Group 1 - The core viewpoint of the article highlights that China Hongqiao (01378) has seen a significant increase in stock price, rising over 4% amid improving demand for electrolytic aluminum and strong supply constraints [1] - According to Guangfa Securities, the upward elasticity of aluminum prices should not be overlooked, especially with the anticipated demand recovery [1] - As of March 2025, China Hongqiao is expected to have an electrolytic aluminum production capacity of 6.459 million tons, maintaining stable production and sales while reducing costs [1] Group 2 - The company is projected to achieve a net profit attributable to shareholders of 32.74 billion yuan in 2026, assuming an aluminum price of 23,000 yuan per ton [1] - The annual cash dividend payout ratios for the company from 2022 to 2024 are forecasted to be 49%, 48%, and 64% respectively, indicating a strong commitment to shareholder returns [1] - If the high dividend payout ratio continues, the expected dividend yield based on the market capitalization as of February 9 could reach 6.7% [1]

信义光能(00968)午前涨近4%，截至发稿，涨3.97%，报3.67港元，成交额1亿港元。 中金指出，信义光能印尼已有1条1200吨产线于近期投产，该行预期另1条即将投产，年内实现满产满 销。公司海外产能占公司在产总产能比例达到24.7%。根据海外组件需求和玻璃供给情况，该行测算公 司仍需划分国内10-15%的产品出口至海外，叠加海外产能出货，该行认为公司海外合计出货占比将超 过35%，光伏玻璃海外利润率长期优于国内，利润率重心有望较去年上移。 消息面上，近期，据信义光能官微消息，公司印度尼西亚项目首座光伏玻璃窑炉点火仪式在印尼吉配经 济特区隆重举行。据介绍，该生产线采用国际领先设备和生产技术，日熔化量达1200吨，年产量超过36 万吨，可满足约8GW太阳能组件盖板需求，有力支撑东南亚及周边地区清洁能源的快速发展。未来， 公司将持续积极响应国家"一带一路"倡议，深化在印尼的投资与合作。 ...

美银证券发布研报称，预计ASMPT(00522)从2026年下半年至明后两年将迎来更显著的复苏，采用2027 年预测34倍市盈率，目标价由95港元上调至150港元，评级从"中性"上调至"买入"。 美银证券表示，虽然未假设集团在TCB领域占据超过50%的市场份额，但相信其20%至30%的市场份额 已足以支撑集团今年下半年至明后两年强劲的销售、每股盈利增长。不过，因芯片制造商的资本支出侧 重于前端资本支出，预计集团今年首季、次季销售额或仍将分别维持36亿、38亿港元低位(仅处于或低 于周期中段水平)，但从今年下半年(每季约40亿港元范围)到2027年(40至50亿港元)将逐步复苏。 该行认为集团的热压焊接(TCB)设备技术应会被更多不同类型的内存/逻辑芯片制造商所采用。而半导体 制造商后端产能扩张和技术规格升级，或能使带动集团售卖更多TCB设备。预计集团未来三年每股盈利 将录强劲成长(复合年均增长率超过30%)，营收达到周期中段至高点水平，毛利率超过40%，且有关营 收是可持续的。 ...

阿里巴巴-W(09988)涨超3%，截至发稿，涨3.47%，报152.3港元，成交额25.04亿港元。 消息面上，2月22日，据阿里云官微消息，阿里云Coding Plan订阅服务新增支持Qwen3.5-Plus、Qwen3- Coder-Next、GLM-4.7、Kimi-K2.5四款编程模型，用户无需调整配置即可自由切换。同时推出首购优 惠，新用户首月18000次请求仅7.9元，90000次请求39.9元。该服务分Lite、Pro两档，覆盖从基础到复杂 任务的编码需求，降低高频使用成本，适配Qwen Code、Claude Code等主流工具。 招商证券国际认为，中国内地龙头互联网企业AI主线投资逻辑显著强化，助力港股科技板块估值修 复。待上线的重磅模型包括DeepSeek-V4，阿里Qwen 3.5、豆包2.0、Mini Max M2.2等，或将成为下一 阶段催化剂。 ...

Core Viewpoint - XunCe (03317) has seen a significant stock price increase, reflecting its inclusion in the Hang Seng Composite Index and the growing recognition of its data flow capabilities in the asset management industry and beyond [1] Group 1: Stock Performance - XunCe's stock rose over 16% in early trading, reaching a high of 93 HKD, and is currently up 12.28% at 89.6 HKD with a trading volume of 37.61 million HKD [1] - The company is set to be included in the Hang Seng Composite Index, with adjustments effective after market close on March 6 and officially in effect on March 9 [1] Group 2: Industry Insights - Cathay Securities recently published a report highlighting XunCe's core capability in "data flow," positioning it as a "Chinese version of Palantir" as it expands beyond the asset management sector [1] - A recent article noted that Google will increase its peering data transmission service costs in North America, Europe, and Asia starting May 2026, indicating a strategic shift in the value of data flow over hardware capabilities [1] - The rapid inclusion of XunCe in the Hang Seng Index within just 45 days underscores its uniqueness and growth certainty, signaling a market re-evaluation of the AI industry's value focus from computational speed to the stability, accuracy, and speed of data flow [1]

手机产业链全线上涨，截至发稿，丘钛科技(01478)涨7.89%，报9.3港元；瑞声科技(02018)涨4.77%，报 38.66港元；舜宇光学(02382)涨4.3%，报59.4港元；高伟电子(01415)涨2.88%，报29.28港元。 消息面上，根据Omdia的测算，2025年全球智能手机出货量同比增长2%，达到12.5亿部。25Q4全球智 能手机市场同比增长4%，这一增长得益于季节性需求回升和库存管理改善，但是部分厂商开始受到零 部件成本上升的影响。Canalys预计2025年AI手机渗透率将达到34%，端侧模型的精简以及芯片算力的 升级将进一步助推AI手机向中端价位段渗透。 中银国际表示，AIGC技术将推动端侧产品向语音、动作等多模态交互演进，交互中枢由传统App体系 转向AI智能体，用户与App的直接关联逐步弱化，豆包手机助手已体现出这一趋势雏形。尽管产品仍处 于早期阶段，但随着功能成熟与体验优化AI交互模式的革命性改变预期能够带动端侧换机热潮，而这 一趋势可能在未来1-3年就有望上演，催化AI产业链中下游行情。 ...

智通财经APP获悉，中国银河证券发布研报称，推理算力资源亟需扩张，算力行业仍处于较高景气周期 上。春节期间国内通信行业全面发展，"十五五"开局首年，5G-A赋能马年春晚，5G-A的三大核心能力 (UCBC、RTBC、HCS)全面激活，支撑了超高清素材回传、跨会场演员"同台"互动以及分会场低空空域 的安全防护。结合春节期间算力应用的发展，以及春节前海外云厂商2026年资本开支计划及光通信产业 链订单情况，算力行业仍处于高景气周期中，且我国光通信产业链春节期间积极复产复工，假期对订单 兑现度的短期影响预计较小，META与英伟达合作预计将加速CPO的普及。 推理算力资源亟需扩张，算力行业仍处于较高景气周期上 春节期间国内通信行业全面发展，5G-A、卫星互联网、6G以及光通信行业受假期影响相对较小，应用 端AI智能体相关公司如智谱寻找算力合伙人、豆包2月16日暂停视频通话功能能等均体现出算力不足的 现状，AI应用的持续发展带动算力规模的持续上行； 事件：2026年春节期间国内外通信行业相关主题事件较多，产业链蓬勃发展。 海外相关新闻主要集中于数据中心建设以及GPU-XPU的路线上，英伟达当前行业龙头地位稳固，收购 G ...

（原标题：美最高法否决全面关税后，特朗普火速加征新税！经济学家警告：美国经济或成最大输家） 智通财经APP获悉，美国最高法院上周五作出的一项裁决，推翻了美国总统特朗普的全面关税政策，但 这并未终结贸易税的动荡。经济学家表示，裁决的余波恐将进一步绷紧全球贸易关系，而美国经济本身 可能成为最终的承受者。 裁决公布后，特朗普立即对多个美国贸易伙伴加征了最高15%的关税，且即刻生效，使得本已紧张的全 球贸易局势再度升级。欧盟领导人对新关税表示失望，认为美国的政策转向将颠覆去年与欧盟及英国达 成的贸易协议。本周一，欧盟再次推迟了对其与美国协议的关键投票。 国际社会对特朗普最新关税威胁的抵制，凸显了各方对其反复无常贸易政策的深切不满。这或将促使外 国政府减少对美贸易，并导致企业收缩扩张、投资和招聘计划。 其最终结果可能拖累美国经济。"这改变了全球与最大经济体开展贸易的方式，而这将带来经济后 果，"加拿大皇家银行美国经济主管迈克·里德表示，他指的是最高法院的裁决以及随后的新关税推进行 动。 负面效应凸显 穆迪分析首席经济学家马克·赞迪认为，这场贸易战闹剧很可能会在企业与外国政府中营造一种谨慎氛 围，对美国经济而言"只会带来 ...

Core Viewpoint - The announcement from Health Road (02587) marks a significant transition from a strategic investment phase to a value harvesting phase, with projected revenue of at least RMB 1.5 billion for the fiscal year 2025, representing over 25% year-on-year growth, and a net profit of at least RMB 50 million, indicating a historic turnaround [1] Group 1: Revenue and Profit Growth - The company expects its information technology services revenue to rise from RMB 296 million in 2024 to at least RMB 350 million in 2025, driven by the launch of big data technology services and AI products [1] - Health Road's AI software products are projected to contribute approximately RMB 30 million in scaled revenue by 2025, marking the transition of its AI strategy from concept validation to commercialization [1] Group 2: AI and Operational Efficiency - Health Road has developed a "digital employee" model that effectively addresses efficiency pain points in the healthcare industry, allowing for significant operational cost reductions [2] - The AI assistant for doctors reduces administrative burdens, while the AI health manager provides low-cost chronic disease management and reminders for patients, enhancing operational efficiency [2] Group 3: Market Opportunities - The shift of pharmaceutical companies' marketing budgets towards digital channels opens up a market potential estimated between RMB 800 billion to 1 trillion, as traditional marketing models face systemic upgrades [2] - Health Road's extensive network, connecting over 12,000 hospitals and more than 900,000 registered doctors, positions it as a natural platform for capturing this budget transition [3] Group 4: Content Services and Growth Drivers - The company's content services revenue is expected to surge from RMB 577 million in 2024 to at least RMB 800 million in 2025, becoming a core driver of sustained revenue and profit growth [3] - The implementation of tiered diagnosis and treatment policies and the push for digital health services in county-level medical institutions create a solid foundation for long-term growth [3] Group 5: Strategic Positioning and Future Outlook - Health Road is positioned as a foundational infrastructure in the digital healthcare sector, with a unique dual-end model that enhances its market valuation potential [4] - The anticipated profit turnaround in 2025 is seen as the beginning of value release, with AI technology expected to penetrate more specialized disease management areas and county-level scenarios [4]

此外，和铂医药还将获得最高11亿美元的里程碑付款，以及分级销售分成。公开资料显示，Solstice Oncology为一家多个头部风险投资机构联合创立的临床阶段生物技术公司，此次合作为NewCo模式。 和铂医药-B(02142)早盘涨超8%，截至发稿，涨7.92%，报13.21港元，成交额2179.47万港元。 消息面上，2月23日，和铂医药宣布将新一代CTLA-4抗体HBM4003大中华区外全球权益授权Solstice Oncology，后者支付逾1.05亿美元前期对价，包括5000万美元首付款，500万美元近期付款以及价值逾 5000万美元的公司股权。 ...