2月12日消息，$兆易创新 (03986.HK)$涨超6%，报314.8港元，成交额2.42亿港元。 消息面上，上一交易日美股存储板块爆发，闪迪涨10.65%，美光科技涨9.94%。此前摩根士丹利将美光目标价上调至450美元。值得一提的是，三星电子首 席技术官表示，公司预计，市场对内存芯片的强劲需求不仅将持续今年全年，而且还将持续到明年，因为人工智能推动了强劲的需求。 天风证券近日研报指出，兆易创新是一家在"AI+国产替代+存储周期上行"三重利好共振下的平台型芯片设计公司。该行预计公司2025-2027年营收 92.03/113.86/138.78亿元，预计归母净利润实现16.10/25.89/27.69亿元。该行认为兆易创新在未来预测期内成长动能充足，业绩具备较强韧性。 编辑/melody ...

均胜电子x中际旭创车载光通信解决方案 当前，汽车电子/电气架构向"全域深度融合"升级，海量传感器数据的实时汇总、座舱、智驾等多域系统的高效协同，都对通信链路、时延与稳定性提出了 前所未有的要求。车载光通信解决方案依托光通信抗干扰、微秒级低时延与大带宽优势，支持DP、MIPI、PCIe等高速数据传输，可构建中央域与区域控制 器间的高速光纤环网。核心应用包括光传800万和1700万像素高清摄像头(传输超100米)及4K@120Hz显示无损传输，满足高阶自动驾驶与多屏座舱需求，为 智能汽车与沉浸式体验提供稳定可靠的通信底座。 本次参展，均胜电子还重点展示中央计算单元、区域控制器和车载光通信等"AI定义汽车"时代下的核心解决方案，集中呈现了智能辅助驾驶、智能座舱、智 能网联和车身与安全四大领域的成熟技术成果，全面彰显行业前沿技术研发实力、全场景适配的产品生态布局以及全链路服务能力，为双方在智能出行领域 的深化合作奠定坚实根基。 近日，德国大众汽车集团全球总部技术交流展在沃尔夫斯堡举办。均胜电子（600699）(00699,600699.SH)旗下均联智行携全系汽车智能化解决方案重磅亮 相，并首次展示联合中际旭创（30 ...

Core Viewpoint - Cao Cao Mobility's stock rose over 6%, reaching HKD 37.06, with a trading volume of HKD 124 million, following the announcement of deploying 100 Robotaxis in Hangzhou [1] Group 1: Company Developments - The deployment of 100 Robotaxis in Hangzhou marks a significant milestone in the Robotaxi 2.0 phase for the company [1] - The company aims to enhance service reliability, improve fulfillment processes, and elevate passenger experience as the fleet size increases [1] - The launch of the world's first "green intelligent traffic island" in Hangzhou features automatic battery swapping, cleaning, vehicle tidying, intelligent scheduling, and automatic settlement capabilities [1] Group 2: Strategic Insights - Dongwu Securities indicates that the company's Robotaxi commercialization path is clear, establishing a closed-loop ecosystem for vehicle technology and operations [1] - Guotai Junan Securities notes a strategic upgrade from "N-cube" to "F-cube," focusing on fully intelligent customized vehicles, autonomous driving, and automated operational systems [1] - The company plans to introduce L4 level Robotaxi customized models by 2026, leveraging Geely's "Qianli Zhijia" technology, with a global strategic goal of "100 cities in ten years, 100 billion" [1] - The restructuring of driver cost structures is expected to reshape the industry's profitability ceiling for Robotaxis [1]

去年12月22日，华芢生物-B(02396)正式挂牌上市。作为一只采用"机制B"发行方案IPO上市的标的，华芢生物首挂当日 表现不佳，报收27.00港元，跌幅达到29.32%。由于自带"港股PDGF第一股"光环，这家公司此前被不少打新投资者视 为年末的"创新药大肉"之一。挂牌首日如此表现显然低于不少投资者预期。 从发行方案来看，华芢生物在发行上采用了"机制B+无基石"方式，倚赖机构投资者作"市场锚定"。如今看来，该方案 对于一家基本面有待提高的未盈利18A而言或许有些激进，但对于当时的华芢生物来说，只是"踩着石头过河"，而这 条路正是健康160踩出来的。 靠"机制B+无基石"博进港股通 2月11日，健康160(02656)股价在低开震荡约1个小时后突然大幅跳水，半个小时内，公司股价从约90港元跳水跌至最 低55港元，盘中股价振幅接近40%，最终公司当日收跌30.73%。公司股价由此回吐年内多数涨幅，总市值一度跌穿 200亿港元。 其实对比华芢生物和健康160的IPO发行方案，投资者不难看出二者间的相似之处。 自去年8月港交所港股发布IPO新规以来，不少企业把公开配售压到10%的下限，"人为制造"极致缩量的流通 ...

Core Viewpoint - Weichai Power (000338)(02338) has seen its stock price rise over 4%, reaching a historical high of 30.98 HKD, driven by increasing demand for power supply solutions in the AI data center sector [1] Group 1: Company Performance - Weichai Power's stock increased by 4.73%, with a trading volume of 2.78 billion HKD [1] - The company is transitioning from primarily manufacturing heavy-duty truck powertrains to becoming a comprehensive supplier of AIDC power generation equipment [1] Group 2: Industry Context - Morgan Stanley has raised the projected cumulative power gap for U.S. data centers from 44 GW to 47 GW, equivalent to the total electricity consumption of 9 Miami or 15 Philadelphia [1] - The shortage of electricity supply is a critical bottleneck for the expansion of AI computing power, prompting tech giants to seek new solutions, including building their own power facilities [1] - Weichai Power's various AIDC power generation equipment businesses, such as reciprocating gas generator sets and SOFC, are expected to experience significant growth due to the rapid increase in global AIDC investments and the deepening electricity shortage in the U.S. [1]

瑞风新能源(00527)再涨超7%，截至发稿，涨4.23%，报0.74港元，成交额1901.54万港元。 财务数据显示，2024年，瑞风新能源营收为3.36亿元，净利润为-1.33亿元；2025年上半年，公司营收为 1.83亿元，净利润为-3553万元。值得注意的是，1月22日，瑞风新能源公告称，香港高等法院命令撤回 呈请并撤销呈请聆讯。 消息面上，瑞风新能源公布，公司与宣化经开管委会正式签署投资框架协议，将总投资约人民币240亿 元，在宣化区启动建设华北地区规模最大的推理算力集群园区—宣化人工智能算力中心项目，全力打造 全国一体化算力网路张家口国家枢纽节点核心园区。 ...

消息面上，近日，首都机场发布2025年业绩盈警预告，大摩研报指出，首都机场2025年净亏损远超市场 预期，预计亏损金额6亿至7.6亿元人民币之间，显著高于市场预测的2.16亿元人民币。即使剔除税务影 响，其税前亏损仍达到4.8亿至5.6亿元人民币，表现逊于预期。该行认为，当前公司股价仍有下行空 间。 该行续指，公司2025年第四季度的税前亏损范围为1.7亿至2.5亿元人民币，同比亏损幅度有所扩大。这 一结果表明，公司在该季度的经营压力持续加剧，未能实现有效的成本控制或收入增长以缓解亏损局 面。此外，全年亏损规模的扩大也反映出行业环境及公司自身运营面临的严峻挑战。 首都机场(00694)跌超3%，截至发稿，跌3.09%，报2.51港元，成交额4374万港元。 ...

消息面上，2月11日晚，朗廷公告披露，截至去年12月31日止年度股份合订单位持有人应占溢利5420万 港元，跌76.6%，可分派收入1.38亿港元，升21.9%，每股份合订单位的末期分派3.2港仙，同比升1倍。 该集团指，酒店组合收入约15.8亿港元，跌0.8%，扣除全球市场推广费前的经营毛利约5亿港元，升 0.1%，于去年底，每股份合订单位资产净值2.73港元，负债比率38%。末期分派相等于可分派收入的 80%，惟集团分派政策表明拟分派不少于90%的可分派收入，但该集团指，建议80%的派息率有助于提 供投资者回报与维持审慎财务管理之间取得平衡。 朗廷-SS(01270)涨超9%，截至发稿，涨9.26%，报0.59港元，成交额154.17万港元。 ...

Group 1 - The core viewpoint of the news is that the optical communication concept stocks in Hong Kong have seen significant price increases, with some stocks reaching historical highs, indicating strong market interest and potential growth in this sector [1][2]. - The stock performance includes notable gains: Changfei Fiber Optics increased by 9.02% with a market cap of 97.03 billion, FIT HON TENG rose by 8.39% with a market cap of 45.283 billion, and Huiju Technology grew by 4.58% with a market cap of 35.775 billion [2]. - A rumor regarding a new supply chain model for overseas CSP clients, which involves bypassing optical module assembly factories, caused a temporary drop in the optical module sector; however, Zhongji Xuchuang clarified that there is no such practice of bypassing intermediaries [2]. Group 2 - A report from CITIC Securities indicates that four North American CSP manufacturers have shown strong growth in capital expenditures, with optimistic forecasts for 2026 from major companies like Amazon, Google, and Meta, driven by high demand for AI and tight supply of computing power [3]. - The report suggests that the current phase of AI development is still in its early stages, and that the construction of computing infrastructure is slightly ahead of the industry's typical development patterns, maintaining a positive outlook on the overseas AI computing supply chain [3].

Core Viewpoint - CICC maintains a neutral rating for Xinyi Solar (00968) with a target price of HKD 3.6, indicating a potential upside of 1.4% from the current stock price, which corresponds to P/E ratios of 14.2 and 12.1 for 2026 and 2027 respectively. New revenue forecast for 2027 is set at CNY 21.293 billion, with a profit forecast of CNY 2.355 billion [1] Group 1: Company Status - The reduction in export tax rebates has led to a temporary increase in domestic demand for solar components, resulting in a slight rise in photovoltaic glass prices. The company is experiencing a recovery in sales profits for photovoltaic glass. The first half of the year saw weak demand for components, with inventory clearance being the main focus for photovoltaic glass, expected to continue until mid-February [2] - Year-to-date, the inventory days in the glass industry have decreased from 40.17 days to 34.18 days, a reduction of approximately 6 days. The company aims to control inventory days to alleviate pressure from accumulation during the Spring Festival [2] Group 2: Overseas Shipment and Profitability - The company has increased its overseas shipment ratio, with a new 1200-ton production line in Indonesia launched on January 15. Another line is expected to be operational soon, aiming for full production and sales within the year. Overseas production capacity now accounts for 24.7% of the company's total production capacity [3] - Given the demand for overseas components and the supply of glass, it is estimated that the company will need to export 10-15% of its products domestically. Combined with overseas production shipments, the total overseas shipment ratio is expected to exceed 35%, with long-term profit margins for photovoltaic glass overseas being better than those domestically [3] Group 3: Profit Forecast and Valuation - The company has adjusted its revenue forecast for 2025 upwards by 13.4% to CNY 18.914 billion, considering that photovoltaic glass prices are expected to be higher than anticipated in October-November 2025. The profit forecast for Q4 has been raised by 2% to CNY 1.528 billion due to better-than-expected glass prices [4] - For 2026, with an increase in the export ratio and higher overseas prices compared to domestic ones, the overall sales price of glass is expected to rise, leading to a 10.3% increase in revenue forecast to CNY 20.324 billion. However, due to potential risks from silicon material capacity impairment and declining profit margins from weak domestic component demand, the profit forecast has been adjusted downwards by 1.2% to CNY 2.033 billion [4]