Report Industry Investment Rating No information provided regarding the report industry investment rating. Report's Core View - In Q1 2025, Bridgewater significantly reduced its U.S. equity exposure while increasing allocations to gold and China, following the All Weather strategy to hedge against macro uncertainties and systemic risks [1][21]. - This adjustment aligns with Dalio's long - term debt cycle framework, as the U.S. is in the late stage of high debt and fiscal deterioration, while China is in an earlier phase with stronger growth potential and debt resilience [1][4][21]. Summary by Relevant Catalog 1. Overall Position Adjustment in Q1 2025 - Bridgewater's total portfolio value edged down slightly from USD 21.8 billion in Q4 2024 to USD 21.6 billion in Q1 2025. The portfolio structure shifted significantly with a "East Rising, West Declining" trend, cutting U.S. stocks and adding gold and Chinese assets [6][22]. - It加仓 283 stocks, newly built positions in 123 stocks, while reducing positions in 252 stocks and liquidating 150 stocks. The proportion of the top ten holdings in the portfolio value dropped from 43.2% in the previous quarter to 31.8%, showing a more diversified portfolio [6]. 2. Top 10 Buys - Bridgewater made significant purchases of Alibaba, increasing its holdings by 2120% to 566 million shares, making it the largest single - stock holding and the fourth - largest holding overall. Alibaba's stock price rose 56% in Q1 [8]. - Newly built a position in SPDR Gold TR (GLD), with a purchase of over 1.1 million shares, making it the sixth - largest holding, which reflects the need to hedge against inflation and currency risks. The gold ETF rose nearly 19% in Q1 [9]. - Also significantly increased holdings in Baidu (+188 million shares), Pinduoduo (+50 million shares), and newly built a position in JD.com (about 278.7 million shares). It also slightly increased holdings in NIO and other Chinese concept stocks, and significantly increased the allocation of iShares MSCI Emerging Market ETF (IEMG) [10]. - Increased allocations to the financial and cyclical sectors, newly building positions in Goldman Sachs, Chubb, Bank of America, Citigroup, etc., making the financial sector the second - largest holding sector, with the weight increasing by 4.8% compared to the previous quarter [11]. 3. Top 10 Sells - Significantly reduced the position of SPDR S&P 500 ETF TR (SPY) by nearly 60%, with the holding value decreasing by about USD 2.85 billion, and the portfolio weight dropping from 22% in Q4 2024 to less than 9% [12]. - Reduced positions in large - cap technology stocks such as Google A, NVIDIA, Meta, etc., with reduction ranges between 15% - 30%. It also almost liquidated some small - and medium - sized growth stocks such as AppLovin and Robinhood [12]. - Reduced positions in healthcare companies such as Mckesson, Merck & CO, etc., and liquidated Eli Lilly, Modernam, etc. Also liquidated many stocks in the semiconductor and consumer discretionary sectors [13]. 4. Industry and Asset Allocation Changes - The industry allocation shifted from a highly concentrated technology sector to a more balanced allocation across multiple sectors such as finance and consumption, showing a more defensive and diversified trend [14]. - The proportion of commodity allocation increased, with the introduction of gold ETFs significantly increasing the proportion of precious metals in the portfolio [15]. - The financial sector became the third - largest weighted sector in Bridgewater's portfolio, with the allocation proportion increasing by 4.8% compared to Q4 2024 [15]. - The weight of the technology sector decreased relatively. Bridgewater reduced positions in some technology giants and growth stocks but still slightly increased positions in some companies with reasonable valuations or stable businesses [15]. - The medical sector was cut the most, with Bridgewater liquidating biotech companies such as Modernam due to high valuations and an unfavorable macro - environment [15]. - The consumer discretionary and other cyclical sectors showed differentiation. Bridgewater sold some consumer discretionary stocks but newly built positions in airline stocks [16]. 5. Principles Behind the Position Adjustment - Bridgewater's core investment framework is based on a long - term global macro perspective and diversified hedging. The All Weather strategy proposed in 1996 aims to build resilient portfolios. The significant increase in gold holdings reflects the principle of diversified hedging [3][17][23]. - Dalio's long - term debt cycle theory is an important basis for this position adjustment. The U.S. is in the "pre - civil war stage" of high debt and fiscal deterioration, while China is in a more favorable stage. Bridgewater's adjustment is a forward - looking layout for the "East Rising, West Declining" trend [4][18][24]. - Dalio warned about the high valuation of technology stocks, and Bridgewater reduced its technology stock allocation to avoid risks and shifted funds to more defensive or low - correlated assets [19].

[Table_Title] 研究报告 Research Report 27 Jul 2025 香港策略 Hong Kong Strategy 银行退位、蓝筹暖场，短期过热静待调整窗口 Banks Step Back, Blue Chips Warm Up — Awaiting a Cooling-Off Window After Short-Term Overheating 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们指出，更佳的建仓时点仍有赖于市场回调，但目前短期市场表现持续强于预期，即便我们此前判断短期需 规避的银行板块已进入持续回调阶段，也未对指数上涨造成影响。这显示市场正逐步进入牛市氛围，支撑行情的长 期逻辑持续兑现，资金加速入场，原本可能引发调整的因素在当前阶段难以形成压制。恒生指数本周突破前期 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 18.82 RMB, representing a potential upside of 27% from the current price of 14.33 RMB [1][9]. Core Insights - The company's Q2 performance shows significant improvement, indicating a recovery in business momentum, with a notable increase in enterprise-level AI applications [1][9]. - Revenue for H1 2025 is projected to be between 3.56 billion RMB and 3.64 billion RMB, reflecting a year-over-year decline of 6.4% to 4.3%, while Q2 revenue is expected to be between 2.18 billion RMB and 2.26 billion RMB, showing a year-over-year growth of 6.1% to 10.0% [9]. - The company is transitioning to a subscription model and optimizing its organizational structure, which is expected to impact short-term operations but ultimately enhance revenue quality [9]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are 9.92 billion RMB, 10.92 billion RMB, and 12.26 billion RMB, respectively, with corresponding EPS estimates of -0.09 RMB, 0.07 RMB, and 0.18 RMB [3][9]. - The company anticipates a net loss attributable to shareholders in H1 2025 of 875 million to 975 million RMB, an improvement from a loss of 794 million RMB in the same period last year [9]. - Operating cash flow for Q2 is expected to show a net inflow, improving by approximately 320 million RMB year-over-year, contributing to a cumulative improvement of about 600 million RMB in H1 [9]. Business Development - The launch of Yonyou Zhiyou 3.0 marks a new phase in intelligent management, focusing on multi-agent collaboration to enhance AI application capabilities across various business scenarios [9]. - The platform supports the formation of specialized "digital intelligence teams" and enables seamless integration of data sources, breaking down data silos while ensuring security and compliance [9].

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - BYD has achieved a global milestone by realizing L4-level intelligent parking, allowing drivers to be hands-free under specific conditions, with liability on automobile companies [5][12] - xAI has released Grok-4, a next-generation large model that has seen a tenfold increase in reasoning capabilities compared to its predecessor, excelling in various benchmarks and outperforming human graduate-level academic abilities [5][13] - The Ministry of Industry and Information Technology has issued the 2025 Work Points for Integration of Informatization and Industrialization, emphasizing new industrialization and supporting software development, AI empowerment, and digital transformation [5][14] Summary of Related Companies - Recommended targets include: Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Kingdee International Software Group, Hehe Information; related target: Wuxi Unicomp Technology Co., Ltd. [5][11] - BYD's advantages in assisted driving and manufacturing ensure safety for users in the Chinese market, boosting trust in intelligent parking [5][12] - Grok-4 has demonstrated strong capabilities in real-world applications, including significant improvements in voice response speed and performance in complex tasks across various industries [5][13]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative performance above the market benchmark over the next 12-18 months [4][8]. Core Views - The company's high mid-2025 dividend proposal reflects confidence in future rapid growth, with an estimated EPS of RMB 1.14 for 2025, RMB 1.41 for 2026, and RMB 1.69 for 2027. A target price of RMB 39.89 is set based on a 35x PE for 2025, representing a 26% upside [4][10]. - The company plans to distribute a cash dividend of RMB 5.8 per 10 shares, amounting to approximately RMB 389 million, which is about 61% of the 2024 net profit attributable to shareholders [10][11]. - The company is pursuing a "Fully Embrace AI" strategy, aiming to integrate AI technology with business operations and organizational changes, positioning itself as a leader in the smart energy sector and integrated smart solutions globally [11][10]. Financial Summary - The company’s total revenue is projected to grow from RMB 3,251 million in 2023 to RMB 7,251 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [3]. - Net profit attributable to shareholders is expected to increase significantly from RMB 179 million in 2023 to RMB 1,129 million in 2027, with a notable growth rate of 257.6% in 2024 [3]. - The company’s net asset return is projected to rise from 5.6% in 2023 to 24.9% in 2027, indicating improved profitability and efficiency [3]. Dividend and Shareholder Returns - The proposed dividend distribution demonstrates a commitment to returning value to shareholders, with a dividend payout ratio that reflects confidence in sustained business growth [10][11]. - The expected dividend per share is projected to increase from RMB 0.26 in 2023 to RMB 1.05 in 2027, with a corresponding increase in the dividend yield from 0.8% to 3.2% [5].

Investment Rating - The report initiates coverage with an OUTPERFORM rating, targeting a price of HK$18.10, representing a potential upside of 38% from the current price of HK$13.10 [2]. Core Insights - China Resources Beverage is a leading player in the packaged drinking water industry, holding the position of the second-largest packaged drinking water company and the largest in pure drinking water in China. The core brand "Yibao" has maintained a leading market share, contributing approximately 90% to the company's revenue [3][8]. - The company is transitioning from a single product focus to a multi-product platform, with significant growth expected in the beverage segment, which currently accounts for about 10% of total revenue but shows promising growth potential [3][30]. - The company has been expanding its production capacity and optimizing its supply chain, which is expected to improve gross margins. The gross profit margin is projected to increase to 47.3% in 2024, up from 44.7% in 2023 [4][36]. Revenue and Profit Forecast - Revenue is expected to grow from RMB 14.54 billion in 2025 to RMB 16.54 billion in 2027, with year-on-year growth rates of 7.5%, 6.7%, and 6.6% respectively. Net profit is projected to increase from RMB 1.99 billion in 2025 to RMB 2.52 billion in 2027, with corresponding EPS of RMB 0.83, RMB 0.95, and RMB 1.05 [2][5]. Market Position and Growth Drivers - The company has a strong channel network, covering over 2 million retail outlets across China, with a significant increase in retail coverage from 50.6% in 2021 to 77.2% in 2024. The company is also focusing on expanding its presence in lower-tier cities and e-commerce platforms [5][44]. - The growth of large-sized bottled water products has outpaced the industry, with a CAGR of 9.9% from 2021 to 2024, making it a key growth driver for the company [3][31]. Cost Management and Margin Improvement - The company has been optimizing its cost structure, with a focus on increasing self-built production capacity to reduce reliance on outsourcing. This strategy is expected to enhance cost control and product quality consistency [4][48]. - The gross margin has improved due to a decrease in raw material costs, particularly PET, which is projected to stabilize in the future [36][37]. Strategic Expansion - The company is actively expanding its production facilities in key regions, including Guangdong and Fujian, to enhance its national coverage and eliminate supply bottlenecks [4][48]. - The strategic focus on sports marketing and partnerships with major events is expected to enhance brand visibility and consumer engagement, further driving growth [46][47].

Investment Rating - The report does not explicitly provide an investment rating for the company or industry Core Insights - Intel reported Q2 2025 revenue of $12.9 billion, exceeding market expectations of $11.9 billion, driven by strong performance in client computing and data center businesses [1][7] - Non-GAAP EPS was -$0.10, below the expected $0.01, primarily due to $800 million in equipment impairments and restructuring charges [1][7] - For Q3 2025, Intel provided revenue guidance of $12.6–$13.6 billion, with a midpoint of $13.1 billion, indicating a 1.6% QoQ growth [1][4] Summary by Sections Revenue Performance - Q2 2025 revenue grew by 1.5% QoQ and 0.2% YoY, with the Intel Products division contributing $11.8 billion, a 1% QoQ increase [2][8] - Client Computing Group (CCG) revenue increased by 3% QoQ, benefiting from the PC refresh cycle and AI PC penetration [2][8] - Data Center and AI (DCAI) revenue declined by 5% QoQ but still exceeded expectations due to strong demand for AI server CPUs [2][8] Profitability Metrics - Non-GAAP gross margin for Q2 2025 was 29.7%, adjusted to 37.5% when excluding impairment charges [3][8] - Operating income was a loss of $3.2 billion, with a margin of -24.7%, and net income was a loss of $2.9 billion, translating to a net margin of -22.7% [3][8] Future Guidance - Q3 2025 revenue is expected to be between $12.6 billion and $13.6 billion, with a midpoint of $13.1 billion, representing 3.4% QoQ and 2.1% YoY growth [4][10] - Gross margin for Q3 2025 is projected at 36%, considering a higher mix of outsourced products and initial production costs [4][10] - Full-year 2025 capital expenditure is projected at $18 billion, with net capital expenditure guidance between $8 billion and $11 billion [4][10]

Investment Rating - The report indicates a positive investment outlook for ServiceNow, suggesting an "Outperform" rating based on its strong financial performance and product differentiation [5][15]. Core Insights - ServiceNow reported a total revenue of $3.215 billion for Q2 2025, with subscription revenue reaching $3.113 billion, marking a year-on-year growth of 21.5% and exceeding guidance by approximately 200 basis points [2][11]. - The remaining performance obligation (RPO) increased to $23.9 billion, a 25.5% year-on-year growth, providing solid visibility for future performance [2][12]. - The company is advancing its "Agentic AI" strategy, with significant growth in its Now Assist and Plus family products, showcasing strong market demand and operational efficiency improvements [3][13]. - ServiceNow is challenging traditional CRM vendors, with 17 out of the top 20 deals in Q2 being for CRM and industry workflow solutions, reflecting a 70% increase year-on-year [4][14]. - The company raised its full-year subscription revenue guidance for FY 2025 by $125 million, projecting a total of $12.775 billion to $12.795 billion, which represents a year-on-year growth of approximately 20% [5][15]. Summary by Sections Financial Performance - Total revenue for Q2 2025 was $3.215 billion, with subscription revenue at $3.113 billion, accounting for 96.8% of total revenue [2][11]. - Non-GAAP operating margin improved by 250 basis points to 29.5%, and free cash flow margin increased by 300 basis points to 16.5% [2][12]. AI Strategy - The "Agentic AI" strategy is being implemented effectively, with Now Assist's new ACV exceeding expectations and significant growth in related products [3][13]. - AI tools developed internally are expected to save approximately $100 million in labor costs this year [3][13]. CRM and Industry Workflow - ServiceNow's integrated CRM solutions have gained traction, with a notable increase in large deals since the acquisition of Logik.ai [4][14]. - The company has been recognized as a leader in CRM customer experience and service by Gartner [4][14]. Future Guidance - The company has raised its subscription revenue forecast for FY 2025 to between $12.775 billion and $12.795 billion, with a third-quarter guidance of $3.26 billion to $3.265 billion [5][15]. - ServiceNow aims to achieve $1.5 billion in Now Assist ACV by the end of 2026, indicating a strong long-term growth strategy [5][15].

Investment Rating - The report does not explicitly state an investment rating for Sands China (1928 HK) Core Insights - In 25Q2, Sands China reported a net revenue of USD 1.79 billion, a year-on-year increase of 2.5%, while adjusted EBITDA reached USD 566 million, up 0.9% year-on-year, with an adjusted EBITDA margin of 31.6% [10] - The overall gaming gross revenue (GGR) in Macau increased by 8.3% year-on-year and 6.0% quarter-on-quarter, reaching MOP 61.115 billion in 25Q2 [2] - The Londoner Macao showed impressive performance with a net revenue increase of 44.6% year-on-year, benefiting from the completion of its renovation [3] Summary by Sections Financial Performance - In 25Q2, Sands China achieved a net revenue of USD 1.79 billion, with contributions from gaming and non-gaming segments at USD 1.347 billion and USD 0.447 billion respectively, reflecting increases of 1.4% and 5.2% year-on-year [3] - The adjusted property EBITDA for the first half of 2025 was USD 1.101 billion, down 6.0% year-on-year, with a margin of 31.5% [10] Property Performance - The performance of various properties under Sands China varied significantly, with Venetian and Londoner showing contrasting results; Venetian's net revenue decreased by 3.4%, while Londoner's increased by 44.6% due to renovations [3] - The net revenue breakdown by property for 25Q2 was as follows: Venetian at USD 663 million, Londoner at USD 642 million, and Parisian at USD 194 million [3] Gaming Operations - Total betting volume for Sands China in 25Q2 was MOP 155.9 billion, a decline of 5.3% year-on-year, with VIP betting down 23% [4] - The gaming gross revenue reached USD 1.71 billion, a slight increase of 0.2% year-on-year, with VIP gaming revenue declining by 14.1% [4] Capital Expenditure - The total capital expenditure for Sands China in 25Q2 was USD 286 million, including USD 138 million for construction, development, and maintenance activities in Macau [6] Shareholder Returns - LVS purchased 87 million shares of Sands China at an average price of HKD 16.00, increasing its ownership stake to 73.4% as of July 23, 2025 [5]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in the AI and IoT sectors Core Insights - The 6th International AI+IoT Eco-Development Conference highlighted the integration of AI and IoT, focusing on edge computing power optimization and device interconnectivity, with participation from leading companies like Intel, Tencent, and Haier [1][9] - The exponential growth in training data and computing demand is driving the adoption of Edge AI across various applications, with Intel predicting the global edge market to reach $445 billion by 2030 [3][11] - Intel's advancements in edge AI technologies, including low-bit quantization and high-performance AI accelerators, are expected to enhance AI inference efficiency and support large-scale model training [4][12] Summary by Sections Event Overview - The conference set up three core sections: International AIoT Industry Development Summit Forum, Smart Home & Wearable Forum, and AI Robot Forum, showcasing cutting-edge technologies and products [1][9] - The event emphasized the transition from "connection" to "intelligent connection" in the industry, driven by policy and market forces [1][9] Technological Developments - The report discusses the significant leap in global supercomputing capabilities, which have increased from 130 billion floating-point operations per second in 1994 to 200 exaflops, facilitating faster AI model training and inference [2][10] - Intel's processors are used in 72% of global supercomputers, and the company is collaborating with Argonne National Laboratory on the next-generation supercomputer "Aurora" [2][10] Market Predictions - By 2030, AI is expected to be a core driver of the global edge market, with a projected market size of $445 billion, indicating strong growth potential in the sector [3][11] - The report highlights the implementation of Edge AI in various fields, including equipment status monitoring and environmental monitoring, optimizing operational efficiency through real-time data analysis [3][11] Product Innovations - Intel has launched a full-stack product matrix to support AI development stages, including the Intel Core Ultra series and Gaudi AI accelerators, aimed at enhancing AI capabilities in various applications [4][12] - The Gaudi 2E PCIe expansion card is noted for its high performance, suitable for large-scale AI model training and inference [4][12]