机构：中信建投证券 研究员：崔世峰/于伯韬 核心观点 伟仕佳杰作为亚太领先的ICT 解决方案平台，助力科技企业数智化转型，公司经营表现出色，云计算业 务和东南亚市场成绩亮眼，营收稳健增长。目前，AI 算力需求激增，信创与AI 共同驱动IT 行业发展， 数智化促使企业上云，IT 分销行业整体稳健增长，东南亚市场增长空间广阔。在AI 浪潮的推动下，云 计算业务实现爆发式增长。同时，凭借深厚的渠道网络构筑的护城河，以及消费电子的多元布局、金融 科技的新拓展，再加上东南亚算力需求增长红利的释放，公司正迎来二次增长的良好态势。 摘要 AI 算力需求激增，IT 分销行业出海空间广阔。中国信创市场规模持续稳步增长，未来增速有望进一步 加快。大模型技术的迭代升级，持续推动AI 市场规模扩容；端侧AI 市场也保持高速增长，且多样化应 用场景不断拓展着市场潜力。另外，云计算千亿市场正加速裂变，AI IaaS 成为其中的主力引擎。中国 IT 分销市场维持着稳健增长的态势，东南亚经济高速增长，IT 及分销相关需求快速扩张，吸引了全球 科技巨头积极布局该市场。 AI 浪潮驱动云计算业务爆发，东南亚出海引领二次增长。 依托广阔的渠道网络 ...

Core Viewpoint - CITIC Securities initiates coverage on Weishi Jiajie (00856) with a "Buy" rating, projecting significant revenue and profit growth for 2025-2026 driven by various market trends [1][2] Group 1: Financial Projections - Total revenue for Weishi Jiajie is expected to reach HKD 102.9 billion and HKD 116.5 billion in 2025 and 2026, representing year-on-year growth of 15.5% and 13.2% respectively [1] - The company's net profit attributable to shareholders is projected to be HKD 1.286 billion and HKD 1.482 billion for 2025 and 2026, with growth rates of 22.24% and 15.28% respectively [1] Group 2: Market Trends - The Chinese Xinchuang market is experiencing steady growth, with potential for accelerated expansion in the future [1] - The AI market is expanding due to the iterative upgrades of large model technologies, while the edge AI market is also growing rapidly with diverse application scenarios [1] - The cloud computing market is undergoing significant changes, with AI Infrastructure as a Service (AIIaaS) becoming a key growth driver [1] Group 3: Business Strategy - The company has established competitive barriers through its extensive channel network, which supports its cloud computing business driven by the AI wave [2] - Collaboration between consumer electronics and fintech is creating synergistic business effects [2] - Weishi Jiajie has comprehensively covered the AI industry chain, seizing new opportunities in AI development [2] Group 4: Regional Focus - The Southeast Asian market is experiencing rapid growth in computing power demand, which is leading to a second wave of growth for the company [2] - The company is leveraging its profitability advantages in Southeast Asia and plans to continue capitalizing on market opportunities to support the international expansion of domestic brands [2]

香港联交所最新资料显示，10月3日，伟仕佳杰(00856)股东将股票由香港上海汇丰银行转入UBS Securities Hong Kong Limited，转仓市值5.06亿港元，占比3.36%。 伟仕佳杰2015年开始陆续与微软、阿里云、亚马逊、华为、VMware等云厂商开展合作。2020年公司收 购专注于云管理和AI智算调度运营的软件科技公司云星数据(现名佳杰云星)。在东南亚，公司作为英伟 达的战略合作伙伴，助力多个重点项目落地。集团旗下佳杰云星作为华为云的软件供应商。今年8月21 日，在智元机器人首届合作伙伴大会上，伟仕佳杰官宣与智元机器人达成重磅合作，成为智元机器人官 方平台型VAP。此次合作是公司首次布局具身智能领域。 ...

伟仕佳杰2015年开始陆续与微软、阿里云、亚马逊、华为、VMware等云厂商开展合作。2020年公司收 购专注于云管理和AI智算调度运营的软件科技公司云星数据（现名佳杰云星）。在东南亚，公司作为 英伟达的战略合作伙伴，助力多个重点项目落地。集团旗下佳杰云星作为华为云的软件供应商。今年8 月21日，在智元机器人首届合作伙伴大会上，伟仕佳杰官宣与智元机器人达成重磅合作，成为智元机器 人官方平台型VAP。此次合作是公司首次布局具身智能领域。 智通财经APP获悉，香港联交所最新资料显示，10月3日，伟仕佳杰(00856)股东将股票由香港上海汇丰 银行转入UBS Securities Hong Kong Limited，转仓市值5.06亿港元，占比3.36%。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 偉仕佳杰控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00856 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊股 ...

Market Performance - The Hong Kong stock market indices experienced significant gains, with the Hang Seng Tech Index rising by 2.24%, reaching a new high for the period [1] - In September, the Hang Seng Tech Index accumulated a nearly 14% increase, while the Hang Seng Index and the National Enterprises Index rose by 7.09% and 6.79%, respectively [1][2] Sector Highlights - Major technology stocks saw collective gains, with Kuaishou leading with a rise of over 7%, followed by Alibaba and NetEase with increases of 2% [2][4] - Semiconductor stocks remained strong, with Huahong Semiconductor surging nearly 11% to set a new high [2][8] - Apple-related stocks also saw gains as Apple reportedly notified its supply chain to increase production capacity [2][9] Gold and Copper Stocks - Gold stocks rallied, with Zijin Mining International soaring over 68%, and other gold-related companies also showing strong performance [6] - Copper stocks followed suit, with China Molybdenum rising by 11.84% and Jiangxi Copper gaining over 8% [7] Biopharmaceutical Sector - The biopharmaceutical sector showed positive movement, with WuXi AppTec increasing by over 8% and other companies like Zai Lab and BeiGene also experiencing gains [12][13] Airline Industry - Airline stocks generally rose, with China Eastern Airlines up by 6.73% and both China Southern Airlines and Air China increasing by over 4% [11] - Citic Securities noted strong demand for air travel during the upcoming holidays, suggesting potential for positive performance in the sector [11] Oil and Gas Sector - Oil stocks collectively declined, with China Petroleum falling by 2.75% and other major oil companies also experiencing losses [14] - Reports indicated that OPEC+ plans to increase oil production in November, contributing to the downward pressure on oil prices [14] Gaming and Telecom Stocks - Casino and gaming stocks mostly fell, with Sands China down by 2.25% and other major gaming companies following suit [15] - Telecom stocks also saw declines, with China Telecom and China Mobile both experiencing slight drops [17] Capital Inflows - Southbound capital saw a net inflow of HKD 15.48 billion, indicating strong investor interest in the Hong Kong market [19] Future Outlook - Everbright Securities highlighted the strong overall profitability of Hong Kong stocks, particularly in sectors like internet, new consumption, and innovative pharmaceuticals, suggesting that despite recent gains, valuations remain low and long-term investment potential is high [19]

每经AI快讯，9月30日，港股伟仕佳杰(00856.HK)涨超9%，截至发稿，涨9.23%，报10.77港元，成交额 2.6亿港元。 ...

Core Viewpoint - Weishi Jiajie (00856) has seen a significant stock increase of over 9%, currently trading at 10.77 HKD with a transaction volume of 260 million HKD, indicating strong market interest and confidence in the company's growth potential [1] Group 1: Business Overview - Weishi Jiajie's operations encompass three main sectors: enterprise systems, consumer electronics, and cloud computing [1] - The company established its cloud computing division in 2013, marking its entry into the cloud business [1] - Since 2015, Weishi Jiajie has formed partnerships with major cloud providers including Microsoft, Alibaba Cloud, Amazon, Huawei, and VMware [1] Group 2: Strategic Acquisitions and Partnerships - In 2020, the company acquired Yunxing Data, a software technology firm focused on cloud management and AI intelligent scheduling, now known as Jiajie Yunxing [1] - As a strategic partner of NVIDIA in Southeast Asia, Weishi Jiajie has supported the implementation of several key projects [1] - Jiajie Yunxing serves as a software supplier for Huawei Cloud, providing products and services for 7 out of 9 national intelligent computing centers approved by the Ministry of Science and Technology [1] Group 3: Recent Developments - On August 21, Weishi Jiajie announced a significant partnership with Zhiyuan Robotics at the inaugural partner conference, becoming the official platform VAP for Zhiyuan Robotics [1] - This collaboration marks the company's first foray into the field of embodied intelligence [1] - According to Zhonghang Securities, the dual-engine business development model being cultivated by the company is expected to enhance its value creation capabilities [1]

Core Viewpoint - The stock of Weishi Jiajie (00856) has increased by over 9%, currently trading at 10.77 HKD with a transaction volume of 260 million HKD, indicating strong market interest and potential growth in its business segments [1] Business Segments - Weishi Jiajie operates in three main sectors: enterprise systems, consumer electronics, and cloud computing [1] - The company established its cloud computing division in 2013 and began collaborations with major cloud providers such as Microsoft, Alibaba Cloud, Amazon, Huawei, and VMware starting in 2015 [1] - In 2020, the company acquired a software technology firm focused on cloud management and AI scheduling, now known as Jiajie Yunxing [1] Strategic Partnerships - In Southeast Asia, Weishi Jiajie serves as a strategic partner for NVIDIA, contributing to the implementation of several key projects [1] - The subsidiary Jiajie Yunxing acts as a software supplier for Huawei Cloud, providing products and services for 7 out of 9 national intelligent computing centers approved by the Ministry of Science and Technology [1] Recent Developments - On August 21, the company announced a significant partnership with Zhiyuan Robotics at the first partner conference, marking its entry into the embodied intelligence sector [1] - According to Zhonghang Securities, the dual-engine business expansion model being developed by the company is expected to enhance its value creation capabilities [1] - The comprehensive market layout in emerging sectors such as cloud computing, AI, and embodied intelligence is seen as having long-term growth potential [1]

Group 1 - The core viewpoint of the reports indicates that the Hong Kong stock market is gaining attention from both domestic and foreign funds, entering a bullish phase [1] - The long-term bull market for Hong Kong stocks was established in Q4 of last year and is currently in the mid-stage, with liquidity and valuation cycles showing signs of improvement [1] - The liquidity cycle is approximately at the mid-point, with a generally loose adjustment expected over the next 1-2 years [1] - After three years of bear market, Hong Kong stocks are experiencing a valuation recovery, currently at the upper mid-level after more than a year of continuous recovery [1] - The earnings cycle has just begun to recover from the bottom, with major recovery concentrated in structurally prosperous sectors [1] Group 2 - Foreign institutions are optimistic about the prospects of the Hong Kong stock market, with Goldman Sachs maintaining an "overweight" stance on Chinese stocks [2] - Standard Chartered Bank has an "overweight" rating for Chinese stocks in its 2025 Global Market Outlook [2] - Morgan Stanley highlights that key sectors such as artificial intelligence, semiconductors, humanoid robots, and new consumption are primarily traded in Hong Kong and A-shares, attracting unprecedented interest from investors [2] - Key investment targets in the Hong Kong market include core growth sectors like internet, innovative pharmaceuticals, new consumption, and technology, which are expected to drive overall valuation increases [2] - Specific companies to watch include Xiaomi Group, Lenovo Group, AAC Technologies, SMIC, and BYD [2]