Core Viewpoint - The report from CICC maintains the Non-IFRS net profit forecast for NetEase Cloud Music (09899) for 2026 and 2027, with a target price of HKD 224, indicating a 22% upside from the current price [1]. Financial Performance - The 2025 Non-IFRS net profit of NetEase Cloud Music is in line with expectations, reporting revenue of RMB 7.759 billion and a Non-IFRS net profit of RMB 2.860 billion, both closely matching CICC's forecasts [2]. Music Business Outlook - The online music revenue for 2025 is projected at RMB 5.994 billion, reflecting a 12% year-on-year increase, driven by a 13.3% growth in subscription revenue and a 5.2% increase in non-subscription revenue. The company aims to expand its paid user base in 2026, with an expected 10.8% growth in online music revenue and a 12.1% increase in subscription revenue [3]. - Social entertainment and other revenues for 2025 are expected to decline by 32% to RMB 1.765 billion due to a cautious operational strategy, although there is a slight improvement in the second half of 2025 [3]. Profitability and Cost Management - The gross margin for 2025 is reported at 35.7%, an increase of 2 percentage points year-on-year. Operating expenses for sales, management, and R&D have decreased, indicating controlled spending. The company plans to increase investment in 2026, particularly in content costs and customer acquisition [4]. - The operating profit for 2026 is anticipated to grow by 20% to RMB 1.95 billion, supported by healthy growth in the music business [4]. Industry Dynamics and Innovation - The industry landscape is stabilizing, with concerns about competition. NetEase Cloud Music's user base remains relatively stable, and the company is focusing on user experience and innovation, including the launch of its AI-generated recommendation model, Climber [5]. - The company is positioned to differentiate itself in the market, with a focus on user retention and experience as key strategies [5].

Core Viewpoint - Haizhi Technology Group (02706) has successfully listed on the Hong Kong Stock Exchange, with a share price set at HKD 27.06 and a total issuance of 28.03 million shares, raising approximately HKD 655 million in net proceeds. The public offering was oversubscribed by 5065.06 times, and the stock price surged by 225.39% to HKD 88.05, with a trading volume of HKD 377 million [1]. Company Overview - Haizhi Technology is a leading enterprise in China's graph computing and graph database sector, focusing on developing Atlas graph solutions and industry-level AI solutions through graph model integration technology [1]. - The Atlas graph solution is one of the company's core products, built on its industry-leading graph computing and data analysis capabilities, which includes the DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database [1]. Growth Potential - With the gradual promotion of AI large model applications, Haizhi Technology has seen rapid growth in its related revenue, particularly from the "Atlas Intelligent Agent," which is expected to increase by over 9 times in 2024 compared to 2023, and nearly 5 times in the first half of 2025 [1]. - According to Frost & Sullivan, Haizhi Technology is the first company in China to effectively reduce hallucinations in large models through knowledge graphs, establishing core competitiveness and technological barriers in terms of factual accuracy, hallucination rate, and complex logical reasoning capabilities [1].

Group 1 - The core focus of the news is the progress of Zhipu AI's IPO plans, including its recent update on the A-share listing and the change in IPO counseling institutions [1] - Zhipu AI has become the first publicly listed company globally focused on general artificial intelligence (AGI) since its listing on the Hong Kong Stock Exchange on January 8, with a stock price increase of over 235% since then, reaching HKD 427.20 per share and a market capitalization exceeding HKD 190 billion [1] - The company launched its next-generation flagship model, GLM-5, on February 11, which has shown significant performance improvements in coding and agent capabilities, comparable to Claude Opus 4.5 [1][2] Group 2 - Zhipu AI's GLM Coding Plan was sold out shortly after its launch on February 12, indicating strong demand for its AI programming model, despite a 30% price increase [2] - The GLM-5 model has been optimized for compatibility with major domestic chip platforms, enabling high throughput and low latency performance on domestic computing clusters [2] - Zhipu AI is recognized as a leading AI company in China, focusing on the development of advanced general models and has achieved rapid revenue growth through its model-as-a-service (MaaS) platform [2][3]

1)内容服务收入由2024年度的人民币5.77亿元增长至2025年度的不少于人民币8亿元，此增长源于根据 市场动态进行的战略调整，例如资源整合与新型服务模式。 2)信息技术服务收入由2024年度的人民币2.96亿元增长至2025年度的不少于人民币3.5亿元，主要得益于 本集团大数据技术服务收入的增长以及人工智能(AI)软件产品的推出。值得注意的是，本集团自主研发 的AI软件产品于2025年上市首年已贡献约人民币3000万元的收入 3)运营效率持续提升。2024年度，运营开支总额(包括行政开支、销售开支及研发开支)约占收入的 29%。于2025年度，随着业务扩张，该百分比有所下降。 健康之路(02587)盈喜后涨超14%，截至发稿，涨12.3%，报5.04港元，成交额3515.01万港元。 消息面上，2月12日，健康之路发布公告，预期本集团将录得2025年度收入不少于人民币15亿元，较截 至2024年12月31日止年度增长不少于25%；及2025年度的利润不低于人民币5000万元，而2024年度则录 得净亏损人民币2.69亿元。 公告称，该预期的正面表现主要是由于以下原因： ...

值得注意的是，2月13日，深交所发布公告，因沃尔核材在港交所上市不适用价格稳定期机制，且相应 A股上市满10个交易日，根据《深圳证券交易所深港通业务实施办法》的有关规定，港股通标的证券名 单发生调整，调入沃尔核材，并自2026年02月13日起生效。 沃尔核材（002130）(09981)首挂上市，公告显示，每股定价20.09港元，共发行1.4亿股股份，每手200 股，所得款项净额约27.34亿港元。截至发稿，涨0.05%，报20.1港元，成交额1.66亿港元。 公开资料显示，沃尔核材是全球最大的热缩材料及通信电缆产品提供商之一。根据弗若斯特沙利文的资 料，按2024年全球收入计，公司在通信电缆制造商中排名第五，占全球市场份额的12.7%。公司在全球 热缩材料行业中排名第一，按2024年全球收入计，占全球市场份额的20.6%。按2024年全球收入计，公 司在全球新能源汽车电力传输产品行业中排名第九，占全球市场份额的1.9%。按2024年全球收入计， 公司在全球电缆附件行业中排名第七，占全球市场份额的2.5%。 ...

（原标题：?"Gemini热潮"再度席卷全球! 谷歌(GOOGL.US)Deep Think"硬核升级"直指大型科研工程） 智通财经APP获悉，美国科技巨头谷歌(GOOGL.US)对其风靡全球的Gemini 3 AI大模型的Deep Think(深 度思考)模式在科学、编程、研究与工程学等方面进行了重大升级，这一最新升级聚焦于解决现代科学 研究与工程领域的诸多复杂挑战，可谓引爆新一轮席卷全球的"Gemini AI狂热浪潮"。谷歌官方在一份 声明中表示，新的Deep Think模式现已在Gemini 3系列AI应用产品中面向 Google AI Ultra 订阅用户开 放。该公司补充称，这是其首次通过Gemini API向部分研究人员、工程师及大型企业提供Deep Think功 能。 据谷歌介绍，通过更新后的Gemini 3 AI大模型Deep Think(深度思考)模式，订阅用户们可以将草图变为 可3D打印的现实物体。Deep Think拥有强大的能力分析图纸、对极度复杂形状建模，并生成可用于3D 打印制作实体物品的文件。 该公司在周四的一篇博客文章中表示："除了其最先进的性能之外，Deep Think还旨在 ...

报告作者Mary Amiti、Chris Flanagan、Sebastian Heise和David E. Weinstein写道："这一结果意味着， 10%的关税仅导致外国出口价格下降0.6个百分点。" 基于截至2025年11月的数据分析，研究发现，当年前8个月，约94%的关税成本被转嫁给美国企业与消 费者。 研究人员分析了截至2025年11月的月度贸易数据，采用与2018、2019年关税研究相似的统计方法：通过 对比外国出口价格与关税税率的12个月变化，同时控制产品层面及全球整体价格趋势，以此估算关税对 价格的直接影响。 到11月，外国出口商承担的比例略有上升——10%的关税仅对应其出口价格下降1.4%——但关税转嫁比 例仍高达86%。 纽约联储经济学家的一项最新研究显示，2025年美国加征关税带来的经济负担中，近90%由美国企业和 消费者承担。 研究还指出，去年4月2日——特朗普总统所称的"解放日"，其当日宣布大规模加征进口关税——之后， 美国平均关税税率从2.6%骤升至13%，4月至5月因对华商品加征高额临时关税而出现大幅跳升。尽管关 税豁免与供应链调整降低了实际税负，但经济负担仍主要由美国民众承担 ...

2月10日，广州珠江之畔，中国技术集团（01725）以一场名为"策马奔腾、共赴未来"的发布会，向资本 市场与产业界发出了一则清晰而坚定的战略宣言： 这家以航天技术为基因的企业，正加速从"高天之上"走向"大地深处"，将尖端航天能力转化为绿色能 源、智能制造与数字基建的现实生产力。 在发布会上，一场汇聚7家战略伙伴的重磅签约，不仅清晰勾勒出"航天赋能、储能筑基、智造升级"的 发展路径，更标志着这家从单一卫星产业转型而来的科技集团，正式迈入航天、储能、精密智造三位一 体的协同发展新阶段。 回溯近年发展，中国技术集团动作频频：2025年10月，总部从香港迁至广州，夯实全国运营枢纽；11 月，正式由"洲际航天科技（000901）"更名为"中国技术集团"，彰显布局全产业链、打造民族科技品牌 的雄心。 此次发布会既是集团23周年的庆典，更是对过往转型成果的总结、对未来发展的战略宣示，而核心是卫 星数字算力与人工智能应用中心的揭牌。这并非简单的技术展示，而是中国技术集团从"卫星数据"提供 商向"卫星数字算力"服务商跨越的关键标志。 该中心不仅是天地一体化信息网络的关键节点，更是智慧工业5.0体系的"神经中枢"——它将卫星遥 ...

Core Viewpoint - As of January 31, 2026, 2,976 A-share companies have disclosed their 2025 annual performance forecasts, with a total disclosure rate of 54.0%. The proportion of companies with positive forecasts has increased to 37% from 33% in 2024, indicating a structural recovery driven by technology, supported by external demand, while financial sectors face pressure [1][9]. Group 1: Performance Forecast Overview - The number of companies with positive forecasts has expanded, with technology, finance, and cyclical sectors being the highlights. The overall disclosure rate is 54.0%, with 37% of companies forecasting positive results, up from 33% in 2024. Key sectors showing growth include communication, basic chemicals, non-ferrous metals, non-bank finance, electronics, and utilities [1][5]. - The performance forecast reveals significant improvements among large-cap leaders, while small-cap companies continue to face substantial pressure. The positive forecast ratio is highly correlated with market capitalization, with the Shanghai Stock Exchange 50 index showing a 75% positive forecast ratio [9][12]. Group 2: Sector-Specific Insights - The current performance forecasts exhibit structural characteristics of "technology-driven, externally supported, and financial pressure." Notably, 9 companies from the Shanghai Stock Exchange 50 have released forecasts, with 6 showing growth, particularly in machinery, non-ferrous, pharmaceuticals, and electronics [12]. - The technology sector shows high resilience due to global AI infrastructure and semiconductor demand growth, while industries like non-ferrous metals and chemicals are experiencing performance releases due to improved pricing power [12][22]. Group 3: Institutional Investment Strategies - Fund companies focus on clear growth sectors, with the top three heavy investment industries being electronics (20.1%), pharmaceuticals (10.1%), and power equipment & new energy (9.3%). The top 20% of holdings have a forecasted net profit of 3,976.3 billion yuan, reflecting a 46.4% year-on-year growth [16][21]. - Insurance companies prioritize cash flow and defensive attributes, with a significant portion of their holdings in banking and non-bank financial sectors. The top 20% of holdings forecast a net profit of 814.7 billion yuan, with limited growth elasticity [16][20]. Group 4: Analyst Expectations and Market Reactions - Analyst expectations are generally optimistic, with 537 companies forecasting below market consensus and only 160 exceeding expectations, indicating a significant bias towards optimism in earnings predictions [22][27]. - The analysis of market reactions shows that 658 stocks experienced a gap down on the day following their forecasts, while only 230 saw a gap up, suggesting that overall earnings expectations were overly optimistic prior to announcements [27][33].

Major Events - Fuhong Hanlin (02696) received NMPA approval for the Phase I clinical trial application of HLX15-SC for the treatment of multiple myeloma [1] - Kangzheng Pharmaceutical (00867) signed an exclusive distribution agreement for the original drug Lidoderm® lidocaine gel patch [1] - MicroPort Robotics-B (02252) surpassed 200 global commercial orders for the Tumai® laparoscopic surgical robot [1] - BGO Group (08220) plans to acquire a proposal from Stephen Chow at a discount of approximately 91.79% [1] - Kogee Pharmaceuticals-B (02171) signed a strategic cooperation agreement with Shanghai Jinguang Enterprise Development to build a commercial production base for CAR-T cell therapy products in Jinshan [1] Operating Performance - China Resources Land (01109) reported total contract sales of approximately 11.65 billion yuan in January, a year-on-year increase of 0.4% [1] - Hua Hong Semiconductor (01347) announced a profit attributable to the parent company of 54.881 million USD for 2025, a year-on-year decrease of 5.6% [1] - China Coal Energy (01898) reported coal sales of 20.05 million tons in January, a year-on-year decrease of 7.3% [1] - China Metallurgical Group (01618) signed new contracts worth 73.65 billion yuan in January [1] - China Communications Construction (01800) reported new contracts worth 1.883672 trillion yuan for 2025, a year-on-year increase of 0.13% [1]