Core Viewpoint - The report from Everbright Securities predicts that Xidi Intelligent Driving (03881) will reduce its Non-IFRS net loss to 76 million yuan in 2025, a year-on-year decrease of 39.8%, with expected Non-IFRS net profits of 75 million yuan and 357 million yuan in 2026 and 2027 respectively, highlighting the company's strong position in the autonomous mining truck sector and its technological advantages [1] Group 1: Company Overview - Xidi Intelligent Driving, established in 2017, focuses on providing autonomous driving technology and solutions for commercial vehicles, particularly in mining trucks and logistics vehicles, and is one of the first companies in China to achieve "no safety driver normal operation" for autonomous commercial vehicles [1] - The company is expected to see revenue and profit growth as the commercialization of autonomous mining trucks expands, with additional revenue potential from V2X and intelligent perception businesses as market demand increases [2] Group 2: Market Potential - According to Xidi Intelligent Driving's prospectus, the market size for autonomous mining truck solutions in China is projected to reach 1.9 billion yuan in 2024, with a total potential market size of 550 billion yuan, and is expected to grow to 39.6 billion yuan by 2030, representing a CAGR of 65.3% from 2024 to 2030 [2] - The penetration rate of autonomous mining trucks in mining transportation is expected to increase as the demand for intelligent mining solutions grows and technology matures, leading to an upgrade in market size and commercialization levels [2] Group 3: Competitive Advantages - Xidi Intelligent Driving possesses core advantages in technology, scene adaptation, and commercialization: 1. Technological differentiation with superior obstacle perception and positioning accuracy compared to competitors [3] 2. Strong scene integration capabilities with six core functions covering the entire process [3] 3. Rapid commercialization through a pure product sales model, allowing for quick conversion of technology into commercial success, which is expected to further solidify the company's competitive edge [3]

爱建证券发布研报称，数据中心已成为电力设备行业核心增量应用场景，其发展趋势直接驱动电力设备 需求增长与技术迭代。从行业数据看，2024 年全球数据中心新增装机量已达 14GW，且单机柜功率密 度大幅提升，这一变化使得数据中心对电力供给的稳定性、能效性提出更高要求，进而推动电力设备在 该场景的应用规模扩张与技术迭代加速。 博耳电力中期报告显示，公司作为国内领先的一站式高端综合配电系统及方案供应商，在智能配电领域 已构建深厚技术壁垒。基于自主研发的"慧云"大数据平台，公司为客户提供独创的IEM一站式解决方案 服务，能确保数据中心用电安全性及稳定性，并通过智能化配用电解决方案降低能源消耗，帮助客户实 现数据中心产业可持续发展。 博耳电力(01685)午后涨超130%，截至发稿，涨119.05%，报0.69港元，成交额2118.77万港元。 ...

华兴证券发布研报称，汽车智能化带动智能座舱和智能驾驶相关的电子零部件需求快速增长。根据公司 招股说明书披露，未来5年汽车电子行业规模在全球和中国的复合增年长率分别为5.8%/9.4%，2029年将 分别达到3.2万亿元/1.7万亿元，其中智驾解决方案将是增长最快的细分板块。预计均胜电子有望凭借其 参与开发的CCU产品在舱驾一体的趋势中取得竞争优势。 均胜电子（600699）(00699)逆市涨超4%，截至发稿，涨3.94%，报17.42港元，成交额3475.27万港元。 消息面上，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（300308）打造的车载光通信解决方案。 该方案已具备量产上车能力，成为全场展会的重要看点之一。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Geekplus Technology (极智嘉-W), which increased by 4.53% to HKD 27.7, with a trading volume of HKD 88.862 million [1] - Geekplus recently launched the Gino1, the world's first general-purpose robot designed for warehouse scenarios, which meets customer demands in reliability and efficiency while offering excellent cost-effectiveness, encouraging commercial deployment [1] - The Gino1 is now capable of mass production and rapid large-scale deployment, laying the foundation for the widespread implementation of fully automated warehouses [1] Group 2 - Cinda International believes that given the company's extensive experience and customer relationships in the warehousing fulfillment industry, Gino1 is expected to be applied in the short term [1] - The company is characterized as an embodiment of intelligent enterprises with clear application scenarios and rich customer resources, with the current price reflecting a price-to-sales ratio (P/S) of 7.4 times for 2026 [1] - If Gino1 gains customer acceptance and profitability gradually improves, the company's valuation is likely to be reassessed upwards [1]

Group 1 - The core viewpoint is that China's recent expansion of visa-free entry policies for 48 countries and optimization of transit visa policies will significantly boost inbound tourism and related consumption [1][2] - Since the second half of 2023, China has implemented a unilateral visa-free entry policy for 48 countries, allowing stays of up to 30 days, and has established visa exemptions with 28 countries, enhancing the convenience of entry for tourists and business travelers [1][2] - The report indicates that there is over 30% growth potential for inbound tourist flows in China, as the country has historically played a role as a source rather than a destination for tourists [2] Group 2 - Domestic airlines are expected to see a significant increase in international flight capacity, with monthly turnover growth exceeding 20% compared to 2019, driven by the ongoing effects of the visa-free policies [2][3] - The report forecasts that the compound annual growth rate (CAGR) for international passenger flow for Chinese airlines could reach up to 15% over the next three years, as foreign airlines struggle to restore capacity [2] - Major Chinese airlines, including China Eastern Airlines, China Southern Airlines, and Air China, are recommended for investment due to their significant international route capacity and expected benefits from the growing inbound tourism market [3]

美国东部时间2026年2月11日，全美最大的独立燃油批发分销商之一ARKO Petroleum(APC.US)正式宣布 完成其首次公开募股。公司此次以每股18.00美元的价格发行了约1111万股普通股，最终募集资金总额 达到2亿美元。按照发行价计算，该公司的初始市场价值约为8.3亿美元。该公司预计于2月12日在纳斯 达克股票市场挂牌交易。 据此前向美国证券交易委员会(SEC)提交的文件显示，Arko Petroleum此前曾推介1050万股，定价区间为 每股18至20美元。该公司通过扩大发行规模的首次公开募股(IPO)筹集了2亿美元，发行价定于推介区间 的下限。 作为财富500强企业、便利店巨头ARKO Corp.(ARKO.US)旗下的核心资产，ARKO Petroleum在北美燃 油供应链中占据举足轻重的地位。其业务足迹遍布美国30多个州及哥伦比亚特区，在2025年前三季度， 公司的燃料交付总量已突破15亿加仑。除了为母公司旗下的1100多家零售便利店提供稳定的油源保障 外，其服务网络还覆盖了超过2000个第三方独立加油站和次级分销商，并向服务于商用车队的无人值守 加油站点批发燃料。 在资本结构和财务规划 ...

Core Viewpoint - Citigroup has raised the target prices for Zijin Mining's H-shares and A-shares, reflecting confidence in the company's future performance despite recent concerns regarding management changes and production guidance [1][2] Group 1: Target Price Adjustments - The target price for Zijin Mining's H-shares has been increased from HKD 39 to HKD 51.8 [1] - The target price for Zijin Mining's A-shares has been raised from RMB 35.5 to RMB 46.6 [1] - Both H-shares and A-shares maintain a "Buy" rating, with Zijin being a preferred stock in the industry [1] Group 2: Management and Governance Concerns - Concerns regarding the departure of former chairman Chen Jinghe and increased control by local state-owned assets are deemed unfounded [1] - The local state-owned assets have historically adopted a passive investment strategy, only appointing one non-executive member to the board [1] - The capable management team is expected to continue leading the company, maintaining existing governance practices [1] Group 3: Production and Earnings Forecast - The new board's term will end in 2028, and concerns about the three-year production plan not meeting the 2030 targets are considered excessive [2] - The company is expected to provide clearer performance guidance and implement a rolling three-year plan [2] - Earnings forecasts for 2025 to 2027 have been adjusted upwards, with expected growth of 1%, 29%, and 12% respectively, reaching RMB 51.6 billion, RMB 81.7 billion, and RMB 76.6 billion [2]

Group 1 - TianShu ZhiXin (09903) saw a surge of over 20%, reaching a new high of 246 HKD since its listing, with a current price of 233.4 HKD and a trading volume of 728 million HKD [1] - On February 12, the new flagship AI model GLM-5 was officially released by ZhiPu AI, with TianShu ZhiXin achieving full-chain deep adaptation with GLM-5, enabling immediate compatibility and usability [1] - Major tech companies are also upgrading their models, with Alibaba's new flagship AI model Qwen 3.5 set to be released during the Spring Festival, and DeepSeek planning to launch its new generation model after a year [1] Group 2 - Huachuang Securities noted that the main AI computing acceleration chips have four technical architectures, with GPUs being more advantageous in general computing performance and development friendliness compared to ASICs and FPGAs, and more mature than NPUs [1] - Guolian Minsheng (601456) believes that the booming development of large models both domestically and internationally will bring more "certainty premium" to AI hardware companies [1] - The hardware sector is advised to focus on domestic GPU leader TianShu ZhiXin among others [1]

Group 1 - The core viewpoint of the article highlights the significant increase in rare earth prices since the beginning of 2026, with specific price increases for various rare earth oxides [1] - As of February 11, the average price of praseodymium oxide reached 877,000 yuan per ton, an increase of over 260,000 yuan per ton this year, representing a growth of 43.42% [1] - The average price of neodymium oxide reached 870,000 yuan per ton, with a similar increase of 260,000 yuan per ton, reflecting a growth of 42.62% [1] Group 2 - The report from Guoyuan Securities suggests that the demand for rare earths in high-end manufacturing sectors, such as electric vehicles, wind power generation, and robotics, is continuously expanding [1] - The combination of technological advancements in the industry and government policies supporting resource management and industrial upgrades is expected to lead the rare earth permanent magnet industry into a new growth cycle [1]

然而，该行认为市场低估了招行的盈利上行空间，关键分歧在于预期信贷成本增幅将较低；持续消化按 揭、影子银行及房地产信贷风险，无需大幅增加拨备；零售及企业贷款拨备需求可控。该行预期这些因 素将使招行2026年盈利同比增速超越同业，达到8%，高于该行预测四大行平均3%的增幅。 高盛发布研报称，招商银行（600036）(03968)近期股价疲软，招商银行(600036.SH)A股与H股今年为止 分别下跌5%和4%，且较三个月高点回调8%和6%，反映2025年第四季业绩表现疲弱，以及相对保守的 2026年盈利展望，对招行A/H股目标价为54.68元人民币/53.41港元。 ...