Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The 2025 China AI Computing Power Conference marked a significant milestone in the transformation of domestic AI infrastructure, indicating a shift towards system-level integration and the prevalence of large-scale GPU cluster deployments [1][15] - The era of domestic AI clusters has begun, with a transition from card-level optimization to cluster-level scheduling, emphasizing the need for energy efficiency and infrastructure collaboration [2][16] - The core logic of the AI industry is shifting from model-centric to infrastructure-centric paradigms, highlighting the importance of system-level capabilities and the emergence of AI-native companies [3][20] Summary by Sections AI Infrastructure Development - The conference showcased breakthroughs in domestic AI computing, emphasizing the importance of system-level integration and the transition to large-scale deployments [1][15] - Companies like Zhonghao Xinying are accelerating the localization of TPU chips, focusing on high-performance architecture and inter-chip connectivity, with their first-generation TPU nearing mainstream global performance standards [2][17] Technological Advancements - Standardization of low-precision floating-point computation (FP8) has been achieved, significantly improving training efficiency and reducing power consumption, becoming essential for deploying 10,000-card training clusters [5][19] - AI training is evolving towards heterogeneous mixed-architecture systems (GPU + TPU + NPU + CPU), driving traditional HPC stacks to fully cloudify [5][19] Competitive Landscape - System-level capabilities will define future competitive advantages, with players excelling in scheduling systems and energy-efficient designs building stronger economic moats [3][20] - The dual opportunity of "Domestic + System" is emerging, where domestic substitution encompasses complete system-level solutions, fostering holistic ecosystems [3][20] AI-native Workloads - The rise of AI-native workloads, led by AI Agents, is transforming enterprise services and process automation, necessitating compute platforms to support multi-model parallelism and task scheduling [5][19]

研究报告 Research Report 1 Jul 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 经济预测：预计东南亚各国 2H25 经济预计将维持温和增长，整体 增速在 4%至 5%之间。随着通胀普遍回落至 2%–3%，各国央行有更 多政策操作空间。越南若成功避免美国高关税，3Q25 将以制造业 和基建为支撑；菲律宾内需与汇款拉动明显；泰国受消费疲软与出 口承压拖累，全年增速承压；新加坡则因外部需求疲弱面临更大压 力。整体来看，下半年东南亚经济仍将依靠内需恢复、基建投资与 旅游复苏支撑，但外部风险如中美贸易摩擦、全球需求放缓等仍是 主要不确定因素。亚洲开发银行预计 2025 年东盟增长将维持在 4.7%左右，2026 年同样约 4.7％，而国际货币基金组织下调亚太整 体增速至 3.9％，指出贸易摩擦等因素对区域构成压力。 消费：消费指标表现各异。2025 年 5 月印尼消费者信心指数为 117.50，创下自 2022 年 9 月以来的新低。2025 年 4 月马来食品饮 料批发指数为 165.2，同比增长 5.5%；零售板块食品饮料指 ...

研究报告 Research Report 1 Jul 2025 山西汾酒 Shanxi Xinghuacun Fen Wine Factory (600809 CH) 跟踪报告：以实力迈入复兴第二阶段 Entering the Second Phase of Revitalization With Strength 消费结构加速转型，政策影响短空长多。当前白酒行业仍处于供 需再平衡阶段，由量价齐升转向以价补量。5 月新禁酒令短期对白 酒消费冲击较大，但将加速行业由政务依赖向商务及个人消费转 型。去年以来，促消费政策不断。近日，央行等六部门又推出金 融促消费 19 条，重点支持餐饮、文旅、住宿等行业，利好白酒行 业长期发展。 营收稳居行业前三，25 年总基调稳中求进。15-23 年，公司总营收 /归母净利润复合增速分别为 29.1%/45.5%，稳居白酒行业增速领 先地位。24 年正式锁定行业营收前三。25 年作为汾酒复兴纲领第 二阶段的开局之年，公司以"稳健压倒一切"为总基调，淡化增速目 标，强化盈利质量。通过玻汾控量、老白汾上量、青花 20 放量、 青花 26/30 增量的四轮驱动策略，实现全价格带覆盖和市 ...

Investment Rating - The report assigns an "Outperform" rating for Innovent Biologics, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [24]. Core Insights - The management's vision for 2030 is a significant highlight, aiming to position Innovent Biologics as a world-class biopharmaceutical company, with five product pipelines entering global multi-center Phase III clinical trials and two products planned for overseas launch [2][9]. - The development strategy for IBI363 (PD-1/IL-2α-bias bispecific antibody) is clearly defined, with expectations for proof-of-concept data in first-line indications for colorectal, gastric, and lung cancers by 2026 [3][10]. - The recent approval of Mazdumetor is expected to drive rapid sales growth, with projected revenues of 600 million yuan in 2025 and 1.8 billion yuan in 2026 [5][14]. - The non-oncology business is anticipated to match oncology revenue by 2027, driven by multiple product approvals and market expansions [6][15]. Summary by Sections Management Vision - The management reiterated its goal to become a top-tier biopharmaceutical company by 2030, with significant advancements in product pipelines and market presence [2][9]. Product Development - IBI363's clinical strategy focuses on addressing issues in Phase I, selecting representative tumors for Phase II, and advancing certain indications in Phase III, with a focus on colorectal, gastric, and lung cancers [3][10]. - The management emphasizes the importance of partnerships with firms that have strong oncology pipelines and commercialization capabilities [4][11]. Sales and Marketing Strategy - The marketing strategy for Mazdumetor includes a full-channel approach, targeting both in-hospital and out-of-hospital channels, with a focus on rapid sales expansion [5][14]. Revenue Outlook - The domestic non-oncology business is expected to significantly contribute to revenue growth, with projections of reaching 20 billion yuan by 2027 [6][15]. - The overseas business is projected to see revenue growth from 2027 to 2030, primarily driven by oncology products [6][16].

中国电子 China (Overseas) Technology wo[Table_Title] Research Report 30 Jun 2025 谷歌发布 AlphaGenome 模型，AI 首次读懂整段 DNA 的调控信息 Google Releases AlphaGenome: AI Achieves First Full-Sequence Understanding of DNA Regulation 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： 2025 年 6 月 26 日，Google DeepMind 发布了一项新技术突破 —— AlphaGenome，这是一个基于深度学习的通用型 AI 模型，首次实现了从 1 百万个 DNA 碱基对序列中，直接预测出一段基因的功能状态，包括是否能被激活、如何 剪接成成熟 RNA、以及与哪些远程区域发生调控联系等。 点评： Fig.1 AlphaGen ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific company Core Insights - Google has open-sourced the Gemini CLI project, which allows command-line interaction with Gemini models, supporting natural language programming and project context understanding [2][11] - The Gemini CLI tool is built on the Gemini 2.5 Pro model, featuring a context window of 1 million tokens and offering up to 1,000 free API calls per day, targeting developers and DevOps engineers [2][11] - The launch of Gemini CLI represents Google's strategy to lower barriers for AI tool adoption through open-source and generous free usage, aiming to create a community similar to Git and npm [3][13] Summary by Sections Event Overview - In June 2025, Google released the Gemini CLI on GitHub, enabling interaction with Gemini models through command line, with capabilities for natural language programming and file system access [2][11] Technical Capabilities - Gemini CLI supports a context window of 1 million tokens, significantly surpassing competitors like Claude 2 (200K) and ChatGPT (300K), making it suitable for large codebases [4][14] - The tool integrates multimodal capabilities, allowing for text-to-image and text-to-video generation, positioning itself as a potential standard for future local agents [4][14] Enterprise Adaptability - The CLI tool can run locally in secure environments, catering to enterprise needs for privacy and security, with explicit user confirmation required for shell commands [4][15] - It is designed to integrate seamlessly with existing CI/CD pipelines, enhancing its appeal to mid- to large-scale enterprises [4][15] Competitive Comparison - Gemini CLI is fully open-source and offers a free usage tier of 1,000 calls per day, contrasting with paid models of competitors like Copilot and Claude [7][18] - The tool's extensive capabilities and open-source nature provide a significant advantage in lowering the cost of experimentation and onboarding for developers [7][18]

Investment Rating - The investment rating for the essential consumer goods sector in China is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In June 2025, among the eight tracked essential consumer industries, six maintained positive growth while two experienced negative growth. The industries with single-digit growth include beer, soft drinks, condiments, catering, dairy products, and frozen food. The two declining industries are categories of white liquor. Compared to the previous month, seven industries saw a deterioration in growth rates, while one improved. The new alcohol ban and unfavorable weather significantly impacted essential consumption, particularly affecting the catering industry and related consumer goods [28]. Summary by Industry White Liquor - The premium and ultra-premium white liquor industry recorded revenue of 29.6 billion yuan in June, a year-on-year decline of 3.0%. Cumulative revenue from January to June was 224.1 billion yuan, down 0.5% year-on-year. Most prices fell in June, with ultra-premium prices dropping by over 100 yuan [29]. - The mass and below-premium white liquor industry generated revenue of 13 billion yuan in June, down 13.3% year-on-year. Cumulative revenue from January to June was 104.9 billion yuan, a decline of 13.7% year-on-year. This sector has experienced 17 consecutive months of negative growth [30]. Beer - The domestic beer industry generated revenue of 18.5 billion yuan in June, with a year-on-year growth of 3.4%. Cumulative revenue for the first half of the year was 94.6 billion yuan, reflecting a 1.1% increase year-on-year. The growth in June was primarily supported by a low base from the previous year [15]. Condiments - The condiment industry reported revenue of 34.7 billion yuan in June, a year-on-year increase of 2.5%. Cumulative revenue for the first half of the year was 225 billion yuan, up 1.7% year-on-year. The industry is currently in a phase of stock competition, with leading companies gaining market share [17]. Dairy Products - The dairy industry achieved revenue of 38.7 billion yuan in June, with a year-on-year growth of 1.6%. Cumulative revenue for the first half of the year was 230.5 billion yuan, reflecting a minimal increase of 0.1% year-on-year. The industry is still recovering from previous declines [19]. Frozen Food - The frozen food industry generated revenue of 7.8 billion yuan in June, with a year-on-year increase of 1.4%. Cumulative revenue for the first half of the year was 57 billion yuan, also up 1.4% year-on-year. The demand is expected to stabilize as companies adjust their strategies [21]. Soft Drinks - The soft drink industry reported revenue of 62.4 billion yuan in June, a year-on-year increase of 2.8%. Cumulative revenue for the first half of the year was 354 billion yuan, reflecting a 2.5% growth year-on-year. Despite some weather-related challenges, the overall performance remains strong [23]. Catering - The catering industry generated total revenue of 16.1 billion yuan in June, with a year-on-year growth of 2.4%. Cumulative revenue for the first half of the year was 87.2 billion yuan, up 2.8% year-on-year. The overall demand remains low, but certain segments like casual dining are showing improvement [25].

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 ...