Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is integrating its self-developed digital twin platform, AISWare Digital Gemini, with NVIDIA Omniverse to enhance its product capabilities in the AI era, aiming to transform domestic manufacturing from "manufacturing" to "intelligent manufacturing" [1][2] - The digital twin platform has been recognized across various fields, having won international awards and passed evaluations for low-code platforms, indicating its leading position in the domestic digital twin sector [2] - The integration with NVIDIA Omniverse is expected to elevate the company's digital twin platform, creating a new industrial ecosystem centered around physical AI, which will provide comprehensive solutions for industries such as manufacturing and energy [2] - The company has accelerated its layout in AI large model delivery since 2023, successfully delivering over 30 large model projects in various sectors, with total order values exceeding 50 million yuan [3] - The financial forecast estimates the company's revenue for 2025-2027 to be 6.915 billion, 7.461 billion, and 8.269 billion yuan, respectively, with net profits projected at 571 million, 674 million, and 777 million yuan [4][10] Summary by Sections Digital Twin Platform - The AISWare Digital Gemini platform serves as a crucial part of the company's IT product system, enabling users to design and operate various digital twin applications across multiple sectors [2] - The platform has been successfully implemented in smart parks, digital villages, and event communication support, showcasing its practical applications [2] Integration with NVIDIA Omniverse - The collaboration with NVIDIA Omniverse aims to leverage synthetic data for training robots, facilitating a seamless transition from virtual to real-world industrial tasks [2] - This integration is anticipated to create a closed-loop solution for industries, enhancing the company's technological foundation and industrial value [2] AI Large Model Delivery - The company has made significant strides in AI large model delivery, with a comprehensive approach covering demand analysis, consulting, product development, implementation, and operational maintenance [3] - The successful application of large models in various manufacturing scenarios is expected to accelerate AI adoption in the industry [3] Financial Projections - The report maintains previous profit forecasts, with expected revenue growth and net profit increases over the next three years [4][10]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3] Core Insights - The company has integrated its self-developed digital twin platform, AISWare Digital Gemini, with NVIDIA Omniverse to empower the digital transformation of the manufacturing industry [1][7] - The company is recognized as one of the top six "large model application delivery suppliers" in China, showcasing its capabilities across various sectors [7] - The company aims to enhance its AI capabilities to address fluctuations in BSS business and increase OSS business share, focusing on three growth engines: AI large model applications, 5G private networks, and digital operations [7] Financial Data and Valuation - Total revenue is projected to decline from 7,913 million in 2023 to 6,646 million in 2024, followed by a recovery to 7,141 million in 2025, with a growth rate of 7% [2][13] - The net profit attributable to shareholders is expected to decrease from 533 million in 2023 to 453 million in 2025, with a significant rebound to 706 million in 2026 [2][13] - The company's PE ratio is forecasted to rise from 19.7 in 2023 to 23.3 in 2025, before decreasing to 12.9 by 2027 [2][13] Stock Performance - The company's stock has shown strong absolute performance, with a 40% increase over one month, 141% over six months, and 181% over twelve months [5] Key Financial Ratios - The company’s gross margin is projected to remain stable around 35.8% to 37.6% from 2023 to 2027 [13] - The return on equity (ROE) is expected to improve from 8.1% in 2023 to 10.5% in 2027 [13] - The asset-liability ratio is forecasted to decrease from 41.5% in 2023 to 39.5% in 2027, indicating improved financial stability [13]

Core Insights - The Tianwan Nuclear Power Plant's 5G production wireless network project is a significant initiative in response to China's strategy for large-scale 5G application [1][3] - The project is a collaboration between China Mobile, China National Nuclear Engineering, and AsiaInfo Technology, marking another "billion-level" project in the energy sector [1][4] - The 5G network enhances operational efficiency and safety at the nuclear power plant, contributing to energy security and the achievement of carbon neutrality goals [3][4] Group 1: Project Overview - The Tianwan Nuclear Power Plant is the largest nuclear power station in terms of total installed capacity globally, both operational and under construction [3] - The 5G production wireless network supports various applications, including digital overhaul management, smart operation platforms, and comprehensive safety monitoring [4][5] - AsiaInfo Technology has developed customized base stations to meet the stringent requirements of the nuclear energy sector, ensuring high performance and reliability [4][5] Group 2: Technological Applications - The 5G network facilitates mobile communication, data transmission, personnel positioning, and IoT integration across the production and office areas of the plant [5] - The implementation of 5G technology enables unmanned operations, intelligent inspections, and smart warehousing, enhancing overall operational efficiency [4][5] - AsiaInfo's 5G solutions incorporate AI, big data, and edge computing, aligning with national standards and widely applied across various energy sectors [5][7] Group 3: Company Profile - AsiaInfo Technology, listed on the Hong Kong Stock Exchange, is a leading provider of software and hardware products, solutions, and services [8][9] - The company focuses on digital transformation across multiple industries, including energy, leveraging advanced technologies like 5G, cloud computing, and AI [9] - AsiaInfo aims to deepen partnerships and drive cost reduction and efficiency improvements through its 5G private network solutions [7][9]

7月18至19日，亚信科技以"网数智安 融合共创"为主题全面参与"向实同行 共创融合新生态"为主题的 2025中国联通合作伙伴大会。期间，亚信科技与中国联通签署全面战略合作协议，多位高管受邀出席论 坛活动；亚信科技展示了紧贴行业场景的系列软硬件产品、解决方案及实践。 图：亚信科技展台 达成全面战略合作，"网数智安"融合共创数智未来 7月19日上午，大会主论坛隆重召开。上海政府相关部门领导、中国科学院和中国工程院院士，全球顶 尖高校、科研机构的专家学者，产业链合作伙伴、投资者、新闻媒体等出席大会主论坛。中国联通董事 长陈忠岳发表了题为《向新同行 共创智能新时代》的主旨演讲，宣布了中国联通在AI时代的战略布局 与创新成果。 主论坛上，亚信科技、中国联通签署全面战略合作协议，中国联通总经理、党组副书记简勤与亚信科技 执行董事、首席执行官高念书代表双方签署。根据协议，双方将围绕"加强生态合作开展政企联拓，技 术融合创新提升企业数智化能力，共建数智安全打造融合化解决方案"等核心领域展开深度合作，通过 整合各自在技术研发、资源渠道、行业经验等方面的优势，共同探索数字技术与实体经济融合的创新路 径，为各行业数字化升级提供更 ...

Core Insights - The event held on July 8 in Chengdu's Wuhou District focused on investment opportunities in cutting-edge fields such as artificial intelligence and microwave radio frequency, showcasing the district's favorable investment environment and development prospects [1] Group 1: Investment Opportunities - Wuhou District presented a significant investment opportunity list, targeting sectors like smart terminals, healthcare, artificial intelligence, and platform economy, along with future tracks such as low-altitude economy and new energy storage [1] - A total of 48 major investment cooperation opportunities were highlighted, covering solutions, project construction, technology breakthroughs, and application promotion [1] Group 2: Major Projects and Collaborations - Sixteen major industrial projects were signed at the event, with a total investment of nearly 3 billion yuan, focusing on AI+, microwave radio frequency, smart terminals, new energy materials, and low-altitude economy [2] - The establishment of the "China Mobile-Wuhou District AI+ Industry Ecosystem Alliance" was announced, aiming to leverage China Mobile's 5G-A advantages and integrate regional research and industrial resources [2] Group 3: Future Development Plans - Wuhou District has positioned artificial intelligence as a key area for developing new productive forces, attracting over 60 major AI enterprises [2] - The district plans to continue leveraging China Mobile's leadership to attract more high-energy projects and encourage upstream and downstream enterprises to settle in Wuhou, contributing to the development of a digital economy hub [2]

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Group 1 - The C3 Security Conference 2025 was held in Nanjing, China, gathering over 2,000 participants from government, research institutions, industry associations, and leading enterprises to discuss the evolution of security in the AI era [1][3] - The conference featured a main forum, five technical and industry sub-forums, and a special event called "C3 Technology Night," along with a digital exhibition area showcasing innovative technological achievements [1][3] - In 2024, China is expected to account for 61.5% of the 45,000 newly disclosed generative AI patents globally, highlighting its significant role in AI innovation [3] Group 2 - Experts from various organizations, including HydroX AI and Aisino Security, discussed challenges in AI technology implementation, the evolution of cybersecurity threats, and upgrades to defense systems [3] - Aisino Security launched several new products, including an AI XDR system and a comprehensive security solution for the digital economy, in collaboration with partners like China Unicom and HydroX AI [5] - Nanjing has been recognized as "China's Software City" since 2010 and is actively developing its software and information service industry, aiming to create a trillion-level industry cluster focused on AI development and security [5]

Investment Rating - The report gives a "Strong Buy" investment rating for the company [3]. Core Viewpoints - The company is a leading provider of digital transformation services with a comprehensive stack of capabilities, including consulting, R&D, delivery, integration, operation, decision-making, and service [12][8]. - The company has a significant market share in the telecom BOSS software market, holding 35.5% domestically and ranking second globally [8]. - The AI large model delivery business is gaining momentum, with over 30 signed orders for 2024, showcasing the company's ability to leverage AI in high-value scenarios [8]. - The company is focusing on enhancing its digital operation capabilities, which have shown significant growth in various sectors, including automotive, consumer, and finance [8]. - The company aims to strengthen its AI capabilities to address fluctuations in BSS business and expand its OSS market share, with a positive outlook for future growth [8]. Financial Data and Valuation - The projected total revenue for 2023 is 7,913 million, with a year-on-year growth of 2% [2]. - The expected net profit for 2025 is 4,530 million, with a corresponding PE ratio of 17.5 [2][8]. - The company’s total market capitalization is approximately 8.6 billion HKD, with a current share price of 9.19 HKD [3]. Business Overview - The company operates in various sectors, including telecommunications, government, finance, energy, and transportation, providing end-to-end digital transformation services [12][13]. - The BSS business accounts for 60.9% of the revenue, while OSS and digital operation businesses contribute 12.3% and 16.6%, respectively [13]. - The company has a strong focus on vertical industry digitalization, particularly in finance, energy, and transportation [13][14]. Historical Development - The company has evolved from a telecom software leader to a digital transformation pioneer since its establishment in 1993 [23]. - Significant milestones include its listing on the Hong Kong Stock Exchange in 2018 and the acquisition of iResearch Consulting in 2022, enhancing its digital capabilities [24][23]. Governance Structure - The company has a stable and concentrated shareholding structure, with AsiaInfo Security becoming the largest shareholder, holding approximately 29.92% of the shares [25]. - The company emphasizes shareholder returns, with a high dividend payout ratio, reaching 158.28% in 2023 [26].

Investment Rating - The report gives a "Strong Buy" investment rating for the company [3]. Core Viewpoints - The company is a leading provider of digital transformation services with a comprehensive stack of capabilities, including consulting, R&D, delivery, integration, operation, decision-making, and service [12][8]. - The company has a significant market share in the telecom BOSS software market, holding 35.5% domestically and ranking second globally [8]. - The AI large model delivery business is gaining momentum, with over 30 signed orders for 2024, showcasing the company's ability to leverage AI in high-value scenarios [8]. - The company is focusing on enhancing its data-driven operations and has seen substantial growth in its smart operation business across various industries [8]. - Future profit forecasts indicate a rebound in net profit from 2025 onwards, with expected growth rates of 56% in 2026 and 16% in 2027 [8]. Financial Data and Valuation - Total revenue for 2023 is projected at 7,913 million, with a year-on-year growth of 2% [2]. - The company expects a decline in revenue in 2024 to 6,646 million, a decrease of 16% [2]. - Net profit for 2023 is estimated at 533 million, reflecting a significant drop of 36% compared to the previous year [2]. - The company’s PE ratio is projected to decrease from 14.9 in 2023 to 9.7 by 2027, indicating an improving valuation over time [2]. Business Overview - The company operates in various sectors, including telecommunications, government, finance, energy, and transportation, providing end-to-end digital transformation services [12][13]. - The BSS business accounts for 60.9% of the revenue, while the OSS and smart operation businesses contribute 12.3% and 16.6%, respectively [13]. - The company has a strong focus on vertical industry digitalization, particularly in finance, energy, and transportation [13][14]. Historical Development - The company has evolved from a telecom software leader to a digital transformation pioneer since its establishment in 1993 [23]. - Significant milestones include its listing on the Hong Kong Stock Exchange in 2018 and the acquisition of iResearch Consulting in 2022, enhancing its digital capabilities [24][23]. Governance Structure - The company has a concentrated and stable shareholding structure, with AsiaInfo Security becoming the largest shareholder in 2024 [25]. - The governance framework is designed to ensure long-term stability and strategic alignment with its parent company [25].

Group 1: Key Recommendations - The report recommends Junsheng Electronics (均胜电子, 600699) due to the recovery of automotive safety profitability, the arrival of new automotive electronic technologies, and the company's investment in humanoid robots, which is expected to accelerate performance release [5] - The report highlights Bubugao (步步高, 002251) as a strong candidate for investment, citing its successful restructuring and significant sales growth post-adjustment, with expectations for rapid profit improvement [6] - The report identifies AsiaInfo Technology (亚信科技, 01675) as a key player in the AI sector, benefiting from its partnership with Alibaba in large model delivery, which is expected to drive revenue growth [7][9] - The report recommends Boke Technology (步科股份, 688160) for its leadership in frameless torque motors and the growth potential in humanoid robotics [10] - Gree Electric Appliances (格力电器, 000651) is noted for its recovery in management and channel reforms, which are expected to drive performance beyond expectations [11] Group 2: Financial Projections and Valuations - For Junsheng Electronics, projected revenues for 2025-2027 are 64.53 billion, 66.45 billion, and 71.02 billion CNY, with net profits expected to grow at rates of 59.7%, 19.5%, and 17.9% respectively [5] - Bubugao's revenue projections for 2025-2027 are 7.75 billion, 9.55 billion, and 12.10 billion CNY, with a remarkable revenue growth rate of 126.01% in 2025 [6] - AsiaInfo Technology's revenue is forecasted to reach 6.915 billion, 7.461 billion, and 8.269 billion CNY from 2025 to 2027, with net profit growth rates of 4.84%, 17.99%, and 15.25% [9] - Boke Technology's revenue is expected to be 684 million, 859 million, and 1.069 billion CNY for 2025-2027, with net profit growth rates of 76.0%, 26.2%, and 24.2% [10] - Gree Electric's projected revenues for 2025-2027 are 200.12 billion, 208.32 billion, and 216.82 billion CNY, with net profit growth rates of 10.32%, 7.99%, and 6.85% [12] Group 3: Market Insights and Trends - The report indicates that the automotive safety sector is stabilizing, with Junsheng Electronics expected to benefit from the recovery in profitability and the new technology production cycle [5] - Bubugao's restructuring has led to a significant increase in daily sales, with expectations for further improvements in profit margins as the company completes its store adjustments [6] - The AI industry is experiencing rapid growth, with AsiaInfo Technology positioned to capitalize on this trend through its comprehensive digital solutions [9] - The demand for frameless torque motors is expected to rise, driven by advancements in robotics and automation, benefiting Boke Technology [10] - Gree Electric is anticipated to see improved operational efficiency and profitability as it navigates through its channel reform phase [11]