据港交所2月16日披露，山东信得科技股份有限公司(简称：信得科技)向港交所主板递交上市申请书， 工银国际、中泰国际为其联席保荐人。根据灼识咨询的资料，以2024年收入计，该公司是在中国动物保 健市场中排名第九的国产厂商，并在中国禽用兽用生物制品市场排名前三。 据招股书，成立于1999年，该公司是中国领先的动物保健企业。该公司主要从事全系列动物保健及配套 产品的研发、生产及销售，产品涵盖兽用生物制品(如疫苗、抗体、转移因子等)、中兽药、化药制剂、 动物饲料及饲料添加剂，实现对家禽、家畜、水产动物及宠物疾病的预防、诊断、治疗与控制。 ...

Core Viewpoint - Morgan Stanley views the earnings announcement of Wynn Macau (01128) as a non-material event due to its attractive valuation metrics, maintaining an "Overweight" rating with a target price of HKD 8 [1] Group 1: Financial Performance - Wynn Macau's Q4 2025 earnings met Morgan Stanley's expectations, with adjusted EBITDA of USD 287 million, remaining roughly flat quarter-on-quarter, compared to the forecast of USD 285 million [1] - Market share performance was also in line with expectations [1] Group 2: Valuation Metrics - The company is valued at an enterprise value multiple of 8 times, a price-to-earnings ratio of 9 times, a free cash flow yield exceeding 15%, and a dividend yield of 6% [1] Group 3: Market Sentiment - The earnings call provided limited incremental information, but the company expressed confidence regarding the upcoming Lunar New Year, consistent with industry peers [1]

Core Viewpoint - Samsonite (01910) is seeking dual listing on a U.S. stock exchange, proposing to issue up to approximately 138 million new shares, which represents 9.97% of the total issued shares, to raise funds for operational and general corporate purposes [1] Group 1 - Samsonite's stock price increased by over 3% during trading, with a current price of HKD 20.36 and a trading volume of HKD 82.6361 million [1] - The proposed dual listing will involve issuing shares in the form of American Depositary Shares (ADS), with a price discount of no more than 15% compared to the last closing price before the signing of the underwriting agreement [1] - The net proceeds from the share issuance are intended for working capital, operational expenses, capital expenditures, debt repayment, share buybacks, and potential acquisitions [1]

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 9%, currently trading at HKD 4.19, with a transaction volume of HKD 51.57 million, following a strategic partnership with Bodycote, a leader in heat treatment and hot isostatic pressing technology [1] Group 1: Strategic Partnership - Tian Gong International has reached a deep strategic cooperation consensus with Bodycote to integrate core advantages in high-end manufacturing sectors such as aerospace, automotive, and energy [1] - The collaboration aims to create a new model of global collaborative development combining technology, capacity, and market [1] Group 2: Capacity Expansion - The company’s subsidiary, Jiangsu Tian Gong Xin Zhi Materials Co., is planning a second phase project in powder metallurgy, which includes the addition of five hot isostatic pressing machines [1] - This expansion is intended to strengthen the company's capacity and technological advantages in high-end alloy material powder metallurgy, providing solid support for the strategic partnership [1] Group 3: Market Outlook and Valuation - CICC recently published a report indicating that starting from 2026, Tian Gong International's high-end materials are expected to see sustained growth, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier [1] - The firm has adjusted the company's valuation to 2026, maintaining an "outperform" rating and raising the target price by 76% to HKD 5.29, which corresponds to an 18.4x P/E for 2026, implying a 50% upside potential [1] - The current stock price reflects a 12.3x P/E for 2026 and a 9.5x P/E for 2027 [1]

国信证券指出，公司是全球铝产业头部企业，拥有1900万吨氧化铝产能和646万吨电解铝产能，是全球 第二大铝生产商。公司坚持高比例分红，于2025年5月公告未来三年(2025-2027年)股东回报规划：公司 发展阶段属成熟期且无重大资金支出安排的，进行利润分配时，现金分红在本次利润分配中所占比例最 低应达到80%。公司分红比例在铝行业是最高水平。 中国宏桥(01378)涨超4%，截至发稿，涨4.32%，报36.74港元，成交额2.08亿港元。 消息面上，招银国际认为，鉴于全球铝供应短缺格局将在2026至2027年持续，叠加铝价上行与铝土矿价 格下行的双重利好，上调中国宏桥盈利预测，并将其目标价从39港元升至45港元，维持"买入"评级。招 银国际指出，当前中国原铝产能利用率已接近政策上限的99%，同时海外新增产能释放有限，这将支撑 全球铝市维持短缺状态，预计2026年铝均价同比上涨15%。此外，从盈利表现来看，中国宏桥2025年核 心净利润预计达262.62亿元，同比增长7%；2026年净利润增速将加快至34%，主要驱动力来自铝价上 涨。 ...

Group 1 - UBS has slightly reduced the target price for Budweiser APAC (01876) from HKD 8.75 to HKD 8.6 while maintaining a "Buy" rating [1] - Budweiser APAC's revenue and normalized EBITDA for 2025 are expected to decline by 6.1% and 9.8% year-on-year, reaching USD 5.764 billion and USD 1.588 billion, respectively, which is below market expectations [1] - For Q4 2025, revenue and normalized EBITDA are projected to decrease by 4.2% and 24.7% year-on-year, amounting to USD 1.073 billion and USD 0.167 billion [1] Group 2 - The company's normalized EBITDA margin is expected to contract by 1.4 percentage points year-on-year, primarily due to a decline in gross margin and an increase in the ratio of selling, general, and administrative expenses (SG&A) [1] - The net profit for the period is reported at USD 489 million, influenced by a one-time item related to a customs audit claim and tax issues in South Korea [1] - UBS has raised its revenue forecasts for Budweiser from 2026 to 2028 by 2% to 3%, mainly reflecting expectations of RMB appreciation, although a recovery in the Chinese market is anticipated to slow down and may be delayed until the second half of 2026 [1] Group 3 - EBITDA forecasts for 2026 to 2028 have been lowered by 6% to 7% to account for operational deleveraging and increased business investments, resulting in a reduction of EBITDA margin by 2.5 to 2.8 percentage points [1]

Group 1 - The core viewpoint of the article highlights that Cosco Shipping Energy Transportation (中远海能) has seen a stock price increase of over 5%, currently trading at 17.1 HKD with a transaction volume of 42.4864 million HKD [1] - According to Cathay Securities, geopolitical tensions since 2026 have heightened shipowners' sentiment, leading to increased control over the market by foreign shipowners, and oil transportation rates have remained high [1] - The report suggests that the positive sentiment among shipowners is likely to continue impacting short-term freight rates, with expectations of a significant year-on-year increase in tanker profits in Q1 2026 [1] Group 2 - The analysis emphasizes that oil transportation is not merely a short-term play on geopolitical issues but is supported by a long-term "super bull market" logic [1] - The firm is optimistic about the continued growth in oil transportation demand driven by global crude oil production increases, while the aging of tankers will ensure a rigid supply of compliant capacity [1] - Attention is drawn to changes in the gray market, with geopolitical situations potentially providing unexpected options for supply and demand [1]

高盛发布研报称，永利澳门(01128)2025年第四季业绩略逊预期，因成本上升及不利的博彩收益组合转 变。物业EBITDA为2.71亿美元，处于市场共识预期的低端。高盛维持永利澳门"中性"评级，目标价为7 港元。 理论上，经调整贵宾厅赢率回复至水平3.1%至3.4%(2025年第四季实际为2.94%)，其EBITDA将更符合 预期，并大致按季平稳于2.87亿美元，对比2025年第三季为2.85亿美元。该行表示，博彩量增加大致被 成本上升所抵销，日均营运开支按季上升4%至285万美元，主要由于美食广场馥乐庭(Gourmet Pavilion) 整季营运及临近年底季节性市场推广活动增加。推广优惠亦按季上升16%，占总博彩收益17.9%，对比 2025年第二季及第三季分别为17.6%及15.2%，主要由于博彩收益组合转向贵宾厅领域，其转码数按季 急增43%，而中场博彩收益则因赢率(19.6%)低于过去数季的20%至22%而按季下跌1%。 ...

消息面上，2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果，所有变动 将于2026年3月6日收市后实施并于2026年3月9日起生效。其中，宁德时代、洛阳钼业、老铺黄金将被纳 入恒生指数成份股，成份股数目将由88只增加至90只。 染蓝股早盘走高，截至发稿，老铺黄金(06181)涨7.24%，报792港元；洛阳钼业（603993）(03993)涨 6.54%，报23.14港元；宁德时代（300750）(03750)涨3.48%，报535.5港元。 ...

Core Viewpoint - The report from Citi raises Lenovo Group's (00992) non-Hong Kong Financial Reporting Standards net profit forecasts for 2026 to 2028 by 7%, 11%, and 13% respectively, and slightly adjusts the target price from HKD 10.3 to HKD 10.4 while maintaining an "Outperform" rating [1] Group 1: Financial Performance - Lenovo Group's Q3 FY2026 performance exceeded market expectations, driven by strong revenue from the personal computer business and a 7.3% operating profit margin [1] - The company is expected to achieve positive growth in its smart devices business group in FY2026, supported by rising average selling prices driven by demand for AI personal computers and high-end models [1] Group 2: Market Outlook - The outlook for Lenovo Group in 2026 is more favorable than market concerns, with expectations that the company can pass on rising memory costs through retail price increases and improve bargaining power with suppliers [1] - The infrastructure solutions business group is expected to turn profitable, contributing to overall profit growth [1]