Core Viewpoint - The company, Yimikang (300249), positions itself as a provider of green solutions for the entire lifecycle of digital infrastructure, emphasizing its comprehensive service offerings across various industries [1] Group 1: Company Overview - Yimikang has developed a four-pronged full industry chain layout, which includes key equipment, intelligent engineering, software business, and smart services [1] - The company's solutions cater to industries with demands for information technology, digitalization, and energy consumption management [1] Group 2: Industry Coverage - Yimikang's solutions are applicable across a wide range of sectors, including the internet, government, telecommunications, finance, energy, military, transportation, healthcare, education, and public welfare [1]

Financial Data and Key Metrics Changes - Revenue for H1 2025 was GBP 152.4 million, reflecting a 1.1% decrease on a constant currency basis [6][8] - Adjusted operating profit was GBP 16.5 million, with a margin of 10.8% [6][8] - Adjusted earnings per share stood at 3.4p, with a cash conversion rate of 105.5% [7][8] - Net debt to adjusted EBITDA ratio increased to 1.5x, while return on invested capital was 9.3% [7][8] Business Line Data and Key Metrics Changes - EMEA region experienced a 4.5% decline in revenue, but showed sequential improvement [12][24] - Americas region returned to growth with a 0.7% increase in revenue, despite tariff challenges [12][29] - APAC region performed strongly with a 9.5% revenue increase [12][35] Market Data and Key Metrics Changes - The overall market remains choppy with macroeconomic challenges impacting performance [2][4] - Sequential revenue and order intake improvements were noted, particularly in energy transition and digital infrastructure markets [3][4] - FX translation negatively impacted revenue by 3.5%, equating to approximately GBP 5.5 million [13] Company Strategy and Development Direction - The company is focused on winning new business in positive markets, particularly in energy transition and digital infrastructure [3][4] - There is an emphasis on new product introductions and operational initiatives to drive growth [3][4] - The company aims for a long-term adjusted operating margin target of 18% by 2030, with current expectations for margin improvement in H2 2025 [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of 2025, expecting improvements in trading conditions and margins [52][54] - The company remains well-positioned to navigate market uncertainties and capitalize on growth opportunities as they arise [4][54] - Management highlighted the importance of maintaining flexibility in operations to respond to market dynamics [45][54] Other Important Information - An interim dividend of 0.8p per share was declared, to be paid in October [7] - The company is actively pursuing M&A opportunities, with a focus on accretive transactions [48][49] - Sustainability initiatives are progressing, with the launch of a 100% post-consumer recycled product [46] Q&A Session Summary Question: Can you elaborate on the pricing initiatives and dynamic pricing strategies? - Management discussed a detailed approach to pricing control, focusing on discount management and average selling prices to enhance overall pricing strategy [58][60] Question: What is the status of the ERP rollout? - The ERP rollout is progressing well, with the UK planned for December and Turkey expected to follow in summer 2026 [63][64] Question: How is the defense market progressing for the company? - The company is seeing some wins in the defense sector, particularly in access hardware for specialized vehicles, although it remains a small segment [65][66] Question: How much of the pricing benefits are from pricing sophistication versus passing on inflation? - Management indicated that while it is challenging to differentiate, the new pricing tools should help outperform inflation more effectively than in the past [69][71] Question: What is the expected EBIT margin benefit from closing facilities in Costa Rica and Japan? - The closure of these facilities is expected to yield annualized benefits of approximately GBP 1 million to GBP 1.5 million [81] Question: Can you provide context on the situation in Turkey during the first half? - Management noted that high minimum wage increases and sluggish domestic demand impacted margins, but improvements were seen in Q2 [87][88]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report forecasts the trends of various futures on July 28, 2025. Stock index futures are expected to oscillate strongly, while futures such as coking coal, glass, soda ash, polysilicon, lithium carbonate, alumina, industrial silicon, ferrosilicon, silicomanganese, silver, nickel, rebar, crude oil, PTA, PVC, methanol, and natural rubber are expected to oscillate weakly [1][2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Forecast - **Stock Index Futures**: On July 28, 2025, stock index futures are expected to oscillate strongly. For example, IF2509 has resistance levels at 4147 and 4168 points and support levels at 4100 and 4080 points; IH2509 has resistance levels at 2817 and 2828 points and support levels at 2786 and 2771 points; IC2509 has resistance levels at 6260 and 6300 points and support levels at 6190 and 6150 points; IM2509 has resistance levels at 6663 and 6700 points and support levels at 6561 and 6521 points [2]. - **Bond Futures**: The ten - year Treasury bond futures main contract T2509 and the thirty - year Treasury bond futures main contract TL2509 are likely to oscillate strongly on July 28, 2025. T2509 has resistance levels at 108.32 and 108.46 yuan and support levels at 108.01 and 107.91 yuan; TL2509 has resistance levels at 118.3 and 118.6 yuan and support levels at 117.6 and 117.3 yuan [2]. - **Precious Metal Futures**: The gold futures main contract AU2510 is likely to oscillate weakly on July 28, 2025, with support levels at 768.6 and 766.8 yuan/gram and resistance levels at 776.8 and 778.7 yuan/gram. The silver futures main contract AG2510 is likely to oscillate weakly and test support levels at 9055 and 9008 yuan/kg, with resistance levels at 9392 and 9447 yuan/kg [2][3]. - **Base Metal Futures**: Copper, aluminum, alumina, zinc, and nickel futures are expected to oscillate weakly on July 28, 2025. For example, the copper futures main contract CU2509 will test support levels at 78500 and 78000 yuan/ton, with resistance levels at 79300 and 79700 yuan/ton [3]. - **Industrial and Energy Futures**: Industrial silicon, polysilicon, lithium carbonate, rebar, hot - rolled coil, iron ore, coking coal, ferrosilicon, silicomanganese, glass, soda ash, caustic soda, crude oil, PTA, PVC, methanol, natural rubber, and 20 - grade rubber futures are expected to oscillate weakly on July 28, 2025. For instance, the coking coal futures main contract JM2509 will test support levels at 1115 and the limit - down price of 1100.5 yuan/ton, with resistance levels at 1290 and 1294 yuan/ton [1][3]. 3.2 Macro - news and Trading Tips - **Domestic News**: The Chinese government has taken a series of measures, including promoting free pre - school education, initiating the establishment of the World Artificial Intelligence Cooperation Organization, and the release of the "Artificial Intelligence Global Governance Action Plan". From January to June, the total profit of industrial enterprises above designated size was 3436.5 billion yuan, a year - on - year decrease of 1.8% [9][10]. - **International News**: The US and the EU have reached a 15% tariff agreement, but the European Parliament's International Trade Committee is dissatisfied with the agreement. The US June durable goods orders preliminary value decreased by 9.3% month - on - month [14][15]. 3.3 Commodity Futures - related Information - The CSRC has approved the registration of linear low - density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures on the DCE. The DCE and GQEX have introduced trading limit measures for coking coal and lithium carbonate futures, which are expected to cool down the over - heated market [15][16]. - The GQEX is promoting the research and development of photovoltaic module futures, platinum, palladium futures, and lithium hydroxide futures, which are expected to be launched this year [16]. 3.4 Futures Market Analysis and Forecast - **Stock Index Futures**: On July 25, 2025, the main contracts of stock index futures generally declined slightly. The four major indexes (CSI 300, SSE 50, CSI 500, and CSI 1000) have risen for 5 consecutive weeks. The Chinese capital market has established the China Capital Market Society, and the CSRC plans to revise the "Corporate Governance Guidelines for Listed Companies" [22][24][25]. - **Bond Futures**: On July 25, 2025, the main contracts of bond futures mostly declined. The central bank carried out a large - scale reverse repurchase operation and MLF operation, with a net investment of 6018 billion yuan and 1000 billion yuan respectively [50]. - **Precious Metal Futures**: On July 25, 2025, the gold futures main contract AU2510 declined slightly, and the silver futures main contract AG2510 rebounded weakly [58][63]. - **Base Metal Futures**: On July 25, 2025, base metal futures such as copper, aluminum, and zinc generally declined slightly [69][73][81]. - **Industrial and Energy Futures**: On July 25, 2025, coking coal, ferrosilicon, silicomanganese, and other futures rose strongly, while crude oil futures rebounded slightly [106][107][118].

Core Viewpoint - The Mayor of Izmir, Turkey, emphasizes the desire for closer practical cooperation with China across multiple sectors, highlighting the city's strategic advantages in trade and investment opportunities [1][2]. Group 1: Economic Cooperation - Izmir is positioned as a key city for Chinese investors, offering tax incentives, R&D support, and export facilitation through its five technology parks, sixteen industrial parks, and three free trade zones [1]. - The city aims to deepen cooperation with China under the Belt and Road Initiative, focusing on economic, tourism, and cultural exchanges [1][2]. Group 2: Infrastructure and Technology - Izmir is advancing in smart water management, green buildings, and disaster-resistant infrastructure, aligning with the capabilities and technologies of Chinese enterprises [2]. - The city is keen on collaboration in digital ports, smart customs, and green transportation, seeking to enhance local infrastructure and promote high-quality development [1][2]. Group 3: Cultural and Historical Significance - As a significant port on the ancient Silk Road, Izmir holds a rich cultural heritage, and the Mayor expresses a commitment to preserving this heritage through cooperation with China [2]. - The cooperation with China is seen as vital for Izmir's positioning in global supply chains and for expanding Turkey's external partnerships in broader regions [2].

Group 1 - The Chinese government proposed the establishment of a World Artificial Intelligence Cooperation Organization to promote multilateralism and address the digital divide [2] - The 2025 World Artificial Intelligence Conference emphasized the need for accelerated digital infrastructure development, including clean power and AI standards [3] - Major foreign financial institutions have raised their economic growth forecasts for China following the release of Q2 economic data, with increases ranging from 0.3% to 0.6% [4] Group 2 - The establishment of the China Capital Market Society marks the creation of an official think tank for the capital market, with significant figures from the China Securities Regulatory Commission involved [5] - The stablecoin sector in Hong Kong is gaining attention, with analysts suggesting that clearer regulatory frameworks will drive growth and support the internationalization of the Renminbi [5] - A well-known private equity firm,淡水泉投资, is optimistic about structural investment opportunities in high-quality Chinese assets and the globalization of advantageous industries [5] Group 3 - The World Artificial Intelligence Conference showcased advancements in smart connected vehicles and AI technologies from companies like Alibaba and Baidu [6] - A new action plan for autonomous driving in Shanghai aims for significant milestones by 2027, including L4-level passenger transport and extensive road coverage [6] - The National Cyberspace Administration reported that 474 large models have completed registration, with over 30 billion registered users for these applications [6] Group 4 - The Hong Kong Monetary Authority is prepared to intervene in the currency market if the Hong Kong dollar's exchange rate with the US dollar falls to 7.85 [8] - 华熙生物 addressed false information circulating on social media regarding the company, clarifying the background of the individual responsible for the misinformation [9] - 京东健康 is upgrading its AI medical model system to enhance the coverage of its internet hospital services [9] Group 5 - As of June 30, the total net asset value of public funds in China reached a record high of 34.39 trillion yuan, with bond funds leading the growth [14] - The recent surge in industrial commodity futures prices has prompted exchanges to implement risk control measures to manage trading activity [15]

Group 1 - Vertiv appointed Shen Wei as President of Greater China, effective July 22, 2025 [1] - Shen Wei has nine years of experience as Vice President and General Manager at Gates Corporation and held multiple leadership roles at Eaton Electrical [1] - CEO Gio Albertazzi highlighted Shen Wei's ability in business transformation and his leadership style focused on execution, customer-centricity, and collaboration [1][3] Group 2 - Shen Wei replaces Cui Yibin, who has served as President of Greater China since 2022 and laid a solid foundation for the region's growth [3] - Vertiv provides innovative technology solutions and services for data centers, communication networks, and commercial and industrial facilities [3] - The company offers a comprehensive product portfolio covering power, cooling, and IT infrastructure, supporting clients from cloud to edge [3][4] Group 3 - Vertiv integrates hardware, software, analytics, and ongoing services to ensure critical applications run continuously and perform optimally [4] - The company addresses significant challenges faced by data centers, communication networks, and commercial and industrial facilities [4] - Vertiv is headquartered in Westerville, Ohio, and operates in over 130 countries [4]

Core Viewpoint - Shanghai has officially launched a computing power monitoring and scheduling platform aimed at promoting the centralized, integrated, and collaborative development of computing resources [1] Group 1: Platform Launch and Features - The platform will enable unified monitoring of computing resources in Shanghai and enhance intelligent scheduling and operational capabilities [1] - It has achieved interconnectivity with the China Computing Power Platform (Shanghai), indicating a collaborative dynamic of "computing power + data + industry scenarios" in Shanghai and the Yangtze River Delta region [1] Group 2: Partnerships and Agreements - During the platform launch, several organizations including Shanghai Supercomputing Center, National (Shanghai) New Internet Exchange Center, and various telecom operators signed the "Computing Power Ecological Partnership Cooperation Agreement" [1] - The establishment of the Shanghai Digital Infrastructure Association was announced to accelerate technological innovation and development in the city's digital infrastructure sector [1] Group 3: Achievements and Standards - The "IoT Intelligent Perception Data Platform Interface Specification" and two other group standards have been introduced as part of the "IoT Smart Connection" initiative, which has already yielded significant results in key areas such as public services, vehicle networking, smart retail, smart home, and industrial manufacturing [1]

Core Insights - Telenor Group reported strong second-quarter results for 2025, leading to an increased EBITDA outlook for both the Nordics and the Group overall [1][3] - The company is enhancing its position in the Nordic fibre market with significant investments, including a NOK 1.4 billion investment in Finland and a NOK 6 billion acquisition of GlobalConnect's consumer business in Norway [1][8] Financial Performance - Telenor achieved a year-over-year organic growth of 2.9% in service revenues and 8.3% in EBITDA during the second quarter [2] - The Nordic segment was the primary driver, with an impressive 12.5% organic growth in adjusted EBITDA [2] - For the first half of 2025, adjusted EBITDA reached NOK 18.0 billion, with free cash flow before M&A at NOK 4.6 billion [3] Regional Highlights - In the Nordics, Telenor experienced a 3.7% organic growth in service revenues [4] - Telenor Norway outperformed expectations with a 3.7% growth in service revenues and a 16.1% increase in adjusted EBITDA [5] - Telenor Pakistan reported a robust 15.0% growth in service revenues, while Grameenphone maintained good performance despite market challenges in Bangladesh [6] Strategic Investments - Telenor plans to upgrade DNA's broadband infrastructure to an all-fibre network in Finland by 2028, with an investment of approximately NOK 1.4 billion [7] - The acquisition of GlobalConnect's consumer business, valued at NOK 6 billion, includes fibre infrastructure and around 140,000 fibre customers [8] - These investments are expected to create synergies and enhance customer experiences across the telecom market [9] Future Outlook - The Nordic business anticipates mid-single-digit organic growth in EBITDA, with capex expected to account for around 14% of revenues [15] - Free cash flow before M&A is projected to be around NOK 13 billion [15]

Core Viewpoint - The speech by Ding Xuexiang emphasizes the need for enhanced digital infrastructure in the region to leverage opportunities and address challenges posed by digitalization [1] Group 1: Digital Economy Cooperation - The importance of accelerating the implementation of key consensus from the Shanghai Cooperation Organization (SCO) member states and the Global Digital Contract is highlighted [1] - There is a call for institutionalizing and normalizing digital economy cooperation mechanisms, enhancing policy communication, and aligning development plans [1] Group 2: Infrastructure Development - The focus is on improving the interconnectivity of digital infrastructure, with an emphasis on strengthening capabilities in network communication, computing power scheduling, and data processing [1] - The initiative aims to build a "Digital Silk Road" that is broader in coverage, more stable in operation, and faster in response [1]

Core Insights - The "Digital Economy and Urban Development Forum" highlighted the regional patterns of innovation in China's digital economy, with Beijing ranking first in innovation index due to its concentration of technology resources and innovative enterprises [1][3]. Group 1: Digital Economy Assessment - The report focuses on five dimensions: digital industrialization, industrial digitalization, digital governance, data factor value, and digital infrastructure, establishing a three-tier evaluation index system [1][3]. - The assessment results categorize regions into four tiers: first tier (Beijing, Guangdong) shows significant advantages; second tier (Shandong, Sichuan) demonstrates steady development; third tier (Hunan, Shaanxi) has room for improvement; fourth tier (Inner Mongolia, Gansu) requires continuous effort [3][4]. Group 2: Regional Comparison - The Pearl River Delta leads in digital economy innovation index, benefiting from developed manufacturing and foreign trade, with innovation clusters in Shenzhen and Guangzhou [4]. - The Yangtze River Delta has a strong economic foundation, talent concentration, and high integration of digital economy industrial chains [4]. - The Beijing-Tianjin-Hebei region has rich research resources in Beijing but faces uneven regional development, necessitating enhanced collaboration and industrial layout [4]. Group 3: Recommendations for Improvement - The report suggests increasing investment in 5G networks, high-speed broadband, and data centers in central and western regions to strengthen infrastructure [5]. - It emphasizes the need for talent cultivation and enhancing technological innovation capabilities in underdeveloped areas of the digital economy [5]. - Development of digital governance platforms is recommended to improve administrative efficiency and transparency, promoting data openness and shared innovation applications [5].