Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 28.65, up from the previous value of RMB 23.88 [5][7]. Core Insights - The company is advancing its AI technology and IP ecosystem, launching the SOON AI game development platform and various AI products, including emotional technology and AR hardware [1][3]. - The AI companion application "EVE" has received positive feedback during its internal testing, indicating strong potential in the emotional support sector [2]. - The company is deepening its IP ecosystem, focusing on traditional culture and digital assets, with strategic initiatives to promote Chinese culture globally [4]. Summary by Sections AI Technology and Product Development - The company introduced the SOON platform for automated game development, significantly reducing artistic barriers and time costs, with strategic investments from major groups [3]. - The AI toy brand "Warm Star Valley Dream Journey" is set to launch in 2025, featuring toys with emotional recognition capabilities [3]. IP Development and Cultural Initiatives - The traditional cultural IP "Baigongling" is celebrating its third anniversary, revitalizing traditional crafts through various media [4]. - The innovative national style IP "Suishiling" will implement a three-pronged strategy of short dramas, cultural tourism, and international expansion in 2025 [4]. Financial Projections - The company forecasts net profits of RMB 2.04 billion, RMB 2.41 billion, and RMB 2.73 billion for 2025, 2026, and 2027 respectively, with a projected PE ratio of 30X for 2025 [5][11].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 1,200.00 [1][7]. Core Views - The company is experiencing strong growth momentum driven by rapid store expansion both domestically and internationally, particularly in high-end markets [1][2]. - The premium gold jewelry market is expanding, with the company leading the trend through product innovation and high craftsmanship [2]. - The company has successfully opened new stores in key locations, enhancing its brand positioning and targeting high-net-worth customers [3]. - Strong same-store sales growth is observed, with a significant increase in online sales contributing to overall revenue growth [4]. - Profit forecasts have been adjusted upwards due to sustained high demand and successful overseas market entry, with net profit projections for 2025-2027 increased by 40%-43% [5][12]. Summary by Sections Store Expansion and Upgrades - As of the end of 2024, the company has established 36 self-operated stores in 15 major cities, focusing on high-end shopping centers [3]. - Recent openings include stores in Beijing, Shenzhen, and Singapore, with plans for further expansions [3]. Sales Performance - The company reported a same-store revenue growth of over 120.9% in 2024, with a remarkable 170% growth in the first five months of 2025 [4]. - Online sales through platforms like Tmall and JD.com reached HKD 12.8 billion in early 2025, marking a 333% year-on-year increase [4]. Financial Projections - Revenue forecasts for 2025-2027 have been significantly raised, with expected revenues of RMB 23.6 billion, RMB 29.2 billion, and RMB 35.4 billion respectively [10][12]. - The adjusted net profit for 2025 is projected at RMB 4.9 billion, reflecting a 233.6% increase from the previous year [12][17]. Market Positioning - The company is recognized as the leading brand in traditional handcrafted gold jewelry, continuously innovating with products that blend heritage craftsmanship with modern aesthetics [2]. - The brand's positioning in high-end markets is reinforced by its strategic store locations and product offerings [3].

Macro Insights - Multiple factors are driving a sequential decline in demand, with fiscal spending showing a decrease since Q2, and real estate sales weakening in June [2][3] - The manufacturing PMI improved slightly from 49.5% in May to 49.7% in June, indicating marginal recovery, but still below seasonal levels [3] - Government financing has accelerated in June, which may support infrastructure projects [2] Real Estate Sector - In June, the sales amount of the top 100 real estate companies increased by 9.6% month-on-month, but decreased by 25.0% year-on-year due to high base effects from last year [8] - The government has signaled stronger policy support for the real estate market, which may lead to a quicker implementation of policies [8] Fixed Income and Investment Strategies - The introduction of the first batch of 10 sci-tech bond ETFs is expected soon, which will enhance market liquidity and potentially benefit the performance of sci-tech bonds [7] - The adjustment of the Hong Kong Stock Connect is anticipated to include 19 stocks, with historical data indicating that newly included stocks tend to outperform the market [5] Automotive Industry - The automotive sector is expected to remain resilient in Q3, with a focus on leading companies that have popular models, such as Geely and BYD [14] - The motorcycle and two-wheeler segments are also expected to benefit from new regulations and seasonal demand [14] Technology and AI - The electronic sector is advised to focus on AI developments, with expectations for significant growth in computing power and domestic manufacturing capabilities [11] - The communication sector is optimistic about AI-related investments and the potential for core assets to see valuation increases as market liquidity improves [12] Energy Sector - Four方股份 is positioned as a leader in the secondary equipment sector for power grids, with a projected revenue CAGR of 11.8% from 2018 to 2024 [16] - 东方电子 is recognized for its strong growth in power automation, with a revenue CAGR of 14.4% from 2008 to 2024, and is expected to benefit from the expanding virtual power plant market [17] Company Ratings - Four方股份 has been rated "Buy" with a target price of 20.20 CNY, reflecting strong growth potential [20] - 东方电子 has also received a "Buy" rating with a target price of 12.60 CNY, indicating confidence in its growth trajectory [20]

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 20.20 RMB, based on a 20x PE for 2025 [6][8]. Core Views - The company is a leader in the domestic secondary equipment industry for power grids, with a solid technical foundation and stable growth in its core business, while also having the potential to expand its market presence outside the grid [15][21]. - The company has demonstrated a robust revenue growth rate, with a CAGR of 11.8% from 2018 to 2024, significantly outpacing the 1.9% growth rate of grid infrastructure investment [22]. - The report anticipates a continued increase in ROE, which has risen from 4.76% in 2019 to 16.25% in 2024, alongside a consistent dividend yield above 4.2% for the past three years, projected to reach 5.0% in 2025 [4][18]. Summary by Sections Power Grid Sector - The main grid's secondary equipment market is expected to grow at a CAGR of 10.1% from 2024 to 2026, with the company increasing its market share in recent bidding rounds [2][20]. - The company has secured a growing share of the secondary equipment market, with bidding shares of 14.2%, 15.1%, and 16.2% for 2023, 2024, and 2025 respectively [2][31]. Generation Sector - The company maintains a leading position in offshore wind and large-scale renewable energy projects, with a significant order growth of over 40% year-on-year in the renewable sector since 2025 [3][17]. - In traditional energy, the company is actively involved in major projects in thermal, hydro, and nuclear power, expecting steady revenue growth alongside the traditional energy sector [3][17]. Financial Performance - The company’s net profit is projected to reach 845 million RMB, 988 million RMB, and 1.15 billion RMB for 2025, 2026, and 2027 respectively, with an EPS of 1.01 RMB, 1.19 RMB, and 1.38 RMB [6][11]. - The report highlights strong cash flow management and a commitment to shareholder returns, with a dividend payout ratio expected to remain around 80% [4][19]. Market Insights - The report identifies a gap in market understanding regarding the potential of source-grid-load-storage projects, which are crucial for the efficient integration of renewable energy [5][19]. - The company is well-positioned to benefit from the growth of the source-grid-load-storage market due to its comprehensive technical capabilities across the entire industry chain [5][19].

Report Industry Investment Rating - Not provided in the content Core View of the Report - Last week, the overall liquidity was balanced, with an upward trend in capital interest rates, a downward trend in certificate of deposit (CD) rates, an upward trend in IRS yields, a downward trend in repurchase trading volume, an upward trend in bill rates, and a downward trend in the US dollar to RMB exchange rate. After the end of the quarter, it is expected that the liquidity will ease and the capital interest rates will decline [1][2][3][4][5] Summary by Related Catalogs Capital Supply and Demand - Last week, the open - market had 960.3 billion yuan in maturities (all reverse repurchase), and 2327.5 billion yuan in investments (2027.5 billion yuan in reverse repurchase and 300 billion yuan in MLF), with a net investment of 1367.2 billion yuan. The balance of outstanding reverse repurchases increased compared to the previous week [1] - This week, the open - market has 2027.5 billion yuan in capital maturities, all reverse repurchase. After the end of the quarter, it is expected that the liquidity will ease and the capital interest rates will decline [5] Interest Rates - Affected by the end - of - quarter factor, the average DR007 was 1.65%, up 13BP from the previous week; the average R007 was 1.82%, up 24BP from the previous week; the average DR001 and R001 were 1.37% and 1.44% respectively. The average GC007 was 1.92%, up 31BP from the previous week [1] - Last week, the 1 - year FR007 interest rate swap average was 1.54%, up from the previous week. The market's expectation for the liquidity is stable [2] - As of the last trading day of last week, the yield to maturity of 1 - year AAA CDs was 1.64%, down from the previous week. This week, the single - week maturity of CDs is about 245.79 billion yuan, with less maturity pressure than the previous week [2] - Last Friday, the 6M national stock bill transfer quotation was 1.15%, up from the previous week's last trading day [4] Repurchase Market - Last week, the volume of pledged repurchase trading was between 6.6 and 8.5 trillion yuan, and the average volume of R001 repurchase trading was 6.5011 trillion yuan, down 961.1 billion yuan from the previous week. As of the last trading day of last week, the balance of outstanding repurchases was 12.7 trillion yuan, up from the previous week [3] - In terms of institutions, the lending scale of large - scale banks decreased, while that of money market funds increased. The borrowing scales of securities firms and wealth management increased, while that of funds decreased [3] Exchange Rate - Last Friday, the US dollar to RMB exchange rate was 7.17, slightly down from the previous week, and the Sino - US interest rate spread narrowed [4] This Week's Key Points of Attention - This week, the open - market has 2027.5 billion yuan in capital maturities, all reverse repurchase [5] - On Monday and Tuesday, China's official and Caixin PMI for June will be announced respectively, and on Tuesday, the US ISM manufacturing index for June will be announced. On Thursday, the US unemployment rate and non - farm payrolls change for June will be announced, and the minutes of the Eurozone's monetary policy meeting for June will also be announced [5] - This week, the net maturity of interest - bearing bonds is 6.34 billion yuan [5]

证券研究报告 固收 科创债 ETF 推出在即，如何看待 2025 年 6 月 30 日│中国内地 信用周报 信用热点：科创债 ETF 推出在即，如何看待 6 月 18 日首批 10 只科创债 ETF 上报，有望在近期获批发行。科技板推出 后科创债迅速扩容，为科创债 ETF 的推出奠定市场基础。首批科创债 ETF 跟踪三类科创债指数，底层标的集中在交易所高等级国企债，期限偏中短端， 6 月成分券换手率明显提升。科创债指数表现呈现收益稳健、较低波动的特 点。随着科创债 ETF 即将推出，机构提前布局等待 ETF 建仓，科创债指数 成分券估值下行较非成分券更快。后续科创债 ETF 获批上市、规模扩容， 将有利于压缩科创债流动性溢价，利好科创债品种表现，可关注投资机会， 扰动因素有估值定价扭曲、赎回压力、风险偏好变化等。 市场回顾：股市连阳推升市场风险偏好，信用债收益率多数上行 上周临近季末，央行呵护下资金面整体平稳，但股债跷跷板导致债市出现一 定回调，信用债收益率多数上行。2025 年 6 月 20 日至 6 月 27 日，央行呵 护下季末资金面平稳，股市突破前高导致市场风险偏好提升，股债跷跷板下 债市略有调整，利 ...

证券研究报告 6 月制造业 PMI 数据点评 6 月制造业 PMI 较 5 月的 49.5%回升至 49.7%、略高于彭博一致预期 （49.6%），但弱于季节性水平，非制造业商务活动指数较 5 月的 50.3%回 升至 50.5%（彭博一致预期 50.3%），建筑业活动 PMI 景气度明显回升、 或反应基建活动有所提速。6 月制造业 PMI 较 5 月边际改善，供需两端分项 亦持续修复，但较季节性水平仍偏低（16-24 年、除 2020 年均值为 50.3%）。 关税豁免期临近抢出口效应或仍对出口及生产有所支撑，国内年中购物节和 以旧换新政策亦对消费形成提振，生产指数回升 0.3 个百分点至 51.0%，新 订单/新出口订单指数亦分别从 49.8%/47.5%上行至 50.2%/47.7%；价格层 面，购进价格及出厂价格均有所回暖，主要受到近期国际油价反弹的提振， 但仍在 50 荣枯线以下，显示工业品价格回升动能仍偏弱。行业中，装备制 造、高技术和消费品行业 PMI 连续 2 个月保持扩张，而高耗能行业 PMI 景 气度仍偏弱。 往前看，7 月 9 日"对等关税"豁免期后关税政策的不确定性或仍将对后续 出口、 ...

证券研究报告 5 月宏观数据回顾：1）5 月社零同比较 4 月的 5.1%回升至 6.4%，而工业 增加值/固定资产投资同比回落至 5.8%/2.9%；2）5 月出口同比增速从 4 月 的 8.1%回落至 4.8%，对美出口进一步回落，对东盟、欧盟出口维持高增； 进口同比从 4 月的-0.3%回落至-3.4%；3）5 月新增人民币贷款 6,200 亿， 同比少增 3300 亿元；新增社融 2.29 万亿元，低基数下同比多增 2,247 亿元； M1 同比增速从 4 月的 1.5%回升至 2.3%，M2 同比增速从 4 月的 8%小幅回 落至 7.9%。4）5 月 CPI 同比持平于 4 月的-0.1%；PPI 同比降幅走阔至 3.3%。 宏观 多重因素推动需求增长环比回落 2025 年 6 月 30 日│中国内地 图说中国月报 6 月宏观走势几何? 季调后财政支出力度在二季度以来环比回落，关税对企业利润率的影响逐步 凸显，同时 6 月高频指标显示地产销售走弱，消费或受购物节提前、补贴退 坡及违规吃喝监管等影响回落。但 6 月政府融资有所提速，有望对基建开工 形成支撑。整体而言，低基数下经济同比指标或维持韧性， ...

证券研究报告 汽车 政策托底、淡季不淡，去伪存真投龙头 华泰研究 2025 年 6 月 30 日│中国内地 中期策略 25H2：自主持续进击，出海迈向兑现期，智能与机器人渐次开花 乘用车：Q3 有望淡季不淡，看好具有爆款车型的龙头企业，推荐吉利/小鹏 /理想/比亚迪等。摩托和两轮：摩托关注品类齐全、渠道广的龙头企业，电 两轮 Q3 迎来旺季，关注将受益于新国标下马太效应显现，且单车盈利向上 的龙头企业爱玛/雅迪。零部件：关税加速汽零企业深度全球化布局，"Robo X"产业落地提速，推荐核心运营平台以及高成长性零部件供应商。机器人: 推荐关注国产链进展、边际变化大的个股、以及迭代的新技术方向如灵巧手。 乘用车: Q3 预计淡季不淡，继续看好自主替代和出海扩张 25H1"两新政策"快速衔接下市场维持高景气，自主新能源持续替代合资 车份额。展望 25Q3，小米 YU7/小鹏 G7/理想 i8/吉利银河 A7 等重磅新车上 市交付；年末叠加 26 年购置税政策退坡抢装，我们预计 25H2 批售 1625 万，同/环比+5%/21%，新能源销售及出口量分别为 930/295 万，同比 +23%/13%，环比+42%/+ ...

证券研究报告 交通运输 物流新质生产力破局者 ——无人物流车八问 华泰研究 2025 年 6 月 30 日│中国内地 专题研究 需求、政策、技术、模式四驱加速无人物流车大规模商用 无人物流车大规模商用有四重驱动力：1）行业持续价格战下，快递企业寻 求降本，末端占总成本 50%以上，是降本主要路径；2）路权开放进入快车 道，自 21 年首次在北京开放试点后，各地路权逐步放开，头部企业获得 100+ 城市路权许可，为规模化应用打开空间；3）无人驾驶技术快速发展，低速、 载货的物流配送较高速、载人场景容错率高，利于自动驾驶率先落地；4） 车企探索出"低价硬件+月付服务费"模式，资金压力小，即便是中小型的 快递加盟商也可以负担，加速末端渗透。 末端配送、封闭区域与干线辅助驾驶是当前主要应用场景 快递末端配送是当前主要落地场景，包括网点到驿站（通达系）、中转场到 快递员（直营快递），主要替代三轮车和面包车。网点到驿站这一细分场景， 对应市场空间约 366 亿元。通达系多为加盟商自主购买，直营快递通常为总 对总直接购买或租用。此外，路线重复、货量小、频次高的场景均适用目前 的无人物流车，例如社区团购、商超零售、生鲜冷链等 ...