美银证券发表报告指，阿里巴巴举行2025云栖大会，阿里云CEO吴泳铭强调，为迎接人工智能超级智能 (ASI)时代的到来，公司将在未来三年内，超越原定的3800亿元预算，进一步增加对人工智能和云端运 算的投资。管理层预期，长远来看，全球可能仅会存在5至6个超级云端运算平台。有鉴于新ASI时代的 巨大机会，公司将自身定位为全球领先的全栈AI服务提供商，提供顶级的大型模型、全球AI云端网 络，以及开放且对开发者友善的生态系统。 在商业化方面，阿里巴巴看好云业务具备庞大增长潜力，主要受强劲的AI原生需求、国际扩张以及传 统产业AI采用率提升所驱动。凭借其全栈式云+AI服务，该行预期阿里电动车、金融及具身智能等垂直 领域将快速增长。该行将其2026至2028财年每股ADS盈利预测上调0%至4%，将美股目标价由168美元 上调至195美元，港股目标价由164港元上调至190港元。基于未来三年云业务复合年增长率预估超过 30%及稳固的电商前景，重申对阿里"买入"评级。 ...

Core Viewpoint - Shuangdeng Co., Ltd. is set to launch its IPO from August 18 to August 21, 2023, with a listing on the Hong Kong Stock Exchange expected on August 26, 2025, backed by CICC, Huatai International, and Jianyin International [1] Company Overview - Shuangdeng Group is a leading company in the energy storage business within the big data and communications sector, focusing on the design, research, manufacturing, and sales of energy storage batteries and systems [1] - The company has over ten years of experience serving clients in energy storage applications for communication base stations, data centers, and power storage, positioning it to benefit from significant market opportunities in the big data era [1] - According to Frost & Sullivan, Shuangdeng is ranked first globally in terms of shipment volume among communication and data center energy storage battery suppliers, with a market share of 11.1% in 2024 [1] Financial Performance - The company generated revenue from product sales, including lithium-ion and lead-acid batteries, and other income from the sale of waste batteries and electricity [1] - Accounts receivable for 2022, 2023, and 2024 were RMB 1.862 billion, RMB 1.609 billion, and RMB 2.309 billion, respectively, with corresponding revenues of RMB 4.072 billion, RMB 4.259 billion, and RMB 4.498 billion, indicating a high accounts receivable ratio of 45.72%, 37.78%, and 51.33%, significantly exceeding the 30% warning line [5] - Revenue from data center energy storage increased nearly 120% from RMB 397 million to RMB 872 million over five months ending May 31, 2024, with its share of total revenue rising from 28.4% to 46.7%, surpassing that of communication base station energy storage [6] Industry Context - The company’s R&D investment has been low, averaging less than 3% of revenue over the past three years, which may impact its long-term competitiveness in the rapidly growing domestic new energy and energy storage industry [6] - The gross margin for data centers decreased from 15.5% to 13.7%, while the overall gross margin fell from 19.7% to 14.9%, indicating a trend of increasing revenue without corresponding profit growth [6] - The company has a reasonable valuation with an issuance market value of RMB 6 billion and a moderate entry fee of HKD 7,328.17, suggesting a relatively low pressure for price stabilization [6]

港股经历了一天的洗盘之后，今天又重新恢复了上升趋势，猫哥昨天就强调了，对于中国资产的走势不 需要担心，逢低买入就行了，恒指涨到25000以上只是时间问题。 美股那边，道琼斯指数的权重股联合健康出了黑天鹅，单日暴跌了18%，相对历史高点，接近腰斩了， 这是美国经济即将进入系统性危机的前兆。特朗普昨天又喊话了，美股最近的上涨，也只能依靠特朗普 不切实际的画大饼了。 4、资金长期流入中国的趋势还是没变，只要美元指数可以维持100美元附近，对港股都算是利好，这对 港股是形成了很强的支撑。 【行情推演】 关税战到了这个阶段，美国霸权丧失是时间问题，只要全球经济能平稳的发展，中国资产自然就会持续 向好，做多中国资产，任何时候都不晚。 1、中银国际料南向资金今年净流入港股达1.2万亿人币，吁留意活跃交易股票包括阿里等 建议投资者密切关注南向交易的相关活跃交易股票。展望2025年，预计内地投资者通过南向交易对香港 上市股票的强劲需求将持续，主要得益于更多高质量科技/高端制造股票的选择、香港股市吸引人的估 值和高股息收益率。该行预计2025年南向交易将录得1.2万亿人民币的净流入，高于2024年的7,440亿人 民币和2023 ...