Core Viewpoint - The report from Credit Lyonnais indicates that SMIC's Q4 performance and Q1 guidance are largely in line with expectations, despite the constraints posed by memory shortages [1] Group 1: Company Performance - SMIC's Q4 performance and Q1 guidance are in line with expectations [1] - The company anticipates that the memory shortage situation will ease within 9 to 12 months [1] Group 2: Financial Projections - Capital expenditure for SMIC in 2026 is expected to remain at $8.1 billion, with depreciation expenses projected to grow by 30% annually [1] - Earnings estimates for SMIC have been reduced by 14% and 11% for 2026 and 2027, respectively [1] Group 3: Stock Ratings - The target price for SMIC's H-shares is set at HKD 93.3, while the target price for A-shares is set at CNY 152, maintaining an "outperform" rating [1]

Core Viewpoint - Nomura's report indicates that WuXi AppTec's revenue is expected to grow by 9.2% year-on-year to 11.7 billion yuan in Q4 2025, with net profit increasing by 142% to 7.1 billion yuan [1] Financial Projections - For the fiscal year 2026, revenue is projected to grow by 16% year-on-year to 52.6 billion yuan, surpassing market expectations of 51.1 billion yuan due to strong performance in the chemical business [1] - Net profit for 2026 is expected to increase by 3% year-on-year to 19.6 billion yuan [1] Business Segment Performance - By business segment, revenue for TIDES and late-stage development and manufacturing is expected to grow by 55% and 10% year-on-year, reaching 17.1 billion yuan and 21.6 billion yuan respectively [1] - The growth in TIDES is supported by sustained demand and the company's large-scale functional production capacity of 100,000 liters [1] Target Price Adjustments - Nomura has raised the target price for WuXi AppTec's H-shares from 132.8 HKD to 157.07 HKD and for A-shares from 120.85 CNY to 142.93 CNY, maintaining a "Buy" rating [1]

Core Viewpoint - The A-share market has seen a significant rally in the chemical sector, with multiple companies experiencing substantial gains in their stock prices [1] Group 1: Company Performance - Changhua Chemical has increased by over 10% [1] - Meibang Co. has reached a 10% limit up [1] - Jianxin Co. has risen by over 9% [1] - Weike Technology has gained over 8% [1] - Kexin Innovation Source has increased by over 6% [1] - Huide Technology, Xinjin Road, and Zhenhua Co. have all risen by over 5% [1]

Core Viewpoint - Citibank's report indicates that NetEase's Q4 2025 performance fell short of expectations, with total revenue growing by 3% year-on-year to 27.5 billion yuan, and adjusted EBIT increasing by 4.7% to 9.2 billion yuan, which is 5% and 8.5% lower than the bank's forecasts respectively [1] Group 1: Financial Performance - Total revenue for Q4 2025 reached 27.5 billion yuan, reflecting a year-on-year growth of 3% [1] - Adjusted EBIT for the same period was 9.2 billion yuan, showing a year-on-year increase of 4.7% [1] - Online gaming revenue was below expectations, growing only 3.5% year-on-year due to a high base from the previous year and longer revenue recognition periods for more games [1] Group 2: Deferred Revenue and Game Dynamics - Deferred revenue growth accelerated, increasing by 5% quarter-on-quarter and 32% year-on-year [1] - Overall gaming momentum is improving, particularly for titles like "Fantasy Westward Journey" and "Yanyun Sixteen Sounds" [1] Group 3: Future Outlook - For 2026, Citibank believes that the game pipeline is stronger, including expansions for "Diablo IV," "Shattered Isles," and "Infinity" [1] - The bank has slightly lowered its adjusted net profit forecast for 2026 by 2% but maintains an "outperform" rating with a target price of $150 for U.S. stocks [1]

Core Viewpoint - Morgan Stanley's report indicates that SMIC's gross margin in Q4 of last year fell short of expectations primarily due to rising depreciation costs [1] Group 1: Financial Performance - SMIC is projected to experience approximately 15% revenue growth by 2026 [1] - However, significant capital expenditures in 2025/26 are expected to increase depreciation costs by 30%, which will continue to pressure gross margins [1] Group 2: Market Demand - Demand pressures in the smartphone, personal computer, and consumer electronics sectors are anticipated to lead to stagnant average selling prices, making significant increases unlikely [1] - Morgan Stanley maintains a "reduce" rating with a target price of HKD 57 [1]

野村发表研报指，国家官方数据显示，内地电讯行业2025年表现疲弱，服务收入按年增幅由前值3.2% 放缓至0.7%，主要反映核心业务市场饱和、新兴业务增长放缓、竞争加剧以及宏观环境疲弱等因素。 数据显示，移动用户渗透率已达130%，较全球平均水平107.5%高22.5个百分点；三大电信商之间的竞 争日趋激烈，今年展望具挑战性。该行将中国移动目标价由106港元降至96港元，维持"买入"评级；将 中国电信目标价由7.2港元降至5.5港元，中国联通目标价由11.7港元降至8港元，评级降至"中性"。 ...

格隆汇2月12日丨协创数据(300857.SZ)涨11.06%，报238.000元，股价创历史新高，总市值823.77亿元。 ...

格隆汇2月12日丨法狮龙(605318.SH)涨9.46%，报74.740元，股价创历史新高，总市值93.97亿元。 ...

Group 1 - The core point of the article is that Jiebang Technology (301326.SZ) experienced a stock price increase of 7.29%, reaching a historical high of 147.000 yuan, with a total market capitalization of 10.688 billion yuan [1]

Core Viewpoint - Lihua Holdings Group (01346.HK) reported a decline in annual performance for the year ending December 31, 2025, with total revenue of $200 million, a decrease of 10.22% year-on-year, and a net profit attributable to shareholders of $15.87 million, down 7.43% year-on-year [1] Financial Performance - The company's revenue for 2025 was $200.2 million, reflecting a 10.2% reduction compared to the previous year [1] - The net profit margin reached a record high of 7.9%, despite the revenue decline [1] - Basic earnings per share were 2.54 cents, with a proposed final dividend of 0.07 HKD per share [1] Business Strategy and Outlook - The impact of U.S. tariffs in 2025 significantly affected the industry, leading to a reduction in business volume from the company's two largest clients [1] - Excluding these two clients, revenue from remaining business segments would have increased by 2.7% [1] - The company achieved a historical cash balance of $41.5 million with zero debt, indicating strong liquidity [1] - The acquisition of athletic apparel manufacturer AAG is expected to provide growth advantages in 2026 [1] - Initial results from digitalization and platformization efforts are showing promise, enhancing future competitiveness and profitability [1]