环球市场动态 沃 什 被 提 名 新 任 联 储 主 席 股 票 周五A股涨跌不一，板块走势分化； 港股高开低走，大型科技股普遍走 弱；欧洲股市上涨，市场情绪偏向 乐观；美股受特朗普提名沃什担任 美联储主席影响巨震，贵金属价格 暴跌。 $${\mathcal{H}}\;\;{\tilde{\chi}}\sqsubset\;I\;{\frac{\mathrm{{\hat{\mu}}}}{\left|\Phi\right|}}\;\;{\frac{\mathrm{{\hat{\mu}}}}{\left|\Phi\right|}}$$ 特朗普提名被视为立场相对鹰派的 沃什出任下一任美联储主席，上周 五美元大漲，贵金属近期凌厉涨势 逆转，黄金盘中创下 40 年来最大 跌幅，白银录得历史最大跌幅，抛 售潮波及更广泛的金属市场，伦敦 期铜大跌。 固 定 收 益 上周五美国国债收益率曲线趋陡。 特朗普提名沃什担任美联储主席。 亚洲债市相对偏弱，利差走宽 1-3 个基点。本周将有季度再融资公告 和非农数据公布。 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 2 ...

Investment Rating - The report maintains a positive outlook on Takeda Pharmaceutical, indicating that there is more potential to be unlocked in the future [3][4]. Core Insights - Takeda reported a 4.2% year-on-year revenue growth for Q3 FY2026, aligning with market expectations. Net profit surged by 335.7% due to improved profit margins and reduced non-operating costs, exceeding market forecasts [4]. - The company anticipates multiple late-stage pipeline products to be launched starting in FY2026, including Zasocitinib, which has shown competitive results in clinical trials for moderate to severe plaque psoriasis [5][6]. - The strong performance of Entyvio, with an 18% increase in sales to 265 billion yen, was noted, although the decline in Vyvanse sales by 42% partially offset this growth [4]. Summary by Sections Financial Performance - For Q3 FY2026, Takeda's revenue reached 1.192 trillion yen, a 4.2% increase year-on-year, with net profit rising to 104 billion yen, a 335.7% increase [4]. - The company maintained its full-year guidance for FY2026 despite fluctuations in product sales [4]. Pipeline Developments - Takeda's late-stage assets, including Zasocitinib and Dacomitinib, are expected to be submitted for new drug applications in FY2027, with promising clinical trial results reported [5][6]. - The company has also submitted a new drug application for rusfertide and plans to enter the application phase for oveporexton shortly [5]. Market Position - Takeda operates in various therapeutic areas, including gastroenterology, rare diseases, plasma-derived therapies, oncology, and neuroscience [8]. - The company’s revenue distribution shows that 29.6% comes from gastroenterology, 22.5% from plasma-derived therapies, and 16.4% from rare blood diseases, with significant contributions from the Americas [10].

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 日本科技行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 无需过度担忧 摘要 富士通 6702 JP 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 催化因素 富士通第三季度 GAAP 营业利润达 1,056 亿日元（同比增长 51.3%），较市场一致预期的 822 亿日元高出 28.4%。 日本国内 IT 服务业务的调整后营业利润是主要差异来源。硬件业务第三季度营业利润亦表现更佳，主要因电信运营 商基站设备销售额增加。公司将 2026 财年的调整后营业利润指引从 3,600 亿日元上调至 3,800 亿日元，与预期一致。 同时因上调财年自由现金流指引而增加 350 亿日元股息支付，分析指出此举亦属积极信号。 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 1 月 29 日发布的题为《Needless ...

Investment Rating - The report does not explicitly provide an investment rating for Mapletree Industrial Trust (MINT) [4]. Core Insights - Mapletree Industrial Trust reported a lower-than-expected distribution per unit of 9.62 cents for the first nine months of FY2026, a decrease of 5.8% year-on-year, primarily due to pressure from interest rate swap contract repricing [4]. - The U.S. market remains weak, with declining occupancy rates and challenges in filling expiring leases, which could impact total rental income by 4.5% [4]. - The management is seeking acquisitions in Europe and plans to implement an asset disposal plan worth SGD 500-600 million [4][5]. - The overall portfolio occupancy rate slightly increased by 10 basis points to 91.4%, but the U.S. market occupancy dropped by 30 basis points to 87.8%, marking the sixth consecutive quarter of decline [5]. - The company’s leverage ratio remains at a comfortable level of 37.2%, and management may consider equity financing to support acquisition plans [5]. Summary by Relevant Sections Financial Performance - For Q3 FY2026, the distribution per unit was 3.17 cents, reflecting a 0.3% decrease quarter-on-quarter and a 7.0% decrease year-on-year [4]. - The company experienced a foreign exchange loss of SGD 1.2 million in Q3, with a cumulative loss of SGD 3 million year-to-date [4]. Market Dynamics - The rental uplift rates for high-tech factories and layered factories in Singapore remain healthy at 7.0% and 7.4%, respectively [5]. - The lease for the AT&T property in San Diego, which contributes 5.38% to total rental income, is set to expire in May 2026 and includes a disposal option [5]. Strategic Initiatives - Management is actively pursuing a disposal plan for U.S. assets, which represents 12-15% of its U.S. data center portfolio [5]. - The company is also exploring potential acquisitions in Europe, with expected yields in the range of 4.5%-5.5% [5][6].

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 日立 6501 JP 本文内容由 Alex Wu (吴俊豪) 提供 中信证券财富管理(香港) 产品及投资方案部 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 1 月 30 日发布的题为《Eyes on storage》的报告，日立公司第三季度调整后营业利润较市场一致预期高出 10.8%，主要受能源与移动板块利润好于 预期因素推动，但数字系统与服务（DSS）业务销售及经营利润略低于预期。Global Logic 与日立现有业务的协作开 始扩大，但鉴于在超大规模客户中市占率较低且存储芯片价格上涨，美国市场的存储业务可能持续面临挑战环境。 三季度销售符合预期；DSS 销售小幅不及预期 日立第三季度销售额为 2.71 万亿日元（同比增长 10.1%），数字系统与服务（DSS）业务销售额略低于预期。如预 期所料，Hitachi Vantara（美国存储业务）与 Global Logic 仍面临艰难经营环境，但通过成本控制有效维 ...

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 1 月 30 日 三星电子 005930 KS 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 韩国科技行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 存储芯片短缺未见缓解迹象 HBM4 认证在即；增加资本支出应对未满足需求 三星电子预计市场对 HBM 及高密度服务器 DRAM 的强劲需求将持续，并表示其所有 HBM 量产产能已全部被预订。 关于 HBM4 方面，公司表示产品已进入英伟达（Nvidia）认证的最后阶段，目标在一季度内启动量产。2025 年公司 的总资本支出为 52.7 万亿韩元（同比-2%），其中半导体资本支出（同比+3%）占比 90%。为应对强劲需求，公司 计划显著增加晶圆厂设备（WFE）的资本指出，着眼于短期扩大供给以把握需求机遇。 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 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for Keyence, with record sales and profits achieved in the December quarter [5][6]. Core Insights - Keyence continues to set records with sales, operating profit, recurring profit, and net profit all reaching historical highs for the December quarter. The growth in the third quarter was primarily driven by Asia (+21%) and the Americas (+18%), while Europe saw a 10% increase and Japan remained flat [5][6]. - The company reported a revenue increase of 11% year-on-year to 289.3 billion yen, marking a historical high for the December quarter, with overseas markets being the main growth driver [6]. - Operating profit grew by 8% year-on-year to 144.2 billion yen, achieving a new high for the December quarter, although the operating profit margin slightly contracted [7]. - Keyence's management highlighted significant growth potential in various markets, with the Americas having a 4.2x growth opportunity, Europe 3.0x, and Asia 9.0x, based on relative manufacturing value added [6]. Summary by Sections Financial Performance - Keyence's revenue for the December quarter reached 289.3 billion yen, a year-on-year increase of 11%, driven by strong growth in Asia and the Americas [6]. - The operating profit for the third quarter was 144.2 billion yen, an 8% increase year-on-year, with a slight contraction in the operating profit margin to 49.8% [7]. Market Analysis - The report indicates that Keyence has a strong presence among overseas investors, with individual investors making up only 9% of shareholders. A potential stock split could broaden the investor base [8]. - The company is expected to announce an improved shareholder return policy in April 2026 [8]. Company Overview - Keyence specializes in manufacturing sensors, measurement equipment, machine vision, and digital microscopes aimed at enhancing factory automation quality and management [11].

环球市场动态 无 需 过 度 担 忧 内 地 结 汇 对 流 动 性 的 消 耗 股 票 A 股周三走势分化，白酒股午后集 体涨停；港股恒指升上 28,000 点后 回落，地产股大涨；欧洲股市涨跌 不一，SAP 财报不及预期引发科技 股大幅回落；美股受微软 (MSFT US) 财报拖累纳指一度跌超 2%， 科技股仍表现疲软。 外 汇 / 商 品 OPEC+料继续暂停增产，加上伊朗 局势持续紧张，推动周四国际油价 大涨超 3%；获利回吐推动黄金和 白银现中一度重挫，收盘回升；伦 敦期铜飙升；周四美元指数跟随美 债收益率走低，挪威克朗领涨 G-10 货币。 固 定 收 益 周四美国国债小幅上涨，主要因美 股下挫引发去杠杆情绪，避险资金 明显涌入美债。特朗普称将于今晚 宣布美联储人选。紫金矿业发行可 换股债券。新世界发展据悉和黑石 集团进行深入谈判。 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 30 日 ▪ 近期内地外汇结汇规模较大，部分投资者担忧集中结汇会消耗流动性。我们认为，外汇存款结汇增加的确会消 耗银行的超储，产生消耗 ...

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 新东方 EDU US 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 中国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 上行趋势 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 1 月 29 日发布的题为《Upward trend》的 报告，分析指出，鉴于新东方近期海外业务部门合并，以及跨部门客户服务平台优化带来的成本削减潜力，中信里昂 对公司利润率扩张持更积极态度。 2026 财年二季度（截止 2025 年 11 月）：收入与利润率超预期 新东方在 2026 财年二季度的总收入同比增长 14.7%至 11.91 亿美元，较公司指引上限高出 2%，比市场一致预期高 出 3%。其中，出国考试准备收入同比增长 4.1%，优于指引预期的同比下降 5%。非通用会计准则经营利润率同比提 升 4.7 ...

Financial Performance - Sands China reported a Q4 2025 EBITDA of $608 million, a 6% year-over-year increase, but 3% below market expectations[5] - The EBITDA margin decreased by 2.7 percentage points to 29.6% due to higher operating costs and a shift in revenue composition[5] - Net revenue for Q4 2025 grew by 16% to $2.057 billion, with all properties except for Sands Macao showing growth[5] Operational Insights - Overall occupancy rate reached 98.5%, up from 96.8% in Q3 2025[5] - VIP business accounted for 14% of total gaming revenue in Q4 2025, up from 7% in Q4 2024[5] - Commission and rebate expenses reached $481 million, representing 23.8% of total gaming revenue, compared to 22.2% in Q3 2025 and 19.9% in Q4 2024[5] Future Outlook - Capital expenditure guidance for 2026 remains at $400 million[5] - Management believes that the 2026 World Cup will not have a significant impact on Macau operations[5] - The focus remains on absolute EBITDA growth, with dividend growth expected to align with cash flow growth[5] Market Context - The report aligns with Citic Securities Wealth Management's views, indicating a consensus on the company's performance outlook[5] - Catalysts for profit recovery include continued growth in mass gaming, dividend restoration, and supportive Chinese policies[6] - Risks include increased competition in Macau, regulatory risks, and tightening controls on cross-border capital flows[7]