Core Viewpoint - The report from Dongfang Securities highlights the growing focus of telecom operators on AI terminals, particularly in the smart home sector, which is expected to drive growth opportunities in the industry [1][2]. Group 1: Telecom Operators' AI Terminal Development - Leading telecom operators are continuously launching AI terminals such as mobile smart screens, showing impressive product growth [1]. - In March 2025, China Unicom and ZTE jointly released a series of innovative AI smart home terminal products, including smart screens and AI cameras [1]. - In May 2025, China Telecom upgraded its Tianyi AI central screen to serve as a comprehensive AI life assistant, indicating strong competitive advantages in the smart home business [1]. Group 2: Market Growth and Sales Data - The market for mobile smart screens, represented by China Mobile, is experiencing robust growth, with a projected retail volume of 254,000 units in 2024, reflecting a 65% year-on-year increase [2]. - The industry is expected to maintain rapid growth as telecom operators increase their investments in home AI terminals [2]. Group 3: AI Model Investments and Product Offerings - Telecom operators are investing heavily in AI models to enhance the intelligence of their terminals [3]. - China Mobile showcased its JiuTian Basic Model V3.0 at the 2025 World Artificial Intelligence Conference, while China Telecom introduced its self-developed Starry Sky Model system, enhancing the functionality of its terminal products [3]. - Future product promotions and subsidy policies from telecom operators are anticipated to improve the penetration of AI terminals in home settings [3].

Core Insights - Yongxin Optical is recognized as a national-level manufacturing champion and has entered a new phase of domestic substitution in high-end optical microscopes [1] - The high-end optical microscope market in China has significant potential but has been dominated by foreign companies for a long time [1] - The company has developed technical capabilities comparable to top global optical microscope manufacturers through OEM, industry-academia-research collaboration, and undertaking major national projects [1] Industry Summary - The high-end microscope segment has seen rapid growth, achieving over 5% domestic substitution and further increasing market share year-on-year [1] - In 2024, the company's microscope business revenue is expected to decline by 14% to 356 million yuan due to industry demand recovery and equipment update policies, raising concerns about the pace of domestic substitution [1] - Despite the overall revenue decline, high-end microscope revenue continues to grow [1] - The implementation of China's scientific instrument domestic substitution strategy and increasing uncertainty in the international trade environment are expected to accelerate breakthroughs in the company's optical microscope business [1] - Increased funding for equipment updates in 2025, with the first batch of funds already allocated and the second batch undergoing project review, is anticipated to expedite the procurement process for high-end microscopes [1] - The company's microscope business is projected to resume growth starting in 2025 [1] Valuation Summary - Based on comparable companies' 2025 price-to-earnings (PE) ratio of 44 times, the target price is set at 110.88 yuan, maintaining a "buy" rating [1]

Core Viewpoint - The smart watch industry is expected to open up growth opportunities driven by AI applications and demand for sports scenarios, despite some investor skepticism regarding future growth potential [1] Group 1: AI Integration in Smart Watches - AI applications are gradually being implemented in smart watches, enhancing user interaction through AI voice assistants and improving health and sports monitoring capabilities [2] - The demand for high-end smart watches is anticipated to grow as AI features become more prevalent, with shipments of smart watches equipped with advanced operating systems expected to reach 100 million units by 2027, reflecting a compound annual growth rate of 14% from 2024 to 2027 [2] Group 2: Demand for Sports Watches - The demand for sports watches is strong, with significant differentiation in functionality, particularly for outdoor activities and specialized health monitoring [3] - The average price of sports watches is notably higher, with global average prices around $514 in Q1 2024, compared to approximately $190 for the overall wearable wristband market, indicating a trend towards high-end products [3] - The performance of leading sports watch companies, such as Garmin, demonstrates the ongoing growth in the sports watch market [3]

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | （請參閱上述 * 註 有投票權股 (日 / 月 / 年） | | | | | | | | | 解) 份百分比 | | | | | | | | | ( % | | | CS20250728E00376 | 易方达基金管理有限公司 | 1101(L) | | 1.577.600(L) | HKD 7.5710 | 72.171.200(L) | 7.03(L)23/07/2025 | 格隆汇7月30日丨根据联交所最新权益披露资料显示，2025年7月23日，东方证券(03958.HK)获易方达基金管理有限公司在场内以每股均价7.571港元增持 157.76万股，涉资约1194.4万港元。 增持后，易方达基金管理有限公司最新持股数目为7217.12万股，持股比例由6.87%上升至7.03%。 | 股份代號 ...

香港联交所最新数据显示，7月23日，易方达基金增持东方证券（600958）(03958)157.76万股，每股作 价7.571港元，总金额约为1194.4万港元。增持后最新持股数目为7217.12万股，持股比例为7.03%。 ...

智通财经APP获悉，香港联交所最新数据显示，7月23日，易方达基金增持东方证券(03958)157.76万 股，每股作价7.571港元，总金额约为1194.4万港元。增持后最新持股数目为7217.12万股，持股比例为 7.03%。 ...

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management [1] - The weekly ranking data from July 14 to July 20 shows that Wang Weilong from Bank of China Securities achieved the highest weekly return of 20.22% in stock simulation trading [1][2] - In the ETF simulation trading group, Sun Baoyan from Xinda Securities topped the list with a weekly return of 10.81% [2][3] Group 2 - In the public fund simulation configuration group, Sun Baoyan also led with a weekly return of 10.91%, followed by He Weidong from Dongxing Securities with 5.88% [3][5] - The social service evaluation highlights top advisors based on their IP homepage and simulated portfolio heat values, with Mei Xingxia from Dongfang Securities leading in IP homepage heat value [11]

Group 1 - The semi-annual index review results of the Shanghai-Hong Kong Stock Connect AH Share Smart Index were announced by China Securities Index Co., Ltd. and Hang Seng Indexes Company Limited [1] - Heng Rui Medicine (01276.HK) and Hai Tian Wei Ye (03288.HK) will be added to the index [1] - Dongfang Securities (03958.HK) and GAC Group (02238.HK) will be removed from the index [1]

Group 1 - The core viewpoint of the article highlights that the securities sector is experiencing a bullish trend, with multiple brokerage stocks, including Jinlong Co., hitting the daily limit up, and others like Guosen Securities, Bank of China Securities, and Dongfang Securities also seeing gains [1] - The securities sector has seen a continuous rise for six consecutive days, indicating a strong upward momentum [1] - Industry insiders believe that the securities sector is in a phase of multiple favorable factors, including sustained policy support, active trading sentiment in the A-share market, increasing interest in the Hong Kong stock market, and the recovery of brokerage firms' performance, which collectively enhance the sector's outlook [1]

Group 1 - The A-share securities sector experienced a late-session surge, with China Merchants Bank Securities hitting the daily limit up [1] - Guotai Junan Securities and Dongwu Securities both rose over 7%, indicating strong market performance [1] - Other securities firms such as Orient Securities, Changjiang Securities, and Huatai Securities also saw gains, reflecting a positive trend in the industry [1]