永利澳门(01128)绩后跌超4%，截至发稿，跌4.58%，报5.83港元，成交额4053.48万港元。 消息面上，2月13日，永利澳门发布控股股东WYNN RESORTS,LIMITED截至2025年12月31日止第四季 及年度业绩。于2025年第四季，拉斯维加斯业务、永利皇宫、Encore Boston Harbor及永利澳门经调整后 的物业EBITDAR较2024年第四季分别减少2,660万美元、2,110万美元、180万美元及70万美元。 里昂发布研报称，永利澳门2025年第四季物业EBITDA按年下跌7%至21.13亿港元，符合该行预期，但 较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业EBITDA利润率按年收缩3.6个百分点至 28%，亦符合该行预期。此外，公司将2026年资本开支指引由原先4.5亿-5亿美元，下调至4亿-4.5亿美 元。 ...

Group 1 - The core viewpoint of the article indicates that Lao Pu Gold (06181) is experiencing a decline in stock price, currently down 5.14% to HKD 729.5, with a trading volume of HKD 238 million [1] - Bank of America Securities reports that Lao Pu Gold benefits from rising gold prices and ongoing brand penetration, predicting a strong revenue growth of 165% year-on-year to RMB 13.2 billion for the second half of last year [1] - Adjusted net profit for the second half is expected to reach RMB 2.4 billion, reflecting a year-on-year increase of 169%, while the full-year adjusted net profit forecast is revised down by 5% to RMB 4.8 billion, indicating a year-on-year growth of 218% [1] Group 2 - Despite the positive revenue and profit growth, Bank of America anticipates pressure on Lao Pu Gold's gross margin due to an increase in the proportion of low-margin products, higher discount frequency, and inventory management challenges [1] - The expected gross margin for the second half of last year is projected to be 37.1%, which represents a year-on-year decline of 4 percentage points and a decrease of 1 percentage point compared to the first half [1] - The target price for Lao Pu Gold has been adjusted down from HKD 958 to HKD 860 by Bank of America [1]

花旗发布研报称，尽管2026年预期加工费(TC/RC)走低，但考量硫酸价格上涨，预期江西铜业 （600362）股份(00358)的铜冶炼业务仍能维持盈利。若收购SolGold交易顺利完成，预计将自2028年起 推动长期盈利增长。该行将江西铜业H股目标价由39.8港元上调至54.1港元，按现金流折现率及公平市 账率作估值，维持"买入"评级。 ...

据监管申报文件，贝莱德曾表示有意认购至多2亿美元IPO股份。 过去一周美国IPO市场接连遇冷：金融科技公司AGI Inc.在定价前大幅缩减发行规模;广告技术公司 Liftoff Mobile Inc.在距定价仅数小时之际叫停IPO。 Clear Street为客户提供证券及衍生品市场接入服务。申报文件显示，该公司向投资者推介的核心卖点 是：其不依赖传统计算机系统，因此能够比传统银行及券商提供更高效的清算、结算、托管及融资服 务。 高盛、美银、摩根士丹利、瑞银集团与Clear Street自身共同担任本次发行的牵头行。 基于云计算技术构建的华尔街经纪商Clear Street Group Inc.(CLRS.US)已推迟其美国首次公开发行计 划，此前该公司将发行目标规模大幅削减近三分之二。 据发言人透露，该公司基于市场状况作出上述决定。Clear Street周四已缩减发行规模，最新招股文件显 示，公司现计划以26至28美元的价格发行1300万股，募资约3.51亿美元。而此前其申报文件为以40至44 美元发行2380万股，目标募资10亿美元。按修订后区间中点计算，募资额较原计划锐减65%。 发言人在电邮声明中表 ...

中国高精密(00591)盈警后跌超18%，截至发稿，跌18.06%，报0.295港元，成交额482.16万港元。 消息面上，2月12日，中国高精密发布公告，本集团预期于截至2025年12月31日止六个月将取得本公司 拥有人应占溢利约人民币250万元至人民币450万元，相比截至2024年12月31日止六个月则取得本公司拥 有人应占溢利约人民币1580万元。截至2025年12月31日止六个月未经审核综合的本公司拥有人应占溢利 的预期减少，主要归因于中国的项目延迟导致自动化仪表及技术产品于石油及石化行业的销售额减少。 ...

Core Viewpoint - Zai Ding Pharmaceutical (09688) has seen a stock price increase of over 5%, currently trading at HKD 15.26, with a transaction volume of HKD 81.97 million, following the announcement of its injection drug ZL-1310 being considered for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC) patients [1] Group 1: Drug Development and Clinical Trials - ZL-1310 has shown outstanding efficacy data in early clinical studies, particularly in patients receiving second-line treatment and those with brain metastases, indicating its potential as a breakthrough therapy in the SCLC treatment field [1] - The company plans to initiate three registration clinical trials for its targeted DLL3 ADC drug Zocilurtatug by the end of 2026, covering small cell lung cancer and neuroendocrine cancer [1] Group 2: Revenue Generation and Strategic Development - The company is generating stable revenue by introducing and commercializing overseas products while leveraging its cross-border platform to promote global development of its innovative pipeline [1] - Zai Ding Pharmaceutical possesses several early-stage global assets with differentiated potential, such as ZL-1503 and ZL-6201, which support its long-term value creation [1]

消息面上，近日，先声药业发布公告，内容有关集团附属公司已与AbbVie Inc. 附属公司就研究性新候 选药物SIM0500订立海外许可选择权协议。根据该协议条款，集团将从AbbVie收取首付款，以及最高可 达10.55亿美元的选择性权益及里程碑付款，同时双方约定就净销售额收取分级特许权使用费。 智通财经APP获悉，先声药业(02096)涨超3%，截至发稿，涨2.69%，报12.61港元，成交额2201.87万港 元。 华泰证券指出，先声药业核心产品SIM0500获得艾伯维4000万美元里程碑付款，该 BCMA/GPRC5D/CD3三抗TCE已获FDA快速通道认定，预计年内读出I期临床数据并实现概念验证。该 行认为，公司创新研发体系与平台技术能力持续获得验证，已达成多项10亿美元级海外授权合作。 SIM0500在临床前研究中显示出显著优于双抗TCE的抗肿瘤活性，同靶点组合竞品中全球进度领先。 ...

该行称，百威亚太公布2025年第四季业绩后股价反应疲弱，可能由于中国业务疲软、管理层对2026年餐 饮渠道复苏持保守态度，以及股息计划存在不确定性。该行认为餐饮业复苏前景不明朗，尽管认同管理 层聚焦家用及O2O渠道的策略，但预期复苏将是渐进过程，且销量回升可能被额外投资及平均售价下调 所抵销。 里昂发布研报称，下调百威亚太(01876)2026-2027财年盈利预测，但同时将估值前移一年，故目标价维 持9港元。该行指，仍在等待明确催化剂，餐饮业或O2O渠道若传出好消息，可能构成上行风险，惟需 时等待。维持"跑赢大市"评级。 ...

华泰证券指出，先声药业核心产品SIM0500获得艾伯维4000万美元里程碑付款，该 BCMA/GPRC5D/CD3三抗TCE已获FDA快速通道认定，预计年内读出I期临床数据并实现概念验证。该 行认为，公司创新研发体系与平台技术能力持续获得验证，已达成多项10亿美元级海外授权合作。 SIM0500在临床前研究中显示出显著优于双抗TCE的抗肿瘤活性，同靶点组合竞品中全球进度领先。 先声药业(02096)涨超3%，截至发稿，涨2.69%，报12.61港元，成交额2201.87万港元。 消息面上，近日，先声药业发布公告，内容有关集团附属公司已与AbbVie Inc.附属公司就研究性新候选 药物SIM0500订立海外许可选择权协议。根据该协议条款，集团将从AbbVie收取首付款，以及最高可达 10.55亿美元的选择性权益及里程碑付款，同时双方约定就净销售额收取分级特许权使用费。 ...

Core Viewpoint - The energy storage battery industry is experiencing unprecedented growth amid the global transition to green energy, with Penghui Energy (300438) aiming to complete its international capital layout by applying for a listing on the Hong Kong Stock Exchange, seeking to establish an "A+H" dual financing platform [1] Group 1: Company Performance - In 2023, 2024, and the first nine months of 2025, the company achieved revenues of approximately RMB 6.932 billion, RMB 7.961 billion, and RMB 7.581 billion respectively, indicating a significant year-on-year growth trend as the company emerges from an industry downturn [2] - The company's gross profit was RMB 880 million in 2023, with a gross margin of 12.7%, which fell to RMB 600 million and 7.5% in 2024 due to inventory destocking and intensified competition, but rebounded to RMB 955 million and 12.6% by the end of September 2025, nearly restoring to industry cycle levels [3] Group 2: Market Position and Strategy - Penghui Energy ranks ninth globally in energy storage battery shipments for 2024, holding the first position in portable energy storage batteries and third in household energy storage batteries, showcasing its significant market leadership [1] - The company operates nine major production bases globally and plans to utilize funds from the Hong Kong listing to implement a capacity roadmap, particularly for the mass production of next-generation large-capacity energy storage cells [4] Group 3: Technological Innovation - The company has established a research and development framework consisting of five research institutes and four centralized testing centers, ensuring collaboration from material research to mass production process development [5] - Penghui Energy focuses on lithium iron phosphate (LFP) technology while also strategically positioning itself in next-generation battery technologies such as solid-state batteries and sodium-ion batteries [6] Group 4: Global Expansion and Challenges - The global energy storage battery market is expected to reach 1,461.9 GWh by 2029, with Penghui Energy serving over 50 countries and regions, achieving a 47.5% increase in overseas revenue to RMB 1.136 billion in the first nine months of 2025 [7] - The company faces systemic risks in its internationalization process, including legal compliance, exchange rate fluctuations, and potential tariff restrictions, prompting it to localize its overseas service network [7]