Core Viewpoint - The report from Credit Lyonnais indicates that Wynn Macau's EBITDA for Q4 2025 is expected to decline by 7% year-on-year to HKD 21.13 billion, aligning with the bank's expectations but falling 10% short of market forecasts, primarily due to a decrease in VIP and mass market win rates [1] Financial Performance - The property EBITDA margin contracted by 3.6 percentage points year-on-year to 28%, which also meets the bank's expectations [1] - The company has revised its capital expenditure guidance for 2026 from the previous range of USD 450 million to 500 million down to USD 400 million to 450 million [1] Operational Updates - The renovation of the Chairman's Club at Wynn Palace is expected to be completed before the Lunar New Year [1] - The company reported that business volume in January is comparable to that of Q4 last year [1]

西南证券发布研报称，商业航天正式迈入建设期，通信行业开启"星座级Capex"新周期，是2026年最具 确定性的核心主线。商业航天已从前期技术验证与主题探索阶段，进入以规模化星座部署为核心的建设 期。在国家战略高度持续提升、"十五五"规划明确指引的背景下，低轨卫星作为6G"空天地一体化"网络 的关键基础设施，其发展具备明显的政策刚性。同时，低轨轨道与频谱资源高度稀缺且不可再生，全球 可用容量有限，中国在发射与规划层面持续推进，行业具备"必须做、且要抢时间"的战略特征。由此， 商业航天投资逻辑由主题驱动，明确切换至以网络建设为核心的Capex周期。 当前阶段，火箭回收与发射体系完善推动发星成本下降、效率提升，使星座部署由"可行"迈向"可持 续";发射频率提升后，卫星通信质量与覆盖能力同步改善，带动应用场景向更多行业渗透;应用规模扩大 后，收入增长将反哺产业链，推动商业航天由主题投资向可验证的产业周期演进。阶段上看，前期市场 已更多关注"火箭回收"的降本逻辑，后续有望逐步向运载能力提升、发射基地配套及终端侧轮动。 高速光连接是AI算力基础设施升级的重要组成部分，确定性持续增强 随着算力集群规模扩大与通信带宽需求提升 ...

保险资金运用余额继续快速增长 1）2025年末保险行业资金运用余额达38.5万亿元，较年初+15.7%，较Q3末+2.7%，全年增速为2021年 以来最高水平，该行认为主要受负债端保费规模持续较快增长带动。2）人身险公司投资规模为34.7万 亿元，占行业的90.1%。投资规模较年初+15.7%，较Q3末+2.8%。财产险公司投资规模为2.4万亿元，占 行业的6.3%。投资规模较年初+8.8%，较Q3末+1.2%。 2025全年"股票+基金"增加1.6万亿，Q4单季增加1101亿 1）2025年末产、寿险公司"股票+基金"合计余额5.7万亿元，其中股票3.73万亿元，基金1.97万亿元。 2025年股票+基金规模较年初大幅增加1.6万亿元，其中股票增加1.31万亿元，基金增加2899亿元，该行 认为除新增资金外，股价上涨和基金净值提升也有较大影响。2）Q4单季"股票+基金"规模增加1101亿 元，其中股票增加1135亿元，基金减少34亿元。3）从占总投资规模比重看，2025年末股票+基金合计 占比15.4%，较年初提升2.6pct，但较Q3末下降0.1pct。其中，股票占比10.1%，较年初/Q3分别提升 2. ...

Group 1 - The core viewpoint of the article highlights the strong performance of Maoyan Entertainment (01896), with a notable increase in stock price and significant pre-sale ticket sales for the 2026 Spring Festival film season [1] - As of February 10, 2026, the pre-sale box office for new films during the Spring Festival has exceeded 100 million yuan, indicating strong audience interest [1] - According to a report from Galaxy Securities, all films in the 2026 Spring Festival season are domestic productions, including several high-value IP films, which are expected to drive the emergence of new excellent IPs [1] Group 2 - In the first half of 2025, Maoyan Entertainment achieved a record high in the number of films it controlled for promotion or distribution, with 29 domestic films and 9 imported films [1] - The company was involved in the distribution or production of a total of 24 films, with 4 films in development, marking a historical peak for the same period [1] - For the 2026 Spring Festival, the company is participating in the production of "Fast and Furious 3" among other films [1]

Core Viewpoint - Boreton (01333) has seen a stock price increase of over 5%, currently trading at 21.36 HKD with a transaction volume of 54.47 million HKD, indicating strong market interest amid geopolitical tensions affecting resource supply chains [1] Industry Summary - The mining machinery industry is expected to benefit from increased capital expenditure due to heightened global geopolitical disturbances, leading to sustained high demand in the sector [1] - Domestic mining machinery manufacturers possess competitive advantages in terms of cost-effectiveness and customized equipment design, suggesting significant potential for increased global market share as the trend towards self-sufficient resource supply chains continues [1] Company Summary - Boreton plans to launch a new generation of unmanned mining trucks by 2025 and expand into overseas markets such as Africa, indicating a strategic growth initiative [1] - The penetration rate of new energy engineering machinery is expected to rise, with Boreton's product iteration to the BRT970EV model and continuous market expansion [1] - The mining sector is identified as a key application area for autonomous commercial vehicles, with a projected penetration rate of 50% by 2030 [1] - Boreton has introduced the 9M145E model, an original unmanned mining truck equipped with a self-developed E2E intelligent driving system and smart scheduling platform, facilitating collaborative operations among multiple devices [1] - The company has a robust order backlog, having signed a procurement agreement for 1,000 units with Mingyang Mining and supplying 150 units to Fujian Rixin, indicating accelerated commercialization [1]

Company Overview - Shenzhen Hailuo Innovation Smart Technology Group Co., Ltd. (referred to as "Hailuo Innovation") submitted its listing application to the Hong Kong Stock Exchange on February 13, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Hailuo Innovation is a global leader in the warehouse automation sector, focusing on automated picking, which is the most labor-intensive and time-consuming activity in warehouses [1] - According to Zhaoshang Consulting, Hailuo Innovation is projected to be the largest ACR (Automated Case Retrieval) solution provider globally by 2024, with a market share exceeding 30% based on revenue and shipment volume [1] Product Offerings - The company has developed an integrated automated box storage robot (ACR) solution for automated picking and handling of individual cargo boxes in warehouses, enhancing storage density, operational efficiency, order fulfillment speed, and reducing labor costs [5] - Hailuo Innovation offers a range of advanced ACR solutions that provide flexibility, efficiency, reliability, and cost-effectiveness across various distribution and manufacturing sectors [5] - The HaiPick Climb, launched in 2025, is the first single-sided climbing ACR solution to achieve large-scale commercial use, supporting storage heights of up to 15 meters, the highest among similar products [5] Market Presence - Hailuo Innovation's solutions are deployed in warehouses operated by various enterprises, including warehouse operators, logistics service providers, retail groups, and manufacturing companies across key verticals such as apparel, e-commerce, food and beverage, third-party logistics, pharmaceuticals, 3C electronics, and automotive [9] - As of September 30, 2025, over 800 customers, including direct clients and pipeline partners, have contracted with Hailuo Innovation to deploy ACR solutions [9] - The company's business footprint extends to over 40 countries and regions, with orders from markets outside mainland China accounting for over 50% of total orders as of September 30, 2025 [7] Financial Performance - The company reported revenues of approximately RMB 807 million, RMB 1.36 billion, and RMB 1.26 billion for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [10][12] - The gross profit margins for the same periods were 16%, 26.3%, and 28.9% [14] - The company experienced net losses of approximately RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [12] Industry Overview - The global warehouse picking automation solutions market is expected to grow from RMB 91.1 billion in 2020 to RMB 171.2 billion by 2024, and is projected to reach RMB 400.6 billion by 2030, driven primarily by efficient emerging solutions like ACR [15] - The market share of warehouse picking automation solutions is anticipated to increase from 12.6% in 2020 to 17.3% in 2024, with further growth expected to 26.1% by 2030 [15] - The ACR solutions market is expected to grow from RMB 4.4 billion in 2024 to RMB 91 billion by 2030, with a compound annual growth rate (CAGR) of 65.7% from 2024 to 2030 [18]

Group 1 - IBM plans to triple its entry-level job recruitment in the U.S. by 2026, despite concerns that AI is reducing demand for such positions across the tech industry [1][3][5] - Microsoft signals a contrasting view, suggesting that many tasks performed by white-collar professionals will be fully automated by AI within the next 12 to 18 months, raising alarms about the labor market [1][2][4] - The software sector has seen a significant decline, with the S&P 500 Software and Services Index dropping approximately 13% since late January, erasing nearly $1 trillion in market value [2] Group 2 - IBM's Chief Human Resources Officer emphasizes the need to redefine entry-level job responsibilities to align with AI capabilities, focusing on customer interaction and collaboration rather than routine coding tasks [3][5] - Concerns are growing about the potential disappearance of entry-level office jobs, with predictions that up to 50% could vanish by 2030 due to AI advancements [4][5] - Companies like Dropbox are expanding their internship and entry-level programs to leverage the AI skills of younger employees, indicating a shift in hiring strategies [4][5] Group 3 - IBM's strategy involves transforming entry-level engineers into valuable assets in the AI era by reshaping job roles and focusing on higher-value tasks [5][6] - The integration of AI into workflows requires a new type of entry-level talent that can manage and optimize AI processes rather than just performing manual tasks [6][7] - IBM is concentrating on scalable enterprise-level AI projects, emphasizing the importance of integrating AI into existing systems and preparing a talent pipeline for future delivery and management needs [7]

展望2026年，集团预期将面临轻微的商品价格成本挑战，部分可被成本管理措施所抵消。该行料中国市 场年内收入将重回正增长，平均售价稳定，而销量同比增长2%。 高盛发布研报称，微调百威亚太(01876)2026至27年销售额及净利润预测，现料2026至28年销售额分别 增长3.1%、4.4%及4.7%，正常化EBITDA增长2.4%、8.6%及9.5%；维持"买入"评级及目标价8.4港元。 百威亚太2025年有机销售额及EBITDA分别同比跌6.1%及9.8%。中国市场为主要拖累因素(销量同比下 跌8.6%，平均售价同比下跌3%)，但自第四季起有回稳迹象(销量跌幅收窄至3.9%)。印度市场维持强劲 增长势头，第四季收入增长双位数；韩国市场在行业疲弱下仍展现韧性表现，EBITDA利润率有所扩 张。 ...

Core Viewpoint - The report from China Merchants Securities International highlights significant advancements in the AI models of leading internet companies in mainland China, indicating a strengthening investment logic in the AI sector, which is expected to aid in the valuation recovery of the Hong Kong technology sector [1] Group 1: Company Developments - ByteDance's "Seedance 2.0" and Kuaishou-W's (01024) "Keling 3.0" have shown substantial improvements in film generation capabilities [1] - Alibaba-W (09988) has introduced "Qwen-Image-2.0," which benchmarks against "Nano Banana," and its desktop agent tool "Qoder Work" is compared to "Claude Cowork" [1] - OpenRouter's "Pony Alpha" is nearing the capabilities of Anthropic's "Claude Opus 4.6," while "Kimi K2.5" has topped OpenRouter [1] Group 2: Investment Insights - The investment logic surrounding AI in leading internet companies has significantly strengthened, which is expected to support the valuation recovery of the Hong Kong technology sector [1] - Upcoming major models such as DeepSeek-V4, Alibaba's Qwen 3.5, Doubao 2.0, and Mini Max M2.2 are anticipated to act as catalysts for the next phase of growth [1] - Preferred stocks for investment include Alibaba, Tencent Holdings (00700), and Kuaishou [1]

消息面上，近日，北京智源研究院发布新一代具身智能大脑基础模型——RoboBrain2.5。国产GPU近年 来在技术上持续突破，逐步具备了参与顶尖大模型训练的能力，而此次RoboBrain2.5的训练，也成为国 产GPU实力的一次重要检验。国产GPU在此次训练中展现的稳定性，也为后续同类模型训练提供了参 考。 天数智芯(09903)再涨超9%，盘中高见266港元续创上市新高。截至发稿，涨9.22%，报256港元，成交 额5.3亿港元。 值得一提的是，近日，英特尔公司首席执行官表示，公司正加速布局图形处理器，也就是GPU领域，并 已任命一位新的首席架构师。据悉，这一人事变动也被业内视为英特尔加码GPU赛道、争夺AI硬件市 场份额的重要举措。华创证券表示，目前AI投入产出已实现闭环，有望进一步致使海外大厂加码AI相 关投资。GPU是国内人工智能发展的基础，国产算力芯片自主可控迫在眉睫。当前，国内多家GPU厂商 陆续推出AI智算芯片产品，并逐步追赶国际领先标准。 ...