Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

Group 1 - A total of 94 stocks had a turnover rate exceeding 100% this week [1] - Guangdong Jianke ranked first with a weekly turnover rate of 251.47%, followed by Hengbao Co., Ltd. at 215.75% and Kechuang Information at 214.55% [1] - The majority of stocks with a turnover rate over 100% belong to the machinery equipment, electronics, and computer sectors according to the Shenwan first-level industry classification [1] Group 2 - In terms of weekly price changes, Yuyin Co., Ltd., Kechuang Information, and Zhongke Jincai had the highest increases among stocks with a turnover rate exceeding 100% [1]

Group 1: Market Performance - The A-share market continued to rise significantly, with the Shanghai Composite Index increasing by 3.49% to 3825.76 points, marking a nearly ten-year high [1] - The Shenzhen Component Index rose by 4.57%, and the ChiNext Index increased by 5.85%, while the STAR 50 Index surged by 13.31% [1] - All 31 Shenwan industry indices recorded gains, with the communication index up by 10.84% [1] Group 2: Fund Flow - Major net inflows were observed in the communication, media, and comprehensive sectors, with net inflows of 28.89 million, 2.03 million, and 1.88 million respectively [1] - Significant net outflows were noted in machinery equipment, pharmaceutical biology, and electric equipment sectors, exceeding 150 billion, with the highest outflow at 186.19 billion [1] Group 3: Investor Sentiment - Approximately 85% of surveyed investors reported making profits during the week, with 62% earning within 10% and 23% earning over 10% [2] - A significant portion of investors (45%) believe the A-share market will continue to rise and reach 4000 points, while 36% expect a consolidation around 3800 points [3] Group 4: Sector Outlook - The military and non-ferrous metal sectors saw an increase in investor confidence, with the military sector rising by 4 percentage points to 11% [4] - The technology sector experienced a notable decline in investor optimism, dropping by 13 percentage points to 37% [4] Group 5: Defense Industry Insights - The global increase in joint military exercises and regional sovereignty tensions highlight the importance of military equipment modernization and regional defense technologies [5]

本周A股开启狂飙态势，科创50一周暴涨超13%。电子板块市值首超银行，问鼎A股"第一板块"。 寒武纪单月猛涨75%，剑指"A股第一高价股"宝座，机构高喊：对标茅台，冲击万亿！ 资金正以前所未有的速度涌入市场，"存款搬家"规模或超10万亿。 但狂欢中依旧分化十分明显：选对主线，你就是牛市；选错板块，可能满仓踏空。 下一站，国产算力与AI应用能否接棒领跑？这场史诗级人工智能大行情，谁将率先撞线万亿市值？ 一周交易数据：寒武纪冲"王" 本周上证指数+3.49%，深证成指+4.57%，创业板指+5.85%，科创50指数+13.31%，北证50指数 +8.40%。 本周分段市值涨幅排行榜 1、500亿市值以上公司本周涨幅TOP5 | 排序 | 证券代码 | 证券名称 | 周涨跌幅 (%) | 收盘价 | 总市值 | | --- | --- | --- | --- | --- | --- | | | | | | (元) | (亿元) | | 1 | 688702. SH | 盛科通信 | 43. 95 | 130.00 | 533.00 | | 2 | 688521. SH | 芯原股份 | 41. 79 | 149.8 ...

Core Viewpoint - The A-share electronic sector is rapidly approaching the market capitalization of the banking sector, with significant growth in companies like Cambrian and Haiguang Information, indicating a shift in market dynamics towards emerging industries [1] Market Capitalization Trends - As of August 22, 2025, the market capitalization of the Shenwan electronic sector reached 11.32 trillion yuan, nearly equal to the banking sector's 11.37 trillion yuan, with only a 500 billion yuan difference [1] - The market capitalization of emerging sectors such as electronics, power equipment, computers, automobiles, and communications has increased from 16.95% to 26.29% over the past five years, a rise of nearly 9.5 percentage points [1] Shift in Industry Dynamics - The trend of "emerging industries advancing, traditional industries retreating" has become increasingly evident over the past five years, with traditional sectors like banking, non-bank financials, and real estate seeing a decline of over 6.95 percentage points in market capitalization share [1] - International experience suggests that technology companies are often the core support of market capitalization in developed markets, indicating a potential for further expansion of technology-related sectors in the domestic economy [1]

周五，发生了两件大事。 其一，寒王20cm，股价来到1243.2，距离茅子1463.95，再来一个20cm就突破了，按照这个趋势，搞不好下周就突破了。 在A股历史上，有这么一个魔咒，每当市场有一个股票调整茅子股价，最终都已失败告终。过去有10只曾经想要挑战"A股第一高价"，比如东方园林 （2010），石头科技（2021）等。 这次会不一样吗？ 周五寒王上涨的逻辑，一方面是Deepseek在周五宣布新一代大模型Deepseek-V3.1，更适合国产芯片的Ai大模型。 另外一方面，是国产替代小作文，预计2026年国产芯片替代要达到40%。不仅是要在高科技领域国产替代，不仅是芯片，未来可能高端电子产品都会完成 国产替代之路，而且还要出海，这条路线坚定不动摇。 其他的行业，像化妆品，消费品等都要逐一完成国产替代。 周五，A股电子板块总市值达到11.54万亿，已经超过银行板块，登顶A股市值第一，这也是A股历史以来首次有其他板块超过银行，当年的新能源，消费 都没做到的事情，这次电子科技做到了。 所以，这次可能真的不一样。未来A股也会有类似美股的"七姐妹"个股出现，而不再是"酱香型科技"。 第二件大事，发生在周五晚上10点 ...

Group 1: Core Perspectives - The Shanghai Cooperation Organization (SCO) is focusing on sustainable development cooperation among member states, aiming for a prosperous future amidst geopolitical conflicts and trade barriers [1][2] - 2025 is designated as the "Year of Sustainable Development" for the SCO, emphasizing high-quality alignment of development strategies among member countries [1] Group 2: Infrastructure Connectivity - The SCO serves as a significant platform for the Belt and Road Initiative, enhancing regional connectivity and trade facilitation through infrastructure cooperation [2] - In the first seven months of 2025, China's import and export volume with SCO member states reached 677.4 billion yuan via land transport, a 7.4% increase, and 251.01 billion yuan via air transport, a 44.6% increase [2] Group 3: Economic Transformation and Upgrading - The SCO facilitates the sharing of agricultural technology and industrial collaboration, promoting the optimization of supply chains and enhancing economic sustainability [3] - Uzbekistan is adopting Chinese drip irrigation technology to improve cotton yields, while Kazakhstan is diversifying agricultural production through order-based farming models [3] Group 4: New Development Opportunities - The SCO countries are diversifying cooperation in green technology and digital infrastructure to support sustainable development [5] - The construction of a 100 MW solar power plant in Kazakhstan exemplifies successful green energy collaboration, aiding the transition to a low-carbon economy [5] Group 5: Digital Economy and Innovation - The establishment of the "Silk Road E-commerce" service base aims to enhance cross-border e-commerce and logistics, fostering innovation in the digital economy [5] - The implementation of 5G networks in Kyrgyzstan and digital healthcare platforms in Tajikistan demonstrates the impact of digital cooperation on improving local services [5][6]

8月22日，寒武纪-U（688256.SH）单日暴涨20%、市值激增近千亿元，一举超越多家头部金融股；海光 信息（688041.SH）单日市值增长超700亿元。Wind数据显示，截至2025年8月22日，申万电子板块市值 飙升至11.32万亿元，与银行业的11.37万亿元仅相差500亿元。 这场市值格局的重塑并非一日之功。"新兴产业进、传统产业退"的趋势已在五年间清晰显现。2019年底 至今，电子、电力设备、计算机、汽车、通信五大新兴板块市值占比从16.95%猛增至26.29%，提升近 9.5个百分点，而银行、非银金融与地产三大传统板块市值占比则萎缩超6.95个百分点。 业内认为，从国际经验来看，科技企业往往是国际发达市场市值体系的核心支撑。近年来，科技在国内 经济中的地位和作用越来越强，未来科技相关板块或有望进一步扩张。 科技板块崛起 Wind数据显示，8月22日，申万电子板块迎来新一轮上涨，市值达到11.32万亿元，基本已接近银行业 11.37万亿元。 | | | | 部分行业的市值变化 | | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 ...

[Table_Title] 研究报告 Research Report 24 Aug 2025 本周A股进入加速上涨阶段，结构性轮动特征进一步凸显： 香港策略 Hong Kong Strategy 短期快速上攻临近尾声，中期聚焦反转方向 Short-Term Rally Nearing Its End, Mid-Term Focus on Reversal Themes 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们认为增量资金入场会提振A股，而Jackson Hole会议召开前，全球风险偏好或阶段性承压。本周A股市场进入 加速上涨阶段，而美股在会议前表现谨慎，直到鲍威尔放鸽才收回本周跌幅。近期A股多重利好落地：科技继续突破 预期，上证综指连续突破3700点和3800点，加上美联储9月降息概率大增。对于下周， ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company announced a 5 billion yuan expansion investment plan at its Zhuhai Jinwan base, focusing on enhancing AI PCB production capacity in high-end applications such as AI computing, high-speed network communication, and automotive intelligence [1][7]. - The expansion aims to integrate resources at the Jinwan base, improve manufacturing capabilities for high-end products, and accelerate the company's product layout in high-end HDI, HLC, and SLP products [1][7]. - The construction period for the expansion is set from 2025 to 2027, with expectations of increased production capacity and technological capabilities to meet customer demands in various high-end sectors [1][7]. Financial Data and Valuation - Total revenue is projected to grow from 10,757 million yuan in 2023 to 21,152 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [2][15]. - Operating profit is expected to increase from 1,052 million yuan in 2023 to 2,519 million yuan in 2027, reflecting a growth rate of 22% in the later years [2][15]. - Net profit attributable to shareholders is forecasted to rise from 936 million yuan in 2023 to 2,230 million yuan in 2027, with a similar growth trajectory [2][15]. - Earnings per share (EPS) are anticipated to grow from 0.99 yuan in 2023 to 2.36 yuan in 2027, indicating a strong upward trend in profitability [2][15]. Market Performance - The current stock price is 54.18 yuan, with a total market capitalization of 51.1 billion yuan [3]. - The company has shown a strong performance over the past 12 months, with a 134% increase in absolute performance [5]. Future Outlook - The report projects that the company will benefit from the increasing demand for high-end multi-layer boards and HDI products, particularly in the AI server market [7]. - The expansion investment is expected to solidify the company's position in the high-end PCB market, especially for clients in North America and the ASIC field [7]. - The company is well-positioned for long-term growth due to its broad application areas, strong management capabilities, and ongoing product introductions in the data communication and automotive sectors [7].