Core Viewpoint - The report from China Merchants Securities indicates that Easy Health (02661) has successfully transformed from a "crowdfunding platform" to a closed-loop ecosystem of "AI + health services + insurance protection," significantly increasing the proportion of health service revenue [1] Group 1: Business Transformation - The company has enhanced its operational efficiency and scale effects through deep AI integration in content production, precise conversion, and risk control systems, leading to optimized revenue structure and released profitability [1] - The firm is rated "Buy" with a target price of HKD 109.4, reflecting confidence in its long-term commercial resilience and counter-cyclical capabilities supported by a multi-payer structure [1] Group 2: Competitive Positioning - In a highly fragmented digital healthcare market, the company has achieved differentiated competition by focusing on public health education, contrasting with serious medical platforms like Yimaitong [1] - Leveraging the strong brand trust built from its origins in crowdfunding, the company has positioned itself as the starting point in the patient decision-making chain, particularly appealing to younger patients who prefer video consultations [1] Group 3: Market Opportunities - The company's consumer-oriented health content, addressing issues like hair loss, sleep, and chronic disease management, has a broader audience and creates a strong psychological presence at both the scene and patient ends [1] - The firm is expected to have further value release potential at current stock price levels, with stock performance primarily dependent on the management's ability to deliver on transformation results [1]

公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 2. 股份分類 | 普通股 | H 股份類別 | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...

招商证券发布研报称，印尼矿业官员周二表示，由于印尼政府提出大幅减产计划，该国矿商已暂停现货 煤炭出口。该行认为此次供给扰动对动力煤影响大于焦煤。主因资源禀赋方面印尼煤炭多以露天开采低 卡煤为主。建议关注受益于现货煤占比较高和海外业务占比较高的兖矿能源(600188.SH)，和稳健经营 标的如中煤能源(601898.SH)、陕西煤业(601225.SH)等。 2.本次供给扰动之下，国内动力煤现货价格有望反弹 根据印尼统计局数据，2025年印尼煤炭出口量5.3亿吨，占全年产量比例67%。出口结构中，中国占比 最高40%，达到2.1亿吨。 全年维度，不同假设下，中国进口印尼煤炭或下滑2411-5089万吨。 情景一：假设2026年印尼煤炭产量与能矿部指引一致，即6亿吨;产量出口比例和出口结构中国占比和 2025年一致;则2026年印尼出口中国煤炭或达到1.61亿吨，同比下降5089万吨。 情景二：假设2026年中RKAB额度有所提升，印尼煤炭产量达到7亿吨;产量出口比例和出口结构中国占 比和2025年一致;则2026年印尼出口中国煤炭或达到1.87亿吨，同比下降2411万吨。 短期维度，本次供给扰动有望推动国内动力 ...

招商证券发表研报指，首次覆盖轻松健康并给予"增持"评级，目标价为109.4港元。轻松健康成功完成 从众筹平台向AI+健康服务+保险保障闭环生态转型，健康服务收入占比显著提升，该行看好公司在多 支付方结构支撑下的长期商业韧性与抗周期能力。AI深度赋能内容生产、精准转化与风控体系，显著 提升营运效率并持续放大规模效应，推动收入结构优化与盈利能力释放。 该行指，在数字医疗高度分散的竞争格局中，公司透过深耕大众科普实现了与医脉通等严肃医疗平台的 错位竞争。不同于对标医生群体的学术推广模式，公司利用前身轻松筹积淀的深厚品牌信任感。在看病 先刷影片的年轻化就医习惯下，公司已成为患者决策链条的起点。这种面向大众的消费型健康内容(如 脱发、睡眠及慢病管理)受众更广，且在场景端与患者端形成极强的心理占位，使得公司在赛道拥挤的 数字健康行业中展现出独特的品牌护城河。 ...

Core Viewpoint - Nepean Mining has terminated its investment in a Colombian mining project due to significant changes in equity transfer conditions, increased geopolitical risks, and the substantial impact on the company's future operations from the investment amount of approximately $14.59 million (about 1.02 billion RMB), which accounts for 56% of the company's net assets [1] Group 1: Company Overview - Nepean Mining was established on October 14, 2005, primarily engaged in the manufacturing of specialized equipment [3] - As of January 30, 2026, the number of shareholders in Nepean Mining has increased to 11,640, with an average holding value of 592,400 RMB and an average shareholding of 14,500 shares [3] Group 2: Investment Strategy - The company continues to implement a dual development strategy, focusing on strengthening its core business in mining wear parts while also seeking investment opportunities in mineral resources, prioritizing stable political regions such as Central Asia and Southeast Asia [2] - Current high prices for copper and gold are leading to increased capital expenditure willingness among downstream customers, which is expected to boost sales of the company's machinery and consumables [2] Group 3: Product Development and Global Expansion - Nepean Mining has introduced a second-generation forged liner to major overseas mining companies, a globally innovative product with no current competitors [2] - The company has been expanding its global footprint for five years, with a factory in Zambia expected to be operational by October 2024, a nearly completed facility in Chile, and a factory in Peru projected to be capable of production by 2027, aiming for a global production capacity of 3 billion RMB [2]

Core Viewpoint - The report from China Merchants Securities indicates that the performance of Huadian Co., Ltd. in Q4 2025 meets expectations, with a positive outlook on the company's potential for accelerated expansion in high-end capacity [1] Group 1: Company Performance - The company is expected to benefit from the rapid development of global general AI technology, which will drive an increase in computing power demand [1] - The strategic cooperation with leading clients in Europe and the United States, facilitated by the issuance of H shares, is anticipated to significantly enhance the proportion of high-value product shipments [1] - Revenue forecasts for 2025, 2026, and 2027 are projected at 18.95 billion, 26.52 billion, and 37.13 billion respectively, with corresponding net profits of 3.82 billion, 5.85 billion, and 8.52 billion [1] Group 2: Growth Potential - The company’s long-term growth logic is clear, aligning with the rapid development trend of AI computing power, which is expected to accelerate the expansion of high-end capacity both domestically and internationally [1] - The increasing proportion of high-end products is likely to open up upward growth potential for the company's performance [1] - Earnings per share (EPS) are projected to be 1.99, 3.04, and 4.43 yuan for the years 2025, 2026, and 2027, respectively, with current price-to-earnings (PE) ratios of 35.0, 22.9, and 15.7 times [1]

招商证券研报指出，深南电路发布25年业绩预增：归母净利31.5-33.4亿同比+68.0%～78.0%，扣非归母 净利29.9-31.7亿同比+72.0%～82.0%。Q4环降源于新产能爬坡、费用增加，静待H1业绩环比高增。全 年来看，公司充分把握AI算力升级、存储市场需求增长、汽车电动智能化三大增长机遇，通过强化市 场开发力度、提升市场竞争力，推动产品结构优化。同时，深入推进数字化转型与智能制造升级，提升 运营管理能力，助益公司营收规模和利润实现同比增长。看好公司在算力板及载板领域的产品技术及在 海外算力客户的积极拓展、卡位国内算力供应链体系主力角色，且积极扩充AI算力产能，南通四期、 泰国基地以及无锡新产能规划有望在26-27年逐步投产释放，打开中长线成长空间，维持"强烈推荐"投 资评级。 ...

招商证券国际发表研报指，新东方与好未来11月季度利润率大超预期，主要受益于稳健的营收增长、经 营杠杆释放以及审慎的成本控制，认为两大教培龙头的最新业绩再次印证了行业稳健增长趋势，由坚实 的需求、稳定的政策环境以及人工智能创新所驱动。该行将新东方美股目标价从为70美元升至至76美 元，好未来目标价从16.7美元升至17.3美元，维持"增持"评级。该行认为，新东方未来增长加速的关键 在于营运优化，包括提升教学质量、获取新生以改善留存与利用率，以及降低退费率。 ...

招商证券国际发表研报指，新东方与好未来11月季度利润率大超预期，主要受益于稳健的营收增长、经 营杠杆释放以及审慎的成本控制，认为两大教培龙头的最新业绩再次印证了行业稳健增长趋势，由坚实 的需求、稳定的政策环境以及人工智能创新所驱动。该行将新东方美股目标价从为70美元升至至76美 元，好未来目标价从16.7美元升至17.3美元，维持"增持"评级。该行认为，新东方未来增长加速的关键 在于营运优化，包括提升教学质量、获取新生以改善留存与利用率，以及降低退费率。 ...