炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：海通国际研究 王宪策 互联网及服务高级分析师 王晴 互联网助理分析师 吴叡霖 海外科技分析师 孙小涵 互联网及服务分析师 2026年2月12日 事件 字节跳动近期发布了最新一代视频生成模型Seedance 2.0。 点评 随着Seedance 2.0在多模态的突破，我们建议关注1）大厂包括字节、阿里和后续腾讯在多模态的发力， 同时我们认为对快手可灵的影响有限；2）多模态的应用渗透对底层token/云需求的持续刺激；3） Seedance 2.0的泛化会持续降低内容生产成本，刺激更多短剧短视频的供给；4）对"传统"行业带来长期 的降本增效影响。 结合AI+动漫+短剧形式，AI漫剧有效满足用户轻量内容消费需求，自2025年爆发式增长，增量空间广 阔。根据DataEye数据，2025年在投漫剧数量增长超76倍，预估2025年中国漫剧市场规模达168亿元， 2026年可达243.6亿元，涨幅达45%。其中，AI漫剧因低成本、可规模化生产，且可以覆盖下沉市场对 网文、动漫、真人短视频的轻量内容消费需求，中长期具有强势爆发潜力。2025年AI ...

Core Viewpoint - Xirui (02507) has seen a significant stock price increase, reaching a high of 69.50 HKD, the highest since August of last year, with a current price of 68.60 HKD and a trading volume of 69.6553 million HKD [1][3] Group 1: Company Performance - Haitong International maintains an "Outperform" rating for Xirui (02507), citing improvements in product upgrades and profitability [1][3] - The company is projected to achieve revenues of 1.394 billion, 1.674 billion, and 1.951 billion USD for the years 2025-2027, an increase from previous estimates of 1.394 billion, 1.634 billion, and 1.904 billion USD [1][3] - Corresponding net profits are expected to be 159 million, 183 million, and 204 million USD for the same period, up from earlier projections of 141 million, 176 million, and 206 million USD [1][3] Group 2: Valuation and Target Price - Due to weak visibility of future orders and low DCF valuation matching, Haitong International has shifted to a PE multiple valuation method [1][3] - The target price for Xirui has been raised to 70.20 HKD based on an expected EPS of 18x PE for 2026 [1][3]

智通财经2月10日讯（编辑 童古） 以下为各家机构对港股的最新评级和目标价： 海通国际：维持信达生物买入评级 群益证券就信达生物(01801.HK)发布研报称，公司与礼来第七次合作采用"中国PoC+全球开发"新模 式，突破传统授权局限，凸显研发实力获国际持续认可；2025年产品收入预计达119亿元、同比增长 45%，玛仕度肽等综合管线快速放量，肿瘤与免疫协同效应加速兑现。 中金公司：维持锅圈跑赢行业评级 目标价4.90港元 海通国际就信达生物(01801.HK)发布研报称，公司与礼来达成第七次全球战略合作，获得3.5亿美元首 付款及最高85亿美元里程碑款，聚焦肿瘤与免疫领域创新药研发，信达主导中国临床概念验证并保留大 中华区全部权益，彰显其早期研发能力获国际巨头高度认可，财务安全垫显著增厚。 中信证券：维持信达生物买入评级 中信证券就信达生物(01801.HK)发布研报称，公司与礼来再度合作，依托成熟抗体平台与高效临床能力 主导早研至II期验证，交易结构体现MNC对其源头创新能力的深度信任；叠加2025年产品收入预增 45%、17款药物商业化落地及多项III期管线推进，全球化与商业化双轮驱动逻辑持续强化。 群 ...

Group 1 - Zhang Yidong, the former global chief strategy analyst of Industrial Securities, is set to join Haitong International Securities as a committee member, head of the equity research department, and chief economist [1] - Zhang aims to enhance Haitong International's research capabilities and implement the group's strategy for integrated research operations both domestically and internationally, leveraging resources from the headquarters and subsidiaries [1] - The strategy focuses on attracting foreign investment back to China and increasing foreign holdings in the Chinese stock market while also strengthening overseas research capabilities to meet the asset allocation needs of Chinese institutions abroad [1][2] Group 2 - Zhang Yidong emphasizes four key investment opportunities for 2026: growth sectors such as AI, military industry, energy technology, new consumption, and innovative pharmaceuticals; strategic high-yield assets in a low-interest-rate environment; traditional industries benefiting from supply chain restructuring and globalization; and core assets like gold and rare earths amid global order restructuring [3] - Zhang has expressed strong confidence in both A-shares and Hong Kong stocks, highlighting the importance of focusing on structural highlights and medium to long-term development while downplaying short-term economic fluctuations [2] - The macroeconomic outlook for 2026 includes an expected improvement in nominal GDP growth and a moderate recovery in inflation compared to 2025 [2]

Group 1 - Zhang Yidong, a prominent strategist, has joined Guotai Junan after leaving his previous position at Industrial Securities, where he served as the co-director of the Economic and Financial Research Institute and Global Chief Strategist [1][2] - His new role at Guotai Junan includes being a member of the Executive Committee of Haitong International Securities and overseeing the stock research and sales trading departments, focusing on cross-border integration of research operations [1] - Zhang has over 20 years of experience in sell-side research, covering A-shares, Hong Kong stocks, and U.S. markets, and has received numerous accolades, including being the first New Fortune Platinum and Diamond Analyst in the total research field [2] Group 2 - Zhang expressed his desire to focus on overseas business and contribute to telling China's financial story to global investors, emphasizing the importance of seizing China's asset pricing power [3] - He believes that the Chinese stock market is entering a historic opportunity comparable to the real estate boom after 1998, driven by the need for high-quality economic development [3][4] - The revitalization of the asset side of the balance sheet is seen as crucial for unlocking economic potential and achieving high-quality development goals by 2035 and 2049 [4] Group 3 - The stock market is viewed as a key engine for economic growth, similar to the role of real estate post-1998, with state-owned enterprises and asset revaluation leading the way [4] - The consensus among local governments is shifting towards asset securitization and leveraging state-owned resources, with the stock market serving as a pivotal mechanism for this transformation [4] - Zhang's recent insights suggest that the Hong Kong stock market is expected to continue its bull run into 2026, driven by improving profitability and liquidity [5]

Group 1 - Zhang Yidong, a prominent strategist and chief economist, has officially joined Guotai Junan and will serve as a member of the executive committee of Haitong International Securities and head of the equity research department [1][2][3] - Zhang has over 24 years of experience in the industry and has been recognized multiple times as a leading analyst in overseas awards, making significant contributions to the development of sell-side research and overseas research business [3] - His recent research outlook for 2026 indicates strong confidence in China's macro economy, A-shares, and Hong Kong stocks, emphasizing the importance of structural opportunities and long-term development over short-term economic perceptions [4][6] Group 2 - Zhang's investment strategy for 2026 includes focusing on four key areas: AI investments, low-interest-rate opportunities in traditional sectors, value discovery in traditional industries, and strategic assets like gold and rare earths [5] - He highlights the importance of structural opportunities in China's economy, particularly in high-level technological self-reliance, domestic consumption, and the transformation of traditional industries [6] - Zhang notes a shift in capital flows, with passive ETF funds returning to China and an increase in foreign investment allocation, particularly in the context of the renminbi's appreciation [6]

张忆东加盟海通国际证券集团有限公司（下称"海通国际"）。 2月5日，智通财经记者从接近国泰海通证券的相关人士处了解到，原兴业证券全球首席策略分析师、研 究院联席院长、海外研究中心总经理，也是券商总量研究领域的首位新财富白金分析师和钻石分析师张 忆东，已入职海通国际，并出任海通国际证券执委会委员，股票研究部主管及首席经济学家。 "不过目前他（张忆东）的内部流程还没走完。"上述接近国泰海通证券的相关人士说。 与此同时，针对其履新海通国际的消息，张忆东在其个人社交账号上也进行了确认，表示"感谢各位亲 朋好友们的关心，让我们继续一起携手向前Go Together Honor Together，金融报国、金融向善。" 公开资料显示，2001年起至今，张忆东已在证券分析师行业深耕24年，先后十余次获得新财富卖方分析 师评选第一名，并在多个奖项中拿了"全满贯"。同时，张忆东是券商总量研究领域的首位新财富白金分 析师和钻石分析师。 新财富官网资料显示，在策略研究领域，张忆东是2011年、2013年至2014年的第一名；在港股策略研究 领域，张忆东是2017年至2018年的第一名；在港股及海外市场研究领域，张忆东是2019年至 ...

Core Viewpoint - Zhang Yidong has joined Haitong International Securities as the Chief Economist and Head of the Equity Research Department, focusing on integrating domestic and international research and institutional sales [1][2]. Group 1: Zhang Yidong's Role and Responsibilities - Zhang Yidong is responsible for enhancing Haitong International's research capabilities and implementing the group's strategy for integrated research operations domestically and internationally [2]. - He aims to leverage the group's resources to capitalize on the dual opportunities of "Investing in China" and "Chinese Investment" [2]. - Zhang plans to strengthen the role of "Chinese experts" to better serve overseas clients and attract foreign capital back to the Chinese stock market [2]. Group 2: Background and Career Transition - Zhang Yidong left his position at Industrial Securities at the end of December 2022, citing career transition and family considerations [3]. - He has nearly 20 years of experience at Industrial Securities, where he held various significant roles, including Global Chief Strategist [4]. - Zhang holds degrees from Fudan University and Shanghai Jiao Tong University, and has been involved in both academic and practical finance roles [3][4]. Group 3: Market Outlook and Investment Strategy - Zhang Yidong maintains a strong confidence in both A-shares and H-shares, emphasizing the importance of structural highlights and long-term development in investment strategies [4]. - For 2026, he anticipates improvements in nominal GDP growth and moderate inflation, suggesting a focus on four key investment opportunities: AI, military industry, energy technology, and innovative pharmaceuticals [4]. - He also highlights the potential of stable high-yield assets in a low-interest-rate environment and traditional industries benefiting from supply chain restructuring [4].

Group 1 - Zhang Yidong, former Chief Strategist of Industrial Securities and Chief Economist of Everbright Securities International, has joined Haitong International at the beginning of this month [2][4] - This transition occurred just one month after he announced his departure from Industrial Securities via his personal public account at the end of last year [2][4]

Core Viewpoint - Haitong International's report indicates that AIA Group is expected to achieve a 14% growth in new business value by the end of Q4 2025, driven by improved agent productivity, diversified channels, and better performance in Hong Kong and mainland markets [1] Group 1 - The forecast for the new business value growth trajectory is projected to remain healthy and sustainable at 15% to 17% over the next two years [1] - The new business value predictions for AIA from 2025 to 2027 have been revised upward by 0% to 7% [1] - The target price for AIA has been increased from HKD 99.5 to HKD 108.5, while maintaining an "outperform" rating [1]