港股晨报 2026 年 2 月 3 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：美股反弹逼近新高，制造业 PMI 强 势重返扩张 昨日，港股三大指数持续下行。截至收盘，恒生指数跌 2.23%，国企指数跌 2.54%， 恒生科技指数跌 3.36%。南向资金北水方面，港股通交易净流入 19.07 亿港元。 港股通 10 大成交活跃股中，北水净买入最多的是腾讯控股 700.HK、小米集团 1810.HK、中国人寿 2628.HK；净卖出最多的是华虹半导体 1347.HK、紫金矿业 2899.HK、阿里巴巴 9988.HK。 板块方面，黄金、有色金属、铜矿等板块集体回调。山东黄金 1787.HK 跌 12.56%， 赤峰黄金 6693.HK 跌 12.18%，灵宝黄金 3330.HK 跌 8.7%，招金矿业 1818.HK 跌 8.29%，中国黄金国际 2099.HK 跌 7.94%，紫金黄金国际 2259.HK 跌 7.87%。 国际贵金属市场延续上周五的剧烈抛售行情，黄金与白银跌势进一步加深，带 动相关板块股价下挫。 建材水泥股和煤炭股也遭遇下跌，西部水泥 2233.HK 跌 15.47%， ...

美国联合航空控股公司（美联航）当地时间周一宣布，将扩大与马斯克的"星链"卫星互联网服务的合 作，以提供机上 Wi-Fi 服务。 该公司在社交平台 X 上发布了一则公告，宣布扩大与星链的合作。美联航表示，星链服务现已在 300 多架飞机上投入使用，这几乎涵盖了该航空公司的"全部支线机队"。 该航空公司表示，预计到今年年底，将在"超过一半的机队（总数超过800架飞机！）上提供星链服 务"。 该公司在社交平台 X 上发布了一则公告，宣布扩大与星链的合作。美联航表示，星链服务现已在 300 多架飞机上投入使用，这几乎涵盖了该航空公司的"全部支线机队"。 该航空公司表示，预计到今年年底，将在"超过一半的机队（总数超过800架飞机！）上提供星链服 务"。 美联航还指出，已有超过700万乘客使用过该服务，并补充说，该航空公司的MileagePlus会员可以免费 使用该服务。 责任编辑：于健 SF069 美联航还指出，已有超过700万乘客使用过该服务，并补充说，该航空公司的MileagePlus会员可以免费 使用该服务。 责任编辑：于健 SF069 美国联合航空控股公司（美联航）当地时间周一宣布，将扩大与马斯克的"星链"卫星 ...

Group 1 - SF Express (09699) expects a profit of no less than RMB 238 million for the year ending December 31, 2025, representing an increase of at least 80% compared to 2024. Adjusted net profit is projected to be no less than RMB 376 million, a growth of at least 158%, with revenue expected to reach no less than RMB 22 billion, a 40% increase from 2024 [1] - Fuhong Hanlin (02696) shares rose nearly 5% following a successful offline researcher meeting in San Francisco regarding its international multi-center Phase III clinical study for HLX22, a new anti-HER2 monoclonal antibody [1] - Xpeng Motors (09868) saw a decline of over 2.2% as it reported January vehicle deliveries of 20,011 units, a year-on-year decrease of 34.07% and a month-on-month decrease of 46.65% [1] Group 2 - Engineering machinery stocks continued to rise, with Zoomlion (01157) up 7.47% and Sany International (00631) up 3.57%. The total import and export trade of engineering machinery in China for 2025 is projected to be USD 62.743 billion, a year-on-year increase of 13.2% [2] - Ruipu Lanjun (00666) shares increased over 5% after announcing its first profit forecast since listing, expecting a net profit of RMB 630 million to RMB 730 million for the year ending December 31, 2025 [2] - Pony.ai (02026) shares rose over 2.5% following a partnership with Aitbot to build a fully autonomous driving service fleet [2] Group 3 - MINIMAX-WP (00100) shares surged over 12.7% after the release of the MiniMax Music 2.5 audio model, which achieved breakthroughs in "paragraph-level strong control" and "physical-level high fidelity" [3] - China International Marine Containers (02039) shares rose over 12% after discussing its data center business and container manufacturing performance in an investor relations activity [3] Group 4 - WanGuo Gold Group (03939) shares increased over 6.8% after announcing an expected profit of approximately RMB 1.4 billion to RMB 1.5 billion for 2025, a year-on-year increase of about 143% to 161% due to rising sales volume and prices of gold products [4] - Junda Co., Ltd. (02865) shares rose over 13% after completing a placement agreement [4] Group 5 - Carnival Cruise Line (CCL.US) shares rose 8.09% as U.S. House Speaker Mike Johnson expressed confidence in gaining Republican support to end the government shutdown [5] - Major tech stocks like AMD (AMD.US) and Intel (INTC.US) saw gains, with AMD up 4.03% and Intel up 5.04%, following unexpected expansion in U.S. manufacturing activity [5] - The storage sector strengthened, with SanDisk (SNDK.US) up 15.44% as demand for AI and data centers continues to drive price increases in DRAM and NAND Flash products [6] Group 6 - Disney (DIS.US) shares fell 7.4% despite reporting a 5% year-on-year revenue increase to USD 26 billion for Q1 2026, exceeding analyst expectations [7] - Coterra Energy (CTRA.US) shares dropped 3.6% following Devon Energy's announcement of a significant acquisition deal [6] - Oracle (ORCL.US) shares declined 2.75% as the company plans to raise USD 45 billion to USD 50 billion for expanding its cloud infrastructure [8]

周一，航空、邮轮等旅游概念股齐升，嘉年华邮轮(CCL.US)涨超5%，捷蓝航空(JBLU.US)涨超4%，联 合大陆航空(UAL.US)、西南航空(LUV.US)涨近4%，皇家加勒比邮轮(RCL.US)涨超2%。消息面上，上 周日，美国众议院议长迈克.约翰逊表示，他相信自己能够获得共和党的支持，从而在数日内结束大部 分政府机构的停摆。并且，众议院将在之后的两周内就移民和海关执法改革进行辩论。 ...

Core Viewpoint - The recommendation for United Airlines (UAL) is a buy rating, indicating a positive outlook for the company's future performance [1] Group 1: Business Cycle and Revenue Mix - United Airlines is believed to have entered a new phase of its business cycle, which is expected to result in a structurally improved revenue mix and enhanced earnings [1] Group 2: Investment Approach - The investment strategy focuses on long-term investments while also considering short-term opportunities to uncover alpha [1] - The analysis is based on a bottom-up approach, emphasizing the fundamental strengths and weaknesses of individual companies [1] - The investment horizon is medium to long-term, targeting companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]

整理 | GLP1减重宝典内容团队 减肥药的影响，正在从医疗体系外溢到更多意想不到的行业。1月19日，多家海外机构的研究引发市场关注：随着GLP-1类减肥药在美国加速普 及，航空业或将成为"隐形受益者"。 美国投行杰富瑞在最新研究中指出，乘客体重下降将直接降低飞机起飞重量，从而减少燃油消耗，这一变化有望在不改变航线、不更换机型的 情况下，为航空公司带来可观的成本节约。预测市场平台Polymarket也给出相似判断， 认为包括司美格鲁肽在内的减肥药，今年可能为美国航 空公司合计节省超过5亿美元的燃油支出。 这一观点甚至引起了埃隆·马斯克的关注，其在社交平台上的简短回应，进一步放大了这一话题的传 播效应。 从航空运营逻辑来看，减重与燃油之间的关系并不复杂。燃油成本是航空公司最大的单项支出之一，而燃油消耗与飞机总重量高度相关，乘 客、行李和货物构成了这一重量的核心部分。杰富瑞在报告中指出，航空公司多年来通过更轻的材料、更高效的发动机以及优化航线来压缩油 耗，但乘客体重始终是一个无法直接干预的变量。GLP-1类药物的普及，第一次让这一变量出现系统性下降的可能性。 根据测算，如果减肥药在社会层面推动平均体重下降10%， ...

Valued at a market cap of $33.7 billion, United Airlines Holdings, Inc. (UAL) provides air transportation services. The Chicago, Illinois-based company transports people and cargo through its mainline and regional fleets and also offers ground handling, flight academy, and maintenance services for third parties. This airline company has underperformed the broader market over the past 52 weeks. Shares of UAL have declined 1.3% over this time frame, while the broader S&P 500 Index ($SPX) has gained 15%. Mo ...

Core Insights - United Airlines and American Airlines are competing for market share at Chicago's O'Hare International Airport, with both airlines increasing operations ahead of the summer travel season [1][6] - United Airlines plans to operate a record 750 flights daily at O'Hare, surpassing its nearest competitor by approximately 200 flights, marking the largest schedule ever for any airline at this airport [1][2] - By 2026, United will offer nonstop service to 222 destinations, including 47 international cities and 175 U.S. destinations, which is 38 more than American Airlines [2] United Airlines Operations - Starting in April, United will introduce five new routes from Chicago to various Midwest cities, enhancing connectivity [3] - More than 80 cities will see additional flights from Chicago, including major destinations like Boston, Nashville, Los Angeles, San Francisco, and Dallas, positioning Chicago as United's third-largest hub in the U.S. [5] - United's strategy focuses on building brand loyalty by providing more value to customers, particularly in Chicago, where the airline has invested significantly in its network and hiring [6] American Airlines Operations - American Airlines has also announced new routes from its Chicago hub, including service to Maui, Hawaii, and additional flights to Allentown, Pennsylvania, and Columbia, South Carolina [6] - The airline is enhancing its operations from Los Angeles but emphasizes the importance of its Chicago hub, which has expanded to over 180 destinations in the past year [7] - Last year, American added service to 29 new destinations from Chicago, including Naples, Italy, and St. Croix, St. Maarten, and plans to offer over 500 peak daily departures for the upcoming spring break [10]

Investors with a lot of money to spend have taken a bullish stance on United Airlines Holdings (NASDAQ:UAL).And retail traders should know.We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with UAL, it often means somebody knows something is about to happen.So how do we know what these investors just did? Today, Benzinga's options s ...

Group 1 - Bernstein raised the target price for United Airlines from $129 to $136 [1]