2026 年 1 月 06 日│中国香港 互联网 证券研究报告 港股通 京东健康 (6618 HK) 4Q25 前瞻：强劲的收入增速延续 我们预计 4Q25 京东健康有望延续强劲的收入同比增速和利润释放，主要得 益于医药品类线上渗透率的持续提升以及京东健康长期深耕供应链带来的 竞争优势。此外，流感的季节性错位亦或为 4Q25 的收入增长提供短期支持。 我们持续看好公司作为线上医疗电商龙头公司，在推动上游医疗品类供给实 现线上化率提升的过程中强化自身的渠道价值及提升用户钱包份额，这有望 助力其展现稳健的收入复合增速与利润率改善的良好趋势。展望后续，建议 关注：1）医疗新品的供给迭代节奏及其与京东健康线上首发的合作进展；2） 如减肥药等产品进入医保名单后的量价变化趋势；3）AI 医疗应用的渗透率 提升趋势，及对医疗电商需求的潜在拉动；4）京东健康 O2O 业务扩张节 奏，及 B2C 业务医保支付接入进程等。维持"买入"评级。 预计 4Q25 收入与利润有望延续强劲增长 我们预计 4Q25 公司总收入同比增长 22.7%至 202.6 亿元。分品类看，我们 预计药品延续相对强劲表现，GMV 同比增长超 30%，而营 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨小鹏汽车-W（09868.HK） [Table_Title] 小鹏汽车 2025 年 12 月销量点评：总交付 3.75 万辆，同环比增长，X9 交付强势 报告要点 [Table_Summary] 小鹏汽车发布 2025 年 12 月销量。12 月公司共交付新车 37,508 台，同比+2.2%，环比+2.1%。 2025 年全年公司累计交付新车共 42.9 万台，同比+125.9%。智能驾驶持续领先，随着渠道变 革和营销体系加强，叠加强势新车周期开启，公司销量有望稳步提升。MONA M03 和 P7+开启 公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利的商业模式拓展 以及出海持续增长，公司未来盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 小鹏汽车-W（0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The transformation and upgrade projects are continuously being realized, highlighting the value of high dividends [5] - The company has a stable dividend policy, with a payout ratio increasing from around 40% (2013-2016) to approximately 50% (2017-2024), with total dividends of 11.8 billion HKD during 2018-2024 [7] - The company is expected to see profit growth from its logistics park transformation projects, with projected net profits of 36.4 billion, 36.5 billion, and 28.0 billion HKD for 2025-2027, corresponding to P/E ratios of 5.8, 5.8, and 7.5 respectively [7] Financial Performance - Revenue projections for the company are as follows: 20,523.8 million HKD in 2023, decreasing to 15,570.6 million HKD in 2024, and then gradually increasing to 17,250.2 million HKD by 2027, with a CAGR of 5.2% from 2026 to 2027 [6] - The net profit attributable to shareholders is forecasted to be 1,901.6 million HKD in 2023, increasing to 3,637.9 million HKD in 2025, before declining to 2,795.9 million HKD in 2027 [6] - The company's earnings per share (EPS) is expected to be 0.80 HKD in 2023, reaching 1.49 HKD in 2025, and then slightly decreasing to 1.14 HKD in 2027 [6] Market Data - The closing price of the company's stock is 8.60 HKD, with a market capitalization of 21,016.13 million HKD [3] - The company's asset-liability ratio stands at 58.62% [3]

品可以分分或叫 2026 年 01 月 05 日 #== W (01024) 可灵迭代用户有望增长, One 系列模型持续提振主业 报告原因:强调原有的投资评级 ( | 市场数据: | 2026 年 01 月 02 日 | | --- | --- | | 收盘价（港币） | 66.25 | | 恒生中国企业指数 | 9168.99 | | 52 周最高/最低（港币) | 92.60/38.15 | | H 股市值（亿港币） | 2.861.66 | | 流通 H 股（百万股） | 4.319.48 | | 汇率（港币/人民币） | 0.9032 | 年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 联系人 任梦妮 A0230521100005 renmn@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | | 2023A | 2024A | 2025E | 2026E | 20 ...

Investment Rating - The report assigns a rating of "5.7" to the company, suggesting it is worth attention [12]. Core Insights - The company is a high-quality cathode copper manufacturer, ranking fifth among Chinese producers and is the only Chinese company in the top five in both the Democratic Republic of Congo (DRC) and Zambia [1]. - The company has experienced rapid sales growth, with total sales increasing from 7,056.7 tons in 2022 to 19,868.9 tons in 2024, representing a compound annual growth rate (CAGR) of +67.8% [2]. - The global cathode copper market is expected to see a supply shortage of approximately 5.8 million tons by 2029, which is likely to drive up copper prices [3]. - The company benefits from a strong business presence in resource-rich regions of Africa, particularly in DRC and Zambia, and has a strategic capacity layout that aligns with China's "going out" strategy [4]. Company Overview - The company produced approximately 16,000 tons of cathode copper in DRC and 5,000 tons in Zambia in 2024, with a market share of 0.9% in DRC and ranking first in Zambia [1]. - The company’s revenue for 2022, 2023, and 2024 was approximately RMB 637.3 million, RMB 675.7 million, and RMB 1,769.8 million, respectively, with a CAGR of +66.7% [2]. - The company has four production facilities, including two copper smelters in Zambia and one in DRC, and is constructing a cobalt processing plant in China [12]. Industry Status and Outlook - The downstream applications for cathode copper include deep processing enterprises, trading companies, and sectors such as new energy and electronics manufacturing [3]. - Global cathode copper production is projected to grow from 21.9 million tons in 2025 to 24.7 million tons by 2029, with a CAGR of 3.0% [3]. - The average copper price in China is expected to rise from RMB 749,000 in 2024 to RMB 775,000 in 2025 [3]. Use of Proceeds - Approximately 80% of the funds raised (or HKD 834.1 million) will be used to expand core business operations, including enhancing the wet metallurgy capacity of the DRC copper smelter and increasing cobalt hydroxide production lines [6]. Cornerstone Investors - Key cornerstone investors include Glencore, Stoneylake Global, North Rock, and others, with total subscriptions amounting to USD 60.255 million, representing 42.50% of the shares offered [7].

SDICSI 2026 年 1 月 5 日 红星冷链 (1641.HK) 红星冷链 IPO 点评报告 公司概览 红星冷链是一家冷冻食品仓储服务及冷冻食品门店租赁服务提供商，总部位于湖 南省长沙市。就冷冻食品仓储服务而言，公司提供货物分拣、分类及包装、存货盘 点及追踪、进出库记录等服务，客户支付冷冻食品仓储服务费。就冷冻食品门店租 赁服务而言，公司向门店租赁客户收取门店租赁租金。公司于长沙的自营食品冻库 为冷冻食品批发商及零售商提供两处基地，总设计库容超过一百万立方米（即可用 库容逾230,000吨），往绩记录期间利用率超过88.0%，截至2025年6 月30日已为逾 700位客户提供服务。公司主要将占地超过36,000平方米的场地作为门店出租给冷 冻食品批发商及零售商，其于往绩记录期间的租用率超过94.0%，成为湖南省冷冻 食品行业的核心枢纽。 公司2023全年/2024全年/2025上半年收入分别为人民币2/2.3/1.2亿元（人民币， 下同，列明除外），同比增长-14.7%/15.7%/5.1%。毛利率分别为57.7%/52.8%/53.2%, 净利润分别为7531/8288/3968万元，同比增速为-4 ...

公司概览 豪威集团（以下简称"公司"）作为全球化Fabless半导体设计龙头企业，以CMOS 图像传感器（CIS）为核心产品，根据弗若斯特沙利文数据，2024年按图像传感器 解决方案收入计算，位列全球第三，市场份额达13.7%，在行业内具备显著的品牌 知名度和市场认可度。其业务覆盖智能手机、汽车、医疗、安防及新兴市场（机 器视觉、智能眼镜、端侧AI）等高增长领域，产品矩阵丰富且应用场景广泛，形 成了多元化的收入支撑体系。 公司采用Fabless业务模式，专注于半导体产品设计与销售，通过与全球领先的晶 圆代工、封装测试厂商建立长期战略合作，既规避了重资产运营的资本支出压力， 又能快速获取前沿制造技术，实现对市场需求的灵活响应。同时，公司保留核心 测试环节，内部测试设施与外部协作相结合，既保障了产品质量控制，又强化了 设计迭代能力，尤其适配汽车等对产品可靠性要求极高的市场需求。 公司业绩呈现强劲复苏态势，2024年实现收入257.07亿元，同比增长22.5%，净利 润32.79亿元，同比大幅增长501.2%；2025年上半年收入139.44亿元，净利润20.20 亿元，净利率提升至14.5%。毛利率持续优化，20 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 2026 年 01 月 05 日 快手-W (01024) ——可灵迭代用户有望增长，One 系列模型持续提振主业 报告原因：强调原有的投资评级 买入（维持） 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 联系人 任梦妮 A0230521100005 renmn@swsresearch.com | 市场数据： | 2026 年 01 月 02 日 | | --- | --- | | 收盘价（港币） | 66.25 | | 恒生中国企业指数 | 9168.99 | | 52 周最高/最低（港币） | 92.60/38.15 | | H 股市值（亿港币） | 2,861.66 | | 流通 H 股（百万股） | 4,319.48 | | 汇率（港币/人民币） | 0.9032 | 一年内股价与基准指数对比走势： -4% 46% 96% 146% HSCEI 快手-W 资料来源：Bloomberg 相关研究 投资要点： 财务数据及盈利预 ...

证券研究报告 | 公司更新 | 互联网电商 阿里巴巴-W(09988) 报告日期：2026 年 01 月 05 日 阿里千问破局，云业务利润率提升可期 ——阿里巴巴更新报告 投资要点 阿里巴巴 25Q3 的资本开支达到 314.28 亿人民币，同比增幅达到 85.12%，处于 高速增长期。阿里巴巴 25Q2、25Q3 连续两个季度自由现金流下降引发市场担 忧。公司 25Q3 自由现金流为-218.4 亿，主要系 "外卖大战"和大幅增加资本开 支的影响。截至 25Q3，阿里巴巴集团账面仍有 2923 亿人民币净现金和其他流动 性投资，为新业务投入提供保障。 阿里云的 EBITA Margin 相较于亚马逊 AWS、微软智能云的经营利润率还有较大 的差距，但可以从 google cloud 过去的经验印证：随着规模的提升（规模效应的 释放），公有云业务的利润提升弹性大。这也意味着随着阿里云规模的增长，在 跨越早期高投入的阶段后，长期利润率提升的确定性较高，且利润率提升空间 大。与此同时，阿里云出海也会带来规模提升、盈利能力提升的影响。 ❑ 检验与催化：阿里巴巴智能云业务集团利润率提升。 ❑ 盈利预测与估值 我们预 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company aims to become a world-class automotive enterprise, targeting sales of 1 million units in 2026 and 4 million units in the long term [4][5] - The company has established a comprehensive self-research and platform-based manufacturing system, achieving a sales volume of approximately 597,000 units in 2025, marking a significant improvement in its fundamentals [2][3] - The strategic investment from FAW Group, acquiring approximately 5% equity for about HKD 3.74 billion, highlights the recognition of the company's long-term strategy [3] Sales and Financial Projections - The company expects to achieve sales of 600,000, 1,040,000, and 1,420,000 units in 2025, 2026, and 2027 respectively, with corresponding revenues of RMB 68.3 billion, RMB 123.5 billion, and RMB 168.8 billion [5][11] - The net profit attributable to the parent company is projected to be RMB 6.6 million, RMB 51.1 million, and RMB 82.5 million for the years 2025, 2026, and 2027 respectively [5][11] Strategic Developments - The company has signed a powertrain cooperation agreement with FAW, focusing on the joint development of range-extended and plug-in hybrid vehicles, with the first model expected to be mass-produced in 2026 [3] - The D-series models, including D19 and D99, are set to launch in 2026, enhancing the company's high-end product lineup [3][4] Market Expansion - The company plans to leverage Stellantis' distribution channels to export over 60,000 vehicles in 2025, entering 35 countries with more than 800 overseas stores [2][4] - The strategic cooperation with FAW and Stellantis is expected to drive growth and profitability during the upcoming new vehicle cycle [4]