Investment Rating - The industry investment rating is "Overweight" [9] Core Insights - Google Cloud's revenue growth exceeded expectations, with Q4 2025 revenue reaching $17.7 billion, a 48% year-over-year increase, surpassing analyst expectations of $16.2 billion. Capital expenditures for Q4 2025 reached $27.9 billion, a 95% increase year-over-year, with total capital expenditures for the year at $91.4 billion, up 74% [4] - Meta reported Q4 2025 revenue of $59.893 billion, a 24% year-over-year increase, also exceeding analyst expectations. The company anticipates Q1 2026 revenue between $53.5 billion and $56.5 billion, higher than previous forecasts [5] - Microsoft's FY2026 Q2 revenue was $81.273 billion, a 17% year-over-year increase, with the intelligent cloud segment growing 26% to $51.5 billion. Capital expenditures for Q2 reached $37.5 billion, a 66% increase year-over-year [5] Summary by Sections Google Cloud - Q4 2025 revenue reached $17.7 billion, a 48% increase year-over-year, exceeding expectations [4] - Q4 2025 capital expenditures were $27.9 billion, a 95% increase year-over-year, with total capital expenditures for 2025 at $91.4 billion, up 74% [4] - Expected capital expenditures for 2026 are between $175 billion and $185 billion, with a midpoint of $180 billion, representing a 97% year-over-year increase [4] Meta - Q4 2025 revenue was $59.893 billion, a 24% year-over-year increase, surpassing analyst expectations [5] - Anticipated Q1 2026 revenue is between $53.5 billion and $56.5 billion, higher than previous forecasts [5] - Q4 2025 capital expenditures reached $22.14 billion, with total capital expenditures for 2025 at $72.22 billion, exceeding earlier guidance [5] Microsoft - FY2026 Q2 revenue was $81.273 billion, a 17% year-over-year increase, with intelligent cloud revenue growing 26% to $51.5 billion [5] - Q2 capital expenditures were $37.5 billion, a 66% increase year-over-year, exceeding previous expectations [5] Investment Opportunities - The report highlights a positive outlook for the AI computing supply chain, recommending specific stocks in various segments such as optical modules, liquid cooling, server power supplies, and silicon photonics [6][8] - Recommended stocks include Zhongji Xuchuang, Xinyisheng, and Yuanzhe Technology among others [6][8]

北交所首次覆盖报告 高精度智能点胶构筑壁垒，果链+AI 眼镜+半导体三驾马车驱动成长 ——北交所首次覆盖报告 2026 年 02 月 03 日 投资评级：增持（首次） | 日期 | 2026/2/3 | | --- | --- | | 当前股价(元) | 38.90 | | 一年最高最低(元) | 54.48/18.51 | | 总市值(亿元) | 31.93 | | 流通市值(亿元) | 14.48 | | 总股本(亿股) | 0.82 | | 流通股本(亿股) | 0.37 | | 近 3 个月换手率(%) | 243.54 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 智能点胶解决方案供应商，2025Q1-3 归母净利润 4069.28 万元（+366.01%） 卓兆点胶主要从事高精度智能点胶设备、点胶阀及其核心部件以及点胶耗材配 件。我们预计公司 2025-2027 年归母净利润分别为 0.53/0.62/0.72 亿元，对应 EPS 分别为 0.65/0.76/0.88 元/股，对应当前股价 PE 分别为 59.7/51.3/44 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the strong performance of the medical beauty and cosmetics sectors, with significant growth potential driven by consumer demand for emotional value and safety in products [8][50] - Key companies in the medical beauty sector include Meili Tianyuan Medical Health, which is expanding through acquisitions and strong operational strategies, and in the cosmetics sector, brands like HBN and Banmu Huatian are leading with innovative product offerings and market strategies [8][24][34] Summary by Sections Market Review - The beauty and personal care index rose by 0.44% in January, ranking 24th among all sectors, underperforming the overall market [14][15] - Notable stock performances in January included SiHuan Pharmaceutical (+28.5%) and Yonghe Medical (+22.7%) in the medical beauty sector, while Yiwan Yichuang (+50.8%) and Ruoyu Chen (+8.1%) led in cosmetics [5][15] Medical Beauty - The approval of a new composite solution by Juzhi Biotechnology marks a significant advancement in the field, showcasing the company's R&D capabilities [6][19] - Meili Tianyuan announced a positive earnings forecast, projecting revenues of at least 3 billion yuan for 2025, reflecting a growth of over 16% year-on-year [22] Cosmetics - Banmu Huatian's parent company has filed for an IPO, aiming to leverage its strong market position in body care products [24] - HBN, a leading domestic skincare brand, has also submitted its IPO application, highlighting its innovative product lines and strong sales performance [34] Investment Recommendations - The report recommends focusing on high-quality companies in the medical beauty and cosmetics sectors that cater to emotional consumption trends, with specific mentions of Meili Tianyuan, Aimeike, and Ruoyu Chen among others [8][49] - In cosmetics, brands like Maogeping and Porlaia are highlighted for their strong market positions and innovative strategies [50][52]

2026 年 02 月 05 日 开源晨会 0205 ——晨会纪要 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | 7.583 | | 建筑材料 | 3.481 | | 房地产 | 2.966 | | 交通运输 | 2.818 | | 食品饮料 | 2.333 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | -3.122 | | 通信 | -2.735 | | 计算机 | -1.696 | | 电子 | -1.550 | | 商贸零售 | 0.140 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【金融工程】港股量化：2026 开年恒指强劲，2 月组合维持低估值配置——金融 工程定期-20260204 港股 CCASS 优选 20 组合的绩效表现：组 ...

- The "Hong Kong CCASS Preferred 20 Portfolio" model was constructed using a two-step screening method: first selecting brokers and then selecting stocks[35][39] - The model identifies top-performing brokers by standardizing excess Sharpe ratios and monthly win rates, then combines them into a composite score[39] - The portfolio is built by equally distributing funds among the top 10 brokers and selecting the top 20 stocks based on weight, which are then equally weighted[39] - The benchmark index for the portfolio is the Hang Seng Index (HSI.HI)[40] Model Performance - January 2026 portfolio return: 6.32%, Hang Seng Index return: 6.85%, excess return: -0.53%[41] - Full period (2020.1–2026.1) excess annualized return: 19.3%, excess Sharpe ratio: 2.45[41] - Annualized excess returns by year: 2020: 30.9%, 2021: 12.0%, 2022: 11.9%, 2023: 22.5%, 2024: 23.2%, 2025: 18.6%, 2026 YTD: -6.2%[42] - Maximum drawdown during the full period: -7.6%[42] - Monthly win rate during the full period: 75.3%[42]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the Shanghai government's initiative to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and university graduates [5] - The first batch of purchased second-hand homes will focus on properties that are well-located, have clear ownership, and are small-sized, with a strong willingness from owners to sell [6] - The report indicates a marginal recovery in Shanghai's housing market, with January 2026 seeing a year-on-year increase of 35.8% in new residential sales and 24.2% in second-hand home transactions [7] Summary by Sections Government Initiatives - Shanghai has launched a program to acquire second-hand homes for affordable rental housing, with three districts (Pudong, Jing'an, and Xuhui) as pilot areas [5] - The acquisition focuses on properties that match housing needs, are reasonably laid out, and are in well-equipped areas, ensuring affordability and sustainability [10] Market Trends - The report notes that the Shanghai housing market is showing signs of recovery, with a significant increase in both new and second-hand home sales in January 2026 [7] - The second-hand home listing index in Shanghai has decreased by 12.2% compared to early 2025, indicating a reduction in market supply [7] Investment Recommendations - The report recommends several companies that are well-positioned to benefit from the housing market recovery, including major real estate firms and property management companies that excel in service quality [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company, Leshu Shi, is a leading player in the African hygiene products market, specializing in baby diapers and sanitary napkins, with the highest market share in both categories. The African market benefits from a demographic dividend and low penetration rates in these product categories, indicating significant growth potential. The company's strong localization capabilities are expected to drive long-term stable growth as it expands its distribution channels and product categories in Africa and replicates its operational model in other emerging markets [5][15]. Financial Summary - The company’s revenue is projected to grow from $411 million in 2023 to $712 million by 2027, with a compound annual growth rate (CAGR) of 19.2% from 2022 to 2024. The net profit is expected to increase from $65 million in 2023 to $154 million in 2027, with a CAGR of 127.4% during the same period. The gross margin is forecasted to remain stable around 35% [8][21][25]. Product and Market Positioning - Leshu Shi has developed a multi-brand strategy with a diverse product matrix, including four major brands in the baby care segment and three in the women's care segment. The company has a total of 263 SKUs for baby diapers and 44 for sanitary napkins, catering to various local needs. The company maintains the leading sales market share in Africa for both product categories, with significant growth rates outpacing competitors [6][15]. Production and Distribution Capabilities - The company operates eight factories across eight African countries, with a focus on local production to enhance cost efficiency. It has established a deep distribution network that covers over 30 countries, reaching more than 80% of the local population. This extensive network and understanding of local markets provide a competitive edge over international brands [7][15]. Regional Performance - Revenue growth varies by region, with West Africa showing stable growth, East Africa as a high-growth area, and Central Africa experiencing rapid expansion. Latin America is emerging as a new growth engine, with revenue increasing significantly from $0.004 million in 2022 to $0.09 million in 2024 [31][35][38]. Cash Flow and Liquidity - The company has seen a substantial increase in operating cash flow, rising from $0.14 million in 2022 to $1.10 million in 2024, with a CAGR of 184.1%. Cash and cash equivalents have also grown from $0.22 million to $0.31 million during the same period, indicating improved liquidity and financial stability [42][44].

2026 年 02 月 04 日 开源晨会 0204 ——晨会纪要 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 5.630 | | 国防军工 | 4.424 | | 机械设备 | 3.976 | | 建筑材料 | 3.520 | | 钢铁 | 3.284 | | 数据来源：聚源 | | 源 证 券 证 券 研 究 报 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 银行 | -0.851 | | 非银金融 | 0.172 | | 煤炭 | 0.381 | | 石油石化 | 0.437 | | 公用事业 | 0.671 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 【中小盘】SpaceX 拟部署百万颗卫星系统，重视运力和太空算力投资机会——中 小盘策略专题-20260203 【银行】2026 年净息差展望：筑底 ...

非银金融/证券Ⅱ 华泰证券（601688.SH） 再融资靴子落地，利好国际业务增长 2026 年 02 月 03 日 投资评级：买入（维持） 日期 2026/2/2 当前股价(元) 22.69 一年最高最低(元) 25.75/14.60 总市值(亿元) 2,048.20 流通市值(亿元) 1,657.90 总股本(亿股) 90.27 流通股本(亿股) 73.07 近 3 个月换手率(%) 80.96 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 64% 2025-02 2025-06 2025-10 华泰证券 沪深300 相关研究报告 《业绩超预期，综合实力行业领先— 华泰证券 2025 三季报点评》 -2025.10.31 高超（分析师） 卢崑（分析师） 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 事件：2 月 3 日上午，华泰证券公告拟根据一般性授权发行可转换为本公司 H 股 股份的债券。 再融资靴子落地，利好国际业务增长 本次发行 H 股零息可转债（悉数转换后）一共对 H 股股份稀释 29.53%，对总股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The issuance of H-share zero-coupon convertible bonds is expected to dilute H-share capital by 29.53% and total capital by 5.6%, with proceeds aimed at overseas business development and working capital supplementation. This is anticipated to have short-term pressure on the stock price, particularly in the Hong Kong market, but is expected to benefit long-term international business growth and enhance overall ROE [4][5][6] - The company maintains its profit forecast, projecting net profit attributable to shareholders of 168 billion, 217 billion, and 251 billion yuan for 2025-2027, representing year-on-year growth of 9%, 29%, and 16% respectively. The corresponding PE ratios are 12.2, 9.4, and 8.2 times, with a current PB of 1.20 times [4][6] Financial Summary - Revenue is projected to reach 37,078 million yuan in 2025, with a year-on-year decrease of 10.6%, followed by a recovery to 43,144 million yuan in 2026 and 48,837 million yuan in 2027, with growth rates of 16.4% and 13.2% respectively [7][10] - Net profit attributable to shareholders is expected to be 16,750 million yuan in 2025, 21,680 million yuan in 2026, and 25,067 million yuan in 2027, with year-on-year growth rates of 9.1%, 29.4%, and 15.6% respectively [7][10] - The company's gross margin is projected to improve from 51.2% in 2025 to 58.5% in 2027, while the net margin is expected to rise from 45.2% to 51.3% over the same period [7][10] Valuation Metrics - The projected PE ratios for the company are 12.2 for 2025, 9.4 for 2026, and 8.2 for 2027, indicating a favorable valuation trend [7][10] - The projected PB ratios are 1.2 for 2025, 1.1 for 2026, and 1.0 for 2027, suggesting a decreasing trend in the price-to-book ratio [7][10]