Group 1 - The core point of the article is that Gaode Hongwei (002414.SZ) has signed a contract for a complete equipment system with a customer, amounting to 1.851 billion yuan [1] Group 2 - The contract represents a significant business development for the company, indicating strong demand for its products [1] - This contract could potentially enhance the company's revenue and market position in the industry [1] - The announcement reflects the company's ongoing efforts to secure large-scale orders, which may contribute to future growth [1]

Group 1 - The company Baikin Oilfield Services (02178) announced a new bank revolving loan financing agreement amounting to RMB 63 million with Huizhou Rural Commercial Bank, aimed at refinancing several existing bank loans for Baikin Energy [1] - On February 13, 2026, Baikin Shenzhen, a wholly-owned subsidiary of the company, entered into a new guarantee agreement with Huizhou Rural Commercial Bank to provide new guarantees for the new loan financing, with the guarantee amount limited to its equity stake in Baikin Energy [1]

Market Overview - The Hong Kong stock market experienced a decline on the last trading day of the Year of the Snake, with the Hang Seng Index falling by 1.72% or 465.42 points, closing at 26,567.12 points, and a total trading volume of 257.58 billion HKD [1] - The decline is attributed to weak fundamentals, concerns over tightening liquidity, and a decrease in the attractiveness of Hong Kong's unique market structure [1] Blue-Chip Performance - Zijin Mining (601899) led the blue-chip decline, dropping 7.64% to 41.58 HKD, contributing a loss of 33.26 points to the Hang Seng Index [2] - Other notable movements included Haidilao (06862) rising 3.13% to 17.15 HKD, and Sinopec (00386) falling 5.12% to 5.37 HKD, contributing a loss of 10.66 points to the index [2] Sector Performance - Large technology stocks continued to decline, with Alibaba-W dropping over 2% and Tencent Holdings nearly 1% [3] - Conversely, domestic large model stocks saw gains, with Zhiyuan (02513) increasing by 20.65% to 485 HKD and MiniMax-WP (00100) rising 15.65% to 680 HKD [3] Commodity Sector - The non-ferrous metals sector saw a significant drop, with China Nonferrous Mining (01258) down 5.27% to 14.91 HKD and Zijin Mining (02899) down 4.98% to 42.78 HKD [5] - The market reacted to unexpectedly strong U.S. employment data, which dampened expectations for an early interest rate cut by the Federal Reserve [5] AI and Technology Developments - The recent release of domestic AI models has led to a surge in related stocks, with significant advancements in AI capabilities being reported [4] - ByteDance's Seedance 2.0 model has gained popularity overseas, expected to lower the barriers for high-quality video content creation [4] Company Highlights - Haizhi Technology (02706) saw a remarkable debut, with shares rising 242.2% to 92.6 HKD, following a successful IPO that was oversubscribed by 5065.06 times [8] - Health Road (02587) reported expected revenue of no less than 1.5 billion RMB for 2025, marking a growth of at least 25% compared to the previous year [9] - MicroPort Robotics-B (02252) reported strong performance with over 200 global commercial orders for its core product, indicating a positive market reception [10]

顺丰控股（002352）(002352.SZ)发布1月快递物流业务经营简报，1月速运物流业务营业收入203.96亿 元。1月速运物流业务、供应链及国际业务合计收入为人民币268.60亿元，同比增长2.22%。 其中：(1)公司坚持可持续健康发展的经营基调，升级激活经营进阶机制，动态调优市场策略，以高品 质服务满足客户多元化物流需求，追求业务高质量增长。(2)尽管国际海运价格同比回落影响公司国际 货运及代理业务收入增速，但公司凭借全球网络优势与丰富产品组合，灵活应对市场变化，积极把握企 业出海新机遇，使得国际货运代理业务收入同比实现增长。供应链业务、国际快递及跨境电商物流业务 收入保持较快增长，带动公司整体供应链及国际业务收入同比增长17.23%。 ...

微创机器人-B(02252)发布公告，公司已收到联交所授出日期为2026年2月13日就598.98万股H股(转换H 股)(即将予转换及上市的非上市股份的总数)上市及买卖的批准。转换及上市将涉及公司两名股东(参与 股东)持有的合计598.98万股非上市股份，占公司于本公告日期已发行股份总数约0.5808%。 ...

此外，董事会建议将公司的英文名称由"Almana Limited"更改为"Honor Matrix Holdings Limited"，并将 中文名称由"曼妠有限公司"更改为"浩盟控股有限公司"。 曼妠(08186)发布公告，自2026年2月13日起，执行董事张智荣先生已获委任为联席主席。 ...

此外，公司通过北京贝黎诗及上海美丽田园医疗健康，分别于2025年11月21日根据11月21日认购自浦发 银行认购金额为人民币7000万元;于2025年11月28日根据11月28日认购自浦发银行认购金额为人民币 1000万元;及于2025年12月30日根据12月30日认购自浦发银行认购总金额为人民币8000万元的保本理财 产品。上述所有产品于本公告日期均仍尚未到期。 美丽田园医疗健康(02373)发布公告，于2026年2月13日，为有效利用闲置资金，集团的非全资附属公司 北京贝黎诗根据2月13日认购自浦发银行认购总金额为人民币8000万元的保本理财产品。 ...

维力生活科技(01703)发布公告，有关杰晟思控股(深圳)有限公司(呈请人)针对本公司提出的清盘呈请的 相关事宜。香港高等法院于2026年2月13日作出命令，驳回清盘呈请。 ...

中国煤层气(08270)发布公告，执行董事常建先生(常先生)因已达退休年龄，自2026年2月13日起辞任执 行董事职务。 ...

Group 1: Core Insights - UBS's in-depth research in China identifies two main industry themes for 2026: self-sufficiency and overseas expansion [1] - The research covered various sectors including technology, industrial, healthcare, consumer, and utilities, visiting over 100 companies and industry experts [1] - The report highlights a shift in investor interest, with capital goods, media entertainment, and real estate development seeing increased research focus, while semiconductor and automotive parts sectors experienced a decline [1] Group 2: Technology Sector Insights - The technology sector is a key focus, with advancements in self-sufficiency moving from isolated breakthroughs to industry-wide collaboration [2] - AI capital expenditure is expected to grow steadily in 2026, driven by strong demand for AI applications and local semiconductor production [3] - Despite uncertainties regarding H200 GPU imports, domestic supply chains are adapting through technology substitution and demand upgrades [3] Group 3: Semiconductor Developments - The localization of China's semiconductor industry is accelerating, with significant progress in advanced etching/ deposition equipment, advanced packaging, and high-end analog chips [4] - Capital expenditure for wafer fabrication equipment (WFE) is projected to grow by 10-15% annually, driven by capacity expansion in advanced logic and memory wafer fabs [4] - Domestic manufacturers anticipate a substantial increase in storage capital expenditure in 2026, aligning with a global upcycle in the storage industry [4] Group 4: Overseas Expansion Trends - Multiple industries, including industrial, biopharmaceuticals, and consumer goods, are focusing on overseas expansion as a key growth strategy [6] - In the industrial sector, overseas orders for AIDC and renewable energy storage equipment are increasing significantly [7] - The healthcare sector is also prioritizing global expansion, with biopharmaceutical companies actively pursuing international collaborations and local sales team development [9] Group 5: Key Recommendations - UBS recommends several core stocks in the technology and semiconductor sectors, including Northern Huachuang (advanced etching/ deposition), Changdian Technology (advanced packaging), and Horizon Robotics (edge AI) [5][12] - In the healthcare sector, companies like WuXi AppTec (CRO/CDMO) and 3SBio (biopharmaceuticals) are highlighted as key beneficiaries of global expansion [12] - The consumer sector sees recommendations for Jason Furniture (overseas expansion) and Leap Motor (new energy vehicles), while Gree Electric Appliances is advised to sell due to margin pressures [12] Group 6: Overall Industry Outlook - The report concludes that China's industrial development in 2026 will be characterized by a dual focus on self-sufficiency in technology and overseas expansion in various sectors [13] - The integration of these two themes is expected to enhance China's economic globalization, with technology supporting overseas expansion and vice versa [13] - Investment opportunities are identified in sectors with low crowding and improving fundamentals, as well as in high-growth areas like AI and semiconductors [13]