Haitong Securities International·2025-09-26 14:04Investment Focus - Amazon is the top pick in the cloud and e-commerce sectors, with a significant market share of 30% in IaaS, benefiting from scale effects and stable margin improvements. The demand for T3 chips is expected to exceed T2, enhancing performance in inference tasks [1] - Google is valued at 18-22x PE, with AI and advertising driving CPC and CPM pricing power. IaaS margins are improving, projected to exceed 20% by year-end, supported by strong self-developed capabilities [1] - Alibaba's cloud revenue reached 33.4 billion RMB in a single quarter, indicating resilience in China's cloud demand, with strong growth expected from instant retail and cloud services [1] - Arista Networks leads in high-end data center network switches, benefiting from AI capital expenditures, with expected revenue contribution of at least $750 million from AI backend switches in 2025 [1] - Meta's user growth and profitability are improving, with Q3 revenue guidance raised to $47.5-50.5 billion, driven by AI marketing and infrastructure investments [1] Hardware and Technology - SK Hynix is expected to benefit from downstream inventory recovery and HBM demand doubling, with a target price of KRW 280,555 [2] - Cadence's core business lines have shown strong growth, with over 50% of advanced node designs utilizing their technology [2] - TSMC anticipates over 20% year-on-year growth, with management raising annual revenue guidance to $11.55 billion [2] - Broadcom is expanding its ASIC customer base, with expected ASIC revenue exceeding $20.5 billion in 2026 [2] - NVIDIA's data center business is projected to continue strong growth, with AI capital expenditures expected to reach $3-4 trillion by 2030 [2] Internet and Services - Tencent's core subscription business is growing steadily, with non-subscription revenue sources also increasing, supporting long-term profitability [2] - Tencent Music is focusing on expanding its content offerings and monetization strategies, with a stable competitive position in the domestic music industry [2] Education and Financial Services - New Oriental Education holds a leading position in the industry with diverse revenue sources and a strong offline presence, supported by a solid financial foundation with $2.92 billion in net cash [4] - Futu Holdings is expected to see strong growth in paid users and AUM, driven by its competitive advantages in low commissions and quality service [4] - AIA is benefiting from steady demand for traditional savings products and regional expansion strategies, with a forward PEV of 1.4x [4] Healthcare and Pharmaceuticals - Innovent Biologics is expected to achieve significant revenue growth, with a strong pipeline and potential for EBITDA balance by 2025 [6] - Hengrui Medicine's innovative drug revenue is projected to exceed $10 billion, with a focus on expanding its product portfolio [6] - Zai Lab is advancing its ADC platforms and has a robust pipeline, with significant revenue growth expected in the coming years [7]