[Table_Title] 研究报告 Research Report 1 Mar 2026 国泰海通香江策论 Global Macro Strategy 避险逻辑、韩流寒流，港股卖空占比高达 20%——国泰海通香江策论之数据周报 Safe-Haven Trades, Korea Siphoning Liquidity, HK SSR at 20% — GTHT Global Macro Strategy Weekly Data Update 张忆东 Yidong Zhang 周林泓 Amber Zhou 黄雨昕 Yuxin Huang yd.zhang@htisec.com amber.lh.zhou@htisec.com yx.huang@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 国泰海通香江策论之数据周报包含"流动性数据""重点研究报告荟萃""每日一图系列"三部分，旨在通过关键流动性指 标、精选研究观点与市场图表解析，集中呈现本周数据 ...

[Table_Title] 研究报告 Research Report 27 Feb 2026 映恩生物 Duality Biologics (9606 HK) 核心产品 B7H3 ADC 前列腺癌数据披露，PFS 数据优异 B7H3 ADC CPRC Data Readout, with Excellent PFS Data 孟科含 Kehan Meng kh.meng@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 2025 ASCO 公司披露的初步数据显示，在 38 名患者中 ORR 40%、DCR 95%，6 个月 rPFS 率 61%。本次样本量扩大、随 访时间延长后，ORR/DCR 基本保持一致，rPFS 获益进一步延长（6 个月 rPFS 率 61%提升至 72%）。且该 rPFS 率横向 对比优于其他药物（非头对头），如诺华的 lu177 在 PSMAVISION 研究中针对 3L+CRPC 患者 ORR 49%，rPFS 为 ...

研究报告 Research Report 27 Feb 2026 银河娱乐 Galaxy Entertainment (27 HK) 25Q4 业绩符合预期，EBITDA 利润率及市场份额均提升 25Q4 Results Inline, with Adjusted EBITDA and GGR Market Share Improving 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$41.44 目标价 HK$47.30 HTI ESG 4.3-4.0-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$181.48bn / US$23.21bn 日交易额 (3 个月均值) US$50.19mn 发行股票数目 4,379mn 自由流通股 (%) 45% 1 年股价最高最低值 HK$43.90-HK$25.55 注：现价 HK$41.44 为 2026 年 02 月 26 日收盘价 资料来源： Fa ...

研究报告 Research Report 27 Feb 2026 百济神州 BeiGene (6160 HK) 2025 业绩快报：泽布放量符合预期，26 年收入利润有望稳步提升 First look on FY25 results: BRUKINSA sales ramp-up in line; mgmt expects robust sales/NP growth in FY26F [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$194.40 目标价 HK$212.09 HTI ESG 1.8-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$334.08bn / US$42.72bn 日交易额 (3 个月均值) US$85.83mn 发行股票数目 1,541mn 自由流通股 (%) 94% 1 年股价最高最低值 HK$229.00-HK$125.70 ...

研究报告 Research Report 25 Feb 2026 石药集团 CSPC Pharmaceutical Group (1093 HK) 跨国药企多次认可，创新转型成果凸显，平台价值值得期待 Multiple Recognitions from MNCs, Clear Progress in Innovation Transformation, Platform Value Highly Anticipated [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$10.06 目标价 HK$13.07 HTI ESG 3.0-2.5-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$115.92bn / US$14.82bn 日交易额 (3 个月均值) US$140.76mn 发行股票数目 11,522mn 自由流通股 (%) 68% 1 年股价最高最低值 HK ...

Market Overview - Cooling inflation signals have led to a valuation recovery in overseas consumer assets, with the U.S. bipartisan push for credit card interest rate cap legislation creating uncertainty in the credit card sector[1] - Weekly performance of sectors shows U.S. hotels leading with a 3.1% increase, followed by overseas sportswear at 2.5% and luxury goods at 2.2%[11] Sector Performance - The U.S. hotel sector's strong performance is attributed to Marriott and Hilton, with Marriott's Q4 2025 adjusted EBITDA exceeding market expectations, reaching $5.84 billion to $5.93 billion[6] - Overseas sportswear saw a 2.5% increase, driven by a lower-than-expected January CPI of 2.4%, enhancing Fed rate cut expectations[13] - Luxury goods increased by 2.2%, with Hermès up 4.5% due to better-than-expected FY2025 results, while LVMH fell by 4.1% due to disappointing performance in key segments[8] Consumer Trends - The jewelry sector has shown resilience, with a year-to-date increase of 13.7%, outperforming other sectors[11] - Domestic sportswear increased by 0.3%, with Anta Sports rising 4.6% following the acquisition of a stake in PUMA[13] Challenges - The credit card sector faced a significant decline of 5.5%, influenced by proposed legislation to cap interest rates, which could severely impact profitability[14] - The snack sector dropped by 4.6%, with companies like Three Squirrels experiencing a 6.2% decline due to substantial drops in e-commerce sales across major platforms[14] Valuation Insights - Valuations across various sectors remain below the historical five-year averages, with overseas sportswear expected PE at 30.1x, only 57% of the past average[9] - The luxury sector's expected PE is 26.2x, representing 49% of its historical average, indicating potential for future growth as market conditions stabilize[9]

百台群控创纪录，人形机器人真干活？ Hundreds in Sync, Record-Breaking Scale — Are Humanoid Robots Ready for Real Work? 王沈昱 Oscar Wang, CFA [Table_Title] 研究报告 Research Report 19 Feb 2026 中国自动化 China (A-share) Automation sy.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 2026 年春晚多家机器人企业集中登场，百台群控、人形协作与生活技能展示齐发，机器人从舞台点缀升级为核心 科技主角。 点评 工程能力集中亮相，中国机器人产业链工业化优势进一步强化。我们认为本届春晚更像一次面向全国观众的系统 级验证。百台四足机器人整齐编队运行，多台人形机器人在复杂舞台环境下完成协同动作，本质上考验的并非单 个高难度动作，而是整机一致性、控制系统稳定性与调度架构可靠性。直 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary consumption sector, including Nike, Li Ning, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and many others [1]. Core Insights - The report highlights that overseas consumer earnings releases have led to stock price volatility, with A/H shares anticipating a recovery in discretionary consumption in 2026 [1]. - The performance of various sectors is analyzed, with gaming, U.S. hotels, snacks, and retail showing positive trends, while luxury goods and overseas cosmetics are experiencing declines [4][12]. - The report notes that the gaming sector saw a strong increase in gross gaming revenue, with a year-on-year growth of 24%, exceeding market expectations [6][14]. Sector Performance Summary - **Gaming Sector**: Increased by 5.5%, driven by strong January gross gaming revenue growth and positive earnings from MGM China [6][14]. - **U.S. Hotels**: Also up by 5.5%, with Marriott and Hilton showing positive earnings forecasts [6][14]. - **Snacks**: Grew by 3.6%, with companies like Youyou Foods and Qiaqia Foods reporting significant growth expectations [6][14]. - **Retail Sector**: Increased by 3.5%, led by Walmart and Target, which exceeded market sales forecasts [8][14]. - **Domestic Sportswear**: Rose by 2.6%, with Li Ning benefiting from its partnership with the Chinese Olympic Committee [8][14]. - **Credit Card Sector**: Gained 2.3%, supported by strong earnings from Visa and Mastercard [8][14]. - **Domestic Cosmetics**: Increased by 2.1%, benefiting from overall strength in the beauty and skincare sector [8][14]. - **Luxury Goods**: Slightly up by 0.9%, influenced by a rebound in the U.S. market [8][14]. - **Overseas Cosmetics**: Decreased by 5.7%, with concerns over the sustainability of growth for Estée Lauder [9][15]. - **Pet Sector**: Down by 0.7%, with companies like Guai Bao Pet and Zhongchong Co. experiencing declines [8][14]. - **Gold and Jewelry**: Fell by 1.2%, affected by fluctuations in gold prices [8][14]. Valuation Analysis - The report indicates that the valuation of various sectors remains below their historical averages, with expected P/E ratios for 2025 showing significant discounts compared to the past five years [10].

Investment Rating - The report maintains a positive outlook on e.l.f. Beauty, raising the full-year net sales growth guidance from 18%-20% to 22%-23% due to the strong contribution from the Rhode acquisition [2][9]. Core Insights - e.l.f. Beauty achieved a 38% year-over-year increase in net sales for FY26Q3, reaching $489.5 million, with the Rhode acquisition contributing approximately $128 million [2][9]. - The core organic net sales growth was only about 2%, which is below expectations, primarily due to short-term softness in key international markets like the UK and Germany [2][9]. - The company has adjusted its global consumption growth expectation down to 6% from 8%, reflecting a marginal weakening in the broader consumer environment [2][9]. - The adjusted EBITDA rose by 79% to $123 million, representing 25% of net sales, indicating strong operational performance [2][9]. Performance Summary - e.l.f. Beauty has achieved year-over-year net sales growth for 28 consecutive quarters, positioning it among the few publicly-listed companies in the consumer sector capable of sustaining such prolonged high growth [2][9]. - The strong performance is driven by an excellent brand portfolio strategy, particularly the significant contribution from Rhode, alongside organic growth from the core business through a value proposition of premium quality at accessible pricing [2][9]. Cost Structure and Profitability - The gross margin in FY26Q3 decreased by 30 basis points to 71%, mainly due to higher tariff costs, partially offset by pricing and product mix optimization [3][10]. - The ratio of selling, general, and administrative (SG&A) expenses to net sales declined from 54% to 51%, benefiting from improved marketing spend efficiency [3][10]. - Marketing and digital investment as a percentage of net sales decreased from 27% to 21%, but is expected to rebound to around 27% in the second half of the fiscal year due to increased investment in major brand campaigns [3][10]. Brand Performance - The e.l.f. Cosmetics brand saw an 8% year-over-year increase in U.S. consumption, significantly outpacing the overall color cosmetics category growth of 4% [4][11]. - The company has established a dominant 22% market share in the face makeup segment, with significant growth potential remaining in lip and eye categories [4][11]. - Acquired brands like Rhode have achieved record launches in Sephora, and Naturium and e.l.f. SKIN have outperformed the overall U.S. skincare category growth [4][11]. Innovation and Marketing - e.l.f. continues to drive product innovation through community insights, with new products priced competitively against high-end counterparts [5][12]. - Breakthrough marketing campaigns have generated over 4 billion impressions, showcasing the company's effective marketing strategies [5][12]. International Market Potential - International sales currently account for approximately 20% of total sales, indicating substantial growth potential compared to the industry average of over 70% [6][13]. - The company has established a comprehensive distribution network in Germany and is expanding its presence in premium markets like Australia/New Zealand with the Rhode brand [6][13].

Investment Focus - The report emphasizes that both A-shares and Hong Kong stocks are in an upward trend with a phase of consolidation, indicating a healthier market environment [1][35] - The first trading week of February showed signs of stabilization in A-shares with reduced turnover, while the Hang Seng TECH Index experienced a decline of approximately 6.5% [1][35] Market Outlook - The report is optimistic about a potential recovery in the Chinese equity market leading up to the Spring Festival, driven by proactive policy support and a stabilizing "policy put" below 4,100 points for the Shanghai Composite [2][36] - The overall short-selling turnover in Hong Kong is around 19%, with the Hang Seng TECH Index seeing a quick rebound in short-selling turnover to 21%, suggesting a potential for a near-term rebound [2][36] - Strategic investors, particularly insurers, are increasing their exposure to Chinese equities due to the low risk-free yield in China, making equities more attractive compared to bonds and real estate [2][36] Investment Strategy - The recommended strategy is to remain invested through the holiday, taking advantage of the Spring Festival "red-envelope" rally and using recent market pullbacks as an opportunity to increase exposure [2][37] - The report highlights the importance of focusing on structural investment opportunities within the Chinese equity market [2][37] Sector Focus - The report suggests a focus on technology sectors, particularly commercial aerospace, AI hardware, and sectors benefiting from the "anti-involution" and "going abroad" trends, which are expected to show performance recovery [3][4] - Consumer sectors such as automotive, tourism, and textiles are highlighted as key areas for investment during the Spring Festival [4] - The report also points to the potential for recovery in cyclical industries, including chemicals, engineering machinery, and real estate, as seasonal policies are expected to boost demand [4]