威胜控股（3393 HK） 2026-02-23 星期一 即时点评 入通与分拆双轮驱动，锁定 AI 能源新估值 【事件】 根据恒生指数有限公司于 2026 年 2 月 13 日公布的恒生指数系列季度检 讨结果，公司被纳入恒生综合指数成份股，2026 年 3 月 6 日（星期五） 收市后实施，2026 年 3 月 9 日（星期一）起生效。 未来，为进一步巩固公司在 AI 时代数字能源解决方案的领导地位，集团 已宣布分拆惟远能源技术股份有限公司于香港联交所主板上市。 【点评观点】 ➢ 纳入恒生综合指数与港股通预期，提升流动性溢价 恒生综合指数是众多指数基金和机构投资者的基准参考。纳入指数将直 接触发追踪该指数的 ETF 和被动管理基金在生效日前后进行配置性买 入。而且公告明确指出，获纳入恒生综合指数将令公司股票符合资格在沪 港通及深港通进行买卖。南向资金对于"数字能源"、"数据中心"以及 "储能"等概念的风险偏好通常高于离岸外资，一旦纳入港股通，南向资 金的涌入有望提升公司整体流动性溢价。 ➢ 分拆实现资产重构，解锁 AI 能源估值 公司承诺在符合条件的情况下，向合资格股东提供惟远能源股份的保证 配额（优先发售） ...

Group 1: New Consumption - Beauty Industry Insights - The GMV of cosmetics on WeChat Video Account is projected to reach 12.18 billion yuan in 2025, with domestic brands expected to dominate the channel [5][6] - In 2025, domestic brands are anticipated to hold an 80.4% market share on WeChat Video Account, with top brands like Zheng Mingming and Lin Qingxuan leading the sales [6][7] - Skincare products are expected to capture 68.9% of the market share in the WeChat Video Account channel, indicating a higher premium potential compared to other categories [6][7] Group 2: WeChat Video Account as a Competitive Platform - WeChat Video Account is seen as a new battleground for beauty brands, offering a unique advantage by integrating public and private domains, allowing brands to retain users for long-term engagement [7] - The beauty-related voice volume in the WeChat ecosystem reached 10.39 million from October 2024 to September 2025, marking a 48% year-on-year growth, with video account voice volume increasing by 121.9% [7] - The platform's clear commercialization logic and empowerment system provide beauty brands with sustainable growth opportunities, making it crucial for brands to establish a presence on this platform [7] Group 3: Pharmaceutical Industry - Fuyuan Pharmaceutical Overview - Fuyuan Pharmaceutical, established in 1999 and listed in 2022, focuses on generic drugs and is expanding into innovative drugs, with a robust portfolio of 209 domestic drug registrations [13][14] - The company reported a revenue of 3.209 billion yuan from drug formulations in 2024, with a compound annual growth rate (CAGR) of 7.75% from 2019 to 2024, indicating stable growth [14][15] - Fuyuan is strategically investing in small nucleic acid innovative drugs, with 23 patents filed, and its core pipeline includes FY101, which is in Phase I clinical trials, targeting a large market of patients with dyslipidemia [15][16] Group 4: Financial Projections for Fuyuan Pharmaceutical - The company is expected to achieve net profits of 465 million yuan, 481 million yuan, and 520 million yuan from 2025 to 2027, with growth rates of -5%, 4%, and 8% respectively [16] - The current price-to-earnings (PE) ratios for these years are projected at 30X, 29X, and 27X, indicating a favorable valuation compared to peers [16]

Core Viewpoint - The concept of space-based solar power (SBSP) is being revisited as a potential solution to the increasing energy demands driven by AI, despite historical challenges in commercialization and implementation [2][14][27] Group 1: Space-Based Solar Power Concept - Space-based solar power involves deploying large-scale solar energy systems in space to harness stable solar radiation and transmit energy wirelessly to Earth or other space facilities [2] - The idea of space solar power is not new, having been proposed since the 1970s, but has faced challenges such as high launch costs and the feasibility of energy transmission back to Earth [3][12] - Current engineering challenges include the choice of orbit (low Earth orbit vs. geostationary orbit) and the method of energy transmission (microwave vs. laser) [5][6][9] Group 2: Recent Developments and Interest - Recent discussions, particularly by Elon Musk at the World Economic Forum, have reignited interest in SBSP, linking it to the energy needs of AI and the potential for cost-effective energy solutions in space [2][18] - The successful demonstration of energy transmission from space by projects like the Microwave Array for Power-transfer Low-orbit Experiment (MAPLE) indicates progress in the field, although large-scale commercialization remains distant [12][13] Group 3: Market Dynamics and Future Outlook - The renewed focus on SBSP is driven by the increasing energy demands of AI, prompting a search for energy solutions that are not constrained by terrestrial limitations [17][18] - In China, the concept of SBSP aligns with national narratives around large-scale engineering projects, leveraging existing capabilities in solar manufacturing and space technology [20][22] - The capital market's interest in SBSP reflects a broader anxiety about energy limitations in the AI era, positioning SBSP as a potential long-term solution despite its current impracticality for immediate commercial returns [27]

Core Insights - The rapid development of AI technology is driving explosive growth in data center construction, which significantly increases electricity demand and is a major reason for the electricity supply gap [2][9] - The electricity index is currently at a historically low valuation, with a PE ratio of approximately 17 times as of December 31, 2025, providing a certain margin of safety for investors [4][12] Group 1: Electricity Demand and Supply - Data centers are becoming the core growth engine for electricity demand due to their massive power consumption [2][9] - The electricity supply gap is primarily caused by the increasing energy needs of data centers [2][9] Group 2: Index Composition and Weighting - The index includes various power generation methods with the following weightings: thermal power (40.81%), hydroelectric (24.81%), wind (14.25%), nuclear (11.83%), and solar (6.87%) [10][11] - The top ten weighted stocks in the index include leading companies such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 52.07% of the index [3][10] Group 3: Valuation Insights - The current valuation of the electricity index is lower than most of the past decade, indicating potential investment opportunities [4][12] - The historical PE ratio trend of the index suggests a favorable entry point for investors [5][12]

Core Viewpoint - The report emphasizes the importance of energy as a critical constraint for AI expansion, highlighting the need for stable power sources and infrastructure to support the growing energy demands of data centers [1][2]. Group 1: AI Power Investment - Energy is identified as the biggest bottleneck for AI expansion in the coming years, with data center energy consumption increasing exponentially, necessitating upgrades to the power grid and stable power source construction [2]. - The focus remains on gas turbines as a strategic value for peak shaving and stable power, alongside opportunities in grid equipment exports [2]. Group 2: Global Supply Chain Restructuring - In the context of global supply chain restructuring, the emphasis is on the importance of "internal innovation" for supply chain security and resilience over efficiency, particularly for China [2]. - Continued investment in semiconductor equipment and key components is planned, as the industry shows strong independent growth potential [2]. Group 3: Structural Inflation and Resource Opportunities - The report highlights investment opportunities in metal commodities related to computing power, driven by structural inflation and increased demand for AI infrastructure [2]. - The mismatch between long-term capital expenditure and new demand for certain metals is expected to create significant price elasticity, making these resources core assets with anti-inflation properties [2]. Group 4: Long-term Strategy - The company aims to seek certainty amid uncertainty in 2026, striving to create sustainable long-term returns for its investors [3].

Group 1 - Hong Kong retail sales value for November 2025 is estimated at HKD 33.7 billion, a 6.5% increase compared to the same month in 2024 [1] - Kintor Pharmaceutical (02171) shares rose nearly 5% after announcing its project for immune cell therapy for solid tumors was approved for a national major science and technology project [1] - CRO concept stocks performed strongly, with Zai Lab (06127) up 12.12%, Tigermed (03347) up 6.46%, WuXi AppTec (02359) up 4.55%, and CRISPR Therapeutics (03759) up 4.39% [1] Group 2 - Cryptocurrency stocks surged, with Blue Ocean Interactive (08267) up 18.97% and OKLink (01499) up 18.03%, following Bitcoin's rise above $93,000 [2] - Bilibili (09626) shares increased over 5% after the announcement of a major acquisition by Meta involving a Chinese AI team for over $2 billion [2] Group 3 - Fuhong Hanlin (02696) shares rose nearly 8% after announcing the acceptance of clinical trial applications for three innovative drug candidates [3] - Macau gaming stocks generally declined, with Galaxy Entertainment (00027) down 2.85% and Sands China (01928) down 2.15%, despite a 14.8% year-on-year increase in gross gaming revenue for December 2025 [3] - Chinese insurance stocks collectively rose, with New China Life (01336) up 5.07% and China Life (02628) up 2.22% [3] Group 4 - Kintor Biopharma (06990) shares rose over 8% after receiving approval for a clinical trial application for its ADC drug SKB105 [4] - The pharmaceutical sector showed strong performance, with several companies like GalaxoSmithKline (01672) and Innovent Biologics (01801) seeing significant gains [5] Group 5 - U.S. storage stocks saw significant gains, with SanDisk (SNDK.US) up 15.95% and Micron Technology (MU.US) up 10.51%, driven by a storage supercycle expected to last until 2027 [6] - AI energy stocks also rose, with Bloom Energy (BE.US) up 13.58% [6] - Rare earth stocks surged, with Critical Metals (CRML.US) up 17% and Energy Fuels (UUUU.US) up 14.72% [6] Group 6 - The Nasdaq China Golden Dragon Index saw a rise of 4.38%, with notable gains in Chinese concept stocks like Baidu (BIDU.US) up 15.03% [7] - Semiconductor stocks were broadly higher, with ASML (ASML.US) up 8.78% and Micron Technology (MU.US) reaching a new high [7] Group 7 - On the first trading day of 2026, U.S. markets opened higher, with the Nasdaq up over 1% and major tech stocks like AMD (AMD.US) and TSMC (TSM.US) also rising [8] - Bitcoin-related stocks saw pre-market gains, with Strategy (MSTR.US) up 3.43% and Coinbase (COIN.US) up 4.59% [8] Group 8 - Precious metal stocks showed mixed results, with Barrick Mining (B.US) up 1.22% while others like Coeur Mining (CDE.US) fell [9] - Gold and silver prices rose, with spot gold exceeding $4,400 and silver rising above $73, driven by expectations of further U.S. interest rate cuts [10]

Core Viewpoint - AI energy concept stocks experienced a collective rise, indicating positive market sentiment towards this sector [1] Company Performance - Bloom Energy (BE.US) saw an increase of over 8% [1] - Constellation Energy (CEG.US) rose by more than 4% [1] - Cummins (CMI.US) gained over 1.3% [1]

Core Insights - The core viewpoint of the news is the merger agreement between Trump Media & Technology Group and TAE Technologies, valued at over $6 billion, aimed at integrating capital channels with fusion technology to support AI development, with plans to build the world's first utility-scale fusion power plant by mid-2026 [1] Industry Overview - The controlled nuclear fusion industry is experiencing positive momentum due to global industrial acceleration and a peak in major engineering equipment procurement in China, with significant bidding activity observed, such as the Hefei BEST project reaching approximately 2.62 billion yuan since Q4 2025 [1] - A report from CITIC Securities projects that the global nuclear fusion device market could reach 2.26 trillion yuan between 2030 and 2035 [1] Core Components and Materials Sector - The controlled nuclear fusion devices require high-precision core components and special materials, with demand for high-performance superconducting materials, special alloys, and high-temperature resistant materials expected to surge as multiple fusion projects enter the engineering construction phase [2] Power Systems and Energy Storage Sector - There is a substantial demand for specialized power systems and high-performance energy storage components, such as film capacitors, to provide the necessary pulse power for fusion reactions, positioning companies that can deliver high-voltage and high-current solutions as key players in the industry [3] Advanced Equipment Manufacturing Sector - The construction of fusion devices involves complex engineering processes, necessitating strong capabilities in heavy equipment design and manufacturing, as well as specialized process technology, which will create new business growth opportunities for advanced equipment manufacturers as demonstration and future commercial reactors are developed [4] Company Highlights - Wangzi New Materials recently won a bid for the fusion energy "magnet power storage system procurement project" worth 79.8 million yuan, marking a significant entry into the core segment of the controlled nuclear fusion industry with its key product, film capacitors [5] - Yingjie Electric has been providing critical power support services for domestic large-scale fusion experimental devices, establishing a strong technical advantage and customer base in the special power sector [6] - Hezhuo Intelligent has participated in the development of core components for domestic compact fusion energy experimental devices, demonstrating strong technical capabilities in high-end hydraulic machines and intelligent forming equipment [7]

Market Performance - The A-share market indices collectively strengthened, with the Shanghai Composite Index rising by 0.73%, Shenzhen Component Index by 1.78%, and ChiNext Index by 2.55% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 20,420 billion yuan, an increase of 969 billion yuan compared to the previous day [1] - The number of rising stocks was 3,953, while 1,338 stocks declined, with a median increase of 0.61% for the rising stocks [1] Industry Highlights - The surge in the ChiNext Index was primarily driven by the lithium battery industry chain, forming a small double bottom pattern [1][2] - If the ChiNext Index breaks through the high point of 3,240 on November 7, the reliability of the small double bottom will be further strengthened [2] - The lithium and energy storage sectors were the biggest market hotspots, with 56 stocks in these sectors hitting the daily limit or rising over 10%, accounting for nearly half of the total [2] Price Movements and Company News - Prices of upstream products, such as electrolyte additives, have increased, with VC (Vinylene Carbonate) averaging 110,000 yuan per ton, up by 44,500 yuan [3] - Strategic cooperation agreements between companies like Haibo Shichuang and CATL are expected to boost demand, with a projected cumulative purchase of 200 GWh of electricity from 2026 to 2028 [3] - The National Energy Administration's recent guidelines to promote the integration of new energy sources are expected to further support the industry [3] Sector Analysis - The electric equipment sector index rose by 4.04%, leading the industry sector gains, driven by the increasing scale of new energy installations [4] - The non-ferrous and chemical sectors ranked second and third in industry gains, benefiting from the green energy transition and the demand for materials in electric vehicles and solar panels [5] - Analysts predict that the non-ferrous and chemical sectors will continue to perform well, with lithium prices stabilizing and copper being a key investment direction for 2026 [6] Financial Performance - In the first ten months, new social financing reached 30.9 trillion yuan, with new loans amounting to 14.97 trillion yuan, indicating a robust financial environment [7] - Semiconductor company SMIC reported a net profit of 1.51 billion yuan in Q3, a year-on-year increase of 43.1%, with revenue guidance for Q4 expected to remain stable or grow by 2% [7] - Tencent Holdings reported a net profit of 63.13 billion yuan for Q3, exceeding estimates [8]

Market Overview - The A-share market indices collectively strengthened, with the Shanghai Composite Index rising by 0.73%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.55% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 20,420 billion yuan, an increase of 969 billion yuan compared to the previous day [1] - The number of rising stocks outnumbered falling stocks, with 3,953 stocks rising and 1,338 falling, and the median increase of individual stocks was 0.61% [1] Index Performance - The Shanghai Composite Index reached a new high, confirming an upward trend from the right side, while the left side confirmation began with a divergence starting on November 5 [1] - The ChiNext Index's rise was primarily driven by the lithium battery industry chain, forming a small double bottom pattern [2] Sector Highlights - The lithium and energy storage sectors were the biggest market hotspots, with 118 stocks hitting the daily limit or rising over 10%, of which 56 belonged to these two sectors [2] - Major stocks in these sectors, such as CATL, saw significant gains, with CATL closing up 7.56% [2] Price Movements and Industry Drivers - The rise in the lithium and energy storage sectors was driven by several factors, including price increases in upstream products like electrolyte additives [3] - Strategic partnerships, such as the one between Haibo Shichuang and CATL, confirmed strong global demand for energy storage [3] - Recent policy support from the National Energy Administration aimed at promoting the integration of new energy sources further bolstered the sectors [3] Future Outlook - The market is expected to continue its upward trend, but there are resistance levels around 4,000 to 4,184 points from mid-July to mid-August 2015, which may slow the pace of growth [2] - The battery sector is projected to maintain a growth rate of 25% to 30% next year, with leading companies having reasonable valuation levels [3] Related Industries - The electrical equipment sector index rose by 4.04%, leading the industry sector gains, driven by the increasing scale of new energy installations [4] - The non-ferrous metals and chemical sectors are also experiencing significant growth, driven by the demand for materials essential for green energy transition [5] - Analysts are optimistic about these sectors, with expectations of sustained high profits and reasonable valuations [6]