2025年9月，美联储宣布将联邦基金利率目标区间下调25个基点至4.00?.25%，这是自2024年12月以来的首次降息。 这 一货币政策转向成为触发国际资本重新配置的关键变量。 港股的估值优势更为突出，恒生指数市盈率10.48倍，恒生科技指数市盈率约24倍，不仅远低于美股同类指数，还处于 自身历史低位区间。 对于追求安全边际的国际资本而言，中国资产既具备估值修复空间，又有经济基本面和政策托底支撑，成为平衡收益 与风险的最优选择之一。 东方财富证券研报指出，低利率环境下，具备景气支撑的成长板块和利率敏感型行业将持续受益于估值扩张。 国家外汇局数据显示，目前境外投资者持有境内债券、股票的市值占比仅3%至4%，仍有巨大提升空间。 全球资本增 配人民币资产的趋势已逐步显现，中国正成为美元流动性外溢的价值洼地。 与全球主要市场相比，中国资产的估值优势成为吸引资金的核心卖点。 截至2025年9月，沪深300指数市盈率仅12.93倍，处于历史46%的分位，而标普500指数市盈率达22.5倍，纳斯达克指数 更是突破40倍。 美元走弱缓解了人民币汇率的贬值压力，结合国内逆周期调节政策的支撑，人民币资产的汇兑风险显著降低。 同 ...

Core Viewpoint - The company has demonstrated strong resilience and growth in a challenging market environment, achieving steady revenue growth and significant international business expansion in 2024 [25][26]. Company Overview - The company specializes in LED display and lighting products, providing high-quality solutions for various applications, including professional displays, commercial displays, and smart lighting [3][5]. - The company has established a multi-brand strategy, with brands like "Unilumin," "ROE," and "LAMPRO" catering to different market segments, enhancing its competitive edge [5][6]. Financial Performance - In 2024, the company achieved operating revenue of 7.774 billion yuan, a year-on-year increase of 4.90%, driven by overseas business growth and advancements in Mini/Micro LED markets [26]. - The overseas revenue reached 4.777 billion yuan, accounting for 61.45% of total revenue, reflecting an 18.33% increase year-on-year [26]. - The gross profit margin improved to 29.11%, up 1.09 percentage points from the previous year, attributed to a higher proportion of overseas business and value-added solutions [26]. Business Strategy - The company is focused on AI-driven comprehensive solutions, enhancing product value and expanding market opportunities through the integration of AI technology in both B2B and B2C products [28][30]. - The company has implemented a digital transformation strategy to optimize cost management and improve operational efficiency, resulting in a decrease in the expense ratio to 22.16% [28][32]. Innovation and Technology - The company has introduced the "UniAIoT" platform, integrating AI and IoT technologies to enhance user interaction and operational efficiency across various applications [17][18]. - The launch of the "Brahmaputra AI Picture Engine" significantly improves display quality, positioning the company as a leader in the LED display industry [12][13]. Market Expansion - The company has made significant strides in international market expansion, establishing a robust marketing network across over 160 countries and enhancing brand recognition [6][31]. - The company is actively responding to the "Belt and Road" initiative, leveraging opportunities in emerging markets to further its international business growth [32].