消息面上，2月24日，海螺水泥公告，公司控股股东海螺集团计划自公告披露之日起6个月内增持公司A 股股份。增持金额不低于人民币7亿元，且不高于人民币14亿元。本次增持不设定价格区间。截至公告 披露日，海螺集团持有公司19.29亿股A股，占总股本36.4%。 值得注意的是，上海市监督管理局公示，海螺集团拟采用二级股票市场现金增持的方式对海螺创业增持 股权比例约10.61%。东吴证券表示，海螺创业市值234亿港元，pb0.44倍，26年主业预计9亿港元，参考 同行给予主业pe9倍，估值81亿港元，则对应水泥股权估值为153亿港元，较海螺水泥港股市值1336亿港 元*17.8%=238亿港元，折价率64%。 海螺系早盘走高，截至发稿，海螺创业(00586)涨7.66%，报13.5港元；海螺水泥（600585）(00914)涨 5.77%，报26.76港元。 ...

建滔积层板(01888)再涨超6%，截至发稿，涨6.81%，报24.4港元，成交额1.59亿港元。 消息面上，近日，建滔积层板发布2025年业绩盈喜预告，花旗指出，公司预计2025年净利润同比增长超 过80%至逾23.9亿元，胜于该行预测的21.4亿元。该股年初至今已上升超过50%，花旗相信这应已大致 反映正面盈利预告的因素。该行表示，若股价回调，将是更佳的买入时机，并偏好建滔积层板多于建滔 集团。 该行认为，建滔积层板的关键催化因素包括：预期今年上半年平均售价将进一步上涨，以追上近期铜成 本通胀； 2025年业绩公布后，管理层就人工智能玻璃布发展提供更正面信息。 ...

Group 1 - The global investment in power grids has been rapidly increasing since 2020, with projections of reaching $390 billion in 2024 and exceeding $400 billion in 2025 [1][2] - The condition of energy infrastructure in the United States is largely below standard, and the significant increase in AI electricity demand is expected to initiate a mandatory upgrade cycle for U.S. grid equipment [1][2] - The delivery cycle for transformers in the U.S. has extended from 50 weeks to over 120 weeks, indicating supply chain challenges [1] - Chinese companies in the power grid equipment sector have advantages in delivery time, technology, and cost, leading to sustained export orders for transformers and other equipment [1] Group 2 - In 2025, the cumulative export value of transformers is projected to reach $9.036 billion, with a growth rate of 34.83%, marking a historical high [1] - In December 2025, the export values of key power equipment products such as transformers, wires and cables, copper winding wires, low-voltage switches, and insulators showed significant year-on-year growth rates of 31.92%, 22.20%, 11.71%, 10.60%, and 31.91% respectively [1] - The export of key power grid equipment products is expected to continue its positive trend in 2026, driven by multiple domestic and international demand factors [1] Group 3 - The AIDC industry is expected to maintain high growth, with major domestic and international internet companies announcing capital expenditure plans for 2026, and overseas firms showing CAPEX guidance generally above 50% [2] - The contradiction between the increasing electricity demand from data center growth and the aging power equipment in the U.S. presents opportunities for Chinese power equipment exporters [2] - Notable companies in the power equipment sector listed on the Hong Kong Stock Exchange include Dongfang Electric, Harbin Electric, Shanghai Electric, Weisheng Holdings, Chongqing Machinery, and Weichai Power [3]

Core Viewpoint - The article discusses the strategic cooperation framework agreement between Haizhi Technology Group and Zhipu, focusing on collaboration in model training and application scenarios [1] Group 1 - Haizhi Technology Group and Zhipu have entered into a strategic cooperation framework agreement [1] - The collaboration will focus on areas such as model training and the implementation of application scenarios [1]

中金发布研报称，考虑渣打集团(02888)净利息收入预期改善，该行上调公司2026年/2027年经调营业收 入预测2.7%/3.8%至219/225亿美元;维持2026年经调归母普通股净利润基本不变，上调公司2027年经调归 母普通股净利润预测1.7%至56亿美元。公司当前交易于1.2x/1.1x 2026E/2027E P/B。综合考虑业绩预期 与市场风险偏好变化，该行小幅上调公司目标价6.6%至227.27港元，对应1.3x/1.2x 2026E/2027E P/B与 14.8%的上行空间，维持跑赢行业评级。 中金主要观点如下： 2025年业绩符合该行预期 公司公布2025年业绩。2025全年经调口径(后同)营业收入YoY +6.1%至209亿美元，归母普通股净利润 YoY +25.4%至54亿美元;4Q25单季营业收入YoY +0.3%至48亿美元，归母普通股净利润YoY+20.0%至8亿 美元，业绩符合该行预期。 收入端韧性强，实现稳健增长 公司4Q25/2025A营业收入基本符合市场预期，拆分看： 公司4Q25单季净利息收入环比+8%，同比-1%，高于一致预期7.5%。主要由于4Q25 HIBOR高 ...

消息面上，海致科技集团与智谱(02513)订立战略合作框架协议，双方将在模型训练、应用场景落地等 领域开展深度战略合作，依托海致的图模融合技术(如Atlas图谱)与智谱的大模型能力互补。 海致科技集团(02706)早盘涨超6%，截至发稿，涨5.57%，报128.9港元，成交额3615.35万港元。 海致科技在公告中表示，公司专注于通过图模融合技术开发Atlas图谱解决方案及产业级智能体，并提 供产业级人工智能解决方案。智谱为中国领先的人工智能企业，致力于追求通用人工智能(AGI)创新。 公司董事会认为，凭借双方各自的技术优势、行业经验及市场资源，拟进行的战略合作将实现资源互补 与协同发展。 ...

Core Viewpoint - Cathay Securities maintains a "Buy" rating for MINIMAX-WP (00100) with a target price of HKD 1012, slightly adjusting the company's revenue projections for 2025-2027 to USD 0.7/2.2/5.5 billion, considering its unique position as a global multimodal model in the Hong Kong stock market and the strong catalyst from the recent M2.5 flagship model release, assigning a 186x PS for 2026 [1] Group 1: Technical Capabilities - MiniMax M2.5 leverages MoE architecture optimization and the native Agent RL framework Forge, achieving industry-leading performance in programming, tool invocation, search, and office productivity scenarios, with core metrics comparable to top overseas models like Claude Opus 4.5 [1] - The model's inference speed reaches 100 TPS, which is double the industry average, and SWE-Bench Verified task processing speed has improved by 37% compared to M2.1, demonstrating a dual breakthrough in performance enhancement and efficiency optimization [1] Group 2: Cost Control and Commercial Viability - M2.5 establishes a leading cost advantage through token consumption optimization, parallel tool invocation upgrades, and tiered pricing design, overcoming economic barriers for large-scale Agent operations [2] - The pricing strategy includes a dual-version approach, with a 100 TPS fast version costing only USD 1 for continuous operation for one hour, and a 50 TPS version priced as low as USD 0.3, making it 1/10 to 1/20 the cost of overseas models like Claude Opus, Gemini 3 Pro, and GPT-5, positioning it as a global benchmark for high cost-performance models [2] Group 3: Product Iteration and Ecosystem Development - MiniMax demonstrates industry-leading model iteration speed, completing updates for M2, M2.1, and M2.5 within 108 days, significantly outpacing overseas giants like Anthropic, OpenAI, and Google, thanks to deep synergy between large-scale reinforcement learning and engineering capabilities [3] - The M2.5 model is fully integrated into the MiniMax Agent platform, refining core Office Skills capabilities and enabling users to create reusable industry experts, with over 10,000 custom experts now available covering high-frequency scenarios in office, finance, and programming [3]

公告指，盈利水平预期增幅主要由于参与宣发╱出品的影片部数和票房占比、主控发行影片数量等指标 均创历史同期新高，且多部影片取得了优异的口碑和票房；持续投入和发展现场演出业务，GMV创历 史新高、并远超行业增速；持续推行精益管理等。 消息面上，2月24日晚，猫眼娱乐发布公告，预计于2025财年的收入将介乎约人民币46亿元至人民币47 亿元，同比增长约12.7%至15.1%；公司拥有人应占溢利将介乎约人民币5.4亿元至人民币5.9亿元，同比 增长约196.9%至224.4%。 猫眼娱乐(01896)高开近4%，截至发稿，涨3.97%，报6.54港元，成交额387.17万港元。 ...

Stripe由Patrick Collison和John Collison兄弟创立，已成为行业内最受追捧的企业之一。周二早些时候， Stripe宣布在一项员工股份回购要约中达成1590亿美元估值。 作为Stripe总裁的Patrick Collison表示："显然，过去几年PayPal经历了一段艰难时期，随着Apple Pay和 Google Pay等的出现，行业格局发生了很大变化。""我不能谈论任何假设性的并购交易，但他们确实经 历了困难时期。" PayPal成立于20世纪90年代末，是数字支付领域的早期参与者。此后，该公司在支付技术现代化方面面 临挑战，而苹果(AAPL.US)和谷歌(GOOGL.US)等竞争对手则抢占了市场份额。 PayPal前董事长Enrique Lores将于3月1日就任公司总裁兼首席执行官，接替本月被免去CEO职务的Alex Chriss。David Dorman被任命接替Lores担任董事长。根据该公司公布的第四季度业绩，其利润和营收均 低于分析师预期，报告还显示支付交易量持续放缓。 据知情人士透露，支付处理公司Stripe正在考虑收购PayPal(PYPL.US)的全部或部分业 ...

Group 1 - Global grid investment has been rapidly increasing since 2020, with projections of reaching $390 billion in 2024 and exceeding $400 billion in 2025 [1][2] - The condition of the U.S. energy infrastructure is largely below standard, and the significant increase in AI electricity demand is expected to initiate a mandatory upgrade cycle for U.S. grid equipment [1][2] - The delivery cycle for transformers in the U.S. has extended from 50 weeks to over 120 weeks, indicating supply chain challenges [1] Group 2 - Chinese companies in the grid equipment sector have advantages in delivery time, technology, and cost, leading to sustained export orders for transformers and other equipment [1] - In 2025, the cumulative export value of transformers is projected to reach $9.036 billion, with a growth rate of 34.83%, marking a historical high [1] - Key export products in December 2025, including transformers, wires and cables, copper winding wires, low-voltage switches, and insulators, showed significant year-on-year growth rates [1] Group 3 - The AIDC industry is expected to maintain high prosperity in 2026, driven by capital expenditure plans from leading domestic and international internet companies, with overseas CAPEX guidance generally exceeding 50% [2] - The growth in electricity demand from data centers in the U.S. and the aging of power equipment present opportunities for Chinese power equipment exporters [2] - Notable Hong Kong-listed companies in the power equipment sector include Dongfang Electric, Harbin Electric, Shanghai Electric, Weidong Holdings, Chongqing Machinery, and Weichai Power [3]