Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Stewardship management is a new model of corporate governance arising from changes in investor structure, emphasizing the role of institutional investors in enhancing corporate governance and protecting minority shareholders [1][2][5] - The primary focus of stewardship management for public funds in the short to medium term should be on improving corporate governance, particularly the protection of minority shareholder rights [5][6] - The report highlights the importance of a soft governance strategy, where public fund managers should primarily participate and propose secondary, aiming to reduce internal friction in corporate governance [4][42] Summary by Sections Introduction - The report introduces the concept of stewardship management as a systematic practice for institutional investors to enhance corporate governance and long-term value creation [12][13] Deep Demands of Stewardship Management - Stewardship management emphasizes the influence and proactivity of institutional investors, distinguishing it from passive holding [13][14] - The evolution of investor structure in capital markets reflects a shift in corporate governance models, with large asset management institutions gaining significant influence [14][22] Three Major Confusions and Answers - The report discusses three main issues faced by public funds in implementing stewardship management: agency problems, investor structure, and portfolio diversification [24][25] - Agency problems can be alleviated through regulatory requirements and the value of stewardship management [25][27] - The investor structure in A-shares is characterized by a dominant controlling shareholder, which necessitates a soft governance strategy for public funds [36][37] Practical Guide for Stewardship Management - The report outlines a three-stage approach for public funds in stewardship management: passive response, active intervention, and proactive governance [60][61] - It emphasizes the need for a robust internal system and team dedicated to stewardship management, integrating ESG research with investment analysis [63][64] Future Outlook - The most universal issue for stewardship management is the protection of minority shareholder rights, particularly in a governance model dominated by major shareholders [72]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%, while the net profit attributable to shareholders was a loss of 170 million yuan, reducing losses by 63.82% [1] - The company has seen significant growth in its four main business areas: automotive, industrial control, consumer electronics, and AI-related applications, contributing to a steady increase in revenue [2] - The transition to a system-level foundry model has enhanced the company's growth potential, allowing it to provide comprehensive chip system services, which has led to a substantial increase in revenue from module packaging [3] - Continuous breakthroughs in product development and market expansion, particularly in the AI sector, have positioned the company favorably for future growth [4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.762 billion yuan, a year-on-year increase of 15.39%, and achieved a net profit of 12 million yuan, marking a return to profitability [1] - The company expects revenues for 2025-2027 to be 8.411 billion yuan, 10.605 billion yuan, and 13.256 billion yuan, respectively, with corresponding net profits of -446.71 million yuan, 662.39 million yuan, and 1.33282 billion yuan [8] Business Segments - Revenue from automotive, industrial control, and consumer electronics grew by 23%, 35%, and 2% respectively in the first half of 2025, with AI-related applications contributing 196 million yuan, accounting for 6% of total revenue [2] - The module packaging business saw a revenue increase of 141%, with automotive power module revenue growing over 200% [3] Market Position and Strategy - The company has successfully transitioned to a system-level foundry model, enhancing its service offerings and market recognition, particularly in automotive and AI sectors [3] - The company is actively expanding its presence in emerging markets, with significant advancements in automotive and data center technologies [4]

Market Overview - On August 11, the Shanghai Composite Index rose by 0.34%, the CSI 300 increased by 0.43%, the STAR 50 climbed by 0.59%, the CSI 1000 went up by 1.55%, the ChiNext Index surged by 1.96%, and the Hang Seng Index gained 0.19% [3][4] - The best-performing sectors on August 11 were power equipment (+2.04%), communications (+1.95%), computers (+1.94%), electronics (+1.76%), and food and beverage (+1.45%). The worst-performing sectors included banking (-1.01%), oil and petrochemicals (-0.41%), coal (-0.35%), utilities (-0.31%), and transportation (-0.19%) [3][4] - The total trading volume for the A-share market on August 11 was 1,849.9 billion yuan, with net inflow from southbound funds amounting to 38.34 million Hong Kong dollars [3][4] Key Insights - The report indicates that the A-share market is currently experiencing its first "systematic slow bull" market in history. The long-term target for the Shanghai Composite Index is likely no longer limited to challenging the 3,674 high point, with a recommendation to focus on "large finance + pan-technology" sectors [5][6] - Since the initiation of the stock split reform in April 2005, the A-share market has undergone four bull markets, with the first three being "systematic bull markets" characterized by steep upward slopes. The fourth was a "structural bull market" with a more gradual increase, driven primarily by capital market reforms and liquidity easing [5][6] - The report suggests that the market began a long-term bottoming process in 2024, with a strong market performance following April 7, 2025, marking the start of the fifth bull market in A-share history. The current "systematic slow bull" is driven by improved risk appetite and declining risk-free interest rates, alongside China's rise and advantages, creating a "slow" bull market structure [5][6] Sector Focus - The report emphasizes a focus on sectors with external advantages and improving prosperity, such as innovative pharmaceuticals and new energy, as well as defensive sectors that serve as "ballast," particularly banks [6]

WAIC 2025 上，AI 在多场景快速落地，展现强劲算力需求与商业潜力。京东发 布 JoyAI 大模型，参数覆盖 3B 至 750B，已应用于物流、零售、供应链等垂直领 域，显著提升推理效率与行业赋能。具身智能成为热点，商汤发布"悟能"平台， 融合大模型与世界模型，推动机器人具备真实环境中的感知、理解与执行能力。 自动驾驶加速落地，WeRide 获 L4 Robotaxi 运营牌照，斑马智行展示多模态智能 座舱，萝卜快跑接入 Uber 全球网络，部署千辆无人车。高并发、低延迟、端侧 部署等新需求为公司提供广阔市场空间与落地机遇。 ❑ 中美贸易战带来结构性利好，出口管制倒逼本土创新崛起 美国持续收紧高性能 AI芯片出口，限制 A100、H800等型号，制约国内训练与推 理能力。但这也为国产芯片提供替代窗口。公司具备自研指令集与微架构能力， 能绕开关键依赖，成为"去美化"背景下的重要支撑。尽管 H20 放开出口将短期 加剧竞争，但中长期看，自主可控仍是主线，政策与应用倾斜将持续利好本土厂 商。行业出清有望加快，推动缺乏核心技术的企业出局，有助于公司进一步巩固 市场地位。在政策支持、需求升级与客户信任增强下，公 ...

Investment Rating - The report assigns a "Buy" rating for the company [5][72]. Core Views - The company's gaming business, led by its wholly-owned subsidiary Kemu Games, has a strong track record in overseas game publishing, with past titles like "Age of Origins" and "War and Order" generating revenues exceeding 30 billion and 10 billion respectively. Future titles such as "Stellar Sanctuary" and "Next Agers" are expected to exceed revenue expectations [1][4]. - The company is positioned in the low-performing segment of the gaming sector for 2025, with its current stock price reflecting only the expected performance of existing games and not accounting for new product lines [3][4]. - The company is projected to achieve revenues of 69.3 billion, 89.4 billion, and 99.3 billion for 2025, 2026, and 2027 respectively, with net profits of 12.9 billion, 19.6 billion, and 21.5 billion [5][72]. Summary by Sections Company Overview - The company, established in 1998 and listed in 2009, aims to be a leader in the digital economy with a focus on game development and AI technology [18][19]. - Its gaming business is a top-tier player in the domestic mobile game market, with over 250 million registered users across more than 150 countries [19]. Industry Analysis - SLG games are characterized by high entry barriers and sustained revenue generation, with a typical lifecycle of 6 to 8 years [26]. - The "SLG+X" model, which integrates various gameplay elements, has gained popularity and is expected to enhance user acquisition and retention [35]. Financial Performance - The company has shown significant revenue growth, with a peak revenue of 19.4 billion in Q4 2024 and a record net profit of 4.63 billion in Q3 2024 [23][25]. - The overall expense ratio has improved, with a notable decrease in sales expense ratio from 54.5% in Q1 2021 to 43.5% in Q1 2025 [25]. New Product Development - The upcoming titles "Stellar Sanctuary" and "Next Agers" are set to initiate a new product cycle, with "Stellar Sanctuary" expected to contribute significantly to revenue [53][66]. - The company has multiple SLG games in development, with plans for commercial testing in the near future [60]. Valuation and Market Potential - The estimated target market capitalization for 2026 is around 400 billion, based on a P/E ratio of 20 times projected earnings [4][72]. - The global SLG game market is anticipated to exceed 20 billion USD by 2027, indicating strong growth potential for the company [30].

Quantitative Models and Construction Methods 1. Model Name: Multivariate CNN-LSTM - **Model Construction Idea**: The model leverages the advantages of CNN and LSTM in different scenarios to predict multiple parallel financial time series by considering the correlation between them[12][14]. - **Detailed Construction Process**: - **General Structure**: The model consists of an input layer, a one-dimensional convolutional layer, a pooling layer, an LSTM hidden layer, and a fully connected layer to produce the final prediction results[14]. - **Formula**: $$ {\hat{x}}_{k,t+h}=f_{k}(x_{1,t},\dots,x_{k,t},\dots,x_{1,t-1},\dots,x_{k,t-1},\dots) $$ This formula indicates that each variable depends not only on its past values but also on the past values of other variables[11]. - **Hyperparameters**: - Number of convolution filters: 64 - Convolution kernel size: 2 - Use of padding: Yes - Pooling layer window size: (2,2) - Number of hidden units in the first LSTM layer: 128 - Number of hidden units in the second LSTM layer: 128 - Activation method between LSTM layers: ReLU - Time series look-back window: 10 - Number of training epochs: 100[20] - **Evaluation Metric**: Root Mean Square Error (RMSE) $$ RMSE={\sqrt{\frac{1}{n}\sum_{i}({\hat{y_{i}}}-y_{i}\,)^{2}}} $$ where \( y_i \) represents the standardized index price, and \( \hat{y_i} \) represents the CNN-LSTM prediction value[21]. - **Model Evaluation**: The model achieved good tracking and high accuracy in predicting multiple parallel financial time series, similar to the performance in predicting stock indices in the Asia-Pacific market[14][17]. 2. Model Name: Grouped Multivariate CNN-LSTM - **Model Construction Idea**: To improve prediction accuracy, the industry indices are grouped based on investment attributes, and a separate prediction model is constructed for each group[26][27]. - **Detailed Construction Process**: - **Grouping**: The industry indices are divided into six groups: Consumer and Medicine, Upstream Resources and Materials, High-end Manufacturing, Real Estate and Infrastructure, Big Tech, and Big Finance[27]. - **Model Structure**: Each group of industry indices is predicted using a separate CNN-LSTM model, as shown in the general structure diagram[28]. - **Evaluation Metric**: The prediction accuracy is evaluated using RMSE, similar to the original model[33]. - **Model Evaluation**: Grouping and training different CNN-LSTM sub-models for each industry group improved the prediction accuracy, especially for industries with previously low prediction accuracy[30][32]. Model Backtesting Results 1. Multivariate CNN-LSTM Model - **Prediction Error (Training Phase)**: 1.52% to 3.18%[23] - **Prediction Error (Testing Phase)**: 1.56% to 3.30%[23][25] 2. Grouped Multivariate CNN-LSTM Model - **Prediction Error (Training Phase)**: 1.49% to 2.60%[33] - **Prediction Error (Testing Phase)**: 1.61% to 2.82%[33] Quantitative Factors and Construction Methods 1. Factor Name: Weekly Industry Rotation Signal - **Factor Construction Idea**: Use the predicted values from the multivariate CNN-LSTM model to estimate the future weekly returns of industry indices and select the top five industries with the highest expected returns for equal-weight allocation[3]. - **Detailed Construction Process**: - **Prediction**: Predict the future weekly returns of industry indices using the multivariate CNN-LSTM model[34]. - **Allocation**: Every five trading days, select the top five industries with the highest expected returns for equal-weight allocation[35]. - **Training**: Retrain the model at the beginning of each quarter using an extended window of historical data from March 2014 to the training point[35]. - **Factor Evaluation**: The annualized return of the industry rotation portfolio reached 15.6%, with an annualized excess return of approximately 11.6%, and the risk-return characteristics significantly improved compared to the benchmark[3][35]. Factor Backtesting Results 1. Weekly Industry Rotation Signal - **Annualized Return**: 15.6%[38] - **Annualized Volatility**: 25.6%[38] - **Maximum Drawdown**: -27.1%[38] - **Sharpe Ratio**: 0.7[38] - **Longest Drawdown Recovery Time**: 248 days[38]

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The financial IT sector shows significant elasticity during the initial stages of a bull market, with notable price increases and valuation expansions [3] - The combination of technology and finance attributes leads to a "Davis Double Play" effect during bull markets, particularly highlighted in 2015 [4] - Current advancements in AI and new business developments are expected to drive further growth in the financial IT sector [5] Summary by Sections 2014-2015: Liquidity Explosion, Financial Technology Leads - The bull market from 2014 to 2015 was driven by ample liquidity and the rise of mobile internet, leading to significant gains in financial technology stocks [15][19] - Financial technology stocks experienced substantial price increases, with some stocks seeing gains close to 450% compared to mid-2014 levels [4] - The financial IT sector benefited from increased investor participation and software usage during the bull market [33] 2016-2018: Structural Bull Market, Varied Performance in Financial Technology - The period from 2016 to 2018 was characterized by a structural bull market influenced by supply-side reforms and foreign capital inflows [43] - Financial technology stocks underperformed compared to the broader market during this period, primarily due to high valuations and changing market preferences [46][52] - The financial IT sector faced challenges as the market shifted focus towards blue-chip and consumer stocks, leading to a decline in growth stocks [56] 2019-2021: Core Assets Drive Structural Bull Market - The financial technology sector saw a resurgence from 2019 to 2021, driven by global liquidity and domestic industrial upgrades [70] - The introduction of the Sci-Tech Innovation Board in 2019 significantly boosted the financial technology sector, with strong performance noted in various market phases [76][81] - Financial technology stocks outperformed the market during key periods, reflecting the sector's recovery and growth potential [82]

Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Views - The company achieved a revenue of 3.912 billion yuan in the first half of 2025, representing a year-on-year increase of 13.70%. The net loss attributable to the parent company was 226 million yuan, with a net loss of 232 million yuan after deducting non-recurring items. In Q2 2025, the company recorded a revenue of 2.369 billion yuan, a year-on-year increase of 38.20%, with a net loss of 28 million yuan, significantly reduced from approximately 216 million yuan in Q1 [1][2] - The rapid improvement in the company's Q2 performance reflects the industry's supply-demand dynamics, with expectations for continued revenue and profit growth in the latter half of the year due to favorable industry trends [2][3] - The global storage market is expected to recover, with a market size reaching 165.52 billion USD in 2024, a year-on-year increase of 79.3%. The demand for storage driven by AI technology is anticipated to provide significant growth opportunities for the semiconductor storage industry [3][4] Financial Summary - Revenue forecasts for 2025-2027 are 8.5 billion yuan, 10.8 billion yuan, and 14.2 billion yuan, respectively, with corresponding net profits of 420 million yuan, 1.13 billion yuan, and 1.58 billion yuan. The company maintains a "Buy" rating based on these projections [5][12]

Group 1: Key Recommendations - The report recommends 盛业 (06069) as a supply chain technology leader with a projected revenue growth of 24%/26%/24% and net profit growth of 43%/46%/33% from 2025 to 2027, with a target price of 21.65 HKD, indicating a potential upside of 62.9% [4] - 百亚股份 (003006) is highlighted as a leading regional sanitary napkin brand, with expected revenue growth of 26.33%/26.10%/25.11% and net profit growth of 28.20%/41.27%/37.43% from 2025 to 2027, driven by online strategy optimization and scale effects [5] - 日久光电 (003015) is identified as a leader in the membrane materials sector, with projected revenue growth of 36%/26%/20% and net profit growth of 112%/58%/32% from 2025 to 2027, benefiting from new product applications in automotive displays [6][9] Group 2: Industry Insights - The macroeconomic report indicates that excess household savings since 2020 amount to approximately 4.25 trillion, suggesting that the capital market may become a key outlet for these funds, potentially enhancing market liquidity and investor participation [10] - The A-share strategy report notes a divergence in index performance, with a "systematic slow bull" market outlook, suggesting that investors should maintain current positions and look for mid-term opportunities amidst potential short-term volatility [11][12]

1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Since July, the convertible bond ETFs have significantly expanded. Investors share the returns of the equity market by betting on passive tools. Driven by the equity market and the inflow of fixed - income funds, the convertible bond index has reached a new high. At present, with both high prices and valuations, the anti - decline and protective properties of convertible bonds have weakened significantly. After the convertible bond index reaches new highs, it is recommended to adjust the structure instead of increasing the index position. Potential opportunities can be explored from three aspects: "anti - involution", underlying stock elasticity, and dividend allocation [1][2]. 3. Summary by Relevant Catalogs 3.1 1 转债周度思考 - In the past week, after adjustments, both the equity market and the convertible bond market rose again, and the convertible bond index reached a new high. The Shanghai Composite Index returned above 3600 points, the CSI Convertible Bond Index reached a new high, the Wind Convertible Bond Equal - Weighted Index rose 2.73% in the past week, and the underlying stock equal - weighted index of convertible bonds rose 3.00%. The median price of convertible bonds has exceeded 130 yuan, and the valuations of equity - like and balanced convertible bonds continue to expand [2]. - Since July, the convertible bond ETFs have significantly expanded. The share of two convertible bond ETFs has rapidly increased, with a 27% month - on - month increase compared to the end of June, and the scale has exceeded 5.72 billion yuan. Considering that some active funds are also making index - based layouts, the scale of index - based investment tools is expected to exceed 6.5 billion yuan. The holders of ETFs are mainly absolute - return funds such as banks and insurance companies, which invest in convertible bond ETFs to share the equity market's upward trend since late June and enhance returns by increasing positions in convertible bond indices [2]. - At present, with both high prices and valuations, the anti - decline and protective properties of convertible bonds have weakened significantly. Although the equity market is generally expected to be in a slow - bull state with a relatively low possibility of a large - scale pullback, the high point of the equity market within the year is unclear. After this round of increase, the price center of convertible bonds has generally risen, and the median has exceeded 130 yuan. With the continuous inflow of funds, the valuation has also been stretched. For some individual bonds in the 120 - 130 yuan price range that have risen with the market, the current median conversion premium rate is 40%, and the investment cost - effectiveness is average. Under the condition that the fundamentals of individual bonds cannot change significantly in the short term and the call - at - par - value - at - 130 clause is in place, the anti - decline and protective properties of these convertible bonds with a higher price center and premium rate have weakened significantly [2]. - After the convertible bond index reaches new highs, it is recommended to adjust the structure instead of increasing the index position. The state of convertible bonds in a relatively mild stock - bond market remains unchanged, and there are still opportunities for convertible bonds to perform. Since July, the number of callable convertible bonds has increased, and the supply - demand contradiction of convertible bonds still exists, which supports the valuation and performance of convertible bonds. Absolute - return funds can take partial profits or adjust the structure while keeping the overall position unchanged. It is recommended to explore opportunities along three lines: (1) Pay attention to industries where some backward production capacities are being cleared as "anti - involution" progresses in various industries; (2) Focus on equity - like and balanced convertible bonds with high - volatility and low - premium underlying stocks. Industries such as electronics and semiconductors are expected to experience marginal recovery due to tariff easing, and innovative drug convertible bond targets are scarce; (3) The allocation value of dividend assets remains high, and low - volatility bottom - position convertible bonds are worth attention [2]. 3.2 2 可转债市场跟踪 3.2.1 2.1 可转债行情方面 - The report provides the performance data of various convertible bond indices in different time periods, including the past week, two weeks, since July, one month, two months, half - year, and one year. For example, the Wind Convertible Bond Energy Index rose 2.60% in the past week, 6.81% since July, and 21.79% in the past year [12]. 3.2.2 2.2 转债个券方面 No specific analysis content for this part is provided in the text other than the section title. 3.2.3 2.3 转债估值方面 No specific analysis content for this part is provided in the text other than the section title. 3.2.4 2.4 转债价格方面 No specific analysis content for this part is provided in the text other than the section title.