富途控股(03588.HK)一季度营收同比增81.1%，NON-GAAP净利同比增97.7%。 ...

报告系统梳理了中国工业部门实现碳中和的关键技术路径，构建了覆盖主要行业和减排环节的技术图 谱。报告对未来技术演进路径进行了展望，指出在碳中和情景下，我国2060年工业碳排放有望降至4.5 亿吨，较2025年下降约95%。报告还指出，原料替代与废物回收、电气化与清洁电力替代、氢能替代、 CCUS四类共性技术，合计贡献工业技术减排潜力的近80%。 本报讯 （记者贺王娟）2025年5月28日，《中国碳中和目标下的工业低碳技术展望》（以下简称"报 告"）报告发布会在清华大学碳中和研究院顺利召开。该报告是由清华大学碳中和研究院发起、能源基 金会支持、生态环境部环境规划院牵头完成。 结合研究结果，报告提出一系列政策建议，包括通过规划部署工业碳中和关键技术一揽子重大工程，持 续强化碳市场对工业碳中和技术的激励作用，通过科技专项加快碳中和共性技术的研发突破与示范推 广，构建有利于碳中和技术发展的财税政策支持体系，加快部署产业化路径清晰、减排潜力大的共性技 术，推动中国工业部门迈向高质量、可持续的绿色转型。 技术演进路径上，2025年至2035年是我国工业部门低碳流程技术大规模应用期，能效提升技术、原料替 代与废物回收技术将推 ...

Group 1 - The core viewpoint of the article is that Bank of America Securities maintains a "buy" rating for Tencent Holdings, with a target price of HKD 631, highlighting the potential of AI investments [1] - Tencent's management indicated that several AI products have entered the post-launch phase, but monetization will take several quarters to materialize [1] - The company is leveraging existing business operational leverage to fund AI investments, with short-term cost impacts primarily from depreciation [1] Group 2 - Tencent's commercial services department has four structural growth drivers: small store commissions, CRM services and enterprise WeChat software, security and real-time communication solutions, and GPU leasing [2] - The management remains optimistic about the long-term potential of enterprise services in China, with growth paths extending beyond infrastructure services to include software services [2] - Tencent is gradually enhancing monetization potential through increased traffic, improved ad click rates, and regular ad load increases [2]

从消息面来看，稳定币概念板块近日的暴涨和香港特区通过了一项草案有关。 具体而言，5月21日，香港特区立法会通过《稳定币条例草案》（《草案》），标志着将稳定币这一虚 拟资产正式纳入法治监管体系，预计今年底前机构可向金管局申请成为合规稳定币发行商。 《草案》以在香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持 金融稳定，同时推动金融创新。 具体而言，《草案》实施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称 锚定港元价值的法币稳定币，必须向金融管理专员申领牌照。相关人士须符合储备资产管理及赎回等方 面的规定，包括妥善分隔客户资产、维持健全的稳定机制，以及须在合理条件下按面额处理稳定币持有 人的赎回要求。相关人士还须符合一系列打击洗钱及恐怖分子资金筹集、风险管理、披露规定及审计和 适当人选等要求。金融管理专员会适时就制度的详细监管要求作进一步咨询。 5月29日，港股市场的稳定币概念板块延续了5月23日以来的升势，再度跳空上涨。板块内，连连数字 （02598.HK）一度放量飙升近51%；众安在线（06060.HK）也一度暴涨近37%，近期表现极其强势， 已连涨5天； ...

Summary of Key Points Core Viewpoint - The LME (London Metal Exchange) reports a decrease in the inventory levels of various non-ferrous metals, indicating potential supply tightening in the market [1]. Inventory Changes - Copper inventory stands at 152,375 tons, down by 1,925 tons [1] - Aluminum inventory is at 375,075 tons, reduced by 2,250 tons [1] - Nickel inventory totals 200,142 tons, decreasing by 720 tons [1] - Zinc inventory is recorded at 141,375 tons, down by 2,075 tons [1] - Lead inventory is at 288,550 tons, with a reduction of 2,500 tons [1] - Tin inventory remains unchanged at 2,680 tons [1]

Core Viewpoint - The adjustment of fuel surcharge standards for domestic flights in China is expected to positively impact short-distance travel and the upcoming summer tourism market [1] Group 1: Policy Changes - Starting from June 5, 2025, domestic flights with a distance of 800 kilometers or less will be exempt from fuel surcharges, while flights over 800 kilometers will incur a charge of 10 yuan per passenger per segment [1] Group 2: Market Impact - The new fuel surcharge policy is anticipated to influence domestic ticket prices for short-distance flights and provide a boost for post-Duanwu Festival travel [1] - The adjustment is seen as a positive signal for the upcoming summer tourism market [1]

Core Viewpoint - The recent high-value transaction involving the innovative drug SSGJ-707 by 3SBio and Pfizer highlights the growing trend of Chinese biopharmaceutical companies expanding into international markets, despite challenges in the global pharmaceutical environment [2][4]. Group 1: Transaction Details - Pfizer has made a non-refundable upfront payment of $1.25 billion (approximately 9 billion RMB) for the rights to SSGJ-707 outside of China, with potential milestone payments totaling up to $4.8 billion (approximately 34.5 billion RMB) and an additional $100 million for equity subscription [2]. - This transaction sets a record for the upfront payment for a Chinese innovative drug going overseas, indicating a significant shift in the landscape of biopharmaceutical transactions [4]. Group 2: Company Background - 3SBio, established in 1993, is a well-established pharmaceutical company that went public on NASDAQ in 2007 and later privatized before listing on the Hong Kong Stock Exchange in 2015 [3]. - The subsidiary involved in the transaction, 3SBio Guojian, was formerly known as CITIC Guojian and is recognized as one of the earliest companies in China to engage in antibody drug research and sales [3]. Group 3: Market Trends - The trend of Chinese innovative drug companies seeking international partnerships has been growing, with a nearly 40% increase in outbound business development (BD) transactions since 2022, projected to reach around 120 deals worth approximately $63 billion in 2024 [6]. - The stock prices of 3SBio and 3SBio Guojian have surged over 200% and 130%, respectively, following the announcement of this transaction, reflecting strong market interest in innovative drug development [4]. Group 4: Strategic Implications - The increasing trend of "going overseas" is reshaping the clinical research strategies of domestic innovative drug companies, with many now considering international transactions as a key part of their development plans [4]. - The shift from a "me too" model to a focus on first-in-class (FIC) drugs is evident, as domestic companies are increasingly competing head-to-head with multinational pharmaceutical firms [4][5].

5月29日开盘，众安在线延续此前涨势，股价最高涨超36%，创出年内新高。截至发稿，其月内累计涨 幅逾80%，市值已突破300亿港元。 消息面上，中国香港特区政府提交的《稳定币条例草案》，已于5月21日在香港立法会三读通过，预计 将在今年年底前正式落地。该《草案》以在香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活 动在香港的监管框架。 有分析称，稳定币监管框架的完善可以为全球跨境支付提供更合规、高效的结算工具，有望降低传统 SWIFT体系的高成本和延迟问题，加速资金流动。 其中，星展银行对众安在线重申"买入"评级，目标价调至20港元。并预估众安银行的隐藏价值为20亿美 元，市场低估了其潜在价值。众安在线持有众安银行43.43%股权，对应价值约为8.87亿美元。然而，这 一估值并未反映在当前的股价中。随着保险科技生态持续完善、数字银行价值逐步显性化，众安在线有 望迎来业绩与估值的上升。 国金证券研报称，稳定币法案打开想象空间，维持众安在线买入评级，预计其2025年净利润将实现高弹 性增长，保险业务承保与投资双改善。当前PB估值仅0.74倍，处历史低位，建议关注配置机会。风险在 于监管趋严及行业竞争加剧。 据 ...

Core Viewpoint - Kingsoft Cloud's Q1 2025 performance fell short of expectations, with significant declines in key metrics such as gross margin and profit, leading to a sharp drop in stock prices in both US and Hong Kong markets [1][2]. Financial Performance - In Q1 2025, Kingsoft Cloud reported revenue of 1.97 billion yuan, a year-on-year increase of 10.9% but a quarter-on-quarter decline of 11.7%, which was below market expectations [1]. - The gross profit for Q1 was 318 million yuan, a year-on-year increase of 8.5% but a quarter-on-quarter decline of 25.3%, resulting in a gross margin of 16.2%, down 2.9 percentage points from the previous quarter [2]. - The net loss narrowed to 316 million yuan from 364 million yuan year-on-year, but widened from a loss of 200 million yuan in the previous quarter [2]. Business Segmentation - Public cloud services generated revenue of 1.354 billion yuan, a year-on-year increase of 14.0% but a quarter-on-quarter decline of 4.0% [1]. - Industry cloud revenue significantly slowed, reaching 617 million yuan, with a year-on-year increase of 4.8% but a quarter-on-quarter decline of 25.0% [1]. - AI business emerged as a core growth driver, with revenue of 525 million yuan, a staggering year-on-year increase of 228% [1]. Market Outlook - Citibank downgraded Kingsoft Cloud's revenue forecasts for 2025, 2026, and 2027 by 2% due to weaker-than-expected Q1 performance, lowering the target price from $21.5 to $19 [2]. - Nomura's report highlighted that Kingsoft Cloud is expected to benefit from the accelerating AI investment cycle in China, projecting a 20% year-on-year revenue growth in 2025, primarily driven by a 91% increase in AI revenue [3].

港股众安在线一度涨超36%，现涨超31%。 ...