Core Viewpoint - The company reported rapid profit growth in its 2025H1 performance, driven significantly by cloud computing and AI, with a focus on scenario-based solutions and expansion in Southeast Asia [1][6]. Financial Performance - In 2025H1, the company achieved a revenue of HKD 45.515 billion, a year-on-year increase of 13.55% - Net profit reached HKD 610 million, up 34.67% year-on-year - Earnings per share were HKD 0.4406, reflecting a 35.28% increase year-on-year - Return on equity stood at 13.7% - Gross margin improved to 4.75%, an increase of 0.32 percentage points year-on-year - Sales and management expenses were HKD 859 million and HKD 436 million, increasing by 30.67% and 22.83% respectively [1][6]. Business Segments - The company’s revenue from consumer electronics, enterprise systems, and cloud computing for 2025H1 was HKD 17.191 billion, HKD 25.704 billion, and HKD 2.620 billion, representing year-on-year increases of 13.55%, 7.49%, and 67.87% respectively - Notably, revenue from Huawei Cloud, Alibaba Cloud, Amazon Web Services (AWS), and VMware grew by 29%, 156%, 293%, and 295% respectively, indicating strong growth in cloud services [2]. Regional Expansion - Revenue from North Asia and Southeast Asia was HKD 28.780 billion and HKD 16.735 billion, with year-on-year growth of 8.92% and 22.50% respectively, accounting for 63% and 37% of total revenue - Specific growth rates in Southeast Asia included Thailand (50%), the Philippines (45%), Malaysia (31%), Indonesia (30%), and Singapore (19%) - The company has partnered with Starlink in Malaysia and Indonesia, becoming the exclusive distributor for HPI TKDN products in the public sector [3]. Focus on Scenario-Based Solutions - The company’s subsidiary, Jiajie Cloud Star, is a software supplier for Huawei Cloud, providing products and services for seven out of nine national-level intelligent computing centers approved by the Ministry of Science and Technology - Jiajie Cloud Star has developed AI computing management and scheduling solutions, supporting various artificial intelligence computing centers across China - The company has become a major partner in the Kunpeng ecosystem and is actively promoting Haiguang computing chips, collaborating with leading domestic GPU manufacturers [4]. Profit Forecast and Valuation - The company adjusted its revenue forecasts for 2025-2027 to HKD 100.858 billion, HKD 111.106 billion, and HKD 120.945 billion, with corresponding net profit forecasts of HKD 12.10 billion, HKD 12.89 billion, and HKD 14.72 billion - The company is valued at 16 times PE for 2025, with a target market capitalization of HKD 19.2 billion and a target price of HKD 13, maintaining a "buy" rating [6].

点击蓝字，关注我们 据知情人士透露，Meta Platforms已与谷歌达成一项价值至少100亿美元的云计算服务协议。 这是这家社交媒体巨头在人工智能(AI)领域大规模投入的举措之一。 据知情人士透露， Meta Platforms(META.US)已与谷歌(GOOGL.US)达成一项价值至少100亿美元 的云计算服务协议。 这是这家社交媒体巨头在人工智能(AI)领域大规模投入的举措之一。 谷歌云此前曾与Meta合作，但从未成为其正式云基础设施供应商。2023年，谷歌云宣布通过 Vertex AI应用开发者平台提供Meta开源AI模型Llama的多个版本——这属于谷歌云打造灵活"一站 式AI服务"战略的组成部分。该分发协议意味着企业及开发者可通过谷歌云便捷调用Meta的AI模 型进行应用开发。Meta过去也曾使用谷歌云技术进行过小型实验。 Bloomberg Intelligence分析师Mandeep Singh和Robert Biggar在周四的一份报告中表示， 这项多年 期协议"印证了谷歌云相较于其他超大规模云服务商更具优势的token定价" 。分析师同时表 示："鉴于前沿模型在搜索、编程代理、实时摘要 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 08 22 年 月 日 工业富联（601138.SH） 盈利预测与投资建议：公司为 AI 服务器、高速交换机、精密结构件领军企业，充 分受益于 AI 推动下云+端的高速发展。我们预计公司 2025/2026/2027 年分别实 现营业收入 9,718/16,537/22,059 亿元，同比增长 59.5%/70.2%/33.4%，实现归 母净利润 341/524/652 亿元，同比增长 47.1%/53.5%/24.3%，当前股价对应 2025/2026/2027 年 PE 分别为 26/17/14X。公司正处于高速发展阶段，良率、效 率持续提升，份额不断扩大，充分受益于 AI 浪潮，公司明后年估值相较于可比公 司有一定的估值优势，首次覆盖给予公司"买入"评级。 风险提示：成本管控风险、客户支出放缓风险、行业波动与技术迭代风险、数据相 关风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | ...

庄汀洲 石油与化工行业首席研究员 座机：010-56793939 邮箱：zhuangtingzhou@htsc.com 今日热点 能源/煤炭：月度用电首破万亿度，煤价或迎支撑 今日早参 2025 年 8 月 22 日 刘俊 能源转型首席研究员 座机：85293275834 邮箱：karlliu@htsc.com 8 月 21 日，国家能源局公布 2025 年 7 月全社会用电量数据，达到 10,226 亿千瓦时，同比增长 8.6%，系我国乃至全球首次单月突破 1 万亿千瓦时大 关。用电量屡破新高也拉动火电需求提升，7 月规上工业火电发电量 6020 亿千瓦时，同比增长 4.3%，环比增长 21.9%，进而提振动力煤需求。兑现 到煤价，截至 8 月 20 日，秦皇岛港口煤价达 707 元/吨，月环比提升 10.6%，自 6 月 12 日煤价低点 615 元/吨已修复 15.0%。 风险提示：水电出力好于预期；实际减产规模小于预期。 研报发布日期：2025-08-21 研究员 刘俊 SAC:S0570523110003 SFC:AVM464 苗雨菲 SAC:S0570523120005 SFC:BTM578 马梦 ...

云计算概念持续走强，品高股份、佳都科技、恒银科技、航锦科技等涨停，顺网科技、中科曙光、华胜 天成、三未信安、首都在线、并行科技等跟涨。 ...

证券研究报告 超融合及 EDS 产品带动云计算业务快速增长，AI 创新平台重磅升级 受益信创与国产化替代需求，SDDC（主要为超融合 HCI）收入持续保持超 20%增长。根据 IDC 数据，公司超融合在 2025 Q1 以 25.1%的市占率位列 中国全栈超融合市场第一。同时，EDS 分布式存储产品聚焦高价值场景， 信创方案升级，收入增速领先，持续强化全栈竞争力。2025 年 6 月，公司 AI 创新平台完成重磅升级：8 卡即可跑 671B 满血大模型，大幅降低起步成 本；内置 DeepSeek、LLAMA 等主流模型并支持自定义上传，实现一键部 署；vGPU 支持 1%级显存切分，资源利用率提升 30%+；兼容国内外 GPU， 解除单厂商锁定；异构统一管理+低门槛运维。公司 AI 产品竞争力不断提升。 25H1 政府客户需求显著恢复，持续加强拓展海外市场 深信服 (300454 CH) 盈利能力显著改善，云计算保持高增 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 22 ...

以下文章来源于一丰看金融 ，作者王一峰、黄怡婷 点评： 承保利润同比大幅改善，ZA Bank首次实现半年度盈利 一丰看金融 . 分享经济金融领域大事小情，路边新闻 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年上半年，众安在线实现营业收入161.8亿元，同比+0.9%；保险服务收入150.4亿元，同比-0.3%；归 母净利润6.7亿元，同比+1103.5%；承保利润6.6亿元，同比+109.1%；集团净投资收益率（年化）2.0%， 同比+0.2pct，总投资收益率（年化）3.4%，同比+0.6pct；保险板块净投资收益率（年化）2.1%，同 比-0.2pct，总投资收益率（年化）3.3%，同比持平。 3）消费金融生态通过链接翼支付、爱奇艺等互联网平台为持 ...

事件： 2025 年上半年，众安在线实现营业收入161.8 亿元，同比+0.9%；保险服务收入150.4 亿元，同 比-0.3%；归母净利润6.7 亿元，同比+1103.5%；承保利润6.6亿元，同比+109.1%；集团净投资收益率 （年化）2.0%，同比+0.2pct，总投资收益率（年化）3.4%，同比+0.6pct；保险板块净投资收益率（年 化）2.1%，同比-0.2pct，总投资收益率（年化）3.3%，同比持平。 点评： 承保利润同比大幅改善，ZA Bank 首次实现半年度盈利。2025 年上半年，公司实现归母净利润6.7 亿 元，较低基数下同比大幅增长1103.5%，主要受益于保险业务利润提升、ZA Bank 扭亏为盈至0.5 亿港元 （去年同期亏损1.1 亿港元）以及科技业务净亏损同比改善32.2%至0.6 亿元。其中，保险分部受益于承 保利润同比大幅改善以及投资收益表现稳健，上半年净利润同比增长387.7%至6.7 亿元，具体来看： 1）2025 年上半年，集团年化净投资收益率/总投资收益率分别为2.0%/3.4%，分别同比变动 +0.2pct/+0.6pct，主要受益于权益市场震荡上行。其中，境 ...

Summary of Weishi Jiajie Group's Conference Call Company Overview - Weishi Jiajie Group reported a revenue of HKD 45.5 billion for the first half of 2025, representing a year-on-year growth of 13.6% [2][3] - The group achieved a shareholder return rate of 13.7% and earnings per share of HKD 44.06 [2][3] - Total assets reached HKD 40.5 billion with a cash balance of HKD 3.82 billion and a net debt to total assets ratio of 0.14 [3] Key Financial Metrics - Accounts receivable turnover days: 70 days [2][3] - Accounts payable turnover days: 65 days [2][3] - Inventory turnover days: 48 days [3] - Operating turnover days: 53 days [2][3] Market Performance - Southeast Asia emerged as a growth engine with a revenue increase of 22.5% year-on-year [2][5] - Specific country growth rates: Thailand 50.4%, Philippines 45.4%, Malaysia 31.3%, Indonesia 29.9% [2][5] - The strong growth in Southeast Asia is attributed to local digitalization trends and a 104% increase in Apple business [5] Cloud Business Growth - The cloud business experienced explosive growth with a year-on-year increase of 67.9% [2][6] - Revenue growth from major cloud services: Alibaba Cloud 156%, Huawei Cloud 29%, Amazon Cloud 293%, VMware 295% [6] - The subsidiary Jiajie Yunxing achieved a revenue growth of 63% and won multiple AI computing center projects [6] Financial Services Innovations - The company is exploring financial service innovations, including the introduction of stablecoins to enhance cross-border payment efficiency and reduce exchange rate risks [7] - Focus on creating a new IP distribution ecosystem to improve operational efficiency and digitalization [7] Future Development Strategy - Plans to expand into Vietnam and India, with considerations for entering South Korea, Japan, Taiwan, and Australia [4][13] - Aiming to become the largest ICT industry solution technology platform in China and Asia [8] - The company maintains a stable dividend policy with a payout ratio of approximately 35% [4][14] Growth Drivers - Revenue growth is primarily driven by increased demand for basic computing power and AI [9] - The cloud business segment grew by 76% due to rising AI computing power demand [9] - Collaborations with several computing ecosystem partners, including Kunpeng and Haiguang chips, have significantly boosted performance [9] AI Business Outlook - AI business is still in its early stages, but the company plans to invest heavily in AI software and related fields [12] - Achieved a 76% growth in the AI segment in 2025, exceeding expectations [12] M&A Plans - The company is actively seeking acquisition opportunities to accelerate growth [15] Performance Guidance - Expected profit and revenue growth of around 20% over the next 2 to 3 years while maintaining operational quality [16] Seasonal Business Trends - Overall business shows some seasonality, with lower activity in the first half of the year due to the Spring Festival [17]

资料显示，涂鸦智能(纽交所代码:TUYA;港交所代码:2391)是全球领先的云平台服务提供商,致力于构建 智慧解决方案的开发者生态,赋能万物智能。涂鸦智能开创了一个专有的云开发者平台,具备云计算及生 成式人工智能的能力,为智能设备、商业应用和行业开发者提供包括平台即服务(PaaS)、软件即服务 (SaaS)和智慧解决方案在内的完整产品及服务。通过其云开发者平台,涂鸦智能激发了一个由品牌、原始 设备制造商、AIAgents、系统集成商和独立软件供应商组成的充满活力的全球开发者社区,共同打造绿 色低碳、安全、高效、敏捷和开放的智慧解决方案生态。 本文源自：金融界 作者：行情君 8月21日，涂鸦智能(TUYA)盘中上涨2.59%，截至21:36，报2.38美元/股，成交40.58万美元，总市值 14.51亿美元。 财务数据显示，截至2025年03月31日，涂鸦智能收入总额7468.7万美元，同比增长21.12%；归母净利润 1101.7万美元，同比增长410.95%。 大事提醒： 8月26日，涂鸦智能将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为 ...