❑ GAMA 发布 Q4 交付数据。 西锐 2025 年全年合计交付 797 架、同比+9%，其中 SR 系列交付 691 架、同比 +10%，SF 系列交付 106 架、同比+5%，全年交付金额同比+15%；单 Q4 合计交 付 242 架、同比-3%，其中 SR 系列交付 208 架、同比-1%，SF 系列交付 34 架、 同比-13%，Q4 交付金额同比+2%。交付量符合预期，随 SR 系列 G7+陆续交 付、ASP 稳步提升。SF 系列 Q4 交付量波动主要系产线从 Q4 开始布局新款 G3，老款 G2 交付节奏放缓。 证券研究报告 | 公司点评 | 航空装备Ⅱ 西锐(02507) 报告日期：2026 年 02 月 25 日 25Q4 交付符合预期，期待新机更新、主动营销驱动 26 年订单 ——西锐点评报告 投资要点 ❑ SF 新机型 2 月初发布、SR 或扩充销售，订单预期理想。 2 月 Vision Jet G3 新款发布，ASP 进一步提升，核心升级在于航电系统&机舱设 计。首先是航电系统智能化升级，用户可以自动下载导航数据库（不再需要插 SD 卡），当出现警报，系统会直接弹出处置流程，新增 A ...

2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售增速显著改善，LVMH、历峰等集团增速 在连续7个季度后首次转正。中国区市场的改善已成为全球奢侈品集团业绩修复的关键变量，各大品牌 普遍看好中国市场的长期潜力。国内高端商场零售额增速亦在下半年显著提升。2025年恒隆地产内地商 场租户零售额同比增长4%，日均客流量创历史新高;太古地产旗下多数商场在下半年显著提速，其中上 海兴业太古汇凭借标志性项目"路易号"拉动，零售额大增49.6%。 财富效应驱动高端消费需求回升，高频指标印证修复 富人资产增速、海南离岛免税数据、澳门博彩业数据、高档酒店数据等可做高端消费高频跟踪;二奢数 据反映大众人群需求，与高端消费同向变动;奢侈品公司季度业绩表现、高端商圈(恒隆、太古等)零售额 增速可做为高端消费情况后验指标。其中富人资产增速(t-1期)对奢侈品业绩具有领先预测价值，随着股 市及投资收益改善，高净值人群消费意愿已实质性回暖，可在瑞士钟表对华出口转正、澳门博彩毛收入 逐季加速复苏以及高端酒店RevPAR的增长中得到印证。 风险提示 宏观经济与消费信心波动风险、政策与监管环境变化风险、行业竞争与替代分流风险。 华福证 ...

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with Xirui (02507) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to CICC's research report, Xirui is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - Western Securities (002673) noted that Xirui launched the VisionJet G3 product on February 3, with continuous price increases and upgrades in intelligence and comfort [1] - The firm believes that with the gradual acquisition of new orders for better-structured products like VisionJet G3 and SRG7+, the overall product structure will improve year-on-year, enhancing profitability [1]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with Xirui (02507) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the investable scope of Hong Kong Stock Connect [1] - According to CICC's research report, Xirui is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - On February 3, Xirui launched the VisionJet G3 new product, which features price increases and upgrades in intelligence and comfort [1] - West Securities believes that with the gradual acquisition of new orders for better-structured products like VisionJet G3 and SRG7+, the overall product structure will improve year-on-year, enhancing profitability [1]

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]

Core Viewpoint - Xirui (02507) shares rose over 8%, reaching a new high of 69.45 HKD since August last year, with a trading volume of 54.2 million HKD [1] Group 1: Company Performance - Haitong International forecasts that Xirui will deliver approximately 800 aircraft in 2025, with around 600 new orders expected [1] - The company is expected to meet the requirements for market capitalization, trading volume, and turnover rate set by index companies by the end of 2025 [1] Group 2: Product Development - On February 3, Xirui launched the VisionJet G3, which features price increases and upgrades in intelligence and comfort [1] - West Securities believes that with the introduction of better-structured products like VisionJet G3 and SRG7+, the overall product structure will improve year-on-year, leading to enhanced profitability [1]

Core Viewpoint - Xirui (02507) shares rose over 8%, reaching a new high of 69.45 HKD since August last year, with a trading volume of 54.20 million HKD [1] Group 1: Company Performance - Haitong International forecasts that Xirui will deliver approximately 800 aircraft in 2025, with around 600 new orders expected [1] - The company is expected to meet the requirements for market capitalization, trading volume, and turnover rate set by index companies by the end of 2025 [1] Group 2: Product Development - On February 3, Xirui launched the VisionJet G3, which features price increases and upgrades in intelligence and comfort [1] - West Securities believes that with the introduction of better-structured products like VisionJet G3 and SRG7+, the overall product structure will improve year-on-year, enhancing profitability [1]

Group 1 - The company announced the resignation of Ms. Huang Kaiting as the co-secretary and authorized representative effective from February 10, 2026 [1] - Mr. Chen Zhenjie has been appointed as the new co-secretary and authorized representative, effective from February 10, 2026 [1] - Mr. Chen is not an individual employee of the company but acts as an external service provider [1]

Group 1 - The company announced the resignation of Ms. Huang Kaiting as the co-secretary and authorized representative effective from February 10, 2026 [1] - Mr. Chen Zhenjie has been appointed as the new co-secretary and authorized representative, effective from February 10, 2026 [1] - Mr. Chen is not an individual employee of the company but acts as an external service provider [1] Group 2 - Mr. Chen will share the company secretary responsibilities with Mr. Pi Wei, who will continue as another co-secretary and act as the contact person for Mr. Chen regarding company secretary matters [1]