展望2026年，集团预期将面临轻微的商品价格成本挑战，部分可被成本管理措施所抵消。该行料中国市 场年内收入将重回正增长，平均售价稳定，而销量同比增长2%。 高盛发布研报称，微调百威亚太(01876)2026至27年销售额及净利润预测，现料2026至28年销售额分别 增长3.1%、4.4%及4.7%，正常化EBITDA增长2.4%、8.6%及9.5%；维持"买入"评级及目标价8.4港元。 百威亚太2025年有机销售额及EBITDA分别同比跌6.1%及9.8%。中国市场为主要拖累因素(销量同比下 跌8.6%，平均售价同比下跌3%)，但自第四季起有回稳迹象(销量跌幅收窄至3.9%)。印度市场维持强劲 增长势头，第四季收入增长双位数；韩国市场在行业疲弱下仍展现韧性表现，EBITDA利润率有所扩 张。 ...

Core Viewpoint - The report from China Merchants Securities International highlights significant advancements in the AI models of leading internet companies in mainland China, indicating a strengthening investment logic in the AI sector, which is expected to aid in the valuation recovery of the Hong Kong technology sector [1] Group 1: Company Developments - ByteDance's "Seedance 2.0" and Kuaishou-W's (01024) "Keling 3.0" have shown substantial improvements in film generation capabilities [1] - Alibaba-W (09988) has introduced "Qwen-Image-2.0," which benchmarks against "Nano Banana," and its desktop agent tool "Qoder Work" is compared to "Claude Cowork" [1] - OpenRouter's "Pony Alpha" is nearing the capabilities of Anthropic's "Claude Opus 4.6," while "Kimi K2.5" has topped OpenRouter [1] Group 2: Investment Insights - The investment logic surrounding AI in leading internet companies has significantly strengthened, which is expected to support the valuation recovery of the Hong Kong technology sector [1] - Upcoming major models such as DeepSeek-V4, Alibaba's Qwen 3.5, Doubao 2.0, and Mini Max M2.2 are anticipated to act as catalysts for the next phase of growth [1] - Preferred stocks for investment include Alibaba, Tencent Holdings (00700), and Kuaishou [1]

消息面上，近日，北京智源研究院发布新一代具身智能大脑基础模型——RoboBrain2.5。国产GPU近年 来在技术上持续突破，逐步具备了参与顶尖大模型训练的能力，而此次RoboBrain2.5的训练，也成为国 产GPU实力的一次重要检验。国产GPU在此次训练中展现的稳定性，也为后续同类模型训练提供了参 考。 天数智芯(09903)再涨超9%，盘中高见266港元续创上市新高。截至发稿，涨9.22%，报256港元，成交 额5.3亿港元。 值得一提的是，近日，英特尔公司首席执行官表示，公司正加速布局图形处理器，也就是GPU领域，并 已任命一位新的首席架构师。据悉，这一人事变动也被业内视为英特尔加码GPU赛道、争夺AI硬件市 场份额的重要举措。华创证券表示，目前AI投入产出已实现闭环，有望进一步致使海外大厂加码AI相 关投资。GPU是国内人工智能发展的基础，国产算力芯片自主可控迫在眉睫。当前，国内多家GPU厂商 陆续推出AI智算芯片产品，并逐步追赶国际领先标准。 ...

消息面上，中国同辐发布公告称，预计年度收益约69.79亿元至72.06亿元人民币，同比减少约5%至 8%；净利润约6.11亿元至6.55亿元人，同比减少约25%至30%；权益股东应占年内利润约3.02亿元至3.22 亿元人民币，同比减少约20%至25%。 中国同辐(01763)盈警后跌超7%，截至发稿，跌6.54%，报20.3港元，成交额1147.11万港元。 公告称，截至目前，公司经营运作正常，2025年度收益减少主要由于本集团的核医疗装备分部收益下 降，利润减少主要由于本公司附属公司深圳市中核海得威生物科技有限公司补缴税费及滞纳金影响。 ...

Core Viewpoint - The insurance stocks in China have collectively declined, with significant drops observed in major companies, indicating potential pressure on profits due to market fluctuations and changes in capital allocation strategies [1] Group 1: Stock Performance - China Life (601628) fell by 4.14% to HKD 32.92 [1] - China Pacific Insurance (601601) decreased by 2.41% to HKD 37.26 [1] - New China Life (601336) dropped by 2.1% to HKD 58.15 [1] - China Ping An (601319) saw a decline of 3.52% to HKD 6.56 [1] Group 2: Profit Forecasts - Shenwan Hongyuan's report predicts a 22.7% year-on-year growth in net profit for A-share listed insurance companies in 2025, reaching CNY 426.4 billion [1] - The growth rate is expected to decrease by 10.9 percentage points compared to the third quarter of 2025 [1] Group 3: Market Dynamics - The narrative of "deposit migration" continues to evolve, with rumors about the scale of maturing deposits rising from CNY 10 trillion to CNY 70 trillion [1] - Bank of America reports that 70%-80% of maturing deposits are likely to remain within the banking system, with approximately CNY 1 trillion expected to flow into "non-deposit assets" [1] - If CNY 500 billion of this amount flows into insurance, it could lead to noticeable elasticity in life insurance sales [1]

公司2025年第四季收入同比升22%、按季升4%至6.6亿美元，符合公司指引；毛利率13%，处于指引区 间的12%至14%，大致符合该行及市场预期。经营亏损扩大至4,500万美元，对比前一季亏损1,500万美 元，管理层归因于人力成本上升。非经营性损益大致符合该行预期，净利润为1,700万美元，低于该行 及市场预期的4,300万美元及3,700万美元。 该行对华虹半导体仍持正面看法，因AI应用带来增长机遇，需求复苏推动产能利用率维持稳健，加上 国内客户增加及国产趋势，带动长远需求增长。 高盛发布研报称，华虹半导体(01347)指引今年首季收入将按季跌1%或持平，毛利率介乎13%至15%， 对比2025年第四季的13%，反映毛利率持续改善，受惠于产能利用率强劲、平均售价上升及成本控制。 收入指引中值较该行及市场预期低，而毛利率指引中值符合该行预期，并略高于市场预期。维持"买 入"评级及目标价134港元。 ...

Core Viewpoint - Morgan Stanley reports that Budweiser APAC (01876) is expected to see a 25% year-on-year decline in EBITDA for Q4 2025, which is 12% lower than market consensus, with a 4% decrease in sales [1] Group 1: Financial Performance - Budweiser China is the main drag, with sales and EBITDA declining by 11% and 42% year-on-year, respectively, primarily due to increased promotional activities and significant deleveraging effects [1] - Budweiser Korea's sales and EBITDA for Q4 2025 are expected to decline by 1% and 6% year-on-year, respectively, outperforming industry growth, impacted by a one-time $49 million drag from a tax dispute with the Korean government [1] Group 2: Future Outlook - Positive factors include an improvement in sales momentum for Budweiser China starting Q4 2025, with plans to reignite growth in FY 2026 through increased investment in at-home consumption distribution capabilities [1] - The company forecasts a 3.4% and 5.4% year-on-year growth in sales and EBITDA for 2026, respectively [1] Group 3: Dividend Policy - Budweiser has announced a dividend of $750 million for FY 2025, with a payout ratio of 150% and a dividend yield of 5.7% [1] - The company is expected to maintain its current policy of either maintaining or increasing the annual dividend per share, suggesting a projected dividend yield of 5.7% based on a current 19x P/E ratio for 2026 [1]

| 編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | 行使與否而定) | | | | --- | --- | --- | --- | | 「編纂]數目 | : [編纂]股H股(可予車新分配) | [編纂]數目 | : 「編纂」股H股(可予重新分配及 | | 視乎[編纂]行使與否而定) | 最高[編纂] : | 每股H股[編纂]港元,另加1.09 | | | 佣金、0.0027％ 證監會交易得 | 0.00015%會財局交易徵費及 | | | | 0.00565% 聯交所交易費(須) | 時以港元繳足,多繳款項可 | | | | 面值 : | 每股H股人民幣0.10元 | [编纂] · [编纂] | | 2月13日，深圳市海柔创新智能科技集团股份有限公司(简称"海柔创新")向港交所主板递交上市申请，联席保荐人为高盛、中信证券。招股书显示，海柔创 新是仓储自动化领域的全球领军企业，专注于拣选的自动化-拣选是仓库中最为劳动密集及耗时的活动。根据灼识咨询的资料，于2024年，海柔创新是全球 最大的ACR解决方案提供商，按收入及出货量计，该公司的市场份额超过30%。 ...

报告指，尽管保利物业核心物业管理业务整体保持韧性，但随着行业项目交付量疲弱，加上销售活动低 迷导致非业主增值服务持续承压，增长势头难免趋缓。 里昂发布研报称，由于增值服务表现逊于预期，下调对保利物业(06049)2025及2026财年的收入与盈利 预测。然而基于10.5倍目标市盈率，低于五年均值0.5个标准差，将目标价由32港元上调至36.6港元，并 基于核心业务的韧性及国企背景带来的防御性优势，维持"跑赢大市"评级。 ...

报告表示，受惠于人工智能基础设施行业迎来长期性的强劲增长，澜起科技A股年初至今股价已上涨 35%。近期具身智能体属性的人工智能技术发展，亦为储存介及多列直连内存模组业务打开超预期增长 空间。 花旗发布研报称，首次覆盖澜起科技(06809)H股，予"买入"评级，目标价205港元，同时澜起科技 (688008.SH)A股目标价由170元人民币升至205元人民币，评级同为"买入"。 报告指，澜起科技直接受惠于人工智慧资本支出的企业，同时对其启动正面催化剂观察机制，关注即将 发布的人工智慧资本支出公告，以及人工智慧代理应用推动内存介面需求上行空间。 ...