Investment Rating - The investment rating for the company is "Buy" for both H-shares and A-shares, with target prices set at HKD 91 and RMB 170 respectively [6]. Core Insights - The report highlights the positive impact of AI-related demand on the company's average selling price (ASP), which is expected to rise due to supply constraints in mature processes and increased demand for AI-related products [2][3]. - The establishment of an advanced packaging research institute indicates the company's strategic focus on enhancing its capabilities in advanced packaging, aiming to create an integrated delivery capability similar to TSMC's Foundry 2.0 [3][22]. - The company is projected to maintain a capital expenditure level similar to 2025, with a focus on expanding its 12-inch wafer capacity and addressing the depreciation impact on profit margins [4][20]. Summary by Sections Financial Performance - In Q4 2025, the company reported revenues of USD 2.489 billion, a 4.5% increase quarter-over-quarter, and a gross margin of 19.2%, which aligns with previous guidance [14][16]. - The company expects Q1 2026 revenues to remain flat quarter-over-quarter, with a gross margin forecast of 18% to 20% [19]. Revenue and Profit Forecast - Revenue forecasts for 2026 and 2027 have been adjusted upwards by 1.9% and 4.1% respectively, with projected revenues of USD 110 billion, USD 134 billion, and USD 149 billion for 2026, 2027, and 2028 [20][22]. - Net profit forecasts for 2026 and 2027 have been revised downwards by 4.6% and 14.7% respectively, with expected net profits of USD 7.0 million, USD 7.9 million, and USD 9.7 million for the same years [20][22]. Market Position and Strategy - The company is recognized as the only scalable advanced process platform in mainland China, which provides it with strategic scarcity in the market [22]. - The report emphasizes the company's proactive investment in local production and the domestic AI industry chain opportunities, positioning it as a key beneficiary of the global supply chain restructuring [22].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $13.56, up from the previous $12.46, primarily due to an increase in comparable company valuation averages [5][10]. Core Insights - The company reported Q4 revenue of 1.56 billion RMB, a year-over-year increase of 16.8%, exceeding Bloomberg's consensus estimate of 12.4%. This growth is attributed to the surge in advertising business driven by increased demand for AI applications and a recovery in learning services [1][5]. - The advertising segment continued its rapid growth, generating 660 million RMB in Q4, a year-over-year increase of 37.2%. This growth was fueled by heightened competition among AI application vendors and a significant rise in customer acquisition demand [2][5]. - Learning services revenue reached 727 million RMB in Q4, reflecting a year-over-year growth of 17.7%. The core product maintained strong growth, with a renewal rate increase of 5 percentage points to 75% [3][5]. Summary by Sections Financial Performance - Q4 operating profit was approximately 60.2 million RMB, surpassing Bloomberg's consensus estimate of 26.5 million. The company achieved profitability for six consecutive quarters, with annual operating profit increasing by 48.7% to 220 million RMB, marking the first year of positive operating cash flow [1][5]. - The report forecasts 2026 revenue to continue the growth momentum seen in Q4, with advertising business benefiting from AI applications and gaming industry demand expected to sustain high growth [1][4]. Revenue and Profit Forecast - The company expects revenues of 6.597 billion RMB and 7.574 billion RMB for 2026 and 2027, respectively, with a projected 2026 Non-GAAP net profit of 254 million RMB [4][8]. - The report anticipates a significant increase in AI subscription service sales, which surpassed 100 million RMB in Q4, growing over 80% year-over-year, driven by strong demand for AI translation services [3][4]. Valuation Analysis - Using the SOTP valuation method, the report assigns a PE ratio of 18.14x for K12 business and 21.61x for smart hardware business for 2026E. The online marketing business is valued at 16x 2026E PE, reflecting a premium due to its rapid growth [10][11]. - The target price of $13.56 is based on the adjusted valuation of comparable companies, indicating a positive outlook for the company's market position [10][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 91 for H-shares and RMB 170 for A-shares [6][22]. Core Insights - The report highlights the positive impact of AI-related demand on the company's average selling price (ASP), predicting a steady increase in ASP due to both AI demand and a reduction in supply of traditional products [2][20]. - The establishment of an advanced packaging research institute is seen as a strategic move to enhance the company's capabilities in advanced processes and packaging, aligning with the "Foundry 2.0" development strategy [3][22]. - The company is expected to maintain a high capacity utilization rate and stable revenue growth, with 2026 revenue projected to exceed industry averages [1][19]. Summary by Sections Financial Performance - In Q4 2025, the company reported revenue of USD 2.489 billion, a 4.5% increase quarter-on-quarter, and a gross margin of 19.2%, which aligns with previous guidance [14][16]. - The company anticipates Q1 2026 revenue to remain flat with a gross margin between 18% and 20% [19][11]. Revenue and Profit Forecast - Revenue forecasts for 2026 and 2027 have been adjusted upward by 1.9% and 4.1%, respectively, with expected revenue growth of 18% in 2026, 22% in 2027, and 11% in 2028, reaching USD 110 billion, USD 134 billion, and USD 149 billion [20][4]. - Net profit forecasts for 2026 and 2027 have been revised downward by 4.6% and 14.7%, respectively, with projected net profits of USD 7.0 billion, USD 7.9 billion, and USD 9.7 billion for 2026 to 2028 [20][4]. Market Position and Strategy - The company is positioned as the only scalable advanced process platform in mainland China, benefiting from strategic scarcity [22]. - The report emphasizes the importance of localization in production, driven by supply chain security, and anticipates continued progress in domestic production in sectors like analog, RF, and CIS [3][22].

今日早参 2026 年 2 月 12 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：核心通胀回升渐入佳境 2026 年 1 月中国 CPI 同比 0.2%（前值 0.8%，彭博一致预期 0.4%），环比 增速持平于 12 月的 0.2%；PPI 同比-1.4%（前值-1.9%），略高于彭博一致 预期的-1.5%，环比较 12 月的 0.2%上行至 0.4%。 风险提示：反内卷政策推进程度不及预期，内需超预期走弱。 研报发布日期：2026-02-11 研究员 吴宛忆 SAC:S0570524090005 SFC:BVN199 易峘 SAC:S0570520100005 SFC:AMH263 王洺硕 SAC:S0570525070003 SFC:BUP051 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 今日早参 | 2026 年 2 月 12 日 宏观：1 月新增非农反弹但持续性待观察 概览：2026 年 1 月美国新增非农就业 13 万，高于彭博一致预期的 6.5 万， 11-12 月累计下修 1 ...

证券研究报告 网易 (NTES US) 4Q 收入低于预期，游戏递延周期增长 2026 年 2 月 12 日│美国 互联网 网易 4Q25 总营收同比+3%至 275 亿元，低于 VA 一致预期（下同）5%， 主因游戏收入递延周期增加。递延收入超预期 21%，环比提升 10 亿元。经 调整归母净利润同比下降 27%至 71 亿元，低于预期 23%，主因投资损益影 响，拼多多等股票投资减值金额较大。我们预计网易 1H 流水有望边际改善： ①《燕云》全球累计用户达 8000 万，26 年海外全端流水有望达到 20-30 亿元；②《遗忘之海》管理层表示 3Q 有望上线，2 月测试反馈优秀，题材 和美术风格具备差异化优势，我们预计 12 个月流水有望达 25-50 亿元；③ 其他重点储备：《无限大》1 月封闭测试符合预期，中式妖鬼题材自走棋《妖 妖棋》1 月获版号，ARPG 端游《归唐》关注度较高。当前网易估值尚处低 位，我们看好 26 年收入和利润释放，重申"买入"评级。 《燕云》海外放量在即，《遗忘之海》打开 26 年增量空间 4Q 游戏和增值服务收入同增 3%至 220 亿元，其中游戏收入同增 4%至 213 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of €181 per share [6][12]. Core Insights - The company reported a record high in new gas turbine orders for Q1 2026, achieving revenue of €9.675 billion, a year-on-year increase of 8%, and a net profit of €1.159 billion, up 240% year-on-year, exceeding expectations by 3% [1][4]. - The order backlog at the end of Q1 2026 reached €146 billion, expected to cover 90% and 70% of revenues for FY 2026 and FY 2027 respectively, indicating high revenue visibility [1]. - The company forecasts revenue growth of 11-13% and low double-digit percentage growth for FY 2026-2028, with an expected profit margin of 9-11% and 14-16% for special items [1][4]. Summary by Sections Gas and Power Segment - The gas and power segment achieved revenue of €3.097 billion in Q1 2026, a 10% increase year-on-year, with a profit margin of 16.6%, up 2 percentage points [2]. - New orders in this segment totaled €8.751 billion, a 75% increase year-on-year, with 102 new gas turbine units ordered, marking a historical high [2]. - The company holds an order backlog of 51 GW and pre-agreements totaling 29 GW, with 27.5% of the backlog related to data centers [2]. Grid and Industrial Transformation Segment - The grid segment reported revenue of €3.054 billion, a 23% increase year-on-year, with a profit margin of 17.6%, up 5.2 percentage points [3]. - The company announced a $1 billion investment plan for grid capacity expansion, targeting production facilities in the U.S. [3][11]. - The wind power segment generated revenue of €2.355 billion, down 3% year-on-year, but the company aims for breakeven in this segment by 2026 [3][11]. Profit Forecast and Valuation - The company revised its profit forecasts for FY 2026, 2027, and 2028, projecting net profits of €3.384 billion, €4.563 billion, and €5.754 billion respectively, reflecting an 11-13% upward adjustment [4][18]. - The report employs a sum-of-the-parts (SOTP) valuation method, assigning a 25.49x EV/EBITDA multiple for FY 2026, leading to a target price of €181 per share [12][13].

证券研究报告 网易云音乐 (9899 HK) 港股通 积极布局会员扩容与价值提升 SAC No. S0570523100002 SFC No. BTP154 华泰研究 年报点评 投资评级(维持): 买入 目标价(港币): 239.40 夏路路 研究员 xialulu@htsc.com +(852) 3658 6000 詹博 研究员 zhanbo@htsc.com +(86) 21 2897 2228 朱珺 研究员 SAC No. S0570520040004 SFC No. BPX711 zhujun016731@htsc.com +(86) 10 6321 1166 郑裕佳 研究员 SAC No. S0570524070002 SFC No. BTB676 zhengyujia@htsc.com +(86) 10 6321 1166 基本数据 | 收盘价 (港币 截至 2 月 11 日) | 183.00 | | --- | --- | | 市值 (港币百万) | 39,872 | | 6 个月平均日成交额 (港币百万) | 191.98 | | 52 周价格范围 (港币) | 123.60-303.40 ...

2026 年 2 月 11 日│中国内地 动态点评 2026年 2月 11日我国在文昌航天发射场成功组织实施长征十号运载火箭系 统低空演示验证与梦舟载人飞船系统最大动压逃逸飞行试验。此次试验标志 着我国载人月球探测工程研制工作取得重要阶段性突破，同时也是长征十号 系列火箭在可回收技术上的重要突破。可回收火箭的进展是商业航天板块的 重要催化，也是加速航天产业发展，建设航天强国的关键之一。我们持续看 好 2026 年商业航天板块表现，建议重点关注产业进展和相关标的。 我国可回收火箭持续取得突破，太空运力产能有望持续增长 证券研究报告 航天军工 我国可回收火箭持续取得突破 华泰研究 风险提示：可回收火箭发射存在失败风险，航天产业政策变化，本研报涉及 的未上市或未覆盖个股内容，均系对其客观信息的整理，并不代表团队对该 公司、该股票的推荐或覆盖。 航天军工 增持 (维持) 2 月 11 日长征十号飞行试验的火箭一子级成功完成返回段飞行和受控溅落， 是我国在重复使用火箭技术领域取得的重要进展。飞行试验进一步考核了火 箭返回段发动机多次起动和高空点火的可靠性、复杂力热环境适应性、返回 段高精度导航控制等多项关键技术，为后续 ...

Investment Rating - The industry investment rating is "Overweight" [6] Core Views - The report highlights that the server CPU market is experiencing supply shortages due to increased demand driven by AI advancements and cloud computing needs. The delivery cycle for some CPU models may extend up to 6 months [1] - The rapid development of Agentic AI is expected to significantly increase the demand for CPUs, as these systems require more computational power for tasks such as database retrieval and external tool calls [3] - The report emphasizes the importance of CPU in AI systems, predicting that the number of tasks executed by agents will grow from 44 billion in 2025 to 415 trillion by 2030, representing a compound annual growth rate of 524% [3] Summary by Sections Demand 1: Replacement Cycle and AI Demand - The general server market is currently in a 3-5 year replacement cycle, with significant growth in server procurement driven by the rise of remote work and online services during 2020-2021. The global shipment of general servers is expected to grow by 13% in 2024 and 8% in 2025, supporting a robust CPU market [2] Demand 2: Agentic AI Driving CPU Growth - Agentic AI, which integrates large language models and decision orchestration, is expected to create a new wave of demand for CPUs. The report cites a study indicating that CPU performance may become a bottleneck in Agentic AI systems, with tool processing delays accounting for up to 90.6% of total latency [3] Supply: Insufficient Advanced Process Capacity - Intel is facing supply shortages due to inadequate capacity planning for advanced processes, with shortages expected to persist until 2026. The company is prioritizing server CPU supply, but adjustments will not be completed until the end of Q1 2026 [4] Key Recommendations - The report recommends stocks such as Haiguang Information (688041 CH) with a target price of 291.00 and Lanke Technology (688008 CH) with a target price of 178.80, both rated as "Buy" [8][19]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of €181 per share [6]. Core Insights - The company reported a record high in new gas turbine orders for Q1 2026, achieving revenue of €9.675 billion, a year-on-year increase of 8%, and a net profit of €1.159 billion, up 240% year-on-year, exceeding expectations by 3% [1]. - The order backlog at the end of Q1 2026 reached €146 billion, expected to cover 90% and 70% of revenues for FY 2026 and FY 2027 respectively, indicating high revenue visibility [1]. - The company forecasts revenue growth of 11-13% and low double-digit percentage growth for FY 2026-2028, with an expected profit margin of 9-11% and 14-16% for special items [1]. Summary by Sections Gas and Power Segment - In Q1 2026, the gas and power segment achieved revenue of €3.097 billion, a 10% increase year-on-year, with a special items profit margin of 16.6%, up 2 percentage points [2]. - New orders in this segment totaled €8.751 billion, a 75% increase year-on-year, with 102 new gas turbine units ordered, marking a historical high [2]. - The company holds a 43% market share for gas turbines over 10MW, leading globally [2]. Grid and Industrial Transformation - The grid segment reported revenue of €3.054 billion, a 23% increase year-on-year, with a profit margin of 17.6%, up 5.2 percentage points [3]. - The company announced a $1 billion investment plan for grid capacity expansion, targeting production facilities in the U.S. and Europe [11]. - The wind power segment generated revenue of €2.355 billion, down 3% year-on-year, but the company aims for breakeven in this segment by 2026 [3]. Profit Forecast and Valuation - The company revised its profit forecasts for FY 2026, 2027, and 2028, projecting net profits of €3.384 billion, €4.563 billion, and €5.754 billion respectively, reflecting an 11-13% upward adjustment [4]. - The report employs a sum-of-the-parts (SOTP) valuation method, assigning a 25.49x EV/EBITDA multiple for FY 2026, leading to a target price of €181 per share [12].