Investment Rating - The report suggests a positive outlook for the computer industry, recommending a focus on AI computing power, AI applications, financial IT, and technology self-reliance targets [2][56]. Core Insights - The computer industry achieved significant growth in H1 2025, with total revenue reaching RMB 619.68 billion, up 11.24% year-on-year, and net profit attributable to shareholders at RMB 13.67 billion, up 29.36% year-on-year [5][61]. - In Q2 2025, revenue was RMB 333.77 billion, reflecting a year-on-year increase of 7.85%, while net profit attributable to shareholders was RMB 10.86 billion, up 13.19% year-on-year [5][61]. - The report highlights a rising gross profit margin (GPM) and a stabilization of the net profit margin (NPM), alongside a reduction in R&D expenses [5][61]. Summary by Sections Overall Performance - The computer industry showed a total revenue of RMB 619.68 billion in H1 2025, with a year-on-year growth of 11.24%, and a net profit of RMB 136.66 billion, up 29.36% [5][61]. - Q2 2025 saw a revenue of RMB 333.77 billion, with a year-on-year growth of 7.85% and a net profit of RMB 108.61 billion, up 13.19% [5][61]. Sector Performance - Sectors with positive growth in both revenue and net profit include data elements, autonomous driving, AI, cloud computing, fintech, and cybersecurity [5][50]. - The data elements sector experienced high growth driven by companies like Unisplendour and Inspur Electronic Information [50]. - The autonomous driving sector saw growth from companies such as Huizhou Desay SV Automotive and Jingwei Hirain Technologies [50]. - The AI sector reported significant revenue growth from Pci Technology and Iflytek, with notable profit increases from companies like Zhejiang Dahua Technology [50]. Market Capitalization Analysis - Large-cap companies (market cap over RMB 10 billion) demonstrated more stable performance compared to mid-cap and small-cap companies in H1 2025 [5][53]. - In H1 2025, large-cap companies had revenue growth of 17%, net profit growth of 27%, and recurring net profit growth of 22% [53]. - In Q2 2025, large-cap companies maintained a revenue growth of 13%, while mid-cap companies experienced a decline [53].

Investment Rating - The report recommends attention to domestic AI computing targets, indicating a positive outlook for the industry [6][7]. Core Insights - The report highlights Huawei's AI chip roadmap, with the Ascend 950PR chip set to launch in Q1 2026 and the Ascend 970 in Q4 2028. The Ascend 910C was launched in Q1 2025, followed by the Ascend 950PR and 950DT in 2026, and the Ascend 960 in Q4 2027 [6][7]. - Huawei's Ascend 970 chip will feature a computing power of 4 PFLOPS (FP8) and 8 PFLOPS (FP4), with an interconnect bandwidth of 4 TB/s and HBM memory capacity of 288 GB, which is competitive compared to NVIDIA's Blackwell Ultra GB300 [6][7]. - The Atlas 950 SuperPoD, expected to launch in Q4 2025, will be the world's strongest supernode, with over 300 units deployed by September 2025, serving more than 20 clients [7][8]. - Huawei's strategy includes hardware openness and software open-source initiatives, allowing industry self-development and integration into existing systems [8]. Summary by Sections - **AI Chip Roadmap**: Huawei's roadmap includes the launch of the Ascend 950PR in Q1 2026 and the Ascend 970 in Q4 2028, with significant advancements in chip technology and performance metrics [6][7]. - **Supernode Development**: The Atlas 950 SuperPoD and Atlas 960 SuperPoD will support a large number of Ascend cards, leading in various performance metrics and expected to dominate the market for years [7][8]. - **Open Technology Strategy**: Huawei is committed to an open technology approach, providing access to supernode technology and components for industry partners, fostering innovation and development [8].

计算机周观点第 18 期：甲骨文云计算订 单超预期，全球算力投资持续高景气 股票研究 /[Table_Date] 2025.09.29 2025-09-29 [Table_Industry] 计算机 本报告导读： 甲骨文 4550 亿美元订单超预期，全球算力投资高景气；英伟达 Rubin CPX 专攻长上 下文推理和视频生成，定制化芯片成趋势；"人工智能+"赋能智慧电网。持续看好国 内算力链、数据中心各环节以及 AI 应用在各行业落地。 投资要点： 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 [table_Authors] [Table_Summary] 投资建议：甲骨文 4550 亿美元订单超预期，微软与 Nebius 达成五年 174 亿算力协议，全球算力投资维持高景气度；英伟达 Rubin CPX 面向 长上下文推理和视频生成，看好专用 GPU、ASIC 与配套的 CPO/PCB/存 储环节，"人工智能+"能源高质量发展的实施意见出台，AI 应用赋能智 慧电网建设。我们维持计算机板块"优于大市"评级，推荐标的：金蝶国 际、金山办公、新大陆、朗新集团、 ...

Investment Rating - The report maintains a cautious investment stance on the consumer sector, reflecting concerns over declining consumer confidence and a cooling job market [3]. Core Insights - The consumer confidence index has declined for two consecutive months, indicating ongoing worries about the economic outlook [1][6]. - Retail sales data shows resilience, with August retail sales reaching $732.01 billion, a year-on-year increase of 5.0% [1][6]. - Core inflation is rising, with the core CPI reaching 2.9%, the highest level in three months, driven primarily by housing costs [1][8]. - Non-farm employment growth has significantly slowed, with only 22,000 new jobs added in August, far below the expected 140,000 [1][12]. Macroeconomic Overview - The Michigan consumer confidence index for September is at 55.4, down 4.8% from August [1][6]. - August CPI rose by 0.4% month-on-month and 3.1% year-on-year, while core CPI increased by 0.3% month-on-month [1][8]. - Non-farm employment growth is at its lowest since December 2024, with the unemployment rate slightly rising to 4.3% [1][12][14]. - Consumer credit saw a moderate increase of $10.48 billion in July, indicating cautious borrowing behavior [1][19]. Industry Performance Essential Consumption - Alcohol sales in July were $6.23 billion, down 0.5% year-on-year, but the decline is slowing [2][26]. - Tobacco sales remained stable at $6.02 billion in July, with a CPI increase of 6.3% [2][31]. - Dairy product shipments reached $13.37 billion in July, showing moderate year-on-year growth [2][28]. - Beverage shipments totaled $12.05 billion in July, with a notable CPI increase of 4.6% [2][28]. Discretionary Consumption - Restaurant sales in August were $99.52 billion, up 6.5% year-on-year, indicating strong consumer demand for dining out [2][33]. - Department store sales in August were $76.78 billion, showing a year-on-year increase of 1.9% but a slight month-on-month decline [2][36]. - Apparel sales in August reached $27.18 billion, up 8.3% year-on-year, reflecting a strong rebound in clothing consumption [2][38]. Market Trends - The consumer sector shows a mixed performance, with discretionary consumption outperforming essential consumption [3][42]. - Essential consumption ETFs experienced a net outflow of $1.1 billion, indicating investor caution [3][48]. - The report highlights that the essential consumption sector is facing significant outflows, reflecting a more cautious investment sentiment [3][48].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, and Haidilao, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the F&B, designer toys, and home appliances sectors, including Amap waiving annual entry fees for F&B merchants and MINISO's plan to spin off TOPTOY for public listing [5][6]. - Key performers this week include XIABUXIABU (+8.6%) and HISENSE V.T. (+12.7%), while underperformers include Green Tea Group (-9.8%) and MINISO (-11.1%) [2][6]. Summary by Sections Industry News - Amap announced a one-year waiver of annual entry fees for all F&B merchants nationwide, along with various support services [5]. - Guoquan proposed a share buyback of up to HK$100 million, citing that the current stock price does not reflect the company's intrinsic value [5]. - MINISO plans to spin off its subsidiary TOPTOY for independent listing on the Hong Kong Stock Exchange [5]. - Xiaomi's major home appliances have officially entered the European market, with the opening of its first direct store in Germany [5]. - Hisense commenced construction of its largest overseas industrial park in Thailand, aimed at expanding its footprint in ASEAN and globally [5]. Weekly Performance of Key Companies - Top performers include XIABUXIABU (+8.6%) in the F&B sector and HISENSE V.T. (+12.7%) in the home appliance sector [6]. - Underperformers include Green Tea Group (-9.8%) in the F&B sector and MINISO (-11.1%) in the designer toys sector [6].

[Table_Title] 研究报告 Research Report 28 Sep 2025 2025 年 9 月 26 日，海通国际举办香港投资者小范围的资产通证化 (亦称为代币化，asset tokenization)专家会，特邀 专注于现实世界资产资产（RWA）通证化的金融科技公司 Asseto Fintech 联合创始人兼 CEO Bridget Li 出席。会上，嘉 宾重点分享了资产通证化产品的发行流程和行业未来发展方向等关键实践经验。 点评 香港非银行金融 Hong Kong Non-Bank Financials 资产通证化专家会：标准证券类资产或成核心方向，拆解流程与价值 Expert Talk: Asset Tokenization Explained 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 证券类资产通证化与数字资产分属不同监管类别，证券类资产监管明确：证券类资产通证化是将 ...

研究报告 Research Report 28 Sep 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 东南亚消费行业 8 月跟踪报告：各市场股指纷纷收涨，印尼泰国及新加坡通胀放缓 Stock Indexes Rose in ASEAN, Inflation Slowed in Indonesia, Thailand, Singapore [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 市盈率 P/E 股票名称 评级 目标价 PE(2025E) PE(2026E) 资料来源： Factset, HTI Related Reports 东南亚消费行业 7 月跟踪报告：领先指标喜忧参半，越南及泰国消费估值 提升 Leading indicators are a mixed bag, while consumer valuations are up in Vietnam and Thailand (31 Aug 2025) 80 100 120 140 160 Sep-24 Dec-24 Mar ...

[Table_Title] 研究报告 Research Report 28 Sep 2025 [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们认为A股将延续盘整以消化前期涨幅，港股补涨后短期或跟随进入震荡阶段。本周A股上证综指震荡微涨 0.2%，创业板指冲高回落仍录得2%的周涨幅；港股方面，恒生指数和恒生科技全周下跌1.6%。 香港策略 Hong Kong Strategy 国庆前后交投趋弱，十五五预期利好低位蓝筹配置 Weaker Trading Around National Day; 15th Five-Year Plan Expectations Favor Low-Valued Blue Chips 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com • 情绪边际转弱：阿里云栖大会一度继续提振市场信心，但在股价连续大涨后，市场情绪已见顶回落。 • 汇 ...

Investment Focus - Amazon is the top pick in the cloud and e-commerce sectors, with a significant market share of 30% in IaaS, benefiting from scale effects and stable margin improvements. The demand for T3 chips is expected to exceed T2, enhancing performance in inference tasks [1] - Google is valued at 18-22x PE, with AI and advertising driving CPC and CPM pricing power. IaaS margins are improving, projected to exceed 20% by year-end, supported by strong self-developed capabilities [1] - Alibaba's cloud revenue reached 33.4 billion RMB in a single quarter, indicating resilience in China's cloud demand, with strong growth expected from instant retail and cloud services [1] - Arista Networks leads in high-end data center network switches, benefiting from AI capital expenditures, with expected revenue contribution of at least $750 million from AI backend switches in 2025 [1] - Meta's user growth and profitability are improving, with Q3 revenue guidance raised to $47.5-50.5 billion, driven by AI marketing and infrastructure investments [1] Hardware and Technology - SK Hynix is expected to benefit from downstream inventory recovery and HBM demand doubling, with a target price of KRW 280,555 [2] - Cadence's core business lines have shown strong growth, with over 50% of advanced node designs utilizing their technology [2] - TSMC anticipates over 20% year-on-year growth, with management raising annual revenue guidance to $11.55 billion [2] - Broadcom is expanding its ASIC customer base, with expected ASIC revenue exceeding $20.5 billion in 2026 [2] - NVIDIA's data center business is projected to continue strong growth, with AI capital expenditures expected to reach $3-4 trillion by 2030 [2] Internet and Services - Tencent's core subscription business is growing steadily, with non-subscription revenue sources also increasing, supporting long-term profitability [2] - Tencent Music is focusing on expanding its content offerings and monetization strategies, with a stable competitive position in the domestic music industry [2] Education and Financial Services - New Oriental Education holds a leading position in the industry with diverse revenue sources and a strong offline presence, supported by a solid financial foundation with $2.92 billion in net cash [4] - Futu Holdings is expected to see strong growth in paid users and AUM, driven by its competitive advantages in low commissions and quality service [4] - AIA is benefiting from steady demand for traditional savings products and regional expansion strategies, with a forward PEV of 1.4x [4] Healthcare and Pharmaceuticals - Innovent Biologics is expected to achieve significant revenue growth, with a strong pipeline and potential for EBITDA balance by 2025 [6] - Hengrui Medicine's innovative drug revenue is projected to exceed $10 billion, with a focus on expanding its product portfolio [6] - Zai Lab is advancing its ADC platforms and has a robust pipeline, with significant revenue growth expected in the coming years [7]

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMRs) as a key energy solution for AI data centers in the future [4][46]. Core Insights - The Canadian data center market is projected to experience exponential growth, with planned projects nearing 9GW [9]. - The demand for AI computing power is surging, benefiting cloud infrastructure service providers like Oracle, which reported a 54% year-on-year increase in cloud infrastructure revenue [8]. - The U.S. energy market is witnessing significant changes, including the approval of policies to accelerate interconnection for dispatchable generation [1]. Global Infrastructure and Construction Equipment - North America's data center vacancy rates have reached a historic low of 1.6%, indicating strong demand [7]. - The average price for 250 to 500 kW cabinets has increased by 2.5%, while those over 10 MW have seen a 19% rise due to high demand and limited power supply [7]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 3.43% year-on-year as of August 2025, reflecting a stable competitive landscape [13]. - The production price index for electric and special transformers in the U.S. was stable at 440.55, with a year-on-year increase of 2.5% [24]. Global Energy Industry - The U.S. is experiencing fluctuations in wholesale electricity prices, with a notable decrease of 2.54% in average spot prices [3]. - The NYMEX natural gas futures price was reported at $2.81 per million British thermal units, down 7.9% week-on-week [3]. Global New Materials - The spot price for uranium was $75.13 per pound in August 2025, reflecting a 6% increase month-on-month [3]. - The price index for steel pipes and stainless steel increased by 0.58% month-on-month, with a year-on-year growth of 7.85% [3]. Investment Recommendations - The report highlights the importance of nuclear power in the energy mix for AI operations, recommending companies like Entergy, Talen Energy, and Constellation Energy for investment [4]. - It suggests monitoring companies involved in energy equipment, such as Oklo and NuScale Power, as they are positioned to benefit from the growing demand for nuclear energy solutions [4].