February 2, 2026 12:40 AM GMT M Update Contemporary Amperex Technology Co. Ltd. | Asia Pacific Nationwide Rollout of ESS Capacity Price China has formally enacted a nationwide capacity price mechanism for energy storage systems (ESS), benchmarking compensation to local coal-fired capacity prices and scaling by usable duration hours (ratio capped at 1). This structure meaningfully enhances ESS project economics. ESS capacity price rollout. A nationwide capacity price for standalone energy storage system (ESS ...

2 February 2026 | 8:22AM HKT Equity Research CSPC Pharma (1093.HK): A landmark deal with AZ on long-acting GLP-1 and platform technologies; Buy A new breakthrough in license-out: CSPC signed a deal with AstraZeneca (AZN, covered by Rajan Sharma) for the development of long-acting peptide medicine, utilising sustained-release delivery technology platform and AI-driven peptide drug discovery platform. Besides platform-based cooperation, CSPC will license-out the ex-China rights of eight assets, including 1) o ...

What happened: XD launched 'TapTap Create', an AI game creation tool, on January 30, 2026, with XD chairman Mr. Huang live-streaming about the product launch himself. XD positioned the tool as a core 'AI Game Creation Agent', and the key objective is to break down the technical barriers of game creation, enabling average users with no programming or art background to transform their creative ideas into playable games. 'TapTap Create' is not a traditional game engine but rather a platform that utilizes natur ...

J P M O R G A N North America Equity Research 28 January 2026 Hardware & Networking Cloud Capex Wrap-Up: META and MSFT Continue to Highlight Robust Capex Trajectory Heading into 2026 with Increases Set to Comfortably Exceed +60% Y/Y Meta and Microsoft highlighted strong capex trends in the Dec-Q, with aggregate capex expanding by +10% quarter-over-quarter and +60% year-over-year to $60 bn. Importantly, the CSPs continue to highlight strong capex growth expectations for their respective fiscal years, with bo ...

J P M O R G A N North America Equity Research 29 January 2026 Semiconductors & Semiconductor Capital Equipment / IT Hardware Harlan Sur AC (1-415) 315-6700 harlan.sur@jpmorgan.com Peter K Peng (1-415) 315-8327 peter.k.peng@jpmchase.com Mayur Ramdhani (1-212) 622-1664 mayur.ramdhani@jpmorgan.com J.P. Morgan Securities LLC See page 2 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aw ...

28 January 2026 Equity Research Report CATL (300750 CH/3750 HK) A/H: Buy/Buy: Navigate raw material price volatility China Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Automobiles | A: MAINTAIN BUY | | | --- | --- | | TARGET PRICE (CNY) | PREVIOUS TARGET (CNY) | | 450.00 | 450.00 | | SHARE PRICE (CNY) | UPSIDE/DOWNSIDE | | 339.40 | +32.6% | | (as of 27 Jan 2026) | | | H: MAIN ...

Flash | 30 Jan 2026 10:04:50 ET │ 11 pages Laopu Gold (6181.HK) HK marketing feedback CITI'S TAKE We believe market sentiment toward Laopu has shifted from 7:3 bear:bull in 2H25 to 3:7 now. The earlier concerns on growth sustainability have been alleviated by strong sales YTD (see our note Open 30-Day Positive Catalyst Watch on Potential Strong CNY Sales and A strong start to the CNY sales). That said, investor conviction is not yet strong despite a broadly positive stance on gold price. Major debates are: ...

Asia Pacific Equity Research 29 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Battery & Materials Field trip sparks confidence: Confirm CATL as top pick, u/g Yunnan Energy (separator), d/g Hunan Yuneng (cathode) CATL and China battery su ...

中通快递 20260201 摘要 中通快递通过"同建共享"理念，将网络合作伙伴转变为股东，形成利 益共同体，有效提升了整体网络管理效率，并为后续转运中心自动化升 级奠定了基础。创始人赖梅松持股比例为 26.4%，体现了该理念。 2016 年至 2025 年前三季度，中通累计资本开支超过 570 亿元，显著 领先于竞争对手。2025 年前三季度资本开支约 43 亿元，主要用于设备、 土地、车队扩展及设施升级。截至 2025 年第三季度，拥有超 1 万辆自 有干线运输车队和 761 套自动化分拣设备。 中通快递市场份额总体保持增长趋势，2024 年虽有阶段性回落，但 2025 年下半年起，随着行业反内卷和跨境价格回升，以及电商平台合 规监管强化，中通凭借其品牌和服务优势，市场份额逐步恢复并提升。 中通通过扩充自有运输车辆、优化运输路线和车辆调度，以及升级自动 分拣技术，显著降低了单票运输和分拣成本。单票运输成本从 2016 年 的 0.83 元降至 2025 年前三季度的 0.36 元，单票分拣成本从 2016 年 的 0.43 元降至 2025 年前三季度的 0.225 元。 Q&A 中通快递在业务量和服务质量 ...

28 January 2026 | 11:02PM EST Equity Research Microsoft Corp. (MSFT) Trading off short-term Azure growth ultimately drives more strategic AI positioning long term MSFT 12m Price Target: $600.00 Price: $481.63 Upside: 24.6% Selina Zhang +1(212)357-9979 | selina.zhang@gs.com Goldman Sachs & Co. LLC Key Data _____________________________________ Market cap: $3.6tr Enterprise value: $3.5tr 3m ADTV: $12.3bn United States Americas Software M&A Rank: 3 | GS Forecast __________________________________ | | | | | | - ...