证券研究报告·行业深度 工业 AI 助力制造业智能化转 型升级 核心观点 工业软件作为智能制造的核心基石，在政策支持、技术迭代的多 重驱动下，市场规模稳健增长，与 AI 等新技术加速融合，推动制 造业智能化转型升级。政策层面，从"十三五"的试点示范到"十 四五"的系统规划，智能制造已上升为国家战略；市场层面，2024 年中国工业软件市场规模达 3541.4 亿元，同比增长 11.2% ，但高 端领域仍以外资主导，国产厂商潜在替换市场广阔；技术层面， AI 与工业软件深度融合，CAD/CAE 实现智能生成与优化，工业 大模型及智能体在质量检测、能耗管理等场景落地，物理 AI 进 一步推动多行业仿真与决策升级。未来，工业软件将聚焦关键技 术自主可控、垂直领域大模型与智能体落地及工业数据要素化方 向演进，支撑中国制造 2035 目标实现。 摘要 中国制造业智能化转型路径清晰且支持力度持续加强。"十四五" 时期顶层设计逐步完善，《"十四五"智能制造发展规划》设定 了到 2025 年规模以上制造业企业数字化渗透率超 70%等具体目 标。近期，大规模设备更新、产业链供应链安全及"人工智能+" 行动等政策，共同表明工业软件 ...

Investment Rating - The report maintains a rating of "Outperform" for the computer sector [5] Core Insights - Alibaba is leveraging the Qwen large model foundation to comprehensively reshape its business and is accelerating the construction of B-end ecological barriers through an open-source strategy and strong performance [1][2] - The company is increasing capital expenditure to meet the surging demand for computing power, with cloud revenue continuing to grow significantly, validating the "infrastructure investment - technology iteration - commercial monetization" closed-loop logic [1][4] Summary by Sections Section 1: Alibaba's AI Layout - Alibaba has transitioned from a cloud-based service model to a comprehensive AI-driven approach, utilizing its self-developed "Flying" system to support internal and external business operations [10][11] - The company has established a solid technical foundation through its research institutions, including the Damo Academy and Tongyi Laboratory, to drive AI development [10][33] Section 2: Model Performance and Market Position - The Qwen series flagship model has rapidly iterated and is now among the top tier globally, with performance approaching that of leading overseas closed-source models [3][46] - Alibaba's open-source strategy has positioned it to capture market share in the domestic B-end market, building a strong user moat and ecological barrier [3][37] Section 3: Cloud Infrastructure and Revenue Growth - To address the explosive demand for AI computing power, Alibaba is increasing its infrastructure investments, achieving rapid revenue growth in AI-related products [4][76] - The company has developed self-research chips and a global data center network to ensure soft and hard resource coordination [4][76] Section 4: Investment Recommendations - The report suggests focusing on various players within the Alibaba ecosystem, particularly those involved in Pre-AI revenue generation and specific vertical AI applications [1] - Recommended companies include Fengwei Network, Kingdee International, and others in the AI coding and multimodal sectors [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 to July 25, 2025, the REITs weighted index fell 1.94% to 101.89 points, with the performance of major asset classes ranked as stocks > convertible bonds > gold > pure bonds > crude oil > REITs. By underlying asset nature, property - type REITs fell 1.72% and concession - type REITs fell 2.19%. By industry type, industrial park - type REITs had the best performance and rental - housing - type REITs had the worst performance [2]. - This week, the top three gainers among REITs were Bosera Jinkai Industrial Park REIT (8.49%), China Merchants Science and Technology Innovation REIT (3.79%), and Huatai Jiangsu Expressway REIT (2.20%). In terms of trading volume, Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT led. In terms of turnover rate, China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high rates [3]. - In terms of valuation, many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT [4]. Summary by Related Catalogs Secondary Market Performance - **Overall Market Performance**: The REITs weighted index declined, and different types of REITs (by underlying assets and industries) showed varying degrees of decline. The performance ranking of different industry - type REITs was industrial park - type > warehousing and logistics - type > expressway - type > consumer - type > ecological and environmental protection - type > energy - type > rental - housing - type [2]. - **Individual REIT Performance**: The top three gainers were Bosera Jinkai Industrial Park REIT, China Merchants Science and Technology Innovation REIT, and Huatai Jiangsu Expressway REIT. Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT had high trading volumes. China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high turnover rates [3]. - **Fund Flow and Block Trading**: The top three REITs with net inflows of main funds were China Asset Management Shenzhen International REIT, Red Soil Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT. The top three industries in terms of trading volume were industrial park infrastructure, transportation infrastructure, and consumer infrastructure. The top three in terms of average daily turnover rate were industrial park infrastructure, ecological and environmental protection, and municipal facilities. In block trading, Tuesday had the highest trading volume of 50.1225 million yuan. The top three REITs in block trading turnover were Ping An Guangzhou Guanghe REIT, AVIC Jingneng Photovoltaic REIT, and CITIC Construction Mingyang Smart New Energy REIT [16]. Secondary Market Valuation - **P/FFO and P/NAV**: Many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles (showing undervaluation) were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT. The top three in expected cash distribution rate were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Ping An Ningbo Transportation REIT [4][19]. - **IRR**: As of Friday, the top three REITs in internal rate of return (IRR) were China Asset Management China Communications Construction REIT (11.16%), Ping An Guangzhou Guanghe REIT (10.92%), and CICC Anhui Expressway REIT (8.54%) [20]. Market Correlation Statistics - **Correlation with Major Assets**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index (0.21), followed by CSI 300 (0.20), ChiNext Index (0.12), small - and medium - cap stocks (0.18), CSI Convertible Bond Index (0.19), CSI All - Bond Index (0.05), gold (0.04), and crude oil index (0.09) [25]. - **Correlation by Industry Type**: Different industry - type REITs had different correlation coefficients with major assets. For example, industrial park - type REITs had a relatively high correlation with stocks, while rental - housing - type and consumer - type REITs had a relatively low or negative correlation with stocks [27]. Primary Market Tracking As of July 25, 2025, there were 12 REIT products in the exchange acceptance stage and 3 in the approved - to - be - listed stage. This week, China Aerospace Rainbow Consumer REIT was declared, with Tianhong Digital Commerce Co., Ltd. as the original equity holder [5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][11]. Core Views - The company achieved significant growth in Q1 2025, with revenues of 732 million yuan, a year-on-year increase of 38.78%, and a net profit of 70 million yuan, reflecting a remarkable growth of 284.73% [2][8]. - The company specializes in the research, manufacturing, and sales of small generators, general gasoline engines, and terminal products, positioning itself ahead of competitors in the development of its own brand in the market [11][10]. - With the gradual recovery of overseas demand, the company is expected to seize the opportunity of industry supply-demand reversal to rapidly increase its market share, projecting net profits of 322 million yuan and 441 million yuan for 2025 and 2026, respectively [11][12]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.74 billion yuan, a slight increase of 2.96% year-on-year, while net profit decreased by 14.35% to 194 million yuan [2][3]. - The Q1 2025 results show a strong recovery with revenues of 732 million yuan and net profits of 70 million yuan, marking substantial year-on-year growth [2][8]. - The company's gross margin for 2024 was 25.92%, with a net margin of 7.07%, while Q1 2025 saw a gross margin of 25.52% and a net margin of 9.50% [8][12]. Business Segments - The company’s revenue from motor products in 2024 was 436 million yuan, down 12.27% year-on-year, while general power products saw an 83.56% increase in revenue to 132 million yuan [3][13]. - Terminal products generated 1.82 billion yuan in revenue in 2024, reflecting a stable growth trajectory [3][8]. Market Positioning - The company has established a strong presence in the U.S. market, with its own brand products entering major retail channels such as COSTCO and AMAZON, enhancing its brand recognition overseas [10][11]. - The company benefits from a full industry chain layout, which helps improve overall profit margins and mitigate market risks [9][10].

Investment Rating - The report maintains a rating of "Accumulate" for SANY Renewable Energy [5]. Core Views - SANY Renewable Energy reported a total revenue of 17.792 billion yuan for 2024, representing a year-on-year growth of 19.10%. However, the net profit attributable to shareholders decreased by 9.70% to 1.812 billion yuan [2][3]. - In Q1 2025, the company achieved a revenue of 2.187 billion yuan, a year-on-year increase of 26.58%, but reported a net loss of 191 million yuan, indicating a shift from profit to loss [2][10]. - The growth in revenue for Q1 2025 was primarily driven by an increase in wind turbine deliveries, while the low profitability was attributed to the absence of wind farm sales and lower prices for large MW turbines [10][11]. Summary by Sections Financial Performance - For 2024, SANY Renewable Energy's total revenue was 17.792 billion yuan, with a gross margin of 16.90%, up from 13.62% in 2023. The gross margin for wind turbine and components was 10.99%, while the overseas wind turbine business achieved a gross margin of 21.71% [3][4]. - The company reported a decrease in net profit for 2024, with a total of 1.812 billion yuan, and a non-recurring net profit of 1.595 billion yuan, down 1.76% year-on-year [2][3]. Market Position - In 2024, SANY Renewable Energy ranked fifth in the domestic market with a market share of 10.5%, an increase of 1.18 percentage points year-on-year. The company added 9.15 GW of new installed capacity, reflecting a growth of 23.5% [3][9]. Future Outlook - The company expects to achieve revenues of 25.14 billion yuan in 2025, with net profits projected at 2.15 billion yuan, indicating a positive growth trajectory [11][12]. - SANY Renewable Energy has set a target for wind farm transfers of 1-1.2 GW in 2025, with ongoing projects contributing to future revenue [10][11].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][9]. Core Views - The company is expected to experience an upward turning point due to a significant increase in new projects, with a target of 60,000 complete units sold and revenue of 5.2 billion yuan in 2025 [9]. - The company has launched 75 new projects in 2024, a year-on-year increase of 86%, with a projected lifecycle sales volume of 5.1 million units, including a 280% increase in new energy projects [9][10]. - The company aims to improve its profitability, with expected net profits of 0.18 billion yuan and 0.86 billion yuan for 2025 and 2026, respectively [9]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 0.994 billion yuan, a decrease of 3.31% year-on-year, but achieved a net profit of 3.73 million yuan, marking a return to profitability [1][2]. - For the full year 2024, the company generated total revenue of 4.618 billion yuan, down 14.55% year-on-year, while net profit increased by 41.39% to 0.06 billion yuan [2][3]. Business Segments - The engine business saw a revenue decline of 19.38% in 2024, with a total of 3.265 billion yuan, while the transmission and other businesses reported a slight revenue decrease of 0.59% [7][10]. - The company has maintained a strong market position in commercial vehicle engines and has expanded its product offerings to include high-end passenger vehicle engines and new energy solutions [9][10]. Market Outlook - The report highlights the increasing penetration of hybrid and extended-range vehicles in the domestic market, which is expected to drive future growth [9]. - The company has made significant strides in overseas market development, achieving its best results in history with new customer acquisitions and project launches [8][9].

Investment Rating - The report assigns an "Increase" rating for the company [6] Core Views - The company has entered a stable profitability phase in domestic energy storage, with overseas sales expected to ramp up this year, leading to sustained high growth in performance [1][12] - The company achieved revenues of 8.27 billion, net profit of 648 million, and non-deducted net profit of 628 million in 2024, representing year-on-year increases of 18.4%, 12.1%, and 11.9% respectively [2][3] - The first quarter of 2025 saw revenues of 1.55 billion, net profit of 94 million, and non-deducted net profit of 78 million, with year-on-year changes of +14.9%, -40.6%, and -51.5% respectively, and a significant quarter-on-quarter decline [2][3] Summary by Sections Financial Performance - The annual performance aligns with previous forecasts, with energy storage system sales reaching 11,815 MWh, indicating a decline in average selling prices due to falling bidding prices in the domestic market [3][4] - The average selling price for the first quarter of 2025 is estimated at 0.5 yuan/Wh, with unit profitability dropping to approximately 0.026 yuan/Wh [4] - The company achieved overseas sales revenue of approximately 539 million, with a gross margin of 42.14%, significantly higher than domestic margins [5][11] Market Outlook - The company is a leading player in domestic energy storage integration, with expectations for stable domestic prices and continued volume growth [1][12] - The overseas market is anticipated to be a new growth driver, with expected sales volumes reaching GWh levels, particularly in Europe, the Middle East, Southeast Asia, and Australia [11][12] - The company has established partnerships with major international energy storage system integrators, enhancing its market presence and delivery capabilities [11] Future Projections - Forecasts for the company's net profit are 858 million, 1.11 billion, and 1.30 billion for 2025, 2026, and 2027 respectively, with corresponding valuations of 15, 12, and 10 times [12][14] - The report predicts that domestic bidding prices will stabilize or even increase, benefiting leading companies in the sector [12]

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company's Q1 revenue and net profit were 400.2 billion yuan and 17.5 billion yuan, representing year-on-year declines of 6.6% and 45.6% respectively. The decline in profitability is attributed to short-term factors such as a new product gap and direct store construction. However, sales and performance are expected to improve throughout the year as new vehicles are launched [2][3][4]. - The company is accelerating its transition towards smart and new energy vehicles, with new car launches and marketing system reforms aimed at boosting domestic sales. The expansion into overseas markets is also expected to contribute to steady growth in exports, enhancing the sales structure and gradually improving profitability [11][10]. Summary by Sections Financial Performance - In Q1, the company's revenue, net profit, and net profit excluding non-recurring items were 400.19 billion yuan, 17.51 billion yuan, and 14.69 billion yuan, showing year-on-year declines of 6.63%, 45.60%, and 27.12% respectively. The revenue decline was primarily due to a new product gap affecting sales, while the average selling price remained stable [2][3]. - The total vehicle sales in Q1 were 257,000 units, a year-on-year decrease of 6.7%. Exports and domestic sales were 91,000 units and 166,000 units, reflecting declines of 2.0% and 9.1% respectively [3][4]. Profitability - The gross margin and net margin for Q1 were 17.84% and 4.38%, down 1.53 percentage points and 3.13 percentage points year-on-year. The decline in gross margin was mainly due to a slight drop in sales volume and changes in product mix [4][10]. - The company expects profitability to gradually recover as the domestic new car cycle begins in Q2, with a stabilization of expense ratios anticipated as direct channel investments become more stable [4][9]. Future Outlook - The company plans to launch several key models in Q2, including the second-generation Xiaolong MAX and the all-new Gaoshan, which are expected to drive sales and optimize the product mix. The introduction of new models throughout the year is anticipated to contribute significantly to sales growth [3][10]. - The core logic for the company's performance growth in 2025 is driven by the domestic new car cycle, which is expected to boost domestic sales, alongside steady growth in exports to non-Russian regions [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for Q1 were 9.91 billion, 2.03 billion, and 1.99 billion respectively, representing year-on-year growth of 12.16%, 46.25%, and 30.90% [2][3]. - The main business of automotive glass continues to show a "volume and price increase" logic, with profits further boosted by foreign exchange gains [3]. - The decline in gross profit margin is mainly due to changes in accounting policies and capacity ramp-up, but it is expected to recover steadily in the future [3][4]. - The company is focused on the automotive glass business and is steadily advancing its global layout, with high value-added products like panoramic glass and HUD glass continuing to penetrate the market, driving up the value per vehicle [3][10]. Summary by Sections Financial Performance - In Q1, the automotive glass main business revenue was 9.03 billion, with a year-on-year increase of 11.5% and a quarter-on-quarter decrease of 9.3%, outperforming the downstream industry [3]. - The sales volume of Fuyao automotive glass increased by 7.84% year-on-year, indicating a potential market share increase, while the average selling price rose by 3.36% due to a higher proportion of high value-added products [3]. - The gross profit margin and net profit margin for Q1 were 35.40% and 20.50%, respectively, with year-on-year changes of -1.42 percentage points and +4.78 percentage points [4]. Capacity Expansion - The company is entering a new round of global capacity expansion, with new plants in Fuzhou and Hefei expected to start production in Q4 2025 or early 2026, which will significantly increase production capacity [9]. - The U.S. plant has been successfully built and is expected to enhance Fuyao's business layout in North America, with current annual capacity near 7 million sets [9]. Investment Outlook - The company is expected to further consolidate its leading position in the industry with an increase in market share and steady global expansion [10]. - The report forecasts net profits of 8.8 billion and 10.2 billion for 2025 and 2026, respectively, corresponding to current P/E ratios of 17X and 15X [10][11].

Investment Rating - The report maintains a "Buy" rating for Qifu Technology (QFIN.O) with a target price of $60.34 for the next six months [4][11]. Core Insights - In Q1 2025, the company achieved operating revenue of 4.69 billion yuan, with a quarter-on-quarter increase of 4.7% and a year-on-year increase of 12.9%. Non-GAAP net profit was 1.93 billion yuan, reflecting a quarter-on-quarter decrease of 2.3% but a year-on-year increase of 59.9% [2][3]. - The average loan internal rate of return (IRR) was reported at 21.4%, with a 6% year-on-year growth in new credit users and a 15% year-on-year increase in loan volume under a light capital model [3][8]. - The asset quality is stable, with the company adjusting its risk control strategies based on macroeconomic factors, maintaining steady risk indicators [8][9]. Summary by Sections Financial Performance - Q1 2025 operating revenue was 4.69 billion yuan, with a quarter-on-quarter increase of 4.7% and a year-on-year increase of 12.9%. Non-GAAP net profit was 1.93 billion yuan, with a quarter-on-quarter decrease of 2.3% and a year-on-year increase of 59.9% [2][3]. - Non-GAAP EPADS was reported at 13.51 yuan, with a loan IRR of 21.4% [2][3]. User Acquisition and Marketing - The platform saw a 6% year-on-year increase in new credit users, and the loan volume under a light capital model increased by 15% year-on-year [3][8]. - The company implemented an AI-driven marketing system that improved user acquisition efficiency, achieving a 33% increase in the conversion rate from new credit users to borrowing users [3][8]. Asset Quality and Risk Management - The company continuously adjusts its risk control strategies based on macroeconomic fluctuations, maintaining stable risk indicators. The 90-day overdue rate decreased to 2.02% in Q1 2025, while the first overdue rate slightly increased to 5.0% [8][9]. - The introduction of a digital employee, "Xiao Qi," has enhanced the company's loan application and post-loan management capabilities, maintaining a 30-day recovery rate of 88.1% [8][9]. Financing and Capital Structure - In Q1 2025, the company issued 6.6 billion yuan in asset-backed securities (ABS), a 25% year-on-year increase, which helped reduce financing costs [9][10]. - The company completed strategic agreements with three medium to large city commercial banks, leading to a 143.6% year-on-year expansion in its fintech business [9][10]. Profit Forecast and Valuation - The company expects to achieve a Non-GAAP net profit of 1.75 to 1.85 billion yuan in Q2 2025, representing a year-on-year growth of 24% to 31% [11]. - For the full year, the projected operating revenues for 2025 and 2026 are 18.8 billion yuan and 19.2 billion yuan, respectively, with corresponding year-on-year growth rates of 9.6% and 2.0% [11].