Investment Rating - The report does not explicitly provide an investment rating for the company [4]. Core Insights - The acquisition of 82% stake in STT GDC for SGD 6.6 billion marks a decisive transformation for Singapore Telecommunications (Singtel) towards the high-growth digital infrastructure sector [4]. - The acquisition valuation multiples are considered reasonable compared to peers, but the path to profitability may take time [4]. - The capital expenditure associated with the acquisition may exceed expectations, although Singtel is deemed capable of completing the acquisition and delivering on its S28 capital return plan [4]. Summary by Relevant Sections Catalysts - The consolidation in Singapore's overly competitive mobile market is driving a recovery in tariffs [6]. - New data center development pipelines are expected to support growth narratives [6]. - There is potential for special dividends exceeding the current high payout ratio due to asset monetization opportunities [6]. - Capital return rates are anticipated to rebound to low double-digit targets set by the company in the coming years [6]. Financial and Operational Insights - Singtel's initial cash contribution of SGD 740 million secures a 25% stake (with an existing 4% holding), utilizing a SGD 5 billion loan at approximately 4% interest to minimize balance sheet impact [7]. - The financial details post-acquisition are expected to be disclosed, with management acknowledging current short-term losses as a result of a "growth investment phase" [7]. - The company has expressed intentions to realize value through public market activities, including potential IPOs of its Indian operations as part of an active portfolio management strategy [7]. - The acquisition is part of a strategic initiative to adjust the business structure, aiming for GDC and NCS to contribute one-third to two-thirds of group EBITDA [7]. - Singtel retains veto rights over speculative capital expenditures to ensure control over land acquisitions [7]. - Confidence in the GDC joint venture is bolstered by successful trials with KKR on a smaller platform, Nexera [7]. - GDC and Nexera will initially operate independently to maintain growth momentum, with plans for gradual integration of proprietary AI orchestration software [7]. Company Overview - Singapore Telecommunications is the leading telecom service provider in Singapore, with a history of exploring regional growth opportunities since the early 1990s [9]. - The company has significant investments in high-growth mobile markets in Australia, India, Indonesia, Thailand, and the Philippines, contributing over 70% of net profits from overseas operations [9]. - The company is also heavily investing in growth areas through its data center business, Nxera [9].

Investment Rating - The report maintains a neutral stance on Mitsui & Co., indicating limited attractiveness in current valuations despite expectations for profit growth and a new mid-term plan to be announced by year-end [4][5]. Core Insights - Mitsui & Co. reported a third-quarter net profit of 188 billion JPY, a 32% year-on-year decline, which fell short of the market consensus of 194.5 billion JPY. The company maintained its full-year guidance of 820 billion JPY net profit, although adjustments were made to its components due to various factors impacting profitability [4][5]. - The report highlights that the company's core operating cash flow reached 950 billion JPY, achieving a completion rate of 83%, prompting an upward revision of the full-year guidance by 50 billion JPY to 950 billion JPY [5]. - Key catalysts for potential growth include fluctuations in commodity prices, cash surges driven by asset cycles, and improvements in returns from non-resource investments [6]. Company Overview - Mitsui & Co. is the second-largest general trading company in Japan by market capitalization and total sales, with 60-70% of its net profit derived from natural resources, including oil, gas, iron ore, coal, and copper. The remaining profit comes from non-resource sectors such as machinery and chemicals [8]. - The company has shifted its focus from setting profit targets to a return on equity (ROE) orientation, emphasizing profitability over absolute profit. Its strengths lie in brand reputation, accumulated experience, talent reserves, and capital acquisition capabilities [8]. Revenue Breakdown - Revenue by product category: Lifestyle Industry (24.1%), Energy (22.1%), Chemicals (20.9%), Metal Resources (15.3%) [9]. - Revenue by geographical region: Asia (82.7%), Americas (8.1%), Europe (7.0%), Middle East and Africa (2.2%) [9]. Stock Information - Stock price as of February 3, 2026: 5,147 JPY, with a 12-month high/low of 5,156 JPY/2,470 JPY. Market capitalization stands at 89.47 billion USD [9][10]. - The market consensus target price is set at 4,768.50 JPY [10].

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]