国泰海通证券研报指出，剑桥科技是全球领先的光连接、宽带与无线解决方案企业。AI快速发展下， 光模块业务有望超预期。此外，公司通过H股发行，积极布局海外产能建设、参股供应链厂商，我们认 为公司在产品、产能、北美团队、供应各方具备的背景下，光模块业务有望实现海外市场的进一步突 破。全球领先的光连接、宽带与无线解决方案企业；AI快速发展下，光模块业务有望超预期。结合行 业平均估值，给予2026年PE 32.13x，对应目标价为161元，给予"增持"评级。 ...

Group 1 - MakeMyTrip Ltd (MMYT.O) maintains an outperform rating with a target price of $85, despite slightly lower than expected revenue in Q3 FY26 due to currency, regulatory, and GST adjustments, while hotel and transportation segments show resilience [1] - iQIYI (IQ.O) holds a buy rating with a stable membership revenue and a revenue of 6.763 billion yuan in Q4 25, reflecting a year-on-year increase of 2.3%, supported by rich content reserves and favorable policies [2] - Netflix (NFLX.O) has a buy rating with a target price of $103, reporting revenue and profit growth in Q4, driven by subscription price increases and advertising growth, with a projected free cash flow of $11 billion by 2026 [4] Group 2 - Horton Homes (DHI.N) maintains a buy rating with a target price of $178, despite a decline in revenue and profit in FY26 Q1, as the company stabilizes sales through incentives and a strong capital structure [5] - Full Truck Alliance (YMM.N) has a buy rating with a target price of $16.1, showing a 31% year-on-year increase in commission revenue from freight transaction services, with a clear shareholder return plan of $400 million by 2026 [6] - Netflix (NFLX.O) also has a buy rating with a target price of $110.82, with Q4 results exceeding expectations and a forecast of advertising revenue doubling in 2026, supported by AI-enhanced content production [7]

国泰海通发布研报称，2024年以来消费贷增速有所放缓，其中国有大行积极响应促消费政策导向，显著 加大消费贷投放力度，此外消金公司仍维持较快规模增长。当前银行信用消费贷利率普遍回升至 3%监 管红线以上，而受助贷新规影响，网贷利率红线约束至 24%以下。展望未来，消费贷不良率短期内仍 可能面临上升压力，但中长期有望随着经济向上、监管政策显效、银行风控能力提升而逐步趋稳。 注：《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》，2025 年10 月起综合融资成 本"隐性红线"不得超过24%。 2)持牌消金公司合计31 家，规模占比约7%，2024 年末消费金融公司资产规模达到1.38 万亿元，同比增 长14.6%。根据18 家消金公司数据(资产规模合计1.2 万亿元)，25Q2 末消金公司资产规模同比增长 14.6%，仍维持较快增速。 其余为信用卡(占比约41%)及汽车金融公司、小额贷款公司、互联网消费金融平台等(合计占比约25%)。 价：设置底线利率3%，网贷利率逐步压降 1)信用消费贷：2023 年以来消费贷价格战趋于白热化，个别银行产品利率低至2.4%。据证券时报， 2025 年4 月起信用消费贷 ...

国泰海通发布研报称，《关于口岸进境免税店有关事宜的通知》印发，设立调整一批口岸进境免税店。 继续在海口美兰国际机场、蛇口邮轮中心等11个口岸设立口岸进境免税店。新设口岸进境免税店，有望 与市内免税店协同，共同做大国内免税市场规模。推荐标的：中国中免（601888）(601888.SH)、王府 井（600859）(600859.SH);相关标的：珠免集团（600185）(600185.SH)。 国泰海通主要观点如下： 本次在武汉天河国际机场等41个口岸各新设1家口岸进境免税店。其中，横琴口岸进境免税店设立后， 允许自中国澳门进境居民旅客在该口岸进境免税店购买一定数量(15000元以内)的免税商品。同时，继 续在海口美兰国际机场、蛇口邮轮中心等11个口岸设立口岸进境免税店。停止设立青岛流亭国际机场、 广州东火车站、江门港等3个口岸进境免税店。待厦门高崎国际机场客运航线转场至厦门翔安国际机场 后，停止设立厦门高崎国际机场口岸进境免税店。 口岸进境免税与市内免税有望协同，共同做大出入境免税市场规模 根据财政部等发布的《关于完善免税店政策支持提振消费的通知》，2025年11月1日起，扩大口岸出境 免税店、口岸进境免税店 ...

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].

Core Viewpoint - Unisoc plans to acquire 100% equity of Ruineng Semiconductor through a share issuance and cash payment, which constitutes a related party transaction. This acquisition is expected to enhance the company's supply chain and create significant synergies [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved an operating income of 4.904 billion yuan and a net profit attributable to shareholders of 1.263 billion yuan, indicating reasonable profitability and solvency [1] - Following the completion of the transaction, the company's total assets, net assets, and revenue scale are expected to further expand, enhancing the integrated operational capabilities of the acquired company and its risk resistance [1] Group 2: Valuation and Rating - Based on comparable company PE/PB valuations and the company's industry position and technological advantages in smart security chips and special integrated circuits, a target price of 107.06 yuan is estimated using a 53x PE for 2025, representing an 11.52% increase from the initial coverage report [1] - The company is given an "Overweight" rating following the analysis [1]

智通财经APP获悉，国泰海通发布研报称，制粉技术及3D打印工艺发展有望持续推动钛合金应用拓 展，未来随着3D打印工艺、制粉技术等的成熟，该行认为，钛合金在折叠机、AR/VR头显、无人机等 对轻量化和结构强度有极致要求的产品中有望快速渗透。国内企业深耕粉末冶金工艺，并突破核聚变材 料卡脖子环节，有望受益于下游需求爆发。相关标的天工国际(00826)。 国泰海通主要观点如下： 粉末冶金龙头企业天工国际业绩考核目标彰显成长信心 天工国际专注粉末冶金技术，在核聚变材料以及钛合金中优势显著。根据1.20日公告，公司向董事及员 工授出购股权总计30,000,000股(占总股本约1.10%)，行使价格为每股3.50港元。购股权分三年归属，每 年归属的前提是对应年度(26-28年)经审计综合营业额较前一年度增长25%或以上。 制粉技术及3D打印工艺发展有望持续推动钛合金应用拓展，国内企业深耕钛合金，有望受益于下游需 求爆发 钛及钛合金由于其高强度、高耐腐蚀性能和良好的表面纹理，在折叠屏中框/屏幕衬板等用量有望显著 提升。同时3D打印钛合金提供了极高的设计自由度，目前逐步应用在航空航天、医疗领域中。未来随 着3D打印工艺、制粉 ...

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通（02611）466.8万股，每 股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿股，最新持股比例为 6.87%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通（02611）466.8万股，每 股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿股，最新持股比例为 6.87%。 责任编辑：卢昱君 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has reduced its stake in Cathay Securities (02611.HK) by selling 4.668 million shares at an average price of HKD 17.2641 per share, amounting to approximately HKD 80.589 million [1] - After the reduction, E Fund's total shareholding in Cathay Securities is now 240,954,189 shares, which represents a decrease in ownership from 7.01% to 6.87% [1]