In this article, we will discuss the 10 Unstoppable Stocks to Buy and Hold for the Next 3 YearsFundstrat’s Tom Lee recently appeared on CNBC Television, highlighting that stocks declined mainly because of the software downturn and a general risk-off as gold surged. That being said, he believes earnings have been strong and that economic reports have been good. The positioning has gotten risk-off enough, and there are expectations that the S&P 500 might climb towards 7,300 in a labored way, added Lee.Federat ...

每经AI快讯，2月28日，据洲际交易所，截至2月24日当周，柴油期货投机者将净多头头寸增加28210 手，至100595手。 ...

Group 1 - The core viewpoint of the news is that Chow Tai Fook's gold price has shown a significant increase over the past week, with a closing price of 1576.0 yuan per gram as of February 27, 2026, reflecting a weekly increase of 2.01% [2][3] - The highest price recorded during the week was 1576.0 yuan per gram, while the lowest was 1545.0 yuan per gram, indicating a price range of 31.0 yuan per gram [2][3] - The average gold price for the week was 1566.40 yuan per gram, providing a benchmark for price performance [1][2] Group 2 - The trading volume for Chow Tai Fook's gold was noted, with significant activity observed during the trading hours, indicating investor interest [2] - The price movements reflect broader trends in the gold market, which may be influenced by various economic factors [2]

Core Viewpoint - The company reported a strong performance in Q4 2025, with net revenue reaching HKD 138.3 billion, a year-on-year increase of 22.5%, and adjusted EBITDA of HKD 43.0 billion, up 32.7%, meeting market expectations [1] Group 1: Financial Performance - The company's net revenue for Q4 2025 was HKD 138.3 billion, reflecting a year-on-year growth of 22.5% and a quarter-on-quarter increase of 13.7% [1] - Adjusted EBITDA reached HKD 43.0 billion, with a profit margin of 31.1%, which is an increase of 2.4 percentage points year-on-year [3] - The contribution from gaming and non-gaming segments was HKD 113.6 billion and HKD 17.4 billion, respectively, with year-on-year changes of +28.4% and +3.8% [1] Group 2: Gaming Revenue Breakdown - The company's gross gaming revenue was HKD 139.5 billion, a year-on-year increase of 26.5%, surpassing the industry growth rate of 15% [2] - VIP gaming revenue saw a significant increase of 102.0% year-on-year, reaching HKD 31.1 billion, driven by higher win rates and betting amounts [2] - The actual net win rate for Q4 2025 was 5.14%, compared to 3.0% in Q4 2024, indicating a strong performance in the VIP segment [2] Group 3: Market Share and Future Projections - The company's market share in Q4 2025 was 21.8%, an increase from 20.2% in Q3 2025 and 19.8% in Q4 2024 [3] - Future projections estimate net revenue for 2026 and 2027 at HKD 52,483 million and HKD 56,712 million, respectively, with expected growth rates of 6.6% and 8.1% [4] - The company is projected to maintain an adjusted EBITDA margin of approximately 28.7% in 2026 and 29.1% in 2027 [4]

Core Viewpoint - Galaxy Entertainment's 4Q25 performance met expectations, with revenue of HKD 13.833 billion, a year-on-year increase of 22% and a quarter-on-quarter increase of 14%, recovering to 107% of 4Q19 levels [1] Financial Performance - Adjusted EBITDA for 4Q25 was HKD 4.296 billion, up 33% year-on-year and 29% quarter-on-quarter, recovering to 106% of 4Q19 levels, exceeding Visible Alpha's consensus estimate of HKD 3.984 billion but aligning closely with the company's forecast of HKD 4.221 billion [1] - The average daily fixed operating cost for 4Q25 was approximately HKD 3.7 million, benefiting from IT upgrades that improved cost control [1] Development Trends - Management emphasized that no trademark licensing fees will be paid as all trademarks and brand names belong to the company, ensuring aligned interests [1] - There has been an increase in customers from regions outside of China, attributed to the establishment of sales offices in Tokyo, Seoul, Bangkok, and Singapore [1] - Management hopes to obtain additional gaming tables for Phase Four, designed as a comprehensive resort with rich non-gaming projects, which is expected to complement Phase Three and boost the Galaxy International Convention Center and Galaxy Arena [1] Dividend and Investment Outlook - The company announced a final dividend of HKD 0.80 per share, with a payout ratio of 65% for 2H25, compared to 30% in 2019 [2] - The company aims to maintain its current reinvestment rate and is expected to benefit from strong post-holiday demand due to the extended 9-day Chinese New Year holiday in 2026 [2] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2026 and 2027, with the current stock price corresponding to 9 times the 2026 EV/adjusted EBITDA [2] - The target price is set at HKD 44.10, reflecting 11 times the 2026 EV/adjusted EBITDA, indicating a 6% upside potential from the current stock price [2]

We estimate the remaining capex at Rmb10bn by end-3Q27, and the firm slightly raised its FY26 capex guidance to Rmb12.5bn (vs. previous guidance of Rmb11bn). The firm's gearing ratio fell 1ppt YoY to 64.7% as of end-1HFY26, marking the first decline in the past five years. Operating cash flow, capex, and free cash flow were Rmb3.3bn (down YoY due to increased receivables), Rmb5.2bn, and -Rmb1.9bn. Black paper: Linerboard and corrugated board recoveredsteadily. We estimate net profit per tonne of paper at Rm ...

降息背景下，资产量增驱动收入增长。（后接正文）盈利预测与估值 业绩回顾 4Q25 业绩超出我们和市场预期 公司公布2025 年业绩，全年经调（除特殊事项，后同）营业收入710 亿美元，YoY +5.3%；全年经调归 母普通股净利润278 亿美元，YoY +12.5%，4Q25 业绩超出我们和市场预期，主要由于息差韧性和财富 管理收入表现好于预期。公司公布2026-2028 年业绩指引，提出营收每年均能实现同比增长，到2028 年 实现5%的同比增长，经调ROTE 每年均达17%+。 机构：中金公司 研究员：严佳卉/吕松涛/张帅帅 发展趋势 降息背景下2025 年经调净利息收入仍实现上行，好于市场预期；且公司指引2026 年继续保持低单位数 增长。4Q25 经调净利息收入环比+6%、同比+8%至117 亿美元，主要由存款环比+3%、HIBOR 环比走 高、结构性对冲等因素带动。降息背景下，公司全年依然实现了同比+0.2%的经调净利息收入上行，主 要即由于存款同比+8%以及结构性对冲贡献，净息差我们计算2025年同比下降8bp 至2.01%。展望2026 年，公司表示综合考虑降息、资产增长、结构性对冲等影响，指引 ...

机构：中金公司 资本开支略上调；资产负债率五年来首次下滑。公司公告已无造纸产能投放，仅剩四条浆线（250 万吨 化学浆，新增一条东莞50万吨拟27Q3 落地），投产地点为天津、重庆、北海、东莞，天津、东莞是传 统箱板瓦楞纸基地，我们认为公司此举或通过增加本色浆优化箱板纸结构，放大传统黑纸系盈利优势。 我们预计公司剩余资本开支100 亿元内，于27Q3 收尾，公司略上调FY26资本开支至125 亿元（前期指 引110 亿元）。截至1HFY26，公司资产负债率64.7%，同比-1ppt，为过去五年首次下滑；经营现金流、 资本开支、自由现金流为33 亿元（同比下滑，主要是应收增多）、52 亿元、-19 亿元。 黑纸：箱板瓦楞纸平稳复苏。我们估算期间吨纸净利约100 元。 往前看，我们认为2026 年行业供给基本收尾、需求平稳增长，我们看好板块周期筑底、迎来供需面平 稳修复行情，近期玖龙各大基地均发布春节后50 元/吨提价函，公司作为国内最大的箱板瓦楞纸龙头 （市占率25%左右），业绩受益板块修复弹性明显。 研究员：徐贇妍/陈彦/楼兰 业绩回顾 1HFY26 业绩符合前期预告和我们预期 公司公告1HFY26 业绩：实 ...

产业链相关业务优势协同，福建LNG 接收站有望贡献增量。公司目前运营中石油旗下江苏如东和河北 唐山2 座LNG 接收站，另外福建LNG 接收站在建，根据福州发改委预计将于2027 年投产，有望贡献业 绩增量；基于中石油长协资源，接收站负荷率有望保持高位稳定。受益于产业协同优势，产业链相关业 务有望持续贡献稳定盈利；上游勘探与生产业务持续收缩，价格波动对公司盈利的影响或进一步弱化。 盈利预测与评级： 我们预计公司2025-2027 年分别实现归母净利润60.74/62.76/66.06 亿元，2025-2027 年 EPS 分别为0.70/0.72/0.76 元/股，按最新收盘价对应PE 分别为11/10/10 倍。公司2025 年计划派息比例 45%，当前股价对应股息率4.3%。可比公司华润燃气、新奥能源、中国燃气2025-2027 年平均PE分别为 12/12/11 倍。公司城燃量增利稳，产业链相关业务贡献稳健盈利，分红回购彰显发展信心。首次覆盖， 给予"买入"评级。 风险提示：销气量增长不及预期、上游气源成本波动风险、LNG 接收站加工费调整 机构：华源证券 研究员：查浩/刘晓宁/邹佩轩 中石油旗下唯一天 ...

Core Viewpoint - The company is expected to achieve long-term excess returns through internal efficiency improvements and external channel and product category expansions, despite facing short-term performance pressure due to channel reforms [1] Group 1: Investment Outlook - The company maintains a "Buy" rating, with revised net profit estimates for 2025-2027 at 956 million, 1.211 billion, and 1.489 billion RMB, reflecting a year-on-year change of -42%, +27%, and +23% respectively [1] - The target price is set at 12.45 RMB, based on a 24.9X PE ratio for 2026, referencing comparable companies like Dongpeng Beverage and Nongfu Spring [1] Group 2: Management Changes - The company announced the resignation of Zhang Wei as Executive Director and Chairman, with Gao Li appointed to these roles effective January 14, 2026 [1] - Gao Li has extensive experience in the beverage sector, having worked nearly 10 years at China Resources Beverage and served as CFO from 2012 to 2020, aligning with the company's goals for management reform and efficiency improvements [1] Group 3: Channel and Product Development - Starting in 2025, the company will address high channel inventory and management issues by increasing investment in channel management and transitioning from large to small distributors [2] - The company anticipates a recovery in its packaged water business and growth in its beverage segment, with new products like herbal drinks and sugar-free teas expected to drive sales [2] Group 4: Operational Efficiency - The company is making steady progress in transforming its production, marketing, and operations centers, which includes increasing self-production rates and optimizing logistics to reduce transportation costs [2] - The new chairman's financial background is expected to enhance management efficiency and improve profitability over time [2]