Market Performance - The three major U.S. stock indices closed higher, with most popular Chinese concept stocks also rising [1] - Hong Kong's three major indices opened higher, with the Hang Seng Index up 0.53%, the Hang Seng China Enterprises Index up 0.57%, and the Hang Seng Tech Index up 0.54% [1] Sector Performance - Large technology stocks collectively rose, with NetEase increasing nearly 3%, Tencent and Xiaomi rising over 1%, and Kuaishou, Baidu, and JD.com also showing gains [1] - Gold prices surged back to $3,400, leading to a strong performance in gold stocks, with Zhaojin Mining up nearly 4%, Tongguan Gold up 3.5%, and Zijin Mining, Shandong Gold, and Chifeng Jilong Gold all rising [1] - Biopharmaceutical, heavy machinery, and film and entertainment stocks also saw increases [1] - Stablecoin concept stocks showed mixed performance, with Yika down over 5% and Lianyi Rong Technology continuing to rise by 3.55% [1] - Consumer electronics and steel stocks generally declined, with TCL Electronics dropping over 2% [1] Index Data - Hang Seng Index: 23,281.10, up 123.13, or 0.53% [1] - Hang Seng China Enterprises Index: 8,407.00, up 47.74, or 0.57% [1] - Hang Seng Tech Index: 5,162.05, up 27.94, or 0.54% [1] - Red Chip Index: 3,944.88, up 8.03, or 0.20% [1] - Southern Hang Seng Tech: 5.070, up 0.045, or 0.90% [1]

5月30日，中国企业财务管理协会名誉会长李永延、副会长兼执行秘书长胡芳、特聘副会长、山东数实未来发展公司董事长邱黎明一行莅临深度数科集团调 研考察。集团董事长全传晓、资深副总裁兼总裁办主任李洋，商城数科总经理王朝阳及有关部门负责人陪同调研。 李永延名誉会长介绍了中财协会创新发展的成功做法，高度评价深度数科集团一体两翼发展的战略模式，对深化合作充满期望；胡芳副会长兼执行秘书长分 享了协会在推动数智化发展方面的探索与实践，对于会员共享、案例宣讲、渠道合作等提出了希望。中财数智化团队介绍了企政通等中调业务产品。 本次交流充分体现了双方在相关领域进一步沟通协作的意愿，对于积极推动建立长效合作机制达成了共识，有助于共同实现助力百万级中小微企业深发展的 企业愿景，此次调研交流加深了相互了解，为加快拓展合作空间、实现资源互补奠定了良好基础。 全传晓董事长分享了集团核心板块、战略规划及经营发展情况，对中财协会引领我国数智化发展的做法表示高度赞赏。相关负责人分别介绍了沂链通供应链 票据公共服务平台的创新发展路径与成效，大集数贸平台建设规划、运营思路与未来展望。 中国企业财务管理协会一行首先参观了集团数字化展厅，直观感受了集团在 ...

Group 1 - The core viewpoint is that CMB International believes that the BD transactions of CSPC Pharmaceutical Group (01093.HK) will be a key sustainable driver for profit growth [1] - The company anticipates that three potential large BD transactions will positively contribute in the short term, leading to a projected revenue growth of 5.8% and a net profit growth of 30.4% for the year 2025 [1] - CMB International has raised the target price for CSPC Pharmaceutical Group from HKD 5.71 to HKD 10.08 while maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the article highlights that Pop Mart's stock price has increased by over 2% during trading, reaching a new high, with a trading volume exceeding 1.6 billion HKD [1]

做好历史文化遗产保护工作，是杭州这座历史文化名城义不容辞的责任。5月29日，在市十四届人 大常委会第二十七次会议上，《杭州市富阳新登古城墙保护条例（草案）》（下称《条例（草案）》） 首次提交审议。该《条例（草案）》是在《杭州市历史文化名城保护条例》框架下的一部"小切口"立 法。 新登古城墙始建于唐大顺二年（891年），明嘉靖三十五年（1556年）为防倭寇入侵再度筑城，整 体保留明代风格。城墙依山而筑、护城河完整，墙体由条石砌筑，为中国明清城墙申遗项目中唯一的县 城级城墙。2017年起，富阳区先后开展9轮搬迁，把新登古城墙从民宅、厂房等各类建筑覆压中拯救出 来。2023年，新登古城墙入选浙江省第八批省级文物保护名单。2024年，国家文物局批复《中国世界文 化遗产预备名单》，中国明清古城墙（新登古城墙）位列其中。 《条例（草案）》聚焦古城墙保护，围绕管理体制、科学规划、强化保护、合理利用等方面作出了 规定。其中，在强化保护方面，《条例（草案）》从保护标志、墙体保护、景观亮化、绿化管理、环境 整治等方面进行规范。例如，明确城墙墙体的城砖、条石、内包夯土、碑石以及古建筑构件等，任何单 位和个人不得买卖。《条例（草案） ...

信达证券表示，创新药仍将是医药投资的主线，一方面系中国创新药已踏上从拼数量（Me-too）、拼速 度（Me-quicker）到拼质量（Me-better）、拼创新（First-in-class）的进阶征程，另一方面系中国对创新 药的政策支持越来越多。短期上看，多种因素影响整体风险偏好，同时市场或将逐步回归关注业绩表 现，创新药的相关催化（ASCO会议及国内创新药此前密集获批）已逐步落地，建议重点跟踪商业化兑 现的大品种的企业，或者创新药产业链的CXO及生命科学上游；短期上建议底部逐步布局内需复苏条 线、自主可控条线均可作为下一阶段关注重点。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 恒生医疗指数ETF（159557）标的指数为恒生医疗保健指数，该指数旨在反映恒生综合指数里主要经营 医疗保健业务成分股公司的表现。该ETF还配备了场外基金，分别为联接A（018432）、联接C （018433）。 消息面上，据智通财经，跨国医药巨头百时美施贵宝宣布，与德国生物技术公司BioNTech就新一代抗 癌药物BNT327达成授权协议，协议的里程碑付款最高可达111亿 ...

港股中国光大控股(00165.HK)涨超15%，早前投资稳定币巨头Circle。 ...

Group 1 - The Hang Seng Index opened up by 0.53%, with the Hang Seng Tech Index rising by 0.54%. Companies like Hansoh Pharmaceutical and CSPC Pharmaceutical increased by nearly 4%, while NetEase rose by nearly 3% [1] - Cathay Securities reports that the AI industry cycle may lead the Hong Kong stock market upward amid the transition of old and new driving forces. The technology sector is expected to benefit significantly from the AI narrative, with performance likely to accelerate [2][3] - The influx of capital from mainland China is strengthening pricing power in the Hong Kong market, with foreign capital gradually improving its low-position allocation in Chinese assets [2] Group 2 - Morgan Stanley analysts believe that the recent return of global capital is positively impacting the valuation recovery of Hong Kong assets, which still hold high allocation value in the medium to long term [3] - The Hang Seng Index's price-to-earnings (PE) ratio has risen from approximately 7.5 times to the current 10.5 times, aligning with the ten-year average, indicating that valuation recovery is ongoing [3] - The Hong Kong IPO market is expected to see a significant revival in 2025, providing a crucial window for domestic companies to raise foreign capital [3] Group 3 - The Hong Kong stock market is evolving into a global technology capital hub, connecting thriving mainland tech companies with global capital seeking quality targets [4] - The recent trend of A-share companies listing in Hong Kong is driven by a combination of outbound strategies, regulatory conveniences, and improved liquidity in the Hong Kong market [4] - The attractiveness of the Hong Kong market is increasing due to the continuous improvement in asset supply structure and quality, as well as liquidity trends amid the return of overseas capital [4] Group 4 - The Hong Kong government has implemented several supportive policies for the stock market, including lowering stamp duty and optimizing trading mechanisms to enhance market liquidity and attractiveness [5] - Dividend-paying assets are gaining appeal due to their high returns and low volatility, with the ETF interconnectivity system broadening investment channels [5] - Amid global geopolitical conflicts and trade tensions, Hong Kong's dividend indices are expected to become a favored allocation direction for medium to long-term funds due to their resilience and stability [5]

机构：长江证券 研究员：赵刚/杨会强/马健轩 事件描述 经营方面，餐厅销售额增长，公司主动调整定价导致客单价下降。2025 年一季度，公司翻台率3.9 次/ 天，同比持平，同店翻台率4.0 次/天，同比增长0.1 次/天；各区域顾客日均消费均有所下跌，主要系公 司主动调整定价、菜品份量让利消费者，公司整体客单价24.2 美元，同比下降2.8%；餐厅平均每日销 售额1.78 万美元，同比增长1.71%，同店销售额同比增长0.34%。 盈利能力方面，公司让利员工及消费者，利润率有所下滑。2025 年一季度，公司原材料及耗材成本/员 工成本/租金及相关/水电开支占比分别同比+0.47%/+1.42%/+0.46%/-0.14%，员工成本大幅增长一方面是 随着餐厅网络扩张，客流量与翻台率提升下，员工人数增加，另一方面是公司增加了员工福利，提升员 工忠诚度与工作满意度。原材料成本提升则主要是由于公司主动调整菜单、升级产品以及提供更优惠的 价格组合。一季度公司利润率4.1%，同比下滑2.5pct，除上述因素外，还因公司随着餐厅增长，外包服 务费和日常维护费用增加以及短期租赁费用随员工福利投入增加而上升。 门店方面，餐厅网 ...

Group 1 - The Hong Kong Legislative Council officially passed the Stablecoin Regulation Draft on May 21, 2023, following the U.S. Senate's passage of the GENIUS Act on May 20, 2023, indicating a growing regulatory framework for stablecoins in regions like Hong Kong, the U.S., and the U.K. [1] - On June 2, 2023, the Hong Kong fintech sector experienced explosive growth, with the stock price of Lianyi Rong (09959) surging over 15% by the end of the trading day [1]. - Lianyi Rong has proactively positioned itself in cross-border business, having obtained a digital banking license in Singapore in partnership with Greenland Financial, aiming to serve a broad cryptocurrency ecosystem [1]. Group 2 - In 2023, the Monetary Authority of Singapore released a Digital Currency White Paper and launched the "Project Guardian" pilot project, with Lianyi Rong's asset tokenization pilot project being a key component [2]. - Lianyi Rong, in collaboration with Standard Chartered Bank, successfully issued the industry's first trade asset-backed tokenized product, which is now listed on Singapore Exchange's digital bond (sandbox) platform [2]. - In 2024, Lianyi Rong co-founded SuperFi Labs, a DeFi innovation lab aimed at building next-generation consumer products on-chain, focusing on RWA products and DeFi offerings [2]. - With the ongoing boom in the stablecoin market, Lianyi Rong is expected to leverage its deep expertise and innovative capabilities in the digital currency space for greater development opportunities [2].