Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) has a long-term optimistic trend and strong valuation attractiveness, leading to an initial coverage rating of "Buy" with a target price of HKD 100, indicating a potential upside of 32% [1] - The report forecasts that Kuaishou's adjusted net profit will grow by 12% and 15% year-on-year in 2026 and 2027, reaching RMB 23.1 billion and RMB 26.5 billion respectively, with core business revenue growth from advertising and e-commerce expected to reach 12% to 9% [1] - The report suggests that if AI further enhances commercialization, Kuaishou's main business may undergo a revaluation, with the market valuation of its subsidiary, Kuaishou Ling, generally ranging from 20 to 30 times sales, which is attractive compared to peers listed in Hong Kong and leading AI companies in the US [1] Group 2 - The report estimates that Kuaishou Ling's revenue will reach RMB 1.05 billion, RMB 1.85 billion, and RMB 2.6 billion in 2025, 2026, and 2027 respectively, indicating significant growth potential [1]

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。 ...

Core Viewpoint - Netflix's performance in the last quarter exceeded expectations, with revenue reaching $12 billion, a year-on-year increase of 18%, aligning with market forecasts [1] Group 1: Financial Performance - Revenue for the last quarter was $12 billion, reflecting an 18% year-on-year growth compared to a 17% increase in the previous quarter [1] - The growth was primarily driven by the release of strong hit content, such as the final season of "Stranger Things" [1] - Despite the revenue guidance for Q1 2026 and the full year meeting market expectations, the profit margin guidance fell short, leading to a decline in stock price during after-hours trading [1] Group 2: Future Outlook - Looking ahead to 2026, the company is expected to continue its growth trajectory, driven by subscription user growth fueled by content, improved pricing power, advancements in advertising business, and expansion of operating profit margins [1] - The firm maintains a "Buy" rating on Netflix, adjusting the target price from $142 to $126 [1] - Although uncertainties surrounding Warner Bros. Discovery's merger remain, it is anticipated that these will not have a significant impact on Netflix's performance in 2026 [1] - The current stock price level is considered attractive due to a significant valuation adjustment [1]

Group 1: Industry Overview - The commercial aerospace sector is entering a new phase of rapid development, with both the US and China planning to deploy tens of thousands of satellites to secure scarce frequency resources [1] - The US leads the world in the number of operational spacecraft, followed closely by China, with low Earth orbit satellites becoming a focal point due to their low latency and wide coverage, accounting for nearly 70% of the in-orbit satellites [1] - Major companies like SpaceX, Amazon, and China's Xingwang are accelerating their satellite constellation deployment and expanding into new areas such as space data centers and in-orbit computing, integrating aerospace with digitalization [1] Group 2: Satellite Power Systems - Satellite power systems are crucial for ensuring stable power supply throughout the satellite's lifecycle, consisting of solar power generation, lithium battery storage, and power management modules [2] - These systems face unique challenges in space, including strong radiation, extreme temperature variations (over 300°C), and low Earth orbit atomic oxygen erosion, necessitating high standards for weight, reliability, and lifespan [2] Group 3: Photovoltaic Technology Advancements - The cost of the photovoltaic segment, which constitutes about two-thirds of the satellite power system's cost (approximately 20% of total satellite costs), is a significant focus for future industry demands [3] - Current low Earth orbit satellites primarily use gallium arsenide batteries due to their excellent radiation resistance and temperature performance, while future applications may include reduced germanium usage and the adoption of silicon or perovskite technologies [3] Group 4: High-Performance Batteries and Power Systems - Satellite batteries require high energy density, reliability, and cycle performance, while power modules must withstand radiation, manage extreme heat, and feature efficient DC-DC architectures, indicating high technical barriers [4] - Core participants in these segments are expected to achieve substantial profit returns due to the high barriers to entry and the specialized nature of the technology [4]

智通财经APP获悉，招商证券发布研报称，1月重点关注五大具备边际改善的赛道：AI硬件、机器人、 AI应用、有色金属、国产算力。从中长期角度，建议以周期为轴，供需为锚。关注新科技周期下，全 社会智能化的进展(大模型的持续迭代、算力基础设施与AI生态的完善、AI商业模式的落地、以及AI对 消费电子、机器人等赋能)，国产替代周期下相关产业链的自主可控(国产大模型、国产AI应用与算力、 国产集成电路产业链)，以及"双碳"周期下碳中和全产业链的降本增效(光伏、风电、储能、氢能、核 电)，电动化智能化大趋势下电动智能汽车渗透率增加。 招商证券主要观点如下： 存储价格持续上涨，AI需求驱动供需再平衡。 截至2026年1月19日，全球存储产业(以SSD/ NAND Flash为主，兼顾DRAM)正处在一轮明显的涨价上行 期。与过去"消费旺季—补库存"式的短周期波动不同，本轮更像结构性紧缺：上游报价强势回归，下游 被迫在提价、改配置、锁单和备货之间重新取舍。 GEO是一种面向新一代"生成式答案引擎/AI搜索"的内容优化方法，旨在通过技术提升生成式回答中被 优先引用的概率。近日，A股市场中"GEO(生成式引擎优化)"概念快速升温 ...

每经头条（nbdtoutiao）——重磅数据公布：回升！专访徐洪才："内卷式竞争"得到一定缓解，下一 步"补收入"可形成良性循环 （记者 曾健辉） 每经AI快讯，思源电气发布公告称，2026年1月19日15:00-16:00，思源电气接受招商证券等投资者调 研，公司董事会秘书兼财务总监杨哲嵘先生参与接待，并回答了投资者提出的问题。 ...

Core Viewpoint - The company, Siyuan Electric Co., Ltd., held a targeted investor research activity on January 19, 2026, to engage with 27 institutional investors, discussing key operational and financial issues [1][2][3]. Group 1: Financial Performance - The company reported an increase in net profit margin in the fourth quarter, attributed to revenue growth and stable expense management, with expenses growing at a slower rate than revenue [4]. - The company acknowledged that the gross profit margin for its energy storage business is lower compared to other products and emphasized the need to enhance product competitiveness through technology improvements and cost control [5]. Group 2: Cash Flow and Inventory Management - The company explained that the operating cash flow is expected to decline in 2025 due to increased inventory levels resulting from business expansion and rapid growth in certain areas, indicating a temporary pressure on cash flow management [6]. - The company highlighted a notable increase in the bidding volume for projects with the State Grid in 2025, expressing gratitude for customer trust and a commitment to fulfilling production and delivery requirements [6]. Group 3: Share Buyback and Market Strategy - Regarding share buyback plans, the company stated that the current stock price exceeds the buyback price limit, and future buybacks will be executed based on market conditions and regulatory guidelines [7]. - The company reported growth in its medium and low-voltage product lines and is actively launching new products while implementing risk management strategies, including foreign exchange hedging and copper futures to mitigate price risks [8]. Group 4: Investor Engagement - The investor research activity provided institutional investors with deeper insights into the company's operational status and future development plans, with the company committing to continuously enhance its core competitiveness for stable business growth [9].

Core Viewpoint - The commercial aerospace sector is entering a rapid development phase, with low Earth orbit (LEO) satellites becoming a focal point of competition between the US and China, leading to significant growth in supporting energy systems and potential upgrades in technology [2]. Group 1: Commercial Aerospace Development - The US leads the world in the number of operational spacecraft, with China closely following. LEO satellites, due to their low latency and wide coverage, have become a key focus globally, with nearly 70% of satellites in orbit being LEOs. Both countries plan to deploy tens of thousands of satellites to secure scarce frequency and orbital resources [2]. - Both the US and China are encouraging deep participation of commercial capital in the aerospace sector through policies such as establishing funds, simplifying approvals, and opening infrastructure [2]. - Leading companies like SpaceX, Amazon, and China's Xingwang are accelerating the deployment of satellite constellations and expanding into new business areas such as space data centers and in-orbit computing [2]. Group 2: Satellite Power Systems - Satellite power systems, which ensure stable power supply throughout the satellite's lifecycle, consist of solar power generation, lithium battery storage, and power management modules. These systems face unique challenges in space, including strong radiation, extreme temperature variations (over 300°C), and low Earth orbit atomic oxygen erosion [3]. - The cost of satellite power systems accounts for about 20% of the total satellite cost, with nearly two-thirds of that attributed to solar power generation. Reducing costs in this area is a significant industry demand [4]. Group 3: Technological Advancements in Photovoltaics - The current mainstream choice for LEO satellites is gallium arsenide batteries, known for their radiation resistance and thermal performance. Future applications may include two-junction solutions that reduce germanium usage [4]. - P-type PERC silicon products are already in use overseas, while P-type HJT solutions are in testing or trial phases. Perovskite-silicon tandem batteries are also undergoing testing, with the potential to become important or even mainstream solutions in the future [4]. Group 4: High-Performance Batteries and Power Systems - Satellite batteries require high energy density, reliability, and cycle performance, while power modules must withstand radiation, manage extreme heat, and feature efficient DC-DC architectures, indicating high technical barriers [5]. - Key participants in these high-barrier segments are expected to achieve significant profit returns in the future [5]. Group 5: Investment Recommendations - Companies related to photovoltaic power generation include Junda Co., Dike Co., Dongfang Risheng, Maiwei Co., Aotwei, Shanghai Port Bay, Ruihua Tai, and Jingsheng Mechanical [6]. - Companies involved in batteries and power systems include Xinle Energy, Yiwei Lithium Energy, and Weilan Lithium Core [7].

Core Viewpoint - The report from China Merchants Securities maintains a "strongly recommended" rating for Yihai International (01579), highlighting performance improvement and high dividends as key attractions. The company is expected to benefit from positive changes in related party transactions and continued double-digit growth in third-party business, particularly in overseas and B-end markets [1] Group 1: Performance and Dividends - The core highlights for the company are performance improvement and high dividends. Previously, the decline in related party business prices constrained performance and affected valuation, but this obstacle is expected to improve. The company has initiated high dividends starting in 2023, with future dividend rates expected to remain high [1] - The estimated EPS for 2025 and 2026 is projected to be 0.81 and 0.88 yuan, respectively, with a corresponding valuation of 15X for 2026. The dividend yield for both years is expected to exceed 6%, driven by restaurant recovery and improvements in related party transactions [1] Group 2: Revenue and Profitability - For the second half of 2025, the company anticipates low single-digit revenue growth, with improvements in gross sales margin due to increased factory prices and enhanced channel expenses to support market demand. The overall profit growth is expected to exceed 20% [2] - The company is focusing on improving supply chain efficiency, which is expected to positively impact gross margins. A one-time payment of historical dividend prepayment taxes in 2024 will lead to a higher tax rate, but the tax rate is expected to normalize in 2025, releasing approximately 50 million in profits [2] Group 3: Third-party Business Growth - The third-party business is stable, with significant growth in B-end and overseas markets. The company is reforming direct channels to recover profits and has successfully partnered with major retailers like Hema and Dingdong Maicai. The overseas business is expanding rapidly, particularly in Southeast Asia, with a dual-brand strategy [3] - The B-end revenue is expected to double in 2025, primarily driven by partnerships with key clients. The company plans to enhance the profitability of the B-end by optimizing product offerings and reducing reliance on distributors [3] Group 4: Related Party Business Improvement - The return of the founder of Haidilao is expected to boost morale and management within the company, leading to improved related party business. The founder's emphasis on quality management and new brand development is anticipated to benefit Yihai as a supplier [4] - As the overall demand in the restaurant sector recovers, the gross margin and supply volume of Yihai's related party business are expected to improve [4]

Core Viewpoint - The report from China Merchants Securities maintains a "strongly recommended" rating for Yihai International (01579), highlighting performance improvement and attractive dividends as key points, with expectations for a high dividend payout ratio in the future [1] Group 1: Performance Improvement and Dividends - The company's core highlights are performance improvement and high dividends, with previous price reductions from related party businesses having constrained performance and valuation, but this pressure is expected to ease [1] - The company is anticipated to maintain a high dividend payout ratio starting in 2023, with expected earnings per share (EPS) of 0.81 and 0.88 yuan for 2025 and 2026 respectively, corresponding to a valuation of 15X in 2026 [1] - The expected dividend yield for 2025 and 2026 is projected to exceed 6%, with a target valuation of 22X for 2026, leading to a target stock price of HKD 21.5, representing a 44% upside [1] Group 2: Revenue and Profitability Insights - For the second half of 2025, the company expects low single-digit revenue growth, with improvements in gross sales margin due to increased factory prices and enhanced channel support for distributors [2] - The company is also expected to improve supply chain efficiency, contributing positively to gross margins, while a one-time tax payment in 2024 is projected to lead to a profit release of around 50 million yuan in 2025 [2] Group 3: Third-Party Business Growth - The third-party business is stable, with significant growth expected in B-end and overseas markets, particularly in Southeast Asia, South America, Africa, and the Middle East [3] - The B-end revenue is projected to double in 2025, driven by deepening cooperation with key clients and the establishment of a small B-end team aiming to optimize product offerings [3] Group 4: Related Party Business Improvement - The return of Haidilao's founder, Zhang Yong, is expected to boost morale and management within the company, with a focus on enhancing the quality of products supplied to Haidilao [4] - The association with Haidilao is anticipated to improve Yihai's related party business, with expectations for increased gross margins and supply volumes as the restaurant sector recovers [4]