Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - The overseas AI application user base is experiencing explosive growth, with significant increases in token processing demands, particularly in inference. Major companies like Microsoft and Google are reporting massive increases in token handling, with Microsoft processing over 100 trillion tokens in Q1 2025, a fivefold year-on-year increase, and Google reporting a jump from 9.7 trillion to 480 trillion tokens, a 50-fold increase [6][11]. - The annual recurring revenue (ARR) for major AI model companies is rapidly increasing, with OpenAI's ARR surpassing $10 billion, up nearly 80% from $5.5 billion last December. OpenAI has also seen its paid commercial user base grow from 2 million to 3 million [11]. - High capital expenditures continue to support the overseas computing power supply chain, with strong demand for optical modules and devices driven by new data center constructions. The report anticipates a high level of activity in the optical module sector in Q2 2025, with companies like Meta and AWS expected to ramp up production of 800G products [11]. Summary by Sections AI Demand Growth - The overseas AI demand is witnessing explosive growth, with ChatGPT's user base reaching 800 million within 17 months, and paid subscribers exceeding 20 million. This surge is creating a robust and frequent usage base for AI applications [11]. - The rapid increase in token usage is highlighted by Google's announcement of a 50-fold increase in monthly token processing, indicating a significant uptick in AI application deployment [6][11]. Financial Performance of AI Companies - OpenAI's ARR has increased dramatically, indicating strong commercial viability and user adoption. The company anticipates substantial server expenditures to support its growth, with projections of $35 billion needed for existing products and $55 billion for R&D [11]. - Anthropic's ARR has also seen significant growth, reaching approximately $3 billion, up from nearly $1 billion last December [11]. Optical Module and Device Market - The report predicts a high level of activity in the optical module sector, with strong orders for MPO, AWG, and FAU devices, particularly driven by new data center constructions. This trend is expected to lead to increased revenue and profitability for several optical device manufacturers [11].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The "post - transformation era" market pattern is basically stable, with the share of wealth management subsidiaries in the market stabilizing above 80% since 2024, and the remaining "old wealth management" business expected to be phased out in 1 - 2 years [5]. - In 2024, regulatory pressure increased, weakening the "deposit - oriented" trend of wealth management funds. The self - built valuation model has brought challenges to net - value management [5][6]. - The allocation of fixed - income assets was weak in 2024, while public funds showed development potential. Wealth management subsidiaries may further deepen cooperation with public funds to optimize asset allocation [7]. 3. Summary According to the Directory 3.1 Rise and Transformation of Wealth Management Subsidiaries - **2004 - 2017: Germination and Expansion** - Bank wealth management started to germinate in 2004 and formed an initial operation model. The "rigid payment" model emerged, and the "bank - trust cooperation" and "fund pool" models were developed, which also brought some problems [22][25]. - From 2012 - 2017, bank wealth management accelerated its expansion, entering the era of "large asset management" and inter - bank wealth management. By the end of 2017, the scale had grown to about 30 trillion yuan, but issues such as "fund pools", "channels", and "nesting" needed to be addressed [30]. - **2018 - 2021: Net - value Transformation Era** - The "Asset Management New Regulations" required "net - value transformation", including breaking the "rigid payment" and reducing multi - layer nesting. After the end of the transition period in 2021, the number and scale of wealth management subsidiaries grew rapidly, and the net - value management of wealth management products was basically completed [33][40]. - **2022 - 2024: New Round of Model Exploration and Supervision** - After the "redemption wave" in 2022, wealth management adjusted its product and investment structure, forming new ways to smooth returns. However, in 2024, regulatory policies impacted these strategies, and some wealth management subsidiaries tried self - built valuation models [44][51]. 3.2 Disassembly of Wealth Management Subsidiary Product Structure - **Overall Low Risk Level** - The risk level of existing wealth management products is generally low. The proportion of first - and second - level risk products has been increasing, reaching 96.2% by the end of 2024 [55]. - **Fixed - income and Cash Management Products Dominate** - Fixed - income products are the mainstay, with their proportion increasing from 64.04% at the beginning of 2024 to 72.04% at the end of 2024. Cash management products weakened in 2024 due to factors such as the decline in deposit interest rates [59]. - **Closed - end and Open - end Products Have Different Focuses** - Closed - end products may offer higher returns or lower volatility but require investors to sacrifice some liquidity. The number of closed - end products decreased in 2024 [63]. 3.3 How Wealth Management Allocates Funds - **Bonds as the Main Allocation Variety** - Bonds are the main asset allocated by wealth management subsidiaries, but their allocation ratio has been decreasing, while the proportion of cash and bank deposits has been increasing. This is related to the requirements of net - value management and the supervision of cash management products [67]. - **Competition and Symbiosis between Deposits and Wealth Management** - There is a "seesaw" relationship between deposits and wealth management. In 2024, the "deposit - oriented" trend of wealth management funds weakened. The self - regulatory initiative on non - bank inter - bank deposit interest rates in December 2024 led to a decrease in the proportion of deposit - type assets in wealth management portfolios and an increase in the allocation of inter - bank certificates of deposit [71][73]. - **Wealth Management as an Important Investor in the Credit Bond Market** - Credit bonds are the main allocation variety of wealth management, with financial bonds and urban investment bonds being the main types. Wealth management prefers short - term credit bonds. The decline in the scale of credit bonds is mainly due to the weak performance of urban investment bonds [76][77]. - **Significant Increase in Wealth Management's Outsourcing to Public Funds** - Outsourcing to public funds may become an important way to optimize the allocation of wealth management funds. By the end of 2024, the scale of wealth management's allocation to public funds reached 93.18 billion yuan, an increase of more than 320 billion yuan compared to the end of 2023. The main types of public funds increased were bond funds and money funds, and ETF funds also showed great growth potential [82][87]. 3.4 Outlook for Wealth Management Investment - For investors, fixed - income products in the wealth management market have certain allocation value, but attention should be paid to bond market fluctuations. The increase in investment in public funds by wealth management subsidiaries provides opportunities for diversified asset allocation, but risks also need to be considered [90].

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 收入改善有波折，支出放缓待发力 ——5 月财政数据点评 报告要点 [Table_Summary] 2025 年 1-5 月财政收支有以下特点：1）财政收入累计降幅收窄，但税收修复边际有所放缓； 2）个人所得税延续修复，地产相关税收拖累加剧；3）财政支出节奏边际放缓，基建支出降幅 走扩；4）政府性基金收入降幅走扩、支出放缓。往前看，若下半年国内外形势出现新的变化， 财政应对主要有三条：1）加速存量，重点关注用于项目建设的专项债发行是否提速；2）调整 存量，重点关注财政资金对于地产相关、促消费、保民生等领域的支持和补贴力度；3）储备增 量，包括政府债限额空间、央行利润上缴、财政结余资金、类财政工具、新增政府债额度等。 分析师及联系人 [Table_Author] 于博 宋筱筱 蒋佳榛 SAC：S0490520090001 SAC：S0490520080011 SAC：S0490524080005 SFC：BUX667 SFC：BVZ974 2025 年 6 月 20 日，财政部公布 2025 年 1-5 月财政数据：1-5 月，全国一般公共预算收入 ...

Investment Rating - The report maintains a "Positive" investment rating for the humanoid robot industry [12]. Core Insights - The humanoid robot market is expected to see significant growth, with 2025 marking the year of mass production. The increasing aging population and rising labor costs will drive demand for humanoid robots across various applications. Domestic and international companies are rapidly iterating their software and hardware technologies, expanding application scenarios, and accelerating the commercialization of humanoid robots [4][10]. - The Chongqing region is well-positioned to develop a trillion-yuan automotive industry cluster, supported by policy initiatives, talent acquisition, and efficient resource conversion. The region's automotive ecosystem includes vehicle manufacturing, parts production, and innovation, with a focus on smart connected electric vehicles [7][35]. - The synergy between the automotive and robotics industries is strong, with humanoid robots expected to achieve economic viability in industrial and consumer scenarios between 2025-2035. The potential market size for humanoid robots could reach 200 billion yuan with a unit price of 200,000 yuan, and if sales reach 5 million units, the market could expand to 1 trillion yuan [8][10]. Summary by Sections Humanoid Robot Market Outlook - The humanoid robot market is projected to grow significantly, with mass production expected to begin in 2025. The demand for humanoid robots will continue to rise due to aging populations and increasing labor costs. The domestic supply chain is rapidly developing, with more manufacturers entering the market and new products being launched [4][10]. Chongqing Automotive Industry Cluster - Chongqing has the foundational elements to create a trillion-yuan automotive industry cluster, driven by policy support and a large consumer market. The region aims to produce over 1.3 million electric vehicles by 2025, positioning itself as a core growth area in the western region of China [7][35]. - The automotive industry in Chongqing is characterized by strong collaboration, with local companies expanding into robotics, enhancing the overall industry ecosystem [8][9]. Policy and Strategic Initiatives - The Chongqing government is actively promoting the development of the robotics industry through strategic policies and initiatives, including the establishment of application scenarios for humanoid robots. The region's industrial output for robotics is expected to exceed 37 billion yuan by 2024 [9][10]. - The report highlights the importance of government support in fostering innovation and collaboration within the automotive and robotics sectors, which is crucial for the successful development of these industries [20][21].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The server industry is experiencing significant demand growth driven by advancements in technology and the rise of AI, with supernodes and computing clusters being the primary technical directions for AI servers [3][6] - The server hardware architecture is similar to that of ordinary computers, but with higher requirements for performance, stability, security, and scalability [6][14] - The market is segmented into 12 levels based on the capabilities of server manufacturers, influencing their positioning, technological barriers, and profit margins [6][8] - The investment opportunities in the server industry are primarily in areas such as AI chips, storage, SSDs, PCBs, power supplies, and domestic replacements for high-end CPUs and AI chips [8][75] Summary by Sections Server Definition and Functionality - Servers are specialized high-performance computers that provide computing, storage, and networking services to client machines [14][16] - They are essential infrastructure for the IT industry, acting as the core of network systems and responding to service requests from other computers [16][19] Supply Perspective - The server market has evolved through phases, including a shift from self-branded products to customized ODM services, with significant growth driven by domestic replacements and cloud computing [6][8] - The competition in the server industry has transitioned from a focus on technology to a comprehensive comparison of capabilities, with cabinet-level AI server delivery capabilities becoming crucial for high-end competition [6][8] Server Industry Chain Composition - The hardware components of servers include processors, memory, chipsets, I/O components, hard drives, chassis, power supplies, and fans, with CPUs and chipsets, memory, and external storage being the largest cost components [8][19] - The cost structure of AI servers is significantly different, with GPU costs potentially accounting for up to 70% of the total [8][75] Investment Opportunities - Investment opportunities are identified in the following areas: 1. Following the overall increase in server, especially AI server, demand 2. Focusing on components with increasing value proportions in AI servers, such as AI chips and storage solutions 3. Domestic replacements for high-end CPUs and AI chips [8][75] AI Server Era - The emergence of AI has led to a surge in demand for AI servers, which require high-performance GPUs and specialized architectures for parallel computing [75][84] - The global AI infrastructure market is projected to exceed $200 billion by 2028, with significant growth driven by investments in AI deployment servers [84][87]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [12]. Core Viewpoints - The company, benefiting from the resources of the Jianfa Group, is expected to see stable growth in performance due to strong domestic infrastructure demand and increased land acquisition by its major shareholder [4][10]. - The company focuses on six main business areas: surveying and design, engineering management, testing and inspection, construction, comprehensive maintenance, and engineering materials, leveraging Jianfa Group's resources to expand its construction business [7][22]. - The infrastructure investment in Fujian province is expected to maintain a steady growth trajectory, with significant projects planned for the upcoming years, providing a solid foundation for the company's future performance [8][83]. Summary by Relevant Sections Company Overview - The company was established in 1995 and transitioned to a state-owned enterprise in 2021 when Jianfa Group became the controlling shareholder. It has a strong focus on construction and design, with 86% of its revenue derived from construction activities [4][7][20]. Business Performance - The company has seen significant growth in new contracts, with new signed contracts increasing from 29.17 billion to 126.22 billion and then to 55.7 billion from 2022 to 2024, reflecting a year-on-year growth of 183%, 332.7%, and -55.87% respectively [47]. - Revenue has also increased significantly, with reported revenues of 12.61 billion, 39.46 billion, and 66.09 billion from 2022 to 2024, showing growth rates of 49.87%, 212.92%, and 67.49% respectively [47]. Market Outlook - Fujian province's infrastructure investment is projected to remain robust, with a target of 2 trillion yuan in total output by 2025, requiring an annual growth rate of approximately 7.41% to meet this goal [78]. - The company is well-positioned to benefit from the ongoing urban renewal initiatives, which emphasize a "health check before renewal" approach, aligning with its "engineering hospital" concept [45][83]. Financial Projections - The company is expected to achieve a net profit of 1.29 billion in 2025, with a current market valuation of 18.64 times earnings, indicating a favorable investment opportunity [10].

Investment Rating - The investment rating for the company is "Buy" with a first-time recommendation [11]. Core Views - The company is expected to achieve breakthrough growth by leading the current variety replacement cycle with its densely planted product, Kangnongyu 8009, which is set for large-scale promotion in the Huanghuaihai region in 2024 [4][7]. - The company has shown strong revenue growth, with a projected revenue of 3.37 billion yuan in 2024, representing a year-on-year increase of 16.8%, and a net profit of 830 million yuan, up 55.2% year-on-year, primarily driven by the market expansion of Kangnongyu 8009 [8][24]. Summary by Sections Company Overview - Kangnong Seed Industry, established in 2007, focuses on the research, production, and sales of hybrid corn seeds, driven by scientific innovation [8][18]. - The company has a concentrated ownership structure, with the chairman holding 51.56% of the shares, indicating strong management expertise [8][18]. Industry Analysis - The corn seed industry in China is currently experiencing a period of variety replacement, supported by national policies aimed at revitalizing the seed industry and reducing homogenization [9][30]. - The introduction of new seed laws and policies since 2021 aims to enhance intellectual property rights and promote innovation, which could lead to improved profit margins for quality enterprises [9][30][47]. Competitive Position - The company has established a significant market presence in the central and southwestern regions of China, with a market share of 5.97% in these areas [10][11]. - Kangnongyu 8009 has been recognized for its high yield and resilience, achieving a second-place ranking in a national corn variety competition with a yield of 1,089 kg per mu [10][11]. Future Development - The company's future growth strategy includes regional expansion and product innovation, leveraging the advantages of its densely planted varieties to increase market penetration [11][18]. - The company is also focusing on high-protein corn products to reduce reliance on imported soybean meal, with several of its corn varieties exceeding the national protein content standard of 11% [11][18].

数字洪流中的定海神针：揭秘稳定币 的底层逻辑 长江证券研究所计算机研究小组 2025-06-20 %% %% %% %% research.95579.com 1 分析师 宗建树 SAC执业证书编号：S0490520030004 SFC执业证书编号：BUX668 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 引入：稳定币基本概念&分类 02 拆解：主流稳定币运作原理&技术实现 03 当下：为什么稳定币在此刻爆发 04 展望：未来稳定币发展有望提速 目 录 %% research.95579.com 3 01 引入：稳定币基本概念 &分类 %% %% %% %% research.95579.com 4 01 什么是稳定币？谁可以发行稳定币？ 资料来源：香港立法会，长江证券研究所 %% %% %% %% research.95579.com 5 ➢ 2025年5月21日，香港立法会正式通过《稳定币条例草案》（以下简 称《草案》），为稳定币提供了完整的监管框架。接下来待行政长官 签署并在宪报公布后，文件将正式生效。据香 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The demand for silver in the photovoltaic sector is significant, with 6,147 tons of silver expected to be used in 2024, accounting for 29% of industrial silver and 17% of total silver demand [5][23] - High silver prices, consistently above 8,000 RMB/kg, are pressuring the photovoltaic industry to reduce costs through the adoption of cheaper metal pastes [8][25] - The industry is exploring various pathways to reduce silver usage, including advancements in copper and aluminum pastes, which are expected to gradually scale up production [9][35] Summary by Sections Silver Demand and Pricing - In 2024, the total global silver demand is projected to reach 36,200 tons, with industrial silver at 21,200 tons and photovoltaic silver at 6,147 tons [23] - The cost of silver in conventional TOPCon batteries has reached approximately 0.07 RMB/W, constituting 45% of the non-silicon costs [25][28] Cost Reduction Strategies - The industry is focusing on both process and material optimization to reduce silver usage, with techniques like full-open screen printing and copper plating gaining traction [25][36] - The market share of silver-coated copper pastes in HJT batteries has reached around 75% in 2024, indicating a shift towards cheaper alternatives [35][38] Exploration of Alternative Materials - Copper pastes are being prioritized due to their cost-effectiveness, with copper prices being approximately 1/100th of silver prices [9][40] - Aluminum pastes have previously been used in PERC batteries and are being considered for BC battery structures, where their performance can be optimized without significant efficiency loss [56][59] Technological Advancements and Company Prospects - Companies like 聚和材料 and 帝科股份 are well-positioned to benefit from the transition to cheaper metal pastes, with significant production and financial stability [10][66][73] - The introduction of new technologies, such as laser-assisted sintering, is expected to enhance the efficiency of TOPCon batteries and improve profitability for companies involved [62][64]

%% %% %% %% research.95579.com 1 丨证券研究报告丨 投资策略丨深度报告 [Table_Title] 港股投资的双面棱镜： IPO 新赛道与港股通"入通"策略 报告要点 [Table_Summary] 自 2024 年 9 月美的集团实现"A+H"上市以来，港股 IPO 市场显著回暖并呈现强劲复苏态势。 究其原因，2025 年港股 IPO 市场重现火热核心驱动力源于三方面：政策制度红利、港股市场 吸引力提升以及企业内在需求。针对港股 IPO 市场的上市事件，提出两个投资策略：策略一： 关注龙头赴港上市为 A 股带来的机遇。策略二：关注龙头公司上市后的"入通"机遇。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_Title 港股投资的双面棱镜： 2] IPO 新赛道与港股通"入 通"策略 [Table_Summary2] 观市：港股 IPO 火热，赴港上市成新风向 自 2024 年 9 月美的集 ...