Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the e-commerce industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 index [1]. Core Viewpoints - The e-commerce market is developing steadily, with consumer habits gradually forming. The global economic recovery and the impact of the pandemic and digital technology have catalyzed growth in the e-commerce sector, with global retail sales increasing from $2.4 trillion in 2017 to $5.5 trillion in 2022 [1]. - The report highlights that the cross-border e-commerce industry in China has maintained a growth rate exceeding 20% year-on-year from 2017 to 2021, with a projected compound annual growth rate of 16.4% over the next three years, aiming to surpass ¥10 trillion by 2025 [1]. - Domestic e-commerce user consumption habits are evolving, driven by diverse innovations. The report notes that during the 618 shopping festival, online retail and express delivery volumes showed growth, with daily active users reaching 667 million, surpassing last year's figures [1]. Summary by Sections Market Development - The report discusses the opening of the first Google Cross-Border E-commerce Acceleration Center in Xiamen, which aims to enhance market activities and content planning in the region [1]. - It emphasizes the increasing recognition and trust of Chinese brands overseas, providing ample growth space for cross-border e-commerce [1]. User Behavior and Trends - According to QuestMobile data, the active user base of major e-commerce platforms has shown stable growth, with platforms like Douyin and Kuaishou becoming significant advertising channels during promotional periods [1]. - The report indicates that consumers are increasingly focusing on long-term value and quality rather than short-term discounts during major sales events [1]. Investment Recommendations - The report suggests focusing on companies such as BlueFocus Communication Group, Yuanlong Yatu, and Tianyu Digital Science, among others, as they are expected to benefit from the steady development of the cross-border e-commerce market [1].

Investment Rating - The industry investment rating is maintained at "Leading the Market - A" [1] Core Viewpoints - The digital chip SOC industry is experiencing a sustained increase in prosperity, driven by multiple resonating factors, including the transition from inventory reduction to an upward industrial trend [1] - The expected net profit for Lexin Technology for the first five months of 2024 is approximately 118.71 million yuan, representing a year-on-year increase of 123.51% [1] - The domestic digital chip SOC manufacturers are in a phase of catching up with overseas competitors, with the industry evolving to meet diverse hardware demands [1] Summary by Relevant Sections Industry Performance - The digital chip SOC serves as the main control unit for various hardware devices, including servers, PCs, tablets, smartphones, TVs, and security devices, each with distinct customer groups and requirements [1] - The industry has transitioned from a high-demand phase in 2021 to a destocking phase in 2022, with a recovery in inventory levels and a return to healthy operational conditions by 2024 [1] Market Trends - The trend of "quality export" is becoming a significant driver for growth in the domestic industry chain, with companies like Stone Technology expanding globally [1] - New hardware forms such as TWS earbuds, smartwatches, and VR/AR devices are emerging, alongside the maturation of AI large models, which are expected to enhance demand for computing power at the edge [1] Recommended Stocks - Recommended stocks include RichChip, Allwinner Technology, Starry Technology, and others, with a focus on companies that are expected to benefit from the ongoing industry growth [2]

Investment Rating - The report maintains an investment rating of "Outperform" for the automotive industry [1]. Core Insights - Tesla's Full Self-Driving (FSD) system is a pure vision solution that relies solely on cameras, distinguishing it from most domestic automakers that use multi-sensor fusion [2][9]. - The FSD system utilizes a unique software algorithm and has become the first company globally to mass-produce an "end-to-end" neural network for autonomous driving, simplifying the process from rule-based to data-driven [2][26]. - Tesla's FSD is significantly ahead of domestic competitors in terms of data volume, computing power, and hardware compatibility, although it faces challenges in adverse weather conditions and has a higher buyout price compared to other advanced driver-assistance systems [2][12]. Summary by Sections 1. Tesla FSD Development History - Tesla's FSD has evolved through various hardware iterations, increasing camera count from 2 in HW1.0 to 12 in HW4.0, while also enhancing image resolution from 1.2 million pixels to 5 million pixels [27][30]. - The FSD system has transitioned from a modular approach to an integrated "end-to-end" model, which combines perception, decision-making, and planning into a single architecture [26][27]. 2. FSD System Overview - The FSD system includes features such as automatic navigation, lane changes, parking, traffic light recognition, and city driving assistance, making it the most comprehensive product in Tesla's driver assistance lineup [6][7]. - Tesla's FSD relies on a network of eight cameras to create a 3D vector space for driving decisions, mimicking human visual processing [10][12]. 3. Algorithm Iteration - The FSD's algorithm has progressed from traditional feature extraction to advanced architectures like BEV+Transformer and Occupancy Network, enhancing its perception capabilities [12][20]. - The introduction of time-series information and the Occupancy Network has allowed the FSD to operate in a 4D space, improving its ability to predict and react to dynamic environments [21][23]. 4. Market Potential in China - China is identified as the largest market for electric vehicles, with Tesla's cumulative sales expected to exceed 1.7 million units by the end of 2023, potentially generating additional revenue of 5.44 billion to 39.168 billion yuan from FSD penetration [2][12].

Group 1: Industrial Profit Trends - In May 2024, industrial enterprise profits showed a significant decline, with a cumulative year-on-year growth rate of only 0.7%, reversing the notable improvement seen in April, which was a drop of 3.3 percentage points[1] - The decline in profits was primarily due to two factors: a limited revenue improvement despite a significant narrowing of PPI declines, and a monetary policy shift towards neutrality that restricted further reductions in expense ratios[1] - Cumulative expenses increased sharply to 8.38%, rising faster than the same period last year, indicating financial pressures on enterprises[1] Group 2: Sector-Specific Insights - The mining sector saw a reduction in profit decline by 2.4 percentage points to -16.2%, driven by a slight increase in coal prices, while manufacturing and public utilities experienced profit declines of 1.7 and 7.4 percentage points, respectively[1] - The steel industry managed to turn around from three months of net losses, with product price increases significantly boosting non-ferrous metal profits, which rose by 24 percentage points to 80.6% year-on-year[1] - The computer and electronic communication equipment sectors reported substantial profit growth of 56.8% and 17.9%, respectively, driven by strong domestic demand and high export growth in the automotive sector[1] Group 3: Inventory and Demand Dynamics - PPI improvements were characterized as cost-push rather than demand-driven, with finished goods inventory showing a year-on-year increase of 0.5% to 3.6%, reaching a near one-year high[1] - The actual year-on-year growth rate of finished goods inventory, excluding the effects of PPI price changes, declined by 0.6 percentage points to 5.1%, indicating challenges in sustaining inventory replenishment[1] - The current economic environment suggests that effective demand for consumption and investment remains insufficient, which may continue to suppress the potential for inventory replenishment and industrial profit recovery[1] Group 4: Economic Policy and Future Outlook - The report anticipates a significant expansion of the general public budget deficit in the second half of the year to support equipment upgrades and consumer goods replacement, given the large fiscal shortfall in the first five months[1] - A moderate inventory replenishment cycle is expected to begin, with industrial profits likely to see steady but modest improvement throughout the year, although expectations should remain tempered[1] - Risks include slower-than-expected implementation of measures to promote effective investment and improve domestic consumption demand, which could hinder profit recovery for industrial enterprises[1]

Investment Rating - The report maintains an investment rating of "Outperform" with an expectation of leading the market by over 10% in the next six months [2][3]. Core Insights - The "Make 2024 DingTalk Ecosystem Conference" held on June 26 in Beijing emphasized the establishment of an open AI ecosystem, with DingTalk collaborating with six major model vendors, aiming to leverage data and scenario advantages to accelerate AI application deployment [1]. - DingTalk's open ecosystem is expected to empower B-end business development, with over 5,600 ecosystem partners and more than 100 AI ecosystem partners, indicating a significant daily call volume of over 10 million for DingTalk AI [1]. - The report outlines three models driving the continuous development of the open AI ecosystem: 1) Fixed product integration with major models, 2) AI agent creation by developers on DingTalk, and 3) Customized solutions for specific client needs [1]. Summary by Sections Investment Highlights - The report highlights the importance of open ecosystems in driving AI applications, with DingTalk's strategy to open its products and scenarios to major model vendors [1]. - The emphasis on matching technology with application scenarios is crucial for product deployment speed, as demonstrated by recent collaborations in the industry [1]. Market Performance - The report notes that the media sector is expected to perform well, with a projected increase of 10% compared to the Shanghai and Shenzhen 300 index [1]. - The report suggests focusing on leading companies in the industry, including Tencent, NetEase, Meitu, and others, as potential investment opportunities [1].

Investment Rating - The report maintains an investment rating of "Outperform" with expected returns exceeding the CSI 300 index by over 10% in the next six months [1][3]. Core Insights - The announcement by OpenAI to cease API services to unsupported countries, including mainland China and Hong Kong, presents an opportunity for domestic AI model developers such as Zhipu AI, Baidu Smart Cloud, and Alibaba Cloud to gain market share as they respond to customer needs for local alternatives [1]. - The OpenAI ban is expected to accelerate the adoption of domestic AI models, enhancing their capabilities to empower local entrepreneurs and content creators [1]. - Domestic AI models are increasingly aligned with content and data security requirements, which is beneficial for the development of edge AI technologies [1]. Summary by Sections Investment Highlights - OpenAI's ban on API services is likely to benefit domestic AI models, prompting a swift response from local companies to assist users in transitioning to domestic solutions [1]. - Companies like Zhipu AI are launching comprehensive migration training programs to facilitate the switch from OpenAI to their models [1]. Market Performance - The report indicates a projected industry performance of 10% for the media sector, with a current relative return of -4.28% and an absolute return of -7.64% [1]. Analyst Recommendations - The report suggests focusing on companies such as Tencent Holdings, NetEase, Meitu, and others as they are expected to benefit from the shift towards domestic AI models [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Insights - The report highlights the significant event of the "Make 2024 DingTalk Ecosystem Conference" held on June 26, where DingTalk announced its commitment to building the most open AI ecosystem in China by collaborating with major model vendors [1]. - DingTalk's open ecosystem aims to leverage data and scenario advantages to accelerate AI application deployment, emphasizing the importance of open collaboration in driving business development [1]. - The report suggests that DingTalk's extensive user base and diverse application scenarios position it well to enhance AI capabilities, with over 5,600 ecosystem partners and more than 100 AI partners [1]. - The report outlines three models driving the continuous development of the open ecosystem: integrating large models with DingTalk products, allowing developers to create AI assistants on DingTalk, and providing customized intelligent solutions in collaboration with large model vendors [1]. - The report emphasizes the shift in AI development focus from technological breakthroughs to practical application scenarios, highlighting the importance of matching technology with appropriate use cases for successful product deployment [1]. Summary by Sections Investment Rating - The industry is rated as "Leading the Market" with a maintained rating [1]. Key Events - The DingTalk Ecosystem Conference on June 26 showcased DingTalk's strategy to open its platform to all major model vendors, aiming to create a collaborative AI ecosystem [1]. Ecosystem Development - DingTalk has over 5,600 partners, with daily AI call volumes exceeding 10 million, indicating robust engagement and potential for growth in AI applications [1]. Models for Ecosystem Growth - Three models are proposed to drive the open ecosystem: integrating large models with existing products, enabling developers to create AI agents, and offering tailored solutions for specific client needs [1]. Shift in AI Development Focus - The report notes a transition in AI development from technology to application, stressing the need for suitable scenarios to ensure successful implementation [1].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Viewpoints - The recent OpenAI ban on API services for unsupported countries, including mainland China and Hong Kong, is seen as a potential opportunity for domestic AI model developers, allowing them to better serve local entrepreneurs and content creators [1]. - Domestic AI model companies, such as Zhipu AI, Baidu Smart Cloud, and Alibaba Cloud, are responding swiftly to assist users in transitioning to local models, which may enhance the demand for domestic AI technology and accelerate its development [1]. - The report suggests that the OpenAI ban could lead to increased competition among domestic AI model providers, resulting in improved services and resources for users, thereby fostering the growth of AI technology in China [1]. Summary by Sections Investment Highlights - The OpenAI ban is expected to benefit domestic AI models, prompting companies to offer competitive services to facilitate user migration [1]. - Major domestic AI firms are launching initiatives to provide free tokens and migration support to attract users from OpenAI [1]. Market Performance - The report notes a significant drop in relative returns, with a decrease of -4.28% for 1M, -18.32% for 3M, and -23.76% for 12M periods [1]. - Absolute returns also reflect a decline, with -7.64% for 1M, -20.11% for 3M, and -32.41% for 12M periods [1]. Analyst Recommendations - The report recommends focusing on companies such as Tencent Holdings, NetEase, Meitu, Tom Cat, Kunlun Wanwei, and others, as they are well-positioned to benefit from the shift towards domestic AI models [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the gaming industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Insights - The issuance of 104 new mobile game licenses in June marks a significant recovery, with the total number of approved domestic online game licenses reaching 628 for the year [1]. - The gaming market is experiencing a resurgence, with major companies releasing significant titles, leading to a potential explosion in new game releases during the summer season [1]. - Chinese gaming companies are performing well, with 40 companies entering the global mobile game publisher revenue TOP 100, collectively generating $2.11 billion, accounting for 39.7% of the total revenue [1]. Summary by Sections Industry Performance - The number of approved games in June has returned to over 100 per batch, with some games taking only six months from copyright registration to obtaining a license [1]. - The revenue from Tencent's mobile game "Dungeon & Fighter: Origin" has surpassed the combined revenue of "Honor of Kings" and "Peacekeeper Elite" in the domestic iOS market by the end of May [1]. Market Trends - The gaming industry is entering a competitive phase for the summer season, driven by both domestic and international market dynamics [1]. - The report highlights the importance of technological advancements, particularly in AI, game engines, and virtual reality, as key drivers for productivity improvements in the gaming sector [1]. Investment Recommendations - The report suggests focusing on companies such as Yaoji Technology, Tencent Holdings, and others, as the continuous issuance of game licenses is expected to invigorate the gaming ecosystem [1].

2024 年 06 月 26 日 公司研究●证券研究报告 兴森科技(002436.SZ) 公司快报 关键技术持续精进,FCBGA 项目稳步推进放量在 即 投资要点 2024 年 6 月 24 日,公司荣获 2023 年度国家科技进步二等奖。 关键技术持续精进,突破电子高密度互连基板制造等多项关键技术 2024 年 6 月 24 日,兴森科技参与的项目"面向高性能芯片的高密度互连封装制造 关键技术及装备"荣获 2023 年度国家科技进步奖二等奖。在后摩尔时代背景下, 以芯片高密度集成互连为核心的先进封装技术在产业链中的重要性日渐突出。兴森 科技与广东工业大学及相关产业方长期深入产学研合作,突破了电子高密度互连基 板制造等多项关键技术,形成行业领先优势。项目成果已获得国内国际一流龙头企 业的严格认证与批量采购。 封装基板:CSP 进军中高端市场,FCBGA 项目稳步推进放量在即 2023 年封装基板业务实现收入 8.21 亿元,同比增长 19.09%,增长主要来自于 CSP 封装基板业务;毛利率为-11.83%,同比下降 26.58 个百分点,主要系 FCBGA 封 装基板项目投入较大。 CSP:CSP 封装基板 ...