Group 1: Trade Dynamics - The US-China trade friction has accelerated the restructuring of global trade, benefiting emerging markets like ASEAN and Africa, while posing challenges for Japan, South Korea, and Europe[2][34]. - By July 2025, China's share of US imports is projected to decline by 4.4 percentage points to 9%, while ASEAN's share is expected to rise by 3.2 percentage points to 14%[4][34]. - Despite a significant drop in US import demand since April, imports from ASEAN have maintained a growth rate of around 30%[4][34]. Group 2: Economic Impact - ASEAN's exports of labor-intensive goods such as toys and footwear have increased significantly, with respective shares rising by 21% and 12% in the first half of 2024 compared to 2023[7][34]. - Vietnam's GDP grew by 7.5% in the first half of 2024, with foreign direct investment reaching approximately $15.4 billion, a year-on-year increase of 8.8%[7][34]. - China's exports to ASEAN grew by 12% in the first half of 2025, with capital goods and intermediate goods contributing significantly to this growth[8][34]. Group 3: Market Share Changes - In the overall market, China's export share increased by 0.1 percentage points, while ASEAN's share rose by 0.5 percentage points in the first half of 2024[34]. - The share of imports from Africa to China has increased to 23.1% in 2024, up 6.2 percentage points from 2019, making China Africa's largest trading partner[19][34]. - By August 2025, ASEAN, EU, and Africa accounted for 17.8%, 16.1%, and 5.8% of China's exports, respectively, with ASEAN showing a year-on-year increase of 2.6 percentage points[24][34].

Group 1: Macro Liquidity - The US dollar index has declined, and the degree of "inversion" in the China-US interest rate spread has narrowed, with inflation expectations also decreasing [1][14]. - Offshore dollar liquidity has tightened, while the domestic interbank funding situation remains balanced and relatively loose [1][14]. Group 2: Market Trading Activity - Overall market trading activity has decreased, with most industry trading heat remaining above the 80th percentile, except for the ChiNext index [2][26]. - The volatility of major indices, except for the ChiNext index, has also decreased, with most industry volatilities below the 80th percentile [2][32]. Group 3: Institutional Research - The electronic, pharmaceutical, communication, computer, and automotive sectors have shown high research activity, with an increase in research heat for media, electricity and utilities, food and beverage, and non-ferrous sectors [3][43]. Group 4: Analyst Forecasts - The net profit forecasts for the entire A-share market for 2025/2026 have been adjusted downwards, while sectors such as finance, oil and petrochemicals, electronics, non-ferrous metals, and computers have seen upward adjustments [4][21]. - The net profit forecasts for the Shanghai 50 and CSI 300 indices for 2025/2026 have been raised, while the forecasts for the CSI 500 and ChiNext index have been lowered [4][23]. Group 5: Northbound Trading Activity - Northbound trading activity has decreased, continuing a net selling trend, with a notable increase in the buy/sell ratio in the communication, electronics, and automotive sectors [5][32]. - Northbound trading has primarily net bought in the electronic, computer, and pharmaceutical sectors, while net selling occurred in military, communication, media, and retail sectors [5][33]. Group 6: Margin Financing Activity - Margin financing activity has dropped to a near three-week low, with significant net buying in the electric new energy, non-ferrous, and finance sectors, while net selling occurred in the computer, military, and electronics sectors [6][38]. - The proportion of financing purchases in sectors like building materials, automotive, and non-ferrous metals continues to rise [6][38]. Group 7: Fund Activity - Active equity funds have increased their positions, primarily in TMT, non-ferrous, and electric new energy sectors, while reducing positions in retail, finance, and military sectors [7][46]. - ETFs have seen overall net subscriptions, particularly in non-bank, non-ferrous, and chemical sectors, while net redemptions occurred in electronics, pharmaceuticals, and computers [7][53].

Quantitative Models and Construction Macro Timing Model - **Model Name**: Macro Timing Strategy - **Model Construction Idea**: The model evaluates macroeconomic signals to determine equity allocation levels, focusing on economic growth and monetary liquidity signals[4][41] - **Model Construction Process**: - The model assigns weights to economic growth and monetary liquidity signals - Economic growth signal strength is derived from macroeconomic indicators - Monetary liquidity signal strength is based on liquidity conditions in the market - The final equity allocation recommendation is a weighted combination of these signals - Example: For September, economic growth signal strength was 100%, monetary liquidity signal strength was 50%, leading to a recommended equity allocation of 75%[41][42] - **Model Evaluation**: The model is described as providing a dynamic and systematic approach to equity allocation, with a focus on macroeconomic conditions[41] --- Quantitative Factors and Construction Equity Selection Factors - **Factor Categories**: Eight major categories, including size, value, growth, reversal, quality, technical, volatility, and consensus expectations[46][60] - **Factor Construction Process**: - **Size Factor**: Constructed using the logarithm of market capitalization (LN_MktCap)[60] - **Value Factor**: Includes metrics like book-to-price ratio (BP_LR) and earnings-to-price ratio (EP_FTTM)[60] - **Growth Factor**: Includes metrics like quarterly operating income growth (OperatingIncome_SQ_Chg1Y)[60] - **Reversal Factor**: Based on price changes over different time horizons (e.g., Price_Chg60D)[61] - **Quality Factor**: Includes metrics like return on equity (ROE_FTTM) and gross margin (GrossMargin_TTM)[61] - **Technical Factor**: Includes metrics like 20-day turnover rate (Turnover_Mean_20D)[61] - **Volatility Factor**: Includes residual volatility from CAPM and Fama-French models (IV_CAPM, IV_FF)[61] - **Consensus Expectations Factor**: Includes metrics like changes in expected EPS over the past 3 months (EPS_FTTM_Chg3M)[61] - **Factor Evaluation**: Factors like value, low volatility, and technical indicators showed stronger performance in the past week, particularly in small and mid-cap stocks[46][47] Convertible Bond Factors - **Factor Categories**: Five convertible bond selection factors, including equity-related factors and valuation factors[57] - **Factor Construction Process**: - **Equity-Related Factors**: Derived from the relationship between convertible bonds and their underlying stocks, such as consensus expectations and growth metrics[57] - **Valuation Factor**: Includes metrics like parity-to-floor premium rate[57] - **Factor Evaluation**: Positive returns were observed for factors like consensus expectations, growth, financial quality, and value in the past week[57][58] --- Backtesting Results Macro Timing Model - **Performance**: - Year-to-date return: 11.75% - Benchmark (Wind All A Index) return: 22.98% - Model's excess return: -11.23%[41][44] Equity Selection Factors - **IC Mean**: - Size Factor: 20.93% (All A-shares), 19.09% (CSI 500), 19.10% (CSI 1000)[47] - Value Factor: 11.11% (All A-shares), 12.94% (CSI 500), 17.07% (CSI 1000)[47] - Technical Factor: 8.58% (All A-shares), 18.71% (CSI 500), 20.23% (CSI 1000)[47] - **Multi-Long-Short Returns**: - Size Factor: 36.13% (All A-shares), 6.17% (CSI 500), 5.73% (CSI 1000)[47] - Value Factor: 24.38% (All A-shares), 1.72% (CSI 500), 13.11% (CSI 1000)[47] Convertible Bond Factors - **Multi-Long-Short Returns**: - Consensus Expectations: 1.4 - Growth: 1.3 - Financial Quality: 1.2 - Value: 1.1 - Valuation: 1.0[58][59]

Core Insights - The report maintains a focus on mid-cap growth, emphasizing cyclical and consumer sectors, particularly real estate, agriculture, construction, and food and beverage, driven by fundamentals and price-volume dynamics [3][27] - The industry ETF portfolio includes six ETFs, with notable performance metrics indicating varying returns and tracking errors across different time frames [3][30] - The quantitative style rotation model favors the CSI 500 and ChiNext indices, reflecting a mid-cap growth style, with CSI 500 showing relatively reasonable valuations [3][32] Industry Style Rotation Model - The industry rotation strategy has evolved to a bi-weekly frequency to capture more effective signals, incorporating both fundamental and price-volume factors [4][24] - The latest model identifies real estate, agriculture, construction, food and beverage, media, and non-ferrous metals as preferred sectors, with a focus on both fundamental and price-volume resonance [27][39] - Historical performance shows the rotation model consistently outperforms major benchmarks, achieving excess returns between 5% and 21% [4][39] ETF Fund Configuration - The recommended ETF fund configuration for September 2025 emphasizes cyclical and consumer sectors, reflecting a diversified approach amid unclear market leadership [3][29] - The selected ETFs include Southern China Securities Real Estate ETF, Fortune Agricultural Theme ETF, Guotai Junan Construction Materials ETF, Tianhong Food and Beverage ETF, GF Media ETF, and Southern Non-ferrous Metals ETF [3][30] Market Review and Fund Flow - The overall market environment is characterized by increased trading activity and a rise in risk appetite, with a significant increase in monthly trading volume [10][21] - The report notes a positive impact on quantitative strategies due to the current market conditions, with a focus on capturing effective signals through enhanced frequency in trading strategies [10][39]

1. Report Title and Information - The report is titled "Fund Analysis Special Report (In - depth): Counting the Semi - annual Report of Public Active Equity Funds in 2025 - Institutional Funds Focus on the Top, Market Activity and Fund Turnover Increase" [1] - The analysts are Wang Ziwei and Wang Dandan, and the report was released on September 5, 2025 [1] 2. Core View - In the first half of 2025, the A - share market recovered and became more active, but the total share of active equity funds decreased compared with last year. The proportion of institutional holdings increased, while that of individual holdings decreased slightly. Both individual and institutional investor funds were significantly concentrated in top - scale funds, with individual investors preferring larger - scale funds more than institutions [2] 3. Summary by Catalog 3.1 Holder Structure 3.1.1 Share/Proportion Changes - In the first half of 2025, the total share of active equity funds decreased compared with last year. The proportion of institutional holdings increased, and that of individual holdings decreased slightly. By the end of the first half of 2025, the institutional share of active equity funds was 424.585 billion shares, accounting for 15.51%, and the individual share was 2313.5 billion shares, accounting for 84.49%. The institutional holding ratio increased by 1.78% compared with the end of 2024 and 0.58% compared with the end of the first half of 2024. Among different investment categories, the ordinary stock - type funds had the highest institutional holding ratio at 23.59%, and the balanced hybrid - equity - oriented funds had the lowest at 11.50% [17] 3.1.2 Institutional/Individual Fund Distribution - In the first half of 2025, both individual and institutional investor funds were significantly concentrated in top - scale funds. By mid - 2025, 37.05% of institutional funds were concentrated in the top 5% of funds by scale, with the proportion increasing by 2.51% compared with the end of 2024 and 11.38% compared with the end of the first half of 2024. 38.16% of individual funds were concentrated in the top 5% of funds by scale, with the proportion decreasing by 0.66% compared with the end of 2024 but increasing by 1.27% compared with the end of the first half of 2024. Individual investors preferred larger - scale funds [22] 3.2 Institutional Positioning 3.2.1 Funds with Larger Holding Shares - As of the end of the first half of 2025, among the top ten ordinary stock - type funds held by institutions, 8 were increased in holdings and 2 were decreased. Among the partial - equity hybrid funds, 9 were increased and 1 were decreased. Among the flexible - allocation equity - oriented funds, 7 were increased and 3 were decreased. The ordinary stock - type, partial - equity hybrid, and flexible - allocation equity - oriented funds with the largest institutional holdings were "Invesco Great Wall Research Selection", "Changxin Jinli Trend", and "China Europe Dividend Premium", with holding shares of 3.465 billion, 9.571 billion, and 4.383 billion respectively, and the share changes in the past six months were 669 million, - 2.143 billion, and 2 billion respectively [26] 3.2.2 Funds with Larger Increased Holding Shares - In the first half of 2025, the ordinary stock - type fund with the largest increase in institutional holdings was "Fullgoal Consumption Selection 30" managed by Zhou Wenbo, with an increase of 1.755 billion shares. The partial - equity hybrid fund with the largest increase was "Fullgoal Steady Growth" managed by Fan Yan, with an increase of 5.108 billion shares. The flexible - allocation equity - oriented fund with the largest increase was "China Europe Dividend Premium" managed by Lan Xiaokang, with an increase of 2 billion shares [31][34][36] 3.2.3 Small - and Medium - Sized Funds with Faster - Rising Proportions - Among small - sized funds with a scale between 100 million and 500 million, the top ten funds with the fastest - rising institutional holding ratios were "Haitong Quantitative Forward", "Changxin Huizhi Quantitative Stock Selection", etc. Among small - sized funds with a scale between 500 million and 1 billion, the top ten funds with the fastest - rising institutional holding ratios were "China Europe High - end Equipment", "GF Balanced Growth", etc. [38][40] 3.3 FOF Positioning 3.3.1 Funds with Larger Holding Market Values - As of mid - 2025, the active partial - equity funds with the largest FOF holding market values were "Dacheng Gaoxin" with a holding market value of 896 million yuan. Other top - ten funds included "Fullgoal Steady Growth" (773 million yuan), "Xingquan Business Model Preferred" (568 million yuan), etc. [44] 3.3.2 Funds with Larger Increased Holding Shares - From the perspective of the share changes of FOF - held funds in the latest period, "Fullgoal Steady Growth" had the largest increase in FOF holdings, with an increase of 638 million shares. Other funds with large increases included "E Fund Strategic Emerging Industries", "E Fund Active Growth", etc. [47] 3.3.3 Funds with a Larger Number of Holders - As of mid - 2025, "Dacheng Gaoxin" was held by 169 FOFs. The second - and third - ranked funds were "Fullgoal Steady Growth" managed by Fan Yan and "Invesco Great Wall Quality Evergreen" managed by Nong Bingli, held by 132 and 88 FOFs respectively. Other top - ten funds included "Dongfanghong JD Big Data", "Boda Growth Zhihang", etc. [50] 3.4 Shareholding Characteristics 3.4.1 Fund Turnover - In the first half of 2025, the average turnover of all active partial - equity funds was 2.12, higher than that in the first half of 2024 (2.08) and the second half of 2024 (1.93). Among different types of active equity funds, the flexible - allocation equity - oriented funds had the highest turnover in the first half of 2025 at 2.26, followed by partial - equity hybrid funds and balanced hybrid - equity - oriented funds with turnovers of 2.11 and 1.98 respectively. The ordinary stock - type funds had the lowest turnover at 1.92 [53] 3.4.2 Market Value/Plate Changes - In terms of market - value style, active partial - equity funds were mainly allocated to small - and medium - cap stocks. By the end of the first half of 2025, stocks with a market value below 30 billion accounted for the highest proportion at 42.71%. Compared with the end of 2024, the proportion of large - cap stocks increased, while that of small - and medium - cap stocks decreased. By the end of the first half of 2025, among all the holdings of active partial - equity funds, the technology sector accounted for the highest proportion, and the financial sector accounted for the lowest. Compared with the end of 2024, the technology sector had the largest increase in market - value proportion, and the manufacturing sector had the largest decrease [64] 3.4.3 Industry Allocation Proportion Changes - At the sub - industry level, in the first half of 2025, the industries with a relatively large increase in shareholding market - value proportion were pharmaceutical biology, media, electronics, non - ferrous metals, and non - bank finance. The proportions of the power equipment, food and beverage, and household appliance industries decreased significantly. As of mid - 2025, the top three industries held by active equity funds were electronics, pharmaceutical biology, and power equipment, with their shareholding market - value proportions accounting for 17.03%, 12.12%, and 7.53% respectively [66] 3.4.4 "Hidden Heavy Positions" - In the first half of 2025, among the stocks with a heavy - position market value ranked below 50 in the second - quarter heavy - position holdings of active equity funds, the stock with the highest non - heavy - position market value calculated according to all shareholding details was Dongshan Precision, with a total shareholding market value of 922.9 million yuan, of which 380.2 million yuan was non - heavy - position holding. Among the stocks with a heavy - position market value ranked below 100, the stock with the highest non - heavy - position market value was Naxinwei [69] 3.4.5 Sub - Industry Changes - From the perspective of the market value of holdings in Shenwan primary industries, in the technology sector, the allocation proportions of the electronics and media industries increased significantly, and those of the communication and computer industries increased slightly. In the large - consumption sector, the pharmaceutical biology industry was booming in the first half of the year, while traditional consumption - related fields were reduced in holdings. In the cycle - manufacturing sector, except for a slight increase in the proportions of the national defense and military industry and the machinery equipment industry, other industries decreased, with the power equipment industry having the most significant decrease. In terms of resource products, the market - value proportion of the non - ferrous metals industry increased significantly [71][77]

Market and Industry Overview - In the past month, major domestic market indices have risen, with the CSI 500, CSI 1000, National Index 2000, CSI 300, and SSE 50 increasing by 13.13%, 11.67%, 11.02%, 10.33%, and 7.22% respectively [2][12] - Almost all industry indices have risen, with 29 out of 31 sectors in the CITIC first-level industry index showing gains. The telecommunications sector had the highest increase at 33.78%, while construction, coal, and banking sectors lagged behind with monthly changes of 0.77%, 0.57%, and -1.67% respectively [2][12] Industry Rotation Strategy Performance - The August performance of the expected enhancement industry rotation strategy yielded a return of 21.63%, significantly outperforming the industry equal-weight benchmark return of 9.34%, resulting in an excess return of 12.33% [4][34] - The economic valuation industry rotation strategy achieved a return of 11.01%, with an excess return of 1.69% relative to the industry equal-weight benchmark [4][34] - The research industry selection strategy had a modest performance with a return of 6.71%, but an excess return of -2.61% [4][42] Factor Analysis and Performance - In August, six fundamental factors showed positive performance, with quality, valuation momentum, analyst expectations, and surprise factors being particularly notable, achieving IC averages of 46.31%, 23.89%, 43.35%, and 31.65% respectively [3][20] - All factors have positive IC values year-to-date, with quality, analyst expectations, and research activity factors standing out, achieving IC averages of 7.48%, 7.49%, and 10.92% respectively [21] - The multi-directional returns for quality, analyst expectations, and research activity factors reached 19.70%, 15.56%, and 11.56% respectively [21] Recommended Industries - For September, the expected enhancement industry rotation strategy recommends the electronics, media, non-bank financials, and computer sectors, with a shift from telecommunications to computers compared to the previous month [5][48] - The economic valuation industry rotation strategy recommends media, electronics, computers, retail, and real estate sectors, although real estate and retail did not receive recommendations from the expected enhancement strategy due to lower analyst expectations [5][48] - The research industry selection strategy for September includes construction, coal, steel, media, and retail sectors, with steel showing increased research activity and reduced crowding [5][53]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The supply and trading of local government bonds are tracked, including the rhythm of primary supply and the characteristics of secondary trading [3][4] Group 3: Summary by Directory 1. Primary Supply Rhythm - Last week (August 25 - 29, 2025), local government bonds issued a total of 351.6 billion yuan, with 187.98 billion yuan in new special bonds and 62.62 billion yuan in refinancing special bonds. "Ordinary/Project Income" and "Special New Special Bonds" are the main investment areas for special bond funds. As of August 29, 2025, special refinancing special bonds issued 55.04 billion yuan in August, accounting for 5.6% of the monthly local bond issuance scale [3][10] - In terms of issuance pricing, the average issuance interest rate of 20 - year local bonds has significantly increased. The spreads between the issuance interest rates of 20 - year and 10 - year local bonds and the same - term treasury bonds have continuously widened to 26.3BP and 18.8BP, especially the 20 - year variety has a faster increase rate, while the issuance spread of 30 - year local bonds has narrowed to 21.9BP [3][17] - In August, Anhui, Zhejiang, Hebei and other places are the main regions for local bond issuance. Anhui's issuance scale exceeds 80 billion yuan, Hunan's issuance scale of local bonds over 20 years reaches 34.1 billion yuan, and the average coupon rates of local government bonds in Ningxia and Gansu are higher than 2.3% [3][19] 2. Secondary Trading Characteristics - The index of local government bonds over 10 years has risen against the trend. Last week, the indexes of 7 - 10 - year and over 10 - year local bonds decreased by 0.03% and increased by 0.23% respectively. The defensive property of 7 - 10 - year varieties is better than that of the same - term treasury bonds and credit bonds, while the increase of over 10 - year varieties is slightly lower than that of the same - term treasury bonds [4][23] - Government bonds in Shandong, Guangdong and other provinces have relatively active transactions, but the trading volume in Shandong and Sichuan has decreased significantly compared with the previous period. In terms of trading income, the average income of local government bonds in mainstream regions is basically above 2.2%, and the income in regions with increased trading volume exceeds 2.23% [4][23]

Investment Rating - The report suggests a positive outlook for the military industry, indicating potential value reassessment of military assets driven by multiple factors including industry recovery and military trade market expansion [4]. Core Insights - The military parade showcased significant advancements in weaponry and equipment, emphasizing the development of new combat capabilities and strategic deterrence [3][4]. - The report highlights the importance of 2025 as a critical period for the military industry, marking the end of the 14th Five-Year Plan and the beginning of the 15th, which could lead to a reversal in industry prosperity [4]. - Key investment themes include military trade, new combat capabilities, consumable ammunition, and military electronics [4]. Summary by Sections 1. Equipment Display - The parade featured various combat groups, including land, sea, air, and strategic strike units, showcasing new equipment such as the 100 tank and various missile systems [1][2][3]. - The land combat group included advanced tanks and support vehicles, highlighting their enhanced capabilities in modern warfare [11][15]. - The sea combat group presented a range of naval defense systems, including the newly unveiled LY-1 shipborne laser weapon [18][21]. - The air combat group demonstrated a comprehensive array of aircraft, including early warning and special mission aircraft, emphasizing integrated operational capabilities [2][70]. 2. Strategic Capabilities - The report notes the significant number of "firsts" achieved during the parade, including the debut of new equipment and the participation of various military branches [3]. - The emphasis on new-generation equipment reflects the military's focus on integrated combat capabilities across different domains [3][4]. 3. Investment Recommendations - The report recommends focusing on military trade, new combat capabilities, consumable ammunition, and military electronics as key investment lines and core targets [4][99]. - The anticipated recovery in the military industry and the global arms race are expected to drive the reassessment of military assets [4][99].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][22]. Core Insights - The company is positioned in a growth phase with improved profitability and high growth potential in new business models. The net profit forecasts for 2025 and 2026 have been raised to 1.0 billion and 1.4 billion RMB, respectively, reflecting optimism about the company's expansion and profit recovery [4][22]. - The "马上住" community store model is compared to the tea beverage industry, highlighting similarities in brand standardization and service enhancement to address consumer trust issues. The tea beverage sector has reached a mature stage, while "马上住" is still in the growth phase, indicating significant market potential [2][10][21]. Summary by Sections Company Overview - The company has launched the "马上住" one-stop service system since 2016, with strategic upgrades leading to a comprehensive service ecosystem. The goal is to provide a seamless home renovation experience, with plans to expand the number of community stores significantly by 2026 [9][21]. Financial Projections - Revenue projections for the company are as follows: 12,476 million RMB in 2023, with a growth rate of 10.03%, and expected to reach 16,212 million RMB by 2027. The net profit is projected to grow from 174 million RMB in 2023 to 1,759 million RMB by 2027, indicating a robust growth trajectory [8][22]. Market Comparison - The initial investment for a "马上住" store is approximately 100,000 RMB, significantly lower than the average costs for tea beverage stores, which range from 170,000 to 800,000 RMB. The average payback period for "马上住" stores is around 6 months, suggesting a favorable investment environment [3][16]. Competitive Landscape - The report emphasizes the importance of establishing a strong supply chain and human resource management to support rapid expansion. The company aims to leverage its existing brand recognition and operational standards to create a competitive edge in the home renovation market [21][22].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [9]. Core Insights - The company is projected to achieve significant revenue growth, with FY26 revenue expected to reach $985 million, representing a 125.5% year-over-year increase. For FY27 and FY28, revenues are forecasted at $1.362 billion and $1.710 billion, respectively, with growth rates of 38.3% and 25.6% [5][9]. - The company has diversified its customer base, with three customers contributing over 10% of revenue in FY26Q1, and anticipates additional large cloud vendor clients entering the market [8]. - The AEC (Application-Specific Integrated Circuit) solutions are expected to benefit from the growing demand in AI and cloud services, leading to increased sales and market share [9]. Financial Summary - For FY24, the company is expected to generate revenue of $193 million, with a projected EBITDA of -$8.97 million. By FY26, revenue is expected to reach $985 million with a positive EBITDA of $286.78 million [5][12]. - The company is expected to turn profitable by FY26, with a projected net profit of $250 million, increasing to $458 million by FY28 [5][12]. - The projected earnings per share (EPS) for FY26 is $1.45, increasing to $2.65 by FY28 [5]. Performance Analysis - In FY26Q1, the company reported revenue of $223 million, a 274% increase year-over-year, and a GAAP net profit of $63.4 million, indicating a turnaround from previous losses [7]. - The company expects continued revenue growth in FY26Q2, with guidance of $230 to $240 million [7]. Market Position - The company is positioned as a leader in the AEC market, with expectations of benefiting from the increasing demand for high-speed data solutions driven by AI and cloud computing [9]. - The growth in GPU and ASIC shipments is anticipated to further enhance the demand for the company's AEC products [9].