本报记者 昌校宇 2026年以来，港股市场再度成为公募机构的重点布局方向。中国证监会官网公布的信息显示，截至1月28日，年内已有27 只港股主题基金密集上报，科技、医药、周期三大赛道成为布局焦点。与此同时，资金正借道ETF持续南下，其中，富国中证 港股通互联网ETF份额突破1000亿份，成为首只跻身"千亿俱乐部"的港股主题ETF。 在资源品价格上涨的周期背景下，港股周期板块也进入公募机构的"掘金"视野。永赢基金申报的港股通周期慧选混合基 金、汇添富基金上报的港股通周期精选混合基金等，将目光投向有色金属、能源等传统周期行业。 新基金密集申报的背后，是资金持续流入港股市场的趋势性力量。今年以来，港股主题ETF持续获得资金净流入，并催生 出规模增长迅速的产品。Wind资讯数据显示，截至1月28日，富国中证港股通互联网ETF最新规模达到910.07亿元，最新份额为 1001.51亿份，成为首只份额超千亿的港股主题ETF。 兴银基金指数与量化投资部负责人、基金经理林学晨对《证券日报》记者表示："展望2026年，港股市场在估值低位、资 金持续流入以及科技股与全球产业链深度绑定的综合优势下，有望迎来估值修复与盈利增长的双轮 ...

本公司于2024年6月发行4亿美元永续资本证券。本期间永续资本证券持有人的应占盈利为约人民币2.01 亿元。因此，本集团预计本公司的权益持有人应占盈利在本期间为约人民币19.5亿元至人民币20.5亿元 之间，较去年同期人民币4.7亿元增加315.2%至336.5%。 玖龙纸业(02689)发布公告，本集团预计将取得本期间(截至2025年12月31日止6个月)盈利约人民币21.5 亿元至人民币22.5亿元之间，较去年同期人民币6.8亿元增长216.0%至230.7%。 该盈利增长主要由于产品销售量增加及销售价格上升，及原材料成本下降而导致毛利润大幅增加。 ...

格隆汇1月28日丨玖龙纸业(02689.HK)发布公告，截至2025年12月31日止六个月，集团预计将录得本期 间盈利约人民币21.50亿元至人民币22.50亿元之间，较去年同期人民币6.803亿元增长216.0%至230.7%。 该盈利增长主要由于产品销售量增加及销售价格上升，及原材料成本下降而导致毛利润大幅增加。 公司于2024年6月发行4亿美元永续资本证券。本期间永续资本证券持有人的应占盈利为约人民币2.01亿 元。因此，集团预计公司的权益持有人应占盈利在本期间为约人民币19.50亿元至人民币20.50亿元之 间，较去年同期人民币4.696亿元增加315.2%至336.5%。 ...

格隆汇1月27日丨英皇钟表珠宝(00887.HK)公布，集团预计于截至2025年12月31日止年度将录得不少于 4.2亿港元(2024年：2.57亿港元)的纯利。纯利于年度大幅上升超过60%主要是由于集团于香港及中国内 地的零售表现理想，致使其总收入及整体毛利上升。 ...

Core Insights - Wall Street strategists emphasize that earnings growth will drive the stock market higher this year, supported by easing inflation and job growth [1] Earnings Growth Expectations - Analysts predict the S&P 500 will achieve year-over-year profit growth of approximately 8.3% for Q4, with some estimates from FactSet suggesting growth could exceed 14%, marking the fifth consecutive quarter of double-digit earnings expansion [2] - BNY Wealth strategists also forecast earnings growth around 14% this year, influenced by tax incentives and benefits from corporate tax rate reductions [3] Sector Contributions - Earnings contributions are expected to come from various sectors beyond technology, indicating a less concentrated market [4] - Recent outperformance in sectors such as Materials, Industrials, and Energy is noted as a factor driving the cyclical tilt in the market [5] Market Trends and Federal Reserve Outlook - The AI sector is identified as a significant trend influencing economic growth [7] - Wall Street anticipates potential easing from the Federal Reserve, with expectations of two rate cuts this year, which could positively impact medium-term bonds [8][9]

Core Viewpoint - China Longgong (03339) anticipates a significant increase in net profit for the fiscal year ending December 31, 2025, with projections between RMB 1.25 billion and RMB 1.33 billion, representing a year-on-year increase of 23% to 31% [1] Group 1: Financial Performance - The expected net profit for the reporting period is projected to be between RMB 1.25 billion and RMB 1.33 billion [1] - This represents an increase of 23% to 31% compared to the same period last year [1] Group 2: Factors Contributing to Profit Growth - The increase in net profit is primarily attributed to steady growth in both domestic and international sales, with a notable contribution from export business [1] - Continuous development of new products, particularly high-value-added products, has become a key driver of profit growth [1] - Significant improvements in quality, cost control, and efficiency have led to a further enhancement in overall gross margin [1]

Core Viewpoint - China Longgong (03339) has announced a significant increase in expected net profit for the fiscal year ending December 31, 2025, leading to a stock price increase of nearly 3% following the earnings announcement [1][5]. Financial Performance - The company anticipates net profit to be between RMB 1.25 billion and RMB 1.33 billion, representing a year-on-year increase of 23% to 31% [1][5]. - The increase in net profit is attributed to steady growth in both domestic and international sales, with a notable contribution from export business [1][5]. Business Strategy - Continuous development of new products has been a focus, with high-value-added new products becoming a primary driver of profit growth [1][5]. - Efforts in quality improvement, cost control, and efficiency enhancement have shown significant results, leading to an increase in overall gross margin [1][5].

Core Viewpoint - China Longgong (03339) expects a significant increase in net profit for the fiscal year ending December 31, 2025, with projections between RMB 1.25 billion and RMB 1.33 billion, representing a year-on-year increase of 23% to 31% [1] Group 1: Financial Performance - The anticipated increase in net profit is primarily attributed to steady growth in both domestic and international sales, with a notable contribution from export business [1] - The company has successfully developed new high-value-added products, which have become the main drivers of profit growth [1] - Efforts in quality improvement, cost control, and efficiency enhancement have yielded significant results, leading to an increase in overall gross profit margin [1]

Investment Rating - The report maintains a "Buy" rating for Hunan Youneng (301358) [1] Core Views - The company is expected to achieve a significant earnings turnaround, with Q4 profits exceeding market expectations due to price increases and strong demand [8] - The company forecasts a total revenue of 36.77 billion yuan in 2025, representing a year-on-year growth of 62.69% [1] - The net profit attributable to the parent company is projected to reach 1.28 billion yuan in 2025, reflecting a year-on-year increase of 115.60% [1] - The company is benefiting from a solid market position, with a projected output of over 110,000 tons for the year, a 50% increase year-on-year [8] - The company plans to raise 4.79 billion yuan for capacity expansion in lithium iron phosphate and manganese iron phosphate production, which has been approved by the regulatory authority [8] Financial Summary - Total revenue forecast for 2025 is 36.77 billion yuan, with a projected net profit of 1.28 billion yuan [1] - Earnings per share (EPS) is expected to be 1.68 yuan in 2025, with a price-to-earnings (P/E) ratio of 37.38 [1] - The company anticipates a significant increase in high-end product sales, with projections indicating that the share of high-end products will rise to 70% by 2026 [8] - The company’s gross margin is expected to improve, with a forecasted gross margin of 10.19% in 2026 [9]

Core Viewpoint - Regions Financial Corp is a significant player in the financial services sector, particularly in the southeastern United States, focusing on innovation and customer satisfaction to maintain a competitive edge [1] Financial Performance - In 2025, Regions Financial reported full-year earnings of $2.1 billion, with earnings per share of $2.30, or $2.33 on an adjusted basis [2][6] - The company achieved a return on tangible common equity exceeding 18%, indicating strong financial health and efficiency [3][6] Market Position - Regions Financial has a market capitalization of approximately $24.35 billion and a trading volume of 27.67 million shares [5] - The stock is currently considered modestly overvalued with a GF Value of $23.18, suggesting caution regarding its current valuation [4] Price Target and Growth Potential - Morgan Stanley set a price target of $31 for Regions Financial, indicating an 11.63% potential increase from its current trading price of $27.77 [2][6] - The company has demonstrated effective expense management, achieving 140 basis points of adjusted positive operating leverage and increasing tangible book value per share by 20% [5]