交银国际每日晨报-20260302

Core Insights - The report emphasizes a shift in trading logic for Hong Kong stocks from "expectation speculation" to "profit verification" due to the convergence of the National "Two Sessions" policy and corporate annual reports [1] - Key variables to watch in March include the effectiveness of policy implementation from the National "Two Sessions," annual performance guidance, and corporate buyback efforts, as well as the Federal Reserve's March FOMC meeting [1] - The industry allocation focuses on "profit certainty" and "policy resonance," with a balanced approach towards sectors such as internet and new economy growth, hard technology and overseas manufacturing, globally priced upstream resources, and low-volatility dividend assets [1] Company Summaries Nvidia (NVDA US) - Nvidia's long-term growth visibility has improved, with an upward revision of FY2027E/28E revenue to $354.5 billion and $455.7 billion, respectively, and Non-GAAP EPS to $8.06 and $10.52 [3][7] - The company expects FY1Q27 revenue guidance of $78 billion, with a Non-GAAP gross margin of 75% [3] - The revenue from network chips is highlighted as a significant growth driver, with a year-on-year increase of over 3.5 times [3] AMD (AMD US) - AMD has entered a partnership with META for a 6GW data center infrastructure development agreement, with potential revenue of $15-21 billion from the first GW [8] - The company maintains a buy rating with a target price of $275, reflecting a potential upside of 35% [8] - Revenue and Non-GAAP EPS forecasts for 2026-28 have been adjusted to $46.84 billion, $66.16 billion, and $80.62 billion, with Non-GAAP EPS of $6.65, $10.31, and $12.71 [9] BeiGene (6160 HK) - BeiGene reported strong product sales in Q4 2025, with a revenue guidance of $6.2-6.4 billion for 2026, indicating a growth rate of 16-20% [10][11] - The company achieved a Q4 2025 sales figure of $1.1 billion for its drug, with a gross margin of 90.5% [10] - The focus for 2026 includes multiple R&D initiatives across various therapeutic areas, with a slight downward adjustment in profit forecasts [12]