本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 6 日 索尼 6758 JP 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 日本科技行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 前景不明 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 5 日发布的题为《Uncertain trajectory》的报告， 索尼三季度调整后营业利润及修订后的截至 2026 财年营业利润指引（剔除一次性项目）略超预 期。各业务板块趋势基本符合预期，音乐流媒体和游戏及网络服务（G&NS）增长放缓但保持稳定。管理层回应了市 场对存储芯片价格上涨和人工智能冲击的担忧，这些因素在未来一段时间可能持续成为市场焦点，直至能提供更清晰 的指引（如 2027 财年的展望及以后），因此在股价大幅下跌后目前保持区间波动。 主要亮点 音乐业务中，录制 ...

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 6 日 京东健康 6618 HK 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 强劲的销售增长 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究 2026 年 2 月 3 日发布的题为《Robust sales growth》的报告，分析预计京东健康（JDH）将在 2025 年下半年保持强劲增长势头，收入将同比增长，主要是因 为"双 11"表现强劲，以及 12 月流感病例激增所导致。药品与保健品销售表现尤为突出，经调整息税前利润预计翻 倍，主要得益于毛利率扩张和运营杠杆效应，抵消了线下门店投资。分析指出，预计京东健康在 2026 年收入实现同 比增长但且上行风险显著，因为原研药和院内药品外流是长年趋势。 分析预计京东健康在 2 ...

环球市场动态 内 地 宏 观 关 键 是 政 策 发 力 股 票 A 股周四下跌，大消费板块逆市上 涨；港股午后转涨，科技股回暖； 欧洲股市小幅收跌，市场观望情绪 浓厚；美股再度大幅下跌，AI 担忧 持续困扰市场。 外 汇 / 商 品 疲软就业数据和股市下跌，周四美 元指数上升，白银和黄金再现沽压； 伊朗确认将与美国谈判，国际油价 下跌。 固 定 收 益 隔夜股市, 贵金属, 虚拟货币等价 格下挫, 加上就业数据疲软, 美债 成为避险天堂, 创年内最大单日涨 幅。日本 30 年期国债拍卖需求回 暖。欧洲和英国央行均维持利率不 变。穆迪下调印度尼西亚的信用展 望至负面。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 2 月 6 日 ▪ 2026 年一季度内地宏观环境的关键主线是政策的发力。政策的力度和节奏均与 2025 年较为类似。在政策呵 护、低基数效应的双重作用下，2026 年一季度经济有望迎来从低波动向高波动的转变。政策的发力方向将是 2026 年政策与 2025 年的一大差异，预计 2026 年专项债直接作用于经济基本面的比 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook on SoftBank Group's performance due to the ongoing growth in artificial intelligence (AI) and its impact on capital expenditure and demand [5]. Core Insights - SoftBank Group's stock price has lagged despite the strong performance of AI, with expectations for positive updates from Arm and the SoftBank Vision Fund regarding OpenAI in the upcoming earnings season [5]. - A recent CEO survey revealed that 77% of CEOs have integrated AI into their core products or services, a significant increase from 55% a year ago, highlighting the growing importance of AI across industries [6]. - Key catalysts for SoftBank Group include stock buybacks, new investments, and improvements in the IPO market, which could enhance market sentiment and boost stock prices [9]. Summary by Sections Company Overview - Over the past 30 years, SoftBank has achieved significant growth through investments in mobile communications and internet assets, with a solid market position in Japan's mobile and internet sectors [11]. Financial Performance - Arm's revenue guidance for Q3 FY2026 is between $1.175 billion and $1.275 billion, with a midpoint of $1.225 billion, aligning closely with market expectations [7]. - SoftBank Group's market capitalization is approximately $155.35 billion, with a stock price of 4,207.0 JPY as of February 4, 2026 [12]. Market Consensus - The market consensus target price for SoftBank Group is set at 6,632.40 JPY [13]. Investment Risks - The report notes that the CEO's role is crucial to SoftBank's strategic vision, and any changes in leadership could raise market concerns [10].

Group 1: Company Overview - Huazhu Group operates a multi-brand hotel group primarily in China and Germany through direct operation, franchising, and management models[9] - Directly operated and leased hotels account for only 4% of Huazhu's total hotel count but contribute 42% of domestic revenue in 2025[5] Group 2: Financial Insights - Huazhu's estimated fixed costs account for 68% of total costs, indicating high operating leverage with a leverage ratio of 2.1 times[5] - The company aims to reach 20,000 hotels by 2030, corresponding to a compound annual growth rate (CAGR) of 9%[6] Group 3: Market Trends - Consumer travel is expected to increase during the upcoming Spring Festival, continuing the positive trend in RevPAR (Revenue per Available Room)[5] - A survey indicates that consumers planning to spend over 5,000 yuan during the Spring Festival will decrease compared to last year, with more opting for self-driving trips[5] Group 4: Risks and Challenges - Key risks include significant deterioration of the Chinese macroeconomy, increased competition leading to margin declines, and rising operational costs that cannot be passed on to consumers[8] - External factors such as severe weather, pandemics, or social unrest could temporarily hinder travel activities[8]

Investment Rating - The report does not explicitly provide an investment rating for the company [4]. Core Insights - The acquisition of 82% stake in STT GDC for SGD 6.6 billion marks a decisive transformation for Singapore Telecommunications (Singtel) towards the high-growth digital infrastructure sector [4]. - The acquisition valuation multiples are considered reasonable compared to peers, but the path to profitability may take time [4]. - The capital expenditure associated with the acquisition may exceed expectations, although Singtel is deemed capable of completing the acquisition and delivering on its S28 capital return plan [4]. Summary by Relevant Sections Catalysts - The consolidation in Singapore's overly competitive mobile market is driving a recovery in tariffs [6]. - New data center development pipelines are expected to support growth narratives [6]. - There is potential for special dividends exceeding the current high payout ratio due to asset monetization opportunities [6]. - Capital return rates are anticipated to rebound to low double-digit targets set by the company in the coming years [6]. Financial and Operational Insights - Singtel's initial cash contribution of SGD 740 million secures a 25% stake (with an existing 4% holding), utilizing a SGD 5 billion loan at approximately 4% interest to minimize balance sheet impact [7]. - The financial details post-acquisition are expected to be disclosed, with management acknowledging current short-term losses as a result of a "growth investment phase" [7]. - The company has expressed intentions to realize value through public market activities, including potential IPOs of its Indian operations as part of an active portfolio management strategy [7]. - The acquisition is part of a strategic initiative to adjust the business structure, aiming for GDC and NCS to contribute one-third to two-thirds of group EBITDA [7]. - Singtel retains veto rights over speculative capital expenditures to ensure control over land acquisitions [7]. - Confidence in the GDC joint venture is bolstered by successful trials with KKR on a smaller platform, Nexera [7]. - GDC and Nexera will initially operate independently to maintain growth momentum, with plans for gradual integration of proprietary AI orchestration software [7]. Company Overview - Singapore Telecommunications is the leading telecom service provider in Singapore, with a history of exploring regional growth opportunities since the early 1990s [9]. - The company has significant investments in high-growth mobile markets in Australia, India, Indonesia, Thailand, and the Philippines, contributing over 70% of net profits from overseas operations [9]. - The company is also heavily investing in growth areas through its data center business, Nxera [9].

Investment Rating - The report maintains a neutral stance on Mitsui & Co., indicating limited attractiveness in current valuations despite expectations for profit growth and a new mid-term plan to be announced by year-end [4][5]. Core Insights - Mitsui & Co. reported a third-quarter net profit of 188 billion JPY, a 32% year-on-year decline, which fell short of the market consensus of 194.5 billion JPY. The company maintained its full-year guidance of 820 billion JPY net profit, although adjustments were made to its components due to various factors impacting profitability [4][5]. - The report highlights that the company's core operating cash flow reached 950 billion JPY, achieving a completion rate of 83%, prompting an upward revision of the full-year guidance by 50 billion JPY to 950 billion JPY [5]. - Key catalysts for potential growth include fluctuations in commodity prices, cash surges driven by asset cycles, and improvements in returns from non-resource investments [6]. Company Overview - Mitsui & Co. is the second-largest general trading company in Japan by market capitalization and total sales, with 60-70% of its net profit derived from natural resources, including oil, gas, iron ore, coal, and copper. The remaining profit comes from non-resource sectors such as machinery and chemicals [8]. - The company has shifted its focus from setting profit targets to a return on equity (ROE) orientation, emphasizing profitability over absolute profit. Its strengths lie in brand reputation, accumulated experience, talent reserves, and capital acquisition capabilities [8]. Revenue Breakdown - Revenue by product category: Lifestyle Industry (24.1%), Energy (22.1%), Chemicals (20.9%), Metal Resources (15.3%) [9]. - Revenue by geographical region: Asia (82.7%), Americas (8.1%), Europe (7.0%), Middle East and Africa (2.2%) [9]. Stock Information - Stock price as of February 3, 2026: 5,147 JPY, with a 12-month high/low of 5,156 JPY/2,470 JPY. Market capitalization stands at 89.47 billion USD [9][10]. - The market consensus target price is set at 4,768.50 JPY [10].

中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk Kling AI 持续快速迭代 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 快手 本文内容由 Kylie Kwok (郭凯欣) 提供 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Kling AI continues rapid iterations》的报告，分析预计快手在 2025 年四季度总营收及调整后净利润将分别实现增长，Kling AI 收入可能 继续超预期增长。Kling APP 通过新型社交玩法 Control Motion 获得用户青睐，并升级了 Kling 2.6 Turbo 的视频与音 频整合生成功能。Kling 在成本效率方面的显著优势，其作为前三强生成式视频平台的行业地位，用户与收入增长势 头有望持续 ...

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 网易 本文内容由 Kylie Kwok (郭凯欣) 提供 NTES US 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 游戏增长动能增强 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Growing games momentum》的报告，分析预计网易 2025 年四季度总营收及调整后息税前利润将保持稳健增长，主要得益于游戏业 务的持续复苏。受《梦幻西游》中国市场的进一步回暖及《燕云十六声》全球热度上升推动，游戏收入有望实现同比 增长。结合即将推出的重磅新作《遗忘之海》及开放世界 ACG 游戏《无限大》，网易 2026 年游戏业务有望维持同 比增速并存在上行风险。 在线游戏：增长动能增强 研究指出预计网易 2025 年四季度游 ...

CSIWM 个股点评 2026 年 2 月 4 日 Varun 饮料 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 VBL IN 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 印度消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 符合预期：改善趋势 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 4 日发布的题为《In line: Improving trajectory》的报告，Varun Beverages（VBL）公布 2025 年四季度销售额增长 14%（单独销售额增长 6.0%），超出 市场一致预期。印度业务销量同比增长 10.5%。由于公司对印度部分产品进行规格升级，印度业务实际售价下降 4.5%。管理层预计 2026 年印度业务将实现两位数销量增长。 印度本土销量增长 10.5% 伴随实际售价下降 4.5% 印度业务录得 10.5% ...