[Table_yemei1] 热点速评 Flash Analysis [Table_Title] 研究报告 Research Report 10 Feb 2026 全球服装、鞋类及配饰设计 Global Apparel, Footwear & Acc Design 4Q25 Lyst 榜单前三名环比不变，消费者转向稳定、经典与实用 4Q25 Lyst Top3 Unchanged QoQ, Consumers Shift Toward Stability, Classics and Practicality 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_summary] (Please see APPENDIX 1 for English summary) 2025 年 Q4 Lyst 榜单前三名环比稳定，中腰部品牌排名变动显著。4Q25 LYST 品牌热度榜显示，Saint Laurent、Miu Miu、COS 继续稳居前三且环比排名不变；中腰部品牌热度改善更突出，Ralph Laur ...

[Table_Title] 研究报告 Research Report 10 Feb 2026 中国半导体 China (Overseas) Semiconductor FY4Q25 全球科技业绩快报：安森美 FY4Q25 Global Semiconductor Earnings Snapshot: ON Semiconductor 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 安森美 4Q25 业绩整体表现稳健：4Q25 收入为$15.3 亿，略高于$15.35 亿的市场一致预期；非公认会计准则每股收益 （non-GAAP EPS）为$0.64，超出$0.62 的市场共识；盈利能力稳步提升，GAAP 毛利率达 36%，non-GAAP Gross Margin 进一步提升至 38.2%，已初步显现晶圆优化措施的成效，整体业绩表现超出公司此前业绩指引中值。 点评 AI Datacen ...

[Table_Title] 研究报告 Research Report 9 Feb 2026 信达生物 Innovent Biologics (1801 HK) 信达生物与礼来达成第七次全球战略合作，合作规模超预期 Innovent and Eli Lilly Forge Their Seventh Global Strategic Collaboration; Deal Size Beats 孟科含 Kehan Meng 聂照亿 Zhaoyi Nie kh.meng@htisec.com john.zy.nie@htisec.com 从引进来，到走出去：这是信达与礼来的第七次合作。这种"中国 PoC+全球开发"的分工，充分发挥了信达在中国 高效的临床能力，降低了信达的海外开发风险，同时凭借礼来的全球网络提升效率。本次合作为信达主导早期研 发并保留大中华区权益，标志着其研发能力获国际认可，是中国创新药企全球化能力提升的关键一步。 战略意义超越单次交易：首付款与里程碑款将强化信达的财务安全垫，销售分成使其长期受益于全球市场增长。 合作聚焦的肿瘤与免疫领域，可与信达现有核心管线，如 IBI363（PD1/IL2）、 ...

研究报告 Research Report 9 Feb 2026 香港医疗 Hong Kong Health Care 医药行业周报（2026.02.02-2026.02.06）：市场情绪回暖；看好基本面表现强劲的创新药产业链龙头 Healthcare Weekly (2026.02.02-2026.02.06): Market Sentiment Warms; Bullish on Leaders in Innovative Drug Chain with Strong Fundamentals [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 百济神州 | Outperform 华润医药 | | Outperform | | 京东健康 | Outperform 国药控股 | | Neutral | | 药明生物 | Outperform 映恩生物 | | Outperform | | 信达生物 | Outperform 金斯瑞生物科 ...

[Table_Title] 研究报告 Research Report 8 Feb 2026 e.l.f. Beauty e.l.f. Beauty (ELF US) FY26Q3 业绩增长依赖收购支撑，核心业务增速放缓，指引上调主要来自 Rhode 贡献 FY26Q3 Performance Relies on Acquisition Support; Core Business Growth Slows; Guidance Upgrade Primarily Driven by Rhode Contribution 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis (Please see [Table_summary] APPENDIX 1 for English summary) 事件：e.l.f. Beauty 发布 2026 财年第三季度（2025 年 10 月 - 12 月）业绩报告并举行业绩说明会。 e.l.f. Beauty 于 FY2 ...

研究报告 Research Report 8 Feb 2026 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W06 周度趋势解析：海外消费业绩密集发布带动股价波动，A/H 股 期待 26 年可选消费恢复 Week 06 Discretionary Trends: Overseas Consumer Earnings Wave Drives Stock Volatility; A/H Shares Anticipate Recovery in Discretionary Consumption in 2026 [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 耐克 | Outperform 李宁 | Outperform | | 美的集团 | Outperform 兆驰股份 | Outperform | | 京东集团 | Outperform 永辉超市 | Out ...

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

Revenue Performance - MGM China reported total revenue of HKD 9.62 billion in 25Q4, a year-on-year increase of 21.4%[1] - For the full year 2025, total revenue reached HKD 34.79 billion, up 10.8% year-on-year[1] EBITDA Growth - Adjusted EBITDA for 25Q4 was HKD 2.75 billion, reflecting a year-on-year increase of 29.5%[1] - The adjusted EBITDA margin improved to 28.6%, up 1.78 percentage points year-on-year[1] Gaming and Non-Gaming Contributions - Gaming revenue contributed HKD 8.46 billion, a 23.0% increase year-on-year, while non-gaming revenue was HKD 1.15 billion, up 10.9%[2] - By property, MGM Macau and MGM Cotai generated revenues of HKD 3.48 billion (+4.1% YoY) and HKD 6.14 billion (+34.1% YoY) respectively[2] Betting Trends - Total betting amount reached HKD 80.16 billion, a 9.9% increase year-on-year[3] - VIP betting increased by 5.7% to HKD 30.64 billion, while mass market betting rose by 13.2% to HKD 31.52 billion[3] Market Share and Customer Insights - MGM China's market share reached 16.5% in 25Q4, up 1.0 percentage points from 15.5% in 25Q3[5] - Management anticipates strong demand during the upcoming Chinese New Year, with robust hotel booking trends observed[6]

Investment Rating - The report assigns a positive investment rating to Coherent, indicating an expectation of outperforming the market in the next 12-18 months [19]. Core Insights - Coherent delivered an outstanding performance in FY2Q26, achieving revenue of $1.69 billion, surpassing the consensus estimate of $1.64 billion, and setting a new record high. Non-GAAP EPS reached $1.29, exceeding the market expectation of $1.20. The non-GAAP gross margin climbed to 39%, reflecting strong profitability driven by lower raw material costs and improved operational efficiency [1][8]. Summary by Relevant Sections Financial Performance - In FY2Q26, Coherent's revenue was $1.69 billion, exceeding expectations and marking a historical high. Non-GAAP EPS was $1.29, above the anticipated $1.20. The gross margin increased to 39%, benefiting from reduced raw material costs and enhanced production efficiency [1][8]. Business Segments - The data center and communications business segment accounted for over 70% of total revenue, with a revenue increase of 14% quarter-over-quarter and 36% year-over-year, driven by strong demand for 800G and 1.6T optical modules [2][9]. Order Demand - The order-to-shipment ratio for the data center business exceeded 4:1, with demand visibility at an all-time high. Orders are scheduled through the end of 2026, with significant long-term demand forecasts from major customers extending into 2028 [3][10]. Capacity Expansion - Coherent aims to double its internal InP production capacity by Q4 2026, currently achieving 80% of this target ahead of schedule. The 6-inch InP production line shows significant advantages, including a fourfold increase in chip output compared to 3-inch wafers [4][11]. Future Outlook - For FY3Q26, Coherent expects revenue between $1.7 billion and $1.84 billion, in line with market consensus. The non-GAAP gross margin is projected to be between 38.5% and 40.5%, maintaining profitability advantages. Non-GAAP EPS is anticipated to reach $1.28 to $1.48, exceeding the consensus of $1.40 [5][12].

研究报告 Research Report 6 Feb 2026 中国 & 中国 & 香港服装、鞋类及配饰设计 China (A-share) & China (Overseas) & Hong Kong Apparel, Footwear & Acc Design 中国服饰鞋类企业如何在东南亚实现海外品牌和渠道落地 Southeast Asian Apparel Industry Research: How do Chinese Apparel and Footwear Brands Realize Brand and Channel Landing in Oversea Market [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 | 股票名称 | 评级 | | --- | --- | --- | --- | | 安踏体育 | Outperform 开润股份 | | Outperform | | 安踏体育 | Outperform 健盛集团 | | Outperform | | 申洲国际 | Outperform 歌力思 | | Outperform | | ...