智通财经APP获悉，香港联交所最新资料显示，2月10日，高丽减持飞扬集团(01901)2251.6万股，每股 作价0.39港元，总金额约为878.12万港元。减持后最新持股数目为8141万股，最新持股比例为8.15%。 （原标题：高丽减持飞扬集团(01901)2251.6万股 每股作价0.39港元） ...

Group 1 - PayPay, a Japanese payment application operator under SoftBank, is advancing its IPO plans after delays caused by the U.S. government shutdown, with expectations to raise over $2 billion and a potential valuation exceeding 3 trillion yen [1] - The company initially planned to go public in December 2022, but regulatory approval was postponed due to the longest government shutdown in U.S. history [1] - PayPay's IPO will be the first major listing of a SoftBank majority-owned investment project in the U.S. since the notable IPO of Arm Holdings in 2023, as SoftBank seeks to raise funds for its expanding AI initiatives [1] Group 2 - For the nine months ending December 31, PayPay reported a profit of 103.3 billion yen (approximately $675 million) and revenue of 278.5 billion yen, compared to a profit of 29 billion yen and revenue of 220.4 billion yen in the same period the previous year [2] - Analysts highlight PayPay's impressive growth and profitability, suggesting it meets the criteria for premium valuation among high-quality companies, with expectations that a successful IPO could boost the U.S. IPO market [2] - Founded in 2018 by SoftBank and Yahoo Japan, PayPay has played a significant role in Japan's digital transformation, rapidly becoming one of the most widely used payment platforms with approximately 72 million registered users as of December 31 [2] Group 3 - Japan has seen a significant increase in cashless payment adoption, although it still lags behind other countries in payment technology, indicating substantial growth potential [3] - Analysts predict that PayPay's strong market presence and the accelerating trend towards cashless payments in Japan may allow it to enjoy a premium valuation compared to its fintech peers listed in the U.S. [3] - While initially focused on cashless payments, PayPay has expanded its services to include credit, banking, securities, and insurance [3]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Kuaishou (01024) with a 12-month target price of HKD 87, indicating a potential upside of approximately 25% from the current stock price [1] Group 1: Competitive Landscape - The report highlights the competition between Kuaishou's AI video generation model, Keling, and ByteDance's Seedance 2.0 [1] - Keling 3.0 has shown significant improvements in multi-modal generation, visual consistency, scene control, and multi-language audio generation, placing it among the top-tier globally [1] - Despite some market feedback favoring Seedance 2.0 for physical motion and complex action handling, Keling AI remains competitive in visual consistency, commercial scene adaptability, and professional creation capabilities, particularly in the enterprise and professional user market [1] Group 2: Market Expansion - Goldman Sachs believes the AI video generation industry is in a rapid expansion phase and will not lead to a single platform monopoly [1] - The global AI video generation market is expected to grow approximately tenfold over the next five years, reaching around USD 29 billion by 2030 [1] - Multiple leading models are anticipated to benefit from this industry expansion [1] Group 3: Commercialization and Revenue Growth - Since December of last year, Keling AI has seen a significant acceleration in overseas users and revenue, with expectations for continued growth this year [1] - Revenue for Keling AI is projected to reach approximately USD 280 million by 2026, representing a year-over-year growth of over 90% [1] Group 4: Valuation Insights - Goldman Sachs estimates that the current stock price implies a valuation of Keling at around USD 5 billion, which does not fully reflect its growth potential [2] - Following a recent stock price correction, Kuaishou's valuation is considered to be in a relatively reasonable range, with the long-term growth potential of its AI business not yet fully reflected in the current stock price [2]

Core Viewpoint - The stock of Xian Dao Intelligent (300450) has seen a nearly 3% increase, reflecting positive market sentiment driven by significant growth projections in the lithium battery industry in China [1] Industry Summary - According to statistics from Gaogong Industry Research Institute, by 2025, there will be over 282 publicly invested projects across the entire lithium battery industry chain in China, with a total investment exceeding 820 billion yuan, representing a year-on-year increase of over 74%. The expansion trend is expected to continue into 2026 [1] - The ongoing global transition to electric vehicles and the accelerated industrialization of solid-state batteries are expected to sustain the demand for expansion from top automotive manufacturers and battery producers [1] Company Summary - Xian Dao Intelligent is positioned to strengthen its global leadership in the lithium battery intelligent equipment sector, leveraging its technological advantages in complete line projects and a robust order backlog [1] - The company's intelligent equipment is equipped with industrial control software that streamlines various production processes, aiding clients in transitioning to highly automated, unmanned factories, thereby reducing labor costs and enhancing production efficiency [1] - According to Frost & Sullivan, in terms of revenue for 2024, the global market for intelligent equipment in lithium batteries accounts for approximately 13.5% of the global new energy intelligent equipment market. Xian Dao Intelligent is projected to be the largest supplier of lithium battery intelligent equipment globally, with a market share of 15.5%, and the largest in China, with a market share of 19.0% [1]

蒙古焦煤就近期媒体报道发布澄清公告称，确认其营运附属公司ER及KEX已与蒙古国政府签署不具法 律约束力的谅解备忘录。根据备忘录，战略矿场的国家所有权权益要求将被豁免，改以与市价挂钩的特 别特许权使用费替代，蒙古国政府将享有矿场60%的累计经济利益。 蒙古焦煤(00975)盘中跌近18%，截至发稿，跌14.51%，报12.2港元，成交额2.59亿港元。 消息面上，据报道，近日，蒙古国总理赞丹沙塔尔与部分矿企签署收益分配初步协议，将乌哈胡达格、 纳林苏海特和巴鲁努纳兰(塔万陶勒盖矿区之一)以及额尔登特衍生铜矿的收益的60%，通过国家财富基 金以储蓄形式返还给蒙古国民众，切实履行企业社会责任，助力国家资源收益的合理分配。 ...

Market Overview - The three major indices closed lower today, with the Shanghai Composite Index gaining over 25% and the ChiNext Index rising over 58% for the year [1] - The best-performing stock of the year is Shangwei New Materials, with a cumulative increase of over 18 times [1] - The military industry sector showed strength, with stocks like Andavere, Yaxing Anchor Chain, and Hangfa Power hitting the daily limit [1] - The semiconductor sector also saw gains, with stocks like Weidao Nano and Fuchuang Precision rising over 10% [1] - Conversely, stocks in the computing hardware sector, such as Changxin Bochuang, fell over 10%, and the space photovoltaic concept saw declines, with Shuangliang Energy hitting the daily limit down [1] Future Market Outlook - Guosen Securities anticipates a decline in trading activity due to the long holiday, but expects a reversal in trading volume post-holiday, with an average increase of 22.3% in trading volume in the week following the Spring Festival compared to the week before [1] - Everbright Securities believes the upcoming spring market is promising, with favorable policy and fundamental news expected in the coming months [2] - Huajin Securities also supports the continuation of the spring market, citing potential improvements in economic and profit expectations during the Spring Festival [2] - Overall, institutions are optimistic about technology stocks post-holiday, focusing on sectors with industrial catalysts and performance certainty, such as AI applications, high-end manufacturing, and new energy [2] Fund Flow - Main funds are actively investing in sectors such as semiconductors, marine equipment, and automotive parts, with notable net inflows into stocks like Huasheng Tiancai, Zhaoyi Innovation, and Guofeng New Materials [3] Key News Recap - Trump is reportedly planning to reduce tariffs on certain metals and aluminum due to a "affordability crisis" affecting his support ahead of the midterm elections [4] - The Silver Institute predicts a decline in silver demand in the photovoltaic sector by 2026, but overall silver demand is expected to remain stable due to strong growth in data centers, AI, and automotive electronics [5] - In January, new residential sales prices in first-tier cities fell by 0.3% month-on-month, with variations across cities [6] Market Analysis - Dongwu Securities notes that the A-share market typically exhibits a pattern of "pre-holiday volume contraction and post-holiday volume expansion," with trading volume expected to increase significantly after the holiday [7] - Minsheng Securities indicates that the market may experience differentiation post-holiday, with a potential shift in investment styles, recommending profit-taking before the holiday and prioritizing cyclical assets, technology growth, and high-potential sectors like pharmaceuticals, military, and automotive [8]

2026年1月份，由中国物流与采购联合会和林安物流集团联合调查的中国公路物流运价指数为105.9点，环比回升0.65%， 同比去年回升0.19%。从月内看，第一、二、三、四周运价指数环比回升，第五周运价指数环比回落。 表1 2026年1月中国公路物流运价指数表 | | 2026年累计 | | 2026年1月 | | 与上月比 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | (%) | | | 中国公路物流运价指数 | | 105.9 | | 105.9 | | 0.65 | | 整车指数 | | 106.5 | | 106.5 | | 0.64 | | 零担轻货指数 | | 103.3 | | 103.3 | | 0.68 | | 零担重货指数 | | 106.6 | | 106.6 | | 0.66 | 分车型指数看，各车型指数环比有所回升，同比去年走势分化。以大宗商品及区域运输为主的整车指数为106.5点，比上 月回升0.64%，比上年同期回升0.32%。零担指数中，零担轻货指数为103.3点，比上月回升0.68%，比上年同期回落 0 ...

当地媒体去年报道称，公司曾考虑在泰国上市。相关数据显示，曼谷股市近年来表现不佳，2025年下跌 10%，2023年和2024年也有所下跌。泰国2025年IPO集资金额约3.59亿美元，是自2010年以来最低。 公司官网显示，Minor Food在24个国家拥有2,699家门店和80个品牌。 据媒体引述知情人士报道，泰国大型餐饮集团美诺国际(Minor International Pcl)正考虑分拆旗下餐饮业 务并在香港进行首次公开募股(IPO)。知情人士表示，汉堡王及DQ冰淇淋母企Minor Food正考虑最快今 年在港IPO，集资逾4亿美元。上市的讨论，包括规模及时间表仍未定。对此，美诺国际的代表拒绝置 评。 ...

香港联交所最新资料显示，2月10日，高丽减持飞扬集团(01901)2251.6万股，每股作价0.39港元，总金 额约为878.12万港元。减持后最新持股数目为8141万股，最新持股比例为8.15%。 ...

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]