Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 18.05 RMB, based on a price-to-sales (PS) valuation of 1.6x for 2025 [1][9]. Core Insights - The company reported stable revenue growth in the first half of 2025, with a total revenue of 4.42 billion RMB, representing a year-on-year increase of 7.98%. However, the net profit attributable to shareholders was a loss of 96 million RMB, which is a 25.93% increase in loss compared to the previous year [4][9]. - In Q2 2025, the company achieved a revenue of 2.26 billion RMB, down 2.76% year-on-year, but significantly reduced its net loss to 3 million RMB, an 82.88% improvement in loss compared to the same quarter last year [4][9]. - The financial software business showed resilient growth, with revenue of 1.64 billion RMB in H1 2025, up 3.21% year-on-year, and contract value increasing by 2.60% to 1.85 billion RMB [4][9]. - The company has successfully deepened cooperation with large bank clients, with revenue from state-owned and joint-stock banks growing by 26.28% and contract value by 36.06% in H1 2025 [4][9]. - The company is focusing on "AI + Finance" applications, having upgraded two strategic AI products: FinancialMaster and CodeMaster, which have been implemented in various banking projects [4][9]. Financial Summary - The company adjusted its net profit forecasts for 2025-2026 to 79 million RMB and 159 million RMB, respectively, and added a forecast for 2027 at 267 million RMB. The earnings per share (EPS) estimates for 2025-2027 are 0.08, 0.16, and 0.27 RMB [1][9]. - The financial summary indicates a total revenue forecast of 11.01 billion RMB for 2025, with a projected net profit of 79 million RMB, reflecting a significant recovery from previous losses [2][6].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 46.13 per share, representing a potential upside of 22% from the current price of RMB 37.49 [1][10]. Core Insights - The company is expected to face short-term revenue pressure but is benefiting from significant growth in investment profits. The forecasted net profit attributable to shareholders for 2025-2027 is RMB 1.12 billion, RMB 1.24 billion, and RMB 1.43 billion, respectively, with corresponding EPS of RMB 0.59, RMB 0.65, and RMB 0.76 [1][10]. - The company's revenue for the first half of 2025 was RMB 2.43 billion, down 14.44% year-on-year, while net profit attributable to shareholders surged by 771.57% to RMB 261 million, driven by increased investment profits [5][10]. - The report highlights the company's innovative growth potential, particularly through its Hong Kong subsidiary, Hengyun Technology, which is developing virtual asset trading systems [5][10]. Financial Summary - The total revenue for 2023 was RMB 7,281 million, with a projected decline to RMB 5,919 million in 2025, followed by a recovery to RMB 7,247 million in 2027 [2][7]. - The net profit attributable to shareholders for 2023 was RMB 1,424 million, expected to decrease to RMB 1,119 million in 2025, before increasing to RMB 1,429 million in 2027 [2][7]. - The company's net profit margin is projected to be 19.1% in 2025, with a return on equity (ROE) of 11.8% [2][7]. Equity Incentives - The company has announced a 2025 equity incentive plan to grant 15.16 million shares, representing 0.80% of total equity, with an exercise price of RMB 37.98 per share. Additionally, an employee stock ownership plan is set to allow the purchase of up to 1.27 million shares at RMB 18.99 per share [5][10].

Investment Rating - The report rates the computer industry as "Outperform" [1]. Core Insights - Artificial Intelligence (AI) is a significant driver of the new technological revolution and industrial transformation, with the AI industry poised for substantial growth due to ongoing technological advancements and policy support [4][5]. - The launch of DeepSeek-V3.1 on August 21 has significantly enhanced performance and is designed for next-generation domestic chips, indicating a trend towards a unified ecosystem of domestic models and chips [4]. - The State Council's recent release of the "AI+" action plan aims for deep integration of AI with six key areas by 2027, targeting over 70% adoption of new-generation smart terminals and agents [5][6]. - By 2030, AI is expected to fully empower high-quality development, with over 90% adoption, establishing the smart economy as a crucial growth pillar [5]. - The report emphasizes the importance of a development loop from AI infrastructure to foundational models and applications, maintaining a positive outlook on the computer sector [4]. Summary by Sections AI Industry Development - The AI industry is rapidly evolving, supported by government policies and technological advancements, with a focus on creating a unified ecosystem between domestic AI models and chips [4][5]. - The State Council's action plan outlines six key areas for AI integration, including science, industry, consumption, welfare, governance, and global cooperation [6][7]. Policy Support and Infrastructure - The report highlights the government's commitment to enhancing the AI innovation ecosystem by strengthening computing, algorithms, and data supply, as well as increasing policy support and talent development [7]. - Measures include optimizing the application environment for AI and promoting the intelligent transformation of software service firms [7].

计算机周观点第 15 期：2025 世界机器人 大会圆满落幕，具身智能持续催化 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 [Table_Report] 相关报告 本报告导读： 具身智能再迎催化，2025 世界机器人大会圆满落幕，杭州市发改委发布具身机器人 产业发展条例草案并征求意见，Perplexity 抛出对 Chrome 的 345 亿美元"蛇吞象"收 购邀约，长期看好 AI 应用落地 投资要点： 行 业 跟 踪 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 报 告 证 股票研究 /[Table_Date] 2025.08.18 计算机《计算机周观点第 14 期：GPT5 发布，成 本大幅下降，长期利好 AI 应用》2025.08.10 计算机《数智转型 AI 渗透，券商金融科技竞赛进 行中》2025.08.03 计算机《计算机 2025 年 8 月研究观点:国常会通 过"人工智能十"政策，AI 应用迎顶层驱动》 2025.08.03 计算机《上海新政加码 AI 应用支持：6 亿算力 券、3 亿模型券、1 亿语料券》2025.08.01 ...

谷歌图像模型 Nano Banana 火爆上线， 关注多模态 AI 应用发展 [Table_Invest] 评级： 增持 本报告导读： 谷歌 Gemini-2.5-flash-image-preview——代号Nano-Banana模型正式上线， 引领多模态 AI 模型与应用发展新方向。 投资要点： [Table_Industry] 计算机 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 股票研究 /[Table_Date] 2025.08.31 [Table_Report] 相关报告 计算机《PC 一始，鸿蒙新篇》2025.05.13 计算机《万物静息鸿蒙里，开源放量百花开》 2024.04.10 计算机《英特尔发布 AI 处理器，AI PC 加速落 地》2023.12.25 [table_Authors] 姓名 电话 邮箱 登记编号 杨林(分析师) 021-23183969 yanglin2@gtht.com S0880525040027 杨蒙(分析师) 021-23185700 yangmeng@gtht.com S0880525040072 朱瑶(研究 ...

计算机 2025 年 9 月研究观点:"人工智能 十"行动文件印发，AI 应用紧跟算力浪潮 [Table_Invest] 评级： 增持 本报告导读： 8 月，国务院印发《关于深入实施"人工智能+"行动的意见》，国产算力龙头寒武纪 25H1 收入暴增 4348%，阿里重申三年内 AI 资本开支达 3800 亿。看好 AI 应用紧跟 算力浪潮加速落地。 投资要点： 股 票 研 究 [Table_Industry] 计算机 告 行 请务必阅读正文之后的免责条款部分 业 月 报 证 券 研 究 报 股票研究 /[Table_Date] 2025.08.31 [Table_Report] 相关报告 计算机《DeepSeek-V3.1 加强智能体支持，与国产 行业月报 | 可比公司 | 收盘价（元） | 总市值 | | EPS（元） | | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | 金蝶国际 | 16.30 | ...

北斗技术多域应用拓展，构筑新增长极 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 本报告导读： 北斗系统作为我国自主可控的战略性时空基础设施，在政策利好和技术进步的推动 下，交通运输、低空经济等细分领域新机会显现，看好"北斗+"融合创新技术应用发 展落地。 投资要点： 研 究 行 业 究 报 告 请务必阅读正文之后的免责条款部分 股 票 专 题 研 究 证 券 研 股票研究 /[Table_Date] 2025.09.09 [Table_Report] [table_Authors] 2025-09-09 [Table_Summary] 投资建议：北斗系统作为我国自主可控的战略性时空基础设施，凭 借技术领先性与政策持续驱动，已在多领域形成规模化应用势能。 当前，驱动北斗产业发展的主要推手已转变为下游应用场景的爆发， 北斗技术在交通、低空经济等场景的赋能正重塑产业发展格局。我 们看好以"北斗+"的融合创新技术，在专业或大众应用领域构建差异 化竞争力的信息化数智企业。相关标的：信息发展。 北斗卫星导航系统作为我国自主建设的时空基础设施，广泛赋能国 民经济各领域。北斗系统通过 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 68.12 RMB based on a 2025 PE of 60X, which is slightly discounted compared to peers due to stable operations [5][9]. Core Insights - The company's revenue continues to grow rapidly, with domestic demand gradually recovering. The introduction of new products in the R&D pipeline is expected to open up additional demand opportunities [2][5]. - In the first half of 2025, the company achieved a revenue of 387 million RMB, representing a year-on-year increase of 29.38%. The net profit attributable to shareholders was 83.80 million RMB, up 47.81% [5][9]. - The domestic revenue reached 123 million RMB, reflecting a growth of 36.65%, while overseas revenue was 258 million RMB, increasing by 22.94% [5][9]. - The company has effectively controlled its expense ratios, leading to improved profitability. The gross profit margin for the first half of 2025 was 90.14%, and the net profit margin was 21.53%, an increase of 3.59 percentage points year-on-year [5][9]. Financial Summary - The financial summary indicates a strong growth trajectory, with total revenue projected to reach 840 million RMB in 2025, up 30.2% from the previous year. Net profit attributable to shareholders is expected to be 191 million RMB, a 53.9% increase [4][6]. - The company has increased its R&D investment, expanding its team to 279 personnel and diversifying its product offerings, with over 5000 products sold [5][9]. - The report highlights the successful development of nearly 50 GMP-grade products in the CGT field and a range of high-quality products in the ADC field [5][9].

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings, but it provides detailed financial performance metrics that may inform investment decisions. Core Views - SJM Holdings reported a net revenue of HKD 14.64 billion for 25H1, a year-on-year increase of 6.1%, while adjusted EBITDA decreased by 5.1% to HKD 1.65 billion, with an adjusted EBITDA margin of 11.2%, down 1.3 percentage points year-on-year [8][12] - In 25Q2, net revenue reached HKD 7.16 billion, up 4.0% year-on-year, but down 4.3% quarter-on-quarter. Gaming revenue contributed HKD 6.68 billion, a 3.8% increase year-on-year [2][9] - The company's gaming gross revenue (GGR) for 25Q2 was HKD 7.27 billion, reflecting a year-on-year increase of 5.4%, but this growth rate was below the industry average of 8.3% [3][10] - The adjusted EBITDA for 25Q2 was HKD 0.69 billion, down 20.9% year-on-year and 28.2% quarter-on-quarter, with a margin of 9.6%, indicating a decline in profitability [4][11] Financial Performance Summary - For 25H1, SJM Holdings achieved a net revenue of HKD 14.64 billion, with adjusted EBITDA of HKD 1.65 billion and an EBITDA margin of 11.2% [8] - In 25Q2, the breakdown of net revenue included HKD 6.68 billion from gaming and HKD 0.48 billion from non-gaming activities, with respective year-on-year changes of +3.8% and +7.1% [2][9] - The GGR composition showed that VIP, mass market, and slot machines generated HKD 0.46 billion, HKD 6.1 billion, and HKD 0.71 billion, with year-on-year changes of -13.9%, +5.6%, and +20.9% respectively [3][10] Market Share and Strategic Developments - SJM Holdings' market share in 25Q2 was 12.5%, a decrease of 1.2 percentage points from 25Q1 [5][12] - The company plans to acquire a property near the Hengqin Port for conversion into a three-star hotel with approximately 250 rooms, expected to be completed within 24 months after obtaining necessary permits [5] - Additionally, SJM Holdings intends to purchase a former gaming area within the Lisboa Hotel for HKD 529 million, aiming to enhance operational efficiency and profitability [6]

8 月美国非农新增就业明显不及预期，美国就业市场呈现供需双弱，企业尚未大规 模裁员和明显压缩就业时长，但员工失业后越来越难以快速找到工作的脆弱的"紧平 衡"状态。我们认为，美国就业市场或仍能维持一段时间的紧平衡。8 月疲弱的就业 数据或为 9 月降息铺平道路，但 9 月后是否能开启连续降息仍具有较高不确定性。 投资要点： [Table_Authors] 王宇晴(分析师) 021-23185641 宏观研究 /[Table_Date] 2025.09.06 2025-09-08 弱非农巩固降息预期 2025 年 8 月美国非农数据点评 本报告导读： 宏 观 研 究 观 快 报 点 评 证 券 研 究 报 告 wangyuqing@gtht.com 登记编号 S0880525040119 请务必阅读正文之后的免责条款部分 宏 梁中华(分析师) 021-23219820 liangzhonghua@gtht.com 登记编号 S0880525040019 [Table_Summary] 8 月非农：明显弱于预期。8 月美国新增非农就业人数仅为 2.2 万 人，明显不及市场预期。此外，6 月和 7 月非农新增就业合计 ...