中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk Kling AI 持续快速迭代 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 快手 本文内容由 Kylie Kwok (郭凯欣) 提供 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Kling AI continues rapid iterations》的报告，分析预计快手在 2025 年四季度总营收及调整后净利润将分别实现增长，Kling AI 收入可能 继续超预期增长。Kling APP 通过新型社交玩法 Control Motion 获得用户青睐，并升级了 Kling 2.6 Turbo 的视频与音 频整合生成功能。Kling 在成本效率方面的显著优势，其作为前三强生成式视频平台的行业地位，用户与收入增长势 头有望持续 ...

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 网易 本文内容由 Kylie Kwok (郭凯欣) 提供 NTES US 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 游戏增长动能增强 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Growing games momentum》的报告，分析预计网易 2025 年四季度总营收及调整后息税前利润将保持稳健增长，主要得益于游戏业 务的持续复苏。受《梦幻西游》中国市场的进一步回暖及《燕云十六声》全球热度上升推动，游戏收入有望实现同比 增长。结合即将推出的重磅新作《遗忘之海》及开放世界 ACG 游戏《无限大》，网易 2026 年游戏业务有望维持同 比增速并存在上行风险。 在线游戏：增长动能增强 研究指出预计网易 2025 年四季度游 ...

CSIWM 个股点评 2026 年 2 月 4 日 Varun 饮料 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 VBL IN 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 印度消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 符合预期：改善趋势 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 4 日发布的题为《In line: Improving trajectory》的报告，Varun Beverages（VBL）公布 2025 年四季度销售额增长 14%（单独销售额增长 6.0%），超出 市场一致预期。印度业务销量同比增长 10.5%。由于公司对印度部分产品进行规格升级，印度业务实际售价下降 4.5%。管理层预计 2026 年印度业务将实现两位数销量增长。 印度本土销量增长 10.5% 伴随实际售价下降 4.5% 印度业务录得 10.5% ...

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 腾讯控股 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Games keep strong momentum》的报告，腾讯预计将继续交出稳健业绩，2025 年第四季度总收入和调整后 Ebit 同比大幅增长。 分析指出，网络游戏有望带来积极惊喜并实现同比增长，得益于常青游戏的稳健表现以及新爆款游戏《三角洲行动》 的推动。尽管宏观环境疲弱，广告业务预计仍将同比增长，主要受广告技术升级和交易增长的支撑。随着毛利率扩张， 利润预计将继续快于收入增长。分析指出，腾讯在 2026 年有望维持双位数的游戏增长和广告增长，并被视为全球拥 有最优 ...

Investment Rating - The report maintains a positive outlook on Nissin Foods, indicating strong quarterly performance and consistent sales guidance for the fiscal year 2026 [4][5]. Core Insights - Nissin Foods reported robust quarterly results with sales of 213 billion JPY and operating profit of 21.6 billion JPY for Q3 FY2026, exceeding market expectations [4]. - The company’s sales in the U.S. market grew by 5%, marking the first positive growth in five quarters, which contributed to the overall positive market reaction [4]. - Nissin's overseas sales increased by 5.3% to 75.3 billion JPY, with the Americas showing an 8.4% growth, while the Chinese market experienced a decline of 2.3% [5]. Summary by Sections Financial Performance - For Q3 FY2026, Nissin Foods achieved sales of 213.3 billion JPY (up 4.5% year-on-year) and operating profit of 21.6 billion JPY (up 14.6% year-on-year), aligning with market expectations [4]. - The company maintained its full-year guidance, projecting sales of 792 billion JPY (up 2.0% year-on-year) and core operating profit of 68.5 billion JPY (down 18.0% year-on-year) [5]. Business Segments - Nissin's overseas business, including the Americas, China, Asia, and EMEA, reported a sales increase of 5.3% to 75.3 billion JPY, with a notable operating profit margin of 12.8% [5]. - The U.S. market's sales growth was driven by a 3.8% same-store sales increase, while the Brazilian market also saw a 5% increase [5]. Market Position - As of February 3, 2026, Nissin Foods' stock price was 3,253 JPY, with a market capitalization of 5.57 billion USD [10]. - The company has a strong asset base of 812 billion JPY and is focused on maintaining a significant share of its sales from domestic operations [8].

CSIWM 个股点评 2026 年 2 月 4 日 迅销 本文内容由 Kylie Kwok (郭凯欣) 提供 9983 JP 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 中信证券财富管理(香港) 产品及投资方案部 日本消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 1 月销售跃升 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《January jump》的 报告，迅销（Fast Retailing）1 月的日本优衣库业务同店及电商销售额同比增长 14%，主要受气温下降推动核心冬季 商品销售强劲。顾客数量同比增长 7.5%，客单价同比提升 6%。 催化因素 催化因素包括汇率变动、ASP 提升、成长市场门店与业绩进展及电商平台扩张。 投资风险 风险包括：外汇对冲阻力；CEO 退休；海外扩张放缓或成本超预期；短期国内业务面临更高门槛或日元计原材料价 格上涨推升成本；日经指数权 ...

本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 印度铁塔公司 INDUSTOW IS 印度通信行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 租户数量增长 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Growing tenancies》的报告，Indus Towers 2026 财年第三季度核心收入为 528 亿卢比，同比上升 10%/环比上升 1%。报告税 息折旧及摊销前利润同比下降 36%/环比下降 2%至 451 亿卢比，但调整过往逾期款项回收后的税息折旧及摊销前利 润同比上升 13%/环比上升 2%，符合预期。净租户增加量从 2026 财年第二季度的 4,505 个升至 6,105 个，亦符合预 期。公司 CEO 表示 V ...

Market Overview - A-shares experienced a "V-shaped" rebound, with the Shanghai Composite Index rising by 1.29% to 4,067.74 points, and the Shenzhen Component Index increasing by 2.19%[15] - U.S. stocks fell, with the Dow Jones down 0.34% to 49,240 points, and the Nasdaq dropping 1.43% to 23,255 points, driven by a sell-off in tech stocks[8] - European markets saw slight pullbacks, with the FTSE 100 down 0.26% and the CAC 40 down 0.02%[8] Commodity and Forex Trends - International oil prices rebounded by 2%, with WTI crude oil at $63.21 per barrel and Brent crude at $67.89 per barrel[28] - Gold prices surged by 6.08% to $4,903.7 per ounce, while silver rose by 8.17% to $83.3 per ounce[28] - The U.S. dollar index decreased by 0.2% to 97.44, while the dollar to RMB exchange rate was 6.939, reflecting a 0.1% increase[27] Tax Policy and Internet Sector - The new VAT law in China will not affect internet companies' tax rates starting January 1, 2026, but stricter criteria for high-tech enterprise recognition may impact non-leading firms[5] - The government is expected to clarify tax rules for digital products and services, aiming to reduce VAT rates and optimize the tax deduction chain[5] Stock Performance Highlights - Tencent's stock price is projected to grow, with expected revenue growth of 13.5% year-on-year in Q4 2025, driven by strong gaming performance[12] - AMD reported Q4 2025 revenue of $10.3 billion, exceeding guidance, with a year-on-year growth of 34%[7] - The Hang Seng Index rose by 0.22% to 26,834.77 points, despite tech stocks facing pressure from tax rumors[10]

Investment Rating - The report maintains a positive outlook on East Japan Railway Company (JR East), aligning with the views of CITIC Lyon Research, which suggests a favorable investment rating [5][6]. Core Insights - JR East reported a 6% year-on-year increase in sales for Q3 2025, while operating profit grew by 1%. However, net profit declined by 6%, with operating profit of 118.1 billion yen falling short of market expectations by 7% [5]. - The company has set an annual operating profit guidance of 405 billion yen, slightly below market consensus of 409 billion yen [5][6]. - Key growth areas include a 5% increase in transportation sales and a 5% growth in retail and service sales. Real estate and hotel business sales rose by 12%, although operating profit in this segment decreased by 2% [5]. Summary by Relevant Sections Financial Performance - For Q3, JR East's commuter train revenue increased by 2%, exceeding the company's forecast of 1%. Non-commuter Shinkansen lines saw a 5% growth, while non-commuter conventional lines grew by 4% [5]. - The company’s revenue breakdown shows transportation accounting for 67.4%, real estate and hotels 15.4%, circulation services 13.6%, and other segments 3.6% [11]. Long-term Strategy - JR East aims to achieve a cumulative operating profit of 600 billion yen from real estate sales by FY2032, supported by a strategic alliance with Itochu Real Estate [6]. - The potential for unlocking unrealized gains from 18 trillion yen in leased real estate assets is highlighted as a significant opportunity [6]. Catalysts for Growth - Key upward catalysts include the opening of the high-wheel Gateway City in 2025-2026, which will allow for the revaluation of building assets at market value, and the continued growth of inbound tourism to Tokyo [7]. - Ongoing discussions with the government regarding fare increases and flexibility in pricing strategies in response to inflation are also noted as potential growth drivers [6][7].

Investment Rating - The report indicates that Grab's risk-reward profile has become more attractive following a significant stock price correction, with a recommendation to consider the investment [4]. Core Insights - The report aligns with the views of CITIC Lyon Research, suggesting that Grab's recent stock price decline has been excessive, and the fundamentals remain strong despite a 15% year-to-date price drop due to macroeconomic concerns and regulatory measures in Indonesia [4][5]. - Grab's total gross merchandise value (GMV) is expected to continue its growth momentum from record levels in 2025, with both ride-hailing and food delivery businesses projected to achieve mid to high double-digit growth [4]. - Concerns regarding the Indonesian government's potential cap on motorcycle commission rates at 10% may be overstated, as Grab's motorcycle business only accounts for approximately 18% of its total GMV [5]. Summary by Sections Company Overview - Grab operates across eight countries with approximately 80,000 square meters of leased office space, offering a wide range of services from ride-hailing to food delivery, financial services, and enterprise solutions [8]. - Nearly 50% of Grab's total GMV comes from food delivery, while ride-hailing and financial services contribute 26% and 25%, respectively [8]. Financial Metrics - As of February 2, 2026, Grab's stock price is $4.41, with a market capitalization of $19.88 billion [9]. - The average daily trading volume over the past three months is $258.99 million, with a market consensus target price of $6.40 [9]. Catalysts - Potential catalysts for Grab's growth include exceeding expectations in total transaction value for food delivery and ride-hailing, higher-than-expected monetization rates, and acquisitions that could enhance profitability [6].