Group 1 - The core purpose of the joint venture "Ant Chain Trust" established by Longxin Technology and Ant Group is to create a full-chain service platform that provides automated, intelligent, and low-cost rating and pricing services for energy asset operations [1] - The joint venture aims to support the tokenization of real-world assets, focusing on green asset services, and is expected to become a "core infrastructure" in the energy and green asset sectors [1] - Longxin Technology has a long-standing partnership with Ant Group, with over ten years of collaboration, and their first joint venture, Bangdao Technology, has become the largest public utility payment platform in China [1] Group 2 - The market opportunity for Ant Chain Trust includes serving asset owners and both Web2 and Web3 investors, with AIoT technology addressing challenges in verifying the authenticity and status of off-chain assets [1] - The push for green finance in China, driven by the "dual carbon" goals, is expected to lead to a significant increase in the scale of green assets, potentially reaching tens of trillions, with strong financing demand [1] - Ant Chain Trust is positioned to cover both generation and load-side assets, enhancing its relevance in the growing green finance landscape [1]

Market Trends - The domestic textile and apparel export from January to August 2025 saw a 1.6% increase in yarn, fabric, and products, while clothing and accessories experienced a 1.7% decline [3] - Major Taiwanese textile manufacturers reported a general revenue decline in August 2025, with specific companies like Yuanyuan Group and Fengtai Enterprises showing declines of 9.7% and 3.66% respectively [3][4] Company Analysis - **博威合金 (601137.SH)**: In H1 2025, the company achieved a revenue of 10.22 billion yuan, a 15.2% increase year-on-year, with net profit reaching 680 million yuan, up 6.0% [7] - **蜜雪集团 (02097.HK)**: The company is projected to have EPS of 1.82, 1.94, and 2.38 for 2025-2027, with corresponding PE ratios of 13.5, 12.7, and 10.3, indicating a "Buy-A" rating [10][11] - **汉得信息 (300170.SZ)**: The company reported a revenue of 15.75 billion yuan in H1 2025, a 3.54% increase, with net profit slightly up by 1.90% [21][23] Industry Insights - The textile manufacturing sector is experiencing cautious order placements due to tariff disturbances, with companies like Shenzhou International and Kairun Co. showing strong performance certainty for the year [4][5] - The REITs market in China is expanding, with 68 listed REITs and a total market value of 205.5 billion yuan as of H1 2025, indicating significant growth potential [14][16] Investment Recommendations - For the apparel sector, brands like 361 Degrees and Anta Sports are recommended due to their strong online growth and effective cost management [4][5] - In the textile manufacturing sector, companies such as Shenzhou International and Kairun Co. are highlighted for their stable performance and low valuations [5] - In the gold and jewelry retail sector, companies like Laopuyin and Chaohongji are recommended due to the rising gold prices and upcoming consumption peaks [5]

Investment Rating - The report maintains a "Buy-B" investment rating for the company [1][9]. Core Viewpoints - The company has partnered with Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [2][3]. - The collaboration aims to create a comprehensive service platform for the entire lifecycle of renewable energy assets, transforming fragmented green assets into measurable and tradable digital assets [3]. - The company is enhancing its "AI + Energy" strategy by establishing an AI research institute and launching its self-developed "Langxin Jiugong AI Energy Model," which achieved top rankings in international evaluations [4]. - The energy internet business continues to grow, with significant revenue from energy digitalization and internet services, including a 10% year-on-year increase in energy internet revenue [5][9]. Financial Performance and Projections - For the first half of 2025, the energy digitalization business generated revenue of 470 million yuan, while the energy internet business achieved 860 million yuan, with a gross margin of 54.4% [5]. - The company expects net profits of 300 million yuan, 460 million yuan, and 930 million yuan for the years 2025, 2026, and 2027, respectively, indicating a dynamic P/E ratio of 78.5 for 2025 [9][11]. - The projected revenue for 2025 is 5.126 billion yuan, with a year-on-year growth of 14.4%, and is expected to reach 8.363 billion yuan by 2027 [11][13].