机构：华泰证券 研究员：宋亭亭/王立献 1-4 月，公司累计出口1.1 万台，同比+330%，销量占比9%。展望25 年公司将继续拓展海外市场，我们 预计公司全年海外销量或实现翻倍增长。同时，小鹏正在持续推进双能路线（公司预计25Q4 上市增程 SUV）、飞行汽车、人形机器人等多条成长曲线，我们乐观看待公司中长期的成长空间。 盈利预测与估值 我们维持此前预测，预计公司25-27 年收入856/977/1247 亿元。采用分部估值，相较可比公司，25 年小 鹏新车周期和智能化优势扩大。我们给予销售业务2.1x 2025E PS（前值1.8x），较可比公司维持溢价1x PS；技术服务业务方面，参考文远智行等公司，我们维持公司该业务估值为400 亿港币。上调公司目标 价为119.99 港币（前值105.27 港币），维持"买入"评级。 风险提示：消费需求不及预期，供应链短缺，公司产品发布、订单不及预期。 M03、P7+等热销下规模效应增强，25Q1 公司毛利率为15.6%，同环比+2.7/1.1pct，其中汽车毛利率 10.5%，同环比+5.0/0.5pct，连续七个季度改善。单车ASP/毛利分别为15.3/1.6 ...

5月23日，天津银行成功举办"构建生态圈 建设银港湾"养老金融联盟成立仪式暨养老金融电台专题栏目启播仪式，与10家单位构建养老金融联盟。市委金融 工委、市民政局、市国资委、中国人民银行天津市分行，天津海河传媒中心、南开大学金融学院有关同志与联盟成员共同启动养老金融联盟成立仪式，标志 着天津养老金融服务实现新跨越。 养老金融关乎民生福祉，关乎社会和谐。天津银行扎实写好金融"五篇大文章"，践行"四个善作善成"重要要求，探索"内构发展能力、外构发展资源、重构 发展机制"发展路径，以金融之笔描绘"最美夕阳红"。 近年来，天津银行升级"金秋港湾"养老金融服务品牌，打造"专属"产品、"专业"服务、"专注"资源、"专策"支持、"专项"调研、"专有"教育在内的"六专"服 务体系，不断强化"研究基因"和"科技基因"，深化养老产业领域的合作，借助金融活水培育"银发经济"，打造"津味"养老金融服务。 天津银行秉承"联起来、活起来、融起来"的理念，此次联合医疗康养、金融保险、旅游休闲、智能服务、法律咨询、媒体电台等六大板块，携手天津市健康 养老集团、天津中医药大学第一附属医院，深化老年医疗健康资源整合；联合太平养老保险、北方国际信托 ...

青海春天上述行为违反了《上市公司信息披露管理办法》(证监会令第40号)第二条、第四十八条和《上 市公司信息披露管理办法》(证监会令第182号)第三条、第四十一条的规定。青海春天董事长张雪峰， 实际控制人、时任董事肖融，财务总监王林，董事会秘书陈定对青海春天上述违规行为负有主要责任， 其中，张雪峰、王林、陈定违反了《上市公司信息披露管理办法》(证监会令第40号)第三条、第五十八 条和《上市公司信息披露管理办法》(证监会令第182号)第四条、第五十一条的规定;肖融违反了《上市 公司信息披露管理办法》(证监会令第40号)第三条、第四十八条和《上市公司信息披露管理办法》(证监 会令第182号)第四条、第四十一条的规定。 根据《上市公司信息披露管理办法》(证监会令第40号)第五十九条、《上市公司信息披露管理办法》(证 监会令第182号)第五十二条的规定，青海证监局决定对青海春天采取责令改正的行政监管措施，对张雪 峰、肖融、王林、陈定采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 经查，宜宾听花酒业发展有限责任公司(以下简称宜宾听花)为青海春天药用资源科技股份有限公司(以下 简称青海春天)酒水产品的生产商，青 ...

Core Viewpoint - The article highlights the significant role of China Tower Corporation in enhancing digital infrastructure in Chongqing, contributing to the city's digital transformation and economic development through the construction of communication towers and 5G networks [1][8]. Group 1: Infrastructure Development - China Tower Corporation is recognized as a key player in the construction of information communication infrastructure, particularly in the context of 5G "new infrastructure" [1]. - The company has collaborated with telecom enterprises to build over 40 base stations along the Yangtze River, achieving near-complete communication coverage in the region [7]. - In the past ten years, China Tower has constructed a total of 3,033 telecom universal service base stations, aiding in bridging the "digital divide" and supporting rural revitalization efforts [7]. Group 2: Enhancing Communication Services - The company has addressed communication issues in popular tourist areas, such as the "Three Gorges Peak," by conducting comprehensive signal tests and successfully improving network coverage [3][4]. - The installation of new communication towers has significantly improved the quality of service for local residents and businesses, leading to increased customer traffic and operational efficiency [4][7]. - Enhanced communication capabilities have allowed local residents, such as those living on boats, to experience better connectivity, facilitating their daily activities and business operations [4][7]. Group 3: Emergency Management and Safety - China Tower has implemented a digital monitoring project in the Tongnan District, utilizing AI technology to enhance emergency management efficiency across various sectors [8]. - The project includes 95 AI monitoring points that integrate data from multiple departments, enabling rapid response to emergencies such as fire incidents [8]. - The system allows for quick detection and verification of emergencies, significantly improving response times and ensuring effective management of potential risks [8][11].

【环球网财经综合报道】5月23日，同程旅行发布2025年一季度业绩报告，数据显示，公司一季度实现 营收43.77亿元，同比增长13.2%，经调整净利润为7.88亿元，展现出强劲的增长势头。 随着大众旅游消费力的不断升级，同程旅行年服务人次达到19.6亿，年付费用户更是创下历史新高，达 到2.47亿。公司从普通旅行者需求出发，提供更具性价比的出行方案，交通业务收入同比增长15.2%， 达到20亿元。 在住宿业务方面，同程旅行同样表现出色，收入同比增长23.3%，达到11.9亿元。非一线城市居民出境 热潮的带动下，国际机票和酒店业务也实现显著增长，国际机票量同比增长超40%，国际酒店间夜量同 比增长超50%。 同程旅行还聚焦大众出行的"第一公里"和"最后一公里"，构建了丰富的出行产品体系，满足用户个性化 需求。同时，公司通过火车/机票+接送服务、酒店+用车服务等创新组合，为用户提供大力度的优惠让 利，进一步提升了用户满意度和忠诚度。 此外，同程旅行持续加大在AI应用领域的投入，推出AI智能体DeepTrip，实现从"AI推荐"到"AI决策执 行+预订执行"的闭环，提升了运营效率。 同程旅行CEO马和平表示，大众旅 ...

Group 1 - BlackRock's stake in Alibaba (09988.HK) increased from 4.90% to 5.04% [1]

Core Viewpoint - Miniso's stock dropped 8.6% in pre-market trading despite reporting a year-on-year revenue growth of 18.9% in Q1, reaching 4.427 billion yuan, and an adjusted EBITDA increase of 7.5% to 1.0373 billion yuan [1] Financial Performance - Q1 revenue increased by 18.9% year-on-year to 4.427 billion yuan [1] - Adjusted EBITDA rose by 7.5% year-on-year to 1.0373 billion yuan [1]

截至2025年3月31日，集团的线上平台提供由逾760家航空公司及代理运营的约450,000条航线、约4.0百 万家酒店选择及非标住宿选择、170,000多条汽车路线、800多条渡轮线路及超过10,000个旅游景点的门 票服务。 格隆汇5月23日丨同程旅行(00780.HK)公布，截至2025年3月31日止三个月，集团收入为人民币43.77亿 元，同比增长13.2%；期内溢利 为人民币6.79亿元，同比增长69.5%；期内经调整EBITDA为人民币 11.59亿元，同比增长41.3%。受益于收入的持续增长、营销策略的优化和经营效率的提升，经调整净利 润同比增加41.1%至人民币7.88亿元，经调整净利润率同比大幅改善至18.0%。 截至2025年3月31日止十二个月，年付费用户再次创下历史新高，同比增长7.8%至247.3百万；十二个月 累计服务人次同比增长7.3%至1,959.5百万。于2025年第一季度，集团的平均月付费用户同比增长9.2% 至46.5百万人，亦创下新高。凭藉高效的流量策略和卓越的运营能力，我们持续获取大众市场的用户。 截至2025年3月31日，集团居住在中国非一线城市的注册用户超过87% ...

Core Viewpoint - China Biologic Products (01177) announced positive results from a Phase III clinical trial comparing Bemesumab injection combined with chemotherapy and Anlotinib hydrochloride capsules against Tislelizumab injection combined with chemotherapy for first-line treatment of advanced squamous non-small cell lung cancer (sq-NSCLC) [1][2] Group 1: Clinical Trial Results - The trial involved 565 patients randomly assigned to treatment and control groups, showing a median progression-free survival (mPFS) of 10.12 months for the trial group compared to 7.79 months for the control group, resulting in a 36% reduction in disease progression risk [2] - The objective response rates (ORR) were 71.9% for the trial group and 65.1% for the control group, with a median duration of response (DoR) of 9.69 months versus 8.34 months, indicating a significant improvement in the trial group [2] - Subgroup analysis revealed benefits across nearly all subgroups, particularly in the PD-L1 expression 1-49% population, with a hazard ratio (HR) of 0.47 [2] Group 2: Clinical Significance - The study addresses unmet clinical needs, as lung cancer has the highest incidence and mortality rates globally, with sq-NSCLC accounting for approximately 30% of all NSCLC cases [3] - The innovative treatment regimen may change existing treatment paradigms for advanced sq-NSCLC patients, who have limited options due to low mutation rates for targeted therapies [3] - The company aims to leverage its innovation and commercialization capabilities to accelerate the global market entry of this product, benefiting more patients [3]

Group 1 - SMOORE International (06969.HK) closed at HKD 18.120 on May 23, marking a 2.49% increase from the previous trading day, with an intraday high of HKD 18.820, the highest in nearly a year [1] - The net capital inflow for the day was HKD 87.0088 million, with a total of HKD 39,232.538 million flowing in and HKD 30,531.660 million flowing out [1] Group 2 - SMOORE International Holdings Limited was established in 2009 and is a global leader in providing atomization technology solutions, owning one proprietary brand (VAPORESSO) and three technology brands (FEELM, CCELL, METEX) [2] - The company is headquartered in Bao'an District, Shenzhen, with nearly 20,000 employees [2] - SMOORE was officially listed on the Hong Kong Stock Exchange on July 10, 2020, under the stock code HK6969 [2] - The company places a strong emphasis on technological innovation and research and development, with a total of 9 research institutes globally and a research team of over 1,000, accounting for nearly half of its non-production staff [2] - As of June 30, 2021, SMOORE had applied for a total of 2,612 patents and 566 trademarks, with 1,272 patents and 360 trademarks granted [2] - The company has received various certifications and honors, including "National CNAS Laboratory Certification," "International UL Safety Laboratory Certification," "National High-tech Enterprise Certification," and "ISO9001 Quality System Certification" [2]