Group 1 - The third Software Innovation Development Conference was held in Wuhan, emphasizing the city's commitment to becoming a national software innovation hub [1] - Wuhan aims to integrate technological and industrial innovation, focusing on developing a modern industrial system and enhancing new productivity [4][6] - The conference highlighted the importance of the software industry as a strategic emerging industry for Wuhan's economic development [4][6] Group 2 - Hubei province prioritizes the software industry, achieving significant progress in core technologies and industrial ecology [5] - The province plans to attract and cultivate leading software enterprises to enhance the industry's ecosystem and promote collaboration among businesses [5] - Hubei aims to create a first-class business environment to support the growth of large software companies and facilitate industry chain cooperation [5] Group 3 - The conference theme was "Wisdom Gathering in Jiangcheng, Digital Navigation," featuring discussions on key software industry trends and projects [8] - A total of 24 key software investment projects were signed at the conference, with a total investment amount of 4.5 billion yuan [8] - The establishment of the Hubei Industrial Software Industry Innovation Work Committee was announced, along with the release of a report on industrial software development trends [8]

Core Insights - The third Software Innovation Development Conference was held in Wuhan, where 24 software investment projects were signed, totaling over 4.5 billion yuan [1] - Wuhan has over 42,000 software-related enterprises, including 79 national-level specialized "little giant" companies, 21 listed companies, and 5 renowned Chinese software companies [1] - The software industry in Wuhan is projected to reach a scale of 352.1 billion yuan in 2024, maintaining the highest growth rate among national software cities for three consecutive years [1] Group 1 - Wuhan is promoting deep integration of technological and industrial innovation to enhance its "soft power" and accelerate its development as a leading digital economy city [1] - The city is focusing on building innovation platforms such as the Xiaomi super-large R&D center and an industrial software ecosystem [2] - By 2030, Wuhan aims to exceed 800 billion yuan in software industry scale, with a focus on key areas like basic software, industrial software, and artificial intelligence [1][2] Group 2 - The Ministry of Industry and Information Technology emphasizes the upcoming transformation and opportunities in the software industry due to a new wave of technological revolution [2] - Key initiatives include promoting "AI + software," enhancing the open-source Harmony ecosystem, and establishing incentives for first-version software applications [2] - The central six provincial capital cities are collaborating to sign an industrial software pilot verification cooperation agreement, focusing on high-end sectors like aerospace and automotive [3]

Market Overview - U.S. stock index futures are all down, with Dow futures down 1.04%, S&P 500 futures down 1.01%, and Nasdaq futures down 1.26% [1] - European indices also show declines, with Germany's DAX down 1.46%, UK's FTSE 100 down 0.31%, France's CAC 40 down 0.94%, and the Euro Stoxx 50 down 1.24% [2][3] Oil and Commodity Prices - WTI crude oil increased by 8.39% to $73.75 per barrel, while Brent crude rose by 7.68% to $74.69 per barrel [4] - The rise in oil prices is attributed to escalating geopolitical tensions, particularly following Israel's attack on Iranian nuclear facilities, raising concerns about broader conflict in the Middle East [4] Federal Reserve and Economic Outlook - The Federal Reserve is expected to maintain interest rates, with conditions for a rate cut becoming more favorable due to cooling inflation and a weak job market [5] - Goldman Sachs has lowered the probability of a U.S. recession in the next 12 months from 35% to 30%, citing easing trade tensions and improved financial conditions [6] Energy Sector Analysis - JPMorgan forecasts that in a worst-case scenario, oil prices could rise to $120-130 per barrel if conflicts escalate, particularly if Iranian oil exports are significantly disrupted [7] Technology Sector Developments - Major tech stocks are experiencing declines, with semiconductor stocks leading the drop, including TSMC, ASML, and Micron, all down over 2% [9] - Adobe reported a strong Q2 performance with sales up 11% year-over-year, driven by AI integration, although its stock fell over 2% in pre-market trading [10] - Apple plans to release an upgraded version of Siri in Spring 2026, marking a significant step in its AI strategy [11] - AMD's CEO announced significant performance improvements in its new MI355 chip, aiming to capture a larger share of the AI chip market [12] Shipping and Oil Transportation - Frontline, a major oil tanker operator, saw its stock rise over 6% in pre-market trading due to increased caution in transporting oil from Iran following recent military actions [13]

Core Viewpoint - The release of the "Opinions" document marks a significant milestone for Shenzhen, aiming to deepen reforms and expand openness, thereby injecting strong momentum into high-quality development and the modernization of China [1][2]. Group 1: Implementation of the Opinions - Shenzhen has promptly communicated, studied, and arranged the implementation of the "Opinions," establishing a task division plan to ensure effective execution [2]. - The city emphasizes a systematic approach, focusing on key areas and practical outcomes in the reform process [2]. Group 2: Talent and Innovation - Shenzhen aims to innovate its education and technology talent mechanisms, striving to build a globally influential industrial and technological innovation center [4]. - The city plans to attract and cultivate diverse talents, creating optimal conditions for innovation and entrepreneurship [4]. Group 3: Industry Integration - The integration of innovation chains, industry chains, capital chains, and talent chains is highlighted as a crucial direction for Shenzhen's industrial development [4]. - The city will support key industries and enterprises to accelerate their growth and optimize traditional industries [4]. Group 4: International Cooperation - Shenzhen intends to expand cooperation with Hong Kong, Macau, and internationally, enhancing its service sector's openness and establishing a strategic base for high-end service exports [5]. Group 5: Market Access and Regulatory Framework - The city will accelerate the implementation of 24 special measures to relax market access, exploring "sandbox regulatory" mechanisms in various sectors [6]. - The "sandbox regulatory" approach aims to provide a flexible testing environment for innovative technologies and business models [6]. Group 6: Open Economic System - Shenzhen plans to adapt to high-standard trade rules such as CPTPP and RCEP, gradually extending measures from tariffs to intellectual property and environmental standards [7]. - The city will leverage its status as a pilot city for expanding service sector openness to enhance various fields, including telecommunications and healthcare [7]. Group 7: Monitoring and Accountability - The city will implement a monitoring system with monthly updates, quarterly analyses, and annual reviews to ensure the effective execution of the "Opinions" [7]. - Special adjustments will be made for challenging reform tasks to promote better implementation and achieve tangible results within the year [7].

港股午评：恒指收跌0.5% 生物医药股再度走强 金十数据6月12日讯，隔夜美股三大股指全线下挫，中国金龙指数微升。港股今早大幅低开，恒指低开 143点报24223点，随后跌幅扩大，最多跌213点低见24153点，随后跌幅收窄。截至收盘，恒指早盘收跌 0.5%，科指早盘收跌1.05%，恒指大市成交额1256.3亿港元。盘面上，贵金属、生物医药、医药外包概 念股走强，中资券商股、内险股延续涨势，有色金属股造好；啤酒、汽车、航空股走低，芯片股延续颓 势、稀土概念、锂电池股回调。个股方面，中国生物制药(01177.HK)涨超15%，紫金矿业(02899.HK)涨 近6%，金山软件(03888.HK)、腾讯音乐(01698.HK)、药明康德(02359.HK)均涨超4%；中国稀土 (00769.HK)跌超8.5%，小鹏汽车(09868.HK)跌近5%，快手(01024.HK)、地平线机器人(09660.HK)均跌超 4.5%。 ...

证券研究报告 策略 TMT 和先进制造景气回升 华泰研究 2025 年 6 月 12 日│中国内地 策略月报 核心观点 我们的中观景气模型显示，5 月全行业景气指数小幅回落，但下行斜率放缓。 分板块看，大金融、TMT、先进制造景气明显回升，景气改善或有一定持续 性的品种包括：1）TMT：AI 产业趋势方兴未艾，元件-存储链、通信设备、 游戏（新增）景气爬坡，软件景气筑底；2）制造：部分先进制造产能出清 或准出清，且需求有企稳迹象，如通用、自动化景气爬坡，风电、光伏、航 空装备景气回升；3）消费：新消费和大众品率先改善，美护、饰品（新增） 景气爬坡，啤酒（新增）、调味品、乳制品景气回升；4）其它：医药（投融 资周期回暖）、保险（新增）、电力（新增）景气回升，贵金属维持高位。 TMT：元件-存储链、通信设备、游戏景气爬坡，软件景气筑底 AI Agent 渗透率处于"奇点时刻"，海外 AI 资本开支有韧性，大模型迭代等 产业催化密集：1）元件-存储链：上游 PCB 台股 4 月营收同比增速回升； 中游 DXI 指数同比增速连续 3 个月回升，DRAM 价格同比降幅收窄，存储 周期有企稳回升迹象；2）通信设备：4 月 ...

Industry Overview - The global multiphysics software industry is at the intersection of technological innovation and industrial transformation, with a market size projected to reach approximately $4.1 billion in 2024, representing a year-on-year growth of 7.89% [1][13] - The integration of cloud computing, artificial intelligence, and quantum computing is emerging as a major trend in the technology sector [1][13] - ANSYS Cloud has reduced fluid-structure coupling simulation time by 40% through GPU acceleration technology, while Siemens Simcenter has achieved a 50% reduction in design iteration cycles for wind turbine blades by leveraging digital twin technology [1][13] Industry Development History - The Chinese multiphysics software industry has undergone four main stages: 1. The initial stage before 2010, where core technologies relied on international vendors, and domestic applications were limited to high-end manufacturing [4] 2. The technology accumulation period from 2010 to 2015, marked by national emphasis on industrial software and the establishment of special funds to support simulation software development [4] 3. The self-innovation breakthrough period from 2016 to 2020, where domestic platforms achieved commercial viability and expanded applications beyond the power equipment sector [5] 4. The ecosystem construction period from 2021 to present, characterized by explosive market growth and a focus on technological innovation and ecosystem collaboration [6] Industry Chain - The upstream of the multiphysics software industry includes hardware devices, basic software, and technical resources, while the midstream involves software development and solution integration [8] - The downstream applications span various sectors, including industrial manufacturing, energy, electronics, academia, and research institutions [9] Market Size - The global multiphysics software market is projected to reach approximately $4.1 billion in 2024, with a year-on-year growth of 7.89% [1][13] - The industry is witnessing significant advancements in technology, with ANSYS Cloud experiencing a 47% annual growth rate [15] Key Companies' Performance - Domestic companies like Cloud Road Intelligent Manufacturing and Chipray Microelectronics are breaking through technological barriers through independent research and development [15] - ANSYS and COMSOL dominate the high-end market, with ANSYS holding over 60% market share in automotive collision safety after acquiring LS-DYNA [15][17] - The market is seeing a shift towards cloud-based solutions, with ANSYS Cloud's subscription model lowering the entry barrier for small and medium enterprises [15] Industry Development Trends 1. Accelerated technological integration is driving breakthroughs in simulation accuracy and efficiency, with cloud computing and edge computing reshaping simulation paradigms [21] 2. The renewable energy revolution is becoming the largest incremental market, with significant applications in battery thermal management and wind turbine design [22] 3. The restructuring of ecosystems is accelerating, with policies supporting the development of domestic software and increasing the procurement ratio of domestic software in leading enterprises [23]

Core Viewpoint - Huawei has successfully established a comprehensive ecosystem with HarmonyOS 5, integrating various devices such as smartphones, smartwatches, tablets, and computers, marking a significant milestone in its ecosystem development [1][9]. Group 1: Product Launch and Features - Huawei launched the Pura 80 series and WATCH 5, both equipped with HarmonyOS 5.1, showcasing the completion of the HarmonyOS ecosystem across multiple device categories [1][2]. - The Pura 80 series includes four models: Pura 80, Pura 80 Pro, Pura 80 Pro+, and Pura 80 Ultra, all featuring advanced imaging capabilities and AI enhancements [3][4]. - The new features of HarmonyOS 5.1 include over 70 innovative functions such as cross-device connectivity and unified account login, enhancing user experience across devices [6][9]. Group 2: Market Performance and Growth - According to Counterpoint Research, Huawei's smartphone sales grew by 28.5% year-on-year in Q1 2025, achieving a market share of 19%, the highest since 2021 [3][11]. - The Pura and Mate series are identified as key growth drivers, particularly in the high-end market segment [3][12]. - HarmonyOS has gained a 19% market share in China by Q4 2024, surpassing Apple's iOS, which holds a 17% share [11]. Group 3: Ecosystem Development - Huawei emphasizes the importance of ecosystem development, which is seen as a critical challenge compared to developing the operating system itself [12][13]. - The company is actively enhancing system capabilities and fostering partnerships across various sectors, including social media, finance, and health, to expand the HarmonyOS ecosystem [12][13]. - Recent updates to popular applications like WeChat and QQ on HarmonyOS reflect ongoing improvements and the growing ecosystem [13].

Group 1: Investment Background and Performance - Elise McKay, co-portfolio manager of Pendal's Horizon fund, has a diverse background in finance, having worked at Ernst & Young and JPMorgan before joining Pendal [3][5] - The Horizon sustainable Australian equities fund, managed by McKay and Crispin Murray, ranked fourth in the latest Mercer quarterly survey, indicating strong performance [2][5] - The fund has achieved a 20% return over the past year, outperforming the benchmark index which returned 13.17% [5] Group 2: Key Holdings and Market Strategy - The fund's significant holdings include Qantas, Technology One, Telstra, Evolution Mining, Xero, and Commonwealth Bank, contributing to substantial gains [3][5] - Commonwealth Bank's market capitalization recently surpassed 300 billion AUD, highlighting its importance in the portfolio [3] - McKay's strategy includes taking profits after a 30% surge in A2 Milk's stock and increasing positions in NextDC during its decline, viewing it as undervalued [6][7] Group 3: Company Insights and Future Outlook - McKay remains optimistic about Xero, which saw a 12% increase in May, citing its effective capital return and growth in global subscription users [8] - Downer EDI, another company of interest, has risen 14.5% this year, with improvements in governance despite facing regulatory challenges [9] - Seven Group Holdings, controlled by the Stokes family, is also viewed positively, particularly as the residential construction market is expected to recover [9]

Core Viewpoint - Morgan Stanley believes that Adobe's current valuation is attractive, with pricing strategies and the long-term potential of generative AI (GenAI) likely to drive earnings per share (EPS) growth, maintaining an "overweight" rating with a target price of $510 [1] Group 1: EPS Growth Catalysts - Three main factors are identified that could change the direction of EPS growth: optimistic revenue growth trends, ongoing stock buybacks, and mid-term profit margin improvements [2] - The expected annual recurring revenue (ARR) growth for Adobe's digital media business in FY2025 is projected at 11%, with a potential slowdown in the second half due to pricing changes [2][3] - Recent price changes are expected to positively impact ARR, with a projected increase of approximately 15% for FY2025 [3] Group 2: Pricing Strategy and Market Position - Adobe's pricing strategy is crucial for driving product innovation and profitability, especially in a competitive landscape [2] - The flexibility in pricing for lower-end market segments may help mitigate potential customer churn [2] - The company has seen a 15% underperformance compared to large software peers over the past three months, indicating investor concerns about its competitive positioning [1] Group 3: Profit Margin and Stock Buybacks - Adobe has consistently used about 90% of its free cash flow for stock buybacks, leading to an average annual reduction of approximately 2% in its share count [8] - The CFO indicated that there is room for further expansion of operating profit margins in the mid-term, despite current margins being among the best in the industry [7][8] - The company aims for EPS growth to outpace revenue growth once it moves past its current investment cycle [7] Group 4: Market Conditions and Future Outlook - The uncertain macro environment is expected to suppress demand for marketing technology, potentially impacting revenue growth in FY2025 [5] - The digital media ARR growth is anticipated to reach 11% year-over-year, although the range of predictions remains wide due to market uncertainties [6] - The introduction of AI models for video and audio is expected to enhance credit consumption, with significant growth anticipated by FY2026 [4]