Core Viewpoint - Qiaoyin Co., Ltd. has officially terminated its investment in the Qiaoyin Artificial Intelligence Industry Ecological Headquarters Project due to changes in investment cooperation conditions and the inability to reach an agreement on the original cooperation plan [1] Group 1 - The company signed an investment agreement for the project and actively advanced preliminary work [1] - As of now, the project has not been substantively implemented [1] - The company has communicated with its partner and sent a formal notice to terminate the investment to the management office of the Jiangsu Province Wujiang Dongtai Lake Ecological Tourism Resort Area [1]

Core Insights - The data from the Monetary Authority of Macao indicates a decline in both residential and commercial property mortgage loans approved in December 2025, with residential loans decreasing by 28.2% month-on-month to 900 million MOP [1] - The total outstanding residential mortgage loans fell by 0.6% month-on-month to 206.45 billion MOP, and decreased by 5.3% year-on-year [2] Group 1: New Loans Approved - In December 2025, new residential mortgage loans approved by Macao banks amounted to 900 million MOP, reflecting a month-on-month decrease of 28.2% [1] - The average monthly new residential mortgage loans from October to December 2025 was 1.11 billion MOP, down 6.6% compared to the previous period [1] - New commercial property loans decreased by 5.4% month-on-month to 380 million MOP, with the residential portion dropping by 9.9% to 360 million MOP [1] Group 2: Outstanding Loans - As of the end of December 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to 206.45 billion MOP, with a year-on-year decline of 5.3% [2] - The outstanding commercial property loans totaled 138.09 billion MOP, reflecting a month-on-month decrease of 1.7% and a year-on-year decrease of 7.9% [2] - The residential portion of outstanding residential mortgage loans accounted for 96.7%, while the residential portion of outstanding commercial property loans accounted for 91.4% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio at the end of December 2025 decreased by 0.2 percentage points to 3.6%, but increased by 0.1 percentage points year-on-year [2] - The default ratio for commercial property loans was 5.4%, showing a month-on-month decrease of 0.2 percentage points and a year-on-year increase of 0.1 percentage points [2]

该行表示，华虹整体利润率或将持续受压，因公司持续扩产(新Fab9B将增设5万片以上12吋月产能，主 要在2026年至2028年建设)，导致折旧成本上升。该行预期公司经营亏损将延续至2026年上半年，随后 于2026年下半年及2027年上半年录得低单位数经营利润率。因此，其2026年及2027年股本回报率或仍处 于3%至4%的低位，对比中国半导体代工及封测同业为5%至10%。 美银证券发布研报称，华虹半导体(01347)2025年第四季业绩符合预期，惟经营亏损持续。公司公布第 四季销售额为6.6亿美元(按季增长4%，同比增长22%)，处于指引上限；毛利率为13%，符合12%至14% 的指引区间，惟较第三季的13.5%未见明显改善。该行预期2026年将恢复派息，美银证券将华虹目标价 由59港元上调至61港元，仍然基于2026年预测每股账面净值3.9美元的2倍计，重申"跑输大市"评级。 华虹经营亏损率由第三季的2%扩大至第四季的7%，该行认为很可能由于新Fab9的营运开支上升。不包 括少数股东权益/包括少数股东权益的净利润分别为亏损约1,900万美元及净利润约1,700万美元，第四季 每股盈利1美仙。 ...

Core Insights - The report from Bank of America Securities highlights significant advancements in China's AI industry this week, including the launch of advanced models by major companies [1] Group 1: Company Developments - ByteDance released Seedance 2.0, a next-generation video generation model with advanced multimodal capabilities [1] - Zhiyuan (02513) launched its flagship GLM-5, enhancing programming and reasoning performance, and increased prices for new users by at least 30% due to strong demand [1] - DeepSeek updated its model, extending the context window and providing more immediate knowledge [1] - MiniMax M2.5 is now available for testing on its overseas agent platform [1] - UCloud (688158.SH) announced price increases for all product renewals and new orders [1] Group 2: Industry Impact - The advancements in AI models are expected to accelerate iterations among domestic AI leaders, driving increased demand for data centers [1] - Enhanced programming, reasoning, and multimodal capabilities may lead to faster adoption by enterprises and developers, boosting demand for reasoning-end data centers [1] - Price increases by cloud service providers may stabilize IDC leasing pricing trends [1] - Strong AI demand in the public cloud sector is likely to support cloud service pricing and facilitate the transfer of rising hardware/memory costs [1] Group 3: Investment Outlook - The report expresses a positive outlook for data center companies such as Century Internet (VNET.US) and GDS Holdings (09698), as well as for public cloud provider Kingsoft Cloud (03896) [1]

Core Viewpoint - Hongxing Printing Group (00450) anticipates a loss attributable to equity holders of approximately HKD 79 million for the year ending December 31, 2025, compared to a loss of HKD 43 million in 2024 due to rising costs and logistical disruptions caused by U.S. tariffs and policy uncertainties [1] Group 1 - The company prioritizes excellent customer service and invests resources to maintain high delivery standards, despite the short-term cost impact [1] - The customer-centric strategy has strengthened long-term partnerships and market position, but has also led to a decline in gross margins during the disrupted period [1]

本集团连同其合营公司及联营公司的代建项目就2026年1月的协议销售额约为人民币1.7亿元;协议销售 楼面面积约为1.63万平方米;协议销售均价为每平方米约人民币1.04万元。 远洋集团(03377)发布公告，本集团连同其合营公司及联营公司就2026年1月的协议销售额约为人民币 11.5亿元;协议销售楼面面积约为7.86万平方米;协议销售均价为每平方米约人民币1.46万元。 ...

华秦科技(688281.SH)披露2025年度业绩快报，2025年实现营业收入12.51亿元，同比增长9.83%;实现归 属于母公司所有者的净利润3.13亿元，同比减少24.28%。 公司本部特种功能材料等产品正处于产品更新换代的关键阶段，跟研试制产品收入占比逐步提高，但由 于尚未定型批产，受工艺路线优化、新建产线调试及良品率爬坡等因素影响，新型号产品暂未实现规模 化生产，试制成本较高;公司本部部分特种功能材料产品暂定价与最终批复价的价差调整对2025年度收 入及利润亦产生部分影响。 ...

从轮动到共振，双轮驱动下有色有望迎来重估新机遇 2025年，有色金属行业整体运行呈现供需错配与宏观宽松共振下的结构性上行态势，板块以显著的超额 收益成为市场焦点。从全年的轮动节奏来看，呈现出贵金属先行，小金属接力，工业金属冲刺的轮动脉 络。进入2026年，随着市场进入牛市第二阶段——盈利驱动上涨阶段，在"反内卷"和扩内需驱动下，国 内再通胀叙事强化，有色金属的强周期属性有望体现，主要的支撑逻辑来自金融属性与产业趋势的共振 催化：1)弱美元周期开启支撑大宗商品价格;2)地缘政治风险频发正持续强化资源品的供给刚性;3)内需 趋稳，价格修复，A股盈利因子有望回归;4)有色行业今年在业绩端或将呈现相对高景气。本轮周期行情 为非典型周期行情，呈现业绩拐点先行，股价及估值滞后的特点，与2016-2017年类似，但弱美元周期 的开启以及全球地缘风险升温的大背景下，本轮行情有望呈现金融属性与产业趋势共振带来的重估机 遇。配置上，工业金属与战略小金属为矛，贵金属为盾。 金融属性与产业趋势共振——2026年有色投资主线 中国银河（601881）证券发布研报称，2026年有色行业有望呈现金融属性与产业趋势共振带来的重估机 遇。在板 ...

盛诺集团(01418)公布，该集团预期于2025年财政年度取得除税后溢利不低于8000万港元，而截至2024 年12月31日止年度的除税后溢利约为1.626亿港元。该集团预期于2025年财政年度取得公司股东应占年 内溢利不低于5500万港元，而截至2024年12月31日止年度的股东应占年内溢利约为1.38亿港元。此乃主 要归因于(i)对出口至美国的产品徵收及持续施加关税及(ii)年内汇率波动对集团整体财务表现造成负面 影响。 ...

合景泰富集团(01813)发布公告，2026年1月，本集团及其合营企业及联营公司的预售额为人民币3.25亿 元，与去年同期相比减少35.3%。本集团及其合营企业及联营公司的预售建筑面积约为1.06万平方米， 与去年同期相比减少10.9%。 ...