Investment Rating - The report assigns a strong buy rating for Arista Networks, anticipating a performance that will exceed the benchmark index by more than 20% over the next six months [41]. Core Insights - Arista Networks reported FY2025Q4 total revenue of $2.49 billion, representing a year-over-year growth of 28.9%, surpassing the previous forecast of $2.3 billion to $2.4 billion [3][7]. - The Non-GAAP gross margin was 63.4%, slightly above the expected range of 62%-63%, with a net profit of $1.05 billion and a net profit margin of 42% [3][7]. - The diluted earnings per share (EPS) was $0.82, reflecting a year-over-year increase of 24.2% [3][7]. - Operating cash flow for the quarter was $1.26 billion, with cash, cash equivalents, and marketable securities totaling approximately $10.74 billion at the end of the period [3][7]. Revenue Breakdown - **Data Center Networking Business**: This segment accounted for 65% of total revenue, exceeding the $1.5 billion AI center networking construction target for 2025. Products achieved Ethernet speeds from 10 Gbps to 800 Gbps, with over 100 new customers for Etherlink products [3][8]. - **Campus and Routing Business**: Representing 18% of total revenue, this segment surpassed the $800 million target for campus and branch expansion in 2025. The flagship 7800 R4 backbone switch was launched, with a capacity of 460 Tbps [3][9]. - **Software and Services Business**: This segment accounted for 17% of total revenue, with CloudVision products deployed to 3,000 customers over the past decade, adding nearly one new customer daily [3][10]. Strategic Focus - **Arista 2.0 Strategy**: The company focuses on generative AI, cloud computing, and enterprise business, having shipped over 150 million ports by the end of Q4 2025 [4]. - **Ecosystem Collaboration**: Partnerships with NVIDIA and others to expand the open AI ecosystem, with AMD AI accelerators comprising 20%-25% of deployments [4]. Performance Guidance - For FY2026Q1, Arista Networks expects revenue of $2.6 billion, with a Non-GAAP gross margin of 62%-63% and a Non-GAAP operating margin of 46% [4][11].

Investment Rating - The report assigns a strong buy rating for Astera Labs, anticipating a performance that will exceed the benchmark index by more than 20% over the next six months [52]. Core Insights - Astera Labs reported a robust revenue growth of 92% year-over-year for FY2025Q4, with total revenue reaching $270.6 million. The full-year revenue for 2025 was $852.5 million, reflecting a 115% increase [3][8]. - The company is focusing on expanding its presence in the high-speed interconnect market, particularly in AI deployment and emerging technologies [5][15]. - The strategic emphasis includes significant investments in AI, PCIe Gen 7, and optical interconnect technologies, with expectations of a tenfold market opportunity growth in the next five years [5][15]. Revenue Overview - For FY2025Q4, Astera Labs achieved total revenue of $270.6 million, a 17% quarter-over-quarter increase and a 92% year-over-year increase. The full-year revenue for 2025 was $852.5 million, up 115% year-over-year [3][8]. - The Non-GAAP gross margin for Q4 was 75.7%, with a Non-GAAP operating profit of $108.8 million, resulting in an operating margin of 40.2% [3][8]. Business Segment Performance - Signal Conditioning: The Aries product line saw nearly 70% year-over-year growth, with the Aries Gen 6 being the only PCIe 6 DSP retimer solution available for mass delivery [4][9]. - Intelligent Cable Modules: The Taurus series experienced over fourfold revenue growth in 2025, driven by the mass delivery of 400G designs [4][10]. - Switching Matrix: The Scorpio P series exceeded the target of 10% of total revenue for the year, remaining the only PCIe 6 switching architecture product available for mass shipment [4][11]. - Emerging Products: The Leo CXL memory expansion product made significant progress in 2025, with collaborations with Microsoft, Intel, and SAP expected to lead to initial production in the second half of 2026 [4][12]. FY26Q1 Guidance - Astera Labs expects FY2026Q1 revenue to be between $286 million and $297 million, representing a quarter-over-quarter growth of approximately 6% to 10%. The Non-GAAP gross margin is projected to be around 74%, with earnings per share estimated at $0.53 to $0.54 [5][13].

Inflation Insights - CPI year-on-year decreased from 2.7% to 2.4%, slightly below the expected 2.5%[2] - Core CPI year-on-year fell from 2.6% to 2.5%, matching the expected 2.5%[2] - Month-on-month CPI increased by 0.2%, below the expected 0.3%[2] - Month-on-month core CPI rose by 0.3%, in line with expectations[2] Employment Data - Non-farm payrolls increased by 130,000, significantly above the expected 65,000[22] - Private sector non-farm payrolls rose by 172,000, exceeding the forecast of 68,000[22] - Unemployment rate fell to 4.3%, better than the expected 4.4%[29] - Labor force participation rate increased from 62.4% to 62.5%, meeting expectations[29] Economic Outlook - Employment growth structure remains weak, with education and healthcare services contributing 137,000 jobs, accounting for 105% of the total increase[23] - The potential for inflation to rise is limited without a tight labor market, as wage growth for lower-income groups has declined[9] - Market expectations for interest rate cuts have increased, with futures pricing in 2.534 cuts this year[36]

Investment Rating - The report assigns a strong buy rating for Astera Labs, expecting it to outperform the benchmark index by over 20% in the next six months [53]. Core Insights - Astera Labs reported a strong revenue growth of 92% year-over-year for FY2025Q4, with total revenue reaching $270.6 million. The full-year revenue for 2025 was $852.5 million, reflecting a 115% increase [3][8]. - The company is focusing on expanding its presence in the high-speed connectivity sector, particularly in AI deployment and emerging technologies [5][6]. - The strategic emphasis includes significant growth opportunities in AI, with expectations of a tenfold market increase over the next five years, reaching approximately $25 billion [5]. Revenue Overview - For FY2025Q4, Astera Labs achieved total revenue of $270.6 million, a 17% quarter-over-quarter increase and a 92% year-over-year increase. The full-year revenue for 2025 was $852.5 million, up 115% year-over-year [3][8]. - The Non-GAAP gross margin for Q4 was 75.7%, with a Non-GAAP operating profit of $108.8 million, resulting in an operating margin of 40.2% [3][8]. Business Segment Performance - Signal Conditioning Business: The Aries product line saw nearly 70% year-over-year growth, with the Aries Gen 6 being the only PCIe 6 DSP retimer solution available for mass delivery [4][9]. - Intelligent Cable Module Business: The Taurus series experienced over fourfold revenue growth in 2025, driven by the mass delivery of 400G design solutions [4][10]. - Switching Matrix Business: The Scorpio P series exceeded the target of 10% of total revenue for the year, remaining the only PCIe 6 switching architecture product available for mass shipment [4][11]. - Emerging Products: The Leo CXL memory expansion product made significant progress in 2025, with collaborations with Microsoft, Intel, and SAP, expecting initial mass production in the second half of 2026 [4][12]. FY26Q1 Guidance - Astera Labs expects FY2026Q1 revenue to be between $286 million and $297 million, representing a quarter-over-quarter growth of approximately 6% to 10%. The Non-GAAP gross margin is projected to be around 74%, with earnings per share estimated at $0.53 to $0.54 [5][13].

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [34]. Core Insights - The express delivery industry is experiencing a divergence in growth rates among brands, with leading companies like Shentong and Yunda showing significant growth in January. Shentong's single ticket revenue increased by 14.1% year-on-year, while Yunda's grew by 6.4% [3][11]. - The report highlights the strong performance of YTO Express, which continues to lead in growth despite a general slowdown in the industry. The company is expected to maintain its competitive edge [4]. - The report emphasizes the potential of Jitu Express in Southeast Asia, projecting a 74% year-on-year increase in daily parcel volume by Q4 2025, indicating high growth potential in new markets [4]. Summary by Sections January Data Overview - In January, the parcel volume growth rates were as follows: YTO (29.8%), Shentong (25.6%), Yunda (10.8%), and SF Express (4.2%). Shentong's revenue growth was the highest at 43.3% year-on-year [8][11]. - Single ticket revenues for January were reported as follows: Shentong at 2.35 CNY, Yunda at 2.15 CNY, YTO at 2.25 CNY, and SF Express at 14.72 CNY [3][11]. Investment Recommendations - The report continues to recommend investment in Zhongtong and YTO due to their improved market positions and low valuations. It also sees potential in Shentong due to its significant earnings elasticity [4]. - SF Express is viewed positively, with a focus on its "Gain Plan" to optimize structure and enhance collaboration with Jitu Express, which is expected to yield future benefits [4].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [56]. Core Insights - The report highlights a strong demand for air travel during the Spring Festival, with a projected growth in passenger numbers of around 5% due to the recovery of international routes and increased domestic travel demand driven by service consumption [8]. - The report notes that the supply of aircraft is expected to grow at a compound rate of approximately 3% over the next three years, indicating a "hardcore" constraint on supply [8]. - High load factors are anticipated to lead to significant price elasticity, particularly for major airlines such as China National Aviation, Southern Airlines, and Eastern Airlines, which are expected to see a release of elasticity [8]. Monthly Data Analysis Overall Performance - In January, the overall ASK (Available Seat Kilometers) growth rates varied among airlines, with Spring Airlines leading at 4.5% growth, while Hainan Airlines saw a decline of 6.6% [1]. - RPK (Revenue Passenger Kilometers) growth also showed a similar trend, with Spring Airlines at 6.0% and Hainan Airlines at -4.4% [1]. Domestic Routes - For domestic routes in January, Spring Airlines had the highest ASK growth at 13.3%, while Hainan Airlines had the lowest at -8.5% [2]. - RPK growth for domestic routes was led by Spring Airlines at 14.4%, with Hainan Airlines again at the bottom with -6.3% [2]. International Routes - On international routes, Southern Airlines showed the highest ASK growth at 10.5%, while Spring Airlines experienced a decline of 20.8% [2]. - RPK growth on international routes was also led by Southern Airlines at 8.0%, with Spring Airlines again showing a significant decline of 19.5% [2]. Regional Routes - Spring Airlines led regional routes with an ASK growth of 41.6%, while the lowest was seen in 吉祥 Airlines at -39.4% [2]. - RPK growth for regional routes was similarly led by Spring Airlines at 40.7% [2]. Load Factor - In January, Spring Airlines achieved the highest load factor at 92.0%, with a year-on-year increase of 1.3 percentage points [3]. - The load factors for other airlines were as follows: Eastern Airlines at 85.0%, 吉祥 Airlines at 84.0%, and Southern Airlines at 83.3% [3]. Fleet Size - In January 2026, the six listed airlines collectively saw a net exit of 5 aircraft from their fleets [3].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10 [1]. Core Insights - The company reported a revenue of USD 5.76 billion and normalized EBITDA of USD 1.59 billion for the year 2025, reflecting a year-on-year decline of 6.1% and 9.8% respectively. The normalized net profit attributable to shareholders was USD 670 million, down 14.4% year-on-year. For Q4 alone, revenue and normalized EBITDA were USD 1.07 billion and USD 170 million, with a year-on-year decline of 4.2% and 24.7% respectively [1][5]. - The company plans to distribute a dividend of USD 750 million, maintaining the same level as the previous year, resulting in a dividend payout ratio of 153.4% [1][5]. Financial Performance Summary - **Revenue and Growth Rates**: - Total revenue for 2025 was USD 5,764 million, with a year-on-year growth rate of -7.7%. Projections for 2026, 2027, and 2028 are USD 5,921 million, USD 6,033 million, and USD 6,150 million respectively, with expected growth rates of 2.7%, 1.9%, and 1.9% [1][10]. - **Net Profit and Growth Rates**: - The net profit attributable to shareholders for 2025 was USD 489 million, down 32.6% year-on-year. Projections for the following years are USD 533 million, USD 563 million, and USD 580 million, with growth rates of 9.0%, 5.7%, and 3.0% respectively [1][10]. - **Earnings Per Share (EPS)**: - The EPS for 2025 is projected to be USD 0.04 for the years 2026 to 2028, with a price-to-earnings (P/E) ratio decreasing from 27 in 2025 to 23 in 2028 [1][10]. - **Dividend and Yield**: - The company maintains a high dividend strategy with a dividend yield of approximately 5.7% based on the current dividend payout [1][5]. Market Performance - The report highlights that the company faced challenges in the Chinese market, with a year-on-year revenue decline of 11.4% in Q4 due to weak demand in core on-premise channels. However, the Indian market showed strong growth, contributing significantly to overall revenue [5][6].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10 [1]. Core Views - The company reported a revenue of USD 5.76 billion and normalized EBITDA of USD 1.59 billion for the year 2025, reflecting a year-on-year decline of 6.1% and 9.8% respectively. The normalized net profit attributable to shareholders was USD 670 million, down 14.4% year-on-year [1]. - The company plans to distribute a dividend of USD 750 million, maintaining a high payout ratio of 153.4% [1]. - The report highlights that the company is undergoing operational adjustments while maintaining a strong dividend policy, which is expected to attract investors [1]. Financial Summary - **Revenue and Profitability**: - Total revenue for 2025 was USD 5,764 million, with a projected growth of 2.7% in 2026 and 1.9% in both 2027 and 2028 [1]. - Normalized net profit is expected to recover to USD 533 million in 2026, with further growth to USD 563 million in 2027 and USD 580 million in 2028, after a decline of 32.6% in 2025 [1]. - **Earnings Per Share (EPS)**: - EPS is projected to remain stable at USD 0.04 from 2025 to 2028 [1]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is expected to decrease from 27 in 2025 to 23 by 2028, while the price-to-book (P/B) ratio is projected to decline from 1.3 to 1.1 over the same period [1]. Market Performance - The report notes that the company faced challenges in the Chinese market, with a year-on-year revenue decline of 11.4% in Q4 2025, primarily due to weak demand in core on-premise channels [5]. - In contrast, the Indian market showed strong growth, contributing over two-thirds of the revenue with a year-on-year growth of over 20% in the P&SP product segment [5]. - The report anticipates a recovery in the Chinese market in 2026, with ongoing efforts to enhance distribution channels and focus on premium products [5].

Report Industry Investment Rating No relevant information provided. Report's Core Viewpoints - In Q4 2025, the bond market showed a weak and volatile pattern. The performance of pure - bond funds improved overall. Short - term bond funds' scale recovered significantly under the dominant leveraged carry strategy, passive index bond funds' scale increased significantly due to institutional year - end volume - boosting, and hybrid secondary bond funds continued to expand rapidly due to the expected strong equity market. Bond funds adopted conservative strategies in terms of leverage and duration, focusing on coupon strategies and emphasizing the safety of credit assets. Money funds continued to grow in scale driven by both retail and institutional ends, with the 7 - day annualized average yield approaching 1% [189]. - Looking forward, the bond market pricing factors are favorable in February, but there is no new trend - setting factor. It is expected that the bond market will remain in a range - bound and slightly downward - fluctuating market. In March, insurance usually increases its entry, and from the end of March to early April, wealth management will continue to reserve assets for the second - quarter allocation, which may further catalyze the bond market. Attention should be paid to the potential concentrated redemptions of hybrid secondary bond funds due to increased equity market volatility. Also, it is possible to pay attention to the allocation market of 3 - 5 - year key - term credit bonds in Q1 2026 [192]. Summary According to the Table of Contents 1. 2025, What are the Bond - Allocation Preferences of "Fixed - Income +" Funds? - Growth Phases of "Fixed - Income +" Funds: "Fixed - Income +" funds experienced two rounds of growth from 2016 - 2025, with hybrid secondary bond funds being the main growth driver. From 2019 - 2021, due to the transformation of bank wealth management to net - value products under the new asset - management regulations, the scale of hybrid primary and secondary bond funds increased from 51.61 billion yuan and 26.18 billion yuan at the end of 2019 to 66.52 billion yuan and 101.26 billion yuan respectively. In the second half of 2025, driven by the "anti - involution" market and the expiration of large - scale fixed - deposits, the scale of hybrid primary and secondary bond funds increased from 74.80 billion yuan and 69.35 billion yuan at the end of 2024 to 83.70 billion yuan and 158.10 billion yuan respectively, with a total scale of 2.4 trillion yuan [14]. - Bond - Allocation Preferences: In terms of variety, the proportion of interest - rate bonds in pure - bond assets of hybrid bond funds increased significantly in 2025, and the proportion of convertible bonds decreased. As of Q4 2025, the top - held bonds of hybrid primary and secondary bond funds were interest - rate bonds, credit bonds, convertible bonds, and inter - bank certificates of deposit, accounting for 43.6%, 28.9%, 26.9%, and 0.7% respectively. In bond structure, interest - rate bonds were mainly policy - bank bonds, and credit bonds were mainly Tier 2 capital bonds. In terms of duration, Treasury bonds showed a dumbbell - shaped characteristic, local government bonds preferred maturities over 10 years, and the rest of the varieties were mainly medium - and short - term with maturities within 5 years. In terms of credit rating, industrial bonds and Tier 2 capital bonds were concentrated in high - grade bonds above AA +, and urban investment bonds focused on short - term credit risk - taking to explore coupon value [16][20][29]. 2. Q4 Bond Funds: Scale and Performance of Pure - Bond Funds Recovered, and "Fixed - Income +" Products Remained Highly Prosperous (1) Asset Scale: The Suppression of the Bond Market by the Rising Equity Market Eased, and the Bond Fund Scale Increased by 429.4 Billion Yuan - Overall Scale: In Q4 2025, the bond fund scale increased by 429.4 billion yuan quarter - on - quarter to 11.12 trillion yuan. The total number of bond funds was 3,993, accounting for 29.32% of all funds. The net issuance of bond funds in Q4 was 57, and the asset net value increased by 429.4 billion yuan to 11.12 trillion yuan. The total share increased by 180.6 billion shares [33]. - Scale by Type: The scale of medium - and long - term pure - bond funds continued to decline, with a year - on - year growth rate of - 2.63%. The scale of short - term pure - bond funds increased slightly, with a year - on - year growth rate of 7.34%. The scale of primary bond funds decreased, with a year - on - year growth rate of - 2.09%. The scale of secondary bond funds continued to expand significantly, with a year - on - year growth rate of 19.71%. The scale of passive index bond funds increased significantly, with a year - on - year growth rate of 17.62% [38][39][40]. (2) Subscription and Redemption: The Redemption Pressure of Pure - Bond Funds Eased, and the Subscription Sentiment of Secondary Bond Funds Remained High - Pure - Bond Funds: The redemption pressure of pure - bond funds eased in Q4 2025. The net subscription ratios of medium - and long - term pure - bond funds, short - term bond funds, and passive index bond funds increased by 6.96, 19.21, and 31.12 percentage points respectively to 34.09%, 39.09%, and 53.64% [54]. - Secondary Bond Funds: Benefiting from the high - level risk preference of the equity market and the allocation cost - effectiveness of stocks relative to bonds, the overall subscription sentiment of secondary bond funds was stronger than that of pure - bond funds. The net subscription ratio of secondary bond funds increased by 1.43 percentage points to 50.41%, and the median net subscription - redemption rate increased slightly to around 0.00% [55]. (3) Performance: The Return of Bond Funds Declined to 1.63%, and the Income of Pure - Bond Funds Improved Significantly - Overall Performance: In Q4 2025, the annualized return of bond funds decreased by 0.52 percentage points quarter - on - quarter to 1.63%. The performance ranking of pure - bond funds was medium - and long - term pure - bond funds (1.94%) > primary bond funds (1.83%) ≈ passive index bond funds (1.83%) > short - term pure - bond funds (1.70%) > secondary bond funds (0.43%) [59]. - Performance by Type: The yields of pure - bond funds changed from a sharp decline in Q3 to a narrow - range fluctuation, and the medium - and long - term pure - bond funds and passive index funds turned positive. The yields of "Fixed - Income +" funds decreased quarter - on - quarter due to the weakening and increased volatility of the equity market [59]. (4) Leverage Ratio: The Bond Market Sentiment was Cautious, and the Leverage Ratio Declined to 115.57% - Overall Leverage: In Q4 2025, the overall leverage ratio of bond funds decreased by 0.26 percentage points to around 115.57%. The weighted average leverage ratios of medium - and long - term pure - bond funds and passive index bond funds decreased slightly, while those of the rest of the bond funds increased slightly [64]. - Leverage by Type: The weighted average leverage ratio of medium - and long - term pure - bond funds was about 119.68%, a quarter - on - quarter decrease of 0.23 percentage points; that of short - term pure - bond funds was 111.95%, a quarter - on - quarter increase of 0.94 percentage points; that of primary bond funds was 117.21%, a quarter - on - quarter decrease of 3.45 percentage points; that of secondary bond funds was 111.58%, a quarter - on - quarter increase of 1.94 percentage points; and that of passive index bond funds was 107.28%, a quarter - on - quarter decrease of 2.16 percentage points [64]. (5) Weighted Average Duration of Top - Held Bonds: Concerns about the Supply - Demand Pattern of Ultra - Long - Term Bonds Increased, and the Duration Declined to 2.75 Years - Overall Duration: In Q4 2025, under multiple pressures such as tightened fund regulation, weakened expectations of monetary easing, and increased pressure on the supply - demand structure of ultra - long - term bonds, the weighted average duration of the top 5 held bonds of bond funds decreased by 0.17 years to 2.75 years [67]. - Duration by Type: The average durations of medium - and long - term pure - bond funds and passive index bond funds decreased, while those of the rest of the bond funds changed little. The average duration of medium - and long - term pure - bond funds decreased by 0.24 years to 2.56 years; that of short - term pure - bond funds increased by 0.04 years to 0.95 years; the weighted average duration of primary bond funds in hybrid bond funds increased by 0.06 years to 3.25 years; that of secondary bond funds remained unchanged at 3.90 years; and that of passive index bond funds decreased by 0.51 years to 3.18 years [67]. (6) Asset Allocation: The Bond Position Increased Significantly, and the Relative Proportion of Credit Bonds Rose - Asset Allocation by Type: In Q4 2025, bond funds mainly increased their holdings of bonds, with a total increase of 404.4 billion yuan. The proportion of bonds held by bond funds decreased by 0.64 percentage points to 94.24%, the proportion of stocks increased by 0.25 percentage points to 1.95%, the proportion of bank deposits increased by 0.28 percentage points to 1.31%, and the proportion of other assets increased by 0.11 percentage points to 2.50% [83]. - Bond - Category Asset Allocation: In Q4 2025, the bond - holding assets of bond funds increased by 404.4 billion yuan to 11.97 trillion yuan. The coupon strategy was better than the duration strategy, the proportion of credit bonds increased, and the proportion of interest - rate bonds decreased significantly. Bond funds increased their holdings of credit bonds by 516.4 billion yuan, with the proportion increasing by 2.57 percentage points to 54.02%, and decreased their holdings of interest - rate bonds, with the proportion decreasing by 2.69 percentage points to 39.58% [106]. - Credit Rating of Top - Held Bonds: Overall, the credit rating of urban investment bonds held by bond funds decreased moderately, while the high - grade nature of top - held industrial bonds remained unchanged. Marginally, in Q4, both urban investment bonds and industrial bonds showed an obvious trend of concentration towards AAA - grade bonds. By type, the risk preference of institutions decreased. Pure - bond funds increased their allocation to AAA - grade bonds while obtaining coupons through partial credit risk - taking. In the context of the high - level volatility of the equity market, urban investment bonds in hybrid secondary bond funds showed an obvious trend of concentration towards AA + - grade bonds [125][126]. 3. Q4 Money Funds: Some Broker - Affiliated Products were Liquidated, and the Scale Continued to Reach New Highs (1) Traditional Money Funds: The Scale of Money Funds Continued to Reach New Highs, and the Yield Declined to Approach 1% - Asset Scale: At the end of Q4 2025, the number of traditional money funds decreased by 6 to 352. The total scale of money funds increased by 344.7 billion yuan to 14.99 trillion yuan, a quarter - on - quarter increase of 2.35% [145]. - Subscription and Redemption: In Q4 2025, 47.56% of money funds had net subscriptions, a slightly lower proportion compared to Q3. Retail - oriented money funds maintained positive subscriptions, and institutional - oriented money funds' subscription willingness recovered [148][152]. - Performance: In Q4 2025, the 7 - day annualized average yield of money funds was 1.11%, which was at a historically low level. The 7 - day annualized yield of Yu'E Bao and WeChat Wealth Management decreased to around 1.0% [156]. - Leverage Ratio and Duration: In Q4 2025, the average leverage ratio of money funds increased by 1.26 percentage points to 106.48%, and the average remaining maturity increased by 4.02 days to 88.73 days [160]. - Deviation: In Q4 2025, the absolute - value average of the deviation of money funds was basically the same as that in Q3, and the number of money funds with a negative minimum deviation decreased by 37 to 116, indicating that the negative - deviation risk was relatively controllable [165]. - Asset Allocation: In Q4 2025, money funds mainly increased their holdings of bonds and bank deposits and decreased their holdings of repurchase agreements. In terms of bond - category asset allocation, money funds mainly increased their holdings of inter - bank certificates of deposit and policy - bank bonds [170][172]. (2) Floating - Net - Value Money Funds: The Scale Decreased Slightly, with an Increase in Bank Deposits and a Decrease in Bonds - Scale: At the end of Q4 2025, the scale of floating - net - value money funds decreased slightly. The total assets of 6 floating - net - value money funds were 18.479 billion yuan, a quarter - on - quarter decrease of 3.82% [177]. - Leverage and Duration: The average leverage ratio of floating - net - value money funds increased by 0.18 percentage points to 101.91%, which was lower than that of traditional money funds. The average remaining maturity increased to 55.17 days, still significantly lower than that of traditional money funds [178][179]. - Asset Allocation: In Q4 2025, floating - net - value money funds mainly decreased their holdings of bonds and increased their holdings of bank deposits. In terms of bond - category asset allocation, they mainly decreased their holdings of inter - bank certificates of deposit and increased their holdings of policy - bank bonds [179]. - Performance: In Q4 2025, the average annualized yield of floating - net - value money funds increased by 0.04 percentage points quarter - on - quarter to 1.27% [180]. 4. Main Conclusions: In Q4, Bond Funds Reduced Leverage and Shortened Duration, Focused on Coupon Strategies, and Emphasized Safety - In Q4 2025, the bond market showed a weak and volatile pattern. The performance of pure - bond funds improved overall, short - term bond funds' scale recovered significantly, passive index bond funds' scale increased due to institutional volume - boosting, and hybrid secondary bond funds continued to expand rapidly. Bond funds adopted conservative strategies in terms of leverage and duration, emphasizing coupon strategies and the safety of credit assets. Money funds continued to grow in scale driven by both retail and institutional ends, with the 7 - day annualized average yield approaching 1% [189]. - Looking forward, the bond market may continue to fluctuate in a narrow range in February. In March, the bond market may have further catalytic opportunities. Attention should be paid to the potential concentrated redemptions of hybrid secondary bond funds due to increased equity market volatility, and it is possible to pay attention to the allocation market of 3 - 5 - year key - term credit bonds in Q1 2026 [192].

Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) [1] Core Views - The report highlights that 依视路陆逊梯卡 is expected to achieve sales revenue of €28.5 billion in 2025, representing a year-on-year growth of 11%, with a revenue increase of 18.4% in Q4 2025. The gross margin has slightly declined due to tariffs and the increasing proportion of smart glasses business [1] - The smart glasses segment is projected to sell over 7 million units annually by 2025, with 20% of the smart glasses sold being prescription lenses and 40-50% being coated lenses [1] - The report emphasizes the transition of the smart glasses business from "concept validation" to "scale profitability," with high-margin prescription and functional coated lenses driving profitability [8] - The company is actively positioning itself in the smart glasses market, with increasing collaboration with overseas clients and steady progress on existing projects [8] - The investment suggestion indicates that 康耐特光学 is a leading lens manufacturer, cultivating a second growth curve in the smart glasses sector, with expected net profits of 5.6 billion, 7.0 billion, and 8.7 billion yuan for 2025-2027, corresponding to P/E ratios of 51, 41, and 33 [8] Financial Summary - Total revenue is projected to reach 2,061 million yuan in 2024, growing to 3,380 million yuan by 2027, with a compound annual growth rate (CAGR) of 19.2% [3] - Net profit attributable to shareholders is expected to increase from 428 million yuan in 2024 to 869 million yuan in 2027, with a CAGR of 25.0% [3] - Earnings per share (EPS) is forecasted to rise from 0.84 yuan in 2024 to 1.72 yuan in 2027 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 56 in 2024 to 33 in 2027, indicating improving valuation [3]