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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 103.27 HKD per share, based on an 18x PE valuation for 2026 [4][10][6]. Core Insights - The company's ARR reached 240 million USD by December 2025, ranking 14th globally in commercialization, with expectations for continued revenue growth in January 2026 driven by product advantages in the consumer sector [2][3]. - The company is projected to achieve a 9% year-on-year revenue growth in 2026, with total revenue expected to reach 154.9 billion CNY, and an adjusted profit of 22.5 billion CNY, reflecting a 10% increase [3][4]. Financial Performance Summary - Revenue for 2023 is forecasted at 113.47 billion CNY, with a growth rate of 20.5%. This is expected to increase to 167.52 billion CNY by 2027, with a growth rate of 8.2% [5][12]. - Adjusted net profit is projected to grow from 6.4 billion CNY in 2023 to 24.77 billion CNY by 2027, with corresponding growth rates of -146.7% in 2023 and 15.4% in 2027 [5][12]. - The company’s gross margin is expected to improve from 50.6% in 2023 to 56.8% in 2027, while the net profit margin is projected to rise from 5.6% to 14.8% over the same period [5][12].

Investment Rating - The report maintains a "Buy" rating for Alibaba [5][11] Core Insights - AI-driven growth in Alibaba Cloud is expected to continue, while e-commerce faces pressure with flash sales showing steady loss reduction. The company's large consumption strategy is progressing in a coordinated manner [4][10] - The forecast for Alibaba's revenue for FY2026-2028 is adjusted to 1,030.7 billion, 1,143.2 billion, and 1,251.8 billion CNY respectively, with adjusted net profits of 91.6 billion, 135.8 billion, and 176.1 billion CNY [4][14] - The target price is set at 207.7 HKD, based on a market capitalization of 35,656 billion CNY [4][14] Revenue and Profit Forecast - For FY2026, total revenue is projected at 1,030.7 billion CNY, with a year-on-year growth of 3.45%. The adjusted net profit is expected to be 91.6 billion CNY, reflecting a decrease of 13.21% year-on-year [13][15] - The revenue from Alibaba Cloud is anticipated to reach 434.9 billion CNY in FY26Q3, representing a year-on-year increase of 37.0% [10][15] E-commerce Performance - The e-commerce segment is projected to generate 1,054.8 billion CNY in FY26Q3, with a year-on-year growth of 3.4%. However, the growth rate is expected to slow down due to high base effects and policy impacts [10][15] - The flash sales segment is estimated to incur a loss of approximately 21.5 billion CNY in FY26Q3, with a single average loss of 3.7 CNY [10][15] Cloud Intelligence Group - The Cloud Intelligence Group is expected to accelerate further, driven by AI demand, with external revenue showing significant growth [10][15] - The report highlights Alibaba's unique position as the only full-stack AI cloud provider in China, which is expected to enhance its revenue and profit potential [10][15] Other Business Segments - The AIDC segment is projected to continue reducing losses, with an expected loss of 1.89 billion CNY in FY26Q3 due to increased investment in promotional activities [10][15] - The report emphasizes the potential for Alibaba's C-end AI applications to drive user growth and enhance the overall AI ecosystem [10][15]

Investment Rating - The report recommends subscription for the company, Longqi Technology, with an IPO price of HKD 31 per share, which is considered to have a certain safety margin in valuation [4]. Core Insights - Longqi Technology is a leading global brand and technology company providing solutions including product research, design, manufacturing, and support. It is the second-largest consumer electronics ODM manufacturer globally, holding a market share of 22.4%, and the largest in the smartphone ODM sector with a market share of 32.6% as of 2024 [2]. - The global consumer electronics ODM market is expected to grow from 853.5 million units in 2020 to 976.9 million units in 2024, with projections to reach 1,265.7 million units by 2029, driven by the proliferation of smart products and shorter product iteration cycles due to AI trends [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024, as well as for the nine months ending September 30, 2024, are reported as follows: RMB 29,343.2 million, RMB 27,185.1 million, RMB 46,382.5 million, RMB 34,920.9 million, and RMB 31,331.6 million respectively. The corresponding net profits for these periods are RMB 561.5 million, RMB 602.7 million, RMB 493.4 million, RMB 425.4 million, and RMB 514.5 million [3].

证券研究报告 港股通 中银航空租赁 (2588 HK) 4Q25：机队规模持续扩张 2026 年 1 月 14 日│中国香港 租赁 | 华泰研究 | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2026 年 1 月 | 14 日│中国香港 | 租赁 | 目标价(港币): | 91.00 | 中银航空租赁（BOCA）披露了 4Q25 运营数据。自有飞机数量环比提升 9 架，同比提升 16 架，达到 451 架。四季度公司交付的飞机数量达到 16 架， 同时出售了 8 架飞机（7 架自有+1 架代管）。资产端，机队规模的增长显 示公司仍然在稳步扩张，背后的驱动力是上游波音和空客的产能正在逐步修 复。根据空客披露的交付数据和 Forecast International 的估计数据，12 月 波音和空客可能合计交付了 200 架飞机，相比去年同期的 153 架有所提升。 我们认为上游 OEM 的产能改善有利于 BOCA 的资本开支投放和机队扩张， 公司资产规模有望增长。在负债端，公司全年融资额超过 40 亿美元，可能 创下 2020 年后的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.60, indicating a potential upside of 24.6% from the current price of HKD 5.30 [1][7][13]. Core Insights - The company has successfully transformed from a leading global digital content copyright protection SaaS provider to an AI-driven value hub for global content creators. This transition is expected to accelerate revenue growth, particularly in 2025, driven by the explosion of AIGC (AI-Generated Content) and advancements in AI multimodal models [5][9][10]. - The launch of two strategic platforms, DreamMaker and VobileMAX, aims to create a complete commercial loop from AI creation to monetization. DreamMaker is an integrated audio-video creation platform, while VobileMAX serves as a trading and operation platform for digital content assets [6][12][13]. - The company is positioned to build a global economic value hub for content creators, focusing on multimodal AI research and applications. This unique business model is expected to showcase strong scalability and profitability by 2025, with a projected PE ratio of 58 times and a PS ratio of 4.6 times [7][13]. Financial Summary - The company anticipates significant revenue growth, with projected revenues of HKD 2,001 million in FY2023, increasing to HKD 4,463 million by FY2027, reflecting a compound annual growth rate (CAGR) of approximately 21.8% [8][19]. - The gross margin is expected to improve from 42.5% in FY2023 to around 44.6% by FY2027, indicating enhanced profitability [8][19]. - The net profit is projected to turn positive in FY2024, reaching HKD 143 million, and further increasing to HKD 359 million by FY2027, showcasing a strong recovery and growth trajectory [8][19].

Investment Rating - The report assigns a "Buy" rating to IGG, with a target price of HKD 4.77, indicating a potential upside of 24.6% from the current price of HKD 3.83 [1][5]. Core Insights - The company has demonstrated resilience in its business fundamentals, achieving total revenue of HKD 2.72 billion in the first half of the year, which is roughly flat compared to the same period last year, despite a challenging macroeconomic environment and intense competition in the gaming industry [7][8]. - The application of AI technology and optimization in the distribution process has led to significant cost and expense control, resulting in a reduction in the ratio of R&D and administrative expenses [7][8]. - The flagship product, "King of Kingdoms," continues to perform strongly, contributing HKD 1.15 billion in revenue in the first half of 2025, maintaining its status as a cornerstone of IGG's business [8]. Summary by Relevant Sections Revenue and Profitability - Total revenue is projected to grow from HKD 5.27 billion in 2023 to HKD 6.48 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 7.0% [6]. - Net profit is expected to increase from HKD 67.5 million in 2023 to HKD 637.3 million in 2026, with a net profit margin stabilizing around 9.84% in 2026 [6][13]. Product Strategy - IGG is focusing on a diversified product strategy, combining long-term operations with continuous innovation. The company is actively exploring non-SLG (Simulation Game) segments, with new products like "Tycoon Master" showing promising market performance [4][9]. - The company has successfully built a product matrix that mitigates the lifecycle risks associated with single products, leveraging its global operational capabilities to maximize user acquisition and operational efficiency [10]. Market Position and Growth Potential - IGG's established global operational network allows it to effectively penetrate over 200 countries, adapting to local market preferences and regulations [10]. - The report highlights the potential for further growth in the non-SLG market, with the successful launch of "Tycoon Master" indicating the company's ability to innovate and capture new user segments [9][10].

即时点评 高管团队大调整，创始人张勇先生重任 CEO 海底捞（6862.HK） 2026-01-14 星期三 ➢ 投资建议 根据我们的跟踪，公司 25 年下半年以来翻台率同比企稳，展望 26 年， 在低基数效应以及公司持续专注产品创新和门店升级的作用下，经营或 继续改善，公司股息率达 6%以上，值得积极关注。 【事件】 1 月 13 日，公司发布公告，苟轶群已辞任公司执行董事及首席执行官， 基于对公司管理层安排的整体调整及综合考察，董事会主席兼执行董事 张勇已获委任为公司首席执行官，自 2026 年 1 月 13 日起生效。 【点评观点】 ➢ 创始人兼董事长张勇时隔四年重任 CEO， 新任四位新董事 张勇先生作为海底捞创始人，于 2018 年海底捞上市时担任 CEO。2022 年 3 月，杨利娟女士接棒 CEO，并在担任海底捞 CEO 一职 2 年多后离开， 履新特海国际 CEO。2024 年 6 月，由苟轶群先生接任海底捞 CEO，在任 期间主要推动新品牌及新业务的孵化与发展，推出"红石榴计划"。本次 辞任后，他将继续留在海底捞担任关键管理职务，并专注于信息技术、人 工智能、自动化等领域。 此外，公司新任命 ...

证券研究报告 | 2026年01月14日 海底捞（06862.HK） 创始人重新出任 CEO，2026 年经营蓄势待发 公司研究·公司快评 社会服务·酒店餐饮 投资评级：优于大市（维持） 证券分析师： 曾光 0755-82150809 zengguang@guosen.com.cn 执证编码：S0980511040003 证券分析师： 张鲁 010-88005377 zhanglu5@guosen.com.cn 执证编码：S0980521120002 事项： 2026 年 1 月 13 日晚，海底捞发布公告，苟轶群已辞任公司执行董事及首席执行官，宋青和高洁辞任执行 董事。李娜娜、朱银花、焦德凤及朱轩宜获委任为执行董事，公司董事会主席及执行董事张勇获委任为首 席执行官。公告同时称，上述辞任董事将继续在集团担任重要管理职能。其中，苟轶群将在集团统筹推动 管理流程的智能化与自动化规划，推动运营模式升级和智能中台建设，提升组织管理效率与决策性能；宋 青将继续担任集团产品委员会主任一职。 国信社服观点： 1）从啄木鸟计划到红石榴计划，创始人张勇时隔 4 年重新出任 CEO。2018 年-2022 年 3 月（张勇任 C ...