29日，省人民医院富阳院区正式试运行，特别为百姓开设了专家义诊。义诊云集了50余位省人民医 院知名专家，涵盖内科、外科、妇科、儿科等多个学科，义诊号上线即"秒空"。义诊期间，医院还推出 了中医药文化体验区，开展了健康宣教与主题讲座。据悉，当天共有千余名群众参与了义诊及相关活 动。 值得一提的是，富阳院区通过"门诊—医技—病房"的集中式功能布局，使整体诊疗流程更便捷简 短，给患者带来全程一站式贴心服务。 徐继介绍，试运行阶段，富阳院区门诊全部开放，急诊开放内科、外科、儿科、耳鼻喉科，住院开 放三个病区（内科综合病区、外科综合病区、急诊综合病区）；预计7月底前逐步实现全面启用，启用 进度将第一时间向社会公布。此外，富阳院区从试运行起6个月内，所有专家门诊、名医门诊均免除专 家挂号费部分，按普通门诊挂号标准收费。 富阳院区位于富阳区春江街道竹简路300号，占地184.5亩，按三级甲等综合医院标准建设，设置总 床位数1800张。一期设置床位1200张，共有机动车车位1683个。 目前，富阳院区依托省人民医院优质医疗资源，开设临床科室45个、医技科室10个，主要特色专科 包括头颈外科、泌尿外科、乳腺外科、血管外科等。 ...

港股众安在线(06060.HK)跌超10%，成交额超16亿港元。 ...

新华财经悉尼5月30日电（记者李晓渝）澳大利亚统计局30发布报告称，经季节性因素调整，2025年4月 该国零售销售额同比增长约3.8%，环比下降约0.1%，达到约372.08亿澳元（约合人民币1722.81亿 元）。 （文章来源：新华财经） 分行业来看，经季节性因素调整，4月澳大利亚食品零售领域的销售额环比下降0.3%；家居用品零售领 域的销售额环比增长0.6%；服装鞋靴和个人配饰零售领域的销售额环比减少2.5%；百货商店领域的销 售额环比减少2.5%；咖啡厅、餐厅和食品外带服务领域的销售额环比增加1.1%；其他零售领域的销售 额环比增长0.7%。 另外，经季节性因素调整，4月澳大利亚网络零售销售额同比增长7.3%，环比增长0.6%，至大约45.37亿 澳元。在3月网络零售之中，食品相关销售额相比2月增长约4.5%，至大约14.02亿澳元；非食品相关销 售额环比减少1.1%，至大约31.35亿澳元。 经调整计算，今年3月澳大利亚零售销售额环比增长约0.3%，2月则环比增长约0.2%。 统计局商业统计主管罗伯特·尤因（Robert Ewing）表示，尽管昆士兰州的零售业情况从3月的前热带气 旋阿尔弗雷德的影响中 ...

2025年5月26日，安能物流发布第一季度业绩报告，以一份"全面增长"的成绩单，再次刷新了市场预 期。 一季度，安能物流零担货运总量达305万吨，同比增长5.9%；营收25.87亿元，同比增长8.8%，业务规模 稳步增长；经调整净利润同比增长15.9%至2.42亿元，经调整净利润率同比提升至9.4%。 在零担行业加速分化的背景下，安能物流打破了"规模不经济"的行业魔咒，那么，其是否进入了"击球 区"？ 一、三个层面的预期差 对于这个问题，笔者认为可以从三大关键预期差来加以说明。 1)行业层面 很多时候，有人会简单将安能物流放入到整个零担市场中来考量其成长性。这一点不能说错，但是至少 忽视了其所处的具体细分市场更具参考意义。 诚然，整个零担市场近年来有所萎缩，这在经济结构转型、物流景气度承压的背景下在所难免。但2024 年零担市场规模仍保持1.7万亿元，天花板足够高。 更重要的是，零担市场可以进一步细分为全网型、区域型以及专线型。在供应链愈发扁平化、碎片化的 环境下，全网型快运通过规模效应和优质服务实现了逆势增长。2024年，在区域型和专线型继续萎缩的 背景下，全网型快运规模同比增长14%。安能物流作为全网型快 ...

Core Viewpoint - CICC maintains its revenue and net profit forecasts for Kingsoft (03888) for 2025 and 2026, with a target price of HKD 50, indicating a 39% upside potential based on a 2025 P/E ratio of 24.9x [1] Group 1: Office Business - The office business experienced a year-on-year revenue growth of 6%, driven by WPS personal and WPS 365 services, but saw a quarter-on-quarter decline of 13% due to disruptions from new procurement processes for domestic software [2] - As of March 2025, WPS Office's global monthly active devices reached 647 million, with a year-on-year increase of 8%, and the PC version had 301 million monthly active devices, up 11% year-on-year [2] - The management emphasized a core strategy of "AI + collaboration + overseas" for the office business, with a focus on leveraging the user base accumulated in overseas markets since 2018 [2] Group 2: Gaming Business - The gaming business reported a year-on-year revenue increase of 14%, mainly due to contributions from "Jian Wang 3" and the anime game "Chen Bai Jin Qu," but experienced a quarter-on-quarter decline of 20% due to seasonal factors [3] - Upcoming new games include the sci-fi mech game "Jie Xian Ji," expected to launch in summer 2025, and the sequel to the "Jian Xia Qing Yuan" series, which will have a full platform public test on May 29 [3] - Future strategies for the gaming business include adhering to a principle of quality, diversifying game genres beyond martial arts, and exploring international markets [3] Group 3: Financial Performance - In Q1, the operating profit margin was 25.7%, down 2.4 percentage points year-on-year and 13.9 percentage points quarter-on-quarter, primarily due to increased R&D investments in AI and new games [4] - The net profit margin was 12.1%, reflecting a year-on-year decline of 1.2 percentage points and a quarter-on-quarter decline of 4.3 percentage points, mainly due to the drop in operating profit margin [4]

Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue and profit figures meeting expectations, indicating a stable growth trajectory in its advertising and e-commerce segments [1][2]. Group 1: Q1 2025 Performance - Revenue increased by 11% year-on-year to 32.6 billion yuan, while Non-GAAP net profit rose by 3% to 4.58 billion yuan, aligning with market expectations [1]. - Monthly Active Users (MAU) grew by 2% to 712 million, and Daily Active Users (DAU) increased by 3.6% to 408 million, with average daily usage time per DAU up by 3.3% to 134 minutes [1]. Group 2: Development Trends - The company anticipates a return to double-digit year-on-year growth in advertising revenue in Q2 2025, with a projected 12% increase, driven by opportunities in content consumption and local life advertising [1]. - E-commerce Gross Merchandise Volume (GMV) is expected to grow by 13-14% year-on-year in Q2 2025, maintaining a stable performance, particularly during the 618 shopping festival [1]. Group 3: AI Commercialization and Overseas Business - The AI segment, Keling, achieved revenue of 150 million yuan in Q1 2025, exceeding expectations, with a global user base surpassing 22 million and over 10,000 enterprise clients [2]. - The overseas business saw a 32.7% year-on-year revenue increase to 1.32 billion yuan, achieving an operating profit of approximately 28 million yuan, with steady growth in key markets like Brazil [2]. Group 4: Profit Forecast and Valuation - The company maintains its Non-IFRS net profit forecast, with the current stock price corresponding to a 10/8 times Non-IFRS P/E ratio for 2025/2026, and a target price of 66 HKD, indicating a potential upside of 35% [2].

Company Overview - The company held a product launch event for the MONA M03 Max model on May 28, with pricing exceeding market expectations [1] - The Max version is priced at 154,000 yuan, which is a reduction of 16,000 yuan from the previous pre-sale price of 158,000 yuan, and is 10,000 yuan less than the Plus version [1] Product Features and Market Strategy - The new model continues the company's strategy of creating popular products through competitive pricing, rich standard configurations, and advanced intelligent driving features [1] - The Max version is unique in the domestic market as it is the only model under 150,000 yuan equipped with dual Orin chips and capable of full-scene high-level assisted driving [2] - The target demographic for the Max version is younger consumers who are more accepting of and willing to pay for assisted driving features, with an expected purchase ratio exceeding market expectations [1] Sales Performance and Market Expansion - The company reported monthly sales exceeding 30,000 units from January to April, indicating a strong product cycle [1] - The launch of the new model is expected to drive quarterly sales and profitability improvements [1] - In Q1, the company achieved over 370% year-on-year sales growth in overseas markets and opened over 40 new overseas stores [1] - Plans for localized production in Indonesia for the G6 and X9 models are set to begin in the second half of 2025, with a goal of doubling overseas sales by 2025 [1] Technological Advancements - The M03 Max model features a global first "human-machine co-driving" function, allowing for collaborative control with the assisted driving system [2] - The company plans to roll out OTA updates for ETC toll station assistance and three-point turns by the end of June [2] Financial Outlook - Current stock prices correspond to a 2025 P/S ratio of 1.6 for Hong Kong stocks and 1.5 for U.S. stocks, maintaining an outperform rating [2] - Target prices are set at 108 HKD and 28 USD, representing an upside potential of 41% and 45%, respectively, corresponding to a 2025 P/S ratio of 2.2 [2]

Core Viewpoint - The launch of the MONA M03 Max by the company signifies a strong entry into the high-level assisted driving market at a price point of 150,000 RMB, with over 10,000 units pre-ordered within the first hour of release [1][2] Group 1: Product Launch and Features - The MONA M03 Max is the only model in its price range equipped with dual Orin-X chips, providing a computing power of 508 TOPS [2] - The Max version features urban intelligent assisted driving that does not require route memorization and has no mileage limitations [2] - The new model emphasizes aesthetics and comfort, targeting younger consumers with features like a three-airbag lumbar support and a heated capacitive steering wheel [1] Group 2: Sales Performance and Projections - The company expects to see significant revenue growth, projecting operating revenues of 90.9 billion RMB, 130.3 billion RMB, and 152.7 billion RMB for the years 2025, 2026, and 2027 respectively [1] - The company anticipates a net profit of -1.1 billion RMB in 2025, turning to a profit of 3.2 billion RMB in 2026 and 6.7 billion RMB in 2027 [1] - The MONA M03 is positioned as the first model in the 100,000 to 150,000 RMB range, with a solid foundation for sales growth, having achieved 100,000 units by March 2025 [2] Group 3: Market Positioning and Strategy - The company maintains an "overweight" rating based on its strong product cycle and intelligent features [1] - The MONA M03 Max aims to democratize technology in the 150,000 RMB segment, enhancing the company's competitive edge in the market [1][2] - The Max version accounted for 83% of the orders within the first hour of launch, indicating strong market demand [2]

Core Viewpoint - Xiaomi reported strong Q1 2025 performance with revenue of 111.29 billion, a year-on-year increase of 47.4%, and adjusted profit of 10.68 billion, up 64.5% [1] Group 1: Financial Performance - Q1 2025 revenue reached 1112.93 billion, reflecting a 47.4% year-on-year growth [1] - Adjusted profit for Q1 2025 was 106.75 billion, marking a 64.5% increase compared to the previous year [1] - The mobile and AIoT segments showed improved operational efficiency, with a gross margin of 22.8% and a decrease in operating expense ratio to 11.4% [1] Group 2: Mobile Segment - Xiaomi regained the top market share in mainland China with a 40% increase in smartphone shipments, totaling 13.3 million units [2] - The average selling price (ASP) of smartphones increased by 5.8% to 1210.6 yuan [2] - Internet revenue from mobile devices reached 9.1 billion, up 12.8% year-on-year [2] Group 3: IoT and Smart Devices - IoT business revenue grew by 58.7% to 32.34 billion, with smart home appliances seeing a 113.8% increase [2] - The gross margin for IoT reached a record high of 25.2%, up 4.7 percentage points [2] - The tablet segment saw a 56.1% increase in shipments, entering the global top three [2] Group 4: Automotive Segment - Q1 2025 saw 76,000 vehicle deliveries, with an ASP of 238,000 yuan [3] - Revenue from smart vehicles and AI-related businesses was 18.58 billion, accounting for 16.7% of total revenue [3] - The gross margin for the automotive segment improved to 23.2%, indicating ongoing scale effects [3] Group 5: Strategic Outlook - Xiaomi's competitive advantages include strong technology investments, supply chain management, and marketing capabilities [3] - The company is focusing on long-term strategies in AI, high-end products, and global expansion [3] - Revenue projections for 2025-2027 are estimated at 501.5 billion, 634.4 billion, and 733.2 billion respectively [4]

Core Insights - In Q1 2025, the company's revenue reached 111.3 billion yuan, a year-on-year increase of 47%, with adjusted net profit at 10.7 billion yuan, up 64%, marking a historical high [1] - Gross margin reached 22.8%, an increase of 0.5 percentage points year-on-year, also a historical high [1] Smartphone Business - Smartphone revenue in Q1 2025 was 50.6 billion yuan, a 9% year-on-year increase, with a gross margin of 12.4% [1] - Global smartphone shipments increased by 3% to 41.8 million units, capturing a market share of 14.1%, ranking among the top three globally [1] - In mainland China, market share increased by 4.7 percentage points to 18.8%, reclaiming the top position in shipments after ten years [1] - The high-end strategy showed significant results, with high-end models accounting for 25.0% of total sales, up 3.3 percentage points year-on-year [1] - The company launched the new flagship model 15S Pro in May 2025, featuring the self-developed Xuanjie O1 chip [1] IoT and Consumer Products - Revenue from IoT and consumer products reached 32.3 billion yuan in Q1 2025, a 59% year-on-year increase, with a gross margin of 25.2%, up 5.4 percentage points [1] Other Business Segments - Tablet shipments increased by 56%, and revenue from smart home appliances surged by 114% in Q1 2025 [2] - As of March 31, 2025, the company's AIoT platform connected approximately 940 million IoT devices (excluding smartphones, tablets, and laptops), a 20% year-on-year growth [2] - Internet services revenue reached 9.1 billion yuan in Q1 2025, a 13% year-on-year increase, with a gross margin of 76.9%, up 2.7 percentage points [2] - Monthly active users globally reached 720 million, a 9% year-on-year increase, with smart TV users at 73 million, up 8% [2] Automotive Business - Revenue from smart electric vehicles and AI-related businesses was 18.6 billion yuan in Q1 2025, with a gross margin of 23.2% [2] - The SU7 series delivered 75,900 new vehicles in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company introduced its first luxury high-performance SUV, the YU7, in May 2025, set to launch in July [2] Profit Forecast and Investment Recommendation - The company forecasts earnings per share of 1.35, 1.82, and 2.27 yuan for 2025-2027, adjusting previous estimates due to revenue and margin updates [2] - Maintaining a comparable company PE valuation of 38 times for 2026, the target price is set at 75.52 HKD, with a buy rating [2]