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 1 月 30 日 三星电子 005930 KS 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 韩国科技行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 存储芯片短缺未见缓解迹象 HBM4 认证在即；增加资本支出应对未满足需求 三星电子预计市场对 HBM 及高密度服务器 DRAM 的强劲需求将持续，并表示其所有 HBM 量产产能已全部被预订。 关于 HBM4 方面，公司表示产品已进入英伟达（Nvidia）认证的最后阶段，目标在一季度内启动量产。2025 年公司 的总资本支出为 52.7 万亿韩元（同比-2%），其中半导体资本支出（同比+3%）占比 90%。为应对强劲需求，公司 计划显著增加晶圆厂设备（WFE）的资本指出，着眼于短期扩大供给以把握需求机遇。 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 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for Keyence, with record sales and profits achieved in the December quarter [5][6]. Core Insights - Keyence continues to set records with sales, operating profit, recurring profit, and net profit all reaching historical highs for the December quarter. The growth in the third quarter was primarily driven by Asia (+21%) and the Americas (+18%), while Europe saw a 10% increase and Japan remained flat [5][6]. - The company reported a revenue increase of 11% year-on-year to 289.3 billion yen, marking a historical high for the December quarter, with overseas markets being the main growth driver [6]. - Operating profit grew by 8% year-on-year to 144.2 billion yen, achieving a new high for the December quarter, although the operating profit margin slightly contracted [7]. - Keyence's management highlighted significant growth potential in various markets, with the Americas having a 4.2x growth opportunity, Europe 3.0x, and Asia 9.0x, based on relative manufacturing value added [6]. Summary by Sections Financial Performance - Keyence's revenue for the December quarter reached 289.3 billion yen, a year-on-year increase of 11%, driven by strong growth in Asia and the Americas [6]. - The operating profit for the third quarter was 144.2 billion yen, an 8% increase year-on-year, with a slight contraction in the operating profit margin to 49.8% [7]. Market Analysis - The report indicates that Keyence has a strong presence among overseas investors, with individual investors making up only 9% of shareholders. A potential stock split could broaden the investor base [8]. - The company is expected to announce an improved shareholder return policy in April 2026 [8]. Company Overview - Keyence specializes in manufacturing sensors, measurement equipment, machine vision, and digital microscopes aimed at enhancing factory automation quality and management [11].

环球市场动态 无 需 过 度 担 忧 内 地 结 汇 对 流 动 性 的 消 耗 股 票 A 股周三走势分化，白酒股午后集 体涨停；港股恒指升上 28,000 点后 回落，地产股大涨；欧洲股市涨跌 不一，SAP 财报不及预期引发科技 股大幅回落；美股受微软 (MSFT US) 财报拖累纳指一度跌超 2%， 科技股仍表现疲软。 外 汇 / 商 品 OPEC+料继续暂停增产，加上伊朗 局势持续紧张，推动周四国际油价 大涨超 3%；获利回吐推动黄金和 白银现中一度重挫，收盘回升；伦 敦期铜飙升；周四美元指数跟随美 债收益率走低，挪威克朗领涨 G-10 货币。 固 定 收 益 周四美国国债小幅上涨，主要因美 股下挫引发去杠杆情绪，避险资金 明显涌入美债。特朗普称将于今晚 宣布美联储人选。紫金矿业发行可 换股债券。新世界发展据悉和黑石 集团进行深入谈判。 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 1 月 30 日 ▪ 近期内地外汇结汇规模较大，部分投资者担忧集中结汇会消耗流动性。我们认为，外汇存款结汇增加的确会消 耗银行的超储，产生消耗 ...

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 新东方 EDU US 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 中国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 上行趋势 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 1 月 29 日发布的题为《Upward trend》的 报告，分析指出，鉴于新东方近期海外业务部门合并，以及跨部门客户服务平台优化带来的成本削减潜力，中信里昂 对公司利润率扩张持更积极态度。 2026 财年二季度（截止 2025 年 11 月）：收入与利润率超预期 新东方在 2026 财年二季度的总收入同比增长 14.7%至 11.91 亿美元，较公司指引上限高出 2%，比市场一致预期高 出 3%。其中，出国考试准备收入同比增长 4.1%，优于指引预期的同比下降 5%。非通用会计准则经营利润率同比提 升 4.7 ...

Financial Performance - Sands China reported a Q4 2025 EBITDA of $608 million, a 6% year-over-year increase, but 3% below market expectations[5] - The EBITDA margin decreased by 2.7 percentage points to 29.6% due to higher operating costs and a shift in revenue composition[5] - Net revenue for Q4 2025 grew by 16% to $2.057 billion, with all properties except for Sands Macao showing growth[5] Operational Insights - Overall occupancy rate reached 98.5%, up from 96.8% in Q3 2025[5] - VIP business accounted for 14% of total gaming revenue in Q4 2025, up from 7% in Q4 2024[5] - Commission and rebate expenses reached $481 million, representing 23.8% of total gaming revenue, compared to 22.2% in Q3 2025 and 19.9% in Q4 2024[5] Future Outlook - Capital expenditure guidance for 2026 remains at $400 million[5] - Management believes that the 2026 World Cup will not have a significant impact on Macau operations[5] - The focus remains on absolute EBITDA growth, with dividend growth expected to align with cash flow growth[5] Market Context - The report aligns with Citic Securities Wealth Management's views, indicating a consensus on the company's performance outlook[5] - Catalysts for profit recovery include continued growth in mass gaming, dividend restoration, and supportive Chinese policies[6] - Risks include increased competition in Macau, regulatory risks, and tightening controls on cross-border capital flows[7]

Group 1: Company Overview and Market Position - SoftBank Group has achieved significant growth over the past 30 years through investments in mobile communications and internet assets[12] - The company maintains a strong market position in Japan's mobile communications and internet culture sectors, characterized by defensive strength and high profitability[12] Group 2: Key Financial Metrics - As of January 28, 2026, SoftBank's stock price was 4,201.0 JPY, with a market capitalization of 159.99 billion USD[13] - The stock has a 12-month high of 6,828.75 JPY and a low of 1,458.75 JPY[13] - Revenue breakdown shows 90.0% from SoftBank, 6.9% from Arm, and 0.0% from the Vision Fund and Delta Fund, with 91.8% of revenue generated in Asia[13] Group 3: Investment and Growth Drivers - Key catalysts for SoftBank's stock performance in 2026 include AI adoption speed, OpenAI financing progress, and the company's robot strategy[7] - SoftBank is reportedly considering a 30 billion USD investment in OpenAI, which could enhance market confidence in OpenAI's development[6] - The company is also involved in a commitment to invest 550 billion USD in the U.S., which could further drive growth[8] Group 4: Risks and Challenges - The CEO's involvement is critical; any change in management could lead to market concerns[11] - Increased competition in the telecommunications sector poses potential risks to SoftBank's business[11] - Rising interest rates could impact SoftBank's high debt levels, which are currently manageable due to Japan's low-interest environment[11]

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 新东方 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 中国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 2026 财年二季度超预期 上调全年指引 2026 财年二季度营收：2026 财年二季度营收同比增长 14.7%至 11.91 亿美元，较指引上限高 2%，较市场一 致预期高 3%。 按业务划分： o 出国考试准备业务同比增长 4.1%，较 2026 财年一季度的 1.0%有所加速。 o 国内考试准备业务同比增长 12.8%，较 2026 财年一季度的 14.4%略有放缓。 o 新教育业务同比增长 21.6%，较 2026 财年一季度的 15.3%加速。非学科辅导业务人次同比增长 6.4%至 105.8 万，较 2026 财年一季度的 9.5%放缓。智能学习设备活跃付费用户数为 35.2 万，低于 2026 财年 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a favorable investment outlook for Yum China [5]. Core Insights - Yum China has raised delivery menu prices for KFC, which is seen as a necessary step to expand profit margins while transitioning to a delivery-focused model. The report suggests that the timing is appropriate due to potential reductions in delivery subsidies [5][6]. - The average price increase for delivery items at KFC is 0.8 yuan, with the last adjustment occurring at the end of 2023. The report notes that the impact on consumers is relatively minor, especially for orders under 200 yuan [5]. - The report highlights that while the increase in delivery volume may lead to higher platform fees, the dilution of profit margins in delivery compared to dine-in could weaken the benefits of the price hike [6]. Summary by Sections Company Overview - Yum China Holdings, Inc. is the largest chain restaurant operator in China, exclusively owning the operational and licensing rights for brands such as KFC, Pizza Hut, Taco Bell, and Little Sheep. KFC and Pizza Hut are the company's two main brands [9]. Revenue Breakdown - KFC accounts for 77.7% of revenue, while Pizza Hut contributes 20.6%. The remaining 1.7% comes from other sources [11]. Stock Information - As of January 27, 2026, the stock price is $50.17, with a market capitalization of $17.05 billion. The consensus target price is $58.28 [11].

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 吉宝企业 KEP SP 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 新加坡综合性企业行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 穿越迷雾 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 1 月 28 日发布的题为《Looking through》的报告，吉宝企业将于 2 月 5 日公布 2025 年下半年业绩。分析预计公司下半年业绩可能受到火电差价的影 响，且因 M1 出售延迟可能暂缓资本回报的讨论。但考虑到中期杠杆因素的明显改善及管理层实现 2026 年目标的强 烈激励，中信里昂准备跨越短期因素，持续看好电力/数据中心主题及管理层对股东友好的定位。 火电价差疲软或拖累下半年业绩 2026 年能见度提升 电火差额收益的疲弱已经影响了胜科工业，这一因素仍可能会潜在拖累 2025 年下半年 ...

环球市场动态 美 国 关 税 通 胀 见 顶 时 间 后 移 股 票 周三亚太股市个别发展，MSCI 不 排除将印度尼西亚降级至前沿市 场，拖累股市大跌 7.3%。港股高开 高走，A 股涨跌不一。奢侈品股受 压，欧股下跌。美联储一如预期维 持利率不变，美股个别发展，变动 不大。 外 汇 / 商 品 特朗普警告伊朗尽快达成核协议， 美伊局势紧张，周三纽约期油升至 四个月高位，国际金银价格续创新 高；贝森特关于美国绝没有入市干 预日元的表态也为美元带来支撑， 在美联储维持利率不变之后美元指 数触及日内高点。 固 定 收 益 美联储维持利率不变在 3.50%– 3.75%。美国国债持稳，收益率曲线 略微走平。声明称就业风险减弱， 并不急于进一步降息。日本 40 年 期国债拍卖结果较好推动市场企 稳。贝森特否认将干预日元汇率。 亚洲债市企稳，债券利差普遍收窄。 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 1 月 29 日 ▪ 美联储 2026 年 1 月议息会议维持政策利率不变，符合市场预期。议息会议声明和鲍威尔发言均表示美国失业 率出 ...