Investment Rating - The report aligns with the views of CITIC Securities and maintains a positive outlook on Anta Sports, indicating a strong potential for growth in the consumer goods sector [4]. Core Insights - Anta Sports is optimizing its e-commerce marketing and product launch strategies to better meet the demands of various platforms. The "Lighthouse Store Plan" has covered approximately 300 stores, with plans to upgrade more stores in lower-tier cities in 2026, which is expected to enhance single-store efficiency while potentially reducing the total number of stores [4]. - The FILA brand will focus on "core categories" in 2026, emphasizing product upgrades and targeted marketing activities. Short-term profitability may be pressured due to store renovations and product upgrades [4]. - Descente and Kolon will continue to expand their footwear and spring/summer product lines, while Jack Wolfskin will focus on inventory clearance and restructuring, which may lead to an increase in losses year-on-year [4]. - Despite facing short-term pressures from intense competition and consumer sentiment, the initiatives taken by Anta Sports are believed to strengthen its multi-brand matrix and lay a foundation for sustainable mid-term development [4]. Summary by Sections Company Overview - Anta Sports is a leading sports goods company in China, with a comprehensive brand portfolio including Anta, FILA, Descente, Kolon Sports, and Maia Active. Since its establishment in 1991, Anta has focused on the design, development, production, and marketing of sports products for the mass market in China [7]. Revenue Breakdown - Revenue by Product: - Anta: 47.3% - FILA: 37.6% - Other Brands: 15.1% [8] - Revenue by Region: - Americas: 0.0% - Middle East and Africa: 0.0% - Asia: 100.0% - Europe: 0.0% [8] Market Catalysts - Market share expansion: Anta Sports continues to gain market share and demonstrates competitiveness in the rapidly growing outdoor market [5]. - International expansion: The multi-brand portfolio supports overseas growth [5]. - Product innovation and collaboration: The company emphasizes product innovation and partnerships with athletes, such as a five-year collaboration with Kyrie Irving, with the ANTA x Kyrie Irving series expected to launch in late 2024 [5]. - Major sporting events: Associations with international events like the Olympics enhance brand exposure and consumer engagement [5]. Stock Information - Stock price as of January 26, 2026: 76.35 HKD - Market capitalization: 28.81 billion USD - Consensus target price: 107.23 HKD [10].

Group 1: Market Performance - Hong Kong developers have performed strongly this year, driven by new property sales and optimistic market sentiment[4] - The stock price of Sun Hung Kai Properties has increased by 12.3% year-to-date[4] - The price per square foot for the first residential land acquired in 2026 was HKD 4,339[4] Group 2: Financial Outlook - The net cash attractiveness of Sun Hung Kai Properties is expected to decline relative to its peers[4] - The company is projected to pay a supplementary tax in FY2026 due to low effective tax rates below 15%[4] - The market consensus target price for the stock is HKD 10.39[8] Group 3: Investment Risks - Downside risks include unexpected high-priced acquisitions that could weaken potential acquisition returns[6] - Slower-than-expected recovery in property sales and rental income may hinder profit growth[6] Group 4: Company Overview - Sun Hung Kai Properties is one of the largest developers in Hong Kong, with operations in mainland China and Singapore[7] - The company was listed on the Hong Kong Stock Exchange in 1972 and became a constituent of the Hang Seng Index in 1995[7]

Investment Rating - The report maintains a positive outlook on Delta Electronics, indicating a bullish sentiment towards the stock [4][5]. Core Insights - Delta Electronics' stock price recently broke out of a consolidation range, primarily due to the earlier-than-expected delivery of high-voltage direct current power cabinets [4]. - The company is expected to exceed market consensus for Q4 2025 sales by 5%, driven by increased demand for cloud computing power [5]. - The growth potential in AI remains underestimated, with expectations of a 2-3 times year-on-year sales growth due to improved market share in DCDC products and upcoming product specification upgrades [6][8]. Summary by Sections Company Overview - Delta Electronics, established in 1971, is a global provider of power and thermal management solutions, focusing on energy-saving solutions through power electronics and automation technologies [10]. - The company invests 6%-7% of its revenue annually in R&D and has global R&D centers in various regions including mainland China, Europe, Japan, Singapore, Thailand, and the USA [10]. Revenue Breakdown - Revenue by Product: - Power and Components: 53.2% - Infrastructure: 23.8% - Automation: 12.4% - Transportation: 10.5% [11] - Revenue by Region: - Americas: 30.9% - Middle East and Africa: 5.2% - Asia: 47.7% - Europe: 16.2% [11] Stock Information - Stock price as of January 26, 2026: 1230.0 TWD - Market capitalization: 83.88 billion USD - Average daily trading volume over the past three months: 398.32 million USD [13]. Catalysts for Growth - Multiple upward catalysts are anticipated, including smoother NVL cabinet production, increased AI power and cooling demand, and a cyclical recovery in non-AI businesses [7][8]. - The company is expected to benefit from enhanced market share in AI business and new liquid cooling projects [8].

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 丰树物流信托 MLT SP 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 26 日发布的题为《Signs of bottoming in China》的报告，丰树物流信托公布的业绩符合市场一致预期，2026 财年前九个月每单位派息（DPU） 为 5.443 分，同比下降 10.7%。运营指标走强，新加坡、韩国和日本物业出租率提升。中国地区仍是亮点，其负租金 调降率从 3.0%进一步收窄至 2.2%，显示中国市场可能已触底。分析指出中国复苏力度将较为温和。 每单位派息略超预期但符合市场一致预期 丰树物流信托公布 2026 财年第三季每单位派息 1.816 分，环比微升 0.1%，但同比下降 9.3%，主要由于出售 12 项中 国资产造成收益缺口，但新加坡、日本和越南的更高的贡献形成抵消。Joo Koon Logistics Hub 的重建项目完工也提 升了新加坡物业的收益贡献。2026 财年前九个月每单位 ...

Market Overview - A-shares opened high but closed lower, with the Shanghai Composite Index at 4,132.61 points, down 0.09%[15] - U.S. stock indices continued to rise, with the S&P 500 nearing 6,950 points, up 0.5%[10] - European markets showed mixed results, with the Euro Stoxx 600 up 0.2%[7] Commodity and Currency Trends - Gold prices surpassed $5,000 per ounce for the first time, with a 2.1% increase on Tuesday[27] - The U.S. dollar weakened, with the dollar index down 0.6% to 97.04[27] - Oil prices fell slightly, with WTI crude at $60.63 per barrel, down 0.72%[27] Fixed Income Market - U.S. Treasury yields saw a slight decline, with the 2-year yield at 3.59%, down 0.4 basis points[31] - Strong demand was noted in the 2-year Treasury auction, with a bid-to-cover ratio of 2.75[31] - Thai government pension fund plans to reduce holdings in U.S. and Japanese bonds[31] Sector Performance - In the Hong Kong market, energy stocks surged by 4.1%, while technology stocks fell by 1.9%[12] - The healthcare sector in A-shares saw a decline of 0.2%, while energy stocks rose by 4.2%[16] - The materials sector in Latin America showed strong performance, with the S&P Mexico IPC index up 0.75%[10] Corporate News - Netflix's revenue and profit exceeded expectations, but the company faces short-term uncertainty due to acquisition plans[8] - Intel's first-quarter guidance was weak, but the company is optimistic about its data center business driven by AI demand[8]

Global Market Overview - The MSCI ACWI Global Index closed at 1,037.55, with a weekly change of -0.1% and a yearly change of +19.0% [6] - The MSCI Emerging Markets Index increased by 1.1% over the week and has a yearly change of +38.8% [6] - The US market, represented by the S&P 500, saw a slight decline of -0.4% for the week but has a yearly increase of +13.0% [6] US Market Focus - The Federal Reserve is expected to pause interest rate cuts in the upcoming meeting, with a low probability of a 25 basis point cut [10][15] - Short-term volatility is not expected to alter the long-term upward trend of the stock market, with companies like NVIDIA and TSMC highlighted for their growth potential [10][23] - The technology sector is seen as a key area for investment, particularly in AI-related companies [25] Taiwan Market Focus - A trade agreement with the US is anticipated to support Taiwan's economy, with a reduction in tariffs from 20% to 15% on non-exempt items [33][37] - The semiconductor industry remains strong, with significant growth in exports driven by AI demand, particularly from companies like TSMC [37][41] - Despite high valuations, the AI sector is expected to continue driving growth, with specific companies like Creative Electronics and Jentech Precision highlighted for their strong market positions [45][33] Philippines Market Focus - The Philippine market is expected to see interest rate cuts of 25 basis points in February and June [51] - Negative factors affecting the market are believed to be largely priced in, with companies like Bloomberry and Cebu Pacific Airlines noted for their potential [51]

环球市场动态 日 银 如 期 维 持 利 率 不 变 股 票 周五中国市场震荡升高，商业航天 板块再度爆发，大盘股仍承压；欧 洲股市涨跌不一，科技与国防板块 仍是市场焦点；美股企稳，特朗普 政治担忧告一段落，市场重新聚焦 重点企业财报。 外 汇 / 商 品 上周五日元兑美元逼近 160关口后 强劲反弹，创下去年 8 月以来最大 单日涨幅；市场认为日本可能出手 稳定汇率，且不排除获得美方罕见 协助，今早亚洲盘美元兑日元下跌 0.7%王 154.7 水平，现货黄金突破 5,080 美元，现货白银突破 108 美 元，同创历史高位。 固 定 收 益 上周日本债券收益率飙升、扰乱全 球固定收益市场之后，市场再次将 焦点转回美元与日上。美国国债上 周五跟随日债收涨，收益率下降 1- 2 个基点。受英国德国 PMI 推动， 欧债收益率普遍上涨。市场关注地 缘政治紧张局势，美债今天开盘小 幅上涨。 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 26 日 ▪ 日银今年 1 月如期维持政策利率不变，上调 2025-2026 两财年的增长预测 ...

Group 1: Company Overview and Market Position - BGF Retail operates the largest number of convenience stores in South Korea, with the convenience store sector growing rapidly, increasing its share of total retail sales from 3.9% in 2011 to 16% in 2016[10] - The company focuses on its core convenience store business and offers differentiated products, outperforming peers during the pandemic[10] Group 2: Financial Performance and Projections - BGF Retail's operating profit for Q4 2025 is expected to grow year-on-year, aligning with market expectations, driven by robust revenue growth and a low base effect[5] - Tobacco sales account for approximately 40% of BGF Retail's total revenue, with a fixed gross margin of 9%, and potential price increases could significantly boost profitability without additional sales management costs[5] Group 3: Market Trends and Competitive Landscape - The closure rate of second-tier competitors in the convenience store market is accelerating, with 7-Eleven closing 8%, 7%, and 9% of its stores in 2023, 2024, and 2025 respectively[6] - Emart24 recorded negative store growth for the first time in 2024, with a continued trend of net store closures in 2025, contrary to its initial expansion plans[6] Group 4: Catalysts and Risks - Key catalysts for BGF Retail include a rebound in profit growth since late 2023, aided by low base effects, reduced rental pressures, and operational leverage from revenue growth[8] - Potential risks include the high penetration rate of convenience stores in South Korea, where the per capita number of convenience stores has been the highest globally since 2015, with a projected annual growth rate of 4-5% for BGF Retail stores over the next five years[9]

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].