> **来源：[研报客](https://pc.yanbaoke.cn)** # Michael MENG (852)39886433 michael.meng@bocigroup.com Index Performance <table><tr><td></td><td>Last close</td><td>% 1D</td><td>% YTD</td></tr><tr><td>HSI</td><td>26,560</td><td>(1.2)</td><td>3.6</td></tr><tr><td>HSCEI</td><td>9,031</td><td>(0.7)</td><td>1.3</td></tr><tr><td>HSCCI</td><td>4,361</td><td>(0.3)</td><td>8.6</td></tr><tr><td>MSCI HK</td><td>14,867</td><td>(2.2)</td><td>8.6</td></tr><tr><td>MSCI CHINA</td><td>84</td><td>(0.9)</td><td>1.0</td></tr><tr><td>FTSE CHINA50</td><td>14,837</td><td>(0.7)</td><td>(3.1)</td></tr><tr><td>CSI 300</td><td>4,644</td><td>(0.6)</td><td>0.3</td></tr><tr><td>TWSE</td><td>31,783</td><td>(0.1)</td><td>9.7</td></tr><tr><td>SENSEX</td><td>83,314</td><td>(0.6)</td><td>(2.2)</td></tr><tr><td>NIKKEI 225</td><td>54,254</td><td>0.8</td><td>7.8</td></tr><tr><td>KOSPI</td><td>5,089</td><td>(1.4)</td><td>20.8</td></tr><tr><td>ASX 200</td><td>8,749</td><td>1.2</td><td>0.8</td></tr><tr><td>DJIA</td><td>50,116</td><td>2.5</td><td>4.3</td></tr><tr><td>S&P 500</td><td>6,932</td><td>2.0</td><td>1.3</td></tr><tr><td>FTSE 100</td><td>10,370</td><td>0.6</td><td>4.4</td></tr></table> * US data as of 6 Feb 2026 Commodity Price Performance <table><tr><td></td><td>Last close</td><td>% 1D</td><td>%YTD</td></tr><tr><td>Brent Crude (US$/bbl)</td><td>68</td><td>0.7</td><td>12.5</td></tr><tr><td>Gold (US$/oz)</td><td>4,964</td><td>3.9</td><td>14.9</td></tr><tr><td>Copper (US$/t)</td><td>12,994</td><td>0.7</td><td>4.6</td></tr><tr><td>Aluminum (US$/t)</td><td>3,063</td><td>2.0</td><td>3.2</td></tr><tr><td>Nickel (US$/t)</td><td>16,880</td><td>0.1</td><td>2.3</td></tr><tr><td>CH domestic steel rebar 25 (RMB/t)</td><td>3,232</td><td>(0.1)</td><td>(0.3)</td></tr><tr><td>CH domestic high speed wire (RMB/t)</td><td>3,641</td><td>(0.1)</td><td>(1.3)</td></tr><tr><td>CH domestic hot rolled steel (RMB/t)</td><td>3,264</td><td>(0.1)</td><td>(0.2)</td></tr><tr><td>CH domestic cold rolled steel (RMB/t)</td><td>3,749</td><td>0.0</td><td>(1.4)</td></tr><tr><td>BDI (index)</td><td>1,936</td><td>(1.0)</td><td>3.1</td></tr></table> * US data as of 6 Feb 2026 Key Macro and Earnings Releases <table><tr><td></td><td></td><td>Con-sensus</td><td>Last actual</td></tr><tr><td>New Yuan Loans CNY YTD (CH)</td><td>9/2</td><td>--</td><td>16,273.6</td></tr><tr><td>Aggregate Financing CNY YTD (CH)</td><td>9/2</td><td>--</td><td>35,603.3</td></tr><tr><td>Money Supply M2 YoY (CH)</td><td>9/2</td><td>8.3</td><td>8.5</td></tr><tr><td>Money Supply M1 YoY (CH)</td><td>9/2</td><td>3.0</td><td>3.8</td></tr><tr><td>Retail Sales Advance MoM (US)</td><td>10/2</td><td>0.5</td><td>0.6</td></tr><tr><td>Change in Nonfarm Payrolls (US)</td><td>11/2</td><td>71.0</td><td>50.0</td></tr><tr><td>Unemployment Rate (US)</td><td>11/2</td><td>4.4</td><td>4.4</td></tr><tr><td>Average Hourly Earnings YoY (US)</td><td>11/2</td><td>3.7</td><td>3.8</td></tr><tr><td>PPI YoY (CH)</td><td>11/2</td><td>(1.6)</td><td>(1.9)</td></tr><tr><td>CPI YoY (CH)</td><td>11/2</td><td>0.3</td><td>0.8</td></tr><tr><td>Existing Home Sales (US)</td><td>12/2</td><td>4.2</td><td>4.4</td></tr><tr><td>CPI YoY (US)</td><td>13/2</td><td>2.5</td><td>2.7</td></tr><tr><td>Core CPI YoY (US)</td><td>13/2</td><td>2.5</td><td>2.6</td></tr></table> Key BOCI Events <table><tr><td colspan="3">Corp Access</td><td>Date</td></tr><tr><td colspan="3">中银国际在线专家会-海外硬科技每周行业信息更新(Tencent Meeting at 11:15am)</td><td>9 Feb</td></tr><tr><td colspan="2">Alex Lin - Technology Sector Marketing (1x1)</td><td>SZ</td><td>10 Feb</td></tr><tr><td colspan="2">Raphael Chen - Internet Sector Marketing (1x1)</td><td>BJ</td><td>10-11 Feb</td></tr><tr><td>MMG (1x1)</td><td>1208.HK</td><td>HK</td><td>5 Mar</td></tr><tr><td>BOC Aviation (1x1)</td><td>2588.HK</td><td>HK</td><td>23 Mar</td></tr><tr><td>CIMC Enric (Group Call at 2pm)</td><td>3899.HK</td><td></td><td>25 Mar</td></tr></table> Please register with your BOCI sales rep. # MORNING INSIGHTS # Kuaishou Technology - BUY (1024 HK/HK$71.25, TP: HK$80.00↑) Raphael Chen, CFA/Dolores Tang Rating Change | TMT (i) We model an inline 4Q25 with $+10\%$ YoY topline and RMB5.4bn adj. net profit. (ii) Despite N-T pressure from core businesses due to stricter tax scrutiny amid intense markets, we see a bright L-T monetisation potential on Co.'s committed AI executions on Kling AI and core ecosystems integrations. (iii) We deem Kling AI solidifies their edges primarily on integrated model capabilities with enriched customised features, user-friendly interface, competitive tiered pricing with monetisation-centric design, cost efficiency and localised operations across global regions. Upgrade to $\text{BUY}$ with new TP of HK$80.0. # 快手科技 - 4Q25 业绩预览：符合预期；可灵AI释放长期价值；上调至买入 (买入) *1024.HK # 陈逸群/唐雨欣 (i) 我们预计公司4Q25业绩符合市场预期，预计总收入将同比增长 $10\%$ ，经调整净利润将达54亿元人民币。 (ii) 我们认为尽管核心业务持续的激烈竞争及更严格的税务审查给公司带来短期压力，然而依托公司在 AI 侧包括可灵及与核心内容及商业生态系统的融合坚定执行的聚焦策略，将为公司释放长期商业化的潜力。 (iii) 我们认为可灵 AI 将在模型能力、丰富的定制化功能、用户友好的界面、具有竞争力且以货币化为核心的分层定价策略、成本效益以及全球各地区的本地化运营及渠道拓展，进一步巩固其在全球的竞争优势。将公司评级上调为买入，并给予新的目标价 80.0 港元。 # WeRide Inc. - BUY (ADR & H) (WRD US/US$7.36, TP: US$13.00; 800 HK/HK$19.36, TP: HK$34.00) # Lou Jia/Olivia Niu Target Price Change | Automotive (i) We project 4Q25 revenue to advance by over $70\%$ QoQ to RMB290-300m, fuelled by solid Robotaxi growth and seasonal uptick in Robobus sales. Full-year 2025 revenue is expected to reach RMB660-670m, above our original forecast; the gross margin is expected to stay at above $30\%$ , partially offset by elevated R&D investment. In all, we anticipate non-GAAP net loss of RMB1.1bn-1.2bn for 2025. (ii) WeRide aims to double its Robotaxi fleet to over 2,000 units by end-2026, with an aspirational goal of 3,000 if policy tailwinds materialise. By region, China is poised to contribute $50 - 60\%$ of incremental, with a focus on key hubs Guangzhou and Beijing. Internationally, the Middle East remains the priority, bolstered by partnership with Uber to deploy at least 1,200 Robotaxis, of which $50 - 60\%$ are slated for completion by 2026, with the remainder by 2027. (iii) We reduce our 2026E-2027E revenue forecasts to RMB1.08bn/1.78bn to reflect delayed robotaxi monetisation from test fleet deployment. Now its shares trade at 16x 2026E P/S and 9x 2027E P/S, well below peers. Meanwhile, its solid net cash position (US$1bn) accounts for 40% of current market cap. Maintain BUY on solid underlying fundamentals, proven execution abroad, and clearer pathway to overseas profitability. In addition, potential Waymo IPO could spark a sector-wide re-rating for credible L4 players like WeRide. # 文远知行-2025年四季度业绩前瞻；中东市场加速扩张，带动盈利结构改善(买入-ADR&H)*WRD.US*800.HK # 楼佳/牛卓琳 (i)我们预计2025年四季度收入有望实现逾 $70\%$ 的环比跃升，达到2.9-3亿元人民币，增长动能主要来自Robotaxi业务的持续放量以及Robobus业务年末集中结算的季节性拉动。2025全年收入预计将达6.6-6.7亿元人民币，好于我们此前预期。我们预计毛利率将维持在 $30\%$ 以上高位，但毛利额的增长会被研发投入加到抵消，导致调整后亏损额按年有所扩大。综合上述，我们预计2025年度调整后净亏损在11-12亿元。 (ii)我们预计2026年底文远知行Robotaxi车队规模将突破2,000辆（若政策利好则有望达成3000辆)，中国市场部署车辆占增量 $50\% -60\%$ ，重点布局广州、北京等核心市场。海外以中东作为桥头堡，依托Uber战略合作，计划部署至少1,200辆Robotaxi（其中 $50\% -60\%$ 车辆将于2026年落地，剩余2027年内完成部署）。 (iii)我们将2026-2027年收入预测下调至10.8亿/17.8亿元人民币，主要考虑到部署的车队中有部分测试车队尚未商业化的影响。当前股价对应2026年市销率16倍、2027年9倍，显著低于同业水平。同时，公司净现金储备（10亿美元）充沛，已覆盖当前市值的 $40\%$ 。考虑到扎实的基本面、已验证的海外车队部署执行能力、较清晰的海外盈利路径，我们维持买入评级。此外，Waymo后续IPO相关运作有望带动文远知行等头部L4玩家迎来板块估值重估。 # Certifications and Important Disclosure All views expressed in this material reflect the personal views of each analyst about any and all of the subject securities or issuers. In addition, no part of the analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this material. Except as disclosed herein, each analyst declares that (i) neither he/she nor his/her associate has any financial interests in relation to the issuer reviewed by the analyst, and (ii) neither he/she nor his/her associate serves as an officer of the issuer reviewed by the analyst. For the purposes of these certifications, the term "associate" includes members of the analyst's household as defined by FINRA. Accordingly, none of the issuers reviewed or any third party has provided or agreed to provide any compensation or other benefits in connection with this material to any of the analysts, BOCI Research Limited and BOC International Holdings Limited and any of their respective subsidiaries and affiliates (collectively, the "BOCI Group"). Analysts receive compensation based upon the overall revenue and profitability of the BOCI Group, including revenues derived from its investment banking business. Member companies of the BOCI Group confirm that they, whether individually or as a group: (i) do not own financial interests in an aggregate amount equal to or more than $1\%$ of the market capitalization in any of the issuer(s) reviewed; (ii) certain non-US member companies of BOCI Group are involved in making a market in the securities of Kuaishou Technology; (iii) do not have any individual employed by or associated with any member companies of BOCI Group serving as an officer of any of the issuer(s) reviewed; (iv) within the preceding 12 months, certain member companies of BOCI Group has managed or co-managed a public offering for WeRide Inc.- H and WeRide Inc.- ADR: (v) within the preceding 12 months, certain member companies of BOCI Group has/have an investment banking relationship with and has/have received compensation or mandate for investment banking services from WeRide Inc.- H, Uber Technologies Inc. and WeRide Inc.- ADR, or; (vi) in the next 3 months, certain member companies of BOCI Group expect to receive or intend to seek compensation for investment banking services from Uber Technologies Inc. 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