Core Viewpoint - The company is expected to achieve stable growth driven by the increasing penetration of AI PCs, strong orders for AI servers, and resilient supply chain management, leading to an upward revision of FY2026 earnings forecasts while maintaining projections for FY2027-2028 [1] Group 1: Financial Performance - For FY2026Q3, the company reported revenue of $22.204 billion, exceeding Bloomberg consensus estimates of $20.76 billion, with a year-on-year growth of 18.1% [1] - Non-GAAP net profit for FY2026Q3 was $589 million, surpassing Bloomberg consensus estimates of $463 million, reflecting a year-on-year increase of 35.5% [1] - The company has revised its FY2026-2028 non-GAAP net profit estimates to $1.81 billion, $2.07 billion, and $2.36 billion respectively, with year-on-year growth rates of 25.5%, 14.5%, and 13.9% [1] Group 2: Business Segments - In the IDG segment, revenue reached $15.755 billion, a year-on-year increase of 14.3%, with Lenovo's PC shipments growing 14.4% compared to the industry average of 9.6% [1] - The AI devices within the IDG segment saw a significant year-on-year growth of 71%, accounting for 40% of the segment's revenue [1] - The ISG segment generated revenue of $5.176 billion, up 31.4% year-on-year, driven by the deployment of GB300 NVL72 and a 59% increase in AI infrastructure revenue [1] Group 3: Operational Metrics - The operating profit margin (OPM) for the IDG segment was 7.32%, showing a slight year-on-year increase of 0.07 percentage points, demonstrating the company's supply chain resilience amid rising component costs [1] - The SSG segment achieved revenue of $2.652 billion, reflecting a year-on-year growth of 17.5%, with deferred revenue increasing by 20% to $3.78 billion, enhancing business predictability [2] - The OPM for the SSG segment was 22.48%, up 2.12 percentage points year-on-year, indicating strong operational resilience [2]

机构：申万宏源研究 研究员：黄忠煌/王开元 ISG 基础设施解决方案：AI 服务器双位数高增，首次披露在手订单155 亿美元。FY25/26Q3ISG 板块实 现营业收入51.76 亿美元，同比+31.42%。拆分来看，AI 服务器高两位数增长，且公司首次披露订单储 备金额155 亿美元，后续增长动能强劲。FY25/26Q3 ISG 板块的经营利润为-1085 万美元，较上一财季 继续缩亏，公司AI 服务器业务转型持续推进。预计在规模效应+全球供应链体系的加持下，ISG 板块有 望在下一财季实现扭亏。 市场逐步消化存储冲击预期，同时，预计公司后续将有效应对存储涨价带来的影响。公司供应链体系完 善，且为业内较大的采购商，在过去多轮部件涨价周期中积累了丰富且完备的应对方案。一方面，公司 对B 端客户具备一定的成本传导能力；另一方面，若涨价带来C 端需求的下滑，实际是利润的递延。市 场正在逐步消化存储涨价对公司带来的冲击。预计公司后续将有效应对存储涨价带来的影响。 维持"买入"评级。我们维持此前盈利预测，预计公司FY25/26-FY27/28 财年实现收入794.9、915.5、 1052.4 亿美元，实现归母净利 ...

机构：中金公司 研究员：吴昇勇/王嘉钰/侯利维 业绩回顾 4Q25 业绩不及VA 一致预期 新濠博亚娱乐公布4Q25 业绩：净收入12.93 亿美元，同比上升9%，环比下降1%，恢复至4Q19 的89%； 经调整物业EBITDA为3.31 亿美元，同比上升12%，环比下降13%，恢复至4Q19的81%，差于Visible Alpha 一致预期的3.41 亿美元。我们认为新濠博亚娱乐的表现主要是由于运营成本有所上升，以及公司 海外物业表现不及预期。 发展趋势 管理层表示，公司2026 年开局表现强劲，新濠在中国澳门的博彩收入实现市场份额增长，预计2026 年 春节（2026 年2月）表现强劲； 管理层指出，中国澳门博彩行业的营销返点环境仍然保持激烈，但趋于稳定，并未出现竞争加剧的现 象； 与新濠国际发展（200.HK）签订的版权费用合同细节：合同为10 年期限（从2024 年1 月起），版权费 用为澳门新濠天地（除君悦酒店）毛收入的1.5%，并无上限限制（2025 年共计支付3,300 万美元版权费 用，相当于其毛收入的1%）； 4Q25 公司的中国澳门业务的日均运营成本为330 万美元，主要由于举办各项活动所 ...

Core Viewpoint - 2026 is projected to be the year of mass production for steer-by-wire (SBW) technology, aligning with the trend of autonomous driving, leading to an industry upgrade. The target price is set at HKD 10.2 based on an 18x PE valuation for 2026, with a buy rating [1]. Group 1: Industry Trends - The steering system in automobiles is transitioning from electric power steering (EPS) to steer-by-wire (SBW), with average selling prices (ASP) increasing from C-EPS at 1,000 yuan to R-EPS at 2,000 yuan, and further to SBW at 4,000 yuan [1]. - Currently, EPS remains the mainstream technology in the industry, with a domestic penetration rate reaching 99% [1]. Group 2: Company Developments - The company has seen a growing number of clients and orders for its steer-by-wire technology, being the exclusive supplier for Tesla's robotaxi and the supplier for the Li Auto L9 Livis, both set for mass production in the first half of the year [1]. - Tesla's Cybercab is a key vehicle for achieving Level 4 autonomous driving, aiming to eliminate human intervention through a combination of pure vision FSD solutions and steer-by-wire chassis [1]. Group 3: Regulatory Environment - The legal status of steer-by-wire technology has been clarified with the release of the national certification standard "Basic Requirements for Automotive Steering Systems," effective from July 1, 2026. This standard emphasizes safety requirements and introduces functional safety terminology and verification methods [3]. - The new regulations remove the mandatory mechanical connection between the steering wheel and the steering system, establishing the legal status of SBW and setting strict safety redundancy and failure response standards [3].

Core Viewpoint - Tiangong International is expected to see significant revenue and net profit growth in 2025, driven by its 3C titanium business and advancements in smelting technology [1][5]. Financial Performance - Revenue is projected to increase by 11.1% YoY to Rmb5.37 billion in 2025, while attributable net profit is anticipated to rise by 15.5% YoY to Rmb414 million [1]. - Revenue forecasts for 2025 and 2026 have been raised by 2.8% and 3.5% to Rmb5.37 billion and Rmb6.64 billion, respectively, with a new forecast for 2027 set at Rmb7.38 billion [5]. - Net profit forecasts for 2025 and 2026 have been increased by 13.3% and 29.6% to Rmb414 million and Rmb697 million, with a new forecast for 2027 at Rmb894 million [5]. Industry Trends - The 3C titanium business is expected to become a key earnings growth driver, with increasing demand for titanium alloys in consumer electronics, particularly after Apple's use of titanium in its iPhone 15 Pro series [1]. - Sales volume of high-end 3C titanium materials is projected to grow by 183% YoY in 2026 and 24% YoY in 2027 as demand from downstream consumer electronics sectors recovers [3]. Technological Advancements - The company has upgraded its smelting technology to produce various titanium alloy grades using green recycled materials, positioning itself as a leading supplier of 3C titanium materials in China [2]. - The establishment of titanium alloy powder metallurgy production lines ahead of competitors is expected to provide a long-term competitive advantage [3]. New Growth Drivers - The company's PM molds for integrated die-casting are anticipated to enter alternative-fuel vehicle supply chains valued at over Rmb1 trillion, potentially boosting sales volume [4]. - The company has developed a unique melting technology to control nitrogen content in high-nitrogen alloy materials, which is being utilized in high-end applications [5]. Valuation and Outlook - The company is expected to transition from a leading tool and die steel manufacturer to a high-end material supplier by 2026, leading to a valuation adjustment [6]. - The target price has been raised by 76% to HK$5.29, implying an 18.4x 2026e P/E, with a potential upside of 50% [6].

2026年2月13日，国家金融监督管理总局联合市场监管总局、中国人民银行，集中约谈携程旅行、高德地图、同程旅行、飞猪旅行、航旅纵横、去哪儿旅行 六家主流出行平台，直指平台在联合金融机构开展借贷业务中存在的合规问题，要求全面整改，保护金融消费者权益。 近年来，出行平台依托高频场景嵌入信贷产品成为行业常态，但信息不透明、营销诱导、纠纷处置滞后等问题频发。此次多部门联合监管，意在压实平台主 体责任，规范"出行+金融"的跨界合作模式。 此次监管约谈聚焦出行场景附加信贷服务的突出乱象。三部门明确提出三项整改要求：第一，全面规范营销推广，严禁使用误导性话术诱导用户借贷；第 二，完整透明披露放贷机构与产品信息，强化理性借贷提示；第三，打通投诉处理通道，快速响应并妥善化解消费纠纷，提升综合服务质量。 ...

Market Performance - The three major indices collectively declined, with the Shanghai Composite Index down by 0.7%, the Shenzhen Component down by 0.67%, and the ChiNext Index down by 0.96% [1] - Over 2,600 stocks rose in the two markets, with a total trading volume of 1.2 trillion [1] Sector Performance - The CPO concept experienced a decline of 2.23%, with Changxin Bochuang dropping by 9.19% and Guangku Technology down by 8.15% [3] - The port and shipping sector saw significant drops, with Zhongyuan Marine Energy and China Merchants Energy both experiencing substantial declines [3] - Small metals, photovoltaic equipment, mining industry, HIT batteries, glass fiber, and hot stocks from Dongfang Fortune also followed suit, with declines exceeding 1% [3] - The military industry sector showed strong performance, highlighted by Yaxing Anchor Chain hitting the daily limit [3] - The semiconductor sector was active, with concepts related to photolithography machines and photolithography adhesives rapidly rising, including Guofeng New Materials achieving two limits in four days [3] - The semiconductor equipment concept continued to strengthen, with Shenghui Integration hitting the daily limit and reaching a historical high [3] - The paper-making concept showed repeated strength, with Wuzhou Special Paper hitting the daily limit [3] Economic Indicators - In January, the month-on-month decline in commodity residential sales prices in first, second, and third-tier cities narrowed overall, with second-hand residential prices in first-tier cities decreasing by 0.5%, a reduction of 0.4 percentage points compared to the previous month [3] - The National Film Administration and the Ministry of Commerce organized a "Film+" consumption pilot program, with the first batch of 16 cities selected [3] - Federal Reserve Governor Milan indicated that policy adjustments and artificial intelligence will drive GDP growth in the United States [3]

從成交分佈看，友邦Call 市場的操作重心是否已經轉移？ 技術座標確立以友邦（1299）正股現價82元為核心，主要支持位設於80.6元（支持1）與77.3元（支持2），阻力位則位於87.8元（阻力1）及90.9元（阻力 2）。在此技術框架下，行使價低於77.3元屬深價內區間，77.3元至80.6元為價內主力區間，80.6元至82元屬輕微價內區間，82元至87.8元為貼近平價區間， 87.8元至90.9元屬中價外區間，而行使價高於90.9元則歸入遠價外區間。 按行使價劃分結構區間顯示，遠價外區間產品數量達41隻，深價內區間20隻，貼近平價區間10隻，中價外區間3隻。市場結構呈現明顯的兩極分化態勢，遠 價外產品佔據絕對數量優勢。 街貨分佈分析揭示，遠價外區間集中了60.73%的街貨總量，達89.86百萬份，顯示市場共識高度集中於情緒性押注。深價內區間以45.75百萬份街貨位居第 二，佔比30.92%。特別值得注意的是，摩通22839，行使價在91.71元，累積21.02百萬份街貨，佔該產品街貨總量21.02%，存在單一產品過度集中風險。技 術位附近街貨分析顯示，90.9元阻力位附近積聚42.12百萬份街貨，反映市 ...

Core Insights - Wallen Technology is a leading domestic AI chip company focusing on GPGPU technology and related products, with a strong emphasis on innovation and market opportunities [1][2] Group 1: Company Overview - Founded in 2019, Wallen Technology has a diverse team with backgrounds from major companies like AMD and Huawei, and holds 1,158 global invention patents as of June 2025, ranking first among Chinese GPGPU companies [1] - The company primarily offers GPGPU, boards, modules, servers, and cluster products, projecting revenues of 336.8 million yuan in 2024 and 58.9 million yuan in the first half of 2025, indicating steady commercialization progress [1] Group 2: Product and Technology - Wallen Technology focuses on GPGPU architecture and is pioneering in Chiplet technology and optical switching, with the BR166 achieving double the computing and memory performance of the BR106, and a bidirectional bandwidth of 896 GB/s [2] - The hardware supports various deployment forms like OAM and PCIe, while the software platform is compatible with mainstream frameworks like PyTorch, showcasing the company's full-stack optimization capabilities [2] Group 3: Financial Performance - The company's gross margin is projected to be 76.4% in 2023, decreasing to 53.2% in 2024, and further to 31.9% in the first half of 2025 due to an increase in entry-level product sales [2] - Customer diversification is improving, with the top five customers accounting for 97.9% of revenue in the first half of 2025, and the largest customer contributing only 33.3% of total revenue, indicating reduced dependency on major clients [2] Group 4: Ecosystem and Supply Chain - Wallen Technology collaborates with companies like Xizhi Technology and ZTE to launch the LightSphere X optical switching super node, which supports large-scale deployments and adapts to the needs of large model training [3] - The company has achieved self-sufficiency in its supply chain, completing domestic replacements for key components, and plans to commercialize the next-generation BR20X architecture by 2026 without being affected by the BIS entity list [3] Group 5: Investment Outlook - Wallen Technology is rated as a "Buy," with projected revenues of 950 million yuan, 2.02 billion yuan, and 3.95 billion yuan for 2025-2027, and adjusted net profits of -830 million yuan, -630 million yuan, and 74 million yuan respectively [4] - The current market valuation corresponds to a price-to-sales ratio of 20x for 2027E, with a weighted average of 28x for comparable companies, reflecting the significant potential in domestic AI capital expenditures [4]

Core Viewpoint - The company's 4Q25 Non-GAAP net profit fell short of both internal and market expectations, primarily due to higher-than-expected investment losses and lower revenue recognition from deferred income [1][2] Performance Review - 4Q25 revenue increased by 3% year-on-year to 27.5 billion yuan, below the expected 28.5 billion yuan, attributed to a slower-than-expected recognition of deferred income [1] - Non-GAAP net profit decreased by 27% year-on-year to 7.1 billion yuan, also below the expected 8.25 billion yuan, mainly due to investment losses exceeding expectations by approximately 1.07 billion yuan [1][2] - Gross margin improved to 64.2%, indicating effective cost control by the company [2] Development Trends - Deferred income saw a net increase of 1.04 billion yuan in 4Q25, better than market expectations, suggesting potential revenue release in the future [1] - The new game "Forgotten Sea" is expected to launch in 3Q26, with positive market feedback on gameplay and art style [1] - The game "Yanyun Sixteen Sounds" has over 80 million players globally as of the 4Q25 earnings release [1] Financial Policies - The company declared a dividend of $1.16 per ADS for 4Q25, with a dividend payout ratio of 83%, maintaining a stable shareholder return policy [2] - The share repurchase plan has been extended to January 2029, with approximately $2 billion repurchased by the end of 2025 [2] Profit Forecast and Valuation - The forecast for 2026 Non-GAAP net profit has been revised down by 4% to 40.9 billion yuan, while the 2027 forecast remains unchanged [2] - Current stock prices correspond to 14x and 12x Non-GAAP P/E for 2026 and 2027, respectively, indicating an upside potential of 36% for Hong Kong stocks and 38% for U.S. stocks [2]