Core Viewpoint - The company, A-share listed Jingchen Co., Ltd. (688099.SH), plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, furthering its international strategy [1][2]. Group 1: Company Overview - Jingchen Co., Ltd. is a global fabless semiconductor system design company, focusing on the research, design, and sales of system-on-chip (SoC) and peripheral chips [2][3]. - The company's core products include S series SoC chips, which are widely used in various multimedia terminal products, including IPTV set-top boxes and OTT set-top boxes [2][3]. Group 2: Financial Performance - In the first half of 2025, Jingchen Co., Ltd. achieved a revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% [1][5]. - The company reported a record high shipment of nearly 50 million units in the second quarter of 2025, with revenue reaching 1.80 billion yuan, a year-on-year increase of 9.94% [5][6]. Group 3: International Market Presence - By the first half of 2025, the company's overseas revenue reached 2.96 billion yuan, accounting for 88.9% of total revenue, with an overseas gross margin of 38.49%, significantly higher than the domestic gross margin of 23.25% [1][3]. - The company has received certifications from major streaming services like Netflix, Google, and Amazon, and its products are widely adopted by both domestic and international operators [3][4]. Group 4: Research and Development - Since 2022, the company has consistently invested over 1 billion yuan in R&D annually, with R&D expenses reaching 735 million yuan in the first half of 2025, representing a year-on-year increase of 8.98% [6]. - As of the first half of 2025, the company employed 1,564 R&D personnel, accounting for 86.55% of its total workforce, with an average salary of 332,800 yuan [6].

Macro Strategy - The core viewpoint is that during the "14th Five-Year Plan" period, a nominal GDP growth rate of at least 5.5% is crucial to achieve the long-term goal of reaching the per capita GDP level of a moderately developed country by 2035 [1][17] - The recovery of nominal GDP growth is primarily dependent on price levels, with a target of returning the GDP deflator index to an average annual growth of +1.7% from 2012 to 2025, combined with a real GDP growth rate of over 4.4% [1][17] - The report emphasizes the importance of boosting consumer demand to address the historical negative growth in service prices, which is not effectively resolved by supply-side policies alone [1][17] Fixed Income Analysis - The report highlights that non-ETF component bonds of the Sci-Tech bonds exhibit higher valuation yields and credit spreads compared to ETF component bonds, indicating a relative value in switching to these non-component bonds [3][4] - It is noted that 14.79% of the non-ETF component bonds have credit spreads exceeding 40 basis points, suggesting a larger selection of bonds with potential spread compression compared to ETF component bonds [4] - The "anti-involution" policy is expected to have a more profound and longer-lasting impact compared to previous supply-side reforms, with a focus on market-driven measures rather than heavy administrative intervention [5][6] Company-Specific Insights - Satellite Chemical's H1 2025 revenue reached 23.46 billion yuan, a year-on-year increase of 20.9%, with net profit of 2.74 billion yuan, up 33.4% year-on-year, indicating strong performance [10][11] - The company has resolved supply chain risks related to U.S.-China ethane trade, allowing for stable operations moving forward [11] - The high-performance catalyst new material project has officially launched, with plans to invest 3 billion yuan, which is expected to drive future growth [11] Industry Performance - The report on Guizhou Moutai indicates a stable revenue growth of 9.2% year-on-year in H1 2025, with a net profit increase of 8.9%, although series liquor sales faced pressure [16] - The company maintains a profit forecast of 93.2 billion yuan for 2025, with slight adjustments for 2026 and 2027, reflecting a stable outlook despite market challenges [16] - The report on 361 Degrees shows steady growth driven by e-commerce and offline efficiency improvements, maintaining a profit forecast of 1.3 billion yuan for 2025 [13]