[Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$82.55 目标价 HK$97.10 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$230.86bn / US$29.61bn 日交易额 (3 个月均值) US$87.90mn 发行股票数目 2,797mn 自由流通股 (%) 47% 1 年股价最高最低值 HK$104.40-HK$75.50 注：现价 HK$82.55 为 2026 年 01 月 20 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 1.3% -2.5% 8.6% 绝对值（美元） 1.1% -2.9% 8.4% 相对 MSCI China -1.8% -2.0% -28.5% [Table_Profit] Rmb mn Dec-24A Dec-25E Dec-26E Dec-27E R ...

·········································································································[Table_Title] 研究报告 Research Report 20 Jan 2026 ```··························································································································································································································································· 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚指数双周报第 16 期：持续上扬，马来领涨 ASEAN Index Tracking： ASEAN sto ...

研究报告 Research Report 20 Jan 2026 海特真露 HiteJinro (000080 KS) 首次覆盖：韩流佐酒，海特真露的确定性与可能性 From K-Pop to Soju Pop, Hite Jinro's Defensive Value and Growth Potential: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 ₩17,970 目标价 ₩22,000 市值 ₩1,277bn / US$0.87bn 日交易额 (3 个月均值) US$1.97mn 发行股票数目 70.13mn 自由流通股 (%) 44% 1 年股价最高最低值 ₩21,187-₩17,450 注：现价₩17,970 为 2026 年 01 月 16 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -1.6% -1.1% -1.2% 绝对值（美元） -1.4% -4.8% -2.3% 相 ...

以油养肤开创者，产品渠道拓展加速 ——林清轩首次覆盖报告 养肤品类趋势下大单品接力发力、抖音及线下持续拓展下的高成长性。 投资要点： [Table_Summary] 公司深耕以油养肤赛道多年，抖音助力大单品爆发，拓品类、拓渠 道下有望实现持续快速增长。预计公司 2025-2027 年 EPS2.75、4.18、 5.49 元人民币，综合考虑 PE 和 PS 两种估值方式取平均值，给予公 司合理估值 149 亿元人民币（对应 166 亿港币），给予目标价 118.57 港币，对应 2025PE26x，首次覆盖，给予"优于大市"评级。 | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 805 | 1,210 | 2,316 | 3,356 | 4,274 | | (+/-)% | 16.5% | 50.3% | 91.5% | 44.9% | 27.3% | | 毛利润 | 654 | 998 | 1,913 | 2,777 | 3,539 | | 净利润 ...

[Table_Title] 研究报告 Research Report 19 Jan 2026 美国宏观 US Macro 海外宏观策略周报：全球背景下，美国或处于低通胀前沿 Under the global backdrop, the US may be leading the way in low inflation Shengzu Wang 刘念芸 Nianyun Liu sz.wang@htisec.com ny.liu@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [美国劳工局（ Table_summary]BLS）公布数据显示， CPI 在 12 月上涨了 0.3%，符合预期，前值 0.1%。环比上涨 2.7%， 与 11 月的同比增幅持平。核心 CPI 同比 2.6%，略低于预期 2.7%，前值 2.6%。上月受到政府关门导致 投资者担心的数据干扰问题 12 月已被修正，表明通胀正在温和下行。CPI 数据发布后，美债利率和美元 小幅走低，美股收跌，黄金和白银创下历史新高，市场认为 CPI 数据温和不足以推动美联储再次降息， 结合 12 月非农数据， ...

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Investment Rating - The report maintains a "Neutral" rating for Monster Beverage Corp (MNST US) with a current price of $77.91 and a target price of $71.64 [2][5]. Core Insights - The company is set to launch its largest innovation pipeline in 2026, which includes new product lines targeting women, juice and functional beverages, and multiple zero-sugar products [3][12]. - International revenue and profit contributions have reached record highs, with international revenue growing 23% year-over-year in Q3 2025, now accounting for 43% of total revenue [4][13]. - A new pricing strategy implemented in the U.S. market is expected to enhance profit margins with limited negative impact on sales volume [14]. Financial Performance Summary - Revenue projections for 2025-2027 are $8.16 billion, $8.75 billion, and $9.45 billion, respectively, with growth rates of 9%, 7%, and 8% [2][10]. - Net profit is forecasted to be $2.11 billion, $2.34 billion, and $2.56 billion for the same period, reflecting growth rates of 15.6%, 10.9%, and 9.3% [5][15]. - The diluted EPS is expected to increase from $2.14 in 2025 to $2.63 in 2027 [2][10]. Market Expansion Strategy - The company is enhancing its distribution partnership with Coca-Cola to penetrate new channels such as foodservice and universities, particularly in EMEA, Asia-Pacific, and Latin America [4][13]. - The affordable energy drink line, represented by brands like Predator and Fury, is targeting lower-income markets and has expanded to 36 markets [4][13].

研究报告 Research Report Week 03 Discretionary Trends: Fed Policy & Rate Cap Worries Weigh on Overseas Sectors 18 Jan 2026 [Table_yemei1] 观点聚焦 Investment Focus 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W03 周度趋势解析：美联储独立性和未来货币政策稳定性的担忧和要求设置信用卡 利率上限，本周海外消费集体下挫 | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 耐克 | Outperform 波司登 | | Outperform | | 美的集团 | Outperform 李宁 | | Outperform | | 京东集团 | Outperform 永辉超市 | | Outperform | | 海尔智家 | Outperform 兆驰股份 | | Outperf ...

Investment Rating - The report assigns an "Outperform" rating to several companies including Pop Mart, Anta Sports, Huazhu Group, Li Ning, Miniso, Atour Group, and Xtep International, with target prices ranging from 6.99 to 354.00 [1]. Core Insights - The integration of AI and advertising models is gradually taking effect, with Generative Engine Optimization (GEO) expected to dominate the traffic competition in the AI-driven search era. The GEO market is projected to grow significantly, with a forecasted global market size of USD 11.2 billion in 2025, reaching USD 100.7 billion by 2030 [3][13]. - Key companies in the sector, such as Qingmu Technology, are actively developing their e-commerce ecosystems and leveraging proprietary systems to enhance their market position [4]. Company Performance - Top performers this week include Guoquan (+11.9%), Haidilao (+10.7%), Nayuki (+6.5%), SuperHi (+5.4%), and Hisense (+3.8%). Conversely, underperformers include JS Global Life (-4.6%), Roborock (-5.2%), TCL Electronics (-6.3%), Chagee (-8.2%), and Pop Mart (-9.3%) [6][14]. - Haidilao has appointed Zhang Yong as CEO, aiming to bring new perspectives and enhance board efficiency [8][15]. Industry Dynamics - Qdama and YUEN KEE FOOD have submitted listing applications to the Hong Kong Stock Exchange, with projected revenues showing growth [11][12]. - Big Catering has also submitted a listing application, with significant revenue growth reported for 2024 and Q3 2025 [12].

Investment Rating - The report maintains a "Neutral" rating for Coca-Cola Co (KO US) with a current price of US$70.48 and a target price of US$71.38 [2]. Core Insights - The franchise restructuring is expected to be completed by 2026, aiming for an operating profit margin of 30-35%. Key steps include the sale of a 40% stake in Indian bottling operations and partial interests in African bottling businesses [3][12]. - Coca-Cola China's bottling partners are projected to achieve mid-single-digit revenue growth, supported by significant upgrades to production facilities, including a smart green production base in Guangdong [4][13]. - A smooth CEO transition is anticipated as COO Henrique Braun is set to succeed James Quincey on March 31, 2026, with expectations for continued strategic execution [5][14]. - The company is expected to unlock new growth opportunities in India and enhance its total beverage portfolio through the performance of its protein drink brand, Fairlife [6][15]. Financial Summary - Revenue projections for Coca-Cola are as follows: - 2025: US$48.046 billion - 2026: US$51.221 billion - 2027: US$53.836 billion - Corresponding net profits are projected at US$12.874 billion, US$13.951 billion, and US$14.775 billion for the same years [2][10]. - The diluted EPS is forecasted to be US$2.98 in 2025, US$3.24 in 2026, and US$3.45 in 2027, with a P/E ratio of 24 for 2025 and decreasing to 20 by 2027 [2][10].