Core Viewpoint - Citigroup has raised the net profit forecasts for Luoyang Molybdenum for 2025, 2026, and 2027 by 3.8%, 34.2%, and 17.5% respectively, reaching 20.5 billion, 33.9 billion, and 31.8 billion yuan [1] Group 1: Profit Forecasts - The net profit for 2025 is projected at 20.5 billion yuan, for 2026 at 33.9 billion yuan, and for 2027 at 31.8 billion yuan [1] - The significant increase in the 2026 profit forecast is attributed to the expected contribution from newly acquired assets [1] Group 2: Asset Acquisition - Luoyang Molybdenum announced the acquisition of Brazilian gold assets in December 2025, completing the transaction in January 2026 [1] - The newly acquired assets are expected to contribute 7.1 tons of attributable gold production in 2026, generating approximately 2.4 billion yuan in net profit, which accounts for about 7% of total net profit [1] Group 3: Target Price Adjustment - Citigroup has raised the target price for Luoyang Molybdenum from 20.6 HKD to 28.3 HKD and maintains a "Buy" rating [1]

格隆汇2月10日｜凯投宏观的分析师Thomas Mathews表示，标普500指数今年可能会得到科技股的支 撑。他预计，尽管年初走势动荡，2026年对该指数仍将是良好的一年。Mathews指出，尽管市场对人工 智能资本支出及其可能对部分公司商业模式造成负面影响有所担忧，但科技公司的盈利前景依然"相当 乐观"。他表示，凯投宏观一直对美股持积极态度，目前还不是放弃的时候。凯投宏观预测标普500指数 年底将上涨至8000点。 ...

格隆汇2月10日｜基于首个产业级2Bit端侧量化方案，腾讯混元今天正式推出一款面向消费级硬件场景 的"极小"模型HY-1.8B-2Bit，等效参数量仅有0.3B，内存占用仅600MB，比常用的一些手机应用还小。 通过对此前混元的小尺寸语言模型——HY-1.8B-Instruct进行2比特量化感知训练（QAT）产出，这一模 型对比原始精度模型等效参数量降低了6倍，并且在沿用原模型全思考能力同时，在真实端侧设备上对 比原始精度模型生成速度提升2—3倍，可大幅提升使用体验。此次腾讯混元推出HY-1.8B-2Bit模型，可 以在边缘设备上无压力部署。这也是首个在实现2bit产业级量化的端侧模型实践。 ...

格隆汇2月10日｜延续近期涨势，泡泡玛特(9992.HK)今日盘中再度涨近5%至270港元，股价创去年10月 以来新高，且较今年1月19日的最低价(174.3港元)反弹55%。 公司日前公告，2025年，集团全IP全品类产品全球销售超4亿只，其中，THE MONSTERS全品类产品全 球销售超1亿只。 华西证券近日发布研报称，近期公司多款新品在国内和海外取得亮眼表现，该行预计公司业绩有望迎来 新年开门红，看好IP运营平台长期商业价值；维持"买入"评级。 摩根士丹利发表研报指，泡泡玛特旗下新IP产品Twinkle Twinkle和Skullpanda的强大受欢迎程度，将持 续推动其IP产品运转。大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品 Labubu与Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事 会，显示泡泡玛特的文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品 争取到更有效的营销资源，这对提升其IP受欢迎程度至关重要。大摩予泡泡玛特目标价325港元，评 级"增持"，认为随着中国及海外市场销售动能持续，加上产品线 ...

非奈利酮是一种新型、非甾体类、选择性盐皮质激素受体拮抗剂(MRA)，其制剂用于与2型糖尿病相关 的慢性肾病成人患者(肾小球滤过率估计值[eGFR]≥25至75ml/min/1.73m2，伴白蛋白尿)，可降低eGFR持 续下降、终末期肾病的风险。本次申请属于仿制境内已上市药品所用的化学原料药。截至本公告日，该 品种原料药登记备案的企业中，有5家登记状态为"A"(已批准在上市制剂使用的原料)，其余均为"I"(尚 未通过与制剂共同审评审批的原料)。 格隆汇2月10日丨立方制药(003020.SZ)公布，近日，公司收到国家药品监督管理局下发的非奈利酮原料 药上市申请《受理通知书》。 ...

Group 1 - Morgan Stanley reaffirms its bullish strategy on the Chinese consumer market ahead of the Lunar New Year, focusing on high-end liquor, premium protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] - Historical data indicates that the appreciation of the RMB against the USD will enhance returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] - Morgan Stanley maintains a positive outlook on the Chinese stock market but emphasizes the need for more refined stock selection, highlighting preferred stocks such as Tencent, Lao Pu Gold, MGM China, TAL Education, Trip.com, Haitian Flavoring, Kweichow Moutai, Mengniu, and Wuliangye [1]

Core Viewpoint - Citigroup expresses optimism about Dazhu CNC as a leading PCB drilling equipment manufacturer in China, benefiting from strong demand from domestic AI PCB manufacturers like Shenghong Technology [1] Group 1: Financial Forecasts - Citigroup raises Dazhu CNC's earnings forecasts for 2025 and 2026 by 18% and 21% respectively, reflecting better-than-expected preliminary performance [1] - The target price for Dazhu CNC's A-shares is increased by approximately 14% to 160 CNY [1] Group 2: Ratings and Market Position - The rating for Dazhu CNC is downgraded from "Buy/High Risk" to "Neutral" due to the growth potential of the mechanical drilling business being largely reflected in the stock price [1] - Citigroup initiates coverage on Dazhu CNC's Hong Kong shares with a "Buy" rating and a target price of 142 HKD, citing a 36% discount compared to the average price of A-shares over the past month, making the risk-reward profile more attractive [1] Group 3: Business Segments - There remains uncertainty regarding the upside potential of the laser drilling business, which could impact future growth [1]

Group 1 - The A-share market saw a collective surge in film stocks, with notable performances including a 20% increase in Jiecheng Co., a nearly 15% rise in Light Media, and several other companies reaching their daily limit of 10% increase [1] - The pre-sale box office for new films during the 2026 Spring Festival has exceeded 70 million yuan as of February 9, indicating strong market interest [1] - According to a report by China International Capital Corporation (CICC), the total box office for this year's Spring Festival is expected to range between 6.5 billion yuan and 8.5 billion yuan, with the performance of leading films playing a crucial role in determining the final box office outcome [1] Group 2 - Jiecheng Co. has a market capitalization of 22.5 billion yuan and has seen a year-to-date increase of 53.08% [2] - Light Media has a market capitalization of 71.8 billion yuan and a year-to-date increase of 49.39% [2] - Hengdian Film has achieved a remarkable year-to-date increase of 143.73%, with a market capitalization of 25.6 billion yuan [2]

Group 1 - The A-share market continues to show strength in AI application concepts, with companies like Zhongwen Online and Jiecheng Co. experiencing significant stock price increases [1] - Zhongwen Online reached a 20% limit up after a strong performance, while other companies such as Jiecheng Co., Rongxin Culture, and Sanlian Hongpu also showed robust gains [1] - The AI video generation model Seedance 2.0, launched by ByteDance, has gained attention for its ability to create high-quality videos from text or images in just 60 seconds, featuring a unique multi-scene narrative function [1] Group 2 - Jiecheng Co. saw a stock increase of 20.03%, with a total market value of 22.5 billion and a year-to-date increase of 53.08% [2] - Rongxin Culture experienced a 20% rise, with a market value of 4.278 billion and a year-to-date increase of 63.10% [2] - Zhongwen Online's stock rose by 12.64%, with a market value of 29 billion and a year-to-date increase of 58.20% [2]

Group 1 - The CPO concept stocks in the A-share market experienced a broad increase, with notable gains from several companies [1] - Changfei Fiber Optics saw an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks increased by over 4% [1] Group 2 - The following are the performance details of key stocks: - Changfei Leishe (601869) increased by 8.37%, with a total market value of 172.5 billion and a year-to-date increase of 79.06% [2] - Jepu Te (688025) rose by 5.08%, with a market value of 21.2 billion and a year-to-date increase of 57.91% [2] - Tiantong Co. (600330) increased by 4.81%, with a market value of 22 billion and a year-to-date increase of 36.10% [2] - Guangxun Technology (002281) rose by 4.34%, with a market value of 59 billion and a year-to-date increase of 4.49% [2] - Ruijie Networks (301165) increased by 4.01%, with a market value of 63.8 billion and a year-to-date decrease of 9.72% [2] - Other companies also showed positive performance, with increases ranging from 1.22% to 3.74% [2]