Core Viewpoint - Goldman Sachs reports that SMIC (00981) is expected to exceed operational profit forecasts for Q4 2025, with Q1 revenue guidance meeting expectations. The optimistic growth outlook leads Goldman Sachs to anticipate continued capacity expansion and advancement in process technology transfer, setting a target price of HKD 134 and a "Buy" rating [1] Group 1: Financial Performance - The company is expected to benefit from increased domestic customer demand, ongoing capacity expansion, and product mix optimization this year [1] - The projected increase in capacity includes an additional 49,000 wafers per week (measured in 12-inch wafers) by 2025, while maintaining strong wafer yield [1] Group 2: Market Trends - The demand for high-margin products is expected to grow at a faster rate than traditional products, driven by the AI boom, supply chain restructuring opportunities, and the trend of "localization of production" [1]

Group 1 - The company Miniso (09896) announced a share buyback plan, intending to repurchase 25,600 shares at a cost of $124,000 on February 11, 2026 [1]

摩根士丹利发布研报称，中芯国际(00981)在结构上处于有利位置，可受惠于内地人工智能运算能力建 设，有助于抵销消费需求的周期性波动。该行维持公司"增持"评级，续予目标价80港元。 该行认为，中芯国际是中国本地人工智能GPU供应链的关键推动者。此外，随着晶圆利用率维持高位， 且均价呈上升趋势，相信公司可吸收部分因持续扩产而上升的折旧成本。 大摩表示，中芯国际引指今年首季收入按季持平，毛利率为18%至20%，略低于预测，反映部分面向消 费者的客户在记忆体价格上行周期中持谨慎态度，并对终端需求可见度感到忧虑。 ...

Core Viewpoint - Liwa Holdings Group (01346) reported a revenue of $200 million for the year ending December 31, 2025, representing a year-on-year decline of 10.2% [1] - The company intentionally reduced business volume with several clients to mitigate potential financial risks, leading to the decrease in revenue [1] Financial Performance - Shareholders' profit attributable to the company was $15.871 million, down 7.4% year-on-year [1] - Basic earnings per share were 2.54 cents, with a proposed final dividend of 0.07 HKD per share [1] Business Strategy - The company continues to implement proactive credit risk measures to minimize bad debts from clients with poor credit status [1] - Excluding the clients with reduced business volume, revenue showed a growth trend, indicating the effectiveness of the product portfolio serving over 150 brands across multiple markets [1] - The company's multi-regional and multi-category business model helped clients mitigate the impact of tariffs in 2025, thereby strengthening long-term business relationships [1]

Group 1 - The core point of the article is that the company, Yipai Sunshine (02522), has announced a loan credit agreement with Yipai Yuntai and Wuhan Ronggongshe, providing a total credit limit of up to RMB 44 million [1] - The credit facility is intended to support the development of solution services for its subsidiary, addressing financial needs for business operations and expansion [1] - This financial support aims to promote steady growth in business scale and strengthen the company's competitive advantage in the market [1]

Core Viewpoint - The company has entered into a loan credit agreement to provide financial support to its subsidiaries, aiming to enhance their operational capabilities and market competitiveness [1] Group 1: Loan Agreement Details - The company will provide a total credit limit of up to RMB 44 million to its subsidiaries, Yipai Yuntai and Wuhan Ronggongshe [1] - The credit limit represents the total withdrawal amount available to both subsidiaries [1] Group 2: Purpose of the Loan - The loan is intended to empower the solution service business development of the subsidiaries [1] - The financial support aims to meet the operational and expansion funding needs of the subsidiaries, promoting steady growth in business scale [1] - The initiative is expected to strengthen and consolidate the market competitive advantage of the subsidiaries [1]

联想集团(00992)发布公告，截至2025年12月31日止第三季度，集团取得稳健财务表现。集团收入同比 增长18%，达创纪录的222亿美元，三大业务集团的收入均取得双位数同比增长。人工智能相关收入同 比增长72%，占集团总收入的32%。本季度调整后权益持有人应占溢利达5.89亿美元，同比增长36%， 增速达收入增长的两倍。已呈报的权益持有人应占溢利为5.46亿美元。主要调整项目包括一次性重组费 用2.85亿美元、所得税抵免4500万美元，认股权证的非现金公允值收益1.86亿美元、可换股债券的名义 利息2900万美元，以及其他非现金调整4000万美元。 基础设施方案业务集团、方案服务业务集团及智能设备业务集团三大业务集团均取得强劲的季度业绩。 智能设备业务集团巩固了其在全球个人电脑市场绝对领先的领导地位，进一步扩大与市场份额排名第二 位同业差距。在过去三十年，集团是唯一连续两个季度全球市场份额超过25%的个人电脑供应商。摩托 罗拉智能手机的销量及激活量均创历史新高，在主要销售区域的收入同比增长超越市场平均水平。 基础设施方案业务集团第三季度营收创季度新高，达52亿美元，经营表现较上一季有所提升。AI服务 器的 ...

Group 1 - The core point of the article is that ZTO Express (Cayman) Inc. announced a share repurchase plan, spending $15.2555 million to buy back 612,400 shares on February 11, 2026 [1] Group 2 - The company is actively engaging in share repurchase, indicating confidence in its financial position and future prospects [1] - The repurchase of shares may positively impact the stock price by reducing the number of shares outstanding, potentially increasing earnings per share [1]

Market Overview - The Hang Seng Index fell by 0.89%, down 242 points, closing at 27,024 points, while the Hang Seng Tech Index dropped by 1.68% [1] - Early trading volume in Hong Kong stocks reached HKD 127.3 billion [1] Company Highlights - Zhizhu (02513) saw its stock price increase by over 24% as its new flagship model GLM-5 has been adapted to major domestic chip platforms like Huawei Ascend [1] - MiniMax (00100) experienced a rise of over 14% [1] - Zhongji Xuchuang (300308) refuted rumors regarding CSP order cancellations, with strong capital expenditure growth in North American CSPs, leading to an 11% increase in its stock price [1] - Oriental Electric (600875) rose by over 11% as Citigroup noted a higher likelihood of new orders from Southeast Asian data centers or utility customers [1] - Harbin Electric (01133.HK) increased by 7.8% [1] - Tianyu Semiconductor (02658) gained 4.9% after forming a strategic partnership with EYEQ Lab, focusing on silicon carbide epitaxial wafer supply and applications [1] - Zhaoyi Innovation (603986) (03986) rose by over 7% following a surge in the U.S. memory sector, with strong demand expected to continue into next year [2] - CIMC Enric (03899) increased by 2.8% as JPMorgan expressed positive expectations for its Indonesian coke oven gas project, marking a step forward in the company's overseas expansion [3] - COSCO Shipping Energy (600026) (01138) surged by over 10%, with a year-to-date increase exceeding 80%, amid reports of the U.S. considering seizing Iranian oil tankers [4] - China Nuclear International (02302) rose by over 6% due to increased transaction volume in uranium trading, significantly boosting annual revenue and profit [5] - Budweiser APAC (01876) fell by over 4%, dragging down the Hang Seng Index, as its Q4 loss widened to USD 105 million [6]

Group 1: Photovoltaics - The supply-side clearing and production restrictions in the photovoltaic industry are expected to accelerate, leading to a clear upward trend in the sector [2] - The dual effects of price control and supply-side clearing are likely to drive industry profitability recovery, with some tail-end companies exiting the market [2] - The global photovoltaic demand may exceed expectations due to AI computing power construction and the "14th Five-Year Plan" supporting photovoltaic installations [2] Group 2: Wind Power - The supply-demand structure of the wind power industry in China is reasonable, with good profitability among listed companies [3] - The construction of offshore wind power is expected to accelerate in 2025, becoming a key focus for the marine economy [3] - The wind power bidding has maintained a high level of activity since 2025, indicating a favorable outlook for the industry [3] Group 3: New Energy Vehicles - In 2025, China's new energy vehicle sales are projected to reach 16.49 million units, reflecting a year-on-year growth of 28.2% [4] - The industry is experiencing a recovery in profitability due to effective control of disorderly expansion on the supply side [4] - The second half of 2025 will see significant price increases for key materials, contributing to overall profitability recovery in the sector [4] Group 4: Investment Recommendations - For photovoltaics, focus on leading silicon material and battery component companies with technological and cost advantages, as well as firms leading in production equipment and high-demand auxiliary material companies [5] - In wind power, attention should be given to turbine manufacturers and companies involved in subsea cable production, as well as those in the offshore wind installation sector [5] - In the lithium battery sector, key companies include CATL and others benefiting from the recovery of midstream material prices [6]