Group 1 - The storage concept continues to strengthen, with companies like Longsys Technology (06809) and Gigadevice Semiconductor (03986) reaching new highs, with Longsys up 17.08% to HKD 216.6 and Gigadevice up 12.05% to HKD 414.6 [1] - A price surge in storage chips is intensifying, with Japanese storage giant Kioxia expected to implement a revised pricing policy for North American customers starting in Q1 2026, anticipating an average selling price (ASP) increase of approximately 50% [1] - Morgan Stanley estimates that Kioxia's adjusted gross margin will reach 66% in Q1, indicating a significant improvement in profitability for the NAND industry [1] Group 2 - According to Counterpoint's February memory price tracking report, memory prices are expected to rise by 80%-90% by Q1 2026, primarily driven by a substantial increase in general server DRAM prices [1] - For instance, the contract price for 64GB RDIMM server memory has surged from USD 450 in Q4 of the previous year to over USD 900 in Q1, with expectations to exceed USD 1,000 in Q2 [1]

Core Viewpoint - The report from CICC is optimistic about Zhiyu (02513) due to its iterative capabilities in foundational models and the realization of value in coding scenarios, assigning an outperform rating and a target price of HKD 688, indicating a 42% upside potential from the current trading level [1] Group 1: Company Overview - Zhiyu was established in 2019, focusing on the development of the GLM series foundational models, enhancing core capabilities in coding, reasoning, and agentic models [2] - The latest foundational model, GLM-5, has achieved state-of-the-art (SOTA) performance in multiple benchmark scores and has received widespread acclaim from both domestic and international users [2] Group 2: Revenue Growth and Market Potential - The company is expected to achieve a revenue CAGR of over 130% from 2023 to 2027, with API revenue projected to be a major growth driver [3] - By early 2026, the annual recurring revenue (ARR) related to APIs is estimated to approach CNY 600 million, reflecting several times growth compared to the same period last year [3] - The company serves various industries, including internet, software, and semiconductors, focusing on enhancing productivity through model capabilities [3] Group 3: AI Coding Market Opportunity - The total addressable market (TAM) for AI coding is projected to reach a trillion CNY, with Zhiyu positioned to lead in this rapidly evolving sector [4] - The company emphasizes its strengths in coding scenarios, including low hallucination rates, high stability, and strong reasoning and tool usage capabilities, which are expected to maintain its leadership [4] - Revenue projections for Zhiyu from 2025 to 2028 are estimated at CNY 720 million, 1.75 billion, 3.67 billion, and 7.67 billion, respectively, with a CAGR of 120% [4] Group 4: Potential Catalysts - Potential catalysts for growth include the release of new generation models and significant increases in API and coding ARR [5]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating for Wynn Macau (01128) with a target price of HKD 7.4, despite the company's fourth-quarter performance being weak but in line with expectations [2]. Financial Performance - Wynn Macau's EBITDA for Q4 2025 was USD 271 million, reflecting a quarter-over-quarter and year-over-year decline of 12% and 7% respectively. Adjusted EBITDA was USD 287 million, showing a quarter-over-quarter increase of 1% but a year-over-year decrease of 2%, which met Morgan Stanley's expectations but fell short of market expectations [2]. - Over the past year, Wynn Macau's corporate EBITDA decreased by 7% year-over-year, underperforming compared to peers in the industry [2]. Market Context - The total gaming revenue in Macau increased this year compared to Q4 of the previous year, indicating a positive trend in the overall market [2]. - Wynn Palace's new Chairman's Club is set to open before the Lunar New Year, which may enhance the company's offerings [2]. - Retail rental income in Q4 grew by 28% quarter-over-quarter, indicating a positive trend in non-gaming revenue streams [2]. Investment Considerations - The current valuation of Wynn Macau is below the industry average, suggesting potential for upside if market conditions improve [2]. - Investor reluctance to engage with less liquid stocks like Wynn Macau persists unless the company can capture market share, which did not occur in Q4 [2]. - Simply having a low valuation is insufficient to attract investors without demonstrable market share gains [2].

金沙中国(01928)今日低开高走，盘中涨幅一度接近3%。截至发稿，涨2%，报18.87港元，成交额1.29亿 港元。 消息面上，2月13日晚，金沙中国公布2025年业绩，净收益总额为74.4亿美元，同比增加5.1%；净利润 为8.96亿美元，同比减少14.3%；经调整物业EBITDA为23.1亿美元，同比减少0.7%。每股盈利11.08美 仙，末期股息每股0.50港元，同比增加1倍。公告指出，尽管收益及公司的博彩毛收入市场份额有所增 长，但为吸引客户到访物业，产生了更高的销售及营销成本，并就竞争环境增加了工资成本，导致经调 整物业EBITDA总体下降。 ...

微创心通-B(02160)涨超6%，截至发稿，涨6.33%，报0.84港元，成交额859.92万港元。 消息面上，2月13日晚，微创心通发布公告称，近日，国家药品监督管理局"NMPA"医疗器械技术审评 中心发布《创新医疗（002173）器械特别审查申请审查结果公示(2026年第3号)》，拟同意集团旗下新 一代植入式心律转复除颤器(ICD)TILEN/EYLEN(泰然╱怡然)进入创新医疗器械特别审查程序(NMPA绿 色通道)。据此，TILEN/EYLEN(泰然╱怡然)有望成为国内首款获批的具备自主知识产权的磁共振条件 安全ICD。 ...

微创机器人主要提供用于微创手术的手术机器人，其中"图迈"及"鸿鹄"分别为其在腹腔镜及骨科领域的 核心产品。"图迈"是首款经临床验证疗效不逊于达文西手术系统的中国国产腹腔镜手术机器人，而达文 西手术系统乃直觉外科公司(Intuitive Surgical)目前在中国及全球的领先产品。该行相信此项成就确立了 微创机器人作为中国本土龙头企业的地位，使其能够受惠于进口替代趋势。 摩根大通发布研报称，予微创机器人-B(02252)"增持"评级，目标价为41港元。微创机器人核心产品"图 迈"累计订单已突破200台，意味自2026年1月下旬以来新增约20台订单，延续2025年10月至2026年1月的 强劲势头，持续缓解市场对其可持续性的部分担忧。覆盖范围已扩展至逾50个国家及地区(2025年12月 底为40多个)，其中12个市场订购超过五台，主要由新兴市场如印度及巴西领军，而西班牙、澳洲等发 达市场亦取得加速突破。 ...

1月29日盘后，春立医疗(01858)发布了其2025年年度业绩预增公告。公告显示，经初步测算，春立医疗预计2025年年 度实现归母净利润2.45亿元至2.88亿元，同比上升96.01%至130.41%。与此同时，公司扣非归母净利润为2.3亿元至2.7 亿元，同比上升142.80%至185.11%。 这份业绩预告的一大亮点在于春立医疗当期扣非归母净利润增速显著超过了其归母净利润增速，预示着公司一定程度 上在利润端摆脱了一次性损益收入支撑，主营业务改善再次成为其利润增长关键。 然而此次业绩预告发布后，二级市场的反馈却较为平淡。智通财经APP观察到，业绩预告发布次日，春立医疗股价拉 出一根大阴线，并收跌2.87%。 之后公司股价持续阴跌，2月12日，春立医疗港股股价在盘中触及13.47港元，刷新今年以来的新低。实际上自去年11 月初触及20.49港元阶段性高点后，春立医疗股价便一路下跌，如今不到4个月，区间股价最大振幅已超过30%。 业绩好却没有预期差? 在此次业绩预告中，春立医疗指出，公司年度归母净利润和扣非归母净利润较上年同期均实现大幅增长，原因在 于，"报告期内公司各产品线纳入集采后逐步释放增长潜力，同时公 ...

Group 1 - The core point of the article is that Beihai Kangcheng-B (01228) announced a share placement to WuXi Biologics, leading to a significant increase in its stock price [1] - The company plans to issue 84.03 million new shares, representing approximately 14.12% of the enlarged issued share capital, at a price of HKD 2.38 per share, which is a discount of about 14.7% compared to the closing price of HKD 2.79 on February 13 [1] - The net proceeds from the placement are expected to reach HKD 199 million, with around 60% allocated for settling trade payables, approximately 28% for R&D expenses of existing product lines, and the remaining 12% for working capital and regulatory maintenance of commercialized products [1] Group 2 - Following the completion of the placement, WuXi Biologics' stake in Beihai Kangcheng will increase to approximately 16.27% [1]

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]