2025 年 07 月 24 日 证券研究报告|公司研究|其他市场报告 中国软件国际 (0354.HK): 首次覆盖:"AI+鸿蒙"多维布局,业务+华为"同舟共 济" 中航证券研究所发布 证券研究报告 厦中航证券有限公司 公司网址:www.avicsec.com 联系电话：010-59219558 传真:010-59562637 1 IT 服务主业筑底企稳,"AI+鸿蒙"市场多维布局 � 公司聚焦算力、云边端模型、人工智能等技术核心能力，主要围绕金融、政务、电力、 交通、公共事业、企业制造等行业打造鸿蒙、全栈 AI 等场景应用及落地方案。企业历 年营收表现, 2020-2022 年处于规模扩张期, 增速分别 (+17.10%、+30.47%、+8.74%)； 2023-2024 年处于转型调整期，增速分别（-14.44%、-0.97%）。2024 年度主要业务及 发展方向,1）、积极布局全栈 AI 产品与服务,构建覆盖算力基础设施运营、数据治理、 模型训练、推理部署、端侧智能、云智能到 AI 原生 ERP 及 Agent 行业应用的完整 AI 技术栈，并为金融、医疗、能源电力、制造等领域头部客户推出多元 AI ...

Group 1: Stablecoin Compliance and Payment Infrastructure - The development of compliant stablecoins in Hong Kong is strategically significant, with a focus on monitoring license applications and issuance progress [2][11] - Key beneficiaries of this trend include securities IT service providers, licensed stablecoin institutions, cross-border payment companies, and Web3.0 technology service providers [2][11] - The stablecoin market is expected to grow rapidly, potentially reaching a size of $2-3.7 trillion within 3-5 years [11] Group 2: HaiXing Electric (603556) Overview - HaiXing Electric has a strong international presence, with a complete industrial chain and sales channels established overseas, contributing to its revenue growth [2][10] - The company’s smart electric products and systems accounted for 76.07% of its revenue, with a total revenue of 4.717 billion yuan and a net profit of 1.002 billion yuan, reflecting year-on-year growth of 12.30% and 2.00% respectively [10][12] - The global smart meter market is projected to grow from 162 million units in 2024 to 236 million units by 2029, with a compound annual growth rate of 7.81% [12][13] Group 3: Alibaba (BABA) FY1Q26 Forecast - Alibaba is expected to generate revenue of 249.2 billion yuan in FY1Q26, representing a year-on-year growth of 2.4%, while the Non-GAAP net profit is projected to decline by 11% to 36 billion yuan [3][12] - The company is focusing on enhancing its instant retail capabilities and leveraging AI to drive cloud intelligence [3][12] - The overall valuation target for Alibaba is set at $138 per share, indicating a potential upside of 33% [3][12] Group 4: Shipping Industry Insights - China Shipbuilding (600150) anticipates a significant increase in net profit for H1 2025, estimated between 2.8 billion to 3.1 billion yuan, reflecting a year-on-year increase of 98%-119% [19] - The company is benefiting from high-value orders and a stable ship price environment, with a projected increase in new ship orders [19] - The merger with China State Shipbuilding Corporation is expected to enhance production capacity significantly, potentially reaching 33% of global capacity [19] Group 5: Photovoltaic Industry Analysis - The price of polysilicon has surged, with N-type dense material quoted at 44,500 yuan per ton, reflecting a 0.55% increase [22] - The photovoltaic industry is expected to benefit from rising prices, particularly in the export market, which may offset domestic demand declines [22] - Investment recommendations include companies involved in polysilicon production and those with independent alpha opportunities in the photovoltaic sector [22]