Core Viewpoint - The AI Fund Jin Ying Responsible Investment Mixed A (011155) reported a profit of 224,400 yuan in Q2 2025, with a net value growth rate of 1.55% and a fund size of 15.244 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - The fund's weighted average profit per share for the period was 0.0071 yuan [3]. - As of July 18, 2025, the fund's unit net value was 0.528 yuan [3]. - The fund's one-year cumulative net value growth rate reached 11.43%, the highest among its peers, while the lowest was 2.26% for Jin Ying New Energy Mixed A [3]. Market Analysis - In Q2 2025, the CSI 300 Index rose by 1.25% and the Hang Seng Index increased by 4.12% [3]. - Sectors such as military, banking, communication, media, and agriculture performed well, while food, home appliances, steel, building materials, and automotive sectors lagged [3]. - Concerns about the sustainability of demand for cyclical consumer goods have emerged after subsidy stimuli since last year, while AI-related industries, particularly export-related, showed significant performance growth following easing trade war tensions [3]. Investment Strategy - For Q3 2025, the fund will focus on AI technological advancements, emerging consumer trends, and innovative pharmaceuticals, maintaining a high allocation in Hong Kong stocks [4]. - The fund will adopt an active investment strategy, emphasizing growth in A-shares and internet sectors in Hong Kong [4]. Comparative Performance - As of July 18, 2025, the fund's three-month cumulative net value growth rate was 13.85%, ranking 136 out of 328 comparable funds [4]. - The six-month cumulative net value growth rate was 15.33%, ranking 97 out of 328 [4]. - The fund's three-year cumulative net value growth rate was -37.90%, ranking 239 out of 249 [4]. Risk Metrics - The fund's three-year Sharpe ratio was -0.4456, ranking last among comparable funds at 249 out of 249 [10]. - The maximum drawdown over the past three years was 54.26%, with the largest single-quarter drawdown occurring in Q3 2023 at 29.88% [12]. Fund Holdings - As of Q2 2025, the top ten holdings of the fund included Tencent Holdings, Xiaomi Group-W, Pop Mart, China Oriental Education, Hong Kong Stock Exchange, CATL, Lens Technology, Huadian Technology, Zijin Mining, and AAC Technologies [19]. Fund Positioning - The average stock position over the past three years was 85.65%, with a peak of 91.94% at the end of H1 2025 and a low of 59.3% at the end of H1 2021 [15].

Core Viewpoint - 瑞声科技 (02018) has shown a rebound, surpassing the middle line of the Bollinger Bands at 40.19, with a current price of 40.95, reflecting a 4.2% increase. The technical indicators present a complex pattern, with multiple sell signals but some signs of potential bottoming out [1][3]. Technical Analysis - The stock price has found support near the 30-day moving average at 39.47 and the 60-day moving average at 38.38. The technical strength indicator totals 13 points, indicating bearish signals from the Ichimoku Cloud and MACD, while the VR ratio suggests oversold conditions [1]. - Key support levels are identified at 38.3 and 36.7, with a significant psychological resistance at 41. A breakthrough above 41 could lead to a challenge of 42.4. The current probability of an upward movement is 56%, indicating a balance between bullish and bearish forces [3]. Investment Opportunities - Recent stock price volatility has created opportunities for structured products. The call warrant (15694) stands out with a leverage of 5.1 times and a strike price of 44.88, suitable for investors optimistic about future price movements while focusing on cost control. Another option, the call warrant (15499), also offers 5.1 times leverage but with a higher strike price of 55.93 and a premium of 41.02%, appealing to more aggressive strategies [6]. - For investors seeking higher leverage, the call warrant (14436) provides 7.5 times leverage, although it comes with a premium of 63.69%. Conversely, bearish investors might consider the put warrant (14757), which has a lower leverage of 1.4 times but the lowest premium, making it a suitable hedging tool [6]. Product Selection Considerations - Investors should consider their risk tolerance, price trend expectations, and holding period when selecting products. High-leverage products offer significant return potential but come with higher risks, while low-premium products incur less time value loss, making them suitable for long-term holding [9].

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

Group 1 - The Hong Kong stock market saw a significant rebound in Apple-related stocks today [1] - Sunny Optical Technology (02382.HK) rose nearly 7% [1] - BYD Electronics (00285.HK) increased by over 5% [1] Group 2 - Other stocks such as Q Tech (01478.HK), AAC Technologies (02018.HK), and GoerTek (01415.HK) also experienced gains [1]

Group 1 - CLSA's top stock picks include AAC Technologies (瑞声科技), Xiaomi, and SMIC [1] - The upcoming iPhone 17 Pro series is expected to feature a vapor chamber for enhanced thermal performance, with AAC Technologies supplying the thermal module [1] - AAC Technologies' optical business is projected to grow, contributing to a forecasted revenue of RMB 27.33 billion for 2024, a 33.8% year-on-year increase [1] Group 2 - AAC Technologies completed the acquisition of 80% of high-end audio system supplier "PSS" last February, leading to a revenue of RMB 3.52 billion from automotive and consumer acoustics products in 2024 [2] - The thermal business of AAC Technologies is expected to generate RMB 326 million in revenue for 2024, reflecting a 40.1% year-on-year growth [2] - AAC Technologies has become a major supplier of thermal modules for flagship smartphones in China, holding over 50% market share [2]

Core Viewpoint - The acquisition of a 53.74% stake in Chuguang Automotive by AAC Technologies marks a new chapter in the development of automotive perception technology, enhancing the company's capabilities in the smart automotive sector [1][2]. Group 1: Acquisition Details - AAC Technologies, through its wholly-owned subsidiary, signed an agreement to acquire a 53.74% stake in Hebei Chuguang Automotive Components Co., Ltd. for RMB 288 million [1]. - Following the acquisition, Chuguang Automotive will become an indirect non-wholly-owned subsidiary of AAC Technologies, with the founding team continuing to manage operations [1]. - Chuguang Automotive, established in 2016, specializes in the design, production, and sales of automotive electronic components, holding over 30 patents and various certifications [1]. Group 2: Market Position and Collaboration - Chuguang Automotive holds a 55% market share in the domestic market for automotive digital microphones and over 26% globally [2]. - The acquisition signifies a deep integration of technological advantages and industrial resources between AAC Technologies and Chuguang Automotive, aimed at advancing the automotive intelligence industry [2]. Group 3: Technological Synergy - The collaboration aims to create a closed-loop ecosystem of "perception-processing-output" in automotive acoustics, enhancing user experience through improved microphone technology [3]. - AAC Technologies plans to leverage its global resource network to accelerate the commercialization of Chuguang Automotive's technologies and expand its market reach [3]. - The partnership will focus on the latest trends in the smart automotive industry, optimizing acoustic technology solutions and setting new standards for sound perception in next-generation smart cockpits [3]. Group 4: Financial Projections - The company is projected to achieve revenues of RMB 31.146 billion, RMB 34.950 billion, and RMB 39.202 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 2.441 billion, RMB 2.943 billion, and RMB 3.486 billion [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 18x, 15x, and 12x for the years 2025 to 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The acquisition of a 53.74% stake in Hebei Chuguang Automotive Parts Co., Ltd. marks a new chapter in the development of automotive perception technology, with the transaction valued at RMB 288 million [2][3] - The acquisition will enhance the company's core competitiveness in acoustic system solutions, integrating technology and resources to drive the upgrade of automotive intelligence [3][6] - The company is expected to achieve revenues of RMB 31.15 billion, RMB 34.95 billion, and RMB 39.20 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.44 billion, RMB 2.94 billion, and RMB 3.49 billion [7][9] Financial Projections - Revenue growth rates are projected at 34% for 2024, followed by 14% for 2025, and 12% for 2026 and 2027 [9][12] - The company's earnings per share (EPS) are forecasted to be RMB 1.53, RMB 2.04, RMB 2.46, and RMB 2.91 for the years 2024 to 2027 respectively [9][12] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 18x, 15x, and 12x respectively [7][12]

Group 1 - According to Counterpoint Research, China's smartphone sales are expected to see a slight year-on-year increase in Q2 2025, with Huawei projected to grow by 12% and Apple by 8% [1] - The Guangdong provincial government has issued a plan to promote economic growth, which includes accelerating the replacement of old electronics, including smartphones [1] - The "618" shopping festival, supported by national subsidies, has significantly boosted sales of smartphones and other consumer electronics, with Su Ning reporting sales increases of 62.35% for smartphones [2] Group 2 - Huawei and Xiaomi were the biggest beneficiaries of the national subsidy policy, with their shipment volumes increasing by 18% and 40% respectively in Q1 [2] - The overall smartphone market in China is expected to grow by approximately 3% in 2025, with a projected shipment volume of about 290 million units [2] - China Galaxy Securities forecasts that the penetration rate of AI smartphones will reach 34% by 2025, while AI PCs are expected to rise from 0.5% in 2024 to 79.7% by 2028 [3] Group 3 - AAC Technologies (瑞声科技) anticipates a significant increase in the shipment of its WLG products, which will be widely used in smartphones and other sectors [4] - Sunny Optical Technology (舜宇光学科技) expects a 26% year-on-year increase in global demand for automotive lenses, driven by the development of smart driving in China [4] - Q Technology (丘钛科技) reported a decrease in camera module sales but a 45% year-on-year increase in fingerprint recognition module sales [5] Group 4 - Xiaomi Group achieved over 30% year-on-year growth during the "618" shopping festival, with total payments reaching 35.5 billion RMB [5] - Xiaomi's online store revenue grew by 18%, while smartphone shipments increased by 17% during the same period [5] - The company's offline store revenue surged by 51%, with smartphone shipments growing by 31% and AIoT revenue increasing by 63% [5]

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - AI glasses are evolving from "fashion items" to essential tools for specialized scenarios, with the potential to become the next generation of independent AI smart terminals after incorporating display functions [3][7] - The global smart glasses market is expected to ship 12.05 million units in 2025, representing a year-on-year growth of 18.3%, with non-display audio glasses and audio shooting glasses expected to see shipments more than double [7] - Meta's collaboration with Oakley on new AI glasses focuses on sports scenarios, enhancing functionality and battery life, which is expected to drive market acceptance and further application in specialized fields [7] Summary by Sections Investment Suggestions and Targets - Focus on leading companies in the supply chain of AI glasses, including: 1. Complete machine and PCBA manufacturers: GoerTek (002241, Buy), Longqi Technology (603341, Not Rated), Lens Technology (300433, Buy), Luxshare Precision (002475, Buy), and Huaqin Technology (603296, Buy) [3] 2. SoC suppliers: Hengxuan Technology (688608, Buy) and Amlogic (688099, Buy) [3] 3. Component suppliers: Camera lens glass supplier Yutong Optical (300790, Not Rated), microphone and speaker supplier AAC Technologies (02018, Not Rated), and SiP module supplier Huanxu Electronics (601231, Buy) [3] 4. Waveguide manufacturers: Lantech Optical (688127, Buy), Crystal Optoelectronics (002273, Buy), and Sunny Optical Technology (02382, Buy) [3] Market Trends - The AI glasses market is experiencing rapid growth due to improved hardware and software capabilities, leading to increased value and potential upgrades in the traditional eyewear industry [7] - Major tech companies are expected to release new AI glasses products in the second half of the year, which will catalyze industry growth [7]