该行认为公司营收目前主要依赖FOMO营销抢购，即消费者害怕错过机会、折扣或热门产品的心理，而 非真正奢侈品同行所具备的内生性销量增长。同时，公司盈利质量亦正在恶化。该行表示，公司今年门 店扩张规划相对保守，焦点从门店扩张转向效率提升，限制了其在国内市场的实体规模扩张空间。另 外，北京SKP旗舰店年销售额已达30亿元人民币，依赖销量驱动的同店增长上限正在不断下降。公司当 前的增长主要倚赖提价，而提价举措可能在执行后带来更长、更深的"需求真空期"。再者，管理层策略 性地将综合毛利率锚定在约40%以平衡需求，意味着毛利率扩张已没有超预期空间，盈利完全取决于销 量周转，使执行风险不断上升。 智通财经APP获悉，招商证券国际发布研报称，预期老铺黄金(06181)2026年将出现转折，收入增长将由 2025年的220%大幅回落至2026年预期的约30%。该行首予老铺黄金"减持"评级，目标价825.5港元，认 为2026年18倍市盈率过高，一旦黄金情绪降温，都将带来明显不对称的下行风险，现予16倍市盈率估 值。 ...

该行认为公司营收目前主要依赖FOMO营销抢购，即消费者害怕错过机会、折扣或热门产品的心理，而 非真正奢侈品同行所具备的内生性销量增长。同时，公司盈利质量亦正在恶化。该行表示，公司今年门 店扩张规划相对保守，焦点从门店扩张转向效率提升，限制了其在国内市场的实体规模扩张空间。另 外，北京SKP旗舰店年销售额已达30亿元人民币，依赖销量驱动的同店增长上限正在不断下降。公司当 前的增长主要倚赖提价，而提价举措可能在执行后带来更长、更深的"需求真空期"。再者，管理层策略 性地将综合毛利率锚定在约40%以平衡需求，意味着毛利率扩张已没有超预期空间，盈利完全取决于销 量周转，使执行风险不断上升。 招商证券国际发布研报称，预期老铺黄金(06181)2026年将出现转折，收入增长将由2025年的220%大幅 回落至2026年预期的约30%。该行首予老铺黄金"减持"评级，目标价825.5港元，认为2026年18倍市盈率 过高，一旦黄金情绪降温，都将带来明显不对称的下行风险，现予16倍市盈率估值。 ...

Core Insights - The A-share market is experiencing a volatile upward trend, with the Shanghai Composite Index surpassing 4000 points in 2025, leading to significant inflows into ETFs, which are becoming essential tools for asset allocation and capturing structural opportunities [2] - The ETF market in China saw a net inflow of approximately 1.18 trillion yuan in 2025, with the number of ETFs listed on domestic exchanges increasing to 1402 and total market size growing from 3.7 trillion yuan to 6.0 trillion yuan, representing over 60% growth since the beginning of the year [2] Group 1: ETF Market Growth - The ETF product line is diversifying, offering investors a multi-layered toolbox to capture market opportunities, ranging from broad indices to niche sectors and cross-border allocations [3] - The "Zhaocai Cup" ETF competition, held annually since 2023, has attracted nearly 270,000 participants, enhancing investor education and engagement, and fostering a positive ETF investment ecosystem [4] Group 2: Competition and Participation - The 2025 "Zhaocai Cup" ETF competition commenced on April 28, with participation from ten major fund companies, creating a platform for learning, exchange, and growth for investors [4] - The competition saw over 8.8 million views, with engagement increasing by over 60% compared to the previous year, indicating a significant rise in interest [5] Group 3: Market Trends and Performance - The A-share market showed strong performance in 2025, with major indices experiencing expanded gains, particularly in the technology growth sector, including AI, semiconductors, robotics, aerospace, and innovative pharmaceuticals [6] - Participants in the competition demonstrated strong performance by focusing on broad-based ETFs and sector-specific themes such as biomedicine, communication equipment, and semiconductor ETFs, reflecting their attention to market hotspots [6] Group 4: Investor Education and Support - The competition upgraded its educational offerings, providing comprehensive ETF knowledge through the "ETF Classroom," which attracted over 1.41 million participants, showcasing effective educational outreach [8] - Collaborative efforts with ten fund companies resulted in the launch of "Hot Topics" and "Sector Topics," offering insights into market dynamics and investment opportunities, with 45 live sessions attracting nearly 4.6 million views [9][10] Group 5: Professional Guidance - Wealth advisors from the organizing company actively participated in the competition, providing professional support and insights, with a dedicated leaderboard for advisors to track performance [11] - Advisors shared diverse investment strategies, emphasizing the importance of liquidity management and balanced portfolio approaches, which provided participants with varied perspectives for decision-making [11] Group 6: Conclusion and Future Outlook - The successful conclusion of the "Zhaocai Cup" ETF competition marks a new starting point for investors in ETF practices, with the organizing company committed to ongoing investor education and service [12]

Group 1 - The core viewpoint of the article is that Meta's performance in Q4 2025 and guidance for Q1 2023 exceeded expectations due to growth in AI and user engagement [1] - The report from China Merchants Securities indicates a positive outlook for Meta, highlighting its leading position in social media and AI, along with attractive valuation compared to other large tech companies [1] - Capital expenditures for Q4 2025 and the full year are projected to be $22.1 billion and $72.2 billion respectively, showing a continuous increase that raises concerns about insufficient AI progress in the second half of 2025 [1] Group 2 - Despite concerns over high capital expenditures, Meta's stock rebound and strong performance reflect its dominant position in the social media sector [1] - The combination of high Daily Active Users (DAP) with AI recommendations and content optimization is expected to support revenue growth, which will be sufficient to cover high capital expenditures and achieve recovery [1]

该行表示，公司今年门店扩张规划相对保守，焦点从门店扩张转向效率提升，限制了其在国内市场的实 体规模扩张空间。另外，北京SKP旗舰店年销售额已达30亿元，依赖销量驱动的同店增长上限正在不断 下降。公司当前的增长主要倚赖提价，而提价举措可能在执行后带来更长、更深的需求真空期。再者， 管理层策略性地将综合毛利率锚定在约40%以平衡需求，意味着毛利率扩张已没有超预期空间，盈利完 全取决于销量周转，使执行风险不断上升。 格隆汇1月30日｜招商证券国际发表研报，首予老铺黄金"减持"评级，目标价825.5港元。该行预期老铺 黄金2026年将出现转折，收入增长将由2025年的220%大幅回落至2026年预期的约30%。该行认为公司 营收目前主要依赖FOMO营销抢购，即消费者害怕错过机会、折扣或热门产品的心理，而非真正奢侈品 同行所具备的内生性销量增长。同时，公司盈利质量亦正在恶化。 ...

Core Insights - The brain-computer interface (BCI) technology is at a critical industrial turning point, transitioning from academic exploration to commercial application, driven by policy and demand [1][4] - The medical field is the primary battlefield for BCI applications, accounting for 56% of the market, while non-medical sectors such as consumer, industrial, and education represent a combined 44%, indicating strong expansion potential [2][3] Industry Overview - BCI technology enables direct communication between the brain and external devices, facilitating bidirectional interaction from neural signals to control commands. The technology is categorized into invasive, semi-invasive, and non-invasive methods, with no absolute superiority among them; suitability depends on specific applications [1][3] - The global BCI market is projected to grow from $1.98 billion in 2023 to $7.63 billion by 2029, with China's market expected to reach 1.73 billion yuan in 2023, increasing its global share to 12.5% [2] Development Challenges - The BCI industry faces several challenges, including balancing high-throughput, high signal-to-noise ratio signal acquisition with long-term biocompatibility, and the need for breakthroughs in decoding algorithms and adaptive control precision [3] - Clinical challenges include the need for large-scale trials to verify the long-term safety and efficacy of invasive products, as well as the maturity of indication definitions, surgical standardization, and postoperative management systems [3] Global and Domestic Progress - The global BCI industry ecosystem is rapidly developing, with leading companies like Neuralink and Synchron innovating in high-throughput flexible implants and vascular interventions to enhance brain signal acquisition and interaction systems [4] - In China, significant progress has been made in system integration and application implementation, with a diverse enterprise matrix represented by companies such as Strong Brain Technology (non-invasive), Borui Kang (semi-invasive), and Xinwei Medical (interventional) [4] Relevant Companies - Key players in the primary market include Strong Brain Technology, Borui Kang, Ladder Medical, and others; in the secondary market, upstream companies like Maipu Medical and Meihao Medical, midstream companies like Xinwei Medical-B and Xiangyu Medical, and downstream companies like Sanbo Neuroscience are notable [5]

Core Viewpoint - The recent surge in electronic prices is driven by a structural transformation due to explosive growth in the AI industry and rising upstream raw material costs, rather than simple cyclical fluctuations. The demand for AI is expected to continue growing rapidly, and under the backdrop of a weak dollar and resource nationalism, metal prices are likely to rise further, extending the electronic price surge into the end of this year and possibly early next year [1] Information Technology - By Q2 2025, memory prices are expected to reach a cyclical turning point due to production cuts by manufacturers and improved end-user demand. As major manufacturers shift capacity towards high-margin products like HBM, the supply of consumer-grade memory chips will continue to shrink, leading to an expanding supply-demand gap and rising prices. By the end of 2025, the rising costs of industrial metals and other raw materials will cause price increases to spread from memory chips to passive components, testing, packaging, and other segments of the entire industry chain, thereby increasing cost pressures on consumer electronics [2] - The Philadelphia Semiconductor Index, Taiwan Semiconductor Industry Index, and DXI Index have all risen this week, along with increases in DRAM and NAND memory prices. The three-month rolling year-on-year growth rate of semiconductor manufacturing equipment shipments from Japan has narrowed, while the three-month rolling year-on-year decline in optical cable production has also narrowed. Panel prices have increased, and the three-month rolling year-on-year growth rate of NB LCD shipments has expanded [2] Midstream Manufacturing - This week, prices for some positive electrode materials, lithium raw materials, and cobalt products have increased, while the prices of lithium hexafluorophosphate and DMC have decreased. The photovoltaic price index has risen, with prices for silicon materials increasing, while prices for silicon wafers and components have remained stable. The three-month rolling year-on-year decline in the production of packaging equipment has narrowed, and the three-month rolling year-on-year growth rate of metal forming machine tool production has also narrowed. The four-week rolling average of port cargo throughput and container throughput has increased year-on-year [3] Consumer Demand - Prices for fresh milk have risen, while the comprehensive price of sugar has decreased. Pork prices have increased, with the wholesale price of piglets remaining stable compared to last week, and the average price of live pigs has decreased. In terms of pig farming profits, both self-bred and purchased pig farming profits have increased. In the broiler farming sector, the price of broiler chicks has decreased. The vegetable price index has decreased, while the futures settlement price of corn has increased, and the futures settlement price of cotton has decreased. The ten-day average of box office revenue has increased, while the ten-day average of movie ticket prices has decreased [3] Resource Products - The ten-day average transaction volume of construction steel has decreased, while the prices of steel billets have remained stable and rebar prices have decreased. In terms of coal prices, the price of Qinhuangdao mixed power coal has decreased, while the price of Shanxi coking coal at Jingtang Port has increased. The futures settlement prices of coke and coking coal have both decreased. In terms of inventory, coal inventory at Qinhuangdao Port has increased, while coking coal inventory at Jingtang Port has decreased, and coke inventory at Tianjin Port has increased. The national cement price index has decreased. Brent crude oil prices have increased, and the national chemical product price index has risen week-on-week, with chemical prices generally increasing, particularly for fuel oil and asphalt. This week, industrial metal prices have generally risen, with prices for copper, aluminum, zinc, tin, cobalt, and nickel increasing, while lead prices have decreased, and most inventories have risen. The prices of gold and silver in the spot and futures markets have increased [4] Financial Real Estate - The net injection in the money market has occurred. The turnover rate and daily transaction volume of A-shares have decreased. The land transaction premium rate has increased, while the transaction area of commercial housing has decreased. The number of second-hand houses listed for sale nationwide has decreased, while the listing price index has increased [4] Public Utilities - The ex-factory price of natural gas has increased. The year-on-year decline in the average daily power generation of key national power plants over a 12-week rolling period has narrowed [4]

Core Insights - The Chinese capital market is transitioning from scale expansion to quality enhancement, with the "financial power" goal and new "National Nine Articles" providing direction for high-quality development in the industry [1] - Investor wealth management needs have evolved from traditional short-term returns to a focus on deep industry analysis and long-term value, emphasizing risk-controlled certainty and comprehensive service [1] - China Merchants Securities is launching the "Investing in China - Entering Listed Companies" service brand in 2025 to address information barriers through in-depth industry research, embodying the "buy-side advisory" concept and serving the real economy [1] Group 1 - The service brand will conduct nine in-depth industry research events to help investors understand the real pulse of Chinese industries based on data logic [1] - The focus areas include semiconductor sensors, pharmaceutical CDMO services, green energy in photovoltaics, AI, healthcare, optical communication, rare earth permanent magnets, and new materials [1] - The initiative aims to provide investors with insights into "Chinese manufacturing" and deliver investment guidance that combines depth and foresight [1] Group 2 - The series of activities features "on-site visits + industry decoding" to create a direct communication bridge between investors and quality listed companies [3] - Activities include senior analysts leading tours, in-depth dialogues with company executives, and on-site exploration of production operations, meeting clients' needs for industry insights [3] - This approach enhances the professional depth of client services and conveys the warmth of wealth management [3] Group 3 - The nine industry visits serve as an upgrade in investment understanding and an expansion of industry perspectives for investors [5] - Investors reported that engaging with production lines and management teams transformed their understanding from financial data to a comprehensive grasp of industry logic and application scenarios [5] - This experience strengthens their recognition of the value and structure of the industry chain, turning abstract trends into concrete frameworks [5] Group 4 - Each visit allows investors to combine data support with on-site insights, deepening their understanding of corporate long-term value and responsibility [9] - The initiative exemplifies the mission of connecting capital with real value and aligns with the brand's commitment to customer value and serving the real economy [9] - The "Investing in China - Entering Listed Companies" initiative will continue to develop in the coming year, enhancing wealth and high-net-worth client services while supporting the high-quality development of the real economy [9]

Group 1 - The core viewpoint of the report is that Mingming Hen Mang (01768) is given a "strong buy" rating, with projected adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 respectively [1] - Mingming Hen Mang is identified as a leading player in the domestic bulk snack market, with brands including "Snack Hen Mang" and "Zhao Yiming Snacks" [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores, with GMV, revenue, and adjusted net profit for the first three quarters of the previous year reaching 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 2 - The report indicates that the efficiency of the bulk snack channel is significantly ahead, and the company is expected to continue increasing its penetration rate while maintaining a rapid store opening pace [1] - The industry is witnessing a rapid concentration of market share towards leading companies, with the company having a high-quality team and leading capabilities in supply chain, warehousing, distribution, and branding [1] - Under the scale effect of the industry, it is anticipated that strong players will continue to thrive, leading to further market share gains and gradual profit release for the company [1]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Mingming Busy (01768), projecting adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 [1] Group 1: Company Overview - Mingming Busy is a leading player in the domestic snack retail sector, operating two major brands: Snack Busy and Zhao Yiming Snacks [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores [1] Group 2: Financial Performance - In the first three quarters of the previous year, the company's GMV, revenue, and adjusted net profit reached 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 3: Industry Position and Outlook - The efficiency of the snack retail channel is significantly ahead of competitors, with expectations for continued penetration and rapid store openings [1] - The industry is witnessing a concentration of market share towards leading companies, with Mingming Busy expected to enhance its market share and gradually release profits due to its superior team and supply chain capabilities [1]