Group 1: Market Overview - The Hong Kong stock market has seen a surge with 43 new listings in the past six months, raising a total of HKD 106.71 billion, reclaiming the top spot in global IPO fundraising [1] - Major companies like CATL and Hansoh Pharmaceutical have entered the market, while consumer stocks such as Pop Mart and Mixue Ice City have ignited a bull market [1] Group 2: Digital Asset Policy Declaration 2.0 - The Hong Kong government released the "Digital Asset Development Policy Declaration 2.0," aiming to position Hong Kong as a global hub for digital asset innovation [3] - The term "virtual assets" has been upgraded to "digital assets," expanding the regulatory scope beyond cryptocurrencies to include tokenized forms linked to real-world assets (RWA) [3] Group 3: Regulatory Framework - A unified regulatory system will be established by the Securities and Futures Commission, covering key areas such as digital asset trading platforms and stablecoins [4] - The government aims to normalize the tokenization of government bonds and provide tax incentives for ETF tokenization products [4] Group 4: Practical Applications - Starting from August 1, stablecoin issuers can officially apply for licenses, with the government encouraging the use of stablecoins in payment and cross-border settlement scenarios [5] - The policy declaration emphasizes the importance of digital assets, legal frameworks, and infrastructure for future developments [5] Group 5: Opportunities in RWA - Entrepreneurs are exploring opportunities in RWA, particularly in sectors like green energy and infrastructure, as stablecoins serve as a medium and RWA as a vehicle for asset tokenization [6] - The government encourages the tokenization of traditional financial products and real-world assets, including renewable energy assets [6][7] Group 6: Case Studies and Collaborations - Ant Group has partnered with several renewable energy companies to tokenize assets such as charging stations and photovoltaic systems, successfully raising significant funds [8] - The collaboration with Hong Kong Polytechnic University aims to establish an AI + Web3 joint laboratory, enhancing the technological foundation for digital asset development [10] Group 7: Strategic Role of Hong Kong - Hong Kong is evolving from a local financial center to a global leader in digital asset regulations, creating a model for stablecoins and RWAs [9] - The region has been building blockchain infrastructure since 2016, with initiatives like the establishment of digital banks and the launch of the "Digital Hong Kong Dollar" project [9][10]

研究早观点 2025 年 7 月 31 日 星期四 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,615.72 | 0.17 | 持续上涨 | | 深证成指 | | 11,203.03 | -0.77 | | | 沪深 | 300 | 4,151.24 | -0.02 | | | 中小板指 | | 6,961.64 | -0.47 | | | 创业板指 | | 2,367.68 | -1.62 | | | 科创 | 50 | 1,058.57 | -1.11 | | 资料来源：最闻 分析师： 李明阳 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【宏观策略】海外市场周观察（20250721~20250727） 【行业评论】化学原料：新材料周报（250721-0725）-世界人工智能大 会正式开幕，人形机器人领域材料有望实现高速发展 【山证农业】海大集团 2025 年半年报点评-饲料业务基本面显著回升 【山证专精特新】安培龙（30 ...

Core Insights - The year 2025 is anticipated to be a pivotal year for the deployment of large AI models, with integrated machines serving as a crucial component for enterprises to implement these models effectively [1][2] - The demand for AI integrated machines is driven by both market needs and technological advancements, providing a complete solution that lowers barriers for enterprises to deploy applications quickly [1][2] Group 1: AI Integrated Machines - AI integrated machines are designed specifically for the application and deployment of large AI models, combining hardware and software components, making them more cost-effective and user-friendly for small to medium-sized enterprises [2][4] - The launch of the Langxin Jiugong AI Energy Integrated Machine aims to address the challenges faced by the energy sector, such as lack of computing power and complex model deployment, by providing a high-integrated, stable, and user-friendly solution [2][3] - The Langxin Jiugong AI Energy Integrated Machine features nine core functions, including precise load forecasting and intelligent energy scheduling, and is fully domestically produced to ensure safety and autonomy in energy applications [2][3] Group 2: Market Trends and Projections - As of now, 23% of central enterprises have deployed large models, with expectations for further increases in adoption rates, particularly driven by the DeepSeek model [4] - Demand for integrated machines is projected to reach 150,000 units in 2025, 390,000 units in 2026, and 720,000 units in 2027, with a market potential for central state-owned enterprises estimated at 123.6 billion yuan, 293.7 billion yuan, and 520.8 billion yuan respectively [4] Group 3: Domestic Production and Supply Chain - The push for a fully domestic AI industry chain is seen as essential for national security, with a focus on ensuring that AI models and technologies are under local control [5][6] - The Shanghai municipal government has introduced measures to support AI applications, including financial incentives for computing power usage and model deployment, to address the supply-demand imbalance in AI computing resources [6][7] Group 4: Challenges and Strategic Directions - The current core contradiction in China's AI computing landscape lies between the rapidly growing demand for model training and the limited supply of high-end computing resources [7][8] - Industry experts emphasize the need for a dual approach in AI computing development, focusing on both independent innovation in core technologies and maintaining open collaboration for international standards [8]

Investment Rating - The report maintains a "Buy" rating for the company [6][10] Core Viewpoints - The company has launched its self-developed "Langxin Jiugong AI Energy Model," which has achieved dual championships in the BIRD-Bench international evaluation benchmark, showcasing its strong AI technology capabilities [1][2] - The Jiugong model is designed for the energy sector and integrates "time series forecasting" and "AI agents," addressing complex core issues in the industry [1] - The model has been applied in key electricity spot market areas such as Guangdong, Shandong, and Zhejiang, achieving over 97% accuracy in load forecasting and over 70% in price difference forecasting [2] - The company is actively embracing blockchain technology, having completed the first domestic RWA issuance verification in collaboration with Ant Group, with a financing amount of 100 million yuan [2] - The company expects to leverage its strong business scenarios and first-mover advantage in the green energy and blockchain sectors [2] Financial Forecast and Investment Suggestions - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.56, 0.78, and 0.93 yuan respectively, with a target price of 22.96 yuan based on a reasonable valuation level of 41 times the price-to-earnings ratio for 2025 [3][10] - The company's revenue is projected to grow from 4,727 million yuan in 2023 to 6,477 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.3% [5][14] - The gross profit margin is expected to improve from 40.7% in 2023 to 46.7% in 2027, indicating a positive trend in profitability [5][14]

证券研究报告|行业点评报告 [Table_Date] 2025 年 7 月 30 日 [Table_Title] 中国香港稳定币监管制度核心要点 [Table_Title2] 计算机 行业评级: 推荐 [Table_Summary] 事件概述: 2025 年 7 月 29 日，为配合 8 月 1 日正式实施的稳定币发行人监管制度，中国香港金融管理局举办技术简报会， 发布发牌制度摘要等系列监管文件，明确稳定币发行人牌照申请要求、发牌时间表等。此前，中国香港金管局 已在《稳定币条例》基础上，发布《持牌稳定币发行人监管指引》及咨询总结等多份文件，其中两套指引将于 8 月 1 日刊宪，核心是明确发行或推广相关稳定币须申请牌照，并对申请人进行明确规定限制，设立 6 个月过渡 期，鼓励相关机构及时沟通申请。 核心观点: ► 高门槛牌照筛选，保障行业稳健起步 中国香港金管局为稳定币发行人设置了极高的牌照申请门槛，要求申请人须为中国香港注册法团或认可机构，拥 有持续的流动净资产来源，且实缴资金不少于 2500 万港元。我们认为，高门槛筛选能为稳定币行业奠定稳健发 展基础，初期少量牌照发放可让监管机构集中精力监管，促使获牌机构 ...

Core Viewpoints - The report highlights the trend of domestic companies expanding overseas due to the easing of trade tensions between China and the US, with a focus on the advantages of the domestic industrial supply chain and engineering workforce [6] - The year 2025 is identified as a pivotal year for the mass production of humanoid robots, presenting significant opportunities for domestic supply chains [6][7] - The report emphasizes the expected growth in the photovoltaic industry, with projections for increased installed capacity and rising prices across the supply chain [7][11] Industry Commentary: Machinery - The machinery industry is experiencing a shift as leading companies accelerate their overseas expansion in response to new US tariff policies [6] - Key companies to watch include Giant Star Technology, Changrun Co., and Honghua Digital Science, which are positioned to benefit from this trend [6] - The report also notes the potential for growth in the humanoid robot sector, with significant contracts awarded for production services [6] Industry Commentary: Electric Equipment and New Energy - The report discusses the recent launch of a new humanoid robot by Yushun Technology, which is expected to drive demand in both commercial and industrial sectors [7] - The photovoltaic industry is projected to see an increase in installed capacity, with estimates for 2025 revised upwards to 270-300 GW in China [7] - The report tracks price movements in the photovoltaic supply chain, noting significant increases in polysilicon and silicon wafer prices, indicating a bullish outlook for the sector [8][11] Investment Recommendations - The report recommends focusing on companies involved in humanoid robotics and the photovoltaic supply chain, including Jack Co., Hengli Hydraulic, and Zhejiang Rongtai [6][11] - It suggests that investors pay attention to the automation of logistics and textile equipment, highlighting companies like Hangcha Group and Jack Co. for their innovative approaches [6] - The report also identifies key players in the photovoltaic sector, such as Aiko and Longi Green Energy, as potential investment opportunities [11]

Core Viewpoint - The successful tokenization financing of Real World Assets (RWA) in Hong Kong depends on the auditability and transparency of the underlying assets, as well as the understanding of digital asset logic by enterprises and their partners, particularly in areas such as on-chain issuance mechanisms, off-chain redemption arrangements, asset anchoring paths, cross-border governance structures, regulatory requirements, and information disclosure mechanisms [1][7][17]. Group 1: RWA Overview and Market Trends - RWA refers to the tokenization financing transactions of real-world assets, where the rights to the income of physical assets are represented as digital tokens on a blockchain network [3]. - The enactment of Hong Kong's Stablecoin Regulation in August has created significant opportunities for the combination of stablecoins and RWA, potentially becoming a breakthrough in the Web 3.0 era [4]. - Various industries, including real estate, renewable energy, and cultural tourism, are actively exploring the feasibility of RWA financing in Hong Kong as a new funding channel [6][11]. Group 2: Challenges and Considerations - The enthusiasm for RWA financing among real estate companies is particularly high, as they aim to tokenize stable rental income from mature commercial properties to alleviate debt pressure [7][11]. - Many intermediary institutions are presenting overly optimistic views on the ease of RWA operations, leading enterprises to underestimate the challenges related to asset scale, revenue status, and asset rights verification [8][14]. - The operational costs for RWA financing are substantial, with various preparatory tasks costing hundreds of thousands of yuan, which can lead to significant income for intermediaries if they successfully convince enterprises to pursue RWA [16]. Group 3: Compliance and Risk Management - Enterprises must ensure compliance with cross-border asset structure regulations, information disclosure requirements, and the design of on-chain and off-chain coordination mechanisms to avoid potential pitfalls [17][21]. - The lack of a unified framework for verifying the authenticity of assets on-chain and the complexities of cross-border regulation pose significant challenges for enterprises [21]. - A growing number of enterprises are recognizing the exaggerated claims of some intermediaries and are seeking professional teams with experience in Hong Kong's regulatory environment to reassess the feasibility of RWA financing [21][22].

Core Insights - The combination of stablecoins and Real World Assets (RWA) is expected to create significant opportunities for asset tokenization financing in Hong Kong, especially after the enactment of the stablecoin regulation in August [2][3] - The RWA ecosystem is seen as a potential breakthrough in the Web 3.0 era, providing low-risk and stable yield financial products for investors [2] Industry Trends - Companies in various sectors, including real estate, renewable energy, and cultural tourism, are increasingly exploring RWA financing as a means to diversify funding channels and develop digital asset businesses [3][6] - Real estate firms are particularly eager to tokenize stable rental income from mature commercial properties to alleviate debt pressure [3][6] Operational Challenges - The feasibility of RWA financing for domestic assets depends on the auditability and transparency of the underlying assets, as well as the companies' understanding of digital asset mechanisms [4][10] - Many intermediary firms are promoting overly optimistic views of RWA operations, leading companies to underestimate the complexities involved [4][8] Compliance and Risk Management - Companies must ensure compliance with cross-border asset structure regulations and maintain a robust information disclosure mechanism to attract investors [10][11] - The operational costs for RWA financing are significant, including due diligence, project planning, and technology development, which can exceed several hundred thousand yuan [9] Market Dynamics - There is a growing awareness among companies regarding the exaggerated claims made by some intermediaries, prompting them to seek professional teams with experience in Hong Kong's regulatory environment [12] - The demand for RWA financing is rising, but many companies still hold unrealistic expectations about the speed and ease of the process [11][12]

Investment Rating - The industry investment rating is "Leading the Market," indicating that it is expected to outperform the relevant market index by more than 10% over the next 6-12 months [8]. Core Insights - The domestic computing power market is expected to continue its robust growth, driven by advancements in AI technology and the development of new energy systems [6]. - AI technology is rapidly advancing from parameter competition to practical applications, enhancing productivity and reducing operational costs across various sectors [2][5]. - The integration of AI in content generation and marketing is becoming widespread, significantly improving efficiency and effectiveness [3]. Summary by Sections AI Computing Power - Domestic computing power chips are being released, with significant performance improvements, such as Huawei's CloudMatrix384 AI super node achieving 300 pFLOPS and enhancing inference throughput to 2300 tokens per second [1]. - The super node supports mixed expert models and can flexibly allocate resources, improving task parallel processing and increasing effective utilization of computing power by over 50% [1]. Energy Management Challenges - Data centers face challenges in power supply stability, cost control, and carbon emission management, with electricity costs accounting for nearly 60% of operational expenses [1]. - A shift towards a more flexible energy management model that integrates power supply, distribution, computing, and cooling is necessary to meet modern data center demands [1]. New Energy Trends - The report emphasizes the importance of incorporating renewable energy sources like solar and wind power into the electricity supply to enhance stability and reduce costs and emissions [1]. - It highlights the need to explore load flexibility on the demand side to optimize energy use and balance supply and demand [1]. AI Applications and Market Growth - The global AI market is expanding, with companies like Keguan achieving operational profitability through AI models [2]. - The report notes the potential for new consumer scenarios driven by advancements in robotics, VR, and smart driving technologies [5]. Investment Recommendations - The report suggests focusing on companies involved in the domestic computing power supply chain and those with relevant technological reserves, such as Cambrian, Haiguang Information, and others [6]. - It also recommends monitoring companies in the AI application space, including BlueFocus, Tencent, and Bilibili, among others [6].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1] Core Viewpoints - The report highlights the continuous upward trend in prices within the photovoltaic industry chain, driven by supply-side improvements and increasing demand [1][4] - The global photovoltaic installation forecast for 2025 has been adjusted upwards to 570-630 GW, with China's forecast also increased to 270-300 GW [4] - The report emphasizes the importance of technological advancements in humanoid robots and their potential impact on the market [3] Summary by Sections Investment Highlights - The report lists preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Fulete (601865.SH) - Buy-A - Hengdian East Magnet (002056.SZ) - Buy-A - Sunshine Power (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deyang Co., Ltd. (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A [2] Market Performance - The report notes that as of June 2025, the cumulative installed capacity of solar power in China reached 110 million kW, representing a year-on-year growth of 54.2% [4] - The average price of polysilicon has increased by 13.5% to 42.0 CNY/kg, while the average price of silicon wafers has also seen significant increases [5][6] Price Tracking - The report provides detailed price tracking for various components in the photovoltaic supply chain, indicating a general upward trend in prices for polysilicon, silicon wafers, battery cells, and modules [5][6][7][8] Investment Recommendations - The report recommends focusing on companies with new technology directions, supply-side improvements, overseas layouts, and domestic substitution strategies, including Aishuo Co., Ltd., Longi Green Energy, Daqian Energy, and others [9]