摩根士丹利发表研报指，中芯国际在结构上处于有利位置，可受惠于内地人工智能运算能力建设，有助 于抵销消费需求的周期性波动。该行维持公司"增持"评级，续予目标价80港元。大摩表示，中芯国际引 指今年首季收入按季持平，毛利率为18%至20%，略低于预测，反映部分面向消费者的客户在存储器价 格上行周期中持谨慎态度，并对终端需求可见度感到忧虑。该行认为，中芯国际是中国本地人工智能 GPU供应链的关键推动者。此外，随着晶圆利用率维持高位，且均价呈上升趋势，相信公司可吸收部分 因持续扩产而上升的折旧成本。 ...

近日，德国大众汽车集团全球总部技术交流展在沃尔夫斯堡举办。均胜电子旗下均联智行携全系汽车智 能化解决方案重磅亮相，并首次展示联合中际旭创打造的车载光通信解决方案。该方案已具备量产上车 能力，成为全场展会的重要看点之一。 安全出行领域的创新成果，是均胜电子将安全智能深植企业基因的重要呈现。现场展示的nSensor 系列 儿童遗留监测产品与nData 智能辅助驾驶数据存储系统，为出行安全筑牢 "防护盾" 。其中，nSensor系 列基于UWB技术高精度、抗干扰和高穿透性等优势，在实现数字钥匙功能的同时有效监测活体呼吸、 心跳等微小的身体活动，即使在有脚坑或有毯子覆盖的盲区，也能无死角、高灵敏探测，不仅满足全球 主要市场的N-CAP认证要求，更跻身国内首批通过C-NCAP认证的解决方案行列。nData系列则满足全 球市场标准与法规，搭载自研可视化数据管理分析工具，实现事故数据的精准提取与快速研判，已于去 年斩获某豪华汽车品牌订单，成为行业内首批拿下量产订单的解决方案。 均胜电子 nCCU 系列中央计算单元 其中，基于高通最新高端平台，均胜电子nCCU系列中央计算平台解决方案支持智能座舱与智能辅助驾 驶域深度融合，集 ...

晨星发表研报指，渣打集团首席财务官Diego De Giorgi实时离任，目前职务将由副财务总监Peter Burrill 暂时接替。晨星认为是次管理层变动消息属意外负面因素，将引发市场对该行人事变动及继任安排的担 忧，但指出行政总裁温拓思未表示有任何退休计划，相信渣打未来将继续专注执行Fit for Growth策略， 在Peter Burrill领导下仍能实现目标，因此预期是次事件对渣打营运影响有限。晨星对渣打维持营运预测 及公允价值估算不变，认为港股合理价值为150港元，伦敦上市股份合理价值则为1460便士，认为其估 值偏高，随着利率下行渣打的息差将受压。 ...

Core Viewpoint - Morgan Stanley anticipates that WuXi Biologics' stock price will rise in the next 45 days, with a probability estimated between 70% to 80% [1] Group 1: Financial Performance and Projections - The company previously issued an earnings upgrade, with management indicating accelerated growth for the fiscal year 2026 [1] - The number of integration projects for 2025 is expected to increase by 16%, reflecting strong momentum in research services [1] - The strong momentum in research services is expected to generate revenue related to intellectual property (IP), further enhancing profitability [1] Group 2: Strategic Partnerships and Growth Indicators - Recently, the company has entered into licensing agreements with Vertex and Zai Lab [1] - WuXi Biologics anticipates strong growth in its manufacturing segment, with several blockbuster drugs expected [1] - The company completed 28 process performance qualifications (PPQ) in 2025, representing a year-on-year growth of 75%, which is viewed as a leading indicator for future commercialization contracts [1] Group 3: Earnings Forecast and Target Price Adjustment - Based on accelerated revenue growth and margin expansion, Morgan Stanley has raised its earnings forecasts for 2026 to 2030 by 4% to 10% [1] - The target price has been adjusted from HKD 45 to HKD 50, while maintaining an "Overweight" rating [1]

Group 1 - The core point of the article is that the price of MMLC battery-grade lithium carbonate has increased significantly, reaching 142,200 yuan per ton, which is an increase of 2,650 yuan per ton compared to the previous day's closing price [1] Group 2 - The data was released by Shanghai Steel Union, indicating a notable upward trend in lithium carbonate prices [1] - The price increase reflects ongoing demand and market dynamics within the battery materials sector [1] - The current price level suggests a strong market position for lithium carbonate, which is critical for battery production [1]

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Core Viewpoint - AppLovin reported strong Q4 performance with significant revenue and EBITDA growth, but the stock experienced a decline in after-hours trading, indicating a disconnect between market sentiment and the company's fundamentals [1] Financial Performance - AppLovin's Q4 revenue increased by 66% year-over-year to $1.66 billion, surpassing analyst expectations of $1.6 billion [1] - Adjusted EBITDA rose by 82% year-over-year to $1.4 billion, with an EBITDA margin of 84% [1] - Earnings per share reached $3.24, exceeding analyst forecasts of $2.95 [1] Future Outlook - For Q1, AppLovin expects revenue to be between $1.745 billion and $1.775 billion, maintaining an EBITDA margin of 84% [1] Management Commentary - CEO Adam Foroughi emphasized a disconnect between market sentiment and reality, asserting that the explosion of AI-generated content will enhance the company's traffic distribution capabilities [1] - He noted that increased bidding density is expected to boost platform revenues [1]

Group 1 - The A-share market saw a collective rise in DeepSeek concept stocks, with notable increases in shares such as Youkede-W up nearly 14% and Shoudu Online up over 11% [1] - DeepSeek updated its model, with user feedback indicating enhancements in both web and app versions, now supporting a maximum context length of 1 million tokens, an increase from the previous version's 128K tokens released in August last year [1] Group 2 - Specific stock performance includes Youkede-W with a market cap of 19.5 billion and a year-to-date increase of 52.26%, Shoudu Online with a market cap of 15.8 billion and a year-to-date increase of 37.19%, and Dongfang Guoxin with a market cap of 17 billion and a year-to-date increase of 46.28% [2] - Other notable stocks include China Jushi with a market cap of 108.8 billion and a year-to-date increase of 59.01%, and Puyuan Information with a market cap of 3.126 billion and a year-to-date increase of 31.27% [2]

Core Viewpoint - The rare earth concept stocks in the A-share market experienced a significant increase, driven by rising prices of rare earth products, particularly praseodymium oxide and neodymium oxide, which have seen substantial price hikes this year [1][2]. Price Trends - As of February 11, the average price of praseodymium oxide reached 877,000 yuan per ton, with an increase of over 260,000 yuan per ton this year, representing a growth of 43.42% - The average price of neodymium oxide reached 870,000 yuan per ton, with a year-to-date increase of 260,000 yuan per ton, reflecting a growth of 42.62% - The cumulative price increase for praseodymium-neodymium, metallic neodymium, and metallic praseodymium has exceeded 35% this year [1]. Stock Performance - 盛和资源 (Shenghe Resources) saw a price increase of 5.94% with a total market value of 53.5 billion yuan and a year-to-date increase of 41.66% [2] - 金田股份 (Jintian Co.) increased by 3.90%, with a market value of 20.3 billion yuan and a year-to-date increase of 8.61% [2] - 厦门铝业 (Xiamen Tungsten) rose by 3.42%, with a market value of 101.9 billion yuan and a year-to-date increase of 56.28% [2] - 华新环保 (Hua Xin Environmental) increased by 3.36%, with a market value of 4.469 billion yuan and a year-to-date increase of 6.04% [2] - Other notable stocks include 九菱科技 (Jiuling Technology) with a 2.59% increase, 中色股份 (China Nonferrous) with a 2.39% increase, and 中国稀土 (China Rare Earth) with a 2.26% increase [2].

Core Viewpoint - The A-share market for banks experienced a collective decline, with several banks showing significant drops in their stock prices on February 12 [1] Group 1: Stock Performance - Chongqing Bank saw a decline of 2.27%, with a total market value of 36 billion [2] - Agricultural Bank dropped by 1.62%, with a market capitalization of 2,337.9 billion [2] - CITIC Bank decreased by 1.57%, with a market value of 417.9 billion [2] - Xiamen Bank fell by 1.57%, with a market capitalization of 19.9 billion [2] - Qingnong Commercial Bank declined by 1.55%, with a market value of 17.6 billion [2] - Qingdao Bank decreased by 1.41%, with a market capitalization of 32.6 billion [2] - Qilu Bank fell by 1.18%, with a market value of 36.2 billion [2] - Xi'an Bank dropped by 1.30%, with a market capitalization of 16.9 billion [2] - China Construction Bank decreased by 1.23%, with a market value of 23,152 billion [2] - Everbright Bank fell by 1.19%, with a market capitalization of 195.6 billion [2] - Pudong Development Bank decreased by 1.18%, with a market value of 334.7 billion [2] - Industrial and Commercial Bank dropped by 1.10%, with a market capitalization of 25,697 billion [2] - Jiangyin Bank fell by 1.06%, with a market value of 11.5 billion [2] - Zijin Bank decreased by 1.05%, with a market capitalization of 10.3 billion [2] - Zhangjiagang Bank fell by 1.05%, with a market value of 11.5 billion [2] - China Merchants Bank decreased by 1.04%, with a market capitalization of 983.3 billion [2] Group 2: Year-to-Date Performance - Chongqing Bank has a year-to-date decline of 2.91% [2] - Agricultural Bank has seen a year-to-date drop of 13.02% [2] - CITIC Bank's year-to-date decline is 2.47% [2] - Xiamen Bank has a year-to-date increase of 2.59% [2] - Qingnong Commercial Bank's year-to-date increase is 2.26% [2] - Qingdao Bank has a significant year-to-date increase of 25.00% [2] - Qilu Bank has a year-to-date increase of 4.53% [2] - Xi'an Bank's year-to-date increase is 2.70% [2] - China Construction Bank has a year-to-date decline of 4.63% [2] - Everbright Bank's year-to-date decline is 2.26% [2] - Pudong Development Bank has a significant year-to-date decline of 19.21% [2] - Industrial and Commercial Bank has a year-to-date decline of 9.08% [2] - Jiangyin Bank has a year-to-date increase of 2.19% [2] - Zijin Bank's year-to-date increase is 4.03% [2] - Zhangjiagang Bank has a year-to-date increase of 3.06% [2] - China Merchants Bank has a year-to-date decline of 4.99% [2]