智通财经APP获悉，海通国际发布研报称，2026年春节期间华南百货客流下滑，消费分化明显。潮玩赛 道高景气，泡泡玛特(09992)预计全年增长超25%，毛戈平(01318)凭借核心产品维持高双位数增长。箱 包品牌新秀丽(01910)受益出行需求，1-2月同比回升约15%。餐饮服饰表现平淡，黄金珠宝靠金价支撑 销售额。 海通国际主要观点如下： 事件 2026年2月23日，海通国际举办专家系列会，邀请华南百货专家分享其对春节消费趋势及重点品牌表现 的观察。 根据该行近期对某华南百货渠道的调研反馈，该百货渠道2026年春节期间零售市场整体表现平淡，客流 下滑及客单价下降为主要拖累因素 根据专家对多个核心项目的监测，2026年春节假期前六天中有五天商场客流同比录得下跌，仅一天实现 同比增长，整体经营表现低于公司内部预期。尽管车流数据因部分商圈周边停车费用相对较低而普遍上 升，但部分驾车客流可能仅停留于周边项目，并未完全转化为场内实际消费，专家分析指出华南地区消 费者出游人数增多是导致商圈客流同比下降的主要原因之一。 潮玩赛道持续高景气，头部品牌凭借IP运营能力及会员粘性保持强劲增长 根据专家数据，泡泡玛特整体增长强劲 ...

海通国际发布研报称，2026年春节期间华南百货客流下滑，消费分化明显。潮玩赛道高景气，泡泡玛特 (09992)预计全年增长超25%，毛戈平(01318)凭借核心产品维持高双位数增长。箱包品牌新秀丽(01910) 受益出行需求，1-2月同比回升约15%。餐饮服饰表现平淡，黄金珠宝靠金价支撑销售额。 海通国际主要观点如下： 事件 根据该行近期对某华南百货渠道的调研反馈，该百货渠道2026年春节期间零售市场整体表现平淡，客流 下滑及客单价下降为主要拖累因素 根据专家对多个核心项目的监测，2026年春节假期前六天中有五天商场客流同比录得下跌，仅一天实现 同比增长，整体经营表现低于公司内部预期。尽管车流数据因部分商圈周边停车费用相对较低而普遍上 升，但部分驾车客流可能仅停留于周边项目，并未完全转化为场内实际消费，专家分析指出华南地区消 费者出游人数增多是导致商圈客流同比下降的主要原因之一。 潮玩赛道持续高景气，头部品牌凭借IP运营能力及会员粘性保持强劲增长 根据专家数据，泡泡玛特整体增长强劲，1Q25因Labubu IP爆火同比增长40%左右，同比增速仍保持稳 定，基于其强大的IP运营能力(专家预期26年仍会有一款大热 ...

海通国际发布研报称，石药集团(01093)的主营业务收入、利润已经触底，2026年有望回到上升周期， 2027年开始受益于肿瘤和代谢创新产品放量，成药收入有望提速。石药集团当前潜在临床里程碑收入达 58亿美元(约人民币406亿元)，有望在未来3-5年陆续增厚公司利润。该行认为首付款和里程碑收入将为 公司带来可持续的经常性收益，并上调了2027年后的授权收入预测。该行使用现金流折现(DCF)模型及 FY27-FY35的现金流进行估值。基于WACC7.9%，永续增长率2.5%(均不变)，对应目标价13.07港元，并 维持"优于大市"评级。 海通国际主要观点如下： 研发能力多次获得认可，该行看好常态化里程碑收入夯实公司基本面 近两年来石药集团实现7笔对外合作交易，涉及首付款总额17.1亿美元，潜在里程碑总额超300亿美元。 公司与全球顶尖药企阿斯利康三度达成合作，彰显石药集团研发平台在全球范围的影响力与价值。该行 认为，加总近60亿美元的潜在研发里程碑将会在未来3-5年陆续增厚石药集团的利润，成为公司常态化 收入的重要组成部分。该行看好石药集团可以持续以销售里程碑和销售净额分成的方式在整个药品生命 周期分享经济效益 ...

智通财经APP获悉，海通国际发布研报称，石药集团(01093)的主营业务收入、利润已经触底，2026年有 望回到上升周期，2027年开始受益于肿瘤和代谢创新产品放量，成药收入有望提速。石药集团当前潜在 临床里程碑收入达58亿美元（约人民币406亿元），有望在未来3-5年陆续增厚公司利润。该行认为首付 款和里程碑收入将为公司带来可持续的经常性收益，并上调了2027年后的授权收入预测。该行使用现金 流折现（DCF）模型及FY27-FY35的现金流进行估值。基于WACC 7.9%，永续增长率2.5%（均不 变），对应目标价13.07港元，并维持"优于大市"评级。 海通国际主要观点如下： 研发能力多次获得认可，该行看好常态化里程碑收入夯实公司基本面 近两年来石药集团实现7笔对外合作交易，涉及首付款总额17.1亿美元，潜在里程碑总额超300亿美元。 公司与全球顶尖药企阿斯利康三度达成合作，彰显石药集团研发平台在全球范围的影响力与价值。该行 认为，加总近60亿美元的潜在研发里程碑将会在未来3-5年陆续增厚石药集团的利润，成为公司常态化 收入的重要组成部分。该行看好石药集团可以持续以销售里程碑和销售净额分成的方式在整个药品 ...

Core Viewpoint - Budweiser APAC (01876) is undergoing a deep adjustment period in the Chinese market, facing short-term performance pressure due to reform pains and external shocks, but positive signals are emerging from channel transformation, with preliminary improvements in market share observed in Q4 [1] Group 1: Financial Performance - For the full year 2025, the company's revenue and EBITDA were $5.76 billion and $1.59 billion, respectively, representing a year-on-year decline of 6.1% and 9.8%; Q4 revenue and EBITDA were $1.07 billion and $170 million, down 4.2% and 24.7% year-on-year [2] - The Chinese market significantly dragged down performance, with Q4 revenue and EBITDA declining by 11.4% and 42.3% year-on-year, and full-year revenue and EBITDA down 11.3% and 15.7% [2] - The net profit attributable to shareholders for the full year was $489 million, a decrease of 32.1% year-on-year, while cash flow remained robust with a dividend payout ratio increased to 153% [2] Group 2: Market Dynamics and Strategy - The industry in China is experiencing stable volume but declining prices, with Budweiser APAC actively transforming its channels; the decline in sales volume in Q4 narrowed from 11% in Q3 to 3.9% [3] - The company is focusing on high-end product positioning and expanding into new channels like instant retail and O2O, with expectations for ASP improvement in 2026 supported by various factors including policy changes and increased consumer confidence [3] - Management's outlook for 2026 includes organic growth, inorganic expansion, and shareholder returns, with a focus on high-end channels in China and maintaining a strong position in the Korean market [3] Group 3: Valuation and Target Price - The estimated EPS for the company for 2026-2028 is projected at $0.04, $0.05, and $0.05, respectively, with the valuation multiple for 2026 adjusted from 20x PE to 25x PE, maintaining a target price of HKD 7.9 [1][2]

智通财经APP获悉，海通国际发布研报称，百威亚太(01876)在中国市场经历深度调整期，短期业绩承压 于改革阵痛与外部冲击，但渠道转型已现积极信号，Q4份额也出现初步改善。该行预计公司2026-2028 年EPS分别为0.04/0.05/0.05美元(前值为2026/2027年0.05/0.06美元)，考虑到近期市场对消费复苏预期提 升，且公司作为亚太地区高端啤酒龙头享有一定的估值溢价，将2026年估值倍数由20x PE上调至25x PE，目标价7.9港元(不变)，维持"中性"评级。 上行风险1)中国消费复苏快于预期2)家庭渠道转型成效加速显现3)美元持续贬值带来报表增厚4)M&A或 战略合作落地; 海通国际主要观点如下： 25Q4及全年业绩：营收与利润双端承压，中国市场表现显著弱于行业 公司全年营收/EBITDA分别为57.6/15.9亿美元，同比下滑6.1%/9.8%;Q4营收/EBITDA分别为10.7/1.7亿美 元，同比分别下滑4.2%/24.7%。中国市场为核心拖累，Q4营收/EBITDA同比降11.4%/42.3%，销量/ASP 分别下滑3.9%/7.7%，全年营收/EBITDA同比下滑11.3 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：海通国际研究 王宪策 互联网及服务高级分析师 王晴 互联网助理分析师 吴叡霖 海外科技分析师 孙小涵 互联网及服务分析师 2026年2月12日 事件 字节跳动近期发布了最新一代视频生成模型Seedance 2.0。 点评 随着Seedance 2.0在多模态的突破，我们建议关注1）大厂包括字节、阿里和后续腾讯在多模态的发力， 同时我们认为对快手可灵的影响有限；2）多模态的应用渗透对底层token/云需求的持续刺激；3） Seedance 2.0的泛化会持续降低内容生产成本，刺激更多短剧短视频的供给；4）对"传统"行业带来长期 的降本增效影响。 结合AI+动漫+短剧形式，AI漫剧有效满足用户轻量内容消费需求，自2025年爆发式增长，增量空间广 阔。根据DataEye数据，2025年在投漫剧数量增长超76倍，预估2025年中国漫剧市场规模达168亿元， 2026年可达243.6亿元，涨幅达45%。其中，AI漫剧因低成本、可规模化生产，且可以覆盖下沉市场对 网文、动漫、真人短视频的轻量内容消费需求，中长期具有强势爆发潜力。2025年AI ...

Core Viewpoint - Xirui (02507) has seen a significant stock price increase, reaching a high of 69.50 HKD, the highest since August of last year, with a current price of 68.60 HKD and a trading volume of 69.6553 million HKD [1][3] Group 1: Company Performance - Haitong International maintains an "Outperform" rating for Xirui (02507), citing improvements in product upgrades and profitability [1][3] - The company is projected to achieve revenues of 1.394 billion, 1.674 billion, and 1.951 billion USD for the years 2025-2027, an increase from previous estimates of 1.394 billion, 1.634 billion, and 1.904 billion USD [1][3] - Corresponding net profits are expected to be 159 million, 183 million, and 204 million USD for the same period, up from earlier projections of 141 million, 176 million, and 206 million USD [1][3] Group 2: Valuation and Target Price - Due to weak visibility of future orders and low DCF valuation matching, Haitong International has shifted to a PE multiple valuation method [1][3] - The target price for Xirui has been raised to 70.20 HKD based on an expected EPS of 18x PE for 2026 [1][3]

Group 1: Company Ratings and Collaborations - Haitong International maintains a "Buy" rating for Innovent Biologics (01801.HK), highlighting a new global strategic collaboration with Eli Lilly, which includes a $350 million upfront payment and up to $8.5 billion in milestone payments, focusing on innovative drug development in oncology and immunology [1] - CITIC Securities also maintains a "Buy" rating for Innovent Biologics, emphasizing the trust from multinational corporations in its innovative capabilities and projecting a 45% increase in product revenue by 2025, alongside the commercialization of 17 drugs and advancements in multiple Phase III pipelines [2] - Yuanta Securities maintains a "Buy" rating for Innovent Biologics, noting the new "China PoC + global development" model that enhances its R&D capabilities and forecasts product revenue to reach 11.9 billion yuan in 2025, a 45% year-on-year increase [3] Group 2: Other Company Ratings - CICC maintains an "Outperform" rating for Guoquan (02517.HK) with a target price of 4.90 HKD, citing steady same-store growth in the second half of 2025 and an accelerated store opening pace in 2026, with over half of its market share in rural areas [4] - CICC also maintains an "Outperform" rating for Kelun-Biotech (06990.HK) with a target price of 550 HKD, highlighting the approval of TROP2 ADC for new indications and significant commercial potential expected in 2026 [5] - Guohai Securities maintains a "Buy" rating for Sihuan Pharmaceutical (00460.HK), forecasting a return to profitability in the first half of 2025, with a significant revenue increase in its medical aesthetics segment [6] - Everbright Securities initiates coverage on Yujian Xiaomian (02408.HK) with an "Accumulate" rating and a target price of 4.90 HKD, noting its leading position in the Sichuan-Chongqing flavor noodle market and strong growth potential through market penetration [7] - Guoxin Securities initiates coverage on Power Development (01277.HK) with an "Outperform" rating, highlighting its leading profitability in the mining sector and upcoming production increases from key coal mines [8] - Guoxin Securities maintains an "Outperform" rating for China Oriental Education (00667.HK), noting a recovery in professional enrollment and an increase in net profit margin to 19.0% [9] - Guotou Securities maintains an "Accumulate" rating for Yum China (09987.HK), projecting a 3% same-store sales growth in Q4 2025 and plans for significant shareholder returns starting in 2027 [10]

Group 1 - Zhang Yidong, the former global chief strategy analyst of Industrial Securities, is set to join Haitong International Securities as a committee member, head of the equity research department, and chief economist [1] - Zhang aims to enhance Haitong International's research capabilities and implement the group's strategy for integrated research operations both domestically and internationally, leveraging resources from the headquarters and subsidiaries [1] - The strategy focuses on attracting foreign investment back to China and increasing foreign holdings in the Chinese stock market while also strengthening overseas research capabilities to meet the asset allocation needs of Chinese institutions abroad [1][2] Group 2 - Zhang Yidong emphasizes four key investment opportunities for 2026: growth sectors such as AI, military industry, energy technology, new consumption, and innovative pharmaceuticals; strategic high-yield assets in a low-interest-rate environment; traditional industries benefiting from supply chain restructuring and globalization; and core assets like gold and rare earths amid global order restructuring [3] - Zhang has expressed strong confidence in both A-shares and Hong Kong stocks, highlighting the importance of focusing on structural highlights and medium to long-term development while downplaying short-term economic fluctuations [2] - The macroeconomic outlook for 2026 includes an expected improvement in nominal GDP growth and a moderate recovery in inflation compared to 2025 [2]