格隆汇2月12日丨联想集团(00992.HK)公布第三季业绩，截至2025年12月31日止第三季度，集团取得稳 健财务表现。集团收入同比增长18%，达创纪录的222亿美元，三大业务集团的收入均录得双位数同比 增长。人工智能相关收入同比增长72%，占集团总收入的32%。 第三季度调整后权益持有人应占溢利达5.89亿美元，同比增长36%，增速达收入增长的两倍。已呈报的 权益持有人应占溢利为5.46亿美元。主要调整项目包括一次性重组费用2.85亿美元、所得税抵免4,500万 美元，认股权证的非现金公允值收益1.86亿美元、可换股债券的名义利息2,900万美元，以及其他非现金 调整4,000万美元。 调整后净溢利率上升34个基点至2.7%，体现运营杠杆能力的提升、效率优化以及高端産品组合和服务 对收入贡献的增加。尽管第三季度运营环境充满挑战，关税不确定性持续，供需失衡导致零部件成本上 升，集团仍展现出卓越的经营韧性，在这一宏观背景下仍录得稳健的收入及运营利润增长。 基础设施方案业务集团于第三季度宣布重组，是重新优化成本结构、加速迈向可持续的盈利增长转型的 关键一步。通过优化产品组合和提升员工技能，基础设施方案业务集团 ...

Core Viewpoint - The energy storage battery sector is experiencing significant growth, with ETFs such as E Fund and GF rising over 3%, reflecting strong market interest and demand in the energy storage industry [1][2]. Group 1: ETF Performance - E Fund Energy Storage ETF increased by 3.09% year-to-date, with an estimated scale of 46.58 billion [2] - GF Energy Storage ETF rose by 3.33% year-to-date, with an estimated scale of 2.51 billion [2] Group 2: Market Dynamics - Recent bidding for a 12GWh energy storage system by Huadian showed an average price of 0.55 yuan/Wh, indicating a significant increase and a tight supply-demand situation [2] - The State Power Investment Corporation announced a public bidding for 7GWh energy storage cells with prices ranging from 0.325 to 0.355 yuan/Wh, reflecting strong downstream demand [3] Group 3: Policy Developments - A new notification established a unified national compensation logic for independent energy storage capacity pricing, which is expected to enhance revenue stability for energy storage projects [4] - The projected internal rate of return (IRR) for energy storage projects under different capacity pricing scenarios is 5.8% for 2 years, 7.9% for 10 years, and 9.2% for 20 years, indicating a favorable investment environment [4] Group 4: Industry Insights - The demand for lithium mining stocks is expected to rise due to increasing lithium carbonate prices, with potential for upward price adjustments [5] - The solid-state battery technology is anticipated to drive a new wave of capital expenditure in the industry by 2025, highlighting the importance of companies with integrated solid-state battery equipment capabilities [5] - The downstream battery terminal segment is currently viewed as the most stable part of the lithium battery supply chain, offering high win rates and safety [5]

Market Overview - The three major A-share indices collectively rose in early trading, with the Shanghai Composite Index up 0.12% to 4137.06 points, the Shenzhen Component Index up 0.81%, and the ChiNext Index up 1.18% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion yuan, an increase of 30.5 billion yuan compared to the previous day, with over 2700 stocks rising [1] Engineering Machinery Sector - The engineering machinery sector saw significant gains, with China National Heavy Duty Truck and Weichai Power both rising over 7%, which in turn boosted the performance of various engineering machinery ETFs, each rising over 2% [1] - In January, the sales of various excavators reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and exports at 9,985 units (up 40.5%) [2] - The China Machinery Industry Market Index (CMI) for January was 109.99, reflecting a year-on-year increase of 5.19%, indicating strong sales momentum in the engineering machinery market driven by factors such as project acceleration and improved demand in mining and forestry sectors [2] Future Outlook - Huachuang Securities predicts a continued moderate recovery in the domestic engineering machinery market driven by renewal demand, with an acceleration in excavator export growth expected from the second half of 2025 [3] - Haitong Securities anticipates a synchronous upward trend in domestic and foreign demand for engineering machinery in 2026, supported by key infrastructure projects and potential recovery in the real estate sector [3] - Donghai Securities highlights the ongoing recovery in domestic demand due to major water conservancy projects and the establishment of overseas networks by domestic companies, indicating a period of accelerated globalization and increasing market penetration [3]

Market Performance - The Hong Kong stock market opened lower, with the Hang Seng Technology Index experiencing the largest decline, down 1.68% at midday [1] - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 0.89% and 0.96%, respectively, with the Hang Seng Index narrowly holding above the 27,000-point mark [1] Sector Performance - Major technology stocks collectively underperformed, contributing to the market decline, with Meituan dropping over 4% and Baidu down 3.5% [1] - The film and television sector continued its downward trend from the previous day, while AI application concept stocks showed mixed performance [1] - Insurance and domestic banking stocks also exhibited weakness [1] Positive Developments - The electricity market reform is seen as beneficial, leading to a collective rise in power equipment stocks, with Dongfang Electric surging over 11% [1] - Rising international oil prices boosted the performance of oil stocks, with China Petroleum and Chemical Corporation reaching a new high [1]

格隆汇2月12日丨汇源通信(000586.SZ)公布，公司于2026年2月11日收到深圳证券交易所出具的《关于 受理四川汇源光通信股份有限公司向特定对象发行股票申请文件的通知》(深证上审〔2026〕29号)。深 圳证券交易所对公司报送的向特定对象发行股票的申请文件进行了核对，认为申请文件齐备，决定予以 受理。 ...

Core Viewpoint - The company Youcai Resources (002998.SZ) has received a notification from the National Intellectual Property Administration granting a patent for an invention related to a multi-objective optimization method for recycled polyester fibers [1] Group 1: Patent Details - The patent is titled "A Multi-Objective Optimization Method for Recycled Polyester Fibers" [1] - This invention addresses multiple objectives simultaneously, which allows for effective resolution of conflicts between cost and performance, unlike single-objective optimization models [1]

Core Viewpoint - UBS reports that NetEase's revenue and operating profit for Q4 2025 are projected to be 5% lower than market consensus, with adjusted net profit expected to be 23% below consensus due to investment losses [1] Group 1: Financial Performance - NetEase's deferred revenue shows strong growth of 34% [1] - The company's current price-to-earnings (P/E) ratio is projected at 13.5 times for the next 12 months, which is approximately 0.7 standard deviations below its historical average [1] - UBS believes that historically low P/E ratios often correspond to regulatory or product cycle troughs, but NetEase is not in a similar situation, indicating limited downside potential for the stock price [1] Group 2: Positive Catalysts - Future positive catalysts are expected from the official progress of the dual primary listing plan and the launch of the new game "Forgotten Sea" in Q3 2026 [1] - UBS slightly lowers the target price for NetEase's U.S. stock from $185 to $180 and adjusts the target price for its Hong Kong stock to HKD 280.8, which corresponds to a projected P/E of 21 times for 2026 [1] - UBS maintains a "Buy" rating for NetEase [1]

Core Viewpoint - Morgan Stanley's report indicates that NetEase's management emphasizes the company's role as a pioneer and beneficiary of artificial intelligence technology in the gaming sector, rather than being challenged by AI world models [1] Group 1: Company Developments - NetEase is in communication with regulatory authorities regarding its dual primary listing, having met the trading volume threshold with over 55% of its trading volume on the Hong Kong Stock Exchange last year [1] - The management believes that a clear timeline for the dual listing is not yet established, but they consider it a matter of time [1] Group 2: Industry Environment - The gaming industry is currently in a favorable regulatory environment, with no preliminary discussions on imposing a consumption tax on games or altering the preferential income tax rates for high-tech companies based on R&D intensity [1] - Morgan Stanley notes that a longer deferred revenue cycle is a structural trend driven by increased user engagement [1] Group 3: Product Launch and Financial Outlook - The target launch date for the key game "Forgotten Sea" is set for the third quarter of this year [1] - Morgan Stanley sets a price target of $168 for NetEase's U.S. stock and maintains an "Overweight" rating [1]

| 代码 | 名称 | 最新价 涨跌幅 × | | | --- | --- | --- | --- | | 00883 | 甲国海洋石油 | 25.340 2.18% | | | 00386 | 中国石油化工股 | 5.630 | 2.18% | | 02883 | 中海油田服务 | | 9.740 1.78% | | 00857 | 中国石油股份 | 9 490 | 1.17% | | 00135 | 昆仑能源 | 8.210 | 0.37% | 港股石油股持续活跃，其中，中国海洋石油、中国石油化工均涨超2%，且中石化刷新上市新高价，中 海油田服务涨1.8%，中国石油股份涨超1%，昆仑能源跟涨。 消息上，由于交易员关注的重点在于美伊紧张局势，且该因素掩盖了供应增加的信号，原油价格维持涨 势。WTI原油稳定在每桶65美元附近。此前，该原油价格在周三上涨超过1%。尽管特朗普在与内塔尼 亚胡就该地区局势进行会谈后发表评论，表示其目标是与德黑兰达成协议，但交易员仍对潜在的军事打 击和供应风险感到担忧。国际能源署定于周四晚些时候发布月度市场展望报告，该报告可能再次指出全 球供应过剩的问题。 ...

Core Viewpoint - The A-share market showed a collective increase in the morning session, indicating positive investor sentiment and market activity [1] Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06 points [1] - The Shenzhen Component Index increased by 0.81% [1] - The ChiNext Index saw a rise of 1.18% [1] - The North China 50 Index gained 0.49% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion yuan, an increase of 30.5 billion yuan compared to the previous day [1] - Over 2700 stocks in the market experienced an increase [1] Sector Performance - Strong performance was noted in sectors such as power grid equipment, small metals, and AI hardware [1] - Adjustments were observed in sectors including film and television, tourism, and banking [1]