Core Viewpoint - China National Tobacco Corporation International (CNTC International) is the only enterprise with the qualification to export cigarettes to the domestic duty-free market in China, as per the new regulations and policies [1] Group 1: Sales and Procurement Changes - The core change involves the procurement transactions of cigarettes sold to the domestic duty-free market, where CNTC International will act as an agent for counterparties to export cigarettes [1] - The agency arrangement will not affect the transaction terms and pricing policies under the framework agreement [1] Group 2: Supply Chain Optimization - The supply chain for cigarette exports will be significantly optimized, with CNTC International directly engaging with counterparties [2] - If any counterparty lacks export qualifications, they must delegate a qualified company to negotiate with CNTC International [1] Group 3: Profitability and Growth Expectations - The optimization of the supply chain is expected to enhance the gross profit margin of cigarette export business [2] - The agreement with counterparties is still in the negotiation phase, and the initial shipment may be delayed until the first half of 2026, with growth anticipated from 2027 onwards [2] Group 4: Company Positioning and Asset Potential - CNTC Hong Kong is the only publicly listed platform in the CNTC system, focusing on international business expansion and capital market operations [2] - The company has a unique business model with stable profitability and significant potential for both internal and external growth, including a vast reserve of overseas assets [2]

Core Viewpoint - In 2025, NetEase Cloud Music is projected to achieve revenue of 7.76 billion yuan, a slight decrease of 2.4% year-on-year, primarily due to strategic adjustments in its social entertainment business; adjusted net profit is expected to be 2.86 billion yuan, reflecting a significant year-on-year increase of 68.2% [1] Revenue Breakdown - Online music service revenue is expected to perform well, growing by 12.0% year-on-year to 5.99 billion yuan, driven by a continuous increase in the number of paying users; membership subscription revenue is anticipated to grow by 13.3% year-on-year to 5.05 billion yuan [1] - Social entertainment services and other revenues are projected to be 1.77 billion yuan, a year-on-year decline of 32% [1] Business Strategy and Market Position - The company is focusing on its core music business, with online music services as the main growth engine; the strategic transformation has shown significant results [2] - By the end of 2025, the platform is expected to have over 1 million independent musicians and more than 5.6 million uploaded tracks, creating a unique ecosystem of original content [1] Profitability and Cost Management - The company's gross margin is expected to increase by 2.0 percentage points year-on-year to 35.7%, driven by a higher proportion of high-margin online music revenue and reduced revenue-sharing costs from the contraction of the social entertainment business [2] - Strict cost control measures have led to a significant year-on-year decrease of 33.2% in sales and marketing expenses, contributing to a 38.5% year-on-year increase in operating profit [2] Product Innovation and User Experience - The company continues to innovate its products, launching the self-developed AI generative recommendation model "Climber" to enhance personalized recommendation efficiency; additional features like "Automix" and "Shen Guang Player" have been introduced to improve user engagement and platform value [2] Future Projections - Revenue is expected to reach 8.6 billion yuan and 9.3 billion yuan in 2026 and 2027, respectively, with year-on-year growth rates of 11% and 8%; adjusted net profit is projected to be 2.24 billion yuan and 2.53 billion yuan, with a year-on-year decrease of 22% in 2026 due to high base effects from 2025 [2]

Industry Overview - The global television industry has entered a phase of stock competition driven by structural upgrades, with future core drivers being larger screens and display technology advancements [1] - Consumer demand for larger televisions is increasing, with average global TV size rising from 42.5 inches in 2017 to 52 inches in 2023 [1] - Mini LED televisions are becoming a mainstream upgrade direction, with expected shipments of 8.2 million units in 2024, a 100% year-on-year increase, surpassing OLED televisions at 7 million units [1] Competitive Landscape - The concentration of the upstream supply chain has strengthened the competitiveness of Chinese companies, with the global LCD panel capacity now predominantly located in mainland China [1] - By 2024, the shipment area of mainland liquid crystal panel manufacturers is expected to exceed 70%, following the exit of major Korean companies like Samsung and LG [1] - The global TV market demand remains stable at around 200 million units, but market concentration has increased, with the global TV CR4 rising from 45% in 2018 to 57% in the first half of 2025 [1] Company Performance - TCL Electronics is transitioning to a global leader driven by both profit and market share, with average TV size increasing from 52.4 inches in 2021 to 63.3 inches in 2024 [2] - The share of TCL's TV shipments for sizes 65 inches and above has grown from 11.1% in 2021 to 29% by 2025 [2] - TCL's Mini LED TV market share is projected to increase by 4.1 percentage points to 28.7% in the first half of 2025, making it the market leader [2] Market Expansion - TCL's overseas market share is steadily increasing, with North America rising from 4.5% in 2016 to 18% in 2023, and Western Europe from 2% to 6% in the same period [2] - The company leverages its brand influence and global distribution network to empower innovative business development, including distributed photovoltaic business expected to grow 104% year-on-year to HKD 12.87 billion in 2024 [3] - The AI+AR glasses business is also performing well, with a market share of 45% in the domestic market as of Q1 2025, making it the industry leader [3] Investment Outlook - The integration of the supply chain enhances TCL Electronics' competitiveness, with expectations for continued growth in overseas market share [3] - The company is positioned to benefit from structural upgrades in the industry, with projected EPS of HKD 0.95, 1.12, and 1.31 for 2025 to 2027 [3] - A DCF valuation method suggests a target price of HKD 16.0, corresponding to PE ratios of 13, 11, and 10 for 2025 to 2027 [3]

Core Viewpoint - The Hong Kong stock market showed strong performance in January, with high trading activity expected to continue, leading to anticipated growth in the performance of the Hong Kong Stock Exchange (HKEX) [1][2]. Market Performance - The Hong Kong stock market continued its upward trend, with the Hang Seng Index and Hang Seng Tech Index increasing by 6.9% and 3.7% respectively compared to the end of 2025 [1]. - The average daily trading (ADT) for HKEX in January was HKD 272.3 billion, representing a month-on-month increase of 46.4% and a year-on-year increase of 89.3% [1]. - Northbound trading ADT reached HKD 407.7 billion, with month-on-month and year-on-year increases of 77.5% and 122.6% respectively [1]. - Southbound trading ADT was HKD 121.3 billion, with month-on-month and year-on-year increases of 45.0% and 96.2% respectively [1]. Derivatives Market - The futures average daily volume (ADV) was 658,000 contracts, showing month-on-month and year-on-year increases of 27.3% and 11.9% respectively [1]. - The options ADV was 1,048,000 contracts, with month-on-month and year-on-year increases of 27.4% and 21.3% respectively [1]. - As of the end of January, the ADT for structured products was HKD 22 billion, with month-on-month and year-on-year increases of 47.7% and 91.0% respectively [1]. IPO Market - In January, the IPO scale in the Hong Kong stock market reached HKD 41.7 billion, with month-on-month and year-on-year increases of 58% and 598% respectively [2]. - A total of 13 new stocks were listed in January, with new structured products also seeing significant increases in numbers [2]. Interest Rates - Investment income-related rates for HKEX showed a downward trend, with the 6-month HIBOR at 2.89%, down 0.10 percentage points month-on-month [2]. Macro Environment - Domestic economic indicators showed a decline, with the manufacturing PMI at 49.30%, indicating a contraction [2]. - The U.S. job market showed improvement, with non-farm payrolls increasing by 130,000, which may affect interest rate expectations [2]. Investment Outlook - As of February 9, 2026, the company's PE ratio was 30.86x, indicating a reasonable valuation compared to historical levels [3]. - The company is expected to achieve revenues of HKD 30.1 billion, HKD 35.7 billion, and HKD 38.4 billion for 2025-2027, with corresponding net profits of HKD 17.7 billion, HKD 21.3 billion, and HKD 22.8 billion [3]. - The company is rated as a buy, with expectations of increased market liquidity and valuation due to ongoing policy support for the Hong Kong capital market [3].

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