里昂发布研报称，考虑到中国软件国际(00354)现价估值并不便宜，将其评级从"高度确信跑赢大市"下 调至"跑赢大市"，但将目标价从6.5港元上调至7.1港元，预期政府和国企对华为新PC的大规模采购订单 要到今年底至明年才会出现，因此将2025年收入增长预测从10%下调至同比增长7.6%，反映其虚拟机产 品的收入贡献延迟。 该行表示，中软国际长期发展趋势未变，预期华为鸿蒙个人电脑的推出，将推动虚拟机业务成为今年发 展重心，但新增长动力需时体现，预期虚拟机业务需时更久才能贡献收入。受惠于高利润业务增速较 快，里昂预期中软今年毛利率可轻微改善，目前预测上半年收入及净利润分别同比增长10.5%及 10.1%。 ...

Core Viewpoint - The report from Credit Lyonnais indicates a downgrade in the rating of China Software International (00354) from "highly confident to outperform" to "outperform," while raising the target price from HKD 6.5 to HKD 7.1, reflecting a delay in revenue growth due to anticipated large-scale procurement orders from the government and state-owned enterprises for Huawei's new PCs expected by the end of this year to next year [1] Group 1 - The revenue growth forecast for 2025 has been revised down from 10% to a year-on-year increase of 7.6%, indicating a delay in the revenue contribution from its virtual machine products [1] - The long-term development trend of China Software International remains unchanged, with expectations that the launch of Huawei's HarmonyOS personal computers will drive the virtual machine business to become a key focus for development this year [1] - The new growth drivers are expected to take time to materialize, with the virtual machine business anticipated to take longer to contribute to revenue [1] Group 2 - Credit Lyonnais expects a slight improvement in the gross profit margin for China Software International this year, benefiting from the rapid growth of high-margin businesses [1] - The forecast for the first half of the year includes a year-on-year revenue growth of 10.5% and a net profit growth of 10.1% [1]

智通财经APP获悉，港股恒生指数跌0.57%，跌142点，报24980点；恒生科技指数跌1.26%。港股早盘成 交1444亿港元。 舜宇光学科技(02382)绩后涨超6%，中期股东应占溢利同比增加52.56%。 福耀玻璃(03606)绩后拉升逾12%，中期归母净利约48.05亿元，同比增长37.33%。 周生生(00116)盈喜后涨19%，预计中期持续经营业务股东应占溢利约9亿至9.2亿港元。 小鹏汽车-W(09868)涨超4%，二季度营收同比增长125.3%，创单季度历史新高。 珍酒李渡(06979)再涨超5%，促消费政策释放积极信号，公司发力大珍、牛市啤酒等新品。 泡泡玛特(09992)涨超8.6%创新高，上半年经调整净利同比增长3.6倍。 德林国际(01126)涨超10%，股价续刷历史新高，机构称公司有望受益潮玩盛行趋势。 小菜园(00999)再涨近6%，上半年纯利增近36%，瑞银预计公司下半年加快开店。 易鑫集团(02858)涨超6%，上半年经调整净利同比增长28%，金融科技收入劲升124%。 耀才证券金融(01428)再跌超5%，较7月高点已跌近四成，公司称收购进展相关程序按计划进行。 九毛九(09 ...

Core Viewpoint - China Soft International (00354) has seen a decline of over 5%, currently trading at HKD 6.17 with a transaction volume of HKD 280 million. The company is set to hold a board meeting on August 25 to discuss its interim results. [1] Group 1: Company Performance - The research report from Credit Lyonnais indicates that the long-term development trend of China Soft International remains unchanged, with expectations that the launch of Huawei's HarmonyOS personal computers will drive the virtual machine business as a key focus for this year. However, new growth drivers are expected to take time to materialize. [1] - Credit Lyonnais forecasts a slight improvement in gross margin for China Soft International this year, benefiting from the rapid growth of high-margin businesses. The projected year-on-year growth for revenue and net profit in the first half of the year is 10.5% and 10.1%, respectively. [1] Group 2: Market Outlook - The rating for China Soft International has been downgraded from "highly confident to outperform the market" to "outperform the market" due to the current valuation not being cheap. However, the target price has been raised from HKD 6.5 to HKD 7.1. [1] - It is anticipated that large-scale procurement orders from the government and state-owned enterprises for Huawei's new PCs will not materialize until the end of this year or early next year. Consequently, the revenue growth forecast for 2025 has been revised down from 10% to a year-on-year growth of 7.6%, reflecting delays in revenue contributions from virtual machine products. [1]

里昂发表研报指，中国软件国际长期发展趋势未变，预期华为鸿蒙个人计算机的推出，将推动虚拟机业 务成为今年发展重心，但新增长动力需时体现，预期虚拟机业务需时更久才能贡献收入。受惠于高利润 业务增速较快，里昂预期中软今年毛利率可轻微改善，目前预测上半年收入及净利润分别按年增长 10.5%及10.1%。 考虑到中软现价估值并不便宜，里昂将其评级从"高度确信跑赢大市"下调至"跑赢大市"，目标价从6.5 港元上调至7.1港元，预期政府和国企对华为新PC的大规模采购订单要到今年底至明年才会出现，因此 将2025年收入增长预测从10%下调至按年增长7.6%，反映其虚拟机产品的收入贡献延迟。 ...

智通财经APP获悉，中软国际(00354)现跌超5%，截至发稿，跌5.08%，报6.17港元，成交额2.8亿港元。 该行指出，考虑到中软现价估值并不便宜，里昂将其评级从"高度确信跑赢大市"下调至"跑赢大市"，但 将目标价从6.5元上调至7.1元，预期政府和国企对华为新PC的大规模采购订单要到今年底至明年才会出 现，因此将2025年收入增长预测从10%下调至按年增长7.6%，反映其虚拟机产品的收入贡献延迟。 消息面上，中国软件国际拟于8月25日举行董事会会议考虑及通过公司中期业绩。里昂发表研究报告 指，中软国际长期发展趋势未变，预期华为鸿蒙个人电脑的推出，将推动虚拟机业务成为今年发展重 心，但新增长动力需时体现，预期虚拟机业务需时更久才能贡献收入。受惠于高利润业务增速较快，里 昂预期中软今年毛利率可轻微改善，目前预测上半年收入及净利润分别按年增长10.5%及10.1%。 ...

Core Viewpoint - China Software International (中软国际) is experiencing a decline of over 5% in its stock price, currently trading at 6.17 HKD, with a trading volume of 280 million HKD. The company is set to hold a board meeting on August 25 to discuss its interim results. [1] Group 1: Company Performance - The company is expected to see a slight improvement in gross margin due to the rapid growth of high-profit businesses, with projected revenue and net profit growth of 10.5% and 10.1% year-on-year for the first half of the year, respectively. [1] - The introduction of Huawei's HarmonyOS personal computers is anticipated to drive the virtual machine business, which is expected to become a key focus for development this year. However, new growth drivers may take time to materialize, and revenue contributions from the virtual machine business are expected to be delayed. [1] Group 2: Analyst Ratings and Forecasts - The brokerage firm, Credit Lyonnais, has downgraded its rating on China Software International from "highly confident outperform" to "outperform," while raising the target price from 6.5 HKD to 7.1 HKD. [1] - The firm anticipates that large-scale procurement orders from the government and state-owned enterprises for Huawei's new PCs will not materialize until the end of this year or next year, leading to a downward revision of the 2025 revenue growth forecast from 10% to 7.6%. [1]

Group 1 - The core viewpoint of the article highlights the strong performance of China Software International, with a stock price increase of 5.09% and a trading volume of 3.41 billion yuan [1] - The company specializes in global software and IT services, including cloud applications, AIoT, digital twin technology, ERP consulting, and digital transformation services, serving various industries such as government, finance, energy, manufacturing, telecommunications, internet, transportation, water conservancy, and public utilities [1] - Since its listing in 2003, the company has achieved a compound annual revenue growth rate of 28.7% and currently employs approximately 70,000 staff across 47 countries and regions, ranking 73rd in Gartner's global IT services market share [1] Group 2 - As of the 2024 annual report, China Software International reported total revenue of 16.951 billion yuan and a net profit of 513 million yuan [2] - The company is set to disclose its mid-year report for the fiscal year 2025 on August 25 [3]

Core Viewpoint - Zhongsoft International (00354) experienced a significant stock increase, rising over 6% in early trading, attributed to developments in Huawei's Ascend hardware and its open-source strategy [1] Group 1: Company Developments - Huawei's rotating chairman Xu Zhijun announced the full open-source of Ascend hardware at the Ascend Computing Industry Development Summit on August 5 [1] - The commercialization of the Ascend ecosystem is accelerating, particularly in sectors such as finance, energy, and manufacturing [1] - By May 2025, the Ascend ecosystem is expected to have over 6.65 million developers, more than 8,800 partners, and 23,900 solution certifications completed [1] Group 2: Industry Insights - The Cyberspace Administration of China recently held discussions with NVIDIA regarding security risks associated with the H20 chip, indicating a focus on domestic alternatives [1] - Jin Yuan Securities suggests a long-term commitment to domestic core replacement sectors, particularly emphasizing the Ascend industry chain [1] - AVIC Securities highlights the long-term collaboration between Zhongsoft International and Huawei, covering a full-stack partnership from basic software and hardware to AI platforms and industry applications [1]

此外，网信办近日就H20芯片安全风险约谈英伟达，金元证券表示，中长期看应坚定布局国产替代核心 赛道，重点关注昇腾产业链等。中航证券指出，中国软件国际与华为长期保持从基础软硬件、AI平 台、智能体到行业应用的全栈合作，系华为云连续七年的"同舟共济"合作伙伴，双方在协同创新、生态 共建与行业赋能等方面多维度深度合作。 消息面上，8月5日，在昇腾计算产业发展峰会上，华为轮值董事长徐直军宣布，华为昇腾硬件使能 CANN全面开源开放。据悉，昇腾生态的商业化进程加速，尤其在金融、能源、制造等行业。截至2025 年5月，昇腾已发展超过665万开发者、8800多家合作伙伴，完成23900多个解决方案认证。 智通财经APP获悉，中软国际(00354)早盘涨超6%，截至发稿，涨5.5%，报6.12港元，成交额4.96亿港 元。 ...