永金证券晨会纪要-20260214

Market Overview - The report highlights a resilient U.S. job market, with non-farm payrolls increasing by 130,000 in January, significantly exceeding expectations of 70,000, and an unemployment rate of 4.3% compared to the expected 4.4% [12] - The U.S. 10-year Treasury yield rose by 6.2 basis points to 4.207%, indicating a shift in market expectations regarding interest rate cuts [12][10] - The Hang Seng Index closed at 27,266, up 83 points or 0.31%, continuing its upward trend with a total market turnover of HK$217.2 billion [13][18] Investment Strategy - The report suggests maintaining a cautious approach towards interest-sensitive assets like long-duration growth stocks and long-term bonds due to the strong job market and delayed interest rate cuts [9][10] - It emphasizes a strategy of "risk assets outperforming safe-haven assets" in the medium term, particularly focusing on sectors such as AI, healthcare, and defense [10] - A phased investment approach is recommended, utilizing dollar-cost averaging to navigate the current market volatility [10] Company Highlights - Kingsoft Cloud (3896) reported a revenue of RMB 2.478 billion for Q3 2025, a year-on-year increase of 31.4%, marking its first positive adjusted net profit of approximately RMB 28.73 million, indicating improved operational quality [22] - Zijin Mining (2899) achieved a revenue of approximately RMB 254.2 billion in the first three quarters of 2025, with a net profit attributable to shareholders of RMB 37.864 billion, reflecting over 55% year-on-year growth driven by rising prices and increased production of gold and copper [22] - Cloudflare, Inc. (NET) forecasts revenue of approximately $2.79 to $2.8 billion for 2026, driven by strong demand in AI, cloud security, and edge computing, with high visibility in subscription revenue [24] Economic Data - The report includes key economic data releases, such as the U.S. initial jobless claims for the week ending February 7, 2026, at 224,000 and continuing claims at 1.85 million for the week ending January 31, 2026 [21] - Japan's Producer Price Index for January is reported at a year-on-year rate of 2.3% and a month-on-month rate of 0.2% [21]