Group 1 - MiniMax-WP (0100.HK) experienced a significant increase of over 15%, reaching 688 HKD, marking a new high since its listing, with a market capitalization surpassing 210 billion HKD [1] - The company officially launched its latest flagship programming model, MiniMax M2.5, which is designed for agent scenarios and is positioned as a production-grade model [1] - The M2.5 model features competitive coding and agentic performance, directly competing with international models like Claude Opus 4.6, and supports full-stack programming development across PC, App, and cross-platform applications [1] Group 2 - The M2.5 model is noted for its industry-leading capabilities in core productivity scenarios such as advanced Excel processing, in-depth research, and PowerPoint applications [1] - The model has an activation parameter count of only 10 billion, providing advantages in memory usage and inference efficiency, supporting over 100 transactions per second (TPS) with inference speed exceeding that of top international models [1]

Core Insights - The open-source project Clawdbot, now renamed openClaw, has gained significant attention in the tech community, with MiniMax providing foundational technical support for developers [1] - MiniMax's agent capabilities are highly regarded for their cost-effectiveness, particularly in comparison to similar products like Claude, leading to increased user satisfaction and a surge in token usage [9] Company Overview - MiniMax, established in late 2021, has served over 200 countries and regions, with more than 200 million individual users and over 100,000 enterprise clients [2] - The company generates 73% of its revenue from overseas markets, with significant contributions from Singapore and the United States [2] Product Performance - MiniMax's AI products, including Talkie (AI companionship) and Hailuo (AI video), contribute significantly to revenue, accounting for 29%, 33%, and 35% respectively [3][6] - The company reported a revenue of $30.52 million in 2024, with a projected increase to $53.44 million in 2025, reflecting a year-on-year growth of 175% [6] Technological Advancements - MiniMax has introduced the OctoCodingBench, enhancing the training of coding agents through process supervision, which has shown competitive success rates compared to established closed-source models [2] - The company is a pioneer in commercializing the MoE (Mixture of Experts) architecture, which improves scalability and efficiency while reducing computational costs [4] Market Position - MiniMax's M2.1 model has demonstrated superior performance in handling non-extreme full-stack tasks efficiently and cost-effectively, leading to a 64% year-on-year increase in token usage following the popularity of Clawdbot [9] - The company is positioned to capitalize on the growing demand for AI applications among small and micro enterprises due to its high cost-performance ratio and comprehensive multi-modal service offerings [8] Future Outlook - MiniMax is expected to see substantial revenue growth, with projections of $80 million, $190 million, and $395 million from 2025 to 2027, reflecting year-on-year growth rates of 173%, 129%, and 107% respectively [7] - The company aims to enhance its open platform's capabilities, which is seen as a core growth driver for future revenue [10]

瑞銀下調中移動目標價至81元：第二阻力位與大行看法關聯 截至2026年2月13日，中國移動（00941）股價78.05元，呈現窄幅待變格局。從市場新聞觀察，大行看法出現明顯分歧：野村於2月11日重申「買入」評級， 認為行業競爭加劇下中移動仍具防守優勢；惟瑞銀於2月8日將評級下調至「中性」，目標價大削至81元，直言股價缺乏重新估值催化劑，2025-2026年盈利 增長僅2-3%，股息率7-8%已充分反映在股價中。在「高股息」與「低增長」的論述角力下，技術位與衍生品條款的匹配，將是短線操作的關鍵依據。 技術分析與關鍵位置 2月13日的技術數據顯示，中移動呈現明確的「築底信號」與「均線壓制」並存格局。股價報78.1元，低於MA10（78.79元）、MA30（79.82元）及MA60 （82.61元），均線系統呈空頭排列。然而，多個震盪指標已發出強烈底部信號：RSI報42，處於中立偏超賣區間；CCI指標處於超賣區間並發出買入信號； VR成交比率指標顯示「嚴重超跌、可能築底」，買入信號明確。技術指標總結信號為「買入」，強度10，反映短線反彈動能正在積聚。 支持位方面，第一支持位看76.5元，此位置是2月上旬兩度下試的低 ...

在匯豐控股（00005）正股現價136.5元的技術框架下，市場當前呈現出明確的結構性特徵。技術分析顯示合理活動範圍介於134.8元至143.5元之間，技術支持區域落在 129.6元至134.8元，而技術阻力區域則位於143.5元至147.6元水平。此技術座標為認購證的行使價分布提供了重要的參考基準。 從行使價結構區間分析來看，市場產品分布呈現明顯集中態勢。價內主力區間（日常波段工具）共有26隻產品，行使價範圍118元至134.09元；深價內區間 （趨勢替代正股）擁有25隻產品，行使價86.797元至114.18元；遠價外區間（情緒尾部風險）則有23隻產品，行使價148元至192.08元。其餘輕微價內、貼近 平價和中價外區間產品數量相對較少，顯示市場產品布局主要集中於價內與遠價外兩個極端。 街貨分布分析揭示市場共識呈現明顯的兩極化特徵。深價內區間街貨量高達207.53億份，佔總街貨量的66.3%，顯示大量資金沉澱於深度價內區域。遠價外 區間街貨量45.1億份，佔比14.4%，價內主力區間街貨量49.23億份，佔比15.7%。這種分布表明市場存在單一區間過度集中現象，深價內區間街貨集中度顯 著偏高，反映投資者傾向 ...

机构：申万宏源研究 研究员：林起贤/夏嘉励 事件： 公司发布盈利预警：1）预计25 年调整后归母净利润为8-9 亿元，低于预期，较24 年调整后归母净利润 11.4 亿元（新丽传媒3.4 亿元，在线业务+阅文自有版权运营业务8 亿元）对应同比下滑21-30%。2）预 计25 年调整前归母净亏损为7.5-8.5 亿元，同比24 年亏损扩大；主要由于新丽传媒计提商誉减值约18 亿 元。 投资要点： 新丽传媒项目波动导致公司25 年利润下滑。一方面，部分剧集延期，25 年全年仅上线2部剧（《扫毒风 暴》《哑舍》）；另一方面，电影《情圣3》亏损，根据猫眼专业版，总票房仅4262 万。新丽传媒仍然 为国内头部剧集制作公司，26 年已上线剧集《年少有为》，关注后续项目排播。新丽传媒25 年已计提 剩余全部商誉减值，减值支出不影响调整后利润口径，不影响现金流。 在线业务及阅文自有版权运营业务25 年基本符合预期。阅文作为付费网文领军，在线业务预计平稳。 公司当前核心看点版权运营业务25 年增速较好，经营向上。衍生品、短剧、漫剧等更"短平快"的IP 变 现方式，可平滑长剧电影产品周期波动。 漫剧等有助于阅文从"爆款驱动"转向 ...

Core Viewpoint - Wynn Macau's Q4 2025 performance fell short of Visible Alpha consensus expectations, with net revenue of $968 million, a year-on-year increase of 4% but a quarter-on-quarter decline of 3%, recovering to 87% of Q4 2019 levels [1] Performance Review - Q4 2025 adjusted property EBITDA was $271 million, down 7% year-on-year and down 12% quarter-on-quarter, recovering to 78% of Q4 2019 levels, which was below the $298 million consensus expectation [1] - The decline in total gaming revenue market share from 13.0% in Q3 2025 to 12.0% in Q4 2025 contributed to the underperformance [1] - The win rate was below expectations, and daily operating costs along with the reinvestment rate at Wynn Palace were relatively high [1] Development Trends - Based on hotel booking outlook, the company anticipates a strong performance during the 2026 Spring Festival, aided by the new 63,000 square feet Chairman's Club gaming area at Wynn Palace [1] - Strong business trends are expected to continue into 2026, with January 2026 business volume exceeding that of Q4 2026 [1] - Despite a competitive marketing rebate environment in the Macau gaming industry, the overall situation has stabilized, with the high-end segment continuing to drive industry growth [1] - Management believes AI will have a dual positive impact on demand growth (wealth creation for customers) and cost control (AI-based reinvestment rates, operational cost efficiency, and product visibility) [1] - Capital expenditures for 2026 are projected to be between $400 million and $450 million, with some projects pending government approval [1] Earnings Forecast and Valuation - The company maintains EBITDA forecasts for 2026 and 2027, currently trading at 7x 2026e EV/EBITDA [2] - The company maintains an outperform rating and a target price of HKD 7.20, corresponding to 8x 2026e EV/EBITDA, indicating an 18% upside from the current stock price [2]

2026年1月，本公司未引进飞机，退出1架B737系列飞机。截至2026年1月末，本公司合计运营825架飞 机。 格隆汇2月13日丨中国东航(600115.SH)公布，公司2026年1月客运运力投入（按可用座公里计）同比下 降3.54%；旅客周转量（按客运人公里计）同比下降1.03%；客座率为85.01%，同比上升2.16个百分点。 2026年1月货邮周转量（按货邮载运吨公里计）同比上升8.33%。 ...

机构：华创证券 研究员：刘一怡 事项： 智能眼镜催化频频，持续看好公司卡位优势。公司积极布局智能眼镜赛道，海外客户合作项目数量持续 增加，现有项目稳步推进，个别重点项目工作重心从前期的产品功能实现和技术路线验证，转向下一步 的扩大生产规模；同时，国内客户个别重点项目已实现产品交付，终端用户反馈良好。近期Meta 上调 Ray-Ban 产能、千问大模型升级，智能眼镜生态硬件协同成型，持续放量可期。 投资建议：镜片制造龙头企业，积极培育智能眼镜第二成长曲线。康耐特光学深耕眼镜制造行业，内外 销齐头并进，结构升级有望带动盈利能力持续改善。 目前公司已和多家头部3C 龙头合作布局智能眼镜，成长可期。考虑到智能眼镜产业链发展提速叠加公 司产品结构稳步向上，我们预计公司25-27 年归母净利润分别为5.6/7.0/8.7 亿元，对应PE 为51/41/33X。 参考可比公司估值，给予26 年估值为43X，维持目标价至69.36 港元，维持"强推"评级。 风险提示：智能眼镜发展不及预期、国内渠道拓展不及预期、行业竞争加剧。 根据公告，固定汇率口径下，依视路陆逊梯卡2025 年实现销售收入285 亿欧元，同比+11%；25Q ...

Core Viewpoint - The company reported a total revenue of 7.76 billion RMB for 2025, reflecting a year-over-year decline of 2%, while the adjusted net profit attributable to shareholders increased by 68% to 2.86 billion RMB, exceeding Bloomberg's consensus estimate of 2.836 billion RMB [1] Group 1: Financial Performance - The gross profit for 2025 was 2.77 billion RMB, representing a year-over-year growth of 3.3%, with a gross margin of 35.7%, an increase of 2 percentage points [1] - Operating profit reached 1.62 billion RMB, up 39% year-over-year, with an operating margin of 21%, an increase of 6 percentage points [1] - The company ended 2025 with cash and bank deposits totaling 13.6 billion RMB [1] Group 2: Business Segments - Online music business revenue was 5.994 billion RMB, showing a year-over-year increase of 12% [1] - Subscription revenue grew by 13.3% to 5.052 billion RMB, driven by an increase in membership scale, although ARPU dilution from changes in membership structure offset some growth [1] - Non-subscription revenue reached 940 million RMB, a year-over-year increase of 5%, while social entertainment revenue declined by 32% to 1.765 billion RMB [1] Group 3: Strategic Initiatives - The company is enhancing user experience by expanding its music library and iterating algorithms, maintaining a DAU/MAU ratio above 30% [1] - The introduction of Korean labels and the addition of Chinese songs and film soundtracks aim to strengthen the rap and Western music categories [1] - Over 1 million independent musicians have uploaded more than 5.6 million tracks to the library [1] Group 4: Future Outlook - For 2026 and 2027, revenue is projected to reach 8.539 billion RMB and 9.323 billion RMB, representing year-over-year growth of 10% and 9% respectively [2] - Non-GAAP net profit for 2026 and 2027 is expected to be 2.206 billion RMB and 2.561 billion RMB [2] - The company repurchased 910,000 shares for a total of 14.99 million HKD, indicating confidence in its financial position [2]

Core Viewpoint - NetEase Cloud Music reported a slight decline in total revenue for FY25, but adjusted net profit showed significant growth, indicating a mixed financial performance with concerns over revenue growth in online music services and overall gross profit margin [1]. Financial Performance - Total revenue for FY25 decreased by 2% YoY to RMB7.76 billion, slightly below the Bloomberg consensus estimate of RMB7.91 billion [1]. - Adjusted net profit increased by 68% YoY to RMB2.86 billion, aligning with consensus estimates [1]. - Adjusted operating profit grew by 32% YoY to RMB1.73 billion, excluding the impact of deferred income tax credit [1]. Revenue Breakdown - Online music services revenue grew by 8% YoY to RMB3.0 billion in 2H25, a slowdown from 16% YoY growth in 1H25 [2]. - Membership subscription revenue rose by 12% YoY to RMB2.6 billion in 2H25, driven by subscriber base growth but offset by a decline in monthly ARPPU [2]. - Non-subscription music revenue fell by 7% YoY in 2H25, primarily due to decreased revenue from digital album sales [2]. - Revenue from social entertainment and others dropped by 17% YoY to RMB905 million in 2H25, although it stabilized with a 5% HoH growth [2]. Margin Analysis - Overall gross profit margin (GPM) increased by 2.7 percentage points YoY but declined by 1.4 percentage points HoH to 35.0% in 2H25, mainly due to reduced revenue from higher-margin non-subscription business [3]. - Adjusted operating margin improved by 4.6 percentage points YoY to 21.1% in 2H25, attributed to operating leverage and effective expense control [3]. Future Outlook - For FY26E, total revenue is forecasted to increase by 8% YoY to RMB8.4 billion, driven by solid growth in the online music business [4]. - Music subscription revenue is expected to rise by 13% YoY to RMB5.7 billion in FY26E, supported by growth in both subscriber base and ARPPU [4]. - Adjusted operating profit is projected to grow by 19% YoY in FY26E, with operating profit margin increasing by 2 percentage points YoY [4].