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 ...

Summary of Key Points from the Conference Call Industry and Companies Involved - **Industry**: Hardware & Networking, specifically focusing on Cloud Capital Expenditures (Capex) - **Companies**: Meta Platforms Inc (META), Microsoft (MSFT) Core Insights and Arguments - **Capex Growth Trends**: - Meta and Microsoft reported strong capex trends for the December quarter, with aggregate capex increasing by +10% quarter-over-quarter and +60% year-over-year to $60 billion [1] - Both companies expect significant capex growth in their respective fiscal years, with guidance for increases exceeding +$50 billion year-over-year and growth rates above +60% [1] - **Meta's Capex Outlook**: - Meta's capex for Q4 2025 rose by +14% quarter-over-quarter and +49% year-over-year to $22 billion, driven by investments in data centers, servers, and network infrastructure [3] - For 2026, Meta is guiding a full-year capex outlook of $115-$135 billion, indicating a year-over-year growth of nearly +75% at the midpoint, translating to an increase of approximately +$55 billion compared to 2025 [3] - **Microsoft's Capex Outlook**: - Microsoft’s capex is projected to grow by more than +60% year-over-year in FY26, with Q2 FY26 capex rising +7% quarter-over-quarter and +66% year-over-year to $38 billion [3] - The majority of Microsoft's spending is focused on short-lived assets, including GPUs and CPUs, with significant investments in data center capacity, including nearly 1 gigawatt added in Q2 FY26 [3] - Microsoft anticipates a sequential decline in capex heading into Q3 FY26, but year-over-year growth is still expected to be +65%, equating to an increase of +$14 billion [3] Additional Important Information - **Positive Tailwinds for Related Companies**: The strong capex growth from Meta and Microsoft is expected to benefit companies in the coverage universe that are leveraged to AI infrastructure spending, including Amphenol, Arista, Celestica, Ciena, Coherent, Fabrinet, Flex, Jabil, and Lumentum [1] - **Analyst Coverage**: The report is produced by J.P. Morgan Securities LLC, with analysts Samik Chatterjee, Joseph Cardoso, Manmohanpreet Singh, and Marc Vitenzon involved in the analysis [2] This summary encapsulates the key points from the conference call, highlighting the robust capex growth expectations for Meta and Microsoft, along with the implications for related companies in the industry.

Summary of Key Points from the Conference Call Transcript Industry Overview - The focus is on the **semiconductor industry**, particularly in relation to **datacenter capital expenditures** driven by AI infrastructure spending, as highlighted by earnings calls from **Meta** and **Microsoft** [1][1]. Core Insights 1. **Persistent Supply Constraints**: - Both Microsoft and Meta reported that demand continues to exceed supply, with Meta expecting to remain supply constrained through **2026**. This situation is anticipated to support strong investments in datacenters, servers, and network infrastructure through **2026** and into **2027** [1][1]. 2. **Capex Trends**: - Microsoft increased its capital expenditures (capex) for Q4 to **$37.5 billion**, exceeding consensus expectations of **$36.3 billion**. Meta's capex was reported at **$22.137 billion**, slightly above the consensus of **$22 billion**. - Meta also guided its **2026** capex to **$125 billion**, representing a **73%** increase year-over-year, compared to a consensus expectation of **57%** [1][1]. 3. **Custom Silicon and ASIC Development**: - Both companies are focusing on custom ASIC chip development alongside procuring more GPU supply from companies like **AMD** and **Nvidia**. Meta's MTIA program is expanding, with plans to support core ranking and recommendation training workloads in **Q1 2026**. Broadcom is identified as Meta's ASIC chip design partner, with expectations of Meta becoming a multi-billion dollar customer by **2026** [1][1]. 4. **Rising Compute Intensity**: - Compute intensity is increasing as models grow larger and more complex. Meta reported doubling the number of GPUs used for training its generative ads recommendation model and is scaling to larger clusters for training their GEM models in **2026**. The commentary on cloud capex emphasizes ongoing strong spending on AI infrastructure, networking, custom chip (ASIC), and GPU programs for compute and storage acceleration [1][1]. Additional Insights - Companies that are leveraged to AI/datacenter spending include **Broadcom (AVGO)**, **Marvell Technology (MRVL)**, **NVIDIA (NVDA)**, **Astera Labs (ALAB)**, **Micron Technology (MU)**, **Western Digital (WDC)**, **MACOM (MTSI)**, and **AMD** [1][1]. This summary encapsulates the critical points discussed in the conference call, focusing on the semiconductor industry's current trends and future outlook driven by AI infrastructure investments.

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 ...

Summary of Laopu Gold (6181.HK) Conference Call Company Overview - **Company**: Laopu Gold (6181.HK) - **Market Capitalization**: HK$137,507 million (approximately US$17,617 million) [4] Industry Sentiment - **Market Sentiment Shift**: The sentiment towards Laopu has changed from 70% bearish to 30% bullish in the second half of 2025 to 30% bearish and 70% bullish now [1] - **Sales Performance**: Strong year-to-date sales have alleviated earlier concerns regarding growth sustainability [1] Core Debates and Insights 1. Sales and Margin Dynamics - **Earnings Visibility**: Investors find it challenging to forecast earnings due to fluctuating revenue and gross profit margin (GPM) trends amid gold price volatility [2] - **Stock Replenishment**: Increased sales necessitate significant stock replenishment, which may lead to cash shortages [2] - **Net Positive Impact**: The revenue benefits from rising gold prices are expected to outweigh temporary GPM contractions, leading to a net positive impact on earnings [2] - **Fundraising for Inventory**: Fundraising for inventory expansion is seen as revenue-generating, with potential net profits estimated at Rmb600-700 million, representing 13-15% of the estimated net profit for 2025 [2] 2. Promotion-Driven Sales - **Discounting Concerns**: Some investors believe that Laopu's sales success is primarily due to price discounting, which could harm profitability and brand equity [3] - **Clarification on Discounts**: Laopu's official discounts are 5% in stores, with an additional 5% from mall reward points, totaling 10%. Daigou members can achieve up to 12.5% off due to higher reward multipliers [3] - **Consistency in Discounting**: Laopu's discount strategy has been consistent and is in line with other luxury brands in high-end malls [3] 3. Impact of High Gold Prices - **Consumer Demand**: Elevated gold prices may suppress demand in the mass market but could positively affect the high-end segment targeted by Laopu [7] - **Increased Ticket Size**: High prices may encourage customers to purchase larger pieces, potentially capturing wallet share from other luxury brands [7] Investment Outlook - **Target Price**: The target price for Laopu is set at HK$1,119, based on a 24x 2026E P/E ratio, compared to 26x for global luxury peers [9] - **Expected Returns**: Anticipated share price return is 43.8%, with an expected total return of 48.0% [4] Risks - **Key Risks**: 1. Gold price volatility 2. Intense competition 3. Evolving consumer preferences 4. Consumption trade-down amid a soft economy in China 5. Negative free cash flow during expansion [10] Conclusion - Laopu Gold is positioned as a top pick in the China jewelry sector, with a favorable outlook driven by strong sales performance and strategic discounting practices, despite potential risks associated with gold price fluctuations and market competition [8]

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 __________________________________ | | | | | | - ...