责任编辑：安东 股票频道更多独家策划、专家专栏，免费查阅>> 受日本央行提前加息前景减弱影响，日本国债在东京交易时段价格上涨。SMBC日兴证券金融市场与经 济研究部门的两名成员在评论中称，日本央行行长植田和男与首相高市早苗周一举行了会晤，距离两人 上次会面不到三个月。此次会晤的间隔时间短于以往日本央行行长与首相会晤的四个半月平均间隔。这 两名成员表示，因此，"这一时机引发了外界猜测，认为高市早苗正试图劝说植田和男不要提前加息"。 两年期日本国债收益率下跌1.5个基点，至1.250%，10年期国债收益率下跌4.5个基点，至2.165%。 ...

亚洲早盘油价涨跌互现，交易员等待本周第二轮美伊会谈。荷兰国际集团大宗商品策略团队的两名成员 在一份研究报告中称："鉴于美伊局势如何演变存在不确定性，市场仍反映了很大的风险溢价。"这两名 成员补充说："美国总统特朗普上周末称政权更迭对伊朗最有利，这番言论可能不会缓解担忧。"近月西 得州中质油期货上涨1.1%，至每桶63.61美元；近月布伦特原油期货下跌0.3%，至每桶68.43美元。 责任编辑：安东 美股频道更多独家策划、专家专栏，免费查阅>> ...

美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 澳大利亚央行已发出信号，表明未来的政策路径可能比一些人担心的要温和。澳新银行的澳大利亚经济 主管Adam Boyton指出，澳大利亚央行近期政策会议的纪要凸显出，未来的加息并非已成定局。他补充 说，澳大利亚央行最终可能会对通胀数据感到惊喜，而且预计未来几个月消费者支出也将放缓。澳新银 行预计，到2026年官方隔夜拆款利率将保持在3.85%。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 黄金在亚洲早盘下跌，受可能出现的头寸调整影响。DHF Capital的Bas Kooijman在一封电子邮件中表 示，美国和伊朗之间已安排的会谈让人谨慎乐观地认为外交渠道仍然畅通。这位首席执行官兼资产管理 人表示："任何切实的紧张局势降温都可能使资金流向风险资产，并抑制避险需求。"Kooijman补充说， 俄罗斯和乌克兰之间有望举行的会谈也带来了取得进展的初步希望，尽管敌对行动仍在继续。现货黄金 下跌0.7%，报每盎司4,957.83美元。 ...

Investment Highlights - Company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 688.00, based on a forward P/S valuation method corresponding to a valuation multiple of 40 times P/S in 2028 and a discount rate of 7% [1] - Company is a leading large model vendor in China and a world-class player, founded in 2019, focusing on the GLM series foundational models, enhancing core capabilities in Coding, reasoning, and Agentic models [1] - The latest foundational model, GLM-5, has achieved state-of-the-art (SOTA) performance in multiple benchmark scores and has received widespread acclaim from domestic and international users [1] Revenue Growth Potential - The commercial value of the models is being realized, empowering various industries; revenue CAGR is expected to exceed 130% from 2023 to 2027 [1] - API revenue is projected to become the main growth engine, with estimated API-related annual recurring revenue (ARR) nearing CNY 600 million by early 2026, representing a several-fold increase compared to the same period last year [1] - Company covers a wide range of industries including internet, software, and chips, focusing on releasing model value to enhance client productivity [1] AI Coding Market Opportunity - The total addressable market (TAM) for AI Coding is estimated to reach a trillion CNY scale, with the company having a leading advantage in this rapidly penetrating field [2] - Company specializes in refining the Coding scenario, possessing core advantages such as low hallucination rates, high stability, and strong reasoning and tool usage capabilities, likely to maintain leadership in the Coding scene and extend to more enterprise scenarios [2] - Key catalysts include the release of new generation models and high growth in API and Coding ARR [2] Financial Projections - Revenue projections for the company from 2025 to 2028 are CNY 720 million, 1.75 billion, 3.67 billion, and 7.67 billion respectively, with a CAGR of 120% [2] - The company is expected to iterate on foundational model capabilities and realize value in the Coding scenario, with a target price of HKD 688 based on a 40 times P/S valuation in 2028, indicating a 42% upside from the current trading at 25 times P/S [2]

Core Viewpoint - Hua Hong's 4Q25 results showed strong revenue growth driven by high utilization and robust shipments, although net profit declined due to increased labor costs [1] Financial Performance - 4Q25 revenue rose 22.4% YoY and 3.9% QoQ to US$660 million, marking a quarterly record [1] - FY25 revenue increased 20% YoY to US$2.4 billion, aligning with estimates and consensus [1] - GPM for FY25 was 11.8%, consistent with estimates, but impacted by higher depreciation [1] Product and Capacity Development - The product mix improved in FY25, with 12-inch shipments accounting for approximately 60% of revenue, up from 50% in FY24 [2] - High utilization rates were maintained at ~106% for FY25 and ~104% for 4Q25, with a slight QoQ decline due to the ramp-up of 12-inch capacity [2] - Revenue from Analog & Power Management grew 41% YoY, driven by AI demand, while Embedded NVM and Standalone NVM also saw significant growth [2] Strategic Acquisitions and Expansions - The acquisition of Shanghai Huali Microelectronics (HLMC) for RMB8.3 billion is expected to add ~40,000 12-inch wafers per month of capacity [3] - The expansion of Fab 9B is set to commence this year, mirroring the existing Fab 9A's capacity of ~83,000 12-inch wafers at full ramp [3] Valuation and Market Position - Current share price appears rich despite structural improvements, with a target price adjusted to HK$80 based on 2.9x 2026E P/B [3] - Continued depreciation pressure and elevated capex intensity are anticipated from the ramp-up of Fab 9A and the build-out of Fab 9B [3]

机构：中金公司 研究员：张怡康/彭虎/贾顺鹤 4Q25 业绩符合我们预期 公司发布4Q25 业绩，H 股口径收入6.6 亿美元，YoY+22.4%，QoQ+3.9%，得益于晶圆出货量增加和平 均售价提升。毛利率为13%，YoY+1.6ppt，得益于ASP 改善和成本削减；但因劳动力成本上升，QoQ- 0.5ppt。归母净利润0.17 亿美元，YoY 扭亏为盈，QoQ 小幅下滑。公司指引1Q26 收入6.5 亿~6.6 亿美 元，毛利率预计13%~15%。4Q25 业绩、1Q26 指引符合我们预期。 发展趋势 4Q25 营收分析：4Q25 嵌入式收入YoY+31.3%；独立非易失性存储器收入YoY+22.9%，功率收入 YoY+2.4%；射频逻辑收入YoY+19.2%；模拟与电源管理收入YoY+40.7%。总的来看，MCU、智能芯 片、闪存、电源管理芯片需求较强，功率、消费类产品增长平稳，从下游分布表现为4Q25 公司计算类 产品收入YoY+69.9%，通信收入YoY+29.1%。因区域性的订单变化和在地生产趋势，2025 年中国地区 营收YoY+19.6%；北美地区营收YoY+51.3%；欧洲地区营收YoY+ ...

Core Insights - The company, Weili Zhibo, focuses on three core technology platforms targeting tumors and autoimmune diseases, including LeadsBody, X-body, and TOPiKinetics [1] - LBL-024 has a broad indication layout with 12 indications and 9 ongoing clinical trials, including a pivotal study expected to submit a BLA by Q3 2026 [1] - LBL-034 is currently in a Phase II study with promising safety and efficacy data across four patient populations, including those with relapsed refractory multiple myeloma [2] Company Developments - The company has established seamless capabilities in early research, translational medicine, clinical development, CMC, and business expansion [1] - Two autoimmune disease products have achieved overseas collaboration, with LBL-047 having enrolled its first patient and LBL-051 planning to submit a clinical application to the FDA in Q1 2026 [2] Financial Projections - Revenue forecasts for 2025-2027 are estimated at 175.0 million, 196.0 million, and 200.8 million, reflecting year-on-year growth of -/12.0%/+2.4% [2] - The current stock price corresponds to PS ratios of 62, 55, and 54 for the respective years [2] - The company is expected to experience significant clinical data catalysts in 2026, with a potential commercialization inflection point in 2027 [2]

Core Insights - The 2026 Spring Festival marks a pivotal moment for China's AI industry, transitioning from technical experimentation to widespread public adoption [1][5] - Major tech companies like Alibaba and ByteDance have emerged as leaders in this competitive landscape, showcasing differentiated strategies and impressive operational metrics [1][5] Industry Overview - The Spring Festival AI competition has shifted from merely attracting users to cultivating habits and implementing practical applications, with Alibaba and ByteDance leading the way [5][6] - The competition has resulted in a dual development path for China's AI industry: Alibaba focuses on consumer-oriented applications, while ByteDance emphasizes content creation and innovation [6][18] Alibaba's Performance - Alibaba's Qwen 3.5-Plus model was released on New Year's Eve, achieving the status of the world's strongest open-source model, comparable to Gemini 3 Pro [1][8] - During the Spring Festival, over 1.3 billion AI-assisted transactions were completed, with users making 50 billion requests to the Qwen app, demonstrating its widespread adoption [1][5][12] Technological Breakthroughs - The Qwen 3.5-Plus model features a total of 397 billion parameters, with a significant performance improvement over previous models, achieving a 19-fold increase in inference throughput [10][11] - The model's API pricing is significantly lower than competitors, at 0.8 yuan per million tokens, making it more accessible for developers [10][11] Ecosystem Integration - Alibaba's extensive ecosystem, including platforms like Taobao and Alipay, enables seamless integration of AI into everyday tasks, enhancing user experience and driving rapid habit formation [11][15] - The Spring Festival saw a 372-fold increase in AI-assisted movie ticket purchases, highlighting the model's effectiveness in real-world applications [11][12] Competitive Landscape - The emergence of Alibaba and ByteDance as "dual kings" in the AI sector signifies a shift in China's AI industry towards original exploration, moving away from merely following Silicon Valley [18][19] - The competition between these two companies fosters a healthy industry environment, encouraging innovation and diverse development paths [18][19]

格隆汇2月16日丨浩柏国际(08431.HK)公告，董事会欣然宣布：(1)张家擎获委任为公司执行董事，自 2026年2月16日起生效；(2)刘明卿辞任执行董事兼董事会主席，自2026年2月16日起生效；(3)蒋斌辞任 执行董事，自2026年2月16日起生效;(4)王明辉获委任为公司独立非执行董事以及审核委员会、薪酬委员 会及提名委员会成员，自2026年2月16日起生效。 ...