格隆汇2月15日｜据每经，安徽证监局2月14日公布的行政处罚决定书显示，安徽证监局对*ST立方信息 披露违法违规行为进行立案调查发现，*ST立方通过开展代理业务、融资性贸易、虚假贸易大幅虚增营 业收入，2021年至2023年连续三年年度报告存在虚假记载。安徽证监局决定对公司责令改正，给予警 告，并处以1000万元罚款。公司同日收到深交所下发的事先告知书，深交所拟决定终止公司股票上市交 易。公司股票将于2月24日起停牌。 根据安徽证监局出具的行政处罚决定书，*ST立方通过开展代理业 务、融资性贸易、虚假贸易虚增营业收入、营业成本、利润总额，导致*ST立方披露的2021年至2023年 年度报告存在虚假记载。其中，2021年，公司虚增营业收入2.80亿元，2022年，公司虚增营业收入3.12 亿元，2023年，公司虚增营业收入4586.94万元。当事人辩称，不存在故意参与虚假贸易的情况，处罚 过重等，安徽证监局对当事人的申辩意见不予采纳。 *ST立方除收到千万罚单外，还拟被实施重大违法 强制退市。早前，公司多次发布风险提示公告，退市风险早有预兆。不过，*ST立方股价近期却连续暴 涨，自1月20日起至2月11日短短1 ...

24.99/30.26 亿元。医药电商业务给予26 财年3X PS，医疗健康及数字化服务业务给予26 财年6XPS，综 合来看，对应合理价值7.39 港元/股，给予"买入"评级。 风险提示。政策发展方向不确定；市场竞争超预期；开拓新品类及服务未达预期；线上平台面临与第三 方商家相关的风险。 阿里健康：自营收入增长加速，平台广告带动盈利能力持续提升。阿里健康自营业务占收入近9 成，自 营业务受原研药趋势拉动，公司持续加深与信达生物、先声药业等上游合作，截至FY26H1 的自营SKU 同比增长99%至161 万个，收入同比增长19%至143.8 亿元。公司也是国内YAU 最高和年度GMV 最大的 线上B2C 医疗健康品零售平台，与集团深入协同，广告服务框架协议的上限上修，利润端贡献将更加 显著。 AI+健康为公司带来新机遇。To C 层面，阿里健康主业有望受益于千问超级Agent。OpenAI 推出健康功 能、蚂蚁阿福用户持续增长，验证了用户对AI 健康管理的需求。千问超级Agent 的搭建和起量，未来也 有望赋能阿里健康的销量，用户在千问询问健康相关问题后，千问可相应给出药品/保健品的建议，跳 转淘宝/天猫完成 ...

Core Viewpoint - The company is positioned as a multinational health products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] Group 1: Market Position and Product Offerings - The company ranks first in Africa's baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6% respectively for 2024 [1] - By revenue, the company holds the second position in Africa's baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% respectively for 2024 [1] - The company focuses on creating differentiated products to meet diverse market demands, continuously iterating and upgrading its offerings [1] Group 2: Revenue Contribution and Growth - In the first four months of 2025, the revenue contributions from baby diapers, sanitary napkins, baby pull-ups, and wet wipes were $1.2 million, $0.3 million, $0.1 million, and $0.1 million respectively, accounting for 71.8%, 18.6%, 5.8%, and 3.9% of total revenue [2] - The compound annual growth rates (CAGR) for baby diapers, sanitary napkins, baby pull-ups, and wet wipes from 2022 to 2024 are projected at 16.8%, 34.1%, 8.6%, and 28.5% respectively [2] Group 3: Supply Chain and Production - The company has established a robust global supply chain with localized production to reduce costs, starting local production in Ghana in 2018 [3] - As of April 30, 2025, the company operates eight production facilities across eight African countries, with a total of 51 production lines for baby diapers, baby pull-ups, sanitary napkins, and wet wipes [3] - A new production facility in El Salvador is set to begin operations in August 2025, featuring a production line for baby diapers [3] Group 4: Distribution and Market Penetration - The company has built a wide distribution network, establishing 18 sales branches in 12 countries and a network of over 2,800 wholesalers, distributors, supermarkets, and other retailers [3] - The sales network covers over 80% of the local population in key operating countries, which is crucial for success in the baby and women's hygiene products industry in emerging markets [3] Group 5: Financial Forecast - Projected revenues for the company from 2025 to 2027 are $540 million, $640 million, and $740 million, representing year-on-year growth rates of 19%, 18%, and 16% respectively [4] - Expected net profits for the same period are $110 million, $140 million, and $170 million, with growth rates of 15%, 27%, and 18% respectively [4] - The company is rated as a premium leader in the hygiene products sector, with a favorable outlook for continued growth and expansion in products and markets [4]

Group 1 - MiniMax-WP (0100.HK) experienced a significant increase of over 15%, reaching 688 HKD, marking a new high since its listing, with a market capitalization surpassing 210 billion HKD [1] - The company officially launched its latest flagship programming model, MiniMax M2.5, which is designed for agent scenarios and is positioned as a production-grade model [1] - The M2.5 model features competitive coding and agentic performance, directly competing with international models like Claude Opus 4.6, and supports full-stack programming development across PC, App, and cross-platform applications [1] Group 2 - The M2.5 model is noted for its industry-leading capabilities in core productivity scenarios such as advanced Excel processing, in-depth research, and PowerPoint applications [1] - The model has an activation parameter count of only 10 billion, providing advantages in memory usage and inference efficiency, supporting over 100 transactions per second (TPS) with inference speed exceeding that of top international models [1]

Core Insights - The open-source project Clawdbot, now renamed openClaw, has gained significant attention in the tech community, with MiniMax providing foundational technical support for developers [1] - MiniMax's agent capabilities are highly regarded for their cost-effectiveness, particularly in comparison to similar products like Claude, leading to increased user satisfaction and a surge in token usage [9] Company Overview - MiniMax, established in late 2021, has served over 200 countries and regions, with more than 200 million individual users and over 100,000 enterprise clients [2] - The company generates 73% of its revenue from overseas markets, with significant contributions from Singapore and the United States [2] Product Performance - MiniMax's AI products, including Talkie (AI companionship) and Hailuo (AI video), contribute significantly to revenue, accounting for 29%, 33%, and 35% respectively [3][6] - The company reported a revenue of $30.52 million in 2024, with a projected increase to $53.44 million in 2025, reflecting a year-on-year growth of 175% [6] Technological Advancements - MiniMax has introduced the OctoCodingBench, enhancing the training of coding agents through process supervision, which has shown competitive success rates compared to established closed-source models [2] - The company is a pioneer in commercializing the MoE (Mixture of Experts) architecture, which improves scalability and efficiency while reducing computational costs [4] Market Position - MiniMax's M2.1 model has demonstrated superior performance in handling non-extreme full-stack tasks efficiently and cost-effectively, leading to a 64% year-on-year increase in token usage following the popularity of Clawdbot [9] - The company is positioned to capitalize on the growing demand for AI applications among small and micro enterprises due to its high cost-performance ratio and comprehensive multi-modal service offerings [8] Future Outlook - MiniMax is expected to see substantial revenue growth, with projections of $80 million, $190 million, and $395 million from 2025 to 2027, reflecting year-on-year growth rates of 173%, 129%, and 107% respectively [7] - The company aims to enhance its open platform's capabilities, which is seen as a core growth driver for future revenue [10]

瑞銀下調中移動目標價至81元：第二阻力位與大行看法關聯 截至2026年2月13日，中國移動（00941）股價78.05元，呈現窄幅待變格局。從市場新聞觀察，大行看法出現明顯分歧：野村於2月11日重申「買入」評級， 認為行業競爭加劇下中移動仍具防守優勢；惟瑞銀於2月8日將評級下調至「中性」，目標價大削至81元，直言股價缺乏重新估值催化劑，2025-2026年盈利 增長僅2-3%，股息率7-8%已充分反映在股價中。在「高股息」與「低增長」的論述角力下，技術位與衍生品條款的匹配，將是短線操作的關鍵依據。 技術分析與關鍵位置 2月13日的技術數據顯示，中移動呈現明確的「築底信號」與「均線壓制」並存格局。股價報78.1元，低於MA10（78.79元）、MA30（79.82元）及MA60 （82.61元），均線系統呈空頭排列。然而，多個震盪指標已發出強烈底部信號：RSI報42，處於中立偏超賣區間；CCI指標處於超賣區間並發出買入信號； VR成交比率指標顯示「嚴重超跌、可能築底」，買入信號明確。技術指標總結信號為「買入」，強度10，反映短線反彈動能正在積聚。 支持位方面，第一支持位看76.5元，此位置是2月上旬兩度下試的低 ...

在匯豐控股（00005）正股現價136.5元的技術框架下，市場當前呈現出明確的結構性特徵。技術分析顯示合理活動範圍介於134.8元至143.5元之間，技術支持區域落在 129.6元至134.8元，而技術阻力區域則位於143.5元至147.6元水平。此技術座標為認購證的行使價分布提供了重要的參考基準。 從行使價結構區間分析來看，市場產品分布呈現明顯集中態勢。價內主力區間（日常波段工具）共有26隻產品，行使價範圍118元至134.09元；深價內區間 （趨勢替代正股）擁有25隻產品，行使價86.797元至114.18元；遠價外區間（情緒尾部風險）則有23隻產品，行使價148元至192.08元。其餘輕微價內、貼近 平價和中價外區間產品數量相對較少，顯示市場產品布局主要集中於價內與遠價外兩個極端。 街貨分布分析揭示市場共識呈現明顯的兩極化特徵。深價內區間街貨量高達207.53億份，佔總街貨量的66.3%，顯示大量資金沉澱於深度價內區域。遠價外 區間街貨量45.1億份，佔比14.4%，價內主力區間街貨量49.23億份，佔比15.7%。這種分布表明市場存在單一區間過度集中現象，深價內區間街貨集中度顯 著偏高，反映投資者傾向 ...

机构：申万宏源研究 研究员：林起贤/夏嘉励 事件： 公司发布盈利预警：1）预计25 年调整后归母净利润为8-9 亿元，低于预期，较24 年调整后归母净利润 11.4 亿元（新丽传媒3.4 亿元，在线业务+阅文自有版权运营业务8 亿元）对应同比下滑21-30%。2）预 计25 年调整前归母净亏损为7.5-8.5 亿元，同比24 年亏损扩大；主要由于新丽传媒计提商誉减值约18 亿 元。 投资要点： 新丽传媒项目波动导致公司25 年利润下滑。一方面，部分剧集延期，25 年全年仅上线2部剧（《扫毒风 暴》《哑舍》）；另一方面，电影《情圣3》亏损，根据猫眼专业版，总票房仅4262 万。新丽传媒仍然 为国内头部剧集制作公司，26 年已上线剧集《年少有为》，关注后续项目排播。新丽传媒25 年已计提 剩余全部商誉减值，减值支出不影响调整后利润口径，不影响现金流。 在线业务及阅文自有版权运营业务25 年基本符合预期。阅文作为付费网文领军，在线业务预计平稳。 公司当前核心看点版权运营业务25 年增速较好，经营向上。衍生品、短剧、漫剧等更"短平快"的IP 变 现方式，可平滑长剧电影产品周期波动。 漫剧等有助于阅文从"爆款驱动"转向 ...

Core Viewpoint - Wynn Macau's Q4 2025 performance fell short of Visible Alpha consensus expectations, with net revenue of $968 million, a year-on-year increase of 4% but a quarter-on-quarter decline of 3%, recovering to 87% of Q4 2019 levels [1] Performance Review - Q4 2025 adjusted property EBITDA was $271 million, down 7% year-on-year and down 12% quarter-on-quarter, recovering to 78% of Q4 2019 levels, which was below the $298 million consensus expectation [1] - The decline in total gaming revenue market share from 13.0% in Q3 2025 to 12.0% in Q4 2025 contributed to the underperformance [1] - The win rate was below expectations, and daily operating costs along with the reinvestment rate at Wynn Palace were relatively high [1] Development Trends - Based on hotel booking outlook, the company anticipates a strong performance during the 2026 Spring Festival, aided by the new 63,000 square feet Chairman's Club gaming area at Wynn Palace [1] - Strong business trends are expected to continue into 2026, with January 2026 business volume exceeding that of Q4 2026 [1] - Despite a competitive marketing rebate environment in the Macau gaming industry, the overall situation has stabilized, with the high-end segment continuing to drive industry growth [1] - Management believes AI will have a dual positive impact on demand growth (wealth creation for customers) and cost control (AI-based reinvestment rates, operational cost efficiency, and product visibility) [1] - Capital expenditures for 2026 are projected to be between $400 million and $450 million, with some projects pending government approval [1] Earnings Forecast and Valuation - The company maintains EBITDA forecasts for 2026 and 2027, currently trading at 7x 2026e EV/EBITDA [2] - The company maintains an outperform rating and a target price of HKD 7.20, corresponding to 8x 2026e EV/EBITDA, indicating an 18% upside from the current stock price [2]

2026年1月，本公司未引进飞机，退出1架B737系列飞机。截至2026年1月末，本公司合计运营825架飞 机。 格隆汇2月13日丨中国东航(600115.SH)公布，公司2026年1月客运运力投入（按可用座公里计）同比下 降3.54%；旅客周转量（按客运人公里计）同比下降1.03%；客座率为85.01%，同比上升2.16个百分点。 2026年1月货邮周转量（按货邮载运吨公里计）同比上升8.33%。 ...