Group 1: Macro Strategy and Market Overview - The upcoming third round of trade talks between China and the US is expected to focus on energy and rare earth materials, with potential extensions of negotiation deadlines [2] - A-shares saw slight increases across major indices, with the CSI 500 and ChiNext rising by 3.28% and 2.76% respectively [2] - The central bank's net fund injection was 109.5 billion yuan, indicating a slight rebound in short-term interest rates [2] - The US dollar index showed a slight decline, closing at 97.67, down 0.8% week-on-week, while the RMB appreciated by 0.18% [2] Group 2: Fixed Income and Debt Market - The Southbound Bond Connect is expected to facilitate investment in Chinese dollar bonds, with a focus on city investment bonds benefiting from local debt policies [4] - The Hong Kong bond market has a total outstanding amount of 19.55 billion USD in HKD bonds and 17.32 billion USD in offshore RMB bonds [4] - The outlook for Chinese dollar bonds remains positive, with expected continued good returns due to narrowing yield spreads and favorable policies [4][33] Group 3: Coal Industry Insights - Domestic coal social inventory decreased in June 2025, leading to a rebound in coal prices, with expectations for port prices to reach 700-750 yuan per ton [9] - The government aims for coal production to reach approximately 4.8 billion tons in 2025, with potential adjustments in production capacity to ensure supply [9] Group 4: Company-Specific Analysis - Wei Shi Jia Jie (00856) is expected to benefit significantly from the AI and cross-border payment sectors, with projected revenue growth from 63.7 billion yuan in 2020 to 81.1 billion yuan in 2024 [11] - The company is positioned to capture growth in the Southeast Asian ICT market, which is projected to reach approximately 415 billion USD by 2028 [11] - The company anticipates a significant increase in net profit from 830 million yuan in 2023 to 958 million yuan in 2024, reflecting a growth rate of 14.09% [11][15] Group 5: Construction and Materials Sector - Su Jiao Ke (300284) reported a revenue decline of 13.75% in H1 2025, but is transitioning towards becoming a "think tank technology enterprise" with a focus on new business areas [16] - The company has developed five cloud platforms aimed at enhancing its service offerings in urban safety and low-altitude economy [16] Group 6: Chemical Industry Trends - The proportion of public funds holding basic chemical stocks has slightly decreased, with a shift towards mid-cap stocks [15] - The chemical sector has seen a notable increase in the holding ratio of leading stocks, indicating a preference for smaller-cap stocks [15]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 11.52, based on a current price of HKD 8.85 [3]. Core Insights - The company is positioned as a leading technology product channel developer and solution integrator in the Asia-Pacific region, focusing on ICT industry solutions, particularly in enterprise systems, consumer electronics, and cloud computing. The company is expected to benefit significantly from the dual drivers of AI and cloud services, alongside the expansion in Southeast Asia [1][10]. - Revenue is projected to grow from HKD 637 billion in 2020 to HKD 811 billion in 2024, representing a year-on-year growth of 20.6%. Net profit is expected to increase from HKD 8.3 billion in 2023 to HKD 9.58 billion in 2024, a growth of 14.09% [1][3]. - The company has a strong cash flow performance, with operating cash flow expected to rise to HKD 16.59 billion in 2024, reflecting a significant year-on-year increase of 185% [1][28]. Summary by Sections 1. Company Overview - The company has established itself as a top player in the ICT distribution sector, with a diversified business model that includes enterprise systems, consumer electronics, and cloud computing services. It has been recognized in the Fortune China 500 for five consecutive years [10][11]. 2. Market Growth Drivers - The global ICT market is projected to grow from approximately USD 5.3 trillion in 2024 to USD 6.9 trillion by 2028, with a CAGR of 7%. The Chinese ICT market is expected to grow from USD 626 billion in 2024 to USD 751.76 billion by 2028, with a CAGR of 6.5% [1][30]. - The demand for generative AI is driving significant growth in the ICT sector, particularly in GPU servers, AI chips, and cloud infrastructure investments [1][31]. 3. Southeast Asia Focus - The company has strategically positioned itself in Southeast Asia, where the data center market is experiencing rapid growth. By the end of 2024, Southeast Asia is expected to become the third-largest market for new computing capacity globally [2][56]. - The company has established a robust presence in nine Southeast Asian countries, with significant market shares in Thailand, Singapore, Indonesia, the Philippines, and Malaysia [2][68]. 4. Financial Projections - Revenue forecasts for 2025-2027 are projected at HKD 1,037 billion, HKD 1,296.26 billion, and HKD 1,555.51 billion, respectively, with corresponding growth rates of approximately 28%, 25%, and 20% [3][4]. - Net profit estimates for the same period are HKD 12.51 billion, HKD 15.32 billion, and HKD 18.83 billion, with growth rates of 30%, 22.4%, and 22.9% [3][4]. 5. Cash Flow and Operational Efficiency - The company demonstrates strong operational efficiency, with inventory turnover days at 46 and accounts receivable turnover days at 74. The overall operational turnover days are only 52, indicating effective cash management [28].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 本公司謹此補充，有關合作將委任經驗豐富的第三方服務提供者（「服務提供者」）， 為本集團提供包括穩定幣結算在內的金融解決方案，旨在實現跨境支付並有效規避外 匯風險（該方案既供本集團自用，亦可作為解決方案服務向客戶提供）。此舉完全基於 本公司對沖外匯風險的實際需求。過往經營中，本公司曾飽受匯率劇烈波動、高昂交 易手續費及冗長結算週期之苦。鑒於東盟地區持續的地緣政治不確定性，當地貨幣可 能面臨進一步波動。本公司在東盟地區從事消費電子、企業增值服務及雲計算解決方 案分銷業務，涉及大量境外上游供應商及客戶，長期承受人民幣、新加坡元、泰銖、 菲律賓比索及印尼盾等多幣種匯率波動風險。通過實施創新型支付系統，本集團將有 效降低運營成本，並顯著提升盈利穩定性。 儘管創新支付系統的運營對本公司（包括其董事及高級管理層）而言是一項全新業務， 但本公司相信服務提供者的專業知識將有助於為本集團成功實施並管理定制化的交易 解決方案 ...

Group 1 - The Hang Seng Index closed up 0.54%, while the Hang Seng Tech Index rose by 0.38% [1] - Sectors such as machinery, infrastructure, non-ferrous metals, coal, and lithium batteries saw significant gains, with China Longgong (03339.HK) increasing by over 15% [1] - Conversely, sectors like Apple, domestic banks, and biomedicine performed poorly, with Weishi Jiajie (00856.HK) declining by over 6% [1] Group 2 - CEC International (00759.HK) experienced a remarkable increase of 259% following news of JD.com acquiring Jiabao [1]

中国2025年6月重磅宏观经济数据公布，其中Q2GDP同比5.2%超预期。港股三大指数午后持续拉升走 强，一扫早盘冲高回落行情。截止收盘，恒生科技指数一马当先，最终收涨2.8%，恒生指数、国企指 数分别上涨1.6%及1.65%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | ○ 24590.12 | +386.80 | 1:60% | | 800100 | 国企指数 | 8877.10 | +144.36 | 1.65% | | 800700 | 恒生科技指数 | 5431.29 | +147.79 | 2.80% | 盘面上，作为市场风向标的大型科技股午后持续攀升助力大市上涨，其中，阿里巴巴大涨近7%，美 团、百度涨超4%，腾讯涨3.5%，京东涨超2%；行业利好不断，稳定币概念股普遍走高，云锋金融大涨 19.5%；生物医药股全天维持强势行情；苹果概念股、软件类股、汽车股、电信股、海运股午后涨幅持 续扩大。另一方面，比特币下破11.7万美元，加密货币概念股低迷，上半年全国房地产开发投资同比跌 11 ...

Summary of Weishi Jiajie Conference Call Company and Industry Overview - **Company**: Weishi Jiajie - **Industry**: Southeast Asian market, focusing on cross-border trade, payment solutions, and ICT sector growth Key Points and Arguments 1. **Southeast Asia Business Growth**: Weishi Jiajie expects its Southeast Asia business to maintain a high growth rate of 25%-30%, driven by the potential of assisting Chinese companies in expanding overseas, with an estimated scale of approximately 10 billion RMB [2][3] 2. **Cross-Border Payment Innovations**: The company is exploring the use of stablecoins for cross-border trade and foreign exchange settlements, aiming to reduce traditional cash settlement fees from 1.5%-3% to 0.1%-0.5%, while mitigating exchange rate risks and enhancing settlement efficiency [2][4][5] 3. **Targeted Business Segments**: The new payment settlement method primarily targets two areas: assisting Chinese cloud service companies in going global and covering final calculations and foreign exchange reviews across eight Southeast Asian countries [6] 4. **Partnerships with Stablecoin Issuers**: Collaborations with stablecoin issuers are expected to reduce losses from exchange rate fluctuations and explore opportunities for asset digitization, although specific details are still under discussion [7] 5. **Market Growth Drivers**: The high growth expectations for the Southeast Asian market are based on three factors: large economic scale with weak infrastructure, significant investments in ICT, and increasing demand for AI servers driven by investments from tech giants [8] 6. **Expansion Plans in Vietnam**: Weishi Jiajie is considering acquisitions to enter the Vietnamese market, with a focus on suitable targets among the top five listed distribution companies [9] 7. **Progress on Stablecoin Payment Settlements**: The company is conducting pilot projects in one or two Southeast Asian countries, showing promising results in terms of cost, speed, and reduced exchange rate losses [10] 8. **Impact of Exchange Rate Fluctuations**: In 2022, the company incurred a profit loss of approximately 100-200 million HKD due to exchange rate fluctuations, primarily from currency depreciation in the Philippines and Indonesia [12] 9. **Domestic IT Procurement Demand**: The domestic ICT market is expected to grow at a slower rate of about 4%-5% in 2024, with structural opportunities driven by product upgrades and AI demand [14] 10. **Profit Expectations**: The company anticipates that profit growth will outpace revenue growth due to faster growth in overseas markets and the positive impact of stablecoin collaborations on supply chain finance and exchange rate management [19][20] Other Important Insights 1. **Regulatory Developments**: The stablecoin issuance regulations in Hong Kong are set to take effect on August 1, which is expected to positively impact the company's financial performance by the end of Q3 or Q4 [16] 2. **Investor Communication**: The company is enthusiastic about the benefits of payment innovations and aims to enhance profit margins, which could significantly impact overall performance due to the large scale of its operations [21] 3. **Future Revenue Growth**: The company projects a compound annual growth rate of 20%-30% for overseas revenue, while domestic market growth is expected to improve to single-digit growth [18]

港股数字货币概念股开盘拉升，云锋金融(00376.HK)涨超21%，金涌投资(01328.HK)涨超12%，伟仕佳 杰(00856.HK)涨超6%，招商证券(06099.HK)一度近15%，现涨8%。 ...

股東及潛在投資者於買賣本公司股份時務請審慎行事。 自願公告 有關合作洽談 本公告由偉仕佳杰控股有限公司（「本公司」）自願作出。本公司日前已 開始進行合作洽談，以探索穩定幣支付及結算的解決方案。 該合作討論 主要聚焦本公司在東南亞地區的ICT產品分銷、供應鏈服務及數位生態業 務，著力聚焦穩定幣實體應用場景的支付技術創新，探索以合規穩定幣作 為支付工具，提升跨境貿易結算效率，優化供應鏈資金流動性，降低匯率 波動風險與跨境交易成本，賦能東南亞地區合作夥伴數位化轉型。 本次合作討論不涉及任何加密貨幣投機行為。該討論處於初步階段，且尚 未達成任何具法律約束力的協定。本公司將遵從聯交所證券上市規則於必 要時刊發進一步公告。 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 承董事會命 偉仕佳杰控股有限公司 公司秘書 林從帥 香港，二零二五年七月十四日 於本公佈日期，董事會由執行董事李佳林先生、王偉炘先生、李玥先生、陳海洲先生及顧三軍 先生；非執行董事張 ...

Group 1 - The core viewpoint of the news highlights the strong performance of Weishi Jiajie (00856.HK) in the Hong Kong stock market, with a significant increase in stock price and trading volume [1] - As of July 11, the Hang Seng Index rose by 0.46%, while Weishi Jiajie saw a stock price increase of 10.16%, with a trading volume of 29.95 million shares and a turnover of 243 million HKD [1] - Over the past month, Weishi Jiajie has achieved a cumulative increase of 16.26%, and a year-to-date increase of 51.71%, outperforming the Hang Seng Index by 19.78% [1] Group 2 - Financial data shows that Weishi Jiajie achieved total revenue of 82.497 billion HKD for the year ending December 31, 2024, representing a year-on-year growth of 20.56% [1] - The net profit attributable to shareholders was 974 million HKD, with a year-on-year increase of 14.09%, and a gross profit margin of 4.41% [1] - The company has a debt-to-asset ratio of 76.89% [1] Group 3 - Weishi Jiajie has been recognized as a leading technology product channel developer and technical solution integrator in the Asia-Pacific region, with a service network covering nine countries [2] - The company has established partnerships with over 300 Fortune 500 technology companies, including Huawei, Alibaba, and Microsoft, and operates in twelve major fields including cloud computing, AI, and cybersecurity [2] - Weishi Jiajie has maintained an average annual growth rate of 26% over the past 21 years, ranking first in the industry [2]

Core Viewpoint - Zhejiang Merchants Bank initiates coverage on Weishi Jiajie (00856.HK) with a "Buy" rating and a target price of HKD 9.9 [1] Business Overview - The company's main revenue sources are its enterprise systems and consumer electronics businesses, providing stable cash flow. It is a leading IT distributor in the Asia-Pacific region, focusing on IT equipment distribution and solution integration across four core areas: hardware, software, application software, and information security. The consumer electronics segment covers a wide range of products, including computers, mobile phones, drones, smartwatches, and VR devices. The overall revenue is projected to reach HKD 89 billion in 2024, with industry-leading revenue scale and profitability [2] Innovation and Growth - The company is leveraging cloud distribution and its own cloud brand, Jiajie Cloud Star, to capitalize on growth opportunities in the cloud computing market. It has established deep partnerships with major cloud providers like Alibaba Cloud and Huawei Cloud to offer comprehensive cloud services. Additionally, the company is proactively developing capabilities in AI, including computing resource scheduling and large model services, managing around 40 next-generation national intelligent computing centers across the country [3] Market Expansion - The company holds a leading position in the Southeast Asian IT distribution market, with revenue from this region expected to account for 34% of total revenue in 2024. As the company deepens its market penetration in Southeast Asia, this region is anticipated to become a key driver of overall revenue growth [4] Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are HKD 102.37 billion, HKD 116.94 billion, and HKD 132.27 billion, respectively. Net profit attributable to shareholders is expected to be HKD 1.18 billion, HKD 1.41 billion, and HKD 1.60 billion for the same period. A relative valuation method is used, with a target market value of HKD 15.6 billion and a target price of HKD 9.9, applying a 13x PE ratio for 2025. The initial coverage is rated as "Buy" [5]