张玮航 国联民生证券医药分析师: 各位投资者，大家这个上午好。那个开年第一天，大家开工大吉。那首先感谢大家来参加 我们国联民生。医药团队的这个电话会，今天是那个北海康成的这个近期情况的更新的电 话会议。我是那个，就是国内民生的研究员张金阳，在线跟我一起主持的还有我们团队的 胡若冰胡博，还有那个郭王洋。那节前，我们团队也组织了在康城的这个电话会，当时是 从这个罕见病行业的角度，这个当时这个邀请了薛总和百洋的这个副总来跟大家做了一个 沟通。那今天，这个电话会的主要的这个内容，是盖康城其实在春节期间，我们看到了一 个公告，这个配收了这个 8400 万股的这个股份给这个药明生物子公司，募集了 2 亿港元。 这个公告里面这个说这 2 亿港元的 12%用于商业化这个产品的运营。28%用于这个管线 的这个研发开支，60%用于这个结算集团的贸易应付款，那也，这个另外也补充公告了这 个售出现有股票的这个单位，其中一名服务供应商向本集团提供发展这个策略咨询，而另 一名的这个服务供应商就是，就要药物监管审批事宜，向本集团提供这个监管咨询，这些 相关的公告内容，我相信大家也看到了。那我们今天，针对这件事，也是很荣幸的再次请 到了这个 ...

中金公司闭门会议仅限受邀嘉宾参会本次会议交流内容仅供参考不构成对买卖任何证券或其他金融工具的出价或增价或提供任何投资决策建议的服务嘉宾交流观点仅代表其本人的判断中金公司对其信息及观点的完整性准确性不做任何形式的确认或保证对依据或者使用本会议内容所造成的一切后果 This conference is a closed-door meeting of CICC.Only invited guests are allowed to attend the conference.The information and opinions presented in this conference are for reference only,and do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial products,or any investment advice or service. The invited guest's speech on ...

也就是整体来看的话呢其实海螺创业的资产价值是被低估的它所隐含的这个间接隐含的这个水泥的股权价值被低估大了六折那么这也是我们可以看到集团增持之后其实本质上集团通过增持海螺创业一方面获得了海螺创业比较好的这个经营能力和股份资产另外一方面呢就是同时也间接增持了 对海螺水泥的一个控制权因为海螺创业间接持股海螺水泥17.8%那么这意味着海螺集团间接对于水泥的控制权也增加了但这部分对水泥控制权的间接增加是用打6折的这个代价去获得的 各位投资者大家早上好,我是东正圈袁里今天呢跟我同事陈志文今天早上给大家更新汇报的是海螺创业的一个核心投资观点同样的跟昨天晚上一样还是要先祝各位领导新春佳品开工大吉那么我们可以看到千呼万唤使出来的这个海螺创业的价值重估的逻辑呢在我们推荐了有半年以上的时间之后终于在集团的这个增值行为上面得到了一个验证 上海市监管局发布了一个公告在公开信息上可以看到海洛集团提交的方案是对海洛创业增持10.61%的股份因为当前海洛创业的股权结构比较分散其中海洛集团也拿了10个点左右的股份加上这次增持 那么重点就来了海螺集团对于海螺创业的持股就会达到足够多的单一第一大从而形成一个实际控制那么在形成实际控制之后公告也披露 ...

Flash | 20 Feb 2026 01:31:06 ET │ 11 pages Microsoft Corp. (MSFT.O) Investor Meeting Takeaways: Copilot Momentum + Race To Build Azure Capacity CITI'S TAKE We hosted investor meetings with Microsoft IR Jonathan Neilson and Mary Grekstas on 2/18-2/19. The meetings offered positive takeaways, with management addressing several investor concerns around competitive dynamics (Claude/CoWork), MSFT positioning post-OpenAI, capacity allocation, and capex trajectory. Commentary reinforced improving copilot adoption, ...

20 February 2026 | 10:10AM HKT Equity Research | | 2025E | | | 2026E | | | 2027E | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rmb m | Old | New | Chg | Old | New | Chg | Old | New | Chg | | Revenues | 7,044 | 7,044 | 0% | 8,743 | 8,743 | 0% | 10,730 | 10,730 | 0% | | GP | 4,697 | 4,697 | 0% | 5,995 | 5,995 | 0% | 7,515 | 7,515 | 0% | | OP | -54 | -112 | na | 400 | 355 | -11% | 774 | 719 | -7% | | Net income | 178 | 94 | -47% | 545 | 501 | -8% | 881 | 827 | -6% | | EPS | 0.05 | 0.03 ...

22 February 2026 | 4:54PM HKT Equity Research OmniVision (603501.SS) Diversifying product lines despite end demand pressures on rising memory costs; down to Neutral 603501.SS 12m Price Target: Rmb138.30 Price: Rmb115.82 Upside: 19.4% We are positive on OmniVision's leading position in the global CIS (CMOS image sensor) market, benefiting from the long-term product mix upgrade toward higher-end CIS and demand diversification with innovative applications such as AI/ AR glasses, drones, action cameras/ 360 cam ...

22 February 2026 | 4:02PM EST Equity Research Microsoft Corp. (MSFT) Maia 200, an updated inference cost curve, and implications for Microsoft's internal silicon strategy MSFT 12m Price Target: $600.00 Price: $397.23 Upside: 51.0% Microsoft announced Maia 200, its updated custom accelerator for AI inference, on 1/26. Our initial understanding of Maia's benchmarks and our conversations in industry suggest that Microsoft has made meaningful progress on its internal silicon strategy over the past year. Before ...

February 19, 2026 10:37 PM GMT Knowledge Atlas Technology JSC Ltd | Asia Pacific A Global AI Foundation Model Leader with Favorable Mix Shift With leading AI foundation model capabilities and a favorable mix shift, we see rapid revenue growth ahead for Z.ai despite limited US exposure. As a pure play, we believe it also commands a scarcity valuation premium. Key Takeaways A global AI foundation model leader with deep academic roots in Tsinghua University: Z.ai (also known as Zhipu and Knowledge Atlas) consi ...

Summary of Conference Call Notes Industry Overview - The report focuses on the Chinese IP retail and toy industry, specifically highlighting companies such as Pop Mart, Miniso, and Bloks, along with their recent performance and market strategies [1][6][7][8]. Key Points Pop Mart - **Sales Growth**: Pop Mart's online sales growth in China accelerated in January, attributed to increased supply on platforms like Tmall and Douyin. January recorded the highest sales volume over the past year [1][11]. - **Product Launches**: Successful new product launches, particularly the Twinkle Twinkle's Crush On You series and Skullpanda's My Little Pony series, positively impacted sales. The Crush On You series maintained a secondary price premium of approximately 40% [1][9]. - **Market Confidence**: The company's share buyback program helped restore market confidence [1]. - **Sales Data**: Combined sales on Tmall and Douyin flagship stores increased over 300% year-on-year in January, compared to a 53% increase in December [9]. Miniso - **Partnerships and Marketing**: Miniso partnered with the 2026 CCTV Spring Festival Gala, launching a co-branded IP "马优优". However, initial sales were muted, with less than 50 units sold by February 8 [1][50]. - **Sales Growth**: US credit card sales growth was approximately 65% in January, down from 75% in December [26][28]. - **IP Development**: The CEO highlighted plans to develop 100 proprietary IPs over the next decade and expand the Miniso Land format globally [50]. Bloks - **Product Launches**: Bloks experienced a slowdown in new product launches in January compared to December, consistent with seasonal trends [1][60]. - **Sales Performance**: Overall sales on Tmall and Douyin were down 10% year-on-year in January, attributed to timing distortions around the Chinese New Year shopping window [10]. Financial Forecasts and Valuations - **Earnings Forecasts**: The earnings forecasts for the three covered IP retailers were updated, with target prices lowered for all [2][55][56]. - **Pop Mart**: Expected low 30% year-on-year growth in topline and bottom line for 2026, with a new target price of HK$298 [57][59]. - **Miniso**: Adjusted target price lowered to US$25/HK$49 per ADR/H-share, with a focus on mid-high teens growth in net profit [56]. - **Bloks**: Target price revised down to HK$63, reflecting a slower growth outlook [60]. Market Sentiment and Consumer Confidence - **US Market**: Consumer confidence in the US declined sharply, while sentiment improved in the Euro Area, Malaysia, and Indonesia. The US credit card sales growth for Pop Mart and Miniso showed signs of deceleration [24][25][47]. - **Geopolitical Tensions**: Issues related to Pokemon and Detective Conan in China were noted amidst geopolitical tensions between China and Japan [49]. Additional Insights - **Secondary Market Trends**: Prices for Labubu's plush toys in the secondary market showed a downward trend, with discounts deepening from low single digits to 20% [9][32]. - **Online Sales Trends**: The online sales run-rate for plush toys in February remained broadly on track compared to January, indicating stable demand [1][9]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the Chinese IP retail and toy industry.

Summary of Cisco Systems Inc. (CSCO) Earnings Call Company Overview - **Company**: Cisco Systems Inc. (CSCO) - **Market Cap**: $340.8 billion - **Enterprise Value**: $351.5 billion - **Industry**: Networking Equipment and Solutions Key Financial Highlights - **F2Q26 EPS**: $1.04, beating guidance of $1.01-$1.03 and consensus of $1.02 [16][18] - **F2Q26 Revenue**: $15.3 billion, up 10% year-over-year, exceeding guidance of $15.0-$15.2 billion [18] - **Networking Revenue**: $8.3 billion, up 21% year-over-year, beating consensus of $7.7 billion [18] - **Security Revenue**: $2.0 billion, down 4% year-over-year, missing consensus of $2.2 billion [18] - **Gross Margin**: 67.5%, down 120 basis points year-over-year, below guidance of 67.5%-68.5% [18][15] - **F3Q26 Guidance**: Revenue of $15.4-$15.6 billion, Non-GAAP EPS of $1.02-$1.04 [17] Core Business Insights - **Networking Orders**: Grew 18% year-over-year, with significant contributions from campus networking refresh and Wi-Fi 7 upgrades [15] - **AI Infrastructure Orders**: Increased to $2.1 billion from $1.3 billion in F1Q26, with 60% from systems and 40% from optics [15] - **Security Segment Challenges**: Continued decline in legacy products and transition to cloud subscriptions affecting revenue [15] - **New Product Growth**: Newer offerings like Secure Access and AI Defense represent 1/3 of the security segment, expected to drive future growth [15] Strategic Actions and Outlook - **Gross Margin Pressure**: Expected to remain under pressure due to higher commodity costs and business mix [15] - **Memory Price Management**: Strategies include price increases and updated contracts to manage memory costs [15] - **Long-term Growth Framework**: EPS growth of 6-8% expected, with revenue growth of 4-6% [15] Risks and Opportunities - **Upside Risks**: Include hybrid work trends, multi-cloud architecture adoption, and increased edge computing use cases [24] - **Downside Risks**: Competition from lower-cost providers and potential margin degradation due to supply chain issues [24] Investment Thesis - **Market Position**: Cisco is a market leader in networking solutions, facing challenges from lower-cost competitors but maintaining a comprehensive product offering [25] - **Revenue Visibility**: Strong product backlog and recurring revenue provide visibility even in a challenging macro environment [25] Valuation - **Target Price**: $75, based on a P/E ratio of 16x [21]