[Table_Page] 中报点评|媒体Ⅱ 证券研究报告 [Table_Title] 【 广 发 传 媒 & 海 外 】 东 方 甄 选 (01797.HK) 业务内生增长亮眼，看好自营品持续扩张 [Table_Summary] 核心观点： | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 6,526 | 4,392 | 4,978 | 5,950 | 6,979 | | 增长率（ % ） | 68.1% | -32.7% | 13.3% | 19.5% | 17.3% | | EBITDA | 499 | 112 | 605 | 794 | 950 | | NonGAAP 归母净利 | 709 | 174 | 492 | 638 | 760 | | 增长率（ % ） | - | -75.5% | 182.9% | 29.7% | 19.0% | | NonGAAP EPS(元/股) | 0.69 | 0.17 | 0.47 ...

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2] Core Insights - Tencent is undergoing a strategic transformation driven by AI, with a focus on organizational restructuring and cloud business profitability milestones. The CEO, Ma Huateng, emphasized that AI is the only area worth significant investment at this time, and the company has successfully transitioned to self-developed products [2][3] - The launch of the "Yuanbao" project marks a significant step in Tencent's "AI + social" strategy, aiming to enhance user engagement through integrated social features and AI capabilities. Tencent plans to invest 1 billion yuan to promote this initiative, targeting exponential growth in AI user numbers during the 2026 Spring Festival [3] - Tencent's gaming business is thriving, with overseas revenue exceeding 10 billion USD, accounting for approximately 30% of total gaming revenue. The company has regained confidence in its core gaming operations, providing stable cash flow and growth potential [4] - In response to challenges in the short drama sector, Tencent Video is shifting towards an "advertising-driven" model while maintaining high-quality long-form content. The company has already produced several successful short drama projects and is exploring new ways to balance content depth and traffic efficiency [5] Summary by Sections Strategic Overview - Tencent's current strategy focuses on AI-driven organizational restructuring and achieving profitability in its cloud business, with a clear commitment to investing in AI technologies [2] AI Initiatives - The "Yuanbao" project represents a critical advancement in Tencent's AI and social strategy, integrating various social features and aiming for significant user growth through substantial promotional investments [3] Gaming Performance - Tencent's gaming division is performing robustly, with a notable increase in overseas revenue, showcasing the company's strong competitive advantage and ability to adapt to market changes [4] Content Strategy - Tencent Video is adapting to market pressures by transitioning to an advertising-driven model while continuing to invest in high-quality content, aiming to leverage its large user base for enhanced revenue generation [5]

公司评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 1 月 27 日 【公司评论】 但玉翠 852 2532 1539 tracy.dan@firstshanghai.com.hk 管理团队介绍 加科思的核心管理团队以创始人王印祥博士为核心，王印祥博士于 1999 年获得美国 阿肯色大学医学院生物化学及分子生物学博士学位，耶鲁大学的 Koleske 实验室分子 生物物理和生物化学系完成了博士后研究。2003 年 1 月共同创立了浙江贝达药业有 限公司，是贝达药业的创始人之一。王博拥有 20 多年小分子抗肿瘤药研发经验，曾 主导中国第一款靶向抗肿瘤药埃克替尼（凯美纳）的研发与上市。加科思目前管理团 队一半来自贝达药业，另一半为公司成立后引入的来自大药企和顶尖医院的各类人 才。25 年 11 月为推进全球化战略引入了联席首席执行官（Co-CEO）制度，联席 CEO、首席医学官(CMO) 王宜 (Andrea Wang-Gillam) 博士 20 年 7 月加入加科思，在 美国有 20 余年肿瘤医生经验，她在圣路易斯华盛顿大学医学中心担任肿瘤科副教 授，并曾兼任消化道 ...

业绩再超预期，浆纸一体化驱动价值重构 玖龙纸业(2689) [Table_Industry] 林纸产品 | [Table_Invest] 评级： | 增持 | | --- | --- | | [当前价格 Table_CurPrice] (港元)： | 7.46 | [Table_Market] 交易数据 玖龙纸业公司更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 玖龙业绩再超预期，FY26H1 预计盈利 19.5-20.5 亿元，浆纸一体化驱动公司价值重 构 投资要点： | 财务摘要(百万元人民币) | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | - ...

玖龙业绩再超预期，FY26H1 预计盈利 19.5-20.5 亿元，浆纸一体化驱动公司价值重 构 投资要点： 业绩再超预期，浆纸一体化驱动价值重构 玖龙纸业(2689) | 财务摘要(百万元人民币) | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 59,496.37 | 63,240.54 | 69,300.00 | 76,292.37 | 84,020.79 | | (+/-)% | 4.9% | 6.3% | 9.6% | 10.1% | 10.1% | | 毛利润 | 5,711.47 | 7,245.14 | 12,000.00 | 13,212.37 | 14,540.79 | | 净利润 | 750.68 | 1,767.11 | 4,004.52 | 4,395.59 | 4,842.75 | | (+/-)% | 131.5% | 135.4% | 126.6% | 9.8% | 10.2% | | PE | 20.31 | 8.50 | 8. ...

港股公司 证 券 研 究 报 告 太平洋航运（02343.HK）深度研究报告 推荐（首次） 经营稳健、穿越周期的小宗散运龙头船东， 有望受益于行业持续复苏 ❖ 风险提示：宏观经济下行、运力供给过剩、油价大幅波动等。 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万美元) | 2,582 | 2,336 | 2,369 | 2,423 | | 同比增速(%) | 12.4% | -9.5% | 1.4% | 2.3% | | 归母净利润(百万美元) | 132 | 98 | 156 | 217 | | 同比增速(%) | 20.4% | -25.2% | 58.8% | 39.0% | | 每股盈利(美元) | 0.03 | 0.02 | 0.03 | 0.04 | | 市盈率(倍) | 16 | 21 | 13 | 9 | | 市净率(倍) | 1 ...

本报告导读： 25Q4 高基数下表现稳健，26 年范思哲并 表开启新篇章 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 高基数下表现稳健，汇率波动或短期扰动盈利。26 年 Miu Miu 空间扩张持续，范思 哲并表贡献新量能。客群整体稳健，行业步入新常态。 投资要点： | 财务摘要(百万欧元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 5432 | 5716 | 6162 | 6640 | | (+/-)% | 14.9% | 5.2% | 7.8% | 7.8% | | 毛利润 | 4337 | 4573 | 4935 | 5325 | | 归母净利润 | ...

研究报告 Research Report 29 Jan 2026 金沙中国 SANDS CHINA (1928 HK) 25Q4 经调整 EBITDA 低于预期，市场份额提升 25Q4 Miss on Adjusted EBITDA with GGR Market Share Improving 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$17.34 目标价 HK$22.30 HTI ESG 4.3-5.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$140.34bn / US$17.99bn 日交易额 (3 个月均值) US$34.45mn 发行股票数目 8,093mn 自由流通股 (%) 25% 1 年股价最高最低值 HK$22.20-HK$12.82 注：现价 HK$17.34 为 2026 年 01 月 29 日收盘价 资料来源： Factset 1mth 3mth 12mth ...

港股公司 证 券 研 究 报 告 太平洋航运（02343.HK）深度研究报告 推荐（首次） 经营稳健、穿越周期的小宗散运龙头船东， 有望受益于行业持续复苏 ❖ 风险提示：宏观经济下行、运力供给过剩、油价大幅波动等。 [主要财务指标 Indicator_FinchinaSimpleHK] 航运 2026 年 01 月 29 日 目标价：3.70 港元 当前价：3.12 港元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万美元) | 2,582 | 2,336 | 2,369 | 2,423 | | 同比增速(%) | 12.4% | -9.5% | 1.4% | 2.3% | | ...

研究报告 Research Report 29 Jan 2026 新东方-S New Oriental (9901 HK) 超预期并上调指引；降本增效战略持续显效 Beat and Raise guidance; efficiency improvement strategy is yielding results [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$46.04 目标价 HK$52.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$75.29bn / US$9.65bn 日交易额 (3 个月均值) US$19.47mn 发行股票数目 1,635mn 自由流通股 (%) 88% 1 年股价最高最低值 HK$47.24-HK$32.85 注：现价 HK$46.04 为 2026 年 01 月 29 日收盘价 资料来源： F ...