Core Insights - The report highlights that the current geopolitical tensions, particularly in the Middle East, have led to a significant rise in oil prices, with Brent crude exceeding $110 per barrel, which is expected to have a cascading effect on global inflation and asset performance [1][2] - It identifies four key pathways through which rising oil prices will impact equity allocations, emphasizing the potential for Chinese assets to perform better relative to other markets due to lower dependency on oil and improved foreign exchange reserves [2][3] Pathway 1: Inflation and Asset Performance - High inflation is expected to weaken non-US assets, while Chinese assets may exhibit greater safety and potentially independent performance due to the US's involvement in the conflict and its resultant inflationary pressures [2][3] - Historical data suggests that rising oil prices lead to increased production costs globally, pushing up the US CPI and prompting the Federal Reserve to tighten monetary policy, which typically strengthens the dollar and negatively impacts non-US assets [1][2] Pathway 2: Price Transmission Chain - The report outlines that the market often trades on expectations, with chemical and agricultural products' prices moving in tandem with oil prices, forming a transmission chain from energy to chemicals to agriculture [3][4] - The sustainability of price increases in chemicals and agricultural products will depend on overseas demand, particularly in sectors like energy storage, AI, and machinery [4] Pathway 3: Substitution Effects - The report discusses the limited substitution effect of coal in mitigating rising oil prices, noting that while coal prices may rise alongside oil, the impact is primarily felt in regions like China and India due to European climate policies [5][6] - Increased capital expenditure in energy infrastructure is anticipated as countries prioritize energy security, with significant investments in renewable energy sectors such as wind, solar, and battery technologies [6][7] Pathway 4: Impact on Japanese and Korean Industries - The ongoing geopolitical tensions are expected to disrupt the semiconductor supply chains in Japan and South Korea, which are heavily reliant on oil imports, leading to systemic risks in their manufacturing sectors [8][9] - The report indicates that rising storage prices due to supply constraints could hinder the development of AI applications, potentially delaying advancements in the sector [9][10]

- Model Name: IC Futures Contract Basis Adjustment - Model Construction Idea: The model adjusts the basis of IC futures contracts by accounting for the expected dividends during the contract's life[8][9] - Model Construction Process: 1. Predict the dividend points for the underlying index of the futures contract based on historical dividend data[9] 2. Adjust the basis by adding the expected dividends to the actual basis 3. Annualize the adjusted basis using the formula: $ \text{Annualized Basis} = (\text{Actual Basis} + \text{Expected Dividend Points}) / \text{Index Price} \times 360 / \text{Remaining Days of Contract} $[20][21] - Model Evaluation: The model effectively accounts for the impact of dividends on the futures contract basis, providing a more accurate measure of the basis[8] - Model Test Results: The current basis for the IC contract is -6.73%, which is lower than the median since early 2022[21] - Model Name: IF Futures Contract Basis Adjustment - Model Construction Idea: The model adjusts the basis of IF futures contracts by accounting for the expected dividends during the contract's life[8][9] - Model Construction Process: 1. Predict the dividend points for the underlying index of the futures contract based on historical dividend data[9] 2. Adjust the basis by adding the expected dividends to the actual basis 3. Annualize the adjusted basis using the formula: $ \text{Annualized Basis} = (\text{Actual Basis} + \text{Expected Dividend Points}) / \text{Index Price} \times 360 / \text{Remaining Days of Contract} $[20][21] - Model Evaluation: The model effectively accounts for the impact of dividends on the futures contract basis, providing a more accurate measure of the basis[8] - Model Test Results: The current basis for the IF contract is -4.51%, which is lower than the median since early 2022[25] - Model Name: IH Futures Contract Basis Adjustment - Model Construction Idea: The model adjusts the basis of IH futures contracts by accounting for the expected dividends during the contract's life[8][9] - Model Construction Process: 1. Predict the dividend points for the underlying index of the futures contract based on historical dividend data[9] 2. Adjust the basis by adding the expected dividends to the actual basis 3. Annualize the adjusted basis using the formula: $ \text{Annualized Basis} = (\text{Actual Basis} + \text{Expected Dividend Points}) / \text{Index Price} \times 360 / \text{Remaining Days of Contract} $[20][21] - Model Evaluation: The model effectively accounts for the impact of dividends on the futures contract basis, providing a more accurate measure of the basis[8] - Model Test Results: The current basis for the IH contract is 0.38%, which is lower than the median since early 2022[29] - Model Name: IM Futures Contract Basis Adjustment - Model Construction Idea: The model adjusts the basis of IM futures contracts by accounting for the expected dividends during the contract's life[8][9] - Model Construction Process: 1. Predict the dividend points for the underlying index of the futures contract based on historical dividend data[9] 2. Adjust the basis by adding the expected dividends to the actual basis 3. Annualize the adjusted basis using the formula: $ \text{Annualized Basis} = (\text{Actual Basis} + \text{Expected Dividend Points}) / \text{Index Price} \times 360 / \text{Remaining Days of Contract} $[20][21] - Model Evaluation: The model effectively accounts for the impact of dividends on the futures contract basis, providing a more accurate measure of the basis[8] - Model Test Results: The current basis for the IM contract is -9.56%, which is lower than the median since early 2022[34] - Factor Name: VIX Index - Factor Construction Idea: The VIX index reflects the market's expectation of future volatility of the underlying asset[57][58] - Factor Construction Process: 1. Calculate the implied volatility of options on the underlying asset 2. Construct the VIX index to represent the expected volatility over different time horizons[58] - Factor Evaluation: The VIX index provides valuable insights into market sentiment and expected volatility, aiding in risk management and trading decisions[57] - Factor Test Results: As of March 13, 2026, the 30-day VIX levels for the major indices are as follows: - Shanghai 50 VIX: 20.45 (64th percentile since 2024) - CSI 300 VIX: 19.98 (58th percentile since 2024) - CSI 500 VIX: 29.63 (72nd percentile since 2024) - CSI 1000 VIX: 27.82 (59th percentile since 2024)[58][60] - Factor Name: SKEW Index - Factor Construction Idea: The SKEW index measures the skewness of implied volatility across different strike prices, indicating the market's perception of tail risk[62] - Factor Construction Process: 1. Calculate the implied volatility for options with different strike prices 2. Construct the SKEW index to represent the skewness of the implied volatility curve[62] - Factor Evaluation: The SKEW index helps in understanding the market's expectations of extreme events and tail risks, providing valuable information for risk management[62] - Factor Test Results: As of March 13, 2026, the 30-day SKEW levels for the major indices are as follows: - Shanghai 50 SKEW: 104.95 (96.2nd percentile since 2024) - CSI 300 SKEW: 108.19 (94.5th percentile since 2024) - CSI 500 SKEW: 107.52 (97.7th percentile since 2024) - CSI 1000 SKEW: 106.80 (86.7th percentile since 2024)[63][65]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - In 2026, industry allocation should focus on two main lines: technology and security, reform and growth. The industry allocation perspective should be more "self - centered", aiming to consolidate national security through technological self - reliance and enhance endogenous growth resilience through comprehensive deep - seated reforms [49]. - In the technology and security aspect, it is optimistic about the domestic computing power and chip manufacturing industry chain, and pays attention to AI power construction, AI glasses new products, humanoid robots and ToB - end AI applications. It also focuses on relevant fields in the 14th Five - Year Plan and resource and energy security [49]. - In the reform and growth aspect, "anti - involution" related varieties will shift from trading policy expectations to pricing the inflection point of prosperity. It is necessary to pay attention to the fundamental bottoming of the electrolyte, positive and negative electrodes, separators, polysilicon and other links in the photovoltaic industry chain, as well as the improvement of prosperity brought about by capacity reduction in the chemical, steel and thermal coal fields. In terms of domestic demand, more attention should be paid to service and non - durable consumer goods [49]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Market Performance - The average daily trading volume of the entire A - share market this week was close to 2.5 trillion, with a contraction of over 140 billion compared to last week [8]. 3.1.2 Market Style Performance - This week, the ChiNext Index led the rise, and the dividend style had an overall outperformance. The ChiNext Index rose 2.51%, and the CSI Dividend Index rose 1.60%. Other indices such as the Shanghai Composite Index fell 0.70%, and the SSE 50 Index fell 1.20% [12]. - In terms of market capitalization style, the relative advantage of small - cap stocks declined to 0 on a 30 - trading - day rolling basis. In terms of growth/value style, the relative advantage of growth stocks over value stocks fluctuated in the negative range on a 30 - trading - day rolling basis [15][18]. - This week, the performance of QFII and Northbound Stock Connect positions was weaker than the broader market [21]. 3.1.3 Market Sentiment - This week, the margin trading balance increased to around 2.66 trillion. The number of rising and falling stocks and the number of limit - up and limit - down stocks showed certain fluctuations [26]. 3.1.4 This Week's Sector Performance - Relevant charts show the rise and fall of SW primary and secondary industry sectors, but specific data is not described in text [32][34]. 3.2 Industry Trend Trading Review and Outlook 3.2.1 This Week's Strong Directions - There is a chart showing the rise and fall of this week's strong themes, but specific data is not described in text [41]. 3.2.2 Next Week's Industry Event Outlook - From March 16 - 19, the NVIDIA GTC Conference will be held; from March 17 - 19, the 2026 Optical Fiber Communication Conference and Exhibition will be held; on March 18, the 2026 Amazon Cloud Technology Going - Global Conference will be held; from March 19 - 20, the Huawei China Partners Conference will be held; from March 17 - 18, the 2026 Second Commercial Aerospace Industry Development Conference and 2026 Commercial Aerospace Exhibition will be held; on March 19, VOYAH will be listed on the Hong Kong Stock Exchange by way of introduction; on March 16, the press conference on China's national economic operation will be held to announce important economic data for January - February; on March 19, the Federal Reserve's interest rate decision will be announced [48]. 3.2.3 2026 Industry Opportunity Outlook - Industry allocation focuses on two main lines: technology and security, reform and growth. In the technology and security aspect, it is optimistic about the domestic computing power and chip manufacturing industry chain, relevant fields in the 14th Five - Year Plan, and resource and energy security. In the reform and growth aspect, it pays attention to "anti - involution" related varieties and domestic demand in service and non - durable consumer goods [49].

Investment Rating - The report assigns a "Buy" rating for the company, InnoScience [1]. Core Insights - InnoScience is a leading player in the global GaN power semiconductor market, recognized for its advanced technology and comprehensive layout in the third-generation semiconductor sector. The company has achieved significant market share, with a revenue share of 33.7% and a shipment volume share of 42.4% in 2023 [11][12]. - The company is expected to experience strong revenue growth driven by increasing demand in various sectors, including data centers and humanoid robots, with projected revenues of RMB 14.2 billion, RMB 27.3 billion, and RMB 44.2 billion for 2025, 2026, and 2027 respectively [1][15]. Summary by Sections 1. Market Position - InnoScience is the first company globally to achieve mass production of 8-inch GaN-on-Si wafers and has become the top supplier in terms of GaN power semiconductor shipments and revenue [11]. - The company operates two 8-inch GaN wafer production bases in Suzhou and Zhuhai, with plans to increase monthly production capacity from 13,000 wafers in 2024 to 70,000 wafers by 2030 [12]. 2. Financial Performance - The company has shown explosive revenue growth, with revenues increasing from RMB 0.68 billion in 2021 to RMB 8.28 billion in 2024, reflecting a compound annual growth rate of 129.9% from 2021 to 2024 [15]. - Despite being in a loss-making position, the company has been reducing its losses, with a projected net profit of RMB 6.76 billion by 2027 [1][15]. 3. Downstream Applications - The demand for GaN power semiconductors is expanding across various sectors, including consumer electronics, data centers, automotive electronics, renewable energy, and humanoid robots [28]. - The global GaN power semiconductor market is expected to grow from RMB 18 billion in 2023 to RMB 501 billion by 2028, with a market penetration increase from 0.5% to 10.1% [31]. 4. Product Development and Strategy - InnoScience has developed a comprehensive product line covering voltage ranges from 15V to 1200V, targeting multiple application scenarios [12]. - The company has established strategic partnerships with major clients such as OPPO and NVIDIA, enhancing its market position and product integration capabilities [42][50].

Investment Rating - The report assigns a "Buy" rating for the company, InnoScience [1] Core Insights - InnoScience is a leading player in the global GaN power semiconductor market, recognized for its advanced technology and comprehensive layout in the third-generation semiconductor sector [11][12] - The company has achieved significant revenue growth, with projections indicating a strong upward trend in both revenue and net profit over the next few years [15][27] - The global GaN power semiconductor market is expected to grow substantially, with forecasts suggesting an increase from RMB 18 billion in 2023 to RMB 501 billion by 2028, indicating a rising market penetration [31][32] Summary by Sections 1. Company Overview - InnoScience is the first company to achieve mass production of 8-inch GaN-on-Si wafers and currently holds the largest market share in GaN power semiconductor shipments and revenue [11] - The company operates two 8-inch GaN wafer production bases in Suzhou and Zhuhai, with plans to increase monthly production capacity from 13,000 wafers in 2024 to 70,000 wafers by 2030 [12] 2. Financial Performance - Revenue has shown explosive growth, with a compound annual growth rate (CAGR) of 129.9% from 2021 to 2024, driven by the release of 8-inch capacity and the launch of products across multiple scenarios [15] - The company is expected to achieve revenues of RMB 14.2 billion, RMB 27.3 billion, and RMB 44.2 billion from 2025 to 2027, with net profits projected to turn positive by 2027 [1][15] 3. Market Position and Strategy - InnoScience's strategy focuses on "8-inch mass production + full voltage coverage + multi-scenario deployment," which supports continuous technological iteration and product upgrades [12] - The company has established deep collaborations with major clients such as OPPO and NVIDIA, enhancing its competitive edge in various applications including consumer electronics, data centers, and automotive electronics [12][50] 4. Industry Outlook - The demand for GaN power semiconductors is expected to rise significantly due to the increasing need for efficient power supply devices across various industries, driven by the fourth industrial revolution [28] - The automotive sector is projected to see substantial growth, with the market for GaN power semiconductors in electric vehicles expected to grow from RMB 40 million in 2019 to RMB 6.94 billion in 2023, reflecting a CAGR of 266% [54]

Market News - The US-China economic negotiations are scheduled to take place from March 14 to 17 in France[6] - China's Ministry of Commerce criticized the US for initiating a 301 investigation against 16 economies, labeling it as unilateralism that disrupts international trade order[7] - Iran has allowed certain countries' vessels to pass through the Strait of Hormuz, while denying passage to nations it considers aggressors[8] Industry News - China will upgrade the BeiDou satellite navigation system to enhance service quality, with 50 satellites currently in orbit[9] - Apple announced a reduction in the App Store commission rate in mainland China from 30% to 25%, effective March 15, 2026[11] - The first invasive brain-computer interface medical device has been approved for clinical use, marking a significant milestone in medical technology[12] - The 2026 National Home Appliance and Digital Products Consumption Season was launched, promoting consumption through trade-in policies[13] Market Performance - On March 13, 2026, the North Exchange 50 index fell by 1.03%, while the ChiNext index decreased by 0.22% and the A-share index dropped by 0.82%[14] - The average market capitalization of the 298 constituent stocks in the North Exchange is 3.006 billion yuan, with a trading volume of 17.19 billion yuan, down by 1.694 billion yuan from the previous trading day[14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company exceeded its 2025 performance targets, achieving a revenue of 7.81 billion yuan, a year-on-year increase of 20.7%, and a core operating net profit of 460 million yuan, up 88.2% year-on-year [7] - By the end of 2025, the number of stores reached 11,566, with a net increase of 1,416 stores, including 1,004 new stores in rural areas [7] - The company plans to continue its growth trajectory in 2026, targeting over 14,500 stores and a membership base of 95 million [7] Financial Performance Summary - Total revenue projections for 2024A to 2028E are as follows: 6.47 billion, 7.81 billion, 9.88 billion, 12.29 billion, and 14.54 billion yuan, respectively, with year-on-year growth rates of 6.07%, 20.71%, 26.48%, 24.37%, and 18.37% [1] - The projected net profit for 2024A to 2028E is 230.56 million, 432.89 million, 621.95 million, 815.56 million, and 996.18 million yuan, with year-on-year growth rates of -3.79%, 87.76%, 43.68%, 31.13%, and 22.15% [1] - The latest diluted EPS for 2024A to 2028E is projected at 0.08, 0.16, 0.23, 0.30, and 0.36 yuan per share [1] - The company’s P/E ratios for the same period are 38.86, 20.69, 14.40, 10.98, and 8.99 [1] Operational Highlights - The company has successfully implemented a series of strategic actions, including the introduction of 24-hour unmanned retail stores, which reached over 2,000 by the end of 2025 [7] - Membership numbers increased to 65 million, with a net addition of over 20 million members and a pre-deposit amount of 1.2 billion yuan [7] - The company’s gross profit margin for 2025 was 21.6%, slightly down by 0.3 percentage points, primarily due to the rapid growth of B2B business with lower margins [7]

1. Report's Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Report's Core Viewpoint The report emphasizes that China's AI, semiconductor, and new energy industries are in a critical development period but face core technology gaps compared to overseas counterparts. By analyzing the bond - financing experiences of overseas technology giants, it concludes that the core logic of "synergizing bond issuance with strategy and matching financing with development" can be applied. Promoting the construction of the bond market's "technology board", enriching bond product systems, and improving credit enhancement mechanisms will help non - state - owned technology companies in these three industries expand capital channels, optimize capital structures, and achieve leap - forward development [15]. 3. Summary According to Relevant Catalogs 3.1 China's AI, Semiconductor, and New Energy Industry Non - State - owned Enterprises Development Overview - **AI Industry**: Non - state - owned enterprises are the market's main force, focusing on application and algorithm layers. However, they lag behind overseas in basic capabilities, capital operation, and cash - flow stability [18][19]. - **Semiconductor Industry**: Non - state - owned enterprises focus on niche segments but are weak in high - end chips and advanced manufacturing. They face challenges in technology, capital, and strategic synergy compared to overseas giants [21][22]. - **New Energy Industry**: Non - state - owned enterprises have a scale advantage but are less competitive in high - end segments. They have an imbalanced financing structure and insufficient ESG and credit management capabilities [23][24]. 3.2 Analysis of Non - State - owned Bond - issuing Entities of Outstanding Sci - tech Bonds in Each Industry - A total of 20 non - state - owned bond - issuing entities with outstanding sci - tech bonds in the three industries were selected. The total scale of outstanding sci - tech bonds is about 44.942 billion yuan, indicating low participation of private technology companies in the sci - tech bond segment and significant room for bond - market financing [25]. - **AI Industry**: 8 non - state - owned bond - issuing entities were identified, with a balance of outstanding sci - tech bonds of 19.83 billion yuan. The credit rating of these entities is mainly high - grade, but institutions' recognition is divided. Most bonds have a short - term maturity, and the industry uses sci - tech bonds for liquidity management [28][29]. - **Semiconductor Industry**: 6 non - state - owned bond - issuing entities were found, with a balance of outstanding sci - tech bonds of about 6.012 billion yuan. The credit rating is high - grade, but institutional recognition and financing scale are low. The industry shows a high enthusiasm for issuing sci - tech bonds, and there is some differentiation in bond maturity [33][35]. - **New Energy Industry**: 6 non - state - owned bond - issuing entities were selected, with a balance of outstanding sci - tech bonds of 19.1 billion yuan. The credit quality is good, and institutions have relatively higher recognition. The coupon rate is relatively high, and the bond maturity is mainly in the 2 - 5 - year range [36][38]. 3.3 Enlightenment from Overseas Technology Giants' Bond - financing Experiences to China's Non - State - owned Enterprises in the Same Industries 3.3.1 General Enlightenment - **Deep Synergy between Bond - financing and Corporate Development Strategy**: Overseas technology giants use bond - financing to support strategic implementation. Chinese non - state - owned technology companies should abandon the traditional view and plan bond - issuance based on strategic goals, and establish a closed - loop thinking to improve credit and reduce financing costs [41][42]. - **Precise Matching of Financing Strategies with Corporate Development Stages**: Overseas technology giants adjust their bond - financing strategies according to different development stages. Chinese private technology companies can issue different types of bonds at different stages to meet development needs [43][44]. - **Strengthening Credit Foundation and Cash - flow Management**: Overseas technology giants have high - quality credit and stable cash - flows. Chinese private technology companies should strengthen cash - flow management, standardize corporate governance and information disclosure, and enhance credit through various means [46]. 3.3.2 Differentiated Enlightenment by Industry - **AI Industry**: Focus on core R & D and computing power construction, use long - term bonds and convertible bonds, seize market windows, and strengthen cooperation with industry giants [50][51]. - **Semiconductor Industry**: Rely on technology breakthroughs, use bond - financing for mergers and acquisitions, enhance credit through credit enhancement, and optimize bond maturity structure [52][55]. - **New Energy Industry**: Leverage the green attribute to issue green bonds, use asset securitization to optimize cash - flow, match bond maturity with project return periods, and optimize financing regions and currency structures [56][57].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company exceeded its 2025 targets, achieving a revenue of 7.81 billion yuan, a year-on-year increase of 20.7%, and a core operating net profit of 460 million yuan, up 88.2% year-on-year [7] - By the end of 2025, the number of stores reached 11,566, with a net increase of 1,416 stores, including 1,004 new stores in rural areas [7] - The company plans to continue its growth in 2026, targeting over 14,500 stores and a membership base of 95 million [7] Financial Performance Summary - Total revenue projections for 2024A to 2028E are as follows: 6.47 billion, 7.81 billion, 9.88 billion, 12.29 billion, and 14.54 billion yuan respectively, with year-on-year growth rates of 6.07%, 20.71%, 26.48%, 24.37%, and 18.37% [1] - The projected net profit for 2024A to 2028E is 230.56 million, 432.89 million, 621.95 million, 815.56 million, and 996.18 million yuan respectively, with year-on-year growth rates of -3.79%, 87.76%, 43.68%, 31.13%, and 22.15% [1] - The latest diluted EPS for 2024A to 2028E is projected at 0.08, 0.16, 0.23, 0.30, and 0.36 yuan per share [1] - The P/E ratio for the current price and latest diluted EPS is projected at 38.86, 20.69, 14.40, 10.98, and 8.99 for the years 2024A to 2028E [1] Operational Highlights - The company has successfully implemented a series of strategic actions, including the introduction of 24-hour unmanned retail stores, which reached over 2,000 by the end of 2025 [7] - Membership numbers increased to 65 million, with a net addition of over 20 million members and a pre-deposit amount of 1.2 billion yuan [7] - The company has also seen significant growth in its B2B business, achieving 1.42 billion yuan in revenue, a 63% increase year-on-year [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported total revenue of 22.847 billion HKD for 2025, representing a year-on-year increase of 68%, and a net profit attributable to shareholders of 11.338 billion HKD, up 108% year-on-year [1] - The fourth quarter of 2025 saw a total revenue of 6.4 billion HKD, which is a 45% increase year-on-year, and a net profit of 3.4 billion HKD, reflecting an 80% year-on-year growth [1] - The company is expanding its global strategy, which is driving significant growth in its performance [1] Revenue Summary - In 2025, the company's brokerage commission revenue increased by 74.9% to 10.6 billion HKD, driven by a rebound in the Hong Kong stock market, active US stock trading, and expansion into emerging markets [9] - Interest income rose by 56.6% to 10.4 billion HKD, attributed to the growth in customer margin and financing business [9] - Other operating income surged by 108.6% to 1.8 billion HKD, mainly due to increased demand for wealth management services [9] Cost Summary - Research and development expenses increased by 27.8% to 1.9 billion HKD, primarily to support internationalization and cryptocurrency business [9] - Sales expenses rose by 40.5% to 2 billion HKD, reflecting increased investment in global brand promotion and customer acquisition [9] - Management expenses grew by 19.4% to 1.9 billion HKD, driven by personnel increases due to global business expansion [9] Global Business Expansion - The company saw a 30% year-on-year increase in registered users, reaching 29.18 million, and a 40% increase in asset-holding clients, totaling 3.37 million [9] - The total trading volume increased by 89.4% year-on-year to 14.7 trillion HKD, driven by international strategy and new business initiatives [9] - The company is launching Moomoo Crypto services to provide over 30 cryptocurrency trading options for US users [9] Profit Forecast and Valuation - The profit forecast for 2026-2028 has been adjusted, with expected net profits of 16.78 billion HKD, 25.08 billion HKD, and 34.18 billion HKD respectively [9] - The current market capitalization corresponds to a P/E ratio of 10, 7, and 5 for the years 2026, 2027, and 2028 respectively [9] - The company is expected to continue expanding its overseas market and accelerating user growth, indicating significant long-term growth potential [9]