Group 1 - CrowdStrike Holdings Inc-A (CRWD.O) maintains a hold rating with a target price of $414, driven by improved operational efficiency and the importance of identity security in the AI era, despite slightly lower revenue expectations for Q1 FY26 [1] - Lululemon Athletica Inc (LULU.O) also holds a neutral rating with a target price of $280, as same-store sales in the Americas weaken and competition in China increases, leading to a valuation downgrade [1] - Nvidia (NVDA.O) is rated outperform, with Q1 FY26 revenue exceeding expectations by 69%, driven by data center growth, and projected revenue of $45 billion for Q2 FY26 [1] Group 2 - Suzano SA ADR (SUZ.N) maintains a hold rating, with expectations of cost reduction and stable profits from a joint venture with Kimberly Clark, despite regulatory risks [2] - Zscaler (ZS.O) is rated buy with a target price of $317, as significant revenue and order growth is noted, alongside a strong position in the SASE market [3] - Bilibili (BILI.O) is rated buy, with Q1 revenue exceeding expectations and a significant improvement in adjusted net profit, driven by strong growth in advertising and gaming [6] Group 3 - Broadcom (AVGO.O) maintains an outperform rating with a target price of $275, as Q2 FY25 results meet expectations and AI revenue exceeds $4.4 billion, with a forecast of 60% growth in AI revenue for FY25 and FY26 [6][7] - Charters Industrial (GTLS.N) holds a rating of hold, with expectations of $300 million in annual synergies from a merger with FOSS, despite potential risks from cost inflation and demand downturns [8] - Hesai Technology (HSAI.O) shows strong Q1 performance with significant revenue and profit growth, and partnerships with top global OEMs [9] Group 4 - Palo Alto Networks (PANW.O) is rated buy with a target price of $203, as the company focuses on platform strategy and anticipates increased customer spending on platform products [10] - Pinduoduo (PDD.O) maintains a buy rating with a target price of $131, despite Q1 results falling short of expectations, as long-term growth strategies remain promising [11] - EHang Intelligent (EH.O) is rated outperform, with expectations of revenue growth despite a decline in Q1 due to reduced sales of EH216 series [12] Group 5 - MOMO Inc (MOMO.O) is rated outperform with a target price of $9, as Q1 results exceed expectations and overseas business shows rapid growth [13] - MOMO Inc also receives a buy rating with a target price of $8, with an increase in revenue and adjusted net profit expectations based on a 7x P/E ratio for 2025 [14]

Group 1 - The A-share IPO market showed signs of warming in May, with a total of 16 IPO applications accepted across three exchanges, surpassing the total of 11 from the first four months of the year. The Beijing Stock Exchange (BSE) accounted for nearly 70% of these applications, with 18 companies [1] - The BSE has become a competitive arena for leading brokerages, with seven out of the top ten underwriters for IPOs in 2024 being major firms. The merger of Guotai Junan and Haitong Securities has further solidified the presence of top brokerages in this space [1] - The acceleration of IPO approvals, particularly at the BSE, indicates a favorable policy environment and market vitality, leading to an expansion of financing channels for companies while increasing competition among brokerages [1] Group 2 - The issuance of floating fee funds has seen a surge, with companies like交银施罗德 and宏利基金 announcing significant self-purchases, indicating a trend where self-investment becomes a standard practice for new fund launches [2] - The record high in fund issuance, with equity funds making up over 40%, reflects growing market confidence and is likely to support related fund management companies and brokerage businesses, potentially driving more capital into equity assets [2] - The overall market sentiment has improved, with investors showing increased interest in sectors such as technology and consumption, contributing to a positive outlook for the stock market [2] Group 3 - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, with the Shanghai Stock Exchange accounting for 67% of this value [3] - The total fundraising scale for public REITs has reached 179.5 billion yuan, with the Shanghai Stock Exchange contributing 121.6 billion yuan, indicating a strong market presence [3] - The growth in public REITs market value reflects an increasing recognition of infrastructure and real estate assets, enhancing the financing capabilities of companies issuing REITs and attracting more investment into related sectors [3]

Investment Rating - The report does not explicitly provide an investment rating for the high-end equipment industry Core Insights - Huawei's humanoid robot strategy focuses on the collaboration between cloud-based and edge computing, emphasizing algorithm development as the core component, with significant advancements expected by the second half of 2025 [1][3][5] - The logistics sector is increasingly adopting humanoid robots, which are projected to reduce logistics costs by 3-5% for manufacturing businesses and over 30% for express delivery companies [1][10] - The unmanned logistics vehicle industry is benefiting from policy support and technological advancements, with a projected significant increase in orders and production expected to commence in 2025 [1][19][21] Summary by Sections Huawei's Humanoid Robot Strategy - Huawei has been deeply involved in AI and robotics since 2017, accelerating development in 2023 through partnerships and innovation centers, aiming for breakthroughs in algorithms and simulation by 2025 [1][5] - The company emphasizes three foundational capabilities: cloud-based brain and edge computing collaboration, cloud simulation, and data synthesis, with Huawei Cloud playing a critical role [3][4] Logistics Applications - The application of humanoid robots in logistics is on the rise, with companies like Demar Technology and Yongchun Intelligent showcasing their systems, indicating a trend towards automation in packaging and sorting [1][9] - The introduction of humanoid robots is expected to significantly lower logistics costs, which are a major concern for manufacturing and express delivery sectors [10] Unmanned Logistics Vehicles - The unmanned logistics vehicle sector is experiencing rapid growth, with major companies like SF Express and JD.com beginning large-scale applications, indicating a robust market potential [19][21] - The industry is projected to see a tenfold increase in the number of unmanned vehicles operated by companies like SF Express, reflecting a strong upward trend in demand [22] Chemical and Military Applications - The nitrocellulose industry is facing supply shortages due to safety incidents, with prices expected to rise, benefiting leading companies like Beihua Co., which holds over 30% of domestic production capacity [31][32] - The demand for special nitrocellulose in military applications is surging, particularly due to increased military spending in Europe amid ongoing conflicts, presenting investment opportunities in related sectors [32][33]

Core Viewpoint - The article suggests that the A-share market has likely reached a significant bottom, with structural opportunities emerging in growth, consumption, cyclical sectors, and dividends. The market is expected to experience high-frequency fluctuations within a narrow range, with a potential upward trend in the second half of the year, contingent on macroeconomic policies and external uncertainties [2][3][4]. Economic Recovery and Internal Dynamics - The internal momentum of China's economy is gradually recovering, supported by a package of stable growth policies. However, challenges remain, particularly in the real estate sector and weak consumer demand. The manufacturing sector's resilience is crucial for economic growth, but uncertainties regarding tariffs may dampen future export performance [3][6][7]. - The real estate market's stabilization is critical for macroeconomic health, with recent data indicating a narrowing decline in sales area but a widening decline in sales value. The sector's recovery will depend on effective policy responses [7][8]. Valuation Perspectives and Investor Dynamics - Despite a projected 3% decline in A-share earnings for 2024, dividend payouts are expected to increase by 5%, driven by improved free cash flow. The current dividend yield of the CSI 300 index is approximately 3.5%, significantly higher than the 10-year government bond yield, indicating a favorable valuation environment [4][5]. - The structure of investors in the A-share market is shifting, with individual investors gradually increasing their market presence, influencing market dynamics and styles [4]. Investment Strategy and Sector Focus - In an uncertain environment, the investment strategy should focus on certainty, prioritizing stable sectors before shifting to growth opportunities. Key investment themes include: 1. Opportunities in sectors that can clear supply and expand capacity, such as industrial metals and lithium batteries [5][23]. 2. High-growth opportunities less correlated with economic cycles, particularly in the AI industry and defense sectors [5][24]. 3. Dividend-paying sectors with strong cash flow and low volatility, including consumer staples and utilities [5][25]. Capital Market and Policy Environment - The capital market is undergoing steady institutional improvements, with new regulations supporting market stability and growth. The focus is on enhancing the development of technology-driven enterprises and promoting mergers and acquisitions [10][11]. - Fiscal policy is expected to play a crucial role in supporting economic recovery, with a projected increase in the deficit rate and government bond issuance for 2025, indicating a proactive approach to stimulate growth [9][10]. Profitability and Earnings Outlook - A-share profitability is anticipated to stabilize and improve, with projected earnings growth of approximately 3.5% for 2025. The non-financial sector is expected to see a more significant recovery, with earnings growth around 8.3% [21][22]. - The structural optimization of A-share earnings is evident, with a declining share of profits from real estate and construction, while the technology sector's contribution is increasing, highlighting a shift towards more sustainable growth drivers [25].

Core Viewpoint - The A-share IPO market has shown signs of recovery in 2025 after a prolonged downturn in 2024, with both the number of IPOs and the amount raised increasing compared to the previous year [2][3][6]. A-share IPO Market Recovery - In 2025, the A-share equity financing market has maintained a steady issuance pace, with a total fundraising of 214.83 billion yuan, representing a year-on-year increase of 53.1% [3]. - As of June 8, 2025, 45 A-share companies have been sponsored for IPOs, marking a 12.5% increase from the previous year, with total fundraising amounting to 33.655 billion yuan, up approximately 19% [3]. - The provinces with the highest number of IPOs include Zhejiang and Jiangsu, each with 10 IPOs, and Guangdong with 9 [3]. Leading Brokers in A-share IPOs - The top three brokers in A-share IPO underwriting for 2025 are CITIC Securities, Huatai United Securities, and CITIC Jin Investment, with underwriting amounts of 7.918 billion yuan, 3.034 billion yuan, and 2.674 billion yuan, respectively [4]. - A total of 23 brokers have participated in A-share IPOs this year, with four brokers exceeding 200 million yuan in underwriting income [4]. Hong Kong IPO Market Surge - The Hong Kong IPO market has experienced a significant increase, with a year-on-year growth of over 700% in fundraising during the first five months of 2025 [2][7]. - Analysts expect that the robust performance of the Hong Kong IPO market will contribute positively to the investment banking revenues of brokers [6][7]. - UBS anticipates that the Hong Kong IPO market's surge is driven by multiple factors, including policy optimization and changes in global economic conditions [7]. Participation of Chinese Brokers in Hong Kong IPOs - In the first five months of 2025, over half of the IPO underwriting in Hong Kong was conducted by Chinese brokers, with notable participation from CICC, Huatai International, and CITIC Securities [8]. - CICC has sponsored 8 companies, while Huatai International and other brokers have also shown significant involvement in the Hong Kong IPO market [8].

lar Realignment and Reconfiguration 2025年中金公司国际区域经济展望研讨会 2025 CICC Global Research Conference on Regional Economic Outlook 2025.06.13 June 13, 2025 09:00-18:10 上海浦东香格里拉大酒店 浦江楼3层开封厅 Level 3, River Wing, Meeting Room Kaifeng Pudong Shangri-La, Shanghai 声明 本活动仅面向中金公司客户开放，交流内容仅供参考。未经中金公司和演讲嘉宾书面许可，任何机构和个人不 得以任何形式将本论坛的内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等。如有违反 上述要 求的行为,中金公司保留追究相关法律责任的权利。 | 会议议程 | 1 100 100 | | --- | --- | | AGENDA | | | 6月13日 | 主 题 Panel June 13 | | | 浦江楼3层 开封厅 | | | Meeting Room Kaifeng, Level 3, River ...

Core Viewpoint - Central Huijin has officially become the actual controller of eight companies, holding seven brokerage licenses, which strengthens its position in the financial sector and raises expectations for potential consolidation among brokerages [1][6]. Group 1: Central Huijin's Control and Licenses - The China Securities Regulatory Commission (CSRC) has approved Central Huijin to become the actual controller of eight companies, including Changcheng Guorui Securities and Dongxing Securities [1][2]. - With the addition of these eight companies, Central Huijin now controls a total of seven brokerage licenses, including those of Galaxy Securities, China International Capital Corporation (CICC), and others [1][5]. Group 2: Financial Asset Management Companies (AMCs) - In February, the Ministry of Finance transferred the equity of three major AMCs—China Cinda, China Great Wall, and China Orient—to Central Huijin, making it the controlling shareholder of these companies [1][5]. - This transfer aims to enhance the risk management capabilities of state-owned financial institutions as part of national institutional reforms [1][5]. Group 3: Financial Performance and Market Position - As of 2024, the total assets of major brokerages under Central Huijin include Galaxy Securities at 737.47 billion, Shenyin Wanguo at 697.60 billion, and CICC at 674.72 billion, among others, with the total asset scale of the brokerage sector approaching 3.2 trillion [5][6]. - The combined net profit of the seven brokerages reached 34.18 billion, with Galaxy Securities contributing 10.13 billion and CICC 7.22 billion, indicating a strong financial performance [6]. - Central Huijin's scale and profitability position it as a dominant player in the brokerage industry, with total assets nearly double that of CITIC Securities and net profits 1.6 times higher [6]. Group 4: Market Expectations for Consolidation - The increase in brokerage licenses under Central Huijin has heightened market expectations for potential mergers among brokerages, including speculation about mergers involving CICC, Galaxy Securities, and several AMC-affiliated brokerages [6].

中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年6月27日 ? 股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 股东大会的基本情况 (一) 股东大会类型和届次：2024年年度股东大会（以下简称"股东大会" 或"本次股东大会"） (二) 股东大会召集人：中国国际金融股份有限公司（以下简称"公司"） 董事会 证券代码：601995 证券简称：中金公司 公告编号：临 2025-015 中国国际金融股份有限公司 关于召开2024年年度股东大会的通知 (三) 投票方式：现场投票和网络投票相结合的方式 (四) 现场会议召开的时间和地点 时间：2025 年 6 月 27 日 14 点 30 分 地点：北京市朝阳区针织路 23 号国寿金融中心 30 层 3004 及 3005 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 27 日至2025 年 6 月 27 ...

中金公司 2024 年年度股东大会会议资料 中国国际金融股份有限公司 会议资料 中金公司 2024 年年度股东大会会议资料 会议议程 中金公司 2024 年年度股东大会会议资料 会议须知 为维护全体股东的合法权益，确保中国国际金融股份有限公司（以下简称 "公司"）2024 年年度股东大会（以下简称"本次会议"）的正常秩序和议事效率， 根据《中华人民共和国公司法》《上市公司股东会规则》《中国国际金融股份有 限公司章程》《中国国际金融股份有限公司股东大会议事规则》等规定，特制定 本须知。 一、为保证本次会议的严肃性和正常秩序，公司有权拒绝除股东及股东代 理人（以下统称"股东"）、董事、监事、高级管理人员、公司聘请的律师、中介 机构及董事会邀请的人员外的人士入场。对于干扰会议秩序、寻衅滋事和侵犯 股东合法权益的行为，公司有权采取措施加以制止并及时报告有关部门查处。 二、股东依法享有发言权、质询权、表决权等权利。股东要求在本次会议 上发言的，需在会议召开前在现场登记时进行发言登记，填写《股东发言登记 表》。涉及公司商业秘密、内幕信息等方面的问题，公司董事、监事、高级管理 人员有权拒绝回答。 三、股东在会议现场投票的， ...

会议议程 一、 宣布会议开始 二、 审议议案 三、 介绍出席情况及会议表决办法 四、 填写、收集现场表决票，进行股东发言、提问环节 五、 宣读现场表决结果和法律意见书 六、 休会，汇总现场及网络投票结果（最终投票结果以公司公告为准） 中金公司 2024 年年度股东大会会议资料 中金公司 2024 年年度股东大会会议资料 中国国际金融股份有限公司 2024 年年度股东大会 会议资料 2025 年 6 月 中金公司 2024 年年度股东大会会议资料 会议须知 为维护全体股东的合法权益，确保中国国际金融股份有限公司（以下简称 "公司"）2024 年年度股东大会（以下简称"本次会议"）的正常秩序和议事效率， 根据《中华人民共和国公司法》《上市公司股东会规则》《中国国际金融股份有 限公司章程》《中国国际金融股份有限公司股东大会议事规则》等规定，特制定 本须知。 一、为保证本次会议的严肃性和正常秩序，公司有权拒绝除股东及股东代 理人（以下统称"股东"）、董事、监事、高级管理人员、公司聘请的律师、中介 机构及董事会邀请的人员外的人士入场。对于干扰会议秩序、寻衅滋事和侵犯 股东合法权益的行为，公司有权采取措施加以制止并及时报 ...