Guohai Securities·2025-07-16 01:03Group 1: Tencent Holdings - The core business continues to show growth resilience, with a focus on the release of AI ecosystem value. The expected revenue for Q2 2025 is 179.6 billion yuan, representing a year-on-year increase of 11% [3] - The gaming segment is projected to grow by 16% year-on-year in Q2 2025, with domestic and overseas growth rates of 16% and 17% respectively [4] - The online advertising business is expected to grow by 20% year-on-year, driven by strong performance in various sectors including video accounts and mini-programs [4] - The financial technology and enterprise services segment is anticipated to grow by 6% year-on-year, with cloud business growth expected to exceed 20% [4] - The adjusted profit forecast for Tencent Holdings for 2025-2027 is 252.3 billion, 282.6 billion, and 314.4 billion yuan respectively, with a target price of 610 HKD [5] Group 2: Aerospace and Energy Industry - The demand for gas turbines and aircraft engines is surging due to increased orders driven by AI data centers, energy transition needs, and military demand [6] - Major players in the gas turbine market, such as Siemens Energy and GE Vernova, report record order backlogs and are expanding production capacity to meet demand [8][9] - The Chinese supply chain is expected to benefit from the demand surge in high-temperature alloys and components, with companies like Zhenhua Co., Longda Co., and others positioned to capitalize on this trend [7][15] - The aerospace engine market is experiencing significant order backlogs, with companies like Rolls-Royce and GE Aerospace reporting substantial increases in their order books [11][12] - The high-temperature alloy industry is rated positively, with expectations of increased demand for key metals like nickel and chromium due to the ongoing aerospace and gas turbine demand [16] Group 3: Alibaba Group - Alibaba is expected to achieve total revenue of 249 billion yuan for FY2026Q1, with a year-on-year increase of 2% [18] - The Taotian Group is projected to see a GMV growth of 5.6% year-on-year, benefiting from national policies aimed at boosting consumption [19] - The international digital commerce segment is expected to grow by 19% year-on-year, driven by strong performance across various platforms [20] - The cloud intelligence group is anticipated to grow by 22% year-on-year, with a focus on public cloud services and improving profitability [21] - The adjusted profit forecast for Alibaba for FY2026-2028 is 1,425 billion, 1,678 billion, and 1,940 billion yuan respectively, with a target price of 119 RMB [22] Group 4: Agricultural Chemicals Industry - The company is expected to achieve a net profit of 260-280 million yuan for H1 2025, representing a year-on-year increase of 719%-782% [24] - The significant improvement in performance is attributed to rising product prices and strong demand for key agricultural chemicals [25] - The company is actively investing in synthetic biology and AI-driven pesticide development, enhancing innovation and product efficiency [26] - The revenue forecast for the company for 2025-2027 is 4.875 billion, 5.250 billion, and 5.607 billion yuan respectively, with a "buy" rating maintained [26]