+ CCS3412 GTSH + Registered shareholders will automatically receive their cash dividends in Hong Kong dollars unless they elect to receive them in Renminbi. No action is required if you wish to receive your cash dividends in Hong Kong dollars. NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東之姓名及地址 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code／股份代號: 02611） DIVIDEND C ...

Financial Performance - In the first half of 2023, the company's operating revenue was 171 million yuan, a decrease of 34.74% year-on-year [1][2] - The net profit attributable to shareholders was -86.41 million yuan, compared to -82.56 million yuan in the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -97.21 million yuan, slightly worse than -96.10 million yuan in the previous year [1][2] - The net cash flow from operating activities was 52.54 million yuan, a significant improvement from -19.74 million yuan in the same period last year [1][2] Future Projections - The company projects operating revenues of 449 million yuan and 574 million yuan for 2023 and 2024, respectively [2] - The net profit attributable to shareholders is expected to be -169 million yuan in 2023 and -181 million yuan in 2024 [2] - The net profit after deducting non-recurring gains and losses is projected to remain at -224 million yuan for both 2023 and 2024 [2] Company Background - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 6, 2022, with an initial stock issuance of 60 million shares at a price of 41.98 yuan per share [3] - The total funds raised from the initial public offering amounted to 2.519 billion yuan, with a net amount of 2.262 billion yuan after deducting issuance costs [3] - The company plans to use the raised funds for various projects, including cloud information security chip design and RISC-V architecture CPU core design [3]

Core Insights - Saudi Arabia's economic vitality has improved significantly in recent years, with the non-oil economy contributing over 70% to GDP [1][2] - The relationship between China and Saudi Arabia is strengthening in the context of global multipolarity and economic globalization, with cooperation expanding into various strategic sectors [1][4] Economic and Regulatory Environment - The growth of the non-oil economy is driven by private sector expansion, upgrades in key sectors, and accelerated growth in emerging industries [2] - Saudi Arabia is transitioning from an export-driven economy to one driven by domestic demand, with increased contributions from investment and consumption [2] - The unemployment rate has dropped to a historical low, supported by a young population, rising female employment, and high educational attainment [2][3] Regional and Geopolitical Context - Saudi Arabia plays a dual role as an economic engine and stabilizer in the Middle East, crucial for stabilizing international oil prices and facilitating regional cooperation [3] - The geopolitical landscape is shifting towards cooperation, with Saudi Arabia's "Vision 2030" becoming a central national strategy that transcends traditional security dependencies [4] Industry Transformation and Investment Opportunities - Under "Vision 2030," Saudi Arabia's manufacturing, consumption, and high-tech industries are accelerating, with significant progress in digital economy, green energy, and high-end manufacturing [5] - The country is attracting foreign direct investment (FDI), particularly in manufacturing, construction, and financial services, indicating a growing investment potential [5]

Group 1: Economic Overview - The UAE is the second-largest economy in the Gulf region, leveraging its oil and gas resources along with its trade hub advantages to accelerate economic diversification [1][2] - As of Q4 2024, the oil sector is projected to account for 20% of the UAE's GDP, indicating a strong reliance on energy resources while the government pushes for economic diversification [2][3] Group 2: Economic Transformation - The UAE has significantly reduced its dependence on oil, with industrial, construction, real estate, and financial services sectors showing comprehensive development [3] - The service sector has increasingly contributed to economic growth, with domestic demand, private consumption, and fixed capital formation becoming key drivers [3] Group 3: Demographics and Labor Market - The UAE has the highest percentage of foreign immigrants in the Middle East at 88%, with a well-educated labor force and high labor participation rates, supporting industrial transformation and domestic market expansion [4] - The country’s favorable demographic structure and inclusive business environment attract international talent and capital inflows [4] Group 4: Trade Relations with China - The UAE is a significant energy supplier to China and the largest export market in the Middle East, with increasing trade cooperation, particularly in machinery, automobiles, and home goods [5] - The relationship is evolving from traditional oil purchases to include clean energy and new economic collaborations, reflecting a shift in Chinese enterprises' overseas expansion strategies [5]

Group 1 - The A-share market saw a short-term rally in brokerage stocks, with Guosheng Financial Holdings rising over 5% [1] - Other brokerage firms such as Shouchuang Securities, Huatai Securities, CITIC Securities, and China Galaxy also experienced gains [1] Group 2 - Guosheng Financial Holdings increased by 5.77%, with a total market capitalization of 38 billion and a year-to-date increase of 49.89% [2] - Shouchuang Securities rose by 2.62%, with a market cap of 62 billion and a year-to-date increase of 3.54% [2] - Huatai Securities saw a rise of 1.84%, with a market cap of 179.5 billion and a year-to-date increase of 14.97% [2] - CITIC Securities increased by 1.66%, with a market cap of 426.5 billion and a year-to-date decrease of 0.47% [2] - China Galaxy rose by 1.62%, with a market cap of 185.7 billion and a year-to-date increase of 12.78% [2] - Other notable increases include Xiangcai Securities at 1.38% (31.5 billion, 52.78% YTD), GF Securities at 1.19% (155.8 billion, 29.37% YTD), and Guosen Securities at 1.06% (136.7 billion, 22.97% YTD) [2] - The MACD golden cross signal formation indicates a positive trend for these stocks [1]

Group 1 - The overall market sentiment is expected to improve with the return of funds after the National Day holiday and rising policy expectations for the "14th Five-Year Plan" from the upcoming Fourth Plenary Session [1][3] - The A-share market showed mixed performance, with the Shanghai Composite Index down 1.30% and the CSI 300 Index down 0.44%, while the Shenzhen Component Index and ChiNext Index rose by 1.14% and 2.34% respectively [1] - The trading volume increased, with an average daily turnover of approximately 2.52 trillion yuan, peaking at 3.17 trillion yuan on Thursday before dropping to 2.35 trillion yuan on Friday [1] Group 2 - The convertible bond market is experiencing a downward adjustment, with the China Convertible Bond Index down 1.55% and the convertible bond equal-weight index down 1.29% [2] - The median price of convertible bonds fell from 132.30 yuan to 129.51 yuan, and the median conversion premium rate shrank to 23.77% [2] - The market is expected to remain in a volatile state for the remainder of September, with potential risk aversion as the National Day holiday approaches [2] Group 3 - In October, the convertible bond market is anticipated to receive support and repair opportunities, with a focus on stocks with solid fundamentals and compressed conversion premiums, particularly in technology growth and cyclical sectors [3] - The market's overall tight supply-demand balance is likely to continue supporting convertible bond valuations [3]

Group 1 - The core viewpoint of the news is that Saiwei Electronics has seen a significant increase in its stock price, rising 5.37% to 27.86 CNY per share, with a total market capitalization of 20.399 billion CNY and a cumulative increase of 13.62% over three consecutive days [1] - Saiwei Electronics specializes in MEMS process development, wafer manufacturing, GaN epitaxial material growth, and chip design, with its main revenue sources being MEMS wafer manufacturing (54.30%), MEMS process development (39.14%), and others [1] Group 2 - From the perspective of fund holdings, a fund under Guotai Asset Management has a significant position in Saiwei Electronics, with 229,300 shares held, representing 0.89% of the fund's net value, ranking as the tenth largest holding [2] - The fund, Guotai Junan CSI 1000 Selected Stocks A (019505), has achieved a year-to-date return of 37.51% and a one-year return of 86.84%, ranking 1109 out of 4222 and 764 out of 3813 respectively [2] Group 3 - The fund manager of Guotai Junan CSI 1000 Selected Stocks A is Hu Chonghai, who has been in the position for approximately 3 years and 283 days, managing a total asset size of 8.512 billion CNY [3] - During Hu Chonghai's tenure, the best fund return was 71.61%, while the worst return was -0.53% [3]

Core Viewpoint - The company maintains a "Buy" rating and has raised its adjusted net profit forecasts for 2025-2027, reflecting a significant growth trajectory driven by a strategic focus on AI and operational efficiency [1][2] Financial Performance - H1 revenue decreased to 822 million RMB, down 20.8%, while adjusted net profit was 10.35 million RMB, a turnaround from a loss of 160 million RMB in the same period last year, primarily due to a strategic shift towards AI and the optimization of product structure [1] - H1 gross margin improved to 52.2%, an increase of 6.2 percentage points, attributed to business structure optimization and cost reduction efforts [1] - Adjusted net profit margin reached 1.3%, up 16.8 percentage points, indicating enhanced profitability [1] Business Segmentation - Revenue breakdown for H1 includes: self-owned brand sports products at 397 million RMB, online membership and paid content at 337 million RMB, and advertising and other revenues at 88 million RMB [1] - The average monthly active users reached 22.486 million, with subscription members at 2.787 million, reflecting a subscription penetration rate of 12.4%, an increase of 1.3 percentage points [1] AI Development and Strategy - The company achieved significant milestones in AI, including the implementation of multi-agent systems and iterations of core AI coaching functionalities [2] - The AI coach, Kaka, reported over 150,000 daily active users, with a notable retention rate of 50% for the AI dietary record feature, indicating strong user engagement [2] - The advertising business is focusing on the K-MARS urban running event, leveraging grassroots popularity to target core running demographics and establish a scalable foundation [2]

Core Viewpoint - Cathay Pacific Haitong has initiated coverage on Jiantao Laminated Board (01888) with a "Buy" rating, highlighting its position as a leading company in the copper-clad laminate industry and optimistic about the price trends and performance growth from product upgrades [1] Group 1: Company Overview - Jiantao Laminated Board is recognized as a leader in the copper-clad laminate industry, with an integrated layout of upstream materials creating a differentiated barrier [1] - The company is expected to achieve net profits of HKD 23.49 billion, 31.23 billion, and 38.15 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 20 based on PE valuation [1] Group 2: Product Development and Market Position - The company is advancing in high-end product development, with its first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market in technical progress [1] - The company has a production capacity of 200,000 tons for traditional electronic yarn, corresponding to an estimated 7-8 million meters per year, with current price trends for traditional electronic cloth on an upward cycle [1][2] Group 3: Industry Trends and Demand - The copper-clad laminate industry is expected to see a new round of price increases in the second half of 2025, driven by improved demand from AI and limited expansion of mid-range production capacity [2] - The overall demand for copper-clad laminates is anticipated to grow positively, with major companies focusing on high-end products, indicating a favorable supply-demand balance for traditional mid-range copper-clad laminates [2]

Group 1 - The core viewpoint of the report is that Jiantao Laminated Board (01888) is rated as "Buy" due to its leading position in the copper-clad laminate industry and optimistic price trends for traditional copper-clad laminates [1] - The company is expected to achieve net profits of HKD 2.349 billion, HKD 3.123 billion, and HKD 3.815 billion for the years 2025-2027, with a target price set at HKD 20 based on PE valuation [1] - The company has made significant progress in high-end material integration, with the first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market [1] Group 2 - The company's core advantage in high-end products lies in the stability of material integration, with the HVLP-3 copper foil entering the verification phase for further upgrades [2] - The demand for traditional copper-clad laminates is expected to improve alongside AI demand, with major companies focusing on high-end board production [2] - The overall supply-demand dynamics in the copper-clad laminate industry are optimistic, with limited expansion in mid-range capacity and a moderate upward trend in global demand [2]