研究报告 Research Report 15 Jan 2026 李宁 LI NING (2331 HK) 4Q25 营运表现点评：4Q25 流水符合预期，上调 25 年净利率指引 4Q25 Operating Review: GMV in Line with Expectations; 25E Net Profit Margin Guidance Raised [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$19.55 目标价 HK$22.30 HTI ESG 0.8-2.2-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$50.53bn / US$6.48bn 日交易额 (3 个月均值) US$42.39mn 发行股票数目 2,585mn 自由流通股 (%) 86% 1 年股价最高最低值 HK$20.28-HK$13.96 注：现价 HK$19.55 为 20 ...

Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1] Core Insights - The company reported a strong sales performance at the end of the year, with a total sales amount of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, maintaining a top-three ranking in the industry [6] - The company has actively acquired land, with 33 plots purchased in 2025, corresponding to a planned construction area of 3.39 million square meters and a total land price of 91.7 billion yuan [7] - Regular income showed steady growth, with total regular income reaching 51.15 billion yuan in 2025, a year-on-year increase of 6.5% [8] Summary by Sections Sales Performance - In December, the company achieved a sales amount and area growth of 28.1% and 29.1% year-on-year, respectively, with significant contributions from major cities [6] Land Acquisition - The average land acquisition price was 27,024 yuan per square meter, with a land acquisition intensity of 39% [7] Regular Income - The rental income from operational real estate (shopping centers, office buildings, hotels) was 32.94 billion yuan, reflecting a year-on-year increase of 12.8% [8] Financial Summary - The projected net profit for 2025-2027 is 21.71 billion, 24.07 billion, and 26.37 billion yuan, respectively, with corresponding EPS of 3.05, 3.37, and 3.70 yuan [5][9]

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 01 月 15 日 [Table_Title] Q4 流水承压，关注新店型和新产品发展 [Table_Title2] 李宁(2331.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 2331 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 20.28/14.52 | | 目标价格(港元)： | | 总市值(亿港元) | 505.33 | | 最新收盘价(港元)： | 19.55 | 自由流通市值(亿港元) | 505.33 | | | | 自由流通股数(百万) | 2,584.81 | [Table_Summary] 事件概述 李宁发布最新运营状况，25Q4 李宁（不包括李宁 YOUNG）流水同比实现低单位数下降，其中线下/电商分 别为中单位数下降/持平，零售/批发分别为低单位数下降/中单位数下降。 大股东持续增持，李宁/李麒麟先生持股比例由年初的 10.7%/10.6%提升至 14.8%/14.4%，回购价格在 14.96-1 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Insights - The company reported a retail revenue growth of approximately 10% year-on-year for its main brand and children's clothing in Q4 2025, with e-commerce platform revenue showing a high double-digit growth [2][6]. - The company is expanding its super stores rapidly, with 126 super stores established by the end of 2025, which is expected to significantly enhance sales performance and drive retail growth [9]. - The company is projected to achieve net profits of 1.26 billion, 1.37 billion, and 1.50 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9, 8, and 7, indicating a relatively low valuation [9]. Summary by Sections Retail Performance - The company maintained a retail growth rate of about 10% in Q4 2025, outperforming peers, with stable discount and inventory levels [9]. Store Expansion - The rapid expansion of super stores is expected to meet consumer demand for cost-effective shopping and significantly contribute to retail growth [9]. Financial Projections - Revenue projections for the company are as follows: 10.07 billion in 2024, 11.19 billion in 2025, 12.33 billion in 2026, and 13.48 billion in 2027, with respective growth rates of 20%, 11%, 10%, and 9% [11]. - The projected earnings per share (EPS) are 0.56, 0.61, 0.66, and 0.72 for the years 2024 to 2027 [11].

中国海外宏洋集团 （00081.HK） 2026 年 01 月 15 日 投资评级：买入（首次） | 日期 | 2026/1/14 | | --- | --- | | 当前股价(港元) | 2.020 | | 一年最高最低(港元) | 2.640/1.600 | | 总市值(亿港元) | 71.90 | | 流通市值(亿港元) | 71.90 | | 总股本(亿股) | 35.59 | | 流通港股(亿股) | 35.59 | | 近 3 个月换手率(%) | 14.76 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2025-01 2025-05 2025-09 中国海外宏洋集团 恒生指数 中海品牌铸就下沉龙头，低线布局"剩者为王" ——港股公司首次覆盖报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编 ...

【事件】 2026 年 1 月 14 日，信义玻璃在沙特未来矿业大会期间，与沙特工业城市 和技术区管理局（MODON）正式签署投资协议。项目总投资额约 3.86 亿 美元，占地超 35 万平方米，规划建设浮法、汽车及高性能 Low-E 节能玻 璃生产线。该项目将成为信义玻璃在中东的旗舰生产基地，并填补沙特汽 车玻璃制造的产业空白。项目产品旨在服务沙特本地市场，并辐射中东、 北非及欧洲，与沙特"2030 愿景"的产业本地化战略深度契合。 【点评观点】 ➢ 实现产能出海跃迁，项目具有核心战略意义： 1. 规避贸易壁垒，深化区域布局：项目直接对接沙特及周边市场，可有 效规避潜在的贸易关税风险（如美国对华汽车玻璃关税），并利用沙特与 多国的自贸协议，辐射更广阔的市场。 2. 抢占产业空白，获取先发优势：作为"沙特首家汽车玻璃生产企业"， 项目具备显著的卡位意义，能提前锁定本地化供应链需求，特别是在沙特 大力发展汽车产业的背景下。 3. 优化产品与收入结构：项目包含高附加值的汽车玻璃和 Low-E 节能 玻璃产线，有助于公司提升整体盈利能力，对冲国内浮法玻璃的周期波 动。 信义玻璃（0868 HK） 2026-1-15 ...

Investment Rating - The report indicates a positive outlook for the company, with expectations of accelerated sales growth in the second half of 2025 [5]. Core Insights - The company is projected to benefit from improved product mix, declining raw material prices, and cost savings in sales management, leading to an expansion in gross and net profit margins [5][6]. - All business segments are expected to achieve double-digit year-on-year growth, driven by promotional activities in the tea beverage sector and an increase in the number of beverage heating cabinets in stores to support winter sales [5]. - The packaging water segment is anticipated to recover its market share, with sales expected to reach 91% of the 2023 level in 2025, continuing to grow in 2026 [6]. Summary by Sections Company Overview - The company is a market leader in China's packaged drinking water and beverage industry, focusing on providing healthy and high-quality drinks [9]. - Major products include packaged drinking water, tea beverages, juices, and functional drinks, with packaged drinking water and tea beverages contributing 47% and 30% of total revenue, respectively, as of December 2023 [9][10]. Revenue Projections - Revenue growth for the second half of 2025 is expected to exceed management's guidance for the year, with all business segments projected to achieve double-digit growth [5]. - The tea beverage segment is expected to perform exceptionally well due to promotional activities and favorable comparisons to the low base in the second half of 2024 [5]. Catalysts - Key catalysts for growth include further market share acquisition in the packaging water business, declining PET prices, faster-than-expected macroeconomic recovery, continuous new product launches, and strong growth in the sugar-free tea beverage segment [7].

中国东方教育（0667.HK） 2026-01-15 星期四 | 目标价： | | 10.05 | 港元 | | --- | --- | --- | --- | | 现 | 价： | 6.64 | 港元 | | 预计升幅： | | 51.3% | | | 重要数据 | | | --- | --- | | 日期 | 2026-01-14 | | 收盘价（港元） | 6.64 | | 总股本（亿股） | 22.13 | | 总市值（亿港元） | 146.99 | | 净资产（亿元） | 57.66 | | 总资产（亿元） | 98.21 | | 52 周高低（港元） | 9.15/2.41 | | 每股净资产（元） | 2.62 | 数据来源: Wind 、国元证券经纪(香港)整理 | 吴俊保 | 33.139 | | --- | --- | | 吴伟 | 22.509 | | 肖国庆 | 20.10% | 买入 职教龙头战略转型，穿越周期重拾增长 【投资要点】 请务必阅读投资评级定义及免责条款 洞察市场需求，区域中心战略释放盈利空间 公司深耕职教三十余年，各品牌知名度不断提升，深入产教融合，重视人才 培养，平均 ...

Investment Rating - The report maintains a positive outlook on Lenovo Group, with expectations of net profit growth in the third quarter of fiscal year 2026, driven by robust PC shipments and stable profit margins [4]. Core Insights - Lenovo's PC business is expected to remain resilient, with a projected year-on-year revenue increase in the third quarter of fiscal year 2026, despite rising memory prices impacting profit margins [4][5]. - The Infrastructure Solutions Group (ISG) is anticipated to approach breakeven in operating profit margins, with profitability expected in the fourth quarter of fiscal year 2026 due to product mix optimization and sales team restructuring [4]. - Lenovo's strong bargaining power and large-scale procurement capabilities position it favorably against competitors, allowing it to better manage cost pressures and transition towards the high-end market [4]. Summary by Relevant Sections Company Overview - Lenovo is the largest PC brand globally, holding a 24% market share in sales. The company has expanded its global footprint through acquisitions and joint ventures in the PC, smartphone, enterprise server, and cloud service sectors [8]. - Approximately 80% of Lenovo's revenue comes from laptops and desktops, while 10% is derived from smartphones and another 10% from servers, services, and software [8]. Revenue Breakdown - The revenue distribution by product category is as follows: Intelligent Devices Group (73.1%), Infrastructure Solutions Group (14.6%), and Solutions and Services Group (12.3%) [9]. - The revenue distribution by region is: Asia (39.8%), Americas (34.5%), Europe (17.3%), and Middle East & Africa (8.5%) [9]. Catalysts - Key catalysts for Lenovo's growth include a rebound in global PC shipments, continuous market share expansion in the PC segment, AI PC launches boosting shipments and profit margins, and improved profitability prospects in the server business [6].

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company has signed an exclusive licensing agreement with AbbVie for its PD-1/VEGF bispecific antibody drug RC148, receiving an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [1][2] - The collaboration with AbbVie is expected to enhance the company's international clinical development and market expansion, leveraging AbbVie's existing oncology pipeline [2] - Initial clinical data for RC148 shows promising results, with an objective response rate (ORR) of 61.9% for monotherapy and 66.7% for combination therapy, indicating strong potential for further clinical advancement [3] Financial Summary - The company forecasts revenues of 2.75 billion, 3.38 billion, and 4.41 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 60.95%, 22.97%, and 30.40% [7] - The projected net profit for 2026 is expected to be -315.8 million CNY, with a turnaround to a profit of 383.89 million CNY by 2027 [7] - The gross margin is anticipated to remain high, with estimates of 83.65% in 2025 and 82.27% in 2026 [8]