Investment Rating - The report maintains an investment rating of "Buy-A" with a target price of HKD 108.0, while the current stock price is HKD 87.60 [3][5]. Core Insights - The core logic of the report emphasizes the significant potential of the second-generation IO cornerstone drug PD-1/IL-2α dual antibody for overseas licensing, which is expected to drive the company's transformation from a China-focused biopharma to a global biopharma [1][2]. - The company has established a robust pipeline of innovative drugs, primarily focused on oncology, with additional products in metabolic, autoimmune, and ophthalmic fields [1][10]. - The report highlights the promising overseas licensing potential of IBI363, the PD-1/IL-2α dual antibody, which is positioned as a new cornerstone drug in IO therapy [2][3]. Summary by Sections 1. Second-Generation IO Potential - The report identifies the PD-1/IL-2α dual antibody as a key product with substantial overseas licensing potential, which could serve as a foundation for the company's global transformation [2][3]. 2. Innovative Drug Layout - The company has developed a rich pipeline of innovative drugs, with a focus on oncology, metabolic diseases, autoimmune diseases, and ophthalmology [1][22]. - In the oncology sector, the company has 12 approved drugs and several in late-stage clinical trials, including the PD-1/IL-2 dual antibody [23][24]. 3. Heavyweight Products in Domestic Market - The report notes that the weight-loss and diabetes drug, Ma Shidu Peptide, has a large domestic market and a first-mover advantage as it has already been approved for weight loss and is expected to receive approval for diabetes soon [2][4]. 4. Future Key Focus Areas - The report outlines several key factors driving the company's transition to a global biopharma, including the overseas licensing of IBI363 and the projected sales revenue of 20 billion yuan by 2027 [3][6]. - The company anticipates revenue growth from existing and pipeline products, projecting revenues of 11.9 billion yuan, 15.75 billion yuan, and 20.4 billion yuan for 2025, 2026, and 2027, respectively [3][6]. 5. Financial Projections and Valuation - The report provides financial forecasts, estimating net profits of 700 million yuan, 1.84 billion yuan, and 2.92 billion yuan for 2025, 2026, and 2027, respectively [6][19]. - A DCF valuation method estimates the company's value at approximately 168.7 billion yuan [3][6].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 61.29 CNY, compared to the current stock price of 47.52 CNY [4]. Core Insights - The company is expected to achieve a revenue growth of 15%-20% and a net profit growth of 30%-50% in the first half of 2025 compared to the same period last year [1][2]. - The AI capabilities of the company continue to upgrade, particularly in the education sector, with significant enhancements in AI learning machines and smart blackboards [2][3]. - The company has established a comprehensive product system in smart education, serving over 1.3 billion teachers and students across 32 provinces in China [2][3]. Summary by Sections Financial Performance - The company anticipates a gross profit increase of over 600 million CNY in the first half of 2025, with total sales receipts reaching approximately 10.3 billion CNY, an increase of about 1.3 billion CNY year-on-year [1]. - The net cash flow from operating activities has grown by over 700 million CNY, representing a growth of approximately 50% compared to the previous year [1]. Product Development - The AI learning machine has undergone 16 major upgrades, including personalized test paper generation and one-on-one interactive tutoring capabilities [1][3]. - The AI blackboard has been widely adopted across 33 provincial-level administrative regions, empowering over 2.3 million teachers [3]. Market Position - The company’s AI hardware sales during the "618" shopping festival saw a year-on-year increase of 42%, with the AI learning machine maintaining the top sales position on major e-commerce platforms for three consecutive years [2]. - The company is recognized as a leader in the domestic AI industry, focusing on the commercialization of AI technologies across various sectors [10]. Future Projections - Revenue projections for the company are estimated at 28.34 billion CNY, 32.78 billion CNY, and 37.53 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits expected to reach 870.5 million CNY, 1.28 billion CNY, and 1.69 billion CNY in the same years [10][12].

2025 年 07 月 22 日 公募配置趋势：满满的信心 Q2 主动公募增持逻辑：1）AI 产业链（海外算力、国产替代、应用端）； 2）创新药出海及政策改善受益的医药板块；3）军工（飞机导弹链）及高 端制造；4）部分资源品（如电解铝、铜、黄金） Q2 主动公募减持逻辑：1、传统消费（白酒等）；2、部分此前高位板块（智 能驾驶、机器人等） 分行业看，2025Q2 机构增持前五分别为：通信、银行、非银行金融、医 药、传媒；减持前五分别为：食品饮料、汽车、机械、家电、电力设备及 新能源。同时，我们重点观察出以下几点最为重要的机构持仓的变化： 1、从代表性公募基金二季报的词频分析来看，当前 AI+科技仍是主战场， 同时新消费、部分资源品、创新药也多次在二季报的观点当中有所提及。 2、港股重仓个股数量和重仓市值占比持续上升，当前港股配置权重已经接 近 20%左右。 3、从产业趋势上来看，当前新的泛 AI 产业浪潮已经成为更为主流的配置，。 数据上来看，TMT+恒生科技的配置比例已经达到 36.19%，并呈现持续增 仓的趋势，而泛新能源则处于持续减仓的过程当中。 4、消费的仓位变化趋势上来看，呈现从传统消费走向新消费， ...

瑞纳智能是我国城镇集中供热领域的典型供应商，依托多年供热行业 一线实践经验和认知积累，拥有自动化（OT）+信息化（IT）+智能化 （AI）的一站式低碳智慧供热整体解决方案。城市供暖作为一项重要 的民生工程，涉及城市基础设施生命线建设和老旧管线改造，中央城 市工作会议的相关要求，或将对公司的核心业务产生积极影响。根据 瑞纳智能近期投资者关系活动记录披露：供热系统智能化改造作为城 市更新重点之一，为公司智慧供热业务提供了广阔的市场空间。在城 市安全生命线政策方面，多地要求对热力管网实时监测，公司的智慧 供热系统能通过数字孪生技术构建三维管网模型，实现设备状态预判 与故障预警，满足政策对供热系统安全性要求，带来新增市场机遇。 RUNA-STORM AI 智慧供热系统推动 AI+供热行业应用落地 根据公司 2024 年年报披露：瑞纳智能 RUNA-STORM AI 智慧供热系统 深度融合了"大数据+云计算+AI 模型+水力仿真+数字孪生"等技 术，平台人工智能（AI）算法及建筑采暖模型，调整二次侧水力平衡， 实现负荷削峰，使供热能耗显著降低。公司智慧供热管理平台获得住 建部科技与产业化发展中心评估认证，评估委员会专家 ...

中国电子云筑牢智算基石，赋能行业 AI 数智化落地 事件概述 2025 年 07 月 22 日 深桑达 A(000032.SZ) 1) 近日，深桑达所属公司中国电子云与沐曦集成电路(上海)股份有 限公司在上海签署战略合作协议，双方将在垂类大模型训练/推理中 心、行业专属云等关键应用场景中共创共建，合力推动中国人工智能 产业生态的高质量发展。 2）深桑达发布 2025 年半年度业绩预告，虽然归母净利润亏损较上年 同期有所扩大，但以中国电子云为代表的数字与信息服务业务在云计 算、人工智能、数据创新方面持续优化研发投入，新签合同额特别是 自研产品新签合同额均呈现增长，经营亏损较上年同期相应缩减。 中国电子云携手沐曦支撑国家自主计算产业体系 根据公司 2024 年年报披露：深桑达旗下"中国电子云"是中国电子 集团（CEC）唯一云产品及品牌，是中国电子自主计算产业体系的重 要组成部分。依托中国电子自主计算体系，公司以市场需求为牵引， 面向国防、能源、金融、交通、卫健等关键行业，以及党政、公共服 务等领域提供数字化解决方案，致力于成为数字基础设施和数据资源 体系的建设者和运营商。根据 IDC 发布的《中国智算服务市场（2 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 41.24 CNY over the next six months, compared to the current stock price of 38.24 CNY [6]. Core Views - The company has made significant breakthroughs with its proprietary brand products, particularly the launch of the first commercial computer based on the Kunpeng technology route, marking a milestone in domestic production capabilities [2][4]. - The company is actively expanding its international presence, leveraging AI-driven strategies to enhance its digital economy initiatives abroad, as evidenced by its inclusion in the "2025 Digital Economy Going Global Typical Cases" [2][5]. - The company focuses on key industries, collaborating with upstream and downstream partners to create a robust ecosystem, particularly in sectors like industrial manufacturing, healthcare, and energy [3][4]. Financial Projections - The company expects revenues of 137.93 billion CNY, 146.14 billion CNY, and 155.90 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 1.09 billion CNY, 1.35 billion CNY, and 1.62 billion CNY for the same years [13][15]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.53 CNY, 1.90 CNY, and 2.28 CNY respectively, indicating a steady growth trajectory [15][16]. Market Performance - The company's stock has shown a relative return of 3.5% over the past month, with a 44.6% increase over the past year, outperforming the market index [8].

Economic Overview - In Q2, the actual GDP growth was 5.2% year-on-year, while nominal GDP growth fell to 3.9%, marking a decline of 0.2 and 0.7 percentage points from Q1 respectively[4] - The nominal GDP growth rate has dropped below 4%, the lowest in nearly three years, primarily due to strong supply and weak demand characteristics[23] Supply and Demand Balance - Q3 is expected to see a balance between supply and demand, driven by the implementation of "anti-involution" policies and improved confidence in the real sector[2] - The recovery in consumption is gradually being confirmed, with "anti-involution" policies likely being a key factor influencing Q3 economic performance[4] Investment Trends - Fixed asset investment in Q2 grew by only 1.8% year-on-year, a significant drop of 2.4 percentage points from Q1, with infrastructure and manufacturing investments experiencing widespread contraction[11] - In June, fixed asset investment saw a month-on-month decline of 0.1%, marking a historical low[11] Consumer Behavior - The nominal growth rate of social retail sales in Q2 was 4.5%, slightly down by 0.1 percentage points from Q1, indicating a moderate increase in consumer spending[19] - In June, social retail sales growth fell to 4.8%, a significant drop of 1.6 percentage points from the previous month, with most categories experiencing a broad decline[20] Inflation and Market Dynamics - The report suggests that moderate inflation positively impacts corporate operations and household balance sheets, with expectations of a gradual recovery in nominal GDP growth[2] - The bond market is currently benefiting from a low inflation environment and ample liquidity, although the upward potential for bond prices is limited in the short term[27] Geopolitical and Policy Risks - Risks include geopolitical tensions and the potential for policy changes that exceed expectations, which could impact economic stability[3]

2025 年 07 月 21 日 宝信软件(600845.SH) AI 大模型赋能钢铁智造，国产大型 PLC 持续突破 事件概述 1) 近日，2025 世界人工智能大会 WAIC 最新公布的 SAIL 奖（卓越人 工智能引领者奖）TOP30 榜单中，宝信软件自主研发的"钢铁大模型" 核心技术及应用方案成功入选。这一里程碑式的突破，既是对宝信软 件在工业智能领域技术实力的国际权威认证，更彰显了其在推动钢铁 行业数字化转型中的引领者地位。 2）近日，广西宏旺项目迎来重大突破——采用宝信软件 EP 总包及国 产大型 PLC 控制系统的"1550 酸洗轧机联合机组"顺利投产，成功 轧制首卷高品质钢卷。这标志着该项目进入实质性生产阶段，不仅为 区域高端冷轧产品生产提供新动力，更以全套宝信软件国产大型 PLC 在高速酸轧机组的成功应用，树立了高端冶金装备国产化的新标杆。 以 AI 赋能钢铁产业革新，推进智能化转型升级 根据公司年报披露：宝信软件系统探究人工智能技术驱动新型工业化 进程的实践路径，策划大模型在工业场景中的创新应用方向；整合钢 铁行业海量数据与专业知识，基于"平台、数据、算力、模型、场景" 构建五位一体的"宝 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 95.60 CNY per share, based on an expected EPS of 4.78 CNY for 2025 and a PE ratio of 20 times [4][9]. Core Insights - The company is evolving into a leading integrated CRDMO service platform, driving continuous growth in its business segments, particularly in small molecule D&M, TIDES, testing, and biological services [13][15]. - The CRDMO industry is expected to see a gradual recovery in outsourcing demand, driven by ongoing investments in drug development, particularly in GLP-1 and ADC sectors [27][28]. - The company has shown robust growth in its project pipeline, with significant increases in both the number of projects and commercialized products, indicating strong operational capabilities and market demand [40][42]. Summary by Sections 1. Integrated CRDMO Service Platform - The company has developed into a global leader in integrated CRDMO services, expanding its global network and service offerings since its establishment in 2000 [13][14]. - Revenue has grown from 4.883 billion CNY in 2015 to an expected 39.241 billion CNY in 2024, with a CAGR of 26.05%, while net profit has increased from 0.349 billion CNY to 9.450 billion CNY in the same period, reflecting a CAGR of 44.27% [15][19]. 2. CRDMO Industry Outlook - The report anticipates a recovery in CRDMO outsourcing demand, supported by the rapid commercialization of drugs like GLP-1 and ADC, which are expected to drive revenue growth for CRDMO companies [27][28]. - The company’s backlog of orders reached 523.3 billion CNY by March 2025, representing a year-on-year increase of 47.1% [35]. 3. Business Segment Performance 3.1. Chemical Business - The small molecule D&M business is experiencing steady growth, with revenue reaching 17.870 billion CNY in 2024, and a projected increase of 13.8% year-on-year in Q1 2025 [40][42]. - The TIDES business is benefiting from high demand in the peptide sector, with revenue expected to grow from 2.04 billion CNY in 2022 to 5.8 billion CNY in 2024, reflecting a CAGR of 68.74% [54][55]. 3.2. Testing Business - The testing segment, including SMO services, has maintained a leading position in the industry, with revenue from clinical CRO and SMO services growing from 1.087 billion CNY in 2020 to 1.810 billion CNY in 2024 [59][61]. - The SMO service team has expanded to 4,700 personnel, covering over 1,000 hospitals across 150 cities, contributing to the successful approval of 255 new products over the past decade [61][62]. 3.3. Biological Business - The company is focusing on building capabilities related to new molecular types, with over 290 clients served and more than 1,400 projects delivered since 2021 in the nucleic acid platform [63][64]. - The revenue from new molecular types is increasingly contributing to the overall growth of the biological segment [63].

Group 1 - The report highlights that the current market structure favors low-valuation large-cap growth stocks, particularly represented by the ChiNext Index, which is expected to continue outperforming in the third quarter of this year [2][5][60] - The ChiNext Index currently has a PE ratio of 33.89, placing it in the 23.82% percentile over the past decade, indicating a relative valuation advantage compared to other major indices [2][67] - The report notes that the banking sector has significantly contributed to the overall market performance, with the Shanghai Composite Index rising from 3347 points at the beginning of the year to around 3534 points, largely driven by strong bank performance [1][33] Group 2 - The report discusses the historical divergence in returns between the bank-microcap "barbell strategy" and mid-cap growth assets, indicating that the current divergence is at historical extremes [3][62] - It emphasizes that the banking sector's dividend yield remains attractive, but the relative appeal has diminished as the yield compared to long-term bond rates has decreased to its lowest level since April 2021 [3][40] - The report suggests that the ongoing "supply-side reform" and the emergence of new economic drivers such as AI, innovative pharmaceuticals, and new energy vehicles are creating favorable conditions for mid-cap growth stocks to regain their performance [3][60][73] Group 3 - The report indicates that the current market environment is characterized by a strong liquidity backdrop, which is expected to benefit large-cap growth stocks as funds flow from banks to non-banking sectors and eventually to technology and undervalued large-cap growth stocks [4][51] - It highlights that the recent changes in quantitative trading regulations are likely to impact high-frequency trading strategies, potentially leading to a more stable market environment in the long term [21][27] - The report notes that the active equity funds have shown strong performance this year, significantly outperforming the broader market indices, indicating a shift in investor sentiment towards growth-oriented sectors [59][60]