环球市场动态 美 国 通 胀 表 现 不 温 不 火 股 票 A 股周二高开低走，结束连涨行情， 航天板块降温；港股震荡微升，医 药、贵金属表现较好；欧洲股市窄 幅震荡，能源股表现强势；美国通 胀较为温和未能推动股市上行，地 缘政治忧虑持续困扰和对鲍威尔的 调查持续困扰市场。 外 汇 / 商 品 特朗普的言论引发对伊朗供应的担 忧，周二国际油价涨超 2%；金价在 创下历史新高后回落，白银再创纪 录新高，铜价在历史高位附近震荡。 固 定 收 益 周二美国国债持续窄幅上落。美债 早上因 CPI 数据小幅上涨，但很快 回吐涨幅。午后 30 年期美债拍卖 获穏健需求。日本国债走弱。亚洲 债券市场表现坚挺，债券利差普遍 收窄。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 个 股 要 闻 Oklo (OKLO US; 97.09 美元; 目标价: 168 美元) Meta 与 Oklo 达成合作，在俄亥俄州为 AI 提供动 力。早前 Meta (META US) 宣布与 Oklo 等 3 家核电公司合作，在未来协助增加 6.6 吉瓦的发电量，以推动美国在 ...

Investment Rating - The report indicates a positive outlook for WuXi Biologics, suggesting that the company will outperform its peers in the biopharmaceutical CDMO sector in 2026 [5]. Core Insights - WuXi Biologics is expected to experience a reacceleration in growth in 2026, driven by three main catalysts: the growth momentum from dual/multi-antibody projects, a strong project intake in 2025 with a net addition of 128 projects, and a reduction in valuation pressure from geopolitical factors [5][8]. - The non-XDC business of WuXi Biologics is anticipated to accelerate in 2026, contrary to market expectations, returning the company to a multi-engine growth trajectory [6]. - The company’s dual/multi-antibody projects are projected to be a significant growth driver, with a 30% year-on-year increase in project numbers for 2025, outpacing the overall company growth rate of 16% [7]. Summary by Sections Company Overview - WuXi Biologics is a leading global contract research, development, and manufacturing organization (CRDMO) that provides end-to-end solutions to help partners develop biopharmaceuticals from concept to commercialization [10]. Financial Performance - As of January 9, 2026, the stock price is HKD 37.06, with a market capitalization of USD 19.65 billion. The average daily trading volume over the past three months is USD 138.43 million [13]. - The revenue breakdown shows that biopharmaceuticals account for 88.8% of total revenue, while WuXi XDC contributes 11.2% [11]. Growth Drivers - The report highlights that the strong project intake in 2025, with 128 new projects, sets a solid foundation for faster growth in 2026 compared to 2025 [5][8]. - The profitability outlook is favorable due to the optimization of the project structure towards complex dual/multi-antibody projects, which is expected to enhance profit margins [7].

环球市场动态 格 陵 兰 岛 争 端 的 潜 在 影 响 股 票 中国市场周一放量大涨，AI 应用引 爆行情；欧洲股市涨跌不一，伊朗 局势紧张和美联储独立性受到指引 引发担忧；美股低开高走，科技股 带领大市回升，中概股表现突出， 阿里巴巴 (BABA US) 大涨 10%。 外 汇 / 商 品 美联储独立性担忧令美元兑主要货 币普遍承压，周一美元兑主要货币 普遍承压，黄金和白银价格再次冲 上纪录高位；投资者担忧伊朗供应 风险，国际油价上涨，触及一个月 高位。 固 定 收 益 周一美国国债小幅下跌，收益率曲 线轻微趋陡。美联储遭司法部传票， 但 3 年期和 10 年期国债标售需求 稳健支撑美债略回稳。周二将有 CPI 数据和 30 年期美债拍卖。日 本假期休市，亚洲市场相对平静。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 1 月 13 日 ▪ 当地时间 2026 年 1 月 6 日，白宫表示特朗普正在讨论获取格陵兰岛的各种方案，包括可能动用军事手段，其 或有推进地缘战略、加强资源控制与塑造政治遗产的三重动机。在方式上，若美国试图 ...

Investment Rating - The report indicates a positive outlook for NHPC, suggesting that 2026 will be a transformative year for the company with significant capacity expansion and growth potential [4][5]. Core Insights - NHPC is expected to achieve year-on-year capacity expansion in 2026, supported by key projects such as the Parbati II project and the Subansiri Lower Hydro Project, which will enhance growth visibility until FY2035 [4][5]. - The report identifies three main catalysts for growth: the final tariff determination for the Parbati II project (25% of regulated equity), the full commissioning of the Subansiri Lower Hydro Project in Q4 2026, and the awarding of contracts for four hydro projects and one pumped storage project in 2026 [4][5]. - The new catalyst, the "temporary suspension" of the India River Water Agreement, is projected to provide a decade of double-digit growth visibility, with NHPC aiming to double its regulated equity from FY2025 to FY2029 [4][5]. Project Execution and Pricing - Key execution milestones for 2026 include the commissioning of four units of the Subansiri Lower Hydro Project in March 2026 and the full commissioning of the project by October 2026 [6]. - The Teesta V hydro project, which was affected by floods, is set to restart in April 2026, while NHPC conservatively recognizes project revenues at 80% of expected tariffs, leading to a non-cash loss in the first half of FY2026 [6]. Company Overview - NHPC Limited, established in 1975, is a Mini Ratna I category and "A" grade central public sector enterprise under the Ministry of Power in India, focusing on the efficient development of hydroelectric resources [9]. - As the largest hydroelectric operator in India, NHPC operates 22 hydroelectric plants with a total installed capacity of 7 GW, accounting for 15% of India's total hydroelectric capacity [9]. Revenue Breakdown - The revenue breakdown shows that 95.9% comes from power generation, with negligible contributions from power trading and project management services [10].

Investment Rating - The report maintains a positive outlook on Yaskawa Electric, indicating an upward potential despite some challenges in profit margins [5][8]. Core Insights - Yaskawa Electric's third-quarter orders and sales slightly exceeded expectations, driven by robust growth in the U.S. market for variable frequency drives and robotics [5]. - The operating profit margin was disappointing at 7.3%, below expectations, primarily due to one-time cost items and product mix issues [7]. - The management has kept its full-year guidance unchanged, expecting operating profit of 48 billion yen (down 4% year-on-year) and sales of 525 billion yen (down 2% year-on-year) [8]. Summary by Relevant Sections Orders and Sales Performance - In Q3 FY2026, Yaskawa Electric's orders increased by 3% quarter-on-quarter to 138.5 billion yen (up 15% year-on-year) [6]. - The motion control business saw a 17% increase in orders, significantly driven by U.S. demand for variable frequency drives (up 142% year-on-year) [6]. - Robotics orders remained flat quarter-on-quarter but increased by 4% year-on-year, with growth in China (+46%), other Asian regions (+24%), and the U.S. (+9%) offsetting declines in Japan (-22%) and Europe (-28%) [6]. Profitability Analysis - The operating profit for Q3 was 9.9 billion yen (down 13% year-on-year), with quarterly sales at 135 billion yen (up 2%) [7]. - The operating profit margin decreased from 9.5% in the previous quarter and 8.6% in the same quarter last year, impacted by 1.5 billion yen in one-time costs [7]. Management Guidance and Market Outlook - Management expects fourth-quarter orders to grow again and maintains a conservative outlook based on foreign exchange assumptions [8]. - The company has a backlog covering 70-80% of its sales, indicating a stable revenue stream moving forward [8]. - Potential catalysts include a recovery in the machine tool order cycle and momentum in global semiconductor production equipment expected in the second half of 2025 [9].

Group 1: A-Share Market Focus - The export growth for 2025 is expected to reach 5.3%, supported by resilient non-US exports and a potential easing of US tariffs [10][12][11] - The appreciation of the RMB is driven by several factors, including lower-than-expected US inflation data, which has increased market expectations for future Fed rate cuts [13][14] - Key sectors to watch include those sensitive to RMB appreciation, such as aviation, gas, and paper industries, which historically show significant stock price elasticity during appreciation phases [19][14] Group 2: US Market Focus - Economic growth in the US is projected to slow in the first half of 2026, influenced by factors such as the end of preemptive consumption and a slowdown in capital expenditures related to AI [31][35] - The K-shaped recovery in the US economy indicates that high-income consumers are driving growth, while lower-income consumers face increasing financial strain [35][31] - The upcoming Fed leadership change may influence monetary policy, with potential for further rate cuts depending on the new chair's stance [36][41] Group 3: Oil Market Focus - The impact of recent events in Venezuela on oil prices is expected to be limited in the short term, with US oil companies likely to benefit first [49][51] - Venezuela holds the largest proven oil reserves globally but ranks 22nd in production, indicating challenges in translating reserves into output [53]

Market Overview - US non-farm payrolls for December were below expectations, with a decrease in unemployment rate to 4.4%[5] - The S&P 500 index reached a record high, closing at 6,966.3 points, up 0.6%[9] - European markets showed positive sentiment, with the Euro Stoxx 600 index rising by 1.0%[9] Commodity and Currency Insights - Oil prices increased significantly due to geopolitical uncertainties, with WTI crude oil rising to $59.12 per barrel, up 2.35%[25] - Gold prices surged above $4,500 per ounce, reflecting market concerns over geopolitical instability[25] - The US dollar index rose by 0.2%, closing at 99.13[24] Employment and Economic Indicators - The US added 58,400 non-farm jobs in 2025, significantly lower than the levels seen in 2023 and 2024[5] - The Michigan Consumer Sentiment Index for January reached its highest level in four months[5] Stock Market Performance - A-shares continued their strong performance, with the Shanghai Composite Index rising by 0.92% to 4,120.43 points[14] - The Hang Seng Index increased by 0.32%, closing at 26,231.79 points, with notable gains in materials and gold sectors[11] Investment Strategies - Alibaba's revenue for FY2026Q3 is expected to grow by approximately 4% to 290.2 billion yuan, with a focus on AI and cloud computing[8] - Chinese oil companies are expected to show resilience despite pressure from falling oil prices, with a projected 5% decrease in capital expenditure for 2026[11]

Investment Rating - The report does not explicitly provide an investment rating for SK Hynix [2][3]. Core Insights - SK Hynix's operating profit expectations for 2026 have been raised by 30% over the past month and cumulatively by 120% since September, driven by strong demand from data center customers and aggressive pricing by DRAM suppliers [5]. - The memory market has shifted to a seller's market due to low inventory levels, with SK Hynix's DRAM and NAND inventories at only 2 weeks and 6 weeks, respectively [5]. - The company is expected to maintain a market share of over 60% in the HBM market, with significant increases in shipments of HBM4 products starting in Q2 2026 [6]. - SK Hynix plans to increase the production of high-value products in 2026 to enhance average selling prices [6]. Summary by Sections Company Overview - SK Hynix is a leading pure memory semiconductor manufacturer, focusing on DRAM and NAND, with DRAM and NAND revenues accounting for 65% and over 30% of total revenue, respectively [9]. - The company acquired Intel's SSD business in 2022, now named Solidigm, to strengthen its competitiveness in the NAND sector [9]. Revenue Breakdown - Revenue by product: DRAM 67.6%, NAND 29.1%, Others 3.3% [10]. - Revenue by region: Asia 34.5%, Americas 63.4%, Europe 2.1%, Middle East and Africa 0.0% [10]. Stock Information - Stock price as of January 7, 2026: 741,000 KRW, with a market capitalization of 372.19 billion USD [12]. - Consensus target price: 699,240 KRW [15].

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for the Hong Kong hotel and leisure industry, particularly for key players like Sands China, Galaxy, and MGM China [5]. Core Insights - The market share of Sands China, Galaxy, and MGM China in Gross Gaming Revenue (GGR) has increased year-on-year, with notable fluctuations in VIP win rates observed in October and November, followed by a decline in December [5]. - EBITDA margins for various license operators remain a critical focus, reflecting their effectiveness in cost control and promotional spending [5]. - There is potential for further expansion in dividend payments for Galaxy and MGM China, given their strong cash reserves [5]. - Capital expenditure for Galaxy's Phase 4 in Macau is expected to peak in 2026, while MGM China's regular dividend payout ratio is anticipated to increase to match Galaxy's level [5]. - Investor attention is also directed towards the growth rate of Sands China's dividends per share, which is contingent on the growth of free cash flow attributable to shareholders [5].

Market Overview - A-shares experienced a slight decline, ending a streak of gains, with the Shanghai Composite Index down 0.07% at 4,082.98 points[16] - The Hang Seng Index fell 1.17% to 26,149 points, with all three major indices in Hong Kong closing lower[11] - U.S. markets showed mixed results, with the Dow Jones up 0.55% at 49,266 points, while the Nasdaq dropped 0.44% to 23,480 points[9] Fixed Income - U.S. Treasury yields rose by 2-3 basis points, with the 10-year yield at 4.17%[28] - A total of $48.21 billion in new bonds was issued on Thursday, bringing the weekly total to $952.21 billion[28] - The Asian bond market remained resilient, with mixed performance across bonds and spreads remaining stable[28] Commodities - Oil prices surged over 3%, with WTI crude closing at $57.76 per barrel, driven by geopolitical tensions and supply concerns[25] - Gold prices remained stable, closing at $4,460.7 per ounce, as the market awaited U.S. non-farm payroll data[25] Economic Indicators - The U.S. labor market showed resilience, with a decrease in layoffs and an increase in hiring plans, marking the highest level since 2022[5] - The U.S. trade deficit narrowed by nearly 40% in October due to a significant drop in imports[5] Sector Performance - In the U.S., the energy sector led gains with a 3.20% increase, while technology stocks faced pressure, particularly Nvidia, which fell 2.15%[9] - In Hong Kong, high-dividend sectors like coal and electricity stocks performed well, while technology and financial sectors struggled[11]