Investment Rating - The report initiates coverage with a "Buy" rating for Shenzhen International [1][6] Core Views - Shenzhen International is a state-owned enterprise with high-quality resources, focusing on logistics, toll roads, ports, and environmental protection, aiming to become a leading urban infrastructure developer and operator in China [5][17] - The company has developed a "big closed-loop" business model for logistics park transformation and a "small closed-loop" model for asset securitization, enhancing its earnings resilience [5][6] - The transformation of the South China logistics park is expected to contribute over HKD 15.658 billion in after-tax revenue [5] - The company maintains a stable dividend policy with a payout ratio of around 50% of net profit, making it an attractive high-dividend stock [5][37] Financial Data and Profit Forecast - Revenue projections for Shenzhen International are as follows: - 2023: HKD 20.524 billion - 2024: HKD 15.571 billion - 2025E: HKD 16.007 billion - 2026E: HKD 16.488 billion - 2027E: HKD 17.159 billion - Net profit attributable to shareholders is forecasted to be: - 2023: HKD 1.902 billion - 2024: HKD 2.872 billion - 2025E: HKD 3.081 billion - 2026E: HKD 3.430 billion - 2027E: HKD 3.925 billion [4][6] Business Model and Strategy - The company operates in four main sectors: toll roads and environmental protection, logistics, port services, and other investments [5][28] - The "big closed-loop" model focuses on land value appreciation through transformation and redevelopment, while the "small closed-loop" model involves asset securitization through public REITs or private funds [5][28] - The logistics and port business is the core of the company, with toll roads and environmental protection providing a stable revenue base [5][28] Market Position and Competitive Advantage - Shenzhen International is the only state-owned enterprise in Shenzhen that is publicly listed and focuses on modern logistics, toll roads, ports, and environmental protection [5][17] - The company has a strong presence in key economic regions such as the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei Economic Zone [5][17] - The company has a competitive edge due to its strategic location and experience in land development and asset management [5][9] Dividend Policy - The company has maintained a consistent dividend payout ratio of around 50% since 2017, with total dividends of HKD 15.593 billion from 2015 to 2024 [5][37] - Future dividends are expected to remain stable, supported by the logistics park transformation and asset securitization initiatives [5][37]

Exhibition Overview - The 2025 Shenzhen International Power Battery Recycling, Treatment, and Utilization Industry Exhibition will take place from November 14-16, 2025, at the Shenzhen International Convention and Exhibition Center, coinciding with the 27th China International High-Tech Fair [2] - The exhibition aims to provide services for procurement, business cooperation, market expansion, and brand promotion in the battery recycling industry, inviting trade organizations, research institutions, and decision-makers to discuss industry trends and innovations [2] Market Size - The global waste lithium battery generation is projected to reach 2.2 million tons in 2024, with China contributing approximately 1.1 million tons, accounting for 50% of the global total [2] - By 2030, global waste lithium battery generation is expected to exceed 8 million tons, with China's share surpassing 4 million tons [2] - The global waste lithium battery recycling market is valued at $12 billion in 2024, while China's market size is estimated at 48 billion RMB, with a projected annual compound growth rate of 25% globally and 30% in China over the next five years [2] Target Audience - The exhibition targets various sectors including new energy vehicles, buses, electric logistics vehicles, and battery manufacturers, as well as government departments, industry associations, research institutions, and financial institutions [4] Exhibition Scope - The exhibition will cover a wide range of topics including waste battery recycling technologies, dismantling equipment, and the reuse of retired power batteries, as well as environmental systems and waste treatment equipment [5]

Core Insights - The 2025 Shenzhen International Cross-Border E-Commerce Expo will take place from September 17 to 19, showcasing over 1,500 quality enterprises and attracting more than 100,000 professional visitors, focusing on the theme "Digital Empowerment, Cross-Border Win-Win" [1][17] - The expo aims to reconstruct the global trade ecosystem by linking four core industry chains: electronic technology, fashion consumption, sports health, and home life [1] Group 1: Exhibition Highlights - The exhibition area exceeds 80,000 square meters, featuring a dual-driven model of "industrial belts + service providers" with four major themed pavilions [4] - The Electronic Technology Pavilion showcases innovations such as drones and IoT home devices, with Huawei Cloud's AI prediction system improving inventory turnover by 30% [4] - The Fashion Consumption Pavilion highlights rapid customization capabilities, with a smart clothing factory completing the design-to-delivery process in just 72 hours [4] - The Sports Health Pavilion includes AI-enabled fitness equipment that tracks user performance and syncs data to overseas e-commerce platforms [4] - The Home Life Aesthetics Pavilion focuses on smart home solutions and 3D-printed furniture, allowing buyers to design and preview products online [4] Group 2: Technological Empowerment - The expo integrates cross-border ecosystem resources with seven professional service sectors to promote digital transformation [8] - Smart logistics initiatives include J&T Express's plan to establish a 72-hour delivery network across 54 countries and Cainiao's AI-optimized routing reducing transportation costs by 25% [8] - Digital marketing innovations are showcased, with companies using AI to generate 100,000 targeted video ads, improving ad precision by 40% [8] - Cross-border payment solutions are provided by PingPong, supporting currency settlements in 168 countries and saving sellers over 3 million yuan in financial costs annually [8] - Blockchain technology is utilized by Americanas to trace product origins, enhancing product premium rates by 20% [8] Group 3: Regional Collaboration and Policy Support - Shenzhen is positioned as a "super hub" for global cross-border e-commerce, leveraging policy advantages and digital infrastructure [9] - The expo features clusters of Chinese manufacturing, with companies achieving over 50 million USD in orders during the event [9] - RCEP policy insights are shared, enabling companies to reduce tariffs significantly, saving over 10 million yuan annually [9] - Shenzhen companies operate over 350 overseas warehouses, enhancing inventory turnover rates by 50% [9] Group 4: Interactive Activities and Forums - The expo includes various interactive sessions, such as the "Golden Camel Award" recognizing outstanding enterprises, and a live-streaming competition to discover new talents [12] - High-level forums will address topics like AI e-commerce operations and cross-border payment compliance, with brands sharing successful strategies for market growth [12][14] - Sustainability discussions focus on low-carbon logistics and eco-friendly packaging, with companies achieving a 40% reduction in carbon emissions [13] Group 5: Future Outlook - The expo is expected to facilitate over 10 billion USD in transaction intentions, establishing a digital highway for Chinese manufacturing to access global markets [14] - Shenzhen aims to transition from being the "world's factory" to a "global marketplace," leveraging cross-border e-commerce as a key driver for upgrading the manufacturing value chain [14]

Group 1 - The 2025 Global Artificial Intelligence Terminal Exhibition and the 6th Shenzhen International Artificial Intelligence Exhibition recently commenced, featuring over 300 companies from 15 countries and regions, showcasing a comprehensive display of "technology + products + scenarios + ecology" [2] - TCL, as a global Olympic partner, presented several innovative smart terminal products, including the QD-Mini LED TV, AiMe companion robot, Thunderbird AR glasses, and 5G AI router [2] - TCL's latest Q10L Pro TV represents a significant breakthrough in the television industry, transitioning from "black border" to "borderless" design and supporting AI smart interaction [2] Group 2 - TCL Research Institute showcased innovations in AI large model assistant "Little T" and Gexin Dongzhi presented a low-code large model AI development platform called "Gexin Octopus Smart Brain Agentic AI Platform" [3] - The AI technology is crucial for accelerating the formation of new productive forces amid the current trend of intelligent development [3] - At the 2024 TCL Global Technology Innovation Conference, TCL announced 16 technological breakthroughs across AI applications, smart terminals, semiconductor displays, and new energy photovoltaics, projecting an economic benefit of 540 million yuan through AI application advancements in 2024 [3]

Group 1 - The 2025 Global Artificial Intelligence Terminal Exhibition and the 6th Shenzhen International Artificial Intelligence Exhibition officially opened in Shenzhen, guided by the Shenzhen Municipal Bureau of Industry and Information Technology and the Shenzhen Artificial Intelligence Industry Office [1] - The exhibition, themed "Connecting Everything, Opening the Future," attracted over 300 companies from 15 countries and regions, showcasing more than 1,000 AI terminal products and cutting-edge technologies [3] - Shenzhen's electronic information industry accounts for one-sixth of the national total, with the smart terminal industry being a trillion-level sector, highlighting the city's proactive approach to developing the next generation of artificial intelligence [3] Group 2 - The "Shenzhen Artificial Intelligence Terminal Industry Investment Fund" and the "Shenzhen Artificial Intelligence and Embodied Robot Industry Fund" were officially launched, focusing on investments in various AI terminal products and technologies [6] - The establishment of the Shenzhen AI Glasses Industry Alliance aims to break industry barriers and accelerate innovation in AI glasses technology, involving numerous companies and research institutions [7] - The exhibition featured high-end forums discussing topics such as visual health, industry transformation, and the development paths of AI terminal industries, with participation from major companies like Huawei and Honor [7]

Core Insights - The 2025 Global Artificial Intelligence Terminal Exhibition and the 6th Shenzhen International Artificial Intelligence Exhibition (GAIE) opened on May 22, 2025, with the theme "Connecting Everything, Starting the Future" and will last for three days [2][4][6]. Industry Overview - The exhibition gathers over 300 companies from 15 countries and regions, showcasing a panoramic feast of "technology + products + scenarios + ecology" for the global industry [2][4][6]. - As the first national exhibition focused on AI terminals, it highlights nine major categories of smart terminals, including AI smartphones, AI PCs, AI tablets, large model integrated machines, AI wearable devices (smart glasses, smartwatches, etc.), AI imaging devices, whole-home smart products, industrial AI terminals, and other new AI terminals [2][4][6]. Product and Technology Showcase - The exhibition features over 1,000 AI terminal products and cutting-edge technologies, creating a comprehensive display matrix of "core technology - terminal products - large model applications" to foster a diverse and prosperous application ecosystem [2][4][6]. - The total exhibition area is 25,000 square meters, covering the entire AI ecosystem chain, including nine categories of smart terminals, chips, computing power, algorithms, and applications [2][4][6]. Key Participants - Major domestic AI leading companies and representatives of AI terminal enterprises, such as Huawei, TCL, ZTE, SenseTime, Honor, Skyworth, Yuntian Lifei, and Alibaba, are present at the exhibition [2][4][6]. - International exhibitors from the United States, Japan, Belgium, Malaysia, Argentina, and other countries are also showcasing their innovations at the event [2][4][6].

Group 1 - The 2025 Global Artificial Intelligence Terminal Exhibition and the 6th Shenzhen International Artificial Intelligence Exhibition will focus on the theme "Connecting All Things to Ignite the Future," featuring over 500 participating companies and more than 50,000 professional attendees [1] - DeepSeek, a platform-level application partner, and KuaiDi100 will showcase their "KuaiDi Cloud GPT. Large Model Application Development Platform" at the event, with a presentation scheduled on May 23 [1] - The event highlights the rise of edge intelligence, with the launch of the first HarmonyOS computer on May 19, showcasing a new multi-device experience [3] Group 2 - KuaiDi100 has collaborated with Huawei to launch the logistics industry's first HarmonyOS native ChatUI commercial application, "Pure Intelligent KuaiDi100," now available in the HarmonyOS application market [3] - The company aims to demonstrate its innovations in intelligent logistics at the exhibition, inviting industry peers to explore new opportunities in the AI sector [3] - KuaiDi100 emphasizes the potential of artificial intelligence to transform the logistics industry, promoting its platforms as gateways to future advancements [3]

Core Insights - The 2025 Shenzhen International Fisheries Expo focuses on high-quality development of the marine economy, showcasing the achievements of Yantian District in marine cultural preservation, smart fisheries innovation, and new consumption scenarios [1] Group 1: Cultural Heritage - The event features a "Non-Heritage New Life" theme, with performances that blend traditional fishing culture with modern art, highlighting the importance of cultural transmission [3] - Families engage in hands-on experiences with traditional fishing crafts, emphasizing the dialogue between past and present [3] - The initiative aligns with national policies on the protection and high-quality development of intangible cultural heritage [3] Group 2: Technological Empowerment - Yantian District is advancing "blue technology" in deep-sea aquaculture and aquatic seed industry, showcasing integrated results of production, education, and research [3] - A marine fisheries science classroom is established to educate youth on marine ecological protection through interactive technology [3] - The goal is to empower the next generation to become advocates for sustainable marine development [3] Group 3: New Consumption Scenarios - The "Yuyueji" market is created to stimulate consumer activity, featuring 17 stalls that offer local seafood, global aquatic products, and cultural creations [3] - A highlight includes a live demonstration of bluefin tuna preparation, allowing attendees to experience the marine economy firsthand [3] Group 4: Policy Alignment - The expo supports the integration of fisheries with culture, technology, and consumption, aligning with Shenzhen's goal of becoming an international consumption center [4] - Yantian District leverages its port advantages and ecological resources to connect with international resources, aiming to build a "fisheries+" industrial ecosystem [4] - The district is committed to exploring innovative integration of marine economy and cultural IP to contribute to Shenzhen's vision of a global marine center [4]

2025深圳国际眼镜业博览会将于6月25日至27日在深圳会展中心（福田）2号馆开幕。其中，智能眼镜＋ 穿戴展区、智能眼镜产业链图谱展示区作为本届核心亮点，将集中呈现AI、AR／VR等尖端技术与眼镜 产业的深度融合成果。 华福证券表示，根据维深信息，25Q1全球AI智能眼镜销量60万台，同比增长达216%，Q1销量大幅增长 主要来自于RayBanMeta智能眼镜的增长，销量52.5万台，去年同期为17万台。预计2025年全年AI智能 眼镜销量为550万台，后三个季度预计陆续会有新品上市，包括小米、阿里、三星等十几个品牌，以及 Meta在Q3预计会发布多款不同功能和形态的AI智能眼镜。中信期货表示，AI眼镜规模化爆发在即。 MetaRayBan系列率先开启规模量产，小米、华为等头部厂商规划2025年密集入局，行业即将进入爆量 阶段。叠加芯片、光学器件成本下探，以及硅碳负极电池技术即将商用突破，我们预计AI眼镜将复制 TWS耳机的增长曲线，2026年出货量突破千万级，2030年有望达亿级规模，对应五年复合增长率约 82%。 全志科技已打通端侧到云端大模型引擎的通路，同时跟下游客户开发大模型在智能教育、家庭陪伴、个 ...

Group 1 - The 2025 Shenzhen International Fisheries Expo featured 13 deep-sea fishing companies showcasing large bluefin tuna, attracting significant visitor engagement and participation [1][3] - The event included over 10 live fish-cutting shows, enhancing the interactive experience for attendees [3] - A total of 36 public auction sessions were held, resulting in the sale of 1,900 tons of fish with a transaction value of 60 million yuan [6] Group 2 - The expo attracted exhibitors from 20 countries and regions, highlighting various seafood delicacies such as Russian king crab and Argentine red shrimp [6] - Major domestic companies like Zhongshui Fisheries and Zhonglu Ocean participated, showcasing high-quality products and modern fishing achievements [6] - The event facilitated trade negotiations with a total intended transaction value of 12 billion yuan and actual transaction value nearing 700 million yuan, drawing nearly 100,000 visitors [8] Group 3 - Multiple cooperation agreements were signed, including one between the Guangdong Ocean Fisheries Association and Shenzhen Dachanwan Port Investment Development Co., Ltd., aimed at promoting the Shenzhen International Tuna Trading Center project [7]