Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notification regarding Manycore Tech Inc.'s overseas issuance and listing, allowing the company to issue up to 312,432,000 shares for listing on the Hong Kong Stock Exchange [1] - Manycore Tech Inc. submitted its initial listing application to the Hong Kong Stock Exchange in February 2025 and updated its prospectus in August of the same year, with JPMorgan and CCB International acting as joint sponsors [3] - Manycore is recognized as one of the "Hangzhou Six Little Dragons" and is a leading provider of cloud-native spatial design software, with applications across various business scenarios including residential, office, retail, and commercial projects [3] Group 2 - The company's software leverages artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters, enabling designers and businesses to create engaging designs with real-time and immersive visual effects [3]

Company Overview - Hunan Junxin Environmental Protection Co., Ltd. (Junxin) has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors, marking its second attempt to list [1] - Junxin specializes in comprehensive waste treatment and resource utilization solutions, including investment, management, and operation of green energy projects [1] - The Changsha Environmental Industry Park, where Junxin operates, is one of the largest comprehensive environmental parks in China [1] Business Development - In 2024, Junxin signed a service concession agreement with local authorities in Kyrgyzstan to develop a green energy project in Bishkek, with Phase I expected to commence operations by December 2025 [3] - The company has also signed investment agreements for similar projects in Osh and Issyk-Kul regions of Kyrgyzstan, and a memorandum of understanding for a project in Almaty, Kazakhstan [3] - Junxin aims to expand its business in Central Asia and continue seeking opportunities in regions with high potential [3] Market Position - According to Frost & Sullivan, Junxin's Changsha waste-to-energy project ranks fourth in daily processing capacity among all solid waste incineration projects in China, and it ranks first in average electricity generation per ton of waste [3] - Junxin's Changsha transfer project is ranked first in the country for waste transfer and treatment, while its kitchen waste project ranks third in daily processing capacity [3] Strategic Focus - Junxin plans to maintain its market leadership by focusing on core business areas, enhancing green technology capabilities, expanding overseas markets along the Belt and Road Initiative, improving operational efficiency through technological innovation and digital transformation, and strengthening talent development [4] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the nine months ending September 30, 2025, were RMB 1.548 billion, RMB 1.837 billion, RMB 2.411 billion, and RMB 2.115 billion respectively [5] - Gross profit for the same periods was RMB 865.4 million, RMB 940.1 million, RMB 1.0007 billion, and RMB 1.2086 billion respectively [6] - Net profit for the same periods was RMB 587.5 million, RMB 652.8 million, RMB 686.2 million, and RMB 825.3 million respectively [7] Industry Overview - Solid waste is categorized into five types: municipal waste, general industrial solid waste, construction waste, hazardous waste, and agricultural waste [9] - The market for waste-to-energy and kitchen waste resource utilization is expanding, becoming a significant part of the green energy sector [9] - China's municipal waste generation is projected to grow from 235.1 million tons in 2020 to 260.6 million tons in 2024, with a rapid increase in waste incineration processing capacity [10] Future Market Trends - The demand for waste treatment capacity is expected to increase significantly, with a projected compound annual growth rate of 7.0% for waste incineration processing from 2025 to 2029, reaching an additional 308.5 million tons by 2029 [12]

Core Viewpoint - The report from Everbright Securities International indicates that demand driven by artificial intelligence and the storage cycle will keep Huahong Semiconductor's (01347) utilization rate high through 2026, with stable price increases expected. However, accelerated expansion may lead to increased depreciation pressure, prompting adjustments to the company's net profit forecasts for 2026 and 2027 [1] Group 1: Financial Performance - In Q4 2025, the company achieved revenue of $660 million, a year-over-year increase of 22.4% and a quarter-over-quarter increase of 3.9%, aligning closely with the company's guidance range of $650 to $660 million [1] - The gross margin for Q4 2025 was 13%, meeting the company's guidance of 12% to 14%, with a year-over-year increase of 1.6 percentage points [1] - The net profit attributable to shareholders for Q4 2025 was $17.5 million, falling short of the market expectation of $37.4 million [1] - For the full year 2025, the company reported revenue of $2.402 billion, a year-over-year increase of 19.9%, with a gross margin of 11.8% [1] Group 2: Market Trends and Demand - The demand for BCD and storage is expected to remain strong, with a cautious optimism regarding ASP (Average Selling Price) for 2026 [2] - AI-driven growth is evident, with Q4 2025 revenue from simulation and power management increasing by 41% year-over-year, driven by demand for power management chips in AI data centers [2] - The company anticipates that the storage supply shortage will lead to capacity constraints and demand overflow, benefiting the company [2] Group 3: Capacity and Production - The utilization rate in Q4 2025 was 103.8%, with a year-over-year increase of 0.6 percentage points, although it decreased by 5.7 percentage points quarter-over-quarter due to the rapid expansion phase [3] - The company expects continued capacity expansion at Fab9, with capital expenditures projected to decrease year-over-year in 2026 [3] - The acquisition of Huahong Micro Fab5 is progressing smoothly, which has a capacity of 38,000 12-inch wafers per month [3] Group 4: Future Guidance - The company has provided a revenue guidance of $650 to $660 million for Q1 2026, which corresponds to a year-over-year increase of 21.1% [4] - The gross margin guidance for Q1 2026 is set at 13% to 15%, indicating a year-over-year increase of 4.8 percentage points [4] - The company is expected to dynamically adjust and balance aspects such as expansion, price increases, utilization rates, and profitability, with strong downstream demand anticipated [4]

Group 1 - The core viewpoint of the article is that Hunan Junxin Environmental Protection Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange for the second time, with CICC and CITIC Securities as joint sponsors [1] - Junxin Environmental Protection specializes in comprehensive waste treatment and resource utilization solutions, including investment, management, and operation of green environmental energy projects [1] - According to Frost & Sullivan, Junxin's main operational site, the Changsha Environmental Industry Park, is one of the largest comprehensive environmental parks in China based on project scale [1] Group 2 - The company’s core business includes: (i) clean waste incineration power generation; (ii) comprehensive treatment of various wastes (including sludge, wastewater, leachate, fly ash, and others); (iii) transfer, compression, and transportation of municipal solid waste; and (iv) collection, harmless treatment, and resource utilization of kitchen waste [1] - The projects at the Changsha Environmental Industry Park are measured primarily by designed waste treatment capacity, which is a common industry metric for assessing comprehensive environmental parks and individual treatment projects [1]

2月13日，海致科技(02706)正式登陆港交所，当日涨幅242%，成为2026年港股上市首日表现最优的新 股。 作为"大模型除幻第一股"，海致科技上市首日开盘即大幅走强，收盘报92.6港元，盘中最高触及99.6港 元。 据悉，在此次基石投资者中，无极资本(Infini Capital)是其中唯一一家国际资本，据公开数据，这家机 构近年在科技与AI赛道频频出手。2025年以来，该机构在港股市场动作频频，先后以基石、战略投资 等形式参与了商汤科技、第四范式、微盟集团、蓝思科技（300433）等多家企业融资，累计向中国科技 赛道投入资金超150亿港元，且被投公司股价大多呈现稳健走强态势，明星机构加持也令被投公司在市 场上受到广泛关注。 市场人士表示，中国AI科技企业的市场表现，反映了全球资本对具备技术壁垒与商业化能力企业的青 睐，以及AI产业从概念走向实用的趋势。同时，全球资本对中国AI产业长期成长性的信心，也将进一 步强化港股作为中国科创资产全球配置窗口的地位，科技与资本的深度融合，也将持续为新质生产力发 展注入持久动力。 ...

Company Overview - Zaihui Inc. (再惠) is the largest provider of online operation and marketing solutions for the restaurant industry in China, focusing on AI-driven solutions to assist local businesses in management, marketing, and profitability [1][3] - The company integrates strategy and execution seamlessly through a full-stack model, offering comprehensive solutions that include store diagnostics, automated operational recommendations, and precise traffic acquisition [1][3] - Zaihui's proprietary AI-driven modules, such as the "AI Xiaohui" for store diagnostics and activity optimization, enhance its operational capabilities and marketing effectiveness [3] Financial Performance - Revenue for the years 2023, 2024, and the nine months ending September 30, 2024, and 2025 are reported as RMB 378.5 million, RMB 494.9 million, RMB 356.7 million, and RMB 449.0 million respectively [5][8] - Gross profit figures for the same periods are RMB 230.8 million, RMB 299.9 million, RMB 218.6 million, and RMB 240.7 million respectively [6][8] - The company recorded net losses of RMB 445.5 million, RMB 235.3 million, RMB 240.4 million, and RMB 70.6 million for the same periods [7][8] Market Insights - The local merchant services industry in China is a cornerstone of the national economy, encompassing various sectors including dining, hospitality, and beauty services, with over 13 million merchants expected by the end of 2024 [9] - The market size for local merchant services is projected to exceed RMB 13.7 trillion in 2024, accounting for approximately 10.2% of China's GDP [9] - The restaurant sector alone comprises about 9 million merchants and is expected to generate RMB 5.6 trillion in revenue in 2024, representing 40.6% of the total local merchant services revenue [9] Consumer Behavior and Trends - Despite stable growth, the per capita dining expenditure in China is approximately USD 608, significantly lower than the USD 3,354 spent by American consumers, indicating substantial growth potential in the Chinese dining market [11] - The online operation and marketing expenditures for restaurant merchants in China are expected to reach RMB 242 billion in 2024, with projections to grow to RMB 510.4 billion by 2029 [11]

据港交所2月13日披露，Zaihui Inc.(简称：再惠)向港交所主板递交上市申请，国泰海通为其独家保荐人。招股书显 示，再惠是中国最大的餐饮线上运营与营销解决方案提供商。作为AI优先解决方案的提供商，再惠助力本地商家管 理、营销及获利。全栈模式将策略与执行无缝整合，提供覆盖门店诊断、自动化运营建议及精准流量获取的全方位解 决方案。再惠以AI优先为战略，将智能工具直接嵌入内部营运流程，使能够处理大量多平台数据，实现自主、高质量 的执行，并根据商家的需求进行扩展。 | 编纂]的编纂]數目 | :「編纂]股股份(視乎[編纂]行使與否而定) | | --- | --- | | [编纂]數目 | : [编纂]股股份(可予隔纂]) | | [编纂]數目 | : [編纂]股股份(可予編纂]及 | | 視乎編纂 行使與否而定) | | | 最高 编纂] : | 每股[編纂]港元,另加1%經紀佣金、 | | 0.0027％證監會交易徵費、0.00565%聯交所 | | | 交易費及0.00015％會財局交易徵費(須於申請時 | | | 以港元繳足,多繳款項可予退還) | | | 面值 : | 每股股份0.00001美元 | ...

Group 1: Core Investment Strategy - Soros Fund Management significantly increased its exposure to core technology stocks, including adding 161,000 shares of Microsoft (MSFT.US), 118,000 shares of Nvidia (NVDA.US), and approximately 66,000 shares of Apple [1] - The fund also made moves in the software and mobility sectors, increasing positions in Atlassian (TEAM.US) by approximately 216,000 shares, Salesforce (CRM.US) by about 55,000 shares, and Uber (UBER.US) by around 119,000 shares [1] - In defensive and growth sectors, the fund increased its holdings in utility company Exelon (EXC.US) by approximately 488,000 shares and gaming giant Electronic Arts (EA.US) by about 318,000 shares [1] Group 2: Reduction and Caution - The fund reduced its positions in high-volatility and financial stocks, significantly cutting 168,000 shares of Snowflake (SNOW.US) and 151,000 shares of Circle Internet Group (CRCL.US) [2] - A notable reduction was also seen in Interactive Brokers (IBKR.US), with a decrease of 813,000 shares, indicating a cautious stance towards the financial brokerage sector [2] Group 3: New Positions and Exits - Soros Fund Management opened new positions in gold-related assets such as New Gold (NGD.US) and established positions in DigitalBridge (DBRG.US), Blue Owl Capital (OWL.US), Exact Sciences (EXAS.US), and Xcel Energy (XEL.US) [3] - The fund completely exited positions in KeyCorp (KEY.US), CareTrust REIT (CTRE.US), Cipher Mining (CIFR.US), and KKR & Co. (KKR.US), indicating a shift away from traditional banking and certain cryptocurrency mining stocks towards more stable or defensive sectors [3] - Overall, the fund's strategy reflects a clear intention to embrace AI and core technology assets while avoiding high-volatility cloud and data companies like Snowflake, and hedging against macroeconomic uncertainties by investing in gold stocks [3]

Core Viewpoint - Yuexiu Services (06626) anticipates a significant decline in profit for the fiscal year ending December 31, 2025, with a projected drop of approximately 20% to 25% in profit attributable to equity holders compared to the fiscal year ending December 31, 2024, and a core net profit decline of about 45% to 50% [1] Financial Performance - The expected decline in profit and core net profit is primarily attributed to a decrease in gross margin due to several factors [1] - The real estate industry's deep adjustment has led to a reduction in high-margin value-added services, such as brokerage services [1] - The phase-out of revenue from home decoration services, which are nearing completion, has resulted in decreased income and gross profit from this segment [1] - Increased operational expenses due to ongoing investments aimed at enhancing service quality and stabilizing commercial project occupancy rates [1] - Rising labor costs driven by policy adjustments [1] Future Outlook - For 2026, the company aims to pursue high-quality long-term growth and actively respond to industry adjustments [1] - The focus will be on scaling non-residential business and accelerating the adjustment of value-added services to cultivate profit growth points [1] - The company is committed to optimizing its structure and improving efficiency, moving towards its vision of becoming a "trusted smart city service provider" [1]

天风证券（601162）(601162.SH)发布公告，公司于近期收到中国证监会下发的《立案告知书》(编号： 证监立案字【0262026001】号)。因公司涉嫌福建省永安林业（000663）(集团)股份有限公司持股变动信 息披露违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，决定对 公司立案。 ...