| 【行业研究】春节消费观察 - 景气度符合预期，品类分化持续 |
| 【Company Research】FIT Hon Teng (6088 HK) - Strong 2026 outlook with AI interconnect/ power/thermal upgrades as key growth drivers |
| 【Company Research】Yancoal Australia (3668 HK) - 2025 profit below consensus; resilient coal price to support 2026 earnings |
| 【Company Research】Palo Alto Networks (PANW US) - Results beat; AI-related security brings new waves of growth opportunity |
| 【Company Research】SANY International (631 HK) - Mining truck gaining traction; Higher earnings forecast and TP |
| 【Company Research】Hua Hong Semi (1347 HK) - Improving mix and scale, yet valuation stretches |
| 【Company Research】Coinbase (COIN US) - 4Q25 results: navigate short-term headwinds amid soft crypto market sentiment |
| 【Sector Research】Capital Goods - Strong momentum of non-earth-moving machinery sales in Jan |
| 【Company Research】Hesai Group (HSAI US) - Structural growth story remains intact |
| 【Company Research】NetEase Cloud Music (9899 HK) - 2H25 revenue miss on soft non-subscription business; intact FY26 earnings growth outlook |
公司地址：香港中环花园道三号冠君大厦45-46楼
电话：（852）3900-0888 传真：（852）3761-8788
招银国际版权所有 Copyright © 2019-2026 CMB International Capital Corporation Limited. All rights reserved.
