（责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 上证指数收涨0.05%，创业板指涨1.32%。沪深京三市成交额21608亿元，较上日放量1597亿元，三 市超2100只个股上涨。算力硬件产业链反弹，CPO、存储器方向领涨；云计算、特高压、稀土永磁、半 导体、小金属概念股活跃。影视、短剧游戏题材继续调整，零售、食品、白酒等消费股表现不佳。 ETF方面，部分跨境ETF表现亮眼，华夏基金巴西ETF、华安基金法国CAC40ETF分别涨6.24%和 4.57%。科创芯片设计板块午后拉升，国联安基金科创芯片设计ETF、科创芯片设计ETF广发分别涨 4.43%和4.28%。CPO表现活跃，科创人工智能ETF华夏、科创人工智能ETF南方均涨4%。 AI应用板块继续回调，两只影视ETF跌3%。游戏板块走低，游戏ETF华泰柏瑞、游戏ETF跌2%。 港股创新药板块走低，港股通创新药ETF工银跌2.5%。 ...

格隆汇2月13日｜深交所公告，深港通下的港股通标的证券名单调入沃尔核材，自2026年2月13日起生 效。 ...

（责任编辑：刘畅 ） 中银证券研报称，2026年预计房地产市场将有所好转。全年来看，可能会出现两个拐点，一个是一 季度末左右的"政策拐点"，一个是四季度左右的"基本面拐点"。"政策拐点"可能会体现在房地产供需两 端的政策积极性提升，"基本面拐点"主要指需求好转的明朗度，主要体现在二手房价格的降幅收窄。现 阶段建议关注三条主线：基本面稳定、在一二线核心城市的销售和土储占比高、在重点城市的市占率较 高的房企；连续在销售和拿地上都有显著突破的"小而美"房企；积极探索新消费时代下的新场景建设和 运营模式的商业地产公司。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - The company has entered into a strategic cooperation framework agreement with China International Digital Finance Group for a gold real-world asset (RWA) tokenization project, enhancing its position in blockchain infrastructure and digital asset technology [1] Group 1: Strategic Cooperation - The agreement allows the company to join a large-scale asset-backed digital reserve ecosystem [1] - This collaboration is expected to strengthen the company's international standing in digital finance and cross-border settlement applications through the utilization of Hong Kong's regulatory framework [1] Group 2: Revenue Generation - The partnership is anticipated to create new revenue streams and diversify income sources by providing technical services and participating in ecosystem operations and RWA-related businesses [1]

格隆汇2月13日丨科济药业-B(02171.HK)发布公告，2026年2月12日，科济药业控股有限公司透过其间接 全资附属公司上海恺兴诊断技术，与上海市金山区湾区高新区的重要平台企业——上海金工企业发展签 署战略合作协议，总投资额不超过人民币3.7亿元，将在上海市金山区建设先进的CAR-T细胞治疗产品 商业化生产基地。 此举紧密配合公司多款CAR-T细胞治疗产品的商业化进程，包括已上市的赛恺泽®及处于新药上市申请 阶段的实体瘤CAR-T细胞治疗产品舒瑞基奥仑赛注射液(拟定商品名：恺力美TM)，并为多款通用型 CAR-T细胞治疗产品(如CT0596、CT1190B等)的未来量产奠定基础。在此背景下，提升符合国际标准的 CAR-T细胞治疗产能成为支撑多个产品商业化落地及增强全球竞争力的核心举措。此次交易公司早期无 需进行大额资本开支，有效保留了宝贵现金流用于核心研发与市场拓展。同时，回购机制确保本公司在 长期运营后可完整取得资产控制权，既维持了生产稳定性，又强化了资产布局的灵活性。 总体来看，此次合作彰显了公司稳健的财务规划和对CAR-T细胞治疗产业生态系统的深度布局，也表明 该项目高度契合国家及地方的生物医药产 ...

格隆汇2月13日丨康臣药业(01681.HK)发布公告，于2026年1月6日回购，并于2026年2月12日注销10万股 股份。 ...

格隆汇2月13日丨香港食品投资(00060.HK)发布公告，2026年2月12日，卖方(即创裕株式会社，公司的 全资附属公司)与买方(即恒豊产业株式会社)订立该协议，据此，卖方有条件地同意出售，而买方有条件 地同意购买该等物业，总代价为12.50亿日圆(约6309.2万港元)。 该等物业包括位于日本东京都港区新桥五丁目112番地10的土地及一幢五层高的平顶办公大楼，总楼面 面积约为200.60平方米("物业A")；位于日本东京都港区新桥五丁目112番地11的土地及一幢六层高(包括 地库)的平顶办公大楼，总楼面面积约为171.17平方米("物业B")；及位于日本东京都港区新桥五丁目112 番地12的土地及一幢三层高的平顶住宅大楼，总楼面面积约为98.03平方米("物业C")。 ...

Core Insights - The company achieved a total revenue of $11.8 billion for the year 2025, with a year-on-year growth of 4%, and $2.8 billion for Q4, reflecting a 9% increase [1] - Adjusted net profit reached $929 million for the year, up 2% year-on-year, and $140 million for Q4, showing a 22% increase [1] - Same-store sales increased by 1% for the year, with Q4 system sales up 7% and same-store sales up 3%, marking three consecutive quarters of positive same-store growth [1] Financial Performance - KFC and Pizza Hut's profit margins were 17.4% and 12.8% respectively, with year-on-year increases of 0.5 and 0.8 percentage points [2] - The company benefited from a decrease in food costs and rental expenses, which fell by 0.5 and 1.0 percentage points respectively, successfully offsetting the rise in labor costs due to increased delivery service [2] - The company slightly raised prices on some delivery products without affecting customer traffic, leading to improved profit quality [2] Store Expansion and Strategy - The total number of stores exceeded 18,000 by the end of 2025, with a net addition of over 1,700 stores during the year [2] - KFC opened 1,349 new stores (totaling nearly 13,000), while Pizza Hut added 444 stores (totaling 4,168) [2] - New store formats, such as K Coffee and KPro, performed well, with 2,200 and 200 locations respectively, and Lavazza stores numbering 146, enhancing multi-format coverage [2] Shareholder Returns - The company continues to fulfill its commitment to high shareholder returns, with a planned total return of $4.5 billion from 2024 to 2026, averaging $1.5 billion annually [2] - In 2026, the quarterly dividend was raised by 21% to $0.29, with an expected total dividend of approximately $400 million for the year [3] - A share buyback of $460 million was initiated for the first half of the year, with expected annual returns of $900 million to $1 billion from 2027 to 2028 [3] Investment Outlook - The long-tail clearance in the Western fast-food industry solidifies the advantages of leading brands [3] - There remains room for store expansion, supporting stable free cash flow and profitability, which underpins high shareholder returns [3] - The company forecasts a net profit of $1 billion and $1.1 billion for 2026 and 2027 respectively, with current stock prices reflecting a PE ratio of 20 and 18 times [3]

机构：中邮证券 Q4 拆分来看： 1）门店：净新增门店创四季度最高，加盟占比提升。25Q4 净新增门店587 家，创四季度新高，其中净 新增加盟店占比为36%，较前期1/4 的比例大幅提升。25 年全年净新增门店1706 家，其中净新增加盟店 占比31%，截至25 年底公司门店总数达18101 家。 2) 同店：销售额增长3%，大幅提速。同店销售额同比增长3%，24 以来各个季度同店销售额增 速-3%、-4%、-3%、-1%、0%、1%、1%、3%，同店销售额连续第三个季度实现增长。同店交易量同比 增长4%，连续第十二个季度实现增长。在交易量增长的情况下，销售额增速低于销量增速，客单价仍 旧处于下降通道。 3）经营利润：延续同比提升趋势。25Q4 餐厅利润率13%，同比+70bp，经营利润率6.6%，同比 +80bp，延续今年以来同比提升的趋势，一方面得益于原材料成本（食品及包装物）、物业租金的下 降，另一方面与公司运营效率提升有关。25 年全年餐厅净利率16.3%，同比+60bp，经营净利率10.9%， 同比+60bp。 4）外卖及会员：继续双位数增长。公司外卖销售同比增长34%，外卖销售约占公司餐厅收入的 ...

Core Viewpoint - Bilibili is expected to capture more advertising budgets from the gaming and AI application sectors in 2026, leading to revenue and profit growth [1][3] Gaming Industry - The number of game licenses in 2025 is projected to increase by nearly 60% year-on-year, excluding casual games, according to the National Press and Publication Administration [2] - In 2026, competition for promotional traffic among leading game developers is expected to intensify, resulting in an overall increase in industry budgets [2] - Bilibili's gaming advertising growth is estimated to exceed 30% year-on-year in 2026 [2][3] AI Applications - Advertising budgets from AI application advertisers are anticipated to significantly increase in 2026, with a high overlap between Bilibili users and the core audience of AI applications [2] - In 2025, AI application advertisers are expected to invest between 100 million to 200 million in Bilibili, with a potential to acquire 3 million activated users based on a budget allocation of 50% for performance ads [2][3] - The total advertising budget for AI applications on Bilibili in 2026 is projected to be between 500 million to 600 million, allowing for the acquisition of approximately 12 million activated users [2][3] Traffic Supply - Bilibili's Daily Active Users (DAU) is expected to maintain a growth rate of over 5% in 2026, with improvements in AI technology enhancing ad matching accuracy [4] - The ad load is projected to increase from 6.7% to 7.1%, and ECPM is expected to grow by 5% [4] - Native and brand advertising revenues are anticipated to be more affected by macroeconomic conditions, with revenue growth expected to be in single digits for 2026 [4] Financial Forecast - Revenue projections for Bilibili from 2025 to 2027 are estimated at 30.2 billion, 32.6 billion, and 36.5 billion respectively, with adjusted net profits of 2.5 billion, 3.4 billion, and 4.6 billion [3][4] - The rating for Bilibili is maintained at "outperform the market" [3][4]