Core Viewpoint - Anhui Laoxiangji Catering Co., Ltd. is aiming to become the "first stock of Chinese fast food" by updating its IPO prospectus for the Hong Kong Stock Exchange, after previously withdrawing its A-share IPO application in August 2023 [1] Company Overview - Laoxiangji is the largest Chinese fast food brand, holding a 0.9% market share in the Chinese fast food industry and ranking first in terms of total transaction volume in 2024 [1] - The company was founded in 2003 by veteran Shuceng Xuan, starting with a store named "Feixi Laomujin" in Hefei, Anhui Province, specializing in the signature dish "Feixi Laomujin Soup" [1] - The brand was upgraded in 2012 to "Laoxiangji," offering a variety of dishes primarily made from chicken, pork, beef, vegetables, rice, and seafood [1] Business Model and Expansion - Laoxiangji has adopted a "direct-operated + franchise" store network model since exploring franchising in 2020, balancing quality and expansion [2] - As of April 30, 2025, Laoxiangji operates a total of 1,564 stores, including 911 direct-operated and 653 franchise stores, with an overall increase of 85 stores since 2025 [2] Financial Performance - The revenue for Laoxiangji in 2022, 2023, and 2024 was 4.528 billion, 5.651 billion, and 6.288 billion yuan respectively, with net profits of 252 million, 375 million, and 409 million yuan [2] - In the first four months of 2025, the revenue reached 2.12 billion yuan, representing a year-on-year growth of 9.84%, while net profit was 174 million yuan, up 7.41% from the previous year [2]

Group 1 - The core viewpoint of the articles highlights a significant rebound in gold stocks, particularly driven by the rise in international gold prices, with notable increases in both A-shares and Hong Kong stocks [2][3] - On July 8, gold stocks in A-shares saw substantial gains, with Baoding Technology hitting the daily limit, Jin Yi Culture rising by 7.47%, and Zhongrun Resources increasing by 6.10% [2] - Hong Kong stocks also experienced upward movement, with Tongguan Gold rising by 6.37% and China Gold International increasing by 3.89% [2] Group 2 - Laopo Gold's stock price reached a new high of 1108 HKD per share on July 8, marking a year-to-date increase of 352.48% [2] - Laopo Gold reported a sales performance of 9.8 billion CNY (including tax) for 2024, a year-on-year growth of 166%, and a net profit of 1.47 billion CNY, up 254% [2] - Multiple institutions have expressed optimism about Laopo Gold's future growth, with Citigroup predicting a sales increase of 1.5 to 2 times in the SKP mall for the first half of the year [3] Group 3 - The A-share gold sector index has seen a cumulative increase of 35.19% since the beginning of 2025, with Zhongrun Resources up 162.97% and Xibu Gold up 76.62% [3] - In the Hong Kong market, several gold stocks have surged over 200% since the beginning of 2025, with Tongguan Gold up 344.96% and Lingbao Gold up 236.25% [3]

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is seeking to go public on the Hong Kong Stock Exchange after withdrawing its A-share listing application due to regional dependency and losses from subsidiaries [1][2]. Group 1: Company Overview - Laoxiangji is the largest Chinese fast-food brand, holding a 0.9% market share in the Chinese Chinese fast-food industry and ranking eighth in the overall fast-food sector with a 0.5% market share as of 2024 [1]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 55 cities in China, including 911 direct-operated and 653 franchised stores [1]. Group 2: Financial Performance - Laoxiangji's revenue has shown rapid growth, with figures of 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB for the years 2022 to April 30, 2025, respectively. Net profits for the same period were approximately 252 million, 375 million, 409 million, and 174 million RMB [2][3]. - Despite revenue growth, the company's gross profit margin remains low, with figures of 20.3%, 23.3%, 23.4%, and 24.2% during the reporting period, significantly lower than competitors [3]. Group 3: Business Model and Challenges - Laoxiangji's full supply chain model results in raw material costs exceeding 37%, contributing to lower gross margins compared to competitors, which have margins above 56% [3]. - The company has expanded its franchise model since 2020, but franchise stores contribute less than 20% of total revenue, with franchise revenue of 174 million, 274 million, 717 million, and 409 million RMB from 2022 to the first three quarters of 2024 [3][4]. Group 4: Franchise Performance - Franchise stores have lower gross margins than direct-operated stores, with margins decreasing from 28.9% in 2022 to 23.9% in 2023, and further to 20.1% in 2024 [4]. - The average customer spending has declined, with direct-operated store spending dropping from 29.7 RMB in 2022 to 28.0 RMB by April 2025, and franchise store spending decreasing from 31.5 RMB to 29.2 RMB [4].

深圳商报·读创客户端记者 陈燕青 日前，央行、证监会联合发布《关于支持发行科技创新债券有关事宜的公告》。《公告》围绕丰富科技 创新债券产品体系、完善配套支持机制等维度，提出系列支持科技创新债券发行的举措。 深圳作为全国科技创新高地与资本市场改革先锋，具备雄厚科技产业基础与活跃资本市场体系。2024 年，深圳全市战略性新兴产业增加值超1.5万亿元，占GDP比重近45%；全社会研发投入占GDP比重达 6.46%，位居全国前列；全年通过交易所和银行间市场融资规模超9000亿元，名列前茅。截至今年6月 末，深圳存续科创票据规模432亿元，存续科创债372.17亿元。 在科创债新政发布实施后，深圳证监局高度重视，多措并举推动科创债扩容增量。 一是高效组织动员部署。为加速落实相关工作部署，推动"科技板"首批项目在深落地，深圳市委金融办 牵头联合深圳证监局、中国人民银行深圳市分行等金融监管部门，协同相关政府职能部门，于3月14日 召开债券市场"科技板" 专题动员座谈会，20余家科技企业、金融机构、创业投资机构及融资担保机构 参会，围绕抢抓政策机遇、破解市场梗阻、优化发行流程等开展深入研讨，凝聚多方共识，为后续工作 推进奠定 ...

分析认为，粤港两地经济、文化多领域合作持续深化，节假日和大型活动对人员流动的拉动作用显著。 今年上半年，在春节前后、清明、五一、端午等节假日以及各类演出赛事时期，广深港高铁单日跨境旅 客均超10万人次，其中最高峰在1月31日，达13.6万人次。 记者7月7日从深圳铁路部门获悉，今年以来，广深港高铁呈现出双向客流同步增长的强劲态势。1-6 月，广深港高铁累计运送跨境旅客达1503.2万人次，与去年同期相比增长208.8万人次，增幅达16.1%。 亮眼的数据，不仅彰显了广深港高铁在粤港澳大湾区交通网络中的核心地位，更生动地反映出大湾区人 员往来的日益紧密和经济的蓬勃发展。 据统计，2025年上半年，广深港高铁累计开行旅客列车超3.7万列，跨境客流在6月30日当天突破了1500 万人次，较去年提早了27天实现。 从客流流向来看，双向客流都出现了强劲增长。其中，香港西九龙发往内地的旅客达736.2万人次，较 去年同期增长96.7万人次，同比增长15.1%。内地发往香港西九龙的旅客达767万人次，较去年同期增长 112.1万人次，增幅为17.1%。 从客流区域分布来看，广深港高铁已成为粤港澳大湾区人员流动的重要通道。上 ...

Group 1 - The cross-border travel, cultural tourism, and shopping tourism have been thriving, with the Huanggang and Futian ports experiencing high passenger flow [1] - From January 1 to July 5 this year, over 38 million people and more than 2.35 million vehicles were checked at Huanggang Border Inspection Station, representing a year-on-year increase of 10% and 15% respectively [1] - The addition of Futian and Shenzhen Bay ports as tax refund points has made Shenzhen the city with the most and most diverse tax refund ports in the country [1] Group 2 - The implementation of visa-free policies for ordinary passport holders from four countries, including Saudi Arabia and Oman, has expanded the number of countries with unilateral visa-free access to China to 47 [2] - Over 500,000 foreign individuals were checked at Huanggang Border Inspection Station in the first half of the year, marking a 42% year-on-year increase, with more than 80,000 benefiting from the visa-free policy, a staggering 82% increase [2] - The "night economy" at the ports is becoming a new growth driver for the economies of Guangdong and Hong Kong, with night-time passenger flow at Huanggang port increasing by 18% compared to 2024 [2] Group 3 - On a specific day, the passenger flow at Huanggang port exceeded 70,000, setting a new high since the reopening, with peak hourly checks reaching 5,580 people and 350 vehicles, three times and 1.6 times the normal levels respectively [3] - On May 25, a significant number of mainland concert-goers returned through Huanggang port, highlighting the efficiency of the border crossing experience [3]

Group 1 - The core viewpoint is that dividend assets remain attractive for investors in the current market environment, particularly those with high dividend levels, stable ROE capabilities, and shock-absorbing properties [1] - Historical experience indicates that A-shares typically enter a dividend peak period from May to July, making high-dividend sectors the focus of capital allocation [1] - The A-share dividend index and low-volatility index hit year-to-date lows on April 7, 2023, but have since rebounded significantly, with increases of 8.27% and 12.18% respectively from April 8 to July 7 [1] Group 2 - From April 8, 2023, several A-share dividend-related stocks have seen significant gains, with some stocks like Gongchuang Lawn and Limin Co. rising over 110% [2] - In the Hong Kong market, high-dividend stocks have also performed well, with many stocks rising over 50% from April 10 to July 7, including Hai Feng International and China Hongqiao [2] - Analysts suggest that the previous broad logic of dividend investment needs to be reassessed, recommending a focus on "pro-cyclical" sectors that benefit from the current economic recovery, particularly in the consumer sector [2]

Core Viewpoint - The release of the "demand list" and "capability list" by the Shenzhen Development and Reform Commission aims to stimulate innovation and address both existing and potential new demands in various sectors, including emergency response, low-altitude economy, and healthcare [1][2]. Group 1: Demand and Capability Lists - The demand list includes 67 open application scenarios across 17 fields, while the capability list features 140 new technologies, products, and solutions from top universities and high-level research institutions [1]. - The dual-list approach is designed to clarify known demands and showcase available innovative tools, encouraging enterprises to develop new applications and meet previously unidentified needs [1][2]. Group 2: Impact on Innovation and Enterprises - The capability list serves as a platform for small and medium-sized enterprises to leverage existing technologies for their own market development, thus lowering the barriers to innovation [2]. - Shenzhen has a history of application innovation, exemplified by companies like DJI, which expanded its drone technology into various sectors, demonstrating the potential of application innovation in driving economic growth [2]. - The city's commitment to providing application scenarios facilitates the bridging of technology innovation and commercial application, transforming the city into a testing ground for new technologies and products [2].

Group 1 - The core viewpoint of the article highlights the significant growth in foreign investment in Futian District, with 1,039 new foreign enterprises established from January to May 2025, representing a year-on-year increase of 28.91% and accounting for 23.57% of the city's total new foreign enterprises [1] - The total number of foreign enterprises in Futian District has reached 17,500, and it leads the city with five companies recognized in the ninth batch of municipal-level multinational company headquarters applications [1] - Futian District has implemented a "1+10+N" foreign service network to facilitate foreign enterprises' operations, including the establishment of a foreign service station that provides a one-stop service for investment consultation, resource matching, and policy advice [1] Group 2 - The foreign service station is located on the third floor of Kerry Construction Plaza and aims to break communication barriers, allowing foreign businesses to connect directly with government departments [1] - The service station has completed 126 consultation services, assisted 523 foreign clients, and organized eight events focused on policy promotion and investment exchanges, serving over 50 foreign enterprises [1] - Futian District is expanding its service network by linking the foreign service station with 10 street service sub-stations and multiple foreign headquarters buildings, with plans to achieve full coverage of 10 street service points this year [2]

Core Insights - The integration of AI technology with hardware and software in precision manufacturing is becoming a focal point, driving the industry from traditional manufacturing to high-end intelligent manufacturing [1] - Shenzhen's precision manufacturing sector, represented by companies like JieNiu Intelligent Equipment and Hongbai Technology, is undergoing a profound transformation, enhancing competitiveness and reshaping the future landscape of manufacturing [1] Group 1: Company Innovations - JieNiu Intelligent Equipment has developed an automatic loading and unloading four-station detection device that can detect minute deviations in mobile phone components with an error margin of no more than ±0.1 mm, significantly improving production efficiency and product quality [2] - JieNiu's five-axis polishing machine offers full automation and can operate with multiple workstations simultaneously, with prices 40% to 60% lower than similar imported products, showcasing its competitive edge in the market [2] - Hongbai Technology has introduced AI-driven welding equipment, including the world's first AI model quality analysis system for stud welding machines, which enhances quality detection efficiency and reduces inspection time [3] Group 2: AI Integration and Development - The current strategy in Longgang focuses on a dual approach of AI industrialization and industrial AI, aiming to create a closed loop of technological innovation and industrial upgrading [4] - JieNiu has invested in R&D for detection equipment that combines 3D vision algorithms and AI deep learning, significantly improving accuracy and efficiency in detecting defects in ultra-thin glass [4] - Hongbai Technology allocates over 15% of its annual revenue to R&D, continuously utilizing AI tools to adapt products to market demands, solidifying its position in the automotive welding equipment market [4] Group 3: Supportive Ecosystem - Longgang's strategic initiatives, such as R&D subsidies and talent support, provide robust backing for companies to overcome technological barriers and accelerate the domestic production of intelligent manufacturing equipment [5] - Hongbai Technology is expanding into industrial automation and smart home markets, diversifying its growth avenues while maintaining leadership in automotive welding equipment [5] - The local government's "Thick Soil New Sprout" initiative offers comprehensive support in technology, capital, talent, and market access, enabling companies to focus on product development and market expansion [6]