美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2月12日，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 - AppLovin reported strong Q4 performance with significant revenue and EBITDA growth, exceeding analyst expectations, despite a decline in stock price [1] Financial Performance - Revenue for Q4 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 the analyst forecast of $2.95 [1] Future Outlook - For Q1, AppLovin expects revenue to be between $1.745 billion and $1.775 billion, maintaining a high EBITDA margin of 84% [1] - CEO Adam Foroughi emphasized the disconnect between market sentiment and the company's strong fundamentals, highlighting the potential of AI in enhancing content distribution [1]

Group 1 - Heavy machinery stocks in Hong Kong continued to rise, with China National Heavy Duty Truck Corporation (中国重汽) surging by 14% to reach a new historical high [1] - The China Construction Machinery Industry Association reported that in January 2026, a total of 18,708 excavators were sold, representing 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%) [1] - The strong sales data exceeded market expectations, indicating a clear improvement in the fundamentals of the industry, which served as a core catalyst for the sector's rise [1] Group 2 - In January 2026, China National Heavy Duty Truck Corporation exported over 16,000 heavy trucks, marking another historical high after surpassing 15,000 units for the first time in September of the previous year [1] - Dongguan Securities noted that the strong excavator sales in January were partly due to the impact of the Spring Festival holiday, and the year-on-year decline in domestic sales was significantly narrowed compared to the same period last year, reflecting signs of recovery in domestic demand for construction machinery [1]

Core Viewpoint - The release of the Spark X2 model by iFlytek marks a significant advancement in AI healthcare solutions, showcasing superior performance compared to leading models in the industry [1] Group 1: Model Performance - The Spark X2 model demonstrates significant improvements in key tasks such as intelligent health analysis, report interpretation, dietary and exercise recommendations, diagnostic assistance, and medication review, outperforming DeepSeek V3.2, GPT-5.2, and Qwen3-Max [1] - The model has successfully passed authoritative evaluations from the Shanghai Medical Model Application Testing and Verification Center, establishing its credibility in the healthcare sector [1] Group 2: Service Capabilities - iFlytek's Xiaoyi has undergone a comprehensive upgrade, enhancing its capabilities in multi-turn consultations, medication inquiries, and interpretation of medical reports, maintaining a significant competitive edge in the industry [1] - The transition from "AI consultation tool" to "AI health steward" for end-users signifies a shift towards providing comprehensive health services throughout the care cycle [1] Group 3: Market Impact - The Spark X2 model empowers family doctors in the B-end market, improving the quality and efficiency of grassroots medical services, thereby unlocking practical value for medical AI [1]

Core Viewpoint - UBS reports that NetEase Cloud Music's revenue for the second half of 2025 is expected to grow by 1.4% year-on-year to 3.932 billion yuan, which is lower than both the bank's and market expectations by 4% and 2.3% respectively [1] Financial Performance - Gross profit is projected to be 1.377 billion yuan, with a gross margin of 35%, both lower than the bank's and market expectations [1] - Non-GAAP operating profit is expected to be 828 million yuan, which is 1.9% higher than the bank's forecast due to strict cost control measures [1] Segment Analysis - Revenue from the online music business is anticipated to increase by 8% year-on-year to 3.027 billion yuan, which is lower than the bank's expectations by 6% and 4.7% [1] Market Outlook - The bank anticipates that the market's weakening outlook on NetEase Cloud Music's core music business will have negative repercussions, although recent stock price movements may have already reflected this [1] - Investor focus will be on strategies to drive music user base growth and average revenue per paying user, profit outlook, and the latest developments in the competitive landscape [1] Investment Rating - The bank sets a target price of 350 HKD for NetEase's stock and maintains a "Buy" rating [1]

Core Viewpoint - Recent field visits to SANY International revealed significant breakthroughs in expanding new customers for mining trucks, with a notable increase in orders and diversification of the customer base [1] Group 1: Company Performance - As of January this year, SANY International's mining truck orders reached approximately 3 billion yuan, with over half coming from hybrid rigid trucks and electric wheel trucks over 150 tons [1] - The customer base has expanded to include non-coal mining enterprises, with estimates suggesting that orders from the non-ferrous metals sector will account for 40% to 50% this year [1] Group 2: Financial Projections - Analysts predict that SANY International's adjusted net profit will grow nearly fourfold from 2024 to 2027, with contributions from overseas markets expected to exceed 50% [1] - The target price for SANY International has been raised from 13 HKD to 16 HKD, maintaining an "outperform" rating [1]

Group 1 - The core viewpoint of the report indicates that NetEase's revenue for Q4 2025 is expected to grow by 3% year-on-year to 27.5 billion yuan, which is in line with the firm's expectations but falls short of market expectations by 4% [1] - The non-GAAP operating profit margin is projected to increase by 0.6 percentage points year-on-year to 33.3%, which is 0.6 percentage points higher than the firm's expectations, primarily due to lower-than-expected growth in marketing expenses and a greater-than-expected decline in general and administrative expenses [1] - Non-GAAP operating profit is expected to rise by 5% year-on-year, exceeding the firm's expectations by 1% [1] Group 2 - The firm has set a target price of $160 for NetEase's U.S. stock and maintains a "Buy" rating [1]

Group 1 - The heavy machinery stocks in Hong Kong continue to rise, with China National Heavy Duty Truck Corporation (中国重汽) surging by 14% to reach a new historical high, while other companies like Sany International (三一国际) and Zoomlion Heavy Industry Science and Technology Co., Ltd. (中联重科) also saw significant gains [1] - According to the China Construction Machinery Industry Association, in January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales reached 8,723 units, up 61.4%, while exports totaled 9,985 units, increasing by 40.5% [1] - The strong sales data for excavators in January exceeded market expectations, indicating a clear improvement in the fundamentals of the industry, driven by both domestic and international demand [1] Group 2 - Dongguan Securities noted that the sales of excavators in January marked a strong start to the year, with the increase in domestic sales primarily attributed to the disruptions caused by the Spring Festival holiday [1] - The domestic sales decline compared to the previous year has significantly narrowed, reflecting signs of recovery in domestic demand for construction machinery [1] - In January, China National Heavy Duty Truck Corporation's heavy truck export sales exceeded 16,000 units, marking another historical high after surpassing 15,000 units in September of the previous year [1]

Group 1 - The core point of the article is that Tianfu Communication's stock surged by 10%, with trading volume exceeding 10 billion yuan [1] Group 2 - The significant increase in Tianfu Communication's stock price indicates strong market interest and potential investor confidence [1] - The trading volume surpassing 10 billion yuan suggests heightened activity and liquidity in the stock, which may attract further investment [1]

Core Viewpoint - MiniMax-WP (0100.HK) experienced a significant intraday increase of 13%, reaching a price of 580 HKD, with a market capitalization exceeding 180 billion HKD [1] Group 1: Stock Performance - The stock price of MiniMax-WP rose by 13% during trading [1] - The current market capitalization of MiniMax-WP is over 180 billion HKD [1] Group 2: Product Development - The M2.5 model is set to officially launch soon [1] - The MiniMax M2.5 model is currently undergoing internal testing within the overseas MiniMax Agent product [1]