Core Viewpoint - The report from Ping An Securities indicates that Unisplendour Co., Ltd. experienced a decline in net profit for the first three quarters of 2025, while showing strong revenue growth in the same period [1] Financial Performance - The company achieved a net profit attributable to shareholders of 1.404 billion yuan, a year-on-year decrease of 11.24% [1] - Quarterly revenue figures are as follows: Q1 revenue was 20.79 billion yuan (up 22.25% year-on-year), Q2 revenue was 26.635 billion yuan (up 27.17% year-on-year), and Q3 revenue was 29.897 billion yuan (up 43.12% year-on-year) [1] Business Development - Unisplendour is a leading player in the domestic ICT infrastructure industry and has completed the acquisition of a 30% minority stake in its subsidiary, H3C, enhancing its core competitiveness [1] - The company is developing an integrated AI-enabled platform, accelerating its comprehensive layout from computing power to application, and is expected to benefit significantly from the growth opportunities in the AI industry due to its "computing power × connectivity" synergy [1] - The international business of the company is also showing strong growth momentum, which is anticipated to become an important driver for future development [1] Investment Outlook - The firm maintains a "recommended" rating for the company's future development prospects [1]

Core Insights - The social security fund, managing 8 trillion yuan of national pension funds, is aggressively acquiring high-quality assets in the A-share market, which has a total market value of 100 trillion yuan [1][5] - A notable state-owned enterprise has seen its shares significantly increased by the social security fund, with a holding of 25.23 million shares and a remarkable growth of 4543% in its first-quarter report [3][4] Investment Trends - The first quarter is a critical period for institutional investors to position themselves for the year, and the investment moves of the social security fund often attract attention in the A-share market, potentially leading to unexpected returns [4] - In Q1 2023, the social security fund increased its holdings in a leading consumer software company by 2.8 million shares, resulting in a stock price surge of 460% [4] - In Q1 2024, the fund acquired 1.52 million shares of a leading CPO industry company, which subsequently saw its stock price double [4] Performance of Selected Companies - **Meige Intelligent**: Q1 expected growth of 611.31%, with the social security fund purchasing 22.59 million yuan worth of shares. The company specializes in wireless communication and has established partnerships with major enterprises [8] - **Haopeng Technology**: Q1 expected growth of 925.59%, with the fund buying 126 million yuan worth of shares. The company focuses on secondary battery technology and has a strong customer base [9] - **Chengdian International**: Q1 expected growth of 1327.65%, with the fund acquiring 22.44 million yuan worth of shares. The company operates in the public utility sector with a monopoly advantage [10] - **Limin Co., Ltd.**: Q1 expected growth of 1395.38%, with the fund purchasing 54.85 million yuan worth of shares. The company is a leading pesticide manufacturer with a strong market presence [11] - **Sichuan Shuangma**: Q1 expected growth of 1276.50%, with the fund buying 150 million yuan worth of shares. The company has successfully transitioned from traditional cement to private equity investment management [12] - **Leading ICT Infrastructure Company**: Q1 expected growth of 4726.52%, with the fund acquiring 25.24 million yuan worth of shares. The company is a key supplier for major internet firms and has seen foreign and insurance capital investments [13]