港股黄金股集体走强，截至发稿，潼关黄金涨10.42%、赤峰黄金（600988）涨3.78%、珠峰黄金涨 3.24%、招金矿业涨0.91%。消息方面，关税问题再度引发市场担忧，比如美国总统特朗普表示，美国 将从6月初起把进口钢铁和铝的关税从目前的25%上调至50%。受此消息刺激，COMEX黄金升至3330美 元。(智通财经) ...

Core Viewpoint - The recent surge in the stock price of CSPC Pharmaceutical Group is driven by the anticipation of significant business development (BD) deals, despite a decline in its Q1 2023 financial performance [1][2]. Financial Performance - In Q1 2023, CSPC reported revenues of approximately 7.015 billion yuan, a year-on-year decrease of 21.9%, marking the first time since 2022 that quarterly revenue fell below 8 billion yuan [1]. - The net profit attributable to shareholders was about 1.478 billion yuan, down 8.4% year-on-year [1]. - The decline in revenue was primarily due to the performance of the finished drug business, which generated approximately 5.5 billion yuan, a decrease of 27.3% year-on-year [5]. Market Reaction - Following the earnings report, CSPC's stock price surged, increasing by 14.08% within half an hour and closing at 7.62, a rise of 11.73% [1]. - The stock continued to rise on May 30, reaching a peak of 8.56 HKD, with a total increase of 25.5% over two days, marking a new high since March 2023 [1]. Business Development Opportunities - CSPC is currently in discussions regarding three potential BD transactions, with a total potential value exceeding 5 billion USD [2]. - The company has been actively pursuing BD agreements to enhance its innovation capabilities, having completed multiple significant deals in recent years [9]. Challenges and Strategic Shift - The decline in revenue and profit is attributed to the impact of centralized procurement policies, which have significantly reduced prices for key products [6][7]. - CSPC's transition from generic to innovative drugs has faced challenges, necessitating a focus on innovation to overcome market recognition barriers [9]. Innovation and R&D Investment - CSPC has increased its R&D expenditures, with 2023 and 2024 figures reaching 4.830 billion yuan and 5.191 billion yuan, respectively, reflecting year-on-year growth of 21% and 7.5% [8]. - The company has expanded its pipeline in various therapeutic areas, including oncology and cardiovascular diseases, and is developing advanced drug delivery systems [8]. Product Pipeline and Market Potential - CSPC's ADC asset, SYS6010, has shown promising results in early-phase studies, with a potential peak sales forecast of over 2.5 billion USD in China and 1.5-2 billion USD in international markets [12]. - The positive clinical data for SYS6010 positions it as a strong candidate for future BD opportunities, enhancing CSPC's market competitiveness [10][12].

本文系基于公开资料撰写，仅作为信息交流之用，不构成任何投资建议。 出品｜公司研究室IPO组 文｜曲奇 一拖再拖后，近期随着港股回暖，"辣条一哥"卫龙赴港上市又有了新动向。 11月23日，卫龙再度更新招股书，市场消息称，卫龙将于11月24日进行上市前的投资者教育，最快年内在港交所主板 上市，预计筹集资金不足1.5亿美元。 从最初拟募资10亿美元，到如今不足1.5亿美元，这一年半的时间里，卫龙的募资额下滑了85%。 市场变了，卫龙也变了。如今，卫龙是摆正了位置不再谋求高估值，还是拖不下去急于上市了？ 01、一再拖延上市，募资额减少85% 有些赴港上市的公司，一而再再而三地递交招股书，却迟迟不能获得港交所聆讯导致无法上市。然而，三次递表的卫 龙却是一个例外。 2021年5月，卫龙向港交所首次递交招股书，这家来自河北闻名全国的辣条公司，终于迈出了上市路上最关键的一 步。等了6个月，直到招股书失效，卫龙都没有获得港交所聆讯。 紧接着，2021年11月，上市心切的卫龙马上更新招股书，并如愿通过港交所聆讯。当时，市场消息称，卫龙拟募资10 亿美元，目标市值或在百亿美元以上。 但通过聆讯后的卫龙却一反常态，没有按常规动作启动 ...

Group 1 - The Hang Seng Tech Index has seen a decline of 2%, with companies like Kuaishou and China Literature experiencing nearly a 5% drop [1] - The Hang Seng Index has also fallen approximately 1.7% [1]

Group 1 - Hong Kong real estate stocks are experiencing a decline, with R&F Properties (02777.HK) dropping over 5% and Vanke Enterprises (02202.HK) falling more than 4% [1]

理想汽车5月交付新车40856台，同比增长16.7%，环比增长20.38%。这是理想汽车时隔四个月后，单月 交付量再次突破4万辆大关。理想汽车在5月完成了全系车型的智能焕新版升级。理想MEGA Home在5 月下旬开启交付。 小鹏汽车虽连续七个月交付量超过3万辆，但进入5月后环比增速出现下滑。小鹏汽车5月共交付新车 33525台，同比增长230%，环比下降4.34%；1—5月累计交付新车16.26万台，同比增长293%。5月28 日，小鹏MONA M03升级上市仅1小时，大定突破12566台。 近期，国内多家主流自主汽车企业纷纷发布了5月份的销售数据。造车新势力5月交付成绩也出炉，第一 名依然是零跑。 零跑汽车5月全系交付创历史新高，达45067台，同比增长超148%，连续三个月稳居造车新势力领先地 位。 蔚来则依旧维持在2万辆的水平，不过旗下的firefly萤火虫品牌在其首个完整交付月展现出一定的市场潜 力。5月，蔚来公司交付新车23231辆，同比增长13.1%。其中，蔚来品牌交付新车13270辆；乐道品牌 交付新车6281辆；firefly萤火虫品牌交付新车3680辆。截至2025年5月31日，累计交付量 ...

Group 1 - The majority of Hong Kong pharmaceutical stocks are experiencing declines, with Hansoh Pharmaceutical falling over 4% [1] - Hansoh Pharmaceutical (03692.HK) decreased by 4.45%, while other companies like Aimeijia Vaccine (06660.HK) and CSPC Pharmaceutical Group (01093.HK) also saw significant drops of 3.98% and 2.72% respectively [1] - Kanglong Chemical (03759.HK) reported a decline of 1.83%, indicating a broader trend of weakness in the sector [1]

目标公司(即Evergreen Crest Holdings Ltd.)为于2023年11月8日根据英属处女群岛法律注册成立的有限公 司，由卖方及少数股东分别直接拥有90%及10%。目标公司直接持有附属公司1(即PT Langit Indonesia Berjangka)已发行股份的95%及附属公司2(即PT Multikripto Exchange Indonesia)已发行股份的99%。目标 公司正在(透过该等附属公司)建立数字资产交易所的营运。附属公司1持有有关印尼期货经纪商牌照。 附属公司2持有有关印尼加密货币交易商牌照。 格隆汇6月2日丨OSL集团(00863.HK)发布公告，2025年5月30日，买方(OSL Midaspay Limited，为公司 全资附属公司)与卖方(即Lau Shu Ming女士)订立购股协议，据此，卖方有条件同意向买方出售，而买方 有条件同意自卖方购买出售股份(目标公司的4.5万股股份，占目标公司已发行股份总数的90%)，代价合 共为1500万美元(相当于约1.17亿港元)，透过配发并发行代价股份支付。 代价股份约占于本公告日期公司已发行股份总数的1.48%；及经配发及发 ...

Core Insights - Innovent Biologics has presented promising clinical data for IBI363, a first-in-class PD-1/IL-2α-bias bispecific antibody fusion protein, at the 2025 ASCO Annual Meeting, demonstrating its potential to convert "cold tumors" into "hot tumors" in advanced colorectal cancer [1][2][10] Clinical Data Summary - IBI363 monotherapy showed a median overall survival (OS) of 16.1 months in patients with advanced colorectal cancer, significantly better than standard treatments which range from 6.4 to 9.3 months [6][10] - In Phase 1 studies, IBI363 combined with bevacizumab resulted in a confirmed objective response rate (cORR) of 15.1% and a disease control rate (DCR) of 61.6% among 73 participants [9] - The combination therapy showed a median progression-free survival (PFS) of 4.7 months, with a notable increase in efficacy for patients without liver metastases, achieving a cORR of 31.3% and a DCR of 81.3% [9] Mechanism of Action - IBI363 operates by blocking the PD-1/PD-L1 pathway while activating the IL-2 pathway, specifically targeting tumor-specific T cells, which enhances its therapeutic efficacy in treating colorectal cancer [11][12] - Tumor immune cell infiltration analysis indicated that higher levels of CD8+ T cells were associated with improved clinical responses to IBI363, supporting its mechanism of action [8] Future Development - Innovent is conducting further clinical studies in multiple countries to explore IBI363's efficacy across various tumor indications, including immune-resistant and cold tumors [12] - The company has initiated a pivotal trial for IBI363 targeting unresectable locally advanced or metastatic mucosal or acral melanoma [12][13] Company Overview - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, including cancer, and has launched 15 products to date [14][15] - The company has received fast track and breakthrough designations from regulatory authorities for IBI363, indicating its potential in treating specific cancer types [13]

Group 1 - The Ministry of Defense of China strongly opposes negative remarks made by the U.S. Secretary of Defense regarding China, asserting that such actions will ultimately backfire on the U.S. [5] Group 2 - The sales revenue from the consumer goods trade-in program in China has surpassed 1 trillion yuan this year, indicating a strong recovery in consumer spending. [6] - The program has led to approximately 1.1 trillion yuan in sales across five major categories, with 175 million subsidies issued to consumers. [6] - Specific figures include 4.12 million applications for automobile trade-ins, 49.86 million consumers purchasing 12 categories of home appliances totaling 77.62 million units, and 5.35 million consumers buying 5.66 million digital products. [6] Group 3 - The film box office for the 2025 Dragon Boat Festival period has exceeded 300 million yuan, significantly surpassing last year's figures. [8] Group 4 - NIO confirmed that there has been no change in the shareholding of its president, Qin Lihong, countering false information circulating on various platforms. [17] Group 5 - JD.com plans to expand its full-time delivery rider workforce to 150,000, having already surpassed 100,000 riders ahead of schedule. [19] Group 6 - BYD led the electric vehicle market in May with sales of 382,500 units, a year-on-year increase from 331,800 units. [20] - Other notable performances include Geely's sales of 235,200 units, a 46% increase year-on-year, and significant growth from new entrants like Leap Motor and Xpeng Motors. [20] Group 7 - Hongxin Securities has officially changed its name to Tianfu Securities, signaling a strategic repositioning following the acquisition by Shudao Group. [21]