Group 1 - The company announced a placement agreement on May 13, aiming to issue up to 17,480,000 shares, representing approximately 1.77% of the company's existing share capital as of the announcement date, with expected proceeds of about HKD 209.59 million [1] - The placement price is set at HKD 11.99 per share, reflecting a discount of approximately 6.91% compared to the closing price on May 12 and an 8.50% discount compared to the average closing price over the previous five trading days [1] - The placement received strong demand, with over 10 times the initial target of HKD 156 million, leading to a final fundraising increase of about 35% [1] Group 2 - Strategic shareholders, including Jingtai Technology and Jiaoge Friends, are expected to accelerate the company's new business development, leveraging AI research and automation systems [2] - The net proceeds from the placement will primarily be used to enhance platform technology services, increase R&D investment, and support general working capital [2] - The company maintains a "buy" rating, anticipating sustained high growth driven by emerging industries and improved operational quality due to increasing platform revenue share [2]

证券研究报告 晨会编辑 张良卫 根据联合声明发表的最新关税政策，中美之间最高 145%的关税在 5 月 14 日之前降至 30%（由 10%的对等关税和 20%的芬太尼关税组成）， 7 月 9 日视情况恢复至 54%或再协商，91%的报复性关税完全取消，出口 的不确定性影响进一步降低。中美发布联合声明是一个较为重要的举措， 关税商谈的进展顺利程度和发布效率远超市场预期。美国在此次对我方 做出了较大让步后，后续的贸易框架协定有望在年内谈成。最终达成的完 整版协议可能仍然将通过以打促谈的模式，也有可能再迎来具体行业的 关税反复，需要观察未来针对部分产品名录的惩罚性关税和 232 调查最 终的结果。 本次谈判超预期的主要原因在于美国国内日渐增长的政 治压力和经济压力。考虑到明年 11 月的中期选举投票，今年对其他主要 贸易国家的框架协议将作为特朗普的"政绩"，7 月的缓和期到期后将进 入框架协议的谈判高峰，时间较为紧迫。另外，关税冲突对经济数据的不 确定性依旧高企，3 月美国商品和服务贸易逆差环比增长 14%，消费品进 口创历史新高，美国消费品库存压力大，"抢进口"效应愈发明显，美国 对于关税下降的诉求相对中国来说 ...

证券研究报告·公司点评报告·其他金融(HS) 证券分析师 张良卫 执业证书：S0600516070001 02160199793 zhanglw@dwzq.com.cn 证券分析师 周良玖 执业证书：S0600517110002 02160199793 zhoulj@dwzq.com.cn 盛业（06069.HK） 拟配售引入战略股东，新业务拓展有望加速 2025 年 05 月 14 日 买入（维持） | Table_EPS] 盈利预测与估值 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 976.22 | 1,175.60 | 1,410.94 | 1,658.05 | | 同比（%） | 4.69 | 20.42 | 20.02 | 17.51 | | 归母净利润（百万元） | 380.18 | 535.99 | 689.26 | 849.83 | | 同比（%） | 41.73 | 40.98 | 28.59 | 23.30 | | EPS最新摊薄（元股） | 0.38 | 0.54 | 0 ...