6 January 2026 | 8:35PM HKT Equity Research China Industrial Tech: Quick thoughts on FA companies' new year price hike The start of new year has brought price hike news across many automation leaders including Siemens, Schneider and Inovance etc. The price hikes (up to 30-40% depending on products) were generally initiated by global companies which prioritize profitability, seeking to pass through raw material inflation from copper, aluminum and memories. Inovance which competes directly with foreign compan ...

Core Insights - ZTO Express Cayman (ZTO) shares have surged 11.4% over the past three months, outperforming the Zacks Transportation sector's 9% rise [1][7] Company Performance - ZTO's growth is driven by the broader momentum in China's express delivery sector, with national parcel volumes exceeding 150 billion, indicating strong consumer demand and an improving economy [4] - The company reported a 9.8% year-over-year increase in parcel volumes for Q3 2025, with revenues from its core express delivery services unit rising 11.6% year over year [5][7] - ZTO expects parcel volume for 2025 to reach between 38.2 billion and 38.7 billion, reflecting a solid year-over-year growth of 12.3% to 13.8% [5] Financial Stability - ZTO's current ratio improved from 0.96 in Q3 2024 to 1.38 in Q3 2025, indicating enhanced financial stability and the ability to meet short-term obligations [6] Market Outlook - The Zacks Consensus Estimate for full-year 2025 and 2026 has been revised upward by 9.2% and 10.1% respectively over the past 60 days, reflecting positive market sentiment [8]

Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the quarter, the fund’s Investor Class fund ARTQX returned 0.97%, Advisor Class fund APDQX posted a return of 0.98%, and Institutional Class fund APHQX returned 0.97%, compared to a 6.18% return for the Russell Midcap Value Index. Equity markets continued their rally in the third quarter as investors overlooked tariff concerns, driv ...

Core Insights - Sovereign wealth funds globally reached a record $15 trillion in assets under management, driven by increased technology investments and favorable market conditions [1] Investment Trends - Sovereign investors allocated $66 billion towards artificial intelligence and digitalization in 2025, with Middle Eastern funds leading the charge [2] - The Abu Dhabi Mubadala Investment Co. was the largest investor in this sector, committing $12.9 billion, followed by Kuwait Investment Authority at $6 billion and Qatar Investment Authority at $4 billion [2] Regional Highlights - The Middle East is a significant hub for sovereign wealth fund investments, with the seven Gulf wealth funds accounting for 43% of global state-owned investment capital, totaling $126 billion [3] - Saudi Arabia's Public Investment Fund emerged as the largest dealmaker in 2025, committing $36.2 billion, primarily through its acquisition of Electronic Arts Inc. [3] Activity Levels - Excluding the major deal by Saudi Arabia, Abu Dhabi's Mubadala was the most active sovereign wealth fund, investing a record $32.7 billion across 40 transactions [4] - Sovereign investors, including public pension funds, expanded their influence in 2025 amid strong returns across various asset classes [4] Geographic Distribution - The United States led sovereign investments with $13.2 trillion in assets under management, followed by China at $8.2 trillion and the UAE at $2.9 trillion [5] - The US attracted $131.8 billion in sovereign investments in 2025, a significant increase from $68.9 billion in the previous year, while investments in China dropped to $4.3 billion from $10.3 billion [5]

Key Takeaways PH's Aerospace Systems revenues jumped about 13.3% year over year in fiscal Q1 on broad market strength.Parker-Hannifin projects Aerospace Systems organic sales to rise 8-11% in fiscal 2026.PH raised fiscal 2026 outlook, projecting total sales growth of 4-7% on solid aerospace demand.Parker-Hannifin Corporation (PH) is witnessing persistent strength in its Aerospace Systems segment. The segment is benefiting from solid momentum across its commercial and military end markets across both Origina ...

Core Insights - Abu Dhabi National Oil Company (ADNOC) successfully secured $13 billion in financing deals for both conventional and lower-carbon investments, marking a significant achievement for the company in 2025 [1][2] Financing Deals - The first deal involves $11 billion in project financing for the Hail and Ghasha offshore gas development, recognized as one of the largest and most complex sour gas projects in the Middle East [2][3] - The second deal is a $2 billion green financing facility supported by Korea Trade Insurance Corporation (K-SURE), aimed at funding lower-carbon projects within ADNOC [2][4] Investor Confidence - The Hail and Ghasha project attracted participation from over 20 regional and global banks, indicating strong investor confidence in ADNOC's execution capabilities and the strategic importance of gas in the UAE's energy landscape [3][5] Sustainability Initiatives - The green financing agreement is part of ADNOC's Sustainable Finance Framework, which aims to support lower-carbon projects and reflects the company's commitment to blending traditional hydrocarbon investments with climate-aligned financing [4][6] Production Capacity - ADNOC is among the world's largest oil producers, with a current production capacity of 4.85 million barrels per day, aiming to reach 5 million bpd by 2027, which would represent approximately 5% of global oil supply [5][6] Diversification Strategy - The company holds a significant stake in Masdar, a renewables developer targeting 100 gigawatts of clean power capacity by 2030, positioning ADNOC as one of the most diversified national oil companies globally [6][7] Leadership and Market Position - Under the leadership of Dr. Sultan Al Jaber, ADNOC has undergone a modernization process that includes digitalization and international partnerships, resulting in its six listed subsidiaries accounting for about one-fifth of the total market capitalization on the Abu Dhabi Securities Exchange, valued at around $150 billion [7]

文｜半导体产业纵横 在数字化浪潮的推动下，NAS（Network Attached Storage，网络附属存储）市场正以惊人的速度崛起。 部分企业 NAS 产品销售收入甚至创造过年增长率300%的业绩表现。随着消费端与企业端需求同步激 增，相关企业业绩持续爆发，NAS 市场也成为科技领域的新增长点。 QYResearch数据显示，2023年全球家用NAS设备市场销售额达24.4亿元，预计2030年将达到289.3亿 元。中国市场表现尤为突出，2023年规模达7.12亿元，占全球市场的29.19%，预计2030年将增长至 96.19亿元。NAS作为潜力股，正逐步走进大众视野。 NAS，又称"私有云"或"个人云"，本质上是一台无需屏幕即可独立运行的专用数据存储设备。它以数据 为核心，专注于数据的存储、管理与共享，可通过局域网或互联网无缝连接计算机、笔记本电脑、智能 手机、智能电视等各类终端设备，为用户打造灵活便捷的存储解决方案。 01、企业业绩迎来爆发式增长 另一家企业也透露，公司在NAS市场收获颇丰。该公司2021年切入这一赛道，目前NAS业务已占公司总 收入超过30%，成为业绩增长的重要支柱。种种迹象表明， ...

数智化是重塑国际竞争格局和未来生产模式的关键力量。数字产业园区则是数智赋能实体经济的主要媒 介，是现代产业发展的试验平台。加快建设高标准数字产业园区，是掌握数字时代发展主动权的重要战 略举措。近年来，我国稳步推进相关建设，一批创新动力强劲的数字产业园区不断涌现，数智赋能实体 经济前景广阔。这些园区具有鲜明特点。一是技术和管理创新能力突出，不仅技术迭代更快，而且园区 管理更加灵活。二是数智牵引实体经济转型升级动能强劲，园区往往是数字经济与实体经济深度融合的 典范。三是数据安全要求明显高于传统的产业园区，特别是对数据安全和隐私保护的能力有很大提升。 放眼全球，发达国家同样在推动数字产业园区建设。美国、英国数字产业园区注重吸引、培养高技术人 才群体。韩国通过政府强力支持引导，推动数字产业园区发展，扶持物联网、5G等领域创业项目。新 加坡注重产业空间与生活空间融合，着力构建宜业宜居的智能产业园区，对高端人才具有很强的吸引 力。与之相比，我国数字产业园区具有制造业体系更加完善、应用场景更加丰富等独特优势，还拥有超 大规模市场的强力支撑，有潜力实现弯道超车、后来居上。 工业和信息化部日前发布《高标准数字园区建设指南》，明 ...

在创业领域，阿尔及利亚通过发布第25-311号行政法令，正式推出"加速型企业（Scale-up）"标 签，重点支持已度过初创阶段、具备持续增长能力的创新型企业。新标签完善了从"初创企业"到"加速 型企业"的分层培育体系，并同步强化现有标签的绩效评估和续期机制。整体来看，上述举措体现出阿 尔及利亚以数字化和创新驱动经济转型、提升产业竞争力的政策导向。 据 Algérie360 网站12月12日报道，阿尔及利亚正加快推进银行业数字化与创业生态升级。在金融领 域，阿政府通过推动银行系统采用云计算、网络安全、人工智能和开放银行等关键技术，稳步推进新一 代金融基础设施建设。"Algeria Banking Connect 2025"会议围绕核心银行系统现代化、云架构迁移及以 客户体验为中心的全渠道布局展开，显示出银行业向公有云、私有云和混合云并行发展的趋势。在"主 权云"框架下，随着本地数据中心、数据本地化和网络安全标准逐步完善，银行业云转型项目正在有序 推进。 （原标题：阿尔及利亚完善创业支持体系） ...

Group 1: Leadership Changes and Political Context - BP has appointed Meil as the new CEO, marking the fourth leadership change in six years [2] - European leaders are convening in Brussels to discuss funding for Ukraine, highlighting the urgency of the situation [2][6] - Belgium's Prime Minister emphasizes the need for unconditional guarantees on liquidity to support Ukraine [4] Group 2: Financial Support for Ukraine - The European Commission proposes using €210 billion of frozen Russian assets as collateral to fund a reparations loan to Ukraine [7] - The plan aims to provide €90 billion to cover two-thirds of Ukraine's urgent financial and military needs over the next two years [8][16] - Concerns arise from several countries, including Belgium, Hungary, and Italy, regarding the legal and financial risks associated with the proposal [10][9] Group 3: Geopolitical Implications - The urgency for Europe to secure funding for Ukraine is tied to its geopolitical standing and involvement in peace talks [14][23] - Failure to agree on the funding plan could jeopardize Ukraine's financial stability, risking its ability to sustain government operations [10][13] - The discussions in Brussels are critical for Europe to assert its role in the ongoing conflict and negotiations with Russia [12][23] Group 4: Market Dynamics and Industry Outlook - Copper prices are experiencing a surge due to tight supplies and rising demand, with expectations of continued growth [40][46] - BHP, the world's largest copper producer, anticipates a significant supply crunch by 2026, driven by increasing demand and limited new mine discoveries [47][48] - Analysts predict copper prices could reach $13,000 per ton in early 2026, with potential for further increases [48]