港股华虹半导体(01347.HK)低开9.2%，研发投入和汇兑损失拖累首季净利降约九成。 ...

中金发布研报称，统一企业中国(00220)公布1Q25经营情况，整体收入增长低双位数，净利润6.02亿 元，同比+32%，超市场预期，主因饮料毛利率提升及费率收缩好于预期。公司当前交易在16/14倍25/26 年P/E。考虑利润率提升好于预期，上调25/26年盈利预测3.1%/3.2%至22.2/25.4亿元，上调目标价7%至 10.5港币，对应19/17倍25/26年P/E和17%上行空间，维持跑赢行业评级。 该行预计1Q25公司毛利率同比提升约0.5ppt，其中饮料毛利率提升约2ppt，主要受益于PET、白糖等成 本下降及产能利用率提升，面毛利率下降1ppt以上，主因棕榈油成本上涨拖累。1Q25公司销售费率同比 下降约0.5ppt，主要由于面因成本上涨减少费用投入及费用投入效率提升。分品类看经营利润率趋势， 该行预计饮料OPM提升较好，面OPM持平微降，由于饮料OP占比约9成，饮料利润率提升带动公司核 心利润高增。 公司1Q25收入同增低双位数，分业务看，该行预计1Q25饮料收入同增低双位数，其中红绿茶、海之言 及冰糖雪梨同比均实现双位数增长，主要受益于行业增长较好、公司4Q及1Q加大冰柜投入提升单点动 ...

0:00 21世纪经济报道记者唐韶葵 上海报道 5月8日，正荣地产集团（06158.HK）发布公告，宣布一系列人事变动。刘伟亮辞任公司执行董事、董 事会主席、提名委员会主席、薪酬委员会成员及授权代表；李洋辞任公司执行董事及行政总裁。 公告同时披露，正荣地产及子公司被列为失信被执行人，累计未清偿债务192.5亿元。截至2025年3月31 日，正荣地产未清偿到期债务本金高达192.50亿元。2025年4月，公司债券利息未支付金额为0.13亿元。 同日，正荣地产控股公告，"H20正荣2"将自5月9日起在上海证券交易所固定收益证券综合电子平台复 牌。 正荣地产表示，公司正在与相关机构沟通，被限制高消费事项暂未对日常经营及偿债能力产生重大不利 影响。公司债券已豁免交叉违约条款，未能清偿到期债务事项可能对债券持有人权益产生不利影响。公 司将持续与债权人沟通协商，推进债务化解工作。 知情人士透露，刘伟亮、李洋辞任正荣地产香港上市主体的职务之后，会投入更多精力处理境内业务的 发展策略、运营管理，以及推动境内债重组等工作。而在香港方面，陈竞德总对境外资本市场比较熟 悉，会继续代表公司做好与境外债债权人的沟通，努力推进境外债重组 ...

港股开盘，恒生指数高开0.35%，恒生科技指数低开0.06%。芯片股低开，华虹半导体低开9.2%，公司 一季度净利润380万美元，同比减少88.05%。中芯国际低开5.8%，公司预计二季度收入环比下降4%到 6%。 ...

4月29日，阿里通义千问正式推出Qwen系列大型语言模型的最新力作——Qwen3。其旗舰模型Qwen3-235B-A22B在代 码、数学和通用能力等多项基准测试中，与DeepSeek-R1、o1、o3-mini、Grok-3和Gemini-2.5-Pro等顶尖模型同台竞 技，展现出极具竞争力的表现。 尤为值得一提的是，与DeepSeek-R1相比，Qwen3的参数量仅为对方的1/3，这使得其成本大幅降低。在部署环节， Qwen3的高效性也表现得淋漓尽致，仅需4张H20显卡即可实现满血版部署，其显存占用仅为性能相近模型的三分之 一。凭借这些优势，Qwen3被寄予厚望，有望在AI领域掀起新的变革。 此前，天风证券计算机团队发布报告，重点推荐关注阿里云AI生态链（简称"阿里链"）相关投资机遇。在题为《自主 芯片+底层模型+TO B生态，共筑阿里AI云生态领军地位》的深度研究中，该团队指出：当前AI产业竞争已进入体系 化阶段，以往"单品+生态"难以制胜。报告强调，在行业落地实现新一代人工智能应用时，需要的不仅仅是行业"大模 型"，而是端到端的解决方案，即包含上层应用、训练数据、底层算力、智能平台以及工程实现。 在阿里 ...

奈雪的茶、茶百道、古茗、蜜雪冰城之后，港股迎来"第五杯奶茶"。 沪上阿姨4月28日起正式开启招股，5月8日正式登陆港股。今日IPO，沪上阿姨发行约241.13 万H股，开盘价为190.6港元，较发行价上涨超过六成，市值 一度超过206亿港元。5月7日晚间，沪上阿姨发布配发结果，香港公开发售最终发售股份数量（经重新分配后调整）为120.57万股，国际发售的最终发售 股份数量（经重新分配后调整）为120.57万股。最终发售价为每股113.12港元，全球发售净筹约1.95亿港元。其中，香港公开发售获3616.83倍认购，国际 发售获2.57倍认购，人气仅次于蜜雪冰城。 在本次IPO发行中，沪上阿姨共引入两位基石投资者，累计认购921.55万美元。其中，"美的太子"剑锋的盈峰集团认购644.04万美元，华宝股份 （300741.SZ）认购277.41万美元。 其火爆程度带动茶饮股早盘集体走高。5月2日，奈雪的茶大涨超12%，古茗涨近8%股价创历史新高，蜜雪集团、茶百道涨超1%。 新茶饮为何在近几年扎堆上市？梯队层级明显，"雪王"领跑地位或难以撼动，行业竞争加剧，如何找到新的增长点？ 24年闭店千家，沪上阿姨还能奔跑多 ...

Core Viewpoint - Recent news indicates that a major shareholder has sold approximately 11.91 million shares of Pop Mart through block trades, accounting for about 0.9% of the company's total share capital, involving funds of around HKD 2.2 billion [1] Group 1: Shareholder Actions - The recent share reduction is not attributed to the company's management but is likely a natural reduction due to the expiration of a fund, unrelated to the company's fundamentals [3] - Fengqiao Capital, an early investor in Pop Mart before its IPO, has completely liquidated its holdings in the company due to the impending expiration of its first RMB fund [4] - Fengqiao Capital has reportedly cashed out over HKD 2.1 billion recently, with the stock price of Pop Mart facing pressure during this period [4] Group 2: Company Performance - Since its listing on December 11, 2020, Pop Mart's stock price has increased significantly, with a maximum cumulative increase of over 10 times [6] - In 2024, Pop Mart reported a revenue of HKD 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of HKD 3.4 billion, up 185.9% [6] - The stock price of Pop Mart has seen a cumulative increase of 349.60% in 2024, continuing to reach historical highs [6] Group 3: Market Trends - For the first quarter of 2025, Pop Mart's overall revenue is expected to increase by 165% to 170%, with domestic market revenue growing by 95% to 100% and overseas market revenue experiencing explosive growth of 475% to 480% [6]

Group 1: JunDa Co., Ltd. (钧达股份) - JunDa Co., Ltd. is in the process of issuing H-shares overseas and listing on the Hong Kong Stock Exchange, with a global offering of 63.43 million shares [1] - The estimated net proceeds from the global offering are approximately HKD 1.29 billion, based on an H-share price of HKD 22.15 per share [1] - The shares are expected to be listed and traded on May 8, 2025, subject to approval from the Hong Kong Stock Exchange [1] Group 2: Pop Mart (泡泡玛特) - The major shareholder of Pop Mart, Fengqiao Capital, has sold approximately 11.91 million shares through block trades, accounting for about 0.9% of the total share capital, involving funds of around HKD 2.2 billion [2] - Following the sales, Pop Mart's stock price dropped by 5.43% to HKD 184.5 on May 7 [2] Group 3: Huawei (华为) - Huawei's AI application flagship Quark has launched a new product called "Deep Search," which enhances intelligent retrieval and precise answering capabilities for users [12] - The Quark AI Super Box has also been upgraded to include an "Image Intelligent Processing" feature [12] Group 4: Semiconductor Industry - Hua Hong Semiconductor reported a first-quarter revenue of USD 540.9 million, a year-on-year increase of 17.6% [14] - SMIC (中芯国际) announced a first-quarter net profit of CNY 1.356 billion, a year-on-year increase of 166.5%, with a revenue of CNY 16.301 billion, up 29.4% year-on-year [15] Group 5: Gaming Industry - Nintendo's operating profit for the last fiscal year decreased by 46.6%, but it expects a 13% increase in operating profit for the current fiscal year, projecting a profit of JPY 320 billion (approximately USD 2.22 billion) [16] Group 6: Automotive Industry - Xiaomi apologized for restricting the horsepower of its SU7 Ultra model after an update, stating that it did not adequately consult users before implementing the change [3] - The company has paused the update and is working on a new version to address the issue [3] Group 7: AI and Technology - OpenAI appointed Fidji Simo as the new CEO of OpenAI Applications, who will oversee product and business functions [13] - WHEE, a visual creation tool under Meitu, launched a designer-exclusive AI tool called "Small Material Generator" to enhance design efficiency [11] Group 8: E-commerce and Delivery - The competition in the food delivery market is intensifying, with major players like Meituan and JD engaged in fierce battles for market share [18]

Policy Developments - The National Health Commission released the "Guidelines for the Construction and Management of Geriatric Medicine Departments (2025 Edition)", requiring that secondary and higher-level hospitals establish geriatric medicine departments with specific standards for bed allocation and service models [2] Drug and Device Approvals - Roche announced that its innovative bispecific antibody Glofitamab has received approval from the National Medical Products Administration for a new indication to treat adult patients with relapsed or refractory diffuse large B-cell lymphoma [4] - Heng Rui Pharma's application for the CDK4/6 inhibitor Darsylis has been accepted by the National Medical Products Administration for use in early or locally advanced breast cancer [5] - Boehringer Ingelheim's drug Niramolast is proposed for priority review for the treatment of progressive pulmonary fibrosis, showcasing its dual anti-fibrotic and anti-inflammatory effects [6] Financial Data - Zai Lab reported a total revenue of $106.5 million for Q1 2025, a 22% year-over-year increase, and reaffirmed its full-year revenue guidance of $560 million to $590 million [8] - BeiGene achieved a revenue of 8.048 billion yuan in Q1 2025, marking a 50.2% year-over-year growth, driven by strong sales of its core self-developed products [9] Industry Developments - Roche is investing 2.04 billion yuan in a new biopharmaceutical production base in Shanghai, which will focus on the localized production of innovative drugs and is expected to be completed by 2029 [11] - AstraZeneca and Daiichi Sankyo announced positive results from the DESTINY-Breast11 Phase 3 trial for their antibody-drug conjugate Enhertu, demonstrating significant clinical benefits in early breast cancer treatment [12]

每经记者｜丁舟洋 每经编辑｜董兴生 丨 2025年5月9日 星期五 丨 NO.1 沪上阿姨正式登陆港交所 5月8日，沪上阿姨正式登陆港交所。沪上阿姨是继奈雪的茶、茶百道、古茗以及蜜雪集团之后，港股第 五家新茶饮公司。沪上阿姨董事会主席兼首席执行官单卫钧表示，公司在下沉市场构筑起较大规模的渠 道网络，将加大产品创新，进一步推进单品类、多品牌全球化战略，以更高效的精细化运营提升服务质 量。 点评：此次财报与战略发布，印证了迪士尼从"内容巨头"向"生态帝国"的转型。短期看，流媒体盈利拐 点与乐园复苏支撑业绩；长期看，中东新乐园或成为全球化2.0的样板，但需平衡文化适配性与商业回 报。 NO.3 鸿蒙电脑即将上市 5月8日，在鸿蒙电脑技术与生态沟通会上，鸿蒙操作系统（HarmonyOS 5）首次在电脑端亮相。华为终 端平板与PC产品线总裁朱懂东在会上宣布，搭载鸿蒙操作系统的PC（个人电脑）产品将于5月19日正式 上市发布。微软对华为的Windows授权已于2025年3月底正式到期，这意味着华为无法继续在新款PC上 预装Windows系统。因此，对华为而言，鸿蒙电脑已经成为一个必选项。 点评：华为布局鸿蒙电脑已有5年， ...