7 January 2026 | 8:18PM HKT Equity Research CHINA COSMETICS 2026 Outlook: Reset for higher-quality growth; improving ROI favors branded leaders; Buy MGP (upgrading from Neutral)/Giant/Jahwa China's Cosmetics sector underwent meaningful downward earnings revisions in 2025 after companies decreased their dependency on high-cost KOLs and re-focused on popular core SKUs; NPM therefore contracted due to deleveraging impacts despite ROI improving. Looking ahead to 2026, we see a better set-up for the China cosmet ...

Accessible version Software - China (H/A) 2026 Year Ahead: Unlocking Growth via AI, Xinchuang, Overseas Expansion Rating Change AI monetization set to accelerate; focus on quality names Share prices of software companies under our coverage went up by 16% on average in 2025, compared to +23% for MSCI China Index. On a quarterly basis, share prices of software companies under our coverage went up by 35% on average in 9M25 (similar to the MSCI China Index), while underperforming in 4Q25 amid a pullback in AI-t ...

Accessible version Rating Change: BUY | PO: 408.00 CNY | Price: 325.50 CNY More positive on growth outlook; upgrade to Buy We upgrade Kingsoft Office to Buy from Neutral, as we are turning more positive on its growth outlook, driven by 1) rapid WPS 365 business growth with client base expansion (e.g., POEs and local SOEs) and product upgrade into a one-stop AI collaborative office platform, 2) WPS to-C business revenue recovery with accelerated AI monetization in domestic market and strong user base growth ...

潍柴动力 20260112 摘要 潍柴动力 SOFC 业务具增长潜力，受益于北美电力需求及与 Bloom Energy 合作验证。虽当前产能有限（约 10 兆瓦），但规划至 2030 年 达 1 吉瓦，预计贡献百亿元收入，净利润 10-20 亿元，为公司带来显著 增长空间。 ITC 财发业务受益于互联网厂商资本支出增加、国产大模型突破及 IDC 招标恢复。预计 2025-2026 年数据中心财发出货量分别为 1,300 台和 2,600 台，海外市场通过博杜安品牌实现增长，国内市场随 AIDC 招标 恢复有望超预期。 重卡行业预计 2026 年批发销量约 117 万台，同比微增。国内政策影响 减弱，出口量有望增长 15%-20%至 40 万台。电动重卡产业趋势向好， 电动化率或达 35%。行业或处于上行周期拐点，国五车置换周期将驱动 内销增长。 预计潍柴动力将在 2028-2030 年迎来新一轮重卡市场周期，或受益于 国六切换国七政策。参考历史周期及美国市场，预计销量高点有望达 110-120 万辆甚至更高，电动化对潍柴主业影响有限。 Q&A 潍柴动力在 2026 年的业绩预期和估值情况如何？ 预计潍柴动力 ...

视觉中国在垂直场景的数据服务方面具有独特优势，通过多年积累的数 据采集和清洗经验，提供高质量的垂直场景数据集，例如与携程合作提 供出行相关数据。 视觉中国与 Minimax 共同开发 TTS 语音模型，并与生数公司深度合作， 参与其投资，生数公司的 Q2 模型在短剧和漫剧生成领域表现优异，技 术被广泛应用于美图、360 纳米搜索等领先企业。 视觉中国 20260112 摘要 视觉中国利用 AI 技术提升广告营销业务，通过高效生成符合客户需求的 素材，降低成本并提高毛利，已成为 3C、新能源汽车等领域最大的平面 供应商，预计新增收入 1.5 亿元。 视觉中国在 AI 生成素材过程中，确保所有数据经过版权保护，并拥有大 量授权资源，为客户提供快速、高质量且版权合规的素材，同时控制国 内最大的设计师和摄影师社区。 视觉中国拓展 AI 工具平台，销售 AI 生产物料平台，已赋能汽车、快消、 互联网、金融等领域，并成功帮助某国内大厂将品牌推荐率从不足 30% 提升至 100%。 视觉中国从内容营销物料接入，以数据优势、高效合规保障和创作生态 占据市场领先地位，提供高质量物料、AI 制作工具及 GU 分发服务，与 传统投 ...

Key takeaways 12 January 2026 | 9:10AM HKT Equity Research Empyrean (301269.SZ): Mgmt. visit: Rising EDA demand from local AI chips and memory clients; Full-flow EDA in expansion; Buy We hosted Empyrean's management in Beijing during our China Semis Tour on Jan 9. Key discussions focused on (1) Full-flow EDA tools expansion; (2) AI chips opportunities; (3) Expanding client penetration; and (4) EDA business model. Overall, management is positive on rising EDA orders from foundry, memory and AI chips clients, ...

Flash | 12 Jan 2026 08:52:32 ET │ 11 pages WuXi AppTec (603259.SS) Positive FY25 profit alert; Beat CITI'S TAKE WuXi AppTec announced a positive profit alert. According to the announcement, FY25 revenue is estimated to be Rmb45.5bn (+16% yoy), which beat management guidance of Rmb43.5-44.0bn, (10-12% yoy), Rmb44.6bn (14% yoy) by VA consensus and Rmb45.2bn (+15% yoy) by Citi estimate. Revenue for continued business grew strongly by 21.4% yoy in 2025, vs. 17-18% yoy management guidance. FY25 net profit is est ...

12 January 2026 | 7:34PM HKT Equity Research Shenzhen Envicool Technology (002837.SZ) Raise TP on higher global server cooling TAM, expecting 7% global share in 2028E with full-fledged expansion into ASIC/GPU supply chain; Maintain Buy 002837.SZ 12m Price Target: Rmb121.10 Price: Rmb102.19 Upside: 18.5% We raise Envicool TP to Rmb121.1 (+49.5% vs. Rmb81.0 previously) and revise up our 2025E-30E sales/net income forecasts by 1%~9%/1%~17% respectively to reflect our global tech teams' latest server cooling TA ...

12 January 2026 | 7:34PM HKT Equity Research Nantong Jianghai Capacitor Co. (002484.SZ) Upgrade to Buy from Neutral with TP up by 26% as core aluminum electrolytic capacitors likely to benefit from AIDC earlier than supercaps 002484.SZ 12m Price Target: Rmb36.10 Price: Rmb30.04 Upside: 20.2% We upgrade Jianghai to Buy from Neutral and raise TP to Rmb36.1 (+26% vs. Rmb28.6 previously), reflecting 6%~12%/3%~11% upward revisions on 2026E-30E sales/net income respectively, as aluminum electrolytic capacitors wi ...

12 January 2026 | 7:34PM HKT Equity Research Hongfa Technology (600885.SS) Raise TP on likely rising contribution of 800V DC relay with dominant share 600885.SS 12m Price Target: Rmb36.40 Price: Rmb31.62 Upside: 15.1% We raise Hongfa TP to Rmb36.4 (+18% vs. Rmb30.8 previously) and revise up our 2025E-30E sales/net income forecasts by 1%~22 /1%~22% respectively to reflect rising contribution of 800V DC relay, AIDC application for general relay as well as ESS relay. The company has recorded AIDC-related reven ...