Haitong Securities International·2025-08-01 14:34Investment Focus - The report highlights Amazon (AMZN US) as a top pick due to its leading position in the cloud industry with a 30% global market share, stable margin improvements, and strong demand for its T3 inference capabilities [1] - Alphabet (GOOGL US) is favored for its AI and advertising synergy, expected margin improvements in IaaS cloud services, and strong self-developed capabilities, although its stock price upside is currently limited [1] - Arista (ANET US) is recognized for its leadership in high-speed data center switches and expected revenue contributions from AI backend switch business, with a significant growth visibility [1] - Meituan (3690 HK) is noted for its strong cash flow generation ability and competitive cost structure, positioning it well in the face of industry competition [1] - Lenovo (992 HK) is highlighted for its record revenue in AI server business and significant growth potential compared to peers like Dell [2] - NVIDIA (NVDA US) is recognized for its strong financial performance and technological leadership in data center business, with a focus on emerging applications driving growth [2] - Tencent (700 HK) is expected to benefit significantly from AI advancements, with an upward revision in revenue and profit expectations for 2025 [2] - New Oriental (EDU US) is noted for its diverse revenue sources and strong brand recognition, supporting its high profit margins [3] - AIA (1299 HK) is favored for its steady growth in new business value and strong operational metrics, particularly in the ASEAN market [3] - Futu (FUTU US) is expected to see significant growth in paid user numbers and total AUM, supported by its low commission model and quality customer service [3] - The report emphasizes the potential of Chinese pharmaceutical companies like China Biologic Products (1177 HK) and Innovent Biologics (1801 HK) in their innovative drug pipelines and market leadership [4]