Core Points - The Hong Kong Fundamental 50 Index (H11110) experienced a decline of 0.57%, closing at 2024.18 points with a trading volume of 88.877 billion yuan [1] - Over the past month, the index has increased by 5.23%, 2.50% over the last three months, and 10.55% year-to-date [1] - The index selects the 50 companies with the highest fundamental value from the Hong Kong market, using a fundamental value-weighted calculation to mitigate the impact of overvalued securities typically found in traditional market-capitalization indices [1] Company Holdings - The top ten holdings of the Hong Kong Fundamental 50 Index are: - China Construction Bank (15.8%) - China Mobile (7.5%) - HSBC Holdings (6.62%) - Tencent Holdings (5.13%) - Industrial and Commercial Bank of China (5.01%) - Alibaba Group (4.6%) - Bank of China (4.02%) - China Unicom (3.87%) - CNOOC (3.21%) - Ping An Insurance (2.62%) [1] Sector Allocation - The sector allocation of the index is as follows: - Financials: 44.71% - Communication Services: 20.38% - Real Estate: 10.74% - Energy: 6.48% - Consumer Discretionary: 6.25% - Information Technology: 3.61% - Utilities: 2.49% - Health Care: 1.61% - Materials: 1.31% - Consumer Staples: 1.23% - Industrials: 1.20% [2] Index Adjustment - The index samples are adjusted annually, with changes implemented on the next trading day following the second Friday of June [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - RoboSense (02498) reported a strong Q1 2025 performance with significant improvements in profitability and revenue growth, driven by advancements in product structure and increased sales in its laser radar products [1][8] Financial Performance - Total revenue reached 330 million yuan, with a gross profit of 77 million yuan, marking a year-on-year increase of 73% and a gross margin of 23.5%, up 11.2 percentage points [1] - Net loss narrowed significantly to 98.786 million yuan, improving by 24.4% year-on-year [1] Product Performance - The company saw a substantial increase in sales of its robotic laser products, with 11,900 units sold, representing a year-on-year growth of 183.3% and revenue of 73 million yuan, up 87.2% [1] - The gross margin for core products improved, with ADAS product gross margin at 15.1%, up 4.5 percentage points, and robotic and other products' gross margin increasing by 23.1 percentage points [1] Market Position - RoboSense maintains a leading position in the ADAS laser radar market with a 26% global market share, recognized as the annual sales champion from 2018 to 2024 [3] - The company has secured over 100 mass production orders from 30 automotive manufacturers and tier-one suppliers, with 38 models achieving SOP [3] Growth Drivers - The ADAS laser radar product line has driven the company's growth over the past three years, with expectations for continued high growth due to increasing penetration of advanced driving assistance systems (ADAS) and the rapid development of Robotaxi services [4][5] - The company has established partnerships with over 2,800 robot clients across various applications, including industrial warehousing and delivery robots [5] Technological Advancements - RoboSense leads in patent filings, holding the top position in both the intelligent connected vehicle laser radar and robot perception system sectors [2] - The company is advancing its embodied intelligence strategy, collaborating with over 20 firms to promote the development and application of humanoid robots [6] Product Matrix - The launch of the EM platform has positioned RoboSense as a leader in the digital laser radar market, offering a comprehensive product matrix that can be customized to meet diverse market needs [7] - The company has received orders for 17 models from five global automotive manufacturers, showcasing its flexibility and responsiveness to market demands [7] Overall Outlook - RoboSense's robust performance in Q1 2025, coupled with its leadership in ADAS laser radar and rapid growth in new markets like humanoid robots, positions the company for scalable profitability and sustained growth [8]

Core Viewpoint - The recent appointment of Huang Zhanxiong, son of the founders of China Liansu Group, as an executive director has drawn attention amid the company's declining profits from 2020 to 2024, raising questions about potential improvements in performance and the impact of his experience in the renewable energy storage sector [1][3][5] Group 1: Management Changes - On May 20, 2024, China Liansu announced the resignation of Lin Shaoquan as executive director and vice president to focus on sales development in North America [2] - Huang Zhanxiong, aged 35 and currently vice president, will take over as executive director for a three-year term starting May 20, 2025 [2] - Huang Zhanxiong has a background in finance and has been involved in logistics and overseas company management, as well as strategic planning for renewable energy storage [2][5] Group 2: Financial Performance - China Liansu's revenue for 2024 was 27.026 billion yuan, a decrease of 12.45% year-on-year, with a net profit of 1.684 billion yuan, down 28.89% [3][4] - The company's net profits from 2020 to 2024 showed a significant decline, from 3.751 billion yuan in 2020 to 1.684 billion yuan in 2024 [3] - In 2024, the gross profit was 7.293 billion yuan with a gross margin of 27.0%, compared to 8.121 billion yuan and 26.3% in 2023 [4] Group 3: Strategic Initiatives - China Liansu is actively seeking new growth avenues, including heavy investments in renewable energy and other sectors, although results from these initiatives have yet to materialize [4][5] - The company established Guangdong Liansu Banhai New Energy Technology Group Co., Ltd. in 2022 to enter the photovoltaic industry, but faced challenges such as overcapacity and supply-demand imbalance [5] - In 2024, revenue from the renewable energy sector was only 223 million yuan, accounting for 1.85% of total revenue, indicating limited impact from diversification efforts [4][5]

Core Viewpoint - Kingsoft Software's stock has been on a downward trend, with a significant drop of 4.98% on May 30, reaching a new low of HKD 33.4 per share, resulting in a market capitalization of HKD 46.8 billion [1] Financial Performance - For Q1 2025, Kingsoft Software reported revenue of RMB 2.338 billion, a year-on-year increase of 9% but a quarter-on-quarter decrease of 16% [2] - The net profit for the same period was RMB 284 million, remaining flat year-on-year but down 38% quarter-on-quarter [1][2] - The gross profit margin for Q1 was 82%, up 1 percentage point year-on-year but down 2 percentage points quarter-on-quarter [1] Business Segments - The office software and services segment generated revenue of RMB 1.302 billion, a year-on-year increase of 6%, accounting for 56% of total revenue [4] - The gaming and other businesses segment reported revenue of RMB 1.037 billion, a year-on-year increase of 14%, making up 44% of total revenue [5] Market Reactions - Following the financial report, several institutions downgraded their target prices or ratings for Kingsoft Software, with Daiwa reducing its target price from HKD 55 to HKD 47 due to underwhelming Q1 performance and increased competition in online gaming [4] - The company’s cloud revenue growth has slowed, but progress in AI development is expected to offset some of the slowdown [4] User Growth and Product Development - WPS Office's monthly active devices reached 647 million, a year-on-year increase of 8%, with paid user numbers growing by 17% to 41.7 million [5] - The upcoming game "Limitless Mecha" is set to be officially announced in early June, following a successful global test that attracted over 2.26 million players [8]

金融界5月30日消息，上证指数低开低走，中华交易服务香港生物科技指数 (中华香港生物科技， CESHKB)下跌0.48%，报6455.02点，成交额124.56亿元。 数据统计显示，中华交易服务香港生物科技指数近一个月上涨9.43%，近三个月上涨20.05%，年至今上 涨44.75%。 据了解，"中华交易服务香港生物科技指数由中华证券交易服务有限公司(中华交易服务)委托中证指数 有限公司(中证指数)进行编制，指数编制方案由中华交易服务以及中证指数共同确定。中华交易服务香 港生物科技指数(中华香港生物科技)为证券价格指数，旨在反映于香港上市的生物科技公司的整体表 现"该指数以2014年12月12日为基日，以2000.0点为基点。 从中华交易服务香港生物科技指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中华交易服务香港生物科技指数持仓样本的行业来看，医药卫生占比100.00%。 本文源自：金融界 从指数持仓来看，中华交易服务香港生物科技指数十大权重分别为：信达生物（11.61%）、百济神州 （10.06%）、药明生物（9.62%）、中国生物制药（9.37%）、康方生物（9.26%）、三生制药 （6 ...

Core Viewpoint - The company has entered into a conditional equity transfer agreement to acquire approximately 26.67% of Wuhan Yihua Kaitian Cultural Communication Co., Ltd. for a total consideration of approximately RMB 320 million, enhancing its stake in the target company to about 31.48% after the transaction [1]. Group 1 - The target company is primarily engaged in the development and operation of animation and game content, holding the core IP "Linglong," which has achieved over 10 billion views across all platforms since its premiere in 2019 [2]. - The strategic collaboration between the company and the target company is expected to enhance the overall IP operation capabilities, covering all stages from incubation to visualization and commercialization [2]. - The company aims to leverage its resource advantages to explore deeper cooperation opportunities with the target company's quality IP, with the goal of maximizing the value of "Linglong" and other original IPs on a global scale [2]. Group 2 - This strategic move aligns with the company's commitment to strengthening its leadership position in the IP ecosystem and promoting sustainable growth through cross-industry innovation [3].

Market Overview - The Hong Kong stock market experienced a gap down of 1.2% due to unexpected developments in the trade war, despite initial optimism about tariff negotiations [1] - The U.S. Court of Appeals temporarily suspended a lower court's ruling that prohibited the enforcement of several tariff orders from the Trump administration, providing a temporary reprieve for the administration [1][2] Trade Policy Developments - The Trump administration is considering a two-step strategy to ensure the continuation of its tariff policies, potentially utilizing a rarely invoked clause from the Trade Act of 1974 to impose tariffs of up to 15% for 150 days [2] - U.S. Treasury Secretary indicated that trade negotiations between the U.S. and China are currently stalled, requiring direct involvement from both countries' leaders to reach an agreement [2] Industry Responses - In response to the U.S. trade actions, China announced export controls on seven categories of rare earth materials, which are critical for various industries including automotive and aerospace [3] - The Chinese rare earth sector is expected to see movements in related stocks, such as China Rare Earth (00769) and Jinhui Rare Earth (06680) [3] Pharmaceutical Sector Highlights - The pharmaceutical company CSPC Pharmaceutical Group (01093) announced three potential BD collaborations with a total transaction value nearing $5 billion, with one deal expected to be signed next month [4] - The stock of CSPC Pharmaceutical rose over 6%, reaching a new high for the year, reflecting the growing competitiveness of Chinese innovative drug companies in the global market [4] Shipbuilding Industry Performance - The Chinese shipbuilding industry demonstrated strong resilience, with completion and new order volumes for the first four months of the year reaching 15.32 million deadweight tons and 30.69 million deadweight tons, respectively, maintaining a global market share of 49.9% and 67.6% [8] - Many shipbuilding companies report full order books, with some orders extending to 2029, indicating a sustained positive outlook for the industry [8] Individual Company Insights - China Shipbuilding Defense (00317) reported a significant increase in revenue and net profit for Q1, with net profit growing by 1099.85% year-on-year, driven by increased ship product revenue and improved production efficiency [10] - The company has a robust order backlog, with new orders in Q1 amounting to RMB 12.502 billion, which is 71.64% of its annual target, indicating strong future cash flow and operational performance [10]

每经记者｜黄婉银 每经编辑｜马子卿 5月30日，小雨伞保险母公司手回集团（02621.HK）正式在港交所挂牌上市。 据悉，手回集团每股定价8.08港元，共发行2435.84万股股份，每手400股。上市首日一开盘，手回集团股价就开始走跌。截至当日收盘，公司股价报6.61港 元/股，跌幅为18.19%。 手回集团成立于2015年，是一家人身险中介服务提供商，在线为保险客户提供保险服务解决方案，收入一方面主要来自保险公司通过手回集团向投保人及被 保险人成功分销保险产品而支付的佣金，另一方面就是保险技术服务，不过该板块近三年占总营收的比例均不到1%。 在上市仪式现场，《每日经济新闻》记者看到，手回集团创始人兼CEO（首席执行官）光耀一人负责上台敲锣并致辞。 光耀在致辞时表示，手回集团经过十年的发展，形成了覆盖用户全生命周期的保险产品，如"大黄蜂"少儿重疾险、"超级玛丽"成人重疾险、"养多多"养老保 险等。下一个十年，团队将继续坚持"明白买、放心赔"的理念，让包括上游保险公司、下游合作伙伴和经纪人在内的整个保险生态实现共赢，共同耕耘全球 市场。 公开发售阶段，手回集团获990倍认购，经回补、重新分配后，公开发售的发售股 ...

Market Overview - On May 30, the A-share market experienced a decline, with the Shanghai Composite Index falling by 0.47%. The total trading volume for the day was 1.16 trillion yuan, with over 1,100 stocks rising and more than 4,100 stocks declining. There were 53 stocks that hit the daily limit up, while 19 stocks hit the limit down [1]. Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector rose by 1.2%, led by concepts such as pork and poultry farming. Notable gainers included Juxing Agriculture and Animal Husbandry and Xiangjia Co., which hit the daily limit up [1]. - The innovative drug sector continued its strong performance, closing up by 1.56%, with eight stocks hitting the daily limit up, including Ruizhi Pharmaceutical and Hainan Haiyao [1]. Historical Highs - A total of 25 stocks reached their historical closing highs, with a focus on the pharmaceutical, banking, and transportation sectors. The average increase for these stocks was 5.64%, with notable gainers including Warner Pharmaceuticals and Limin Co. [1][2]. Institutional Trading - On May 30, ten stocks were net bought by institutions, with Sifang Precision and Shutai Shen receiving net purchases of 152 million yuan and 110 million yuan, respectively. Conversely, Haoyuan Pharmaceutical and Zhongchao Holdings faced net sell-offs exceeding 50 million yuan [3][4]. Northbound Capital - Northbound capital saw significant net purchases in five stocks, with Sifang Precision and Yunnei Power each receiving over 100 million yuan in net buys. The stock with the highest net sell was Rongfa Nuclear Power, with a net sell of 61.56 million yuan [5]. Corporate Announcements - Bohai Automobile plans to acquire stakes in several companies through a combination of share issuance and cash payment, with the stock expected to be suspended for up to 10 trading days starting June 3, 2025, due to this major asset restructuring [6]. - Aerospace Changfeng announced that it has been suspended from participating in military procurement activities, which may impact its logistics support equipment business in the short term [6]. - Lan Jian Intelligent proposed a share buyback plan using 10 to 20 million yuan of its own funds for employee stock ownership plans or equity incentives [6]. Fundraising and Projects - Vogt Optoelectronics intends to raise no more than 1.5 billion yuan for a MiniLED display backlight module project and to supplement working capital [8]. - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan to reduce registered capital, with a repurchase price not exceeding 13.58 yuan per share [8].

格隆汇5月30日丨中国碳中和(01372.HK)发布公告，于2025年5月30日，公司与认购人（绿色证劵及绿色 资产的统称）签订了和解与抵销协议，根据该协议，认购人同意以债务为代价认购可换股债券，而公司 同意向认购人发行可换股债券以抵销债务。根据和解与抵销协议，于2025年5月30日，公司与认购人签 订认购协议，据此，认购人有条件地同意认购，且公司有条件地同意发行本金总额为5766万港元的可换 股债券，以偿付债务。 公司已考虑其他集资选择，包括但不限于债务融资、配售新股份及供股。具体来说，由于公司的借款能 力有限和金融机构信贷政策收紧，债务融资变得越来越困难。同样，配售新股也不可行，因为这可能会 导致现有股东的股份大量稀释，并且在当前市场条件下可能面临投资者投资兴趣所限的问题。供股虽然 理论上是可行的，但需要大量的准备时间，涉及更高的行政成本，也不能保证全额认购，从而带来额外 的不确定性。在综合考虑当前市场融资环境、公司实际情况及其他融资管道的不确定性后，董事会认为 发行可换股债券是一个相对更可行且更具确定性的方式，同时也是目前更具成本效益和效率的清偿债务 方法。 按换股价0.28港元（可调整）的可换股债券享 ...