香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員 表示同意： 本公司文件根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長登記前，本公司 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依 據呈交香港公司註冊處處長註冊的本公司文件作出投資決定；有關文本將於發售期內向公眾刊發。 Montage Technology Co., Ltd. 瀾起科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） (a) 本文件僅為 ...

Core Viewpoint - The global stock market had a strong performance in 2025, with major indices such as the Korean Composite Index, Shenzhen Component Index, Hang Seng Index, Nikkei 225, and DAX all rising over 20%. The technology and resource sectors emerged as the two main themes driving market growth. Looking ahead to 2026, multiple institutions believe that these sectors will continue to perform actively due to a favorable liquidity environment, ongoing advancements in artificial intelligence, and generally supportive policies [2][3][13]. Group 1: Market Performance in 2025 - In 2025, global stock markets performed exceptionally well, with indices like the Korean Composite Index, Shenzhen Component Index, Hang Seng Index, Nikkei 225, DAX, FTSE 100, and Nasdaq all rising over 20%. Additionally, the Shanghai Composite Index, S&P 500, Dow Jones Industrial Average, and CAC40 rose over 10% [3][14]. - The technology and resource sectors were the most prominent themes in the global stock market, with 398 stocks in the U.S. market alone rising over 100%, primarily concentrated in these sectors [4][15]. - The Korean Composite Index achieved a remarkable 75.63% increase, ranking first among major global markets, driven by significant gains in key components like Samsung Electronics and SK Hynix, which rose 125% and 275%, respectively [4][15]. Group 2: Factors Driving Market Growth - The strong performance of global markets in 2025 was attributed to three main factors: the Federal Reserve's easing policies reducing funding costs, supportive policies across various countries, and robust capital expenditures from major U.S. tech companies [5][16]. - The technology sector, particularly in AI and cloud computing, attracted significant capital due to its disruptive innovation and high growth potential, while resource assets were viewed as a hedge against potential inflation and currency depreciation [5][16]. Group 3: Outlook for 2026 - As of January 22, 2026, the Korean Composite Index continued to lead with a 17.52% increase, and other indices also showed positive growth. Institutions expect the global stock market to maintain strong performance in 2026, driven by expectations of preventive rate cuts by the Federal Reserve and a continued favorable liquidity environment [6][17]. - Analysts express optimism for 2026, anticipating a friendly capital market environment due to the U.S. implementing relatively loose fiscal and monetary policies and potential further easing in China [6][17]. - The capital expenditures of major U.S. tech companies are expected to continue rising, providing new momentum for global economic growth [7][18]. Group 4: Investment Themes for 2026 - Multiple institutions predict that the technology and resource sectors will remain key investment themes in 2026, with structural market trends expected to continue [8][19]. - Despite discussions about potential market "bubbles," the current situation is not as extreme as during the internet bubble, with AI expected to remain a key driver for the stock market [9][19]. - The resource sector is anticipated to offer significant investment opportunities, with a focus on identifying and selecting the best opportunities among many [9][19].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company, Qingju Technology, is a leader in the field of engineering consulting services, focusing on full-process engineering consulting and actively promoting digital transformation through AI technologies [4][5]. - The company has shown steady revenue growth, with a 2.71% year-on-year increase in operating income and a 1.04% increase in net profit attributable to shareholders for the first three quarters of 2025 [5]. - The engineering consulting industry in China is expected to grow due to the continuous expansion of fixed asset investment, with the number of engineering consulting firms increasing from 8,194 in 2019 to 16,536 in 2024 [5][34]. Summary by Sections 1. Business Overview - Qingju Technology has been focused on engineering cost consulting since its establishment in 2001 and has maintained a leading position in the domestic market. The company is also involved in engineering design, bidding agency, supervision, and project management [5][14]. - The full-process engineering consulting service is the main revenue source, accounting for over 96% of total revenue in the first half of 2025, with a revenue growth rate of 4.53% [17][19]. 2. Industry Analysis - The engineering consulting industry is experiencing rapid growth, with the market size of engineering cost consulting increasing from 89.25 billion yuan in 2019 to 111.24 billion yuan in 2024 [34][60]. - The demand for full-process engineering consulting services is rising, with its revenue share in the engineering cost consulting sector increasing from 25.7% in 2018 to 32.3% in 2024 [62][66]. 3. Financial Performance and Forecast - The company is projected to achieve net profits of 191 million yuan, 216 million yuan, and 239 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18.6, 16.5, and 14.9 [7][8]. - Revenue forecasts for 2025 to 2027 are expected to grow steadily, with operating income projected at 992 million yuan, 1.062 billion yuan, and 1.148 billion yuan, reflecting growth rates of 3.47%, 7.05%, and 8.14% respectively [6][8]. 4. Growth Strategy - The company is actively investing in two core projects aimed at enhancing service network layout and driving digital transformation, including the development of various information systems and platforms [30][31]. - Qingju Technology is leveraging advanced technologies such as AI, BIM, cloud computing, and big data to enhance its service offerings and drive innovation in the engineering consulting sector [9][19].

Core Viewpoint - The article emphasizes the importance of building a strong central bank through digital central bank construction, aiming to enhance the central bank's capabilities using digital and intelligent means, contributing to a modern financial system with high adaptability, competitiveness, and inclusiveness in China [3]. Group 1: Financial Digitalization and Intelligence - The financial industry is characterized as technology-intensive and innovation-driven, with a historical evolution of integrating finance and technology since the reform and opening up [5]. - China's financial informationization has progressed through electronic and network stages, establishing a solid foundation for the current digital and intelligent phase [5]. - Recent advancements in technologies such as artificial intelligence, big data, cloud computing, and blockchain are reshaping the global innovation landscape and financial service models, marking a significant transition to digital and intelligent finance [6]. Group 2: Impact on Financial Demand - The digital and intelligent transformation of the economy is creating new forms of economic activities, leading to new financial demands that align with the development of the smart economy and society [9]. - Financial demand is evolving from "embedding" to "integrating," where users expect seamless access to financial services in various life and production scenarios, facilitated by data sharing and advanced technologies [9]. - There is a shift in financial service expectations from "customization" to "adaptation," with users desiring services that can learn and adjust in real-time based on their behaviors and market conditions [10]. - Security concerns are transitioning from "perceptible" to "imperceptible," where users expect robust security measures to be integrated into financial services without compromising user experience [11].

Core Insights - In 2025, the country's electricity consumption reached 10 trillion kilowatt-hours, setting a new record for a single nation in human history, comparable to the combined electricity usage of the EU, Russia, India, and Japan [1] Group 1 - The electricity supply is supported by nine large-scale clean energy bases located in mountainous and coastal areas [1] - A network of 46 ultra-high voltage projects forms a "super highway" for electricity transmission [2] - Advanced technologies such as BeiDou navigation, cloud computing, and artificial intelligence enhance the precision of electricity supply to millisecond levels [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.48 CNY based on a 29x PE valuation for comparable companies in 2026 [3][6]. Core Insights - The company is actively expanding its optical communication business and enhancing its product layout in cloud and terminal modules, aiming to integrate into the global optical interconnect ecosystem [11]. - The company has strong competitive advantages in technology, industrial synergy, and production capacity, which are expected to support its growth in the optical communication sector [11]. - The company is also focusing on the growth of its server board business, which is expected to perform well in the cloud computing and data center markets [11]. - The smart glasses industry is projected to grow rapidly, and the company is well-positioned to benefit from this trend as a leading manufacturer of SiP modules for smart wearable devices [11]. Financial Forecasts - The company’s earnings per share (EPS) are projected to be 0.75 CNY, 1.12 CNY, and 1.37 CNY for the years 2025 to 2027, respectively [3][12]. - Revenue is expected to decline slightly in 2025 but rebound with a growth of 18% in 2026 and 12% in 2027 [5][12]. - The gross margin is forecasted to improve from 9.6% in 2025 to 10.5% in 2027, indicating a positive trend in profitability [5][12].

Group 1 - The core message emphasizes the need to enhance the "penetration power" in anti-corruption efforts, which involves accurately identifying and effectively addressing various corruption issues [1][2] - The concept of "penetration power" refers to the ability to see through and understand subtle signs of corruption, enabling precise identification and strong corrective actions against corrupt practices [1][2] - Recent trends show a shift from overt corruption to more sophisticated and hidden forms, such as market-driven benefit transfers and disguised bribery, which complicate detection and enforcement [2][3] Group 2 - The effectiveness of anti-corruption measures is ultimately reflected in the successful governance of corruption issues, requiring a deep understanding of anti-corruption dynamics and the development of a comprehensive toolkit for enforcement [3] - There is a call for integrating various resources and enhancing collaboration among anti-corruption agencies to improve the overall effectiveness of governance and create a cleaner political environment [3]

Group 1 - Hangu Electronics has acquired control of Chengdu Guangchuang Lian Technology Co., Ltd., which focuses on the development, manufacturing, and sales of high-speed optoelectronic integrated components and optical engine products [1] - The company aims to expand its optical communication business and integrate into the global optical interconnect ecosystem, despite concerns from some investors about future competition in the optical communication sector [1] - Hangu Electronics possesses strong competitive advantages in technology, industrial synergy, and production capacity, which are expected to help it continuously integrate into the core of the global optical interconnect ecosystem [1] Group 2 - The company is expected to strengthen its layout in other cloud-related products, with good growth in its server board business in the first half of 2025, including server motherboards and AI cards [2] - The company's server-related products are primarily used in cloud computing, data centers, and edge computing, providing JDM service models for standard rack servers and edge servers [2] - The smart glasses industry is experiencing rapid growth, with the company poised to benefit significantly, as global smart glasses shipments are projected to reach 4.065 million units in the first half of 2025, a 64% year-on-year increase [2] Group 3 - Earnings per share are projected to be 0.75, 1.12, and 1.37 yuan for 2025-2027, with adjustments made to revenue and gross margin estimates [3] - Based on a comparable company's average PE of 29 times for 2026, a target price of 32.48 yuan is set, maintaining a buy rating [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.48 CNY based on a 29x PE valuation for comparable companies in 2026 [3][6]. Core Insights - The company is actively expanding its optical communication business and enhancing its product layout in cloud and terminal modules, aiming to integrate into the global optical interconnect ecosystem [11]. - The company has strong competitive advantages in technology, industrial synergy, and production capacity, which are expected to support its growth in the optical communication sector [11]. - The company is also focusing on strengthening its product offerings related to cloud computing and data centers, with promising growth in its server board business [11]. - The smart glasses market is projected to grow significantly, and the company is well-positioned to benefit from this trend as a leading manufacturer of SiP modules for smart wearable devices [11]. Financial Forecast and Investment Recommendations - The company’s earnings per share (EPS) are projected to be 0.75 CNY, 1.12 CNY, and 1.37 CNY for the years 2025 to 2027, respectively, with adjustments made to revenue and gross margin forecasts [3][12]. - Revenue is expected to decline slightly in 2025 before rebounding with growth rates of 18% and 12% in 2026 and 2027, respectively [5][12]. - The company’s net profit is forecasted to recover significantly, with a projected increase of 50% in 2026 and 22% in 2027 [5][12].

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The demand for Tokens is rapidly increasing, leading to a price increase trend that is expected to extend from upstream components to CPUs and cloud services. AWS has initiated price hikes, breaking the long-standing trend of decreasing cloud service prices, which may lead to a revaluation of cloud computing and related service providers [11][14][30] - The AI industry chain is experiencing inflation transmission, with cloud computing potentially being the next area to see price increases following storage and CPU [14] - The CPU sector is expected to have long-term growth prospects due to the increasing demand for AI computing power, with Intel indicating that supply constraints will persist into 2026 [16][23] - The database segment is also poised to benefit from the rising demand for cloud computing, with the potential for significant revenue growth as the number of database PCU nodes increases [26][29] Summary by Sections 1. AWS Price Increase Initiates Global Cloud Computing Price Trend - The AI industry chain is experiencing a price increase trend, with AWS leading the charge by raising prices for its EC2 machine learning capacity blocks by approximately 15% [14] - This price adjustment reflects a shift in supply-demand dynamics and may facilitate further price increases in the future [14] 1.1 Cloud Computing as the Next Inflation Direction - The demand for AI is driving price increases across various segments, with cloud computing expected to follow suit [14] 1.2 CPU: Long-term Development Prospects Under AI Agent Trend - Intel is facing supply constraints that may continue into 2026, with demand for CPUs expected to exceed supply [16] - The importance of CPUs is increasing as AI applications evolve, necessitating more robust processing capabilities [20][23] 1.3 Database: Another Key Beneficiary of Cloud Computing Industry Chain - The growth in demand for AI-driven applications is expected to increase the number of database PCU nodes, leading to significant revenue potential [26][29] 1.4 Investment Recommendations - The report suggests focusing on companies in the following sectors: 1) Cloud Computing: Alibaba, Kingsoft Cloud, UCloud, Deepin Technology, and others 2) CPU: Haiguang Information, China Great Wall, Loongson Technology, and others 3) Database: StarRing Technology, Dameng Database, and others [30]