胜利月报1月 V VICTORY 胜利 SECURITIES 证券 SINCE 1970s 胜利证券获颁2025「开心企业」标志 蝉联四年深耕职场幸福感 凭 借 营 造 和 谐、 积 极 工 作 环 境 的 卓 越 表 现 , 胜 利 证 券 再 次 获 颁 2 0 2 5 年 度 「 开 心 企 业 』 标 志 。 这 是 公 司 自 2 0 2 2 年 起 ， 连 续 第 四 年 获 此 殊 荣 ， 充 分 彰 显 了 胜 利 证 券 对 提 升 员 工 福 该 计 划 由 香 港 提 升 快 乐 指 数 基 金 主 办 、 香 港 中 华 厂 商 联 合 会 执 行 ， 旨 在 推 广 「 开 心 工 作 间 」 理 念 ， 携 手 各 界 提 升 香 港 人 的 工 作 快 乐 水 平 。 胜 利 证 券 始 终 秉 持 「 以 人 为 本 」 的 核 心 价 值 ， 将 「 企 业 关 爱 、 智 慧 、 韧 力 及 动 力 」 深 度 融 入 日 常 管 理 。 公 司 推 行 一 系 列 具 体 措 施 ， 包 括 优 化 灵 活 办 公 安 排 ， 协 助 员 工 达 成 工 作 与 生 活 ...

Market Overview - In September, Bitcoin (BTC) increased by 5.41%, closing at $114,117.01, while Ethereum (ETH) decreased by 5.60%, ending at $4,145.99[15][18]. - The total trading volume for cryptocurrencies in September dropped to $1.67 trillion, a decrease of 9.7% from August's $1.85 trillion, marking the lowest level since June[23]. Economic Influences - The Federal Reserve cut interest rates by 25 basis points to a range of 4.00%-4.25%, with expectations for further cuts later in the year, influencing market sentiment positively[21][18]. - The U.S. non-farm payrolls added only 22,000 jobs in August, significantly below the expected 750,000, indicating a cooling labor market[21]. Institutional Interest - In September, Bitcoin ETF saw a net inflow of over $3.53 billion, reversing the previous month's outflow of $751 million, reflecting growing institutional confidence in crypto assets[23]. - The number of large Bitcoin addresses reached a new high, indicating increased accumulation by "whales" despite market fluctuations[22]. Investment Strategies - Victory Securities emphasizes the importance of understanding risks and selecting compliant platforms for cryptocurrency investments, highlighting their full licensing advantages[2]. - The company plans to continue supporting virtual asset education and hosting more courses to enhance investment knowledge in Hong Kong[3]. Community Engagement - Victory Securities distributed 200 Mid-Autumn Festival gift bags to underprivileged families, reinforcing its commitment to community support and social responsibility[8].

Group 1: Market Events and Participation - Victory Securities co-hosted the Hong Kong Web3 Carnival, attracting over 50,000 participants and featuring more than 300 influential speakers[3] - The event included nearly 200 side activities, showcasing over 100 popular projects[3] - Victory Securities received over 1,000 inquiries for account openings during the event, indicating strong interest in their new app, VictoryX[3] Group 2: Strategic Partnerships and Developments - Victory Securities established partnerships with Cactus Custody and HashKey Exchange to enhance their Web3 offerings[7] - The collaboration aims to provide a compliant and secure platform for global professional investors in virtual assets[8] - The partnerships will utilize advanced blockchain analytics and monitoring services to improve asset safety and transparency[8] Group 3: Market Trends and Performance - Bitcoin (BTC) price increased by 16.53% from February 29 to March 31, reaching $71,288[14] - Ethereum (ETH) saw a 9.09% rise during the same period, climbing to $3,645[14] - The U.S. stock market, particularly the Nasdaq and S&P 500, showed resilience with a five-month upward trend, influenced by adjusted interest rate expectations[18] Group 4: Economic Indicators and Predictions - U.S. economic data suggests a healthy economy, with CPI rising slightly and manufacturing PMI indicating expansion[18] - The report anticipates that the U.S. Federal Reserve may begin to lower interest rates in the second half of the year, contingent on economic performance[28] - Domestic manufacturing PMIs in March exceeded expectations, indicating ongoing economic recovery in China[28]

Group 1: Charity and Social Responsibility - The Victory Securities Charity Fund has been actively supporting the family of a child, Xiaoxue, who suffered severe injuries from a suspected child abuse case, providing warmth and care during her recovery process[3] - Xiaoxue's family faced significant financial challenges due to the high costs of 11 necessary treatment projects, but received support from various charitable individuals and organizations[3] - The fund aims to address the needs of vulnerable groups in society through various charitable activities, creating shared value for a more inclusive society[4] Group 2: Market Trends and Economic Outlook - The Hang Seng Index rose by 13.43% to 22,941.32 points in January, with significant increases in various sectors, including a 17.88% rise in the technology index[27] - The U.S. economy shows signs of weakness, with non-farm payrolls at 143,000, below the expected 170,000, and a consumer confidence index dropping to 64.7, the lowest in 15 months[20] - The cryptocurrency market experienced a significant downturn, with Bitcoin (BTC) dropping 17.69% to $84,297 and Ethereum (ETH) falling 32.23% to $2,236 by the end of February[15] Group 3: Investment Strategies - Investors are advised to focus on sectors supported by national policies, such as artificial intelligence and high-end equipment, which have broad market development prospects[34] - The report suggests that despite the current market volatility, there may be opportunities for long-term investments in Bitcoin, with a cautious approach to increasing positions[22] - Alibaba is highlighted as a recommended investment due to its strong market position, with a projected revenue growth of 6% to 997.7 billion RMB and a favorable P/E ratio of 15 times[38]

Investment Rating - The report gives a positive outlook on Xiaomi Group (1810.HK), indicating a target price of HKD 65-75, suggesting a potential upside of 30%-45% from the current stock price [29]. Core Insights - Xiaomi Group's Q1 2025 performance exceeded market expectations, with total revenue reaching CNY 111.3 billion, a year-on-year increase of 47.4%, and adjusted net profit surpassing CNY 10.7 billion, up 64.5% year-on-year [2][27]. - The smartphone business showed significant growth, with revenue of CNY 50.6 billion, a year-on-year increase of 8.9%, and a global market share that remains in the top three [5][27]. - The electric vehicle segment also demonstrated strong performance, with revenue of CNY 18.6 billion, a year-on-year increase of 10.7%, and a gross margin of 23.2% [14][15]. - The IoT and lifestyle products segment achieved record revenue of CNY 32.3 billion, growing over 55% year-on-year, driven by significant sales in smart home appliances [20][23]. Summary by Sections Smartphone Business - Xiaomi's smartphone revenue reached CNY 50.6 billion in Q1 2025, with a global shipment of 41.8 million units, marking a 3% increase year-on-year [5]. - The average selling price (ASP) of smartphones reached CNY 1,211, a historical high, with high-end models (above CNY 3,000) accounting for 25% of shipments [9]. - The company aims to increase the proportion of mid-to-high-end models and plans to invest CNY 30 billion in R&D in 2025 [9][29]. Electric Vehicle Business - The electric vehicle segment's revenue was CNY 18.6 billion, with a gross margin of 23.2%, significantly higher than competitors [14][15]. - The SU7 series delivered 75,869 units, maintaining a strong market position in the CNY 200,000+ segment [14]. - The company plans to increase its annual delivery target from 300,000 to 350,000 units for 2025 [19]. IoT and Lifestyle Products - The IoT and lifestyle products segment generated CNY 32.3 billion in revenue, with a year-on-year growth of over 55% [20]. - The number of connected IoT devices reached 943.7 million, a 20.1% increase year-on-year [21]. - Xiaomi plans to enhance its product matrix and expand its presence in overseas markets, targeting a 45% share of IoT revenue from international markets by 2025 [21][23]. Internet Services - The internet services segment achieved revenue of CNY 9.1 billion, a year-on-year increase of 12.8%, with a gross margin of 76.9% [23][24]. - The number of MIUI monthly active users reached 719 million, a 9.2% increase year-on-year, indicating strong user growth [24].

Investment Rating - The report assigns a positive investment rating to Tencent Holdings (00700.HK), indicating a potential upside in the stock price of approximately 20%-50% from the current levels, with a target price range of HKD 600-750 [27]. Core Insights - Tencent's Q1 2025 financial results exceeded market expectations, with total revenue reaching RMB 1800.22 billion, a year-on-year increase of 13%, and adjusted net profit of RMB 613.29 billion, up 22% year-on-year [2][27]. - The company's strong performance is driven by its leading position in domestic gaming and significant growth in international markets, alongside robust contributions from high-margin businesses such as advertising and cloud services [2][27]. - Tencent's strategic focus on AI technology is enhancing operational efficiency and driving revenue growth across various segments, including gaming and advertising [27]. Financial Performance - In Q1 2025, Tencent achieved a core net profit margin of 26.5% and a gross profit margin of 56%, both reaching historical peaks [2][5]. - The company reported a free cash flow of RMB 471 billion and maintained a strong cash reserve of RMB 2052.53 billion, reflecting a healthy financial position [5][27]. - Capital expenditures surged by 91% year-on-year to RMB 274.8 billion, primarily for AI-related infrastructure and model development [5][8]. Gaming Business - Tencent's value-added services revenue grew by 17% year-on-year, with domestic gaming revenue increasing by 24% to RMB 429 billion, driven by record-breaking performances of titles like "Honor of Kings" and "Peacekeeper Elite" [9][10]. - International gaming revenue reached RMB 166 billion, up 23% year-on-year, contributing 27.9% to total gaming revenue [10][27]. - The integration of AI technology in gaming operations has improved efficiency, with a 40% increase in scene building efficiency and enhanced player experiences through AI-driven features [12][15][16]. Advertising Business - Tencent's marketing services revenue rose by 20% year-on-year to RMB 318.53 billion, driven by explosive growth in video account advertising [18][27]. - The advertising segment is transitioning from "traffic monetization" to "technology empowerment," with significant contributions from AI-driven advertising systems [18][20]. - The company is optimizing its advertising structure, leading to improved conversion rates and increased user engagement across its platforms [19][20]. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services reached RMB 549.07 billion, a 5% year-on-year increase, benefiting from a recovery in consumer spending and AI-driven enhancements in enterprise solutions [24][26]. - Tencent's cross-border payment services are expanding, with a 45% year-on-year increase in transaction volume, reflecting strong demand from Chinese tourists in Southeast Asia [25][26]. - The integration of AI in cloud services is driving significant growth, with a 60% year-on-year increase in AI-related cloud revenue [25][26]. Future Outlook - Tencent is expected to maintain a compound annual growth rate of over 20% in the gaming sector over the next two years, supported by the launch of cross-platform titles and a strategic push for international revenue [17][27]. - The company's AI strategy is anticipated to enhance its long-term growth potential, with a projected revenue growth of 8%-10% for 2025 [27].

Investment Rating - The report indicates a positive outlook for the domestic new energy vehicle market, with a significant year-on-year sales increase of 36.9% in July 2024, suggesting a strong investment opportunity in this sector [1][13][18] Core Insights - The report highlights that the overall sales performance of new energy vehicle companies in July 2024 was robust, with most companies achieving high growth compared to the same period last year, indicating strong market demand even during the traditional sales off-season [1][13] - BYD continues to lead the market with sales reaching 340,799 units in July, reflecting a 30.5% year-on-year increase, and a cumulative sales figure of 1,947,944 units for the first seven months of 2024, up 29.1% year-on-year [2][3][4] - Li Auto achieved a record monthly sales of 51,000 units in July, marking a 49.4% year-on-year increase, with a total of 239,981 units sold in the first seven months of 2024, up 38.5% year-on-year [5][6] - The report notes a significant disparity in performance among various companies, with some, like Great Wall Motors and GAC Aion, experiencing declines in sales, highlighting the competitive landscape within the industry [1][9][11] Summary by Relevant Sections Sales Performance - In July 2024, BYD's sales reached 340,799 units, with pure electric vehicle sales at 130,000 units and plug-in hybrid sales at 210,799 units [3][4] - Li Auto's sales for July were 51,000 units, with a cumulative total of 239,981 units for the year, driven by the strong performance of the Li L6 model [5][6] - The report indicates that sales for the Wuling brand reached 42,176 units, showing a remarkable year-on-year increase of 508% [6][7] - Leap Motor's sales reached 22,093 units in July, a 54.1% increase year-on-year, with a total of 108,789 units sold in the first seven months, up 84.9% [7][8] Market Trends - The report notes that the penetration rate of new energy vehicles in the domestic market reached 51.1% in July, surpassing traditional fuel vehicles for the first time, indicating a significant shift in consumer preferences [13][18] - The competitive landscape is intensifying, with companies engaging in price wars and launching new models to capture market share [14][18] - The report emphasizes the importance of technological advancements in smart driving, with companies like NIO and Li Auto making significant strides in their autonomous driving technologies [15][16][18]