflows signifies a transition from mere technological upgrades to practical applications [11] Investment Recommendations - The report suggests focusing on companies such as Empyrean Technology, Dameng Database, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, with related targets including Wuxi Unicomp Technology Co., Ltd. [8]

Investment Rating - The report rates the computer sector as "Outperform" [1][17]. Core Viewpoints - The ongoing US tech suppression emphasizes the importance of technological self-reliance and AI development in China, which is expected to boost the computer sector [1][17]. - The halt in supply from the "Big Three" EDA companies (Synopsys, Cadence, Siemens) to some Chinese clients may accelerate the development of domestic EDA solutions [18]. - China's AI research and application capabilities are now world-class, with significant advancements in models like DeepSeek R1, which is nearing the performance of top international models [19]. Summary by Relevant Sections EDA Supply Chain - The report highlights that the EDA supply halt indicates ongoing US tech suppression, which may lead to accelerated domestic EDA development [17][18]. - Synopsys and Cadence have received notifications regarding new export restrictions, impacting their ability to supply Chinese clients [18]. AI Development - The DeepSeek R1 model has achieved top domestic scores and is approaching the performance of international models, indicating China's strong position in AI development [19]. - The Doubao App's upgrade to support video chat expands AI applications into new areas, showcasing innovation in AI technology [19]. Key Companies to Watch - The report identifies several key companies in the computer sector to watch, including: - Empyrean Technology - Dameng Database - Beijing Kingsoft Office Software - Newland Digital Technology - Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd. - Guangzhou Sie Consulting - Wuxi Unicomp Technology Co., Ltd. - Hehe Information [1][17].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 5.13, based on a 2.3x PB valuation for 2025 [1][14]. Core Insights - The company's revenue is projected to decline significantly in 2024, with an expected revenue of RMB 0.90 billion, down 40.0% YoY, and a net profit of RMB 0.21 billion, down 16.8% YoY, primarily due to decreased storage utilization at its subsidiary [15]. - Smart logistics is identified as a growth area, with revenue expected to reach RMB 0.22 billion in 2024, accounting for 24.3% of total revenue, and showing a 16.9% YoY increase [16]. - The traditional logistics segment maintains stable market share, with key products holding significant national import market shares of 36% and 47% for Ethylene glycol and Diethylene glycol, respectively [17]. Financial Summary - The company’s projected financials indicate a significant drop in revenue and net profit for 2024, with revenues of RMB 0.90 billion and net profits of RMB 0.21 billion [3][15]. - EPS forecasts for 2025-2027 are RMB 0.12, 0.14, and 0.16, with corresponding YoY growth rates of -34.0%, +17.4%, and +18.3% [14]. - The company’s net asset return is expected to decline to 5.2% in 2025, before gradually improving to 6.7% by 2027 [3].

Investment Rating - The report maintains an "OUTPERFORM" rating for Jiangsu Yanghe Brewery [2] Core Views - The company is responding to the down cycle in the baijiu industry with a long-term strategy, focusing on brand strength and product matrix to navigate challenges [3][4] - The recent ban on alcohol in official receptions is expected to accelerate the industry's transformation towards market-oriented and diversified operations [12] - The company has a strong multi-brand matrix with a significant proportion of medium- and high-end products, which positions it well against competitors [13] Financial Performance and Projections - The company is projected to have revenues of Rmb 25.5 billion, Rmb 26 billion, and Rmb 27 billion for 2025, 2026, and 2027 respectively, with net profits of Rmb 5.6 billion, Rmb 5.9 billion, and Rmb 6.4 billion [5][16] - The diluted EPS is expected to be Rmb 3.70, Rmb 3.92, and Rmb 4.22 for the years 2025, 2026, and 2027 [5][16] - The company has committed to a cash dividend ratio of not less than 70% of net profit for the years 2024-2026, with a total dividend payout of Rmb 7 billion in 2024 [5][16] Strategic Initiatives - The company is focusing on its core products, particularly the Hai Zhi Lan and Meng Zhi Lan M6+, and plans to launch new products to strengthen its market position [4][14] - There is a strategic emphasis on regional market penetration, particularly in Jiangsu Province and the Yangtze River Delta, with a focus on maintaining price stability [15]

宏观研究/[Table_Date] 2025.06.15 2025-06-17 美国：通胀预期回落，消费者信心回升 [Table_Authors] ——海外经济政策跟踪 本报告导读： 本周中东地区局势升级，带动原油、黄金为首的全球大宗商品价格普遍上涨，而美 元指数继续回落。尽管 5 月美国通胀数据较为温和，且市场交易层面和调查层面均 指向通胀预期有所回落，但在关税和地缘政治局势等不确定性因素持续发酵的影响 下，美国或仍面临滞胀风险。 投资要点： 风险提示：海外货币政策调整超预期，关税政策的不确定性。 券 研 究 报 告 证 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 周 报 [Table_Summary] 全球大类资产表现。本周（2025.6.6-2025.6.13），中东地区地缘冲突 影响下，大宗商品价格大幅上涨。其中，IPE 布油期货上涨 12.8%， 标普-高盛商品指数上涨 4.9%，伦敦金现上涨 3.7%。主要经济体股 市涨跌互现，其中美股下跌 0.4%，恒生指数和日经 225 分别上涨 0.4%和 0.2%。债市方面，10 年期美债收益率较前一周回落 10BP 至 4.41%，国内 1 ...

Meta 收购 Scale AI 补强数据能力，引发客户流失与监管争议 Meta's Acquisition of Scale AI Bolsters Data Capabilities but Triggers Client Exodus and Regulatory Concerns wo[Table_Title] Research Report 16 Jun 2025 Technology 姚书桥 Barney Yao 吴叡霖 Louis Ng barney.sq.yao@htisec.com louis.yl.ng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： Meta 于 2025 年 6 月宣布以约 148 亿美元收购 Scale AI 49%的非投票股份，同时 Scale 创始人 Alexandr Wang 将加入 Meta，负责"超智能（superintelligence）"实验室的建设。交易完成后，Scale AI 将继续独立运营，但其与微软、谷歌 等客户的合作前景存疑。 点评： 补齐 AI 训练链条，强化数据闭环能 ...

抢出口：前置了多少需求 [Table_Authors] 梁中华(分析师) ——下半年出口展望 本报告导读： 前期抢运出口订单，将导致后续出口大幅下滑吗？我们拆分了对不同地区各类产品 出口情况，发现前期抢运的透支程度有限，且增量需求的贡献较高。因此我们认为 即使透支效应和关税存在，后续出口增速也仅是稳步回落，中国制造仍有韧性。 投资要点： 宏观研究 /[Table_Date] 2025.06.13 2025-06-16 请务必阅读正文之后的免责条款部分 宏 观 研 登记编号 S0880525040019 证 券 研 究 报 告 究 宏 观 专 题 021-38676666 刘姜枫(研究助理) 021-38676666 登记编号 S0880123070128 [Table_Summary] 本轮抢出口的节奏完全跟随关税预期： 显著的抢出口最早出现在 2024 年 11 月，正值特朗普大选计票胜出 当月，对美出口环比显著强于季节性； 在 2025 年 2月由于当时落地的芬太尼关税仅有10%远不及前期60% 的预期而导致抢出口显著退温，甚至前期透支的订单回吐导致出口 增速显著回落，出口环比增速显著弱于季节性； 而 2 ...

[Table_Title] 研究报告 Research Report 16 Jun 2025 香港中国非银行金融 Hong Kong China (A-share) Non-Bank Financials 现实世界资产（RWA）：与稳定币形成正循环、重塑企业跨境融资 Real World Assets (RWA): Enhanced by Stablecoin Regulations, Reshaping Cross-Border Financing Ling Tan ling.ml.tan@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 2024 年 8 月，金管局正式启动了 Ensemble 项目沙盒促进代币化应用， RWA 的进程不断加速。我们认为，香港立法 会 5 月 21 日通过《稳定币条例草案》将进一步推动现实世界资产（RWA）的发展。 点评 RWA 与稳定币的比较。稳定币是一种与法定货币、主流数字货币、大宗商品等资产锚定，实现货 ...

中国电子 China (Overseas) Technology 国补暂停为阶段性管理措施，第二批资金正加速拨付中 National Subsidy Suspension as a Temporary Measure, and the Second Batch of Funds Is Being Accelerated for wo[Table_Title] Research Report 16 Jun 2025 Allocation 姚书桥 Barney Yao 邓雅文 Linda Deng barney.sq.yao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： 近期"618"购物节期间，中国部分省市的消费品以旧换新"国补"政策出现了不同程度的暂停或限制。不同地区的解 释各不相同，例如江苏省表示"部分资格平台正在进行整改或系统升级"，重庆则表示"本轮绿色智能家电补贴资金 已使用完毕，暂停资格码申领"。面对这一情况，中国家用电器商业协会常务副秘书长吴咸建明确回应："全国统一 截止时间 ...

宏观研究 /[Table_Date] 2025.06.15 2025-06-16 人民币汇率："反直觉"的新范式 [Table_Authors] 韩朝辉(分析师) 登记编号 S0880523110001 本报告导读： 近期人民币汇率与美中利差出现背离，本质在于：美债利率上行并非经济强，而是 信用弱。因此，人民币受益于：1）美元资产信用折价，带动企业结汇意愿提升； 2）高利率压制信用扩张，美国衰退预期强化。未来人民币汇率定价需要充分重视 美元信用这个变量，弱美元环境也给国内流动性和政策空间带来更大的冗余度。 投资要点： [Table_Summary] 央行或许并非近期汇率升值的引导者。 国内投资者或许并非近期汇率升值的推动者。 那么，主导本轮汇率升值的核心因素是什么？——外贸企业结汇。 对人民币汇率定价框架的再思考：美中利差与汇率走势的背离 证 券 研 究 报 告 021-38676666 风险提示：美国关税扰动反复、国内经济压力升温 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 专 题 梁中华(分析师) 021-38676666 登记编号 S0880525040019 我们习惯于用"掉期溢价"（即 ...