Market Overview - Chinese stock market experienced fluctuations with a rebound in commercial aerospace and military sectors[3] - US stock indices rose, supported by strong economic data and a recovery in large tech stocks, with the Dow Jones up 306 points or 0.63%[8] - European markets rose, with the Euro Stoxx 600 index increasing by 1.0%[8] Currency and Commodities - The easing of geopolitical tensions boosted risk appetite, leading to a rise in the New Zealand and Australian dollars, while the US dollar weakened[4] - Gold prices reached a new high, approaching $5,000 per ounce, with a 1.57% increase to $4,913.4[25] - Oil prices fell, with NYMEX crude down 2.08% to $59.36 per barrel[25] Economic Indicators - US Q3 GDP was revised up to an annualized growth rate of 4.4%, the highest in two years, indicating economic resilience[5] - Initial jobless claims remained low at 200,000, suggesting a stable labor market[5] Sector Performance - In the US, 7 out of 11 S&P sectors rose, with the telecommunications sector leading gains at 1.57%[8] - In Hong Kong, the Hang Seng Index rose 0.17%, driven by gains in energy and construction sectors[10] Investment Insights - The automotive sector in China is expected to see a 4% decline in sales in 2026, marking the first contraction since 2019, despite strong overseas demand for electric vehicles[12] - The semiconductor industry is anticipated to benefit from rising demand for advanced packaging and storage solutions[17]

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a strong performance in the Indian consumer goods sector, particularly for Eternal's Blinkit, which exceeded market expectations [4][5]. Core Insights - Blinkit's contribution per order reached 30 INR, surpassing the market consensus of 26 INR, with total order value increasing by 121% year-on-year [4][5]. - The monthly active users reached 23.6 million, driven by a stable pricing strategy and category expansion [4]. - The instant retail segment achieved breakeven earlier than the market consensus expectation for FY2027, despite an increasingly competitive environment [5]. Summary by Sections Instant Retail Performance - The instant retail segment is driven by high-quality customers who prioritize convenience over price sensitivity, providing significant advantages for advertisers [5]. - The total order value in this segment grew by 121% year-on-year, adjusted for GST and seasonal factors, the growth rate is 130% [5]. Food Delivery Growth - The food delivery business saw an acceleration in order value growth, attributed to slight improvements in demand and investments in user activation [6]. Strategic Investments - District and Hyperpure are strengthening Zomato's competitive edge, with District's losses exceeding guidance due to investments in live IP and District Pass [7]. - Hyperpure's underestimated moat enhances restaurant efficiency and trust, deepening partnerships with Zomato [7]. Catalysts for Growth - The food delivery segment continues to enhance order frequency and user growth through the Zomato Gold loyalty program [8]. - The instant retail business is expanding its user base through geographic expansion and the development of a front warehouse network [8]. Company Overview - Eternal, founded in July 2008, initially focused on the Indian market and has expanded to 22 countries with over 120 million active users [11]. - The company holds a 50% market share in India's online food delivery sector, covering over 700 cities [11]. Revenue Breakdown - Revenue by product: 39.9% from Indian food delivery, 30.6% from fresh supply chain, 25.7% from quick commerce, and 3.6% from entertainment ticketing [12].

Investment Rating - The report does not explicitly provide an investment rating for Bridgestone [2][3]. Core Insights - The governance structure of Bridgestone is robust, with 8 out of 12 board members being independent directors, which enhances oversight of executive management [6]. - The nomination committee played a crucial role in selecting the new CEO, Yasuhiro Morita, who is recognized for his overseas management experience, likely to be well-received by investors [7]. - The compensation structure is designed to incentivize management for quality growth, with a significant portion of executive pay being variable and linked to long-term performance metrics [8]. - Bridgestone's governance level is considered industry-leading, with financial strategies including share buybacks and increased dividends to optimize the balance sheet [9]. - Short-term growth is expected to be driven by increased automotive production and improved profit margins due to declining raw material costs [10]. Company Overview - Bridgestone is a leading global manufacturer of tires and rubber products, with tire sales accounting for 83% of total revenue [12]. - The company’s product range includes tires for passenger vehicles, trucks, and aircraft, with specialty tires contributing significantly to operating profit [12]. - The largest market regions for Bridgestone are the Americas (approximately 40%) and Japan (approximately 25%) [12]. Financial Data - As of January 21, 2026, Bridgestone's stock price is 3,493.0 JPY, with a market consensus target price of 3,866.30 JPY [15]. - The company's market capitalization is approximately 31.37 billion USD [18].

Market Overview - A-shares experienced a slight increase, with the semiconductor sector leading the gains, while the Hang Seng Index rose by 0.37% to close at 26,585.06 points[3][10] - U.S. stock markets saw significant gains, with the Dow Jones up 1.21% to 49,077 points, and the S&P 500 rising 1.16% to 6,875 points, driven by improved market sentiment following Trump's announcement regarding Greenland[8][10] Economic Indicators - The U.S. dollar index recovered, closing at 98.76, while the Swiss franc fell sharply as risk aversion eased[4][23] - International oil prices increased, with WTI crude oil rising 0.46% to $60.62 per barrel, and Brent crude up 0.5% to $65.24 per barrel[4][23] Fixed Income Market - U.S. Treasury yields declined by 1-6 basis points, with the 10-year yield at 4.24% and the 30-year yield at 4.86%[4][27] - The auction of 20-year U.S. Treasuries showed strong demand, with a bid-to-cover ratio of 2.86, indicating robust investor interest[4][27] Sector Performance - In the U.S., the energy sector led the market with a 2.38% increase, supported by the International Energy Agency's upward revision of global oil demand forecasts[8] - In Hong Kong, the semiconductor sector surged, with stocks like兆易创新 (Zhaoyi Innovation) rising over 6%[10] Corporate Developments - Full-year shareholder returns for 满帮集团 (Manbang Group) are projected to be at least $400 million, with a focus on expanding into new business areas like smart driving[8] - 乐舒适 (Leshushi) is positioned to capture significant market share in Africa's personal care sector, with a projected CAGR of 6.8% from 2020 to 2024[12] Global Trade and Policy - Trump's announcement of a framework agreement regarding Greenland has eased trade tensions, contributing to positive market sentiment[4][8] - The European Parliament has postponed voting on the U.S.-EU trade agreement, reflecting ongoing trade negotiations[5]

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for Midea Group, with expectations of recovery in 2026 after a challenging 2025 [5]. Core Insights - Midea's dealers have reported continuous increases in factory prices, suggesting a potential rise in the industry average selling price (ASP) [5]. - The historical data on the relationship between volume and price is deemed less relevant, and rising copper prices pose a concern, although the situation in 2026 may differ from previous years [5][7]. - Midea's overseas OEM orders are expected to outperform ODM business, with higher margins and potential for market share growth [8]. - The company is focusing on increasing market share rather than solely on pricing strategies, with limited room for further volume expansion due to the early release of demand from the trade-in policy [6]. Summary by Sections Company Overview - Midea Group, founded in 1968, has evolved into a global technology group encompassing smart home, new energy and industrial technology, smart building technology, robotics, and automation [12]. Revenue Breakdown - Revenue by Product: - Smart Home: 81.0% - New Energy and Industrial Technology: 11.1% - Smart Building Technology: 7.9% [13] - Revenue by Region: - Asia: 66.8% - Americas: 17.3% - Europe: 12.0% - Middle East and Africa: 3.8% [13] Market Performance - As of January 20, 2026, Midea's stock price is 87.1 HKD, with a market capitalization of 86.75 billion USD and a consensus target price of 101.48 HKD [15].

Investment Rating - The report does not explicitly provide an investment rating for the company [2]. Core Insights - The report highlights that CK Hutchison Holdings is in discussions with Liberty Global to sell its Irish telecommunications business for €1.5 billion, which may indicate a strategic move to exit a challenging telecommunications sector [4]. - Key catalysts for the company include asset disposals, large-scale share buybacks, and increased dividends [5]. - The company operates in various sectors including telecommunications, retail, infrastructure, and ports, with a workforce of over 300,000 employees across approximately 50 countries [7]. Company Overview - CK Hutchison Holdings is a diversified global enterprise with operations in telecommunications, retail, infrastructure, ports, and related services [7]. - The company is currently negotiating the sale of its 3 Ireland business, which had 4.94 million active customers and generated total revenue of €630 million in 2024, contributing 0.6% to the group's underlying EBIT [8]. - The average revenue per user (ARPU) for 3 Ireland was €7.78 in 2024, reflecting a 10% year-over-year decline [8]. Financial Information - As of January 19, 2026, the stock price was HKD 60.2, with a market capitalization of USD 28.07 billion [9]. - The market consensus target price is HKD 61.02 [9]. - Major shareholder includes Li Ka-shing with a 30.43% stake [9].

Market Overview - Global stock markets experienced a widespread decline, with the S&P 500 dropping 2.1% and erasing all gains for the year[3] - The Dow Jones fell by 1.8%, closing at 48,488.6 points, while the Nasdaq dropped 2.4% to 22,954.3 points[8] Commodity and Forex - Oil prices rose due to supply disruptions in Kazakhstan and geopolitical tensions, with WTI crude oil increasing by 1.51% to $60.34 per barrel[26] - Gold prices surged past $4,700 per ounce, closing at $4,765.8, marking a 3.71% increase[26] - The US Dollar Index fell 0.8% to 98.64, dropping below the 99 level for the first time in two weeks[26] Fixed Income - Japanese government bonds faced significant selling pressure, with 30-year yields rising over 25 basis points[28] - US Treasury yields increased by 1-8 basis points, with the 10-year yield reaching 4.29%[28] Banking Sector Insights - Over 40 trillion in long-term deposits are expected to face yield gaps by 2026, potentially leading to outflows[6] - The shift in deposits is likely to favor short-term products and smaller banks, with a portion moving to wealth management and insurance products[6] Individual Stock Highlights - JD.com projected a revenue of 350.4 billion yuan for 2025, with a year-on-year growth of only 1.0%[9] - Anta Sports is expected to face pressure on profit margins due to increased marketing costs for upcoming events[13]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up 0.29% at 4,114 points, while the ChiNext Index fell 0.70%[16] - European markets experienced significant declines, with the Euro Stoxx 600 index down approximately 1.2%, marking its largest single-day drop in nearly two months[9] - The Hang Seng Index in Hong Kong fell 1.05% to 26,563.9 points, with notable declines in technology and healthcare sectors[11] Economic Indicators - China's GDP growth for 2025 is projected at 5.0%, maintaining the same level as 2024, with a structural pattern of "high at the front, low at the back" and stronger external demand compared to internal demand[5] - Fixed asset investment in December continued to decline, but new policy financial tools are expected to boost growth in early 2026[5] Commodity and Forex Market - Oil prices dropped due to easing tensions in the Middle East, with Brent crude futures down 0.3% to $63.94 per barrel[28] - Gold prices reached record highs, with spot gold rising 1.63% to $4,670.89 per ounce, driven by ongoing risk aversion[28] - The US dollar index remained stable at 99.39, with a year-to-date increase of 1.1%[27] Sector Performance - In the A-share market, the industrial sector rose by 1.8%, while the healthcare sector fell by 0.8%[17] - In Hong Kong, the materials sector gained 1.1%, while healthcare saw a decline of 2.7%[12] Corporate News - Alibaba's "Qianwen" app underwent a major upgrade, enhancing its capabilities in AI and e-commerce integration, with a target price of $201 for its stock[8] - China National Pharmaceutical Group announced a $1.2 billion acquisition of Hejiya, focusing on the small nucleic acid platform, which is expected to enhance its position in the chronic disease treatment market[14]

Investment Rating - The report aligns with the positive outlook from CITIC Lyon Research, indicating a strong performance from TechM in Q3 FY2026, with expectations for growth above industry averages and an EBITDA margin target of 15% by FY2027 [4]. Core Insights - TechM reported significant positive surprises in order volume, revenue growth, and margin improvement, showcasing confidence in achieving growth targets [4]. - The company experienced a strong quarter-on-quarter revenue growth of 1.7% at constant exchange rates, driven by unexpected performance in telecom, manufacturing, high-tech, and retail sectors, while the BFSI sector showed weakness [4]. - TechM's net new order value reached $1.096 billion, with a quarter-on-quarter increase of 34% and a year-on-year increase of 47%, including a major five-year contract worth over $500 million with a large European telecom client [5]. - The EBITDA margin improved to 13.1%, exceeding Bloomberg consensus expectations, primarily due to enhanced gross margins and a slight increase in utilization rates [5]. Summary by Sections Company Overview - TechM is a global IT service provider offering software development, digital transformation, and business process outsourcing solutions, with a workforce of 157,000 and FY2022 revenue of $6 billion [8]. - Revenue distribution is primarily from telecom (40%), with manufacturing and BFSI each contributing 16%, and North America accounting for 50% of total revenue [8]. Revenue Breakdown - IT services account for 85.2% of revenue, while business process outsourcing contributes 14.8% [9]. Stock Information - As of January 16, 2026, TechM's stock price was 1,670.55 INR, with a market capitalization of $17.08 billion [11]. - The stock has a 12-month high of 1,722.25 INR and a low of 1,272.2 INR [11]. - The market consensus target price is 1,623.13 INR [12].

Investment Rating - The report indicates a favorable investment opportunity for Tencent Music (TME US/1698 HK), suggesting that the current sell-off is excessive and presents a good entry point due to attractive risk-reward dynamics [4]. Core Insights - Tencent Music's stock has underperformed year-to-date, influenced by competitive narratives, expectations around the K-pop concert restart, and heightened antitrust concerns regarding the acquisition of Himalaya [4]. - The stock price has retraced 38% from its peak of $26.7 on September 17, 2025, primarily driven by a reduction in valuation multiples [4]. - The report aligns with the views of CITIC Lyon Research, emphasizing the sustainability of Tencent Music's subscription model and its competitive product offerings built around fan-artist relationships [4]. Company Overview - Tencent Music was established in 2016 and operates several well-known music platforms, including QQ Music, Kugou Music, Kuwo Music, and 全民 K 歌. The company has developed a diversified business model centered around music and audio content discovery, listening, singing, viewing, performing, and social interaction [10]. - The primary revenue sources include online music subscriptions, online karaoke and live streaming, advertising, content licensing, and digital album sales. After a challenging transition in 2022-2023, the company has established a more sustainable business structure, with online music business growth driven by successful subscription strategies [10]. Revenue Breakdown - Online music services account for 62.4% of total revenue, while social entertainment services and others contribute 37.6% [11]. - The company generates 100% of its revenue from Asia, with no contributions from the Americas, Europe, or the Middle East and Africa [11]. Market Consensus - The market consensus target price for Tencent Music is $25.80 [12]. - As of January 15, 2026, the stock price is $16.6, with a market capitalization of $27.09 billion [11].