每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 每经AI快讯，爱尔眼科发布公告称，2026年1月22日，爱尔眼科接受招商证券等投资者调研，公司董事 长陈邦、董秘吴士君、董事会办公室工作人员参与接待，并回答了投资者提出的问题。 （记者 张明双） ...

招商证券国际发表研报指，德国计划于本月正式重启电动车补贴政策，有望短期提振欧洲新能源车需 求。而敏实集团作为欧洲电池盒龙头，去年上半年市占率超过35%，对欧洲新能源销量具高度敏感性， 随着传统车厂今年推出多款新能源车型，集团的核心业务预计将同步实现复苏。机器人业务方面，集团 已与龙头机器人客户建立供应链关系，预计订单交付等信息成为股价催化剂。至于新业务，AI液冷已 进入交付阶段，未来订单交付有望持续增长。该行维持对敏实集团"增持"评级。 ...

招商证券国际发表研报指，尽管华润啤酒的即饮渠道仍承压(收入贡献降至约35%)，但受益于非即饮渠 道中个位数的销量增长，公司去年整体销量展现出韧性。该行又指，在全年原材料成本下行红利的支撑 下，华润啤酒有望实现其指引的2025年净利润高个位数至双位数增长。此外，管理层表示白酒业务可能 计提减值损失。该行认为此举虽带来短期阵痛，但长期利好，因其能消除长期压制估值的因素，成为价 值提升的催化剂。该行将其目标价由33.5港元降至31港元，维持"增持"评级。 ...

智通财经APP获悉，招商证券发布研报称，维持德康农牧(02419)"强烈推荐"投资评级。结合国家对于生 猪产能调控政策变化以及该行对猪鸡价格的判断，预计公司2025~2027年生物资产公允价值调整后净利 润分别为14.4/30.9/50.8亿元，EPS分别为3.7/8.0/13.1元。德康2025年畜禽成本居于行业领先水平，Q4黄 鸡扭亏并贡献主要盈利，屠宰及肉品板块下半年边际改善明显，整体表现符合预期。 招商证券主要观点如下： 畜禽成本领先优势明显，Q4黄鸡业务扭亏 公司2025年预计实现经调前净利润13~15亿元，其中25H2预计实现经调前净利润0.27~2.27亿元。下半年 畜禽价格低迷，但公司积极推进畜禽降本增效，超额优势明显。分业务来看：1)生猪：公司2025年出栏 生猪1083万头，yoy+23%，其中下半年出栏生猪571万头；25Q4出栏约316.74万头，生猪销售均价约 11.7元/千克，全年头均盈利也居于行业领先水平。2)黄羽鸡：公司2025年出栏肉鸡8814万羽， yoy+0.02%，其中下半年出栏黄鸡4543万羽；25Q4出栏约2165万羽，黄鸡售均价约15.33元/千克，估算 25Q4 ...

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].

在期货知识普及方面，招商证券联合深圳期货业协会及招商期货，为南科大学生举办"招商期货杯"期货 训练营。活动以理论讲解为基础、模拟交易为核心、机构参访为延伸，系统覆盖期货基础知识、交易策 略、风险控制等内容，引导学生将课堂理论转化为实践能力，为行业培养兼备扎实专业素养与实操认知 的储备人才。 此次获评"优秀合作单位"，标志着招商证券在推动金融教育普及、促进产学研融合道路上的阶段性重要 成果。招商证券将持续深化与南方科技大学的紧密协作，优化课程内容，强化实践教学环节，并探索课 题共研、师资交流等更多形式的协同，为培育兼具理论功底、实践能力与职业素养的新时代金融人才贡 献力量。 近日，招商证券（600999）与南方科技大学在金融教育领域的合作成果获得校方高度认可，荣获"优秀 合作单位"荣誉称号。与此同时，招商证券辛欣、贾戎莉、方明、王超、石国忠、刘鹏、张甜瑾、胡斐 然、罗果等多位讲师，凭借在财富管理、金融科技、量化投资及投研分析等相关课程中的精彩授课，赢 得师生广泛好评，并获颁授课证书。此次获奖，不仅是对招商证券积极履行社会责任、持续投入金融人 才早期培养的肯定，更是对双方共同构建的"产学研用"一体化协同模式成效的 ...

Core Viewpoint - The global storage prices have accelerated in Q3 and Q4 of 2025, with expectations for Q1 2026 prices to exceed forecasts due to tight supply and increasing AI demand outpacing capacity expansion [1] Group 1: Market Dynamics - AI storage is driving increased demand, necessitating an optimized multi-tier storage system to accommodate the rapidly growing KV cache space [1] - The supply of DRAM is expected to grow slower than demand, with major manufacturers like Samsung and SK Hynix projecting production increases of 5% and 8% respectively for 2026, but still falling short of market needs [3] - NAND supply is becoming more concentrated in enterprise-level products, with expected production cuts from major players like Samsung and SK Hynix due to prioritization of DRAM profitability [3] Group 2: Price Trends - In Q1 2026, DRAM prices are projected to increase by 55%-60% quarter-on-quarter, driven by a shift in production capacity towards server and HBM applications [4] - NAND prices are expected to rise by 33%-38% in the same period, influenced by supply constraints and the prioritization of server demands [4] - Major NAND manufacturers are implementing long-term contracts with significant price increases, with some contracts seeing nearly double the previous prices [4] Group 3: Company Performance - Major global storage companies are set to release strong earnings forecasts, with Samsung predicting a revenue increase of 23% year-on-year for Q4 2025 [5] - Biwei Storage anticipates a revenue increase of 165% year-on-year for Q4 2025, while Nanya Technology expects record revenue and significant profit growth [5] - The upcoming earnings reports from major players like Hynix, Samsung, and Western Digital are expected to positively impact the overall market [7] Group 4: Investment Recommendations - The focus should be on storage manufacturers, storage module/chip companies, and storage testing/packaging sectors due to the ongoing price increases and demand growth [7] - Potential opportunities in storage control chips and interface chips should be monitored as the market evolves [7] - Key investment targets include major global storage companies, module manufacturers, niche storage firms, and testing/packaging service providers [8][9]

Core Viewpoint - The report from China Merchants Securities initiates a "Buy" rating for Kuaishou with a target price of HKD 100, highlighting its advantages in AI technology and commercialization potential, along with attractive valuation [1] Group 1: AI Technology and Competitive Advantage - Kuaishou possesses a distinct competitive edge in its core business and AI applications compared to AI leaders like Zhipu, MiniMax, OpenAI, and Perplexity, especially following significant upgrades since December last year, which have led to notable growth trends [1] - The company enhances its monetization potential through robust core business growth and a unique community ecosystem, with AI technology upgrades (such as OneRec and OneResearch) driving efficiency improvements in advertising and e-commerce [1] Group 2: Future Revenue Projections - The firm forecasts that Kuaishou's core business revenue from advertising and e-commerce will grow by 12% and 9% respectively in 2026 and 2027, supported by ongoing AI technology upgrades and operational efficiency improvements that will further enhance profit margins [1]

招商证券国际发布研报称，因快手-W(01024)长期趋势乐观且估值吸引力强，故首次覆盖给予"增持"评 级，并设目标价100港元，仍有32%的上升空间。 该行预测，快手2026-2027年经调整净利润同比增12%及15%，至231及265亿元人民币(下同)，广告+电 商等核心业务收入增速达12%9%。该行认为，若AI促进商业化变现得到进一步变现，快手主业有望迎 来重估。现快手旗下可灵的市场估值普遍为20-30倍市销率，相较港股上市同业及美国领先AI公司具有 吸引，且可灵具有客观收入规模和高速增长。该行预计2025-2027年可灵收入将录得10.5/18.5/26亿元人 民币。 ...

该行预测，快手2026-2027年经调整净利润同比增12%及15%，至231及265亿元人民币（下同），广告 +电商等核心业务收入增速达12%\9%。该行认为，若AI促进商业化变现得到进一步变现，快手主业有 望迎来重估。现快手旗下可灵的市场估值普遍为20-30倍市销率，相较港股上市同业及美国领先AI公司 具有吸引，且可灵具有客观收入规模和高速增长。该行预计2025-2027年可灵收入将录得10.5/18.5/26亿 元人民币。 智通财经APP获悉，招商证券国际发布研报称，因快手-W(01024)长期趋势乐观且估值吸引力强，故首 次覆盖给予"增持"评级，并设目标价100港元，仍有32%的上升空间。 ...