Investment Rating - The report assigns a rating of "Buy" for the company [5][12]. Core Insights - The company is a leading player in precision machine tools, experiencing rapid growth and actively expanding into emerging fields such as AI liquid cooling and humanoid robotics [2][12]. - Revenue projections for FY2026E to FY2028E are estimated at HKD 51.82 billion, HKD 58.23 billion, and HKD 65.62 billion, respectively, with net profits for FY2025E to FY2027E expected to be HKD 10.18 billion, HKD 11.08 billion, and HKD 12.63 billion [12]. - The company has a strong focus on high-end CNC machine tools, including precision lathes, machining centers, and grinding machines, which are widely used in high-precision processing fields such as automotive and 3C [12]. Financial Summary - Total revenue is projected to be HKD 3,119.67 million for 2024A, increasing to HKD 6,562.20 million by 2028E, reflecting a growth rate of 36.6% in 2025A and 21.6% in 2026E [4][12]. - Gross profit is expected to rise from HKD 895.54 million in 2024A to HKD 2,270.52 million in 2028E, with a gross margin of 34.6% in 2026E [4][12]. - Net profit is forecasted to grow from HKD 479.97 million in 2024A to HKD 1,262.99 million in 2028E, with a net profit margin of 20.1% in 2026E [4][12]. Market Position and Growth Potential - The company has secured a significant number of orders in the AI liquid cooling sector, which is expected to support future revenue growth [12]. - The humanoid robotics business is also accelerating, with increasing demand for small precision components driven by advancements in autonomous driving and AI applications [12]. - The company has established a competitive edge in the market through cost reduction and efficiency improvement measures, enhancing product value and market competitiveness [12].

Investment Rating - The report assigns a rating of "Buy" for the company [5][12]. Core Insights - The company is a leading player in the precision machine tool industry, experiencing rapid growth and actively expanding into emerging fields such as AI liquid cooling and humanoid robotics [2][12]. - Revenue projections for FY2026E to FY2028E are estimated at HKD 51.82 billion, HKD 58.23 billion, and HKD 65.62 billion, respectively, while net profits for FY2025E to FY2027E are projected at HKD 10.18 billion, HKD 11.08 billion, and HKD 12.63 billion [12]. - The company has a strong focus on high-end CNC machine tools, including precision lathes, machining centers, and grinding machines, which are widely used in high-precision processing fields such as automotive and 3C [12]. Financial Summary - Total revenue is projected to be HKD 3,119.67 million for 2024A, increasing to HKD 6,562.20 million by 2028E, reflecting a growth rate of 12.7% in 2028E [4]. - Gross profit is expected to rise from HKD 895.54 million in 2024A to HKD 2,270.52 million in 2028E, with a gross margin of 34.6% maintained from 2026E onwards [4][12]. - Net profit is forecasted to grow from HKD 479.97 million in 2024A to HKD 1,262.99 million in 2028E, with a net profit margin of 19.25% in 2028E [4][12]. Market Position and Growth Drivers - The company has seen a significant increase in orders related to AI liquid cooling connectors, indicating strong demand in this sector [12]. - The humanoid robotics business is accelerating, driven by the growing need for small precision components as autonomous driving and AI applications expand [12]. - The company has successfully signed equipment orders with numerous clients, enhancing its market competitiveness and product cost-effectiveness [12].

海外水泥国别研究系列 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | 申浩(分析师) | 021-23185636 | shenhao2@gtht.com | S0880525040041 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 冯晨阳(分析师) | 021-23183846 | fengchenyang@gtht.com | S0880525040020 | 本报告导读： 水泥出海国别研究之乌干达 [Table_Industry] 水泥制造业 本篇是海外水泥国别研究第八篇，详细阐述了乌干达经济发展概况、水泥供需情况、 竞争格局、盈利能力及趋势。 投资要点： 价格水平高但盈利不易，看好西部水泥乌干达项目。 增长的需求、短缺的熟料、良好的竞争格局、稳定的汇率带来了高 水平的价格（乌干达水泥出厂价 ...

Fund Performance - As of January 16, 2026, the total scale of fixed income + funds in the market reached CNY 21,743.24 billion, with 1,152 products available, of which 461 achieved historical net value highs last week[2] - The median performance of various fund types for the week (January 12-16, 2026) was as follows: mixed bond type I (0.13%), mixed bond type II (0.21%), partially bond mixed type (0.28%), flexible allocation type (0.14%), bond type FOF (0.21%), and mixed type FOF (0.34%) [2] - The median returns by risk level were: conservative (0.16%), stable (0.24%), and aggressive (0.25%) [2] Asset Allocation and ETF Rotation - The macro environment forecast for Q1 2026 indicates a "Slowdown," with the returns of major indices as of January 16, 2026: CSI 300 (2.20%), China Government Bond Total Wealth Index (0.03%), and AU9999 contract (6.10%) [3] - The recommended industry ETFs for January 2026 include: China Coal ETF, China Steel ETF, China Securities Company ETF, and China Bank ETF, with a combined return of -2.65% for the week and -0.36% for January [3] Absolute Return Strategy - The macro-timed stock-bond 20/80 rebalancing strategy yielded a return of -0.04% last week, with a year-to-date (YTD) return of 0.51% [4] - The small-cap value style within the stock-bond 20/80 combination showed the best performance with a YTD return of 1.64%, while PB earnings, high dividend, and small-cap growth yielded 0.34%, 0.17%, and 1.23% respectively [4] - The cumulative return for the small-cap value combination based on a macro momentum model was 2.43%, while the PB earnings combined with small-cap value yielded a YTD return of 0.86% [4] Risk and Performance Insights - A total of 461 fixed income + products reached historical net value highs, including 195 mixed bond type I, 123 mixed bond type II, 80 partially bond mixed, 22 flexible allocation, 8 bond type FOF, and 33 mixed type FOF[19] - The performance of absolute return strategies is subject to risks such as factor failure, model mis-specification, and historical statistical regularity failure[4]

业绩预增 30%，智能眼镜景气持续 康耐特光学(2276) 康耐特光学 2025 业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 范佳博(研究助理) | 021-38053328 | fanjiabo@gtht.com | S0880125120019 | 本报告导读： 2025 年业绩预增不少于 30%，得益于智能眼镜产业发展趋势，业务景气度持续。 | 52 周内股价区间(港元) | 21.05-62.15 | | --- | --- | | 当前股本(百万股) | 480 | | 当前市值(百万港元) | 29,827 | [Table_PicQuote] 52周股价走势图 -15% 18% 52% 86% 119% 153% 2025/1 2025/5 2025/9 2026/1 康耐特光学 恒生指数 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | ...

Group 1: Fixed Income + Product Performance Tracking - As of January 16, 2026, the total scale of fixed income + funds in the market reached 21,743.24 billion, with 1,152 products, of which 461 achieved historical net value highs last week [2][19] - The median performance of various fund types for the week of January 12-16, 2026, was as follows: mixed bond type I (0.13%), mixed bond type II (0.21%), partially bond mixed type (0.28%), flexible allocation type (0.14%), bond type FOF (0.21%), and mixed type FOF (0.34%) [2][12] - The median returns for conservative, stable, and aggressive funds were 0.16%, 0.24%, and 0.25%, respectively [2][12] Group 2: Major Asset Allocation and Industry ETF Rotation Strategy Tracking - The macro environment forecast for Q1 2026 indicates a "Slowdown," with the returns for the CSI 300, national bond total wealth index, and AU9999 contract as of January 16 being 2.20%, 0.03%, and 6.10%, respectively [3][23] - Recommended industry ETFs for January 2026 include: Guotai CSI Coal ETF, Guotai CSI Steel ETF, Guotai CSI All-Share Securities Company ETF, and Huabao CSI Bank ETF [3][23] - The combined return for the recommended ETFs last week was -2.65%, with a cumulative return of -0.36% for January [3][23] Group 3: Absolute Return Strategy Performance Tracking - The macro-timing driven stock-bond 20/80 rebalancing strategy had a return of -0.04% last week, with a year-to-date (YTD) return of 0.51% [4] - The small-cap value style within the stock-bond 20/80 combination showed the best performance with a YTD return of 1.64% [4] - The cumulative return for the small-cap value combination based on a macro momentum model was 2.43% [4]

Investment Rating - The report rates the smart glasses industry as "Buy" [1] Core Insights - The smart glasses industry is expected to enter a rapid growth phase, with related companies poised to benefit from an upturn in market conditions. Recommended companies include Mingyue Lens, which is actively collaborating with leading brands in the industry, and Inpai, which is accelerating its layout in the smart sports equipment sector [2][66] - The launch of the Ray-Ban Meta smart glasses marks a new cycle in smart glasses products, featuring improved audio and video quality, and integration with Meta's social platforms [2][66] - The supply chain for smart glasses has expanded significantly, incorporating more electronic components compared to traditional eyewear, with a diverse range of manufacturers involved [2] Summary by Sections New Product Developments - The domestic AI glasses market has seen a rapid increase in sales, with 210,000 units sold in Q3 2025, a 200% quarter-on-quarter growth. Major contributors include Xiaomi, Ray-Ban Meta, and others [5][8] - Xiaomi's AI glasses are projected to surpass 300,000 units sold by the end of 2025, while the Ray-Ban Meta has achieved global sales of 1.12 million units in Q3 2025, reflecting a nearly 50% increase [5][6] Key Players and Products - Major AR glasses manufacturers are actively launching new products, including: - Ray-Ban V3 by FFALCON, released in January 2025 - INMO Air 3, set to launch in November 2024 - Rokid Glass, expected to be available in June 2025 [6][15] - The report highlights the emergence of unicorn brands in the AI glasses sector, with valuations exceeding 1 billion RMB for companies like INMO and Rokid [11] Market Trends and Projections - The CES 2026 event is expected to showcase a significant increase in AI glasses exhibitors, with 55 companies participating, up from over 30 in 2025 [11][14] - The report anticipates continued innovation in 2026, with major tech companies like Google and Apple planning to release new AI glasses [14] Financial Projections - Financial forecasts for key companies in the smart glasses sector indicate a positive outlook, with Mingyue Lens and Inpai both rated as "Buy" based on their earnings per share (EPS) projections for 2025 to 2027 [68]

Group 1 - The report indicates that the U.S. labor market remains resilient, with initial jobless claims reported at 198,000, significantly lower than the expected 215,000, leading to a delay in interest rate cuts from April to June [7][8] - The report forecasts a 30.2% increase in net corporate bond issuance for 2026, driven primarily by AI infrastructure capital expenditures and merger financing needs [7][8] - The report highlights that the U.S. Treasury yield curve has shifted upward, with the 10-year yield closing at 4.23%, reflecting market adjustments to employment data and interest rate expectations [9][10] Group 2 - The report notes that credit spreads have narrowed significantly, with high-yield bonds and investment-grade bonds both seeing a reduction of 8.8 basis points, indicating strong demand for credit assets [12][36] - The report emphasizes the importance of focusing on 3-7 year maturity bonds to balance yield and volatility, suggesting a shift towards investment-grade bonds and high-quality financial debt [42] - The report mentions that the offshore RMB bond market has seen a widening of the yield spread to 14.33 basis points, reflecting a potential tightening of liquidity and adjustments in pricing logic for long-term RMB assets [17][30]

Macro Research - The GDP growth rate for Q4 2025 is projected at 4.5%, showing a slight decline due to base effects, with a dual differentiation of supply exceeding demand and external demand outperforming internal demand [1][2] Real Estate Research - In 2025, the real estate sector is expected to experience a noticeable decline, aligning with earlier predictions that real estate companies will maintain positive cash flow and that the year will be risk-free [1][3] - The rental yield in first-tier cities has increased from 1.6% in 2020 to 1.9% in 2025, while the "rental yield + CPI" has decreased from 4.5% in 2019 to 2.0% in 2025, which is below mortgage rates but slightly above risk-free rates [5][32] - Second-tier cities are showing signs of price stabilization, with rental yields plus CPI improving from 2.3% in 2023 to 2.6% in 2024 and maintaining that level in 2025 [6][33] - By the end of 2025, the proportion of residents willing to buy homes has increased to approximately 16%, with a notable rise in the percentage of declining listing prices [7][34] - The real estate investment is expected to decrease by 17.2% year-on-year, while sales are projected to decline by 12.6%, leading to a positive cash flow for the industry [8] Military Industry Research - The launch cycle of the Long March 12 rocket has been shortened, indicating a potential acceleration in China's commercial space launch schedule [12][13] - In 2025, China is expected to achieve multiple breakthroughs in manned spaceflight, deep space exploration, and commercial space, with a record 92 launches throughout the year [14][27] - The commercial space sector is anticipated to become a core investment direction in the military industry during the 14th Five-Year Plan period, with new rocket types expected to enhance launch capabilities [15][28]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Insights - The company is expected to achieve a profit increase of no less than 30% in 2025, driven by the ongoing development of the smart glasses industry and sustained business prosperity [2][10] - The forecast for net profit attributable to shareholders for 2025 has been raised to 5.6 billion RMB, with growth rates of 31% for 2025, 26% for 2026, and 23% for 2027 [10] - The company is positioned as a leading global lens manufacturer, benefiting from a rich SKU portfolio, competitive pricing, optimized product structure, and an efficient C2M model [10] Financial Summary - Total revenue is projected to grow from 1,760 million RMB in 2023 to 2,374 million RMB in 2025, reflecting a growth rate of 15.2% [4] - Net profit is expected to increase from 428 million RMB in 2024 to 560 million RMB in 2025, with a growth rate of 30.8% [4] - The company's PE ratio is forecasted to be 48.51 in 2025, indicating a significant increase from 24.2 in 2024 [4] Business Development - The company has seen a steady increase in net profit growth rates of 30.3% and 30.7% for the second half of 2024 and the first half of 2025, respectively [10] - The company has become the exclusive lens supplier for Alibaba's Quark AI glasses, indicating a strategic partnership that could enhance market presence [10] - The smart glasses business is expected to accelerate due to new government subsidy policies and collaborations with major tech companies [10]