Group 1 - The core point of the article is that Huaming Equipment (002270.SZ) has seen a stock price increase of 2.1%, reaching a historical high of 35.480 yuan, with a total market capitalization of 31.798 billion yuan [1]

Core Viewpoint - The A-share market has seen a significant rise in liquid cooling concept stocks, with multiple companies experiencing substantial gains in their stock prices, indicating a growing interest and investment in this sector [1][2]. Group 1: Stock Performance - Fangsheng Co. (方盛股份) increased by 17% [1] - Shenling Environment (申菱环境) rose over 13% [1] - Langjin Technology (朗进科技) and Yimikang (依米康) both saw increases of over 12% [1] - Chuanrun Co. (川润股份), Bojie Co. (博杰股份), and Dayuan Pump Industry (大元泵业) hit the daily limit with a 10% increase [1] - Other notable performers include Keda (科士达), Yingweik (英维克), Kexin Innovation Source (科创新源), and Debang Technology (德邦科技), all rising over 7% [1] Group 2: Market Capitalization and Year-to-Date Performance - Yike De-W (优刻得-W) has a market capitalization of 20.6 billion with a year-to-date increase of 60.38% [2] - Fangsheng Co. (方盛股份) has a market cap of 2.8 billion and a year-to-date increase of 10.23% [2] - Shenling Environment (申蒙环境) has a market cap of 22.9 billion with a year-to-date increase of 35.74% [2] - Langjin Technology (朗进科技) has a market cap of 2.767 billion and a year-to-date increase of 53.60% [2] - Yimikang (依米康) has a market cap of 7.885 billion with a year-to-date increase of 22.35% [2] - Chuanrun Co. (川润股份) has a market cap of 8.786 billion with a year-to-date increase of 10.83% [2] - Bojie Co. (博杰股份) has a market cap of 13.3 billion with a year-to-date increase of 7.95% [2] - Dayuan Pump Industry (大元泵业) has a market cap of 8.292 billion with a year-to-date increase of 0.14% [2] - Keda (科士达) has a market cap of 31.9 billion with a year-to-date increase of 12.84% [2] - Yingweik (英维克) has a market cap of 104.6 billion with a year-to-date increase of 0.22% [2] - Kexin Innovation Source (科创新源) has a market cap of 8.333 billion with a year-to-date increase of 17.24% [2] - Debang Technology (德邦科技) has a market cap of 9.419 billion with a year-to-date increase of 37.24% [2] - Dongyangguang (东阳光) has a market cap of 106.4 billion with a year-to-date increase of 57.65% [2] - Wangsu Technology (网宿科技) has a market cap of 53.5 billion with a year-to-date increase of 112.10% [2] - Tongfei Co. (同飞股份) has a market cap of 14.9 billion with a year-to-date decrease of 3.12% [2] - Qiangrui Technology (强瑞技术) has a market cap of 11 billion with a year-to-date increase of 5.59% [2] - Gaolan Co. (高澜股份) has a market cap of 9.292 billion with a year-to-date decrease of 0.78% [2]

Core Viewpoint - Morgan Stanley's report indicates that NetEase's revenue for Q4 2025 is expected to rise only 3% year-on-year to 27.5 billion yuan, with online gaming revenue increasing by 4% to 21.3 billion yuan, which is 6% lower than the bank's expectations due to slower revenue recognition [1] Group 1: Revenue and Growth - Total game revenue is estimated to grow by 10% year-on-year, indicating a healthy growth level [1] - Deferred revenue is projected to increase by 34% year-on-year to 20.5 billion yuan, reaching a new high [1] Group 2: Profitability - Non-GAAP net profit is expected to decline by 27% to 7.1 billion yuan, which is 25% lower than the bank's expectations, attributed to delayed revenue recognition and losses from equity investments marked to market [1] Group 3: Shareholder Returns - The company declared a dividend of $1.16 per ADS, with a payout ratio of 84%, exceeding the typical payout ratio of 30%, aimed at compensating for limited share buybacks during 2025 [1] - Morgan Stanley has set a target price of $168 for NetEase's U.S. stock and maintains an "Overweight" rating [1]

需求方面，中芯管理层指BCD工艺、储存器及储存器相关产品的需求持续强劲，供不应求，并已于 2025年实现价格上调。其他产品领域如CIS及LCD驱动芯片，由于行业产能被调配至BCD及其他高需求 领域，价格正趋于稳定。该行上调中芯2026至2029年收入预测4%，以反映更大的本土化机遇及更佳的 供需格局，同时下调盈利预测8%至18%，以反映更高的折旧负担；维持"中性"评级，目标价为76港 元。 瑞银发表研报指，中芯国际去年第四季盈利按季增4.5%，表现优于常规季节性，并高于指引及市场预 期，主要受惠于晶圆出货量及混合产品均价轻微上升。其他收入因临近年底光罩出货而按季增64%。毛 利率为19.2%，符合18%至20%的指引，但低于市场预期的20%。毛利率因折旧费用上升而按季下跌2.8 个百分点。 ...

Group 1 - The core stocks in the film and television industry experienced a collective decline for the second consecutive day after a previous surge driven by the "Spring Festival" and "Seedance" [1] - Light Media saw a drop of over 10%, while companies such as Huanrui Century, Hengdian Film, Bona Film, and Jinyi Film hit the daily limit down of 10% [1] - Happiness Blue Sea and China Film fell by more than 7%, and Shanghai Film and Huayi Brothers dropped over 6% [1] - Huace Film, Wento Holdings, and Huazhi Digital Media experienced declines of over 4% [1]

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]