港股晨报 2026 年 1 月 9 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：军工狂欢对冲 AI 回调，非农成关 键定调 昨日，港股三大指数有所回调。截至收盘，恒生指数跌 1.17%，国企指数跌 1.09%， 恒生科技指数跌 1.05%。大市成交金额 2,682.75 亿元，主板总卖空金额 433.55 亿元，占可卖空股票总成交额比率为 18.51%。南向资金北水方面，港股通交易 净流出 49.01 亿港元。港股通 10 大成交活跃股中，北水净买入最多的是小米 集团 1810.HK、腾讯 700.HK、中芯国际 981.HK；净卖出最多的是盈富基金 2800.HK、恒生中国企业 2828.HK、南方恒生科技 3033.HK。 板块方面，教育板块下跌，其中，中国东方教育 667.HK 跌 5.83%，中国春来 1969.HK 跌 4.69%，中教控股 839.HK 跌 4.62%。 科技板块也普遍下跌。其中，百度集团-SW 9888.HK 跌 3.31%，美团-W 3690.HK 跌 3.35%，快手-W 1024.HK 跌 2.51%，微盟集团 2013.HK 跌 2.49%，阿里巴巴 ...

报告摘要 SDICSI 2026 年 01 月 05 日 震坤行 (ZKH.US) 一站式 MRO 服务平台，业绩或进入修复周期 震坤行在国内数字化工业用品服务（MRO）市场中，份额仅次于京东工业。以 1H25 业绩看，震坤行 GMV/总收入/毛利约为京东工业的 31%/40%/36%，当前 市值约为京东工业的 12%。考虑公司 4 季度有望实现扭亏为盈，业绩重启增长 周期，我们认为有望带动估值修复，建议关注。 一站式数字化工业用品服务平台。震坤行主要业务为一站式工业用品采购与管 理服务，主要客户为制造业企业，帮助其降低工业用品采购和管理成本，提升 供应链效率。业务模式上，以自营 1P 为主（3Q25 1P GMV 占比 87%），兼顾 3P 平台模式。2024 年，整体 GMV 为 105 亿元，对应的 2020-2024 CAGR 为 20.5%。 2025 年前 3 季度 GMV 合计为 72 亿元，同比降 12%，其中 3 季度降幅已收窄 至 2%，主要反映主动的战略调整。3Q25 客户数量为 7.1 万，同比增 48%。 财务表现：收入恢复正增长，亏损持续收窄。2025 年 3 季度总收入为 23 ...

Group 1 - The stock price of ZKH increased by 5.72% on August 23, reaching $3.14 per share, with a total market capitalization of $509 million [1] - As of March 31, 2025, ZKH reported total revenue of 1.935 billion RMB, representing a year-on-year growth of 4.03%, and a net profit attributable to shareholders of -66.723 million RMB, showing a year-on-year increase of 26.6% [1] Group 2 - ZKH is scheduled to disclose its fiscal year 2025 interim report on August 22, prior to the market opening [2] - ZKH Group Limited is a Cayman Islands-registered holding company, primarily operated by its domestic entity ZKH Holdings Limited, and serves as a digital industrial supplies service platform [2]

Group 1 - The core viewpoint of the news is that ZKH's stock price has increased by 2.55%, reaching $3.005 per share, with a total market capitalization of $486 million as of August 19 [1] - Financial data shows that as of March 31, 2025, ZKH's total revenue is 1.935 billion RMB, representing a year-on-year growth of 4.03%, while the net profit attributable to shareholders is -66.723 million RMB, reflecting a year-on-year increase of 26.6% [1] - ZKH is set to disclose its fiscal year 2025 interim report on August 22, 2023, before the market opens in the Eastern Time Zone [2] Group 2 - ZKH Group Limited is a Cayman Islands-registered holding company, primarily operated by its domestic entity subsidiary, ZKH Holdings Limited [2] - The company is a digital industrial supplies service platform that provides customers with one-stop procurement and management services for industrial supplies, aiming to achieve transparency, efficiency, and cost reduction in the industrial supply chain [2]

Group 1 - The stock price of ZKH increased by 5.5% on August 16, reaching $3.07 per share, with a total market capitalization of $497 million [1] - As of March 31, 2025, ZKH reported total revenue of 1.935 billion RMB, representing a year-on-year growth of 4.03%, and a net profit attributable to shareholders of 66.723 million RMB, which is a year-on-year increase of 26.6% [1] Group 2 - ZKH is scheduled to disclose its mid-year report for the fiscal year 2025 on August 28, with the actual disclosure date subject to company announcements [2] - ZKH Group Limited is a Cayman Islands-registered holding company, primarily operated by its domestic entity ZKH Holdings Limited, and serves as a digital industrial supplies service platform [2]

Group 1 - The stock price of ZKH increased by 2.06% to $2.97 per share, with a total market capitalization of $481 million as of August 15 [1] - As of March 31, 2025, ZKH reported total revenue of 1.935 billion RMB, representing a year-on-year growth of 4.03%, and a net profit attributable to shareholders of -66.723 million RMB, showing a year-on-year increase of 26.6% [1] Group 2 - ZKH is scheduled to disclose its mid-year report for the fiscal year 2025 on August 28, with the actual disclosure date subject to company announcements [2] - ZKH Holdings Limited operates as a digital industrial supplies service platform, providing one-stop procurement and management services for industrial supplies, aiming for transparency, efficiency, and cost reduction in the supply chain [2]

Core Viewpoint - Zhenkunhang (ZKH.US) experienced a significant stock movement, with an intraday increase of over 4%, closing at $3.00, reflecting a 0.33% gain [1] Company Overview - Zhenkunhang is a digital industrial supplies service platform that aims to provide customers with a one-stop solution for industrial product procurement and management [1] - The company's business model aligns with the current manufacturing industry's demand for digital transformation, focusing on supply chain transparency, efficiency, and cost reduction [1] Market Activity - The stock recorded a trading volume of $21.41 million, indicating a notable increase in trading activity, marking the second consecutive day of heightened volume [1] - The company is set to announce its Q2 earnings on August 22, 2025, before the market opens [1]

Group 1 - The core viewpoint of the news is that ZKH's stock has shown a positive performance with a 2.02% increase, reaching $3.03 per share, and the company has a total market capitalization of $491 million [1] - As of March 31, 2025, ZKH reported total revenue of 1.935 billion RMB, reflecting a year-on-year growth of 4.03%, while the net profit attributable to the parent company was -66.723 million RMB, showing a significant year-on-year increase of 26.6% [1] - ZKH is a digital industrial supplies service platform that provides one-stop procurement and management services for industrial products, aiming to enhance supply chain transparency, efficiency, and cost reduction [2] Group 2 - ZKH is scheduled to disclose its mid-year report for the fiscal year 2025 on August 28, with the actual disclosure date subject to the company's announcement [2] - The company is registered in the Cayman Islands and primarily operates through its domestic entity, ZKH Holdings Limited [2]