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]

Core Viewpoint - Health Road (02587) has announced a positive earnings forecast for the fiscal year 2025, expecting revenue of at least RMB 1.5 billion, a year-on-year increase of at least 25%, and a net profit of at least RMB 50 million, marking a significant shift from a "scale-driven" to a "profit-driven" business model [1] Group 1: Financial Performance - The company anticipates a net profit exceeding RMB 40 million in the second half of 2025, indicating a substantial improvement in profitability compared to the first half [1] - Content service revenue is projected to grow from RMB 577 million in 2024 to at least RMB 800 million in 2025, driven by a decentralized offline model [2] - Information technology service revenue is expected to rise from RMB 296 million in 2024 to at least RMB 350 million in 2025, benefiting from efficient AI operations [2] Group 2: Business Model and Strategy - The shift to a profit-driven model is characterized by the integration of content services, information technology services, AI software products, and operational efficiency improvements [1] - The company has established a robust network connecting over 12,000 hospitals and more than 900,000 registered doctors, facilitating resource integration and innovative service models [2] - The successful commercialization of AI products, generating approximately RMB 30 million in revenue in its first year, marks a significant milestone in technology monetization [2] Group 3: Operational Efficiency - The proportion of operating expenses to revenue decreased from 29% in 2024, enhancing net profit margins [3] - The company is expected to experience a significant reduction in marginal customer acquisition costs as it reaches a critical mass of connected hospitals [3] - The dual-agent model of "medical assistant + health manager" is anticipated to lower labor costs for health management institutions, indicating strong internal growth capabilities [3] Group 4: Market Position and Growth Potential - Health Road is positioned for high growth following its transition to profitability, with increasing certainty in net profit realization [4] - The company's unique position in the digital healthcare sector is expected to enhance its investment value as AI technology becomes more deeply integrated [4]

博彩股全线走低，截至发稿，新濠国际发展(00200)跌6.21%，报4.53港元；永利澳门(01128)跌4.58%， 报5.83港元；澳博控股(00880)跌1.64%，报2.4港元；美高梅中国(02282)跌1.59%，报13.58港元。 摩根士丹利研究报告指，去年十一黄金周的前五天，澳门日均博彩收入约为11亿澳门元。由于今年农历 新年假期的入住率与该时段相若，且平均每日房价(ADR)高约25%，预期今年农历新年假期的博彩收入 将与去年十一黄金周相若、甚至更强劲。基于入住率较高，该行预期今年节后需求将延续更长时间，支 持其对2月博彩总收入按年增长13%的预期。 消息面上，永利澳门宣布，2025年第四季物业EBITDA按年下跌7%至21.13亿港元，里昂研究报告指， 永利澳门四季度业绩符合该行预期，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，新濠国际发展公告，附属新濠博 亚去年经调整EBITDA增17%至14亿美元。 ...

投资者们对人工智能(AI)颠覆性的担忧情绪持续发酵，导致上周五触底修复式反弹后的软件股在本周再 次经历大规模抛售，来自华尔街知名投资机构Bessemer Venture Partners的合伙人Byron Deeter 认为，当 前全球股票市场软件股，尤其是美股软件股经历的剧烈抛售动荡为投资者们提供了十分难得的"逢低买 入"机遇，并宣称软件与SaaS相关板块"绝对处于严重超卖状态"。尽管本周再度出现了急剧下跌，Deeter 仍认为市场的混乱正在为精明的投资者们创造有利的获利条件。 在接受周四媒体采访时，Deeter 将当前这种潜在V形轨迹与新冠疫情期间以及全球金融危机期间所见到 的类似反弹模式进行比较。不过，他警告称，这次复苏在本质上将截然不同，并预测不同增长前景以及 基本面预期的软件公司之间将出现"巨大的分化"，而不是市场齐涨式的统一触底反弹节奏。 软件股被大举抛售之际，"AI重塑软件盈利"的增长叙事在悄然扩散 对于全球软件股投资者而言，聚焦于"AI+数字广告"的AI应用领军者Applovin(APP.US)可谓用强劲业绩 回应做空势力，并且有力证明：Anthropic刮起的代理式AI智能体风潮所引发的"软 ...

（原标题：?软件股奏响"超卖"乐章! 恐慌抛售孕育逢低买入机遇 但分化将愈发明显） 智通财经APP获悉，投资者们对人工智能(AI)颠覆性的担忧情绪持续发酵，导致上周五触底修复式反弹 后的软件股在本周再次经历大规模抛售，来自华尔街知名投资机构Bessemer Venture Partners的合伙人 Byron Deeter 认为，当前全球股票市场软件股，尤其是美股软件股经历的剧烈抛售动荡为投资者们提供 了十分难得的"逢低买入"机遇，并宣称软件与SaaS相关板块"绝对处于严重超卖状态"。尽管本周再度出 现了急剧下跌，Deeter仍认为市场的混乱正在为精明的投资者们创造有利的获利条件。 Deeter 明确区分了面临横向攻击向量(horizontal attack vectors)的公司与拥有可防御商业模式的大型软件 公司。他认为，Asana(ASAN.US)、DocuSign(DOCU.US)以及Adobe(ADBE.US)等聚焦与特定功能以及 工具类软件公司更容易受到代理式AI智能体的彻底颠覆;而他则指出，"记录系统(systems of record)"与 Shopify(SHOP.US)和 ServiceT ...

安东油田服务(03337)盈喜后涨超8%，截至发稿，涨7.44%，报1.3港元，成交额1691.2万港元。 消息面上，安东油田服务发布公告，预期2025年权益持有人应占利润约为3.6亿元至3.8亿元人民币，同 比大幅增长48.4%至56.6%。主要由于随着集团全球化业务的持续拓展及阿米巴经营的持续深化，集团 业务规模持续拓展，收入及毛利持续增长；集团于2025年一月完成美元债的全部到期偿付，财务费用较 去年同期大幅下降。 据悉，安东油田服务深耕伊拉克油服市场。公司近期公布集团未来三年战略规划及2026年战略指引。长 期战略目标：建设全球领先的油气(能源)资产增值管理一体化服务平台公司。未来三年战略规划：进化 升维战略定位；稳步建造平台化生态式结构；深入创新一体化解决方案；持续发展全球市场平台；不断 提升作业交付能力；迭代优化合伙创新创业管理。 ...

Core Viewpoint - Recent positive developments in domestic AI large models have led to a rise in related stocks, with notable performances from companies like Zhizhu (02513) and MiniMax (00100) [1] Group 1: Market Performance - Large model concept stocks rose against the market trend, with Zhizhu and MiniMax showing strong performance, and XunCe (03317) increasing by over 3% during trading [1] Group 2: Product Launches - Domestic AI large models are set to launch intensively before the Spring Festival, including Zhizhu's new flagship model GLM-5 and MiniMax's Minimax 2.5 [1] - Anticipated releases include Alibaba's Qwen 3.5 and ByteDance's Doubao Model 2.0, expected to be unveiled during the Spring Festival [1] - Market analysts suggest that DeepSeek's new version may also be released around the Lunar New Year [1] Group 3: Company Focus - XunCe Technology specializes in real-time data infrastructure and analytical solutions, developing a millisecond-level AI Data Agent platform [1] - The platform supports various industries, including finance, urban operations, energy, high-end manufacturing, healthcare, satellite, robotics, telecommunications, and consumer markets, facilitating real-time data analysis and efficient decision-making in the AI era [1] - XunCe's real-time data platform addresses challenges related to data dispersion and insufficient real-time capabilities during the implementation of AI large models [1]

Core Viewpoint - Huahong Semiconductor (01347) reported record sales revenue for Q4 2025, driven by strong demand in the global semiconductor market, particularly from AI-related products and a recovery in domestic consumer demand [1] Financial Performance - Sales revenue for Q4 2025 reached approximately $660 million, representing a year-on-year increase of 22.4% and a quarter-on-quarter increase of 3.9% [1] - Gross profit was $85.464 million, showing a year-on-year growth of 39.1% but a slight quarter-on-quarter decrease of 0.5% [1] - The net profit attributable to the parent company was $17.454 million, marking a return to profitability year-on-year, although it decreased by 32.2% quarter-on-quarter [1] Annual Performance - For the full year 2025, the company achieved sales revenue of approximately $2.402 billion, a year-on-year increase of 19.9% [1] - Gross profit for the year was around $283 million, reflecting a year-on-year growth of 37.9% [1] - The net profit attributable to the parent company was $54.881 million, which represents a year-on-year decrease of 5.6% [1] - Earnings per share stood at $0.032 [1] Operational Highlights - The average capacity utilization rate for the year was 106.1%, positioning the company at the forefront of wafer foundry enterprises [1] - The company optimized its product mix and implemented cost reduction measures, leading to strong performance across its specialty process platforms, particularly in standalone flash memory and power management platforms [1]