GC Tech: Conant Optical (2276.HK): Mgmt. visits: AI / AR glasses to drive product mix upgrade ahead We hosted Conant Optical (2276.HK, Not Covered) management on Jan 16 at the GS Tech AI Outlook Corp Day in Hong Kong. Management is positive on the AI / AR glasses end demand and mentioned that Conant is working closely with both China and global-tier brand customers on next generation products, ensuring its leading position in lens design and manufacturing. We are positive on AI / AR glasses end demand in Ch ...

19 January 2026 | 8:21PM EST Equity Research Microsoft Corp. (MSFT) Assessing the impact of potentially higher power costs MSFT 12m Price Target: $655.00 Price: $459.86 Upside: 42.4% There were two separate news reports tied to Microsoft's power costs last week: On 1/13, Microsoft announced its Community-First AI Infrastructure Plan, including its plans to pay higher utility rates to ensure that the electricity costs of serving data centers are not passed through to local residents. On 1/16, Bloomberg repor ...

19 January 2026 | 12:59AM HKT Equity Research CHINA & ASEAN DATA CENTERS Dual-track expansion across chip supply, computing power demand and infrastructure capacity; Buy GDS/VNET/SUNeVision We believe the China data center sector, as a critical part on the middle layer of AI's 5-layer cake i.e. energy, chips, infrastructure, models, and applications, is set to benefit from stepped-up AI investments by China internet companies in to-C applications (opex) and AI capex (details in Navigating China Internet: Pi ...

We hosted BYDE management on Jan 14 at the GS Tech AI Outlook Corp Day in Hong Kong. Management expects its major brand customer's new foldable phone launch, which carries a higher dollar content for BYDE compared to previous models, could support their growth ahead. Management remains positive on the AI infrastructure cycle and aiming opportunities across both global-tier and local customers. The shipment of automotive components is expected to increase in 2026E, per management, with suspension system ship ...

To supplement our Pop Mart high-frequency tracker report (link), we launch this tracker dedicated to China sales tracking, covering ~70% China revenue from offline store data and online platform data. November results indicate a sharp deceleration in offline growth and productivity, raising questions about 2026 sustainability. 13 January 2026 China Consumer Pop Mart China Sales Tracker: Deceleration in offline growth and productivity; risks in 2026 Melinda Hu +852 2123 2643 melinda.hu@bernsteinsg.com Kai Zh ...

19 January 2026 | 6:56PM HKT Equity Research Kingdee (0268.HK): Mgmt visit: AI agents in expansion; Margin to improve on rising Recurring revenues; Buy We hosted Kingdee management on Jan 16 in GS Tech AI Outlook Corp Day in Price Target Risks and Methodology - Kingdee Valuation methodology: Our 12-month target price of HK$18.98 is based on an equal blend of 2-stage DCF and Price/Sales methodologies, where we incorporate a WACC of 11.5% and terminal growth rate of 2% in our DCF valuation due to its diverse ...

We hosted Pony AI management on Jan 15 at the GS Tech AI Outlook Corp Day in Hong Kong. Management mentioned that the ADK cost reduction for Pony AI's Gen 7 Robotaxi supported the company's unit economics break-even in Guangzhou, and the company aims to expand the fleet size to 3,000 Robotaxis by the end of 2026, along with its asset-light business model, driving the overall efficiency of the company. Pony AI is also expanding to overseas markets, focusing on the collaboration with local operators. We remai ...

19 January 2026 | 7:06PM HKT Equity Research Trip.com Group (TCOM) Analysis on potential impact from greater hotel segment competition: profit breakdown and earnings sensitivity; Buy | TCOM | 12m Price Target: $87.00 | Price: $61.77 | Upside: 40.8% | | --- | --- | --- | --- | | 9961.HK | 12m Price Target: HK$676.00 | Price: HK$466.20 | Upside: 45.0% | TCOM's share price has fallen by ~20% over the past three days following its announcement that the State Administration for Market Regulations of the PRC (SAM ...

海底捞 20260119 摘要 2025 年海底捞餐厅收入略有下降，但集团整体收入因红石榴系列餐厅 和外卖业务的增长而小幅上升，全年平均销售价格（ASP）较 2024 年 略有上升。 2025 年下半年利润同比面临压力，主要由于原材料成本上升和翻台率 压力，导致利润率和绝对额均受到影响。 2026 年展望以稳定保守为主，门店数量小幅增加，并根据实际情况进 行闭店调整，翻台率以 25 年水平为基础稳定提升，继续推进红石榴计 划和智慧中台建设。 管理团队调整旨在推进红石榴计划和智慧中台建设，创始人张勇回归 CEO 岗位，不会改变公司长期战略或现有政策，对基础经营业务无短期 影响。 2025 年海底捞外卖业务收入和利润均实现 100%的提升，未来计划将 外卖作为卫星店独立运营，并增加 SKU，提高外卖业务利润率。 宴请烤肉品牌开店速度放缓，因市场竞争激烈、口味和产品缺乏独特性、 顾客对服务不满意等原因，不排除 2026 年开始关停表现不佳的门店。 海底捞通过加盟方式拓展新区域，特别是在下沉市场，加盟门店表现良 好，2026 年将继续探索与加盟商合作的模式，直营门店转为加盟或新 增加盟门店会对整体收入产生一定负面影响 ...

博雷顿 20260119 摘要 博瑞顿 2025 年整体业务规模约为 7.6 亿人民币，矿用卡车收入占比超 80%，同比增长近 80%。装载机业务收缩，自动驾驶和光储业务尚未 完全体现，整体业绩增长约为 20%。 2026 年，博瑞顿计划宽体车营收增长 120%，达到 1,200 台。同时， 将在非洲多国推进光储项目，如李珠宝项目预计每年产生 1.8 亿人民币 收入。此外，计划在煤矿和金属矿推广自动驾驶技术，并已签署多个大 规模交付协议。 预计 2026 年车辆收入超 15 亿人民币，电网收入约 3 亿人民币。2027 年总收入预计超 30 亿，电站收入达 7.5 亿，车辆收入超 20 亿。自动驾 驶方面，2026 年开始有运力服务收入，单车年服务收入约 16 万人民币。 博瑞顿在非洲已落地 4 个光伏发电项目，通过光伏配储方案为刚果金铜 矿提供稳定低成本电力，并推广纯电动矿用卡车及自动驾驶系统，解决 当地生产用电问题，推动电动车及自动驾驶技术发展。 博瑞顿与新疆明阳成立合资公司，计划将明阳在煤矿中 3,000 多辆自动 驾驶车辆的部分业务切换到博瑞顿的自动驾驶系统，目标以较少人力支 持运行自动驾驶车队，降低 ...