Core Viewpoint - The company Proya has announced plans to list its H-shares on the Hong Kong Stock Exchange to accelerate international expansion and enhance overseas financing capabilities, potentially becoming the first A+H share company in the beauty industry [1]. Financial Performance - Proya's revenue from 2021 to 2024 has shown a consistent upward trend, with figures of 46.33 billion, 63.86 billion, 89.05 billion, and 107.8 billion yuan, reflecting year-on-year growth rates of 23.47%, 37.82%, 39.45%, and 21.04% respectively [1]. - The net profit attributable to the parent company for the same period was 5.76 billion, 8.17 billion, 11.94 billion, and 15.52 billion yuan, with growth rates of 21.03%, 41.88%, 46.06%, and 30.00% [1]. Recent Performance Challenges - In the first half of this year, Proya reported revenue of 53.62 billion yuan, a year-on-year increase of only 7.21%, marking the lowest growth rate in nearly five years [2]. - The net profit for the same period was 7.99 billion yuan, with a growth rate of 13.80%, down from 40.48% in the previous year [2]. - The slowdown in growth is attributed to a decline in sales and average prices in the skincare and beauty makeup categories [2]. Sales and Marketing Expenses - Proya's sales expenses have been high, with ratios to revenue of 43.63%, 44.61%, and 47.88% from 2022 to 2024 [2]. - In the first half of this year, sales expenses reached 26.59 billion yuan, a 13.64% increase, accounting for 49.59% of total revenue [2]. - The increase in sales expenses is primarily due to higher platform service fees from online channel expansion, increased promotional efforts for new products, and investments in self-built MCN and content marketing teams [2]. Market Dynamics - The effectiveness of Proya's "spending for growth" strategy has diminished due to the decline in traffic benefits and rising platform fees, raising concerns about future revenue growth and cost pressures [2].

Core Viewpoint - TianKang Pharmaceutical Co., Ltd. is undergoing a review process for its IPO application on the Beijing Stock Exchange, addressing inquiries related to its R&D model, technical independence, performance decline risks, and industry policy impacts [1] Group 1: Company Overview - TianKang Pharmaceutical specializes in the R&D, production, sales, and technical transfer of veterinary biological products, including vaccines for pigs, ruminants, poultry, and diagnostic reagents [1] - The company is controlled by TianKang Biology, which holds 58.94% of the shares, while the Xinjiang Production and Construction Corps holds an additional 68.94% of the total shares [1] Group 2: Financial Performance - Revenue for the years 2022 to 2024 was reported as 1 billion, 1.055 billion, and 1.051 billion yuan, respectively, with net profits declining from 197 million to 143 million yuan, reflecting year-on-year decreases of 18.36% and 11.20% for 2023 and 2024 [1] - Gross profit margins decreased from 63.83% in 2022 to 61.56% in 2024 [1] Group 3: Sales Model and Revenue Sources - The sales model consists of government procurement and market-based sales, with government procurement revenue of 564 million, 553 million, 520 million, and 268 million yuan from 2022 to the first half of 2025, accounting for 56.42%, 52.46%, 49.43%, and 52.96% of total revenue, respectively [2] - The company noted that while overall revenue remained stable, net profit and gross margins experienced declines due to intense competition in the pig vaccine market and fluctuations in sales of ruminant vaccines [2] Group 4: Accounts Receivable and Bad Debt Provisions - Accounts receivable at the end of each reporting period were 381 million, 450 million, and 452 million yuan, representing 38.14%, 42.70%, and 42.98% of revenue, respectively [3] - The majority of accounts receivable were from government procurement clients, which typically have longer payment cycles due to local fiscal conditions [4] Group 5: IPO Fundraising and Project Allocation - The company aims to raise 527 million yuan through its IPO, with allocations for various projects including 128 million for vaccine R&D and production expansion, 105 million for brucellosis vaccine upgrades, and 76 million for a zoonotic disease vaccine research center [4][5] Group 6: Production Capacity and Utilization - The company reported stable increases in live vaccine capacity utilization from 2022 to 2024, while inactivated vaccine utilization remained stable, with a noted decrease in the first half of 2025 due to competitive pressures [6][7] - The company’s production capacity for inactivated vaccines is high due to historical design considerations, leading to lower utilization rates as market demands shift [7]

深圳理工大学与内蒙古自治区教育厅将重点在人才交流、教育发展、科研合作、成果转化等多领域开展 战略合作，助力内蒙古自治区高质量发展，助推深圳理工大学建设一流新型研究型大学。 深圳理工大学与甬江实验室将在科技协同攻关、高水平人才培养等方面开启战略合作：设立"新材料专 项计划"，开展研究生联合培养，依托国家重大科技攻关项目，培养兼具原始创新能力和工程实践能力 的高层次人才，产出高水平科研成果，服务国家重大战略和地方社会经济发展；双方将积极开展科研合 作，依托各自优势联合攻关、合作共建高水平科研平台等，积极推动科研成果转移转化。 深圳理工大学与深圳市光明银星生命健康产业投资运营有限公司将围绕AI+药械、生物医药、合成生 物、医疗器械等领域共同推进产教融合、加强产学研联合，以打造国家级科技园区、推动生命健康产业 升级、促进区域经济发展为目标，深化科技成果转化服务，强化创新创业人才培养，聚焦高质量科技企 业孵化培育。 具体来说，一是双方共同打造"深圳理工大学科技园—银星银智科学园"，并依托该园区打造国家大学科 技园，一期规划深圳市光明银星生命健康产业投资运营有限公司11000平方米场地空间作为大学科技园 载体，搭建AI医 ...

【深圳商报讯】（记者 肖晗 通讯员 郭成海 岳千琳）据深圳铁路部门透露，国庆假期，广深港高铁日均 开行跨境列车超210列，截至10月8日，今年跨境铁路旅客运输量已达到2425万人次，较去年提前40天达 成这一数据。 伴随着列车开行密度持续提升，广深港高铁这条全长141公里的钢铁动脉，已经将深港两地的时空距离 压缩至"一杯奶茶的时间"。香港西九龙站至福田站最快14分钟、至深圳北站最快17分钟的"分钟级"通 达，与香港地铁屯马线柯士甸站"零换乘"的设计，让"双城生活"从概念变为现实。 "90后"女孩管静就是其中一员，她是一家企业的项目经理，贵州人，如今在香港上班、住在深圳。每个 工作日，她乘坐地铁到达深圳北站，再换乘高铁前往香港西九龙站，到站半个小时后就能坐在办公室工 位上。管静告诉记者，高铁的准时准点，让她可以精确地把行程规划到分钟。 面对攀升的跨境客流，铁路部门推出了"灵活行""定期票""计次票"等票务产品，精准满足商务、旅游等 多元需求。 据铁路部门统计，2025年1月—9月，广深港高铁累计运送跨境旅客2330.2万人次，其中周末节假日客流 占比超30%，单日最高客流突破12万人次。国庆中秋假期，广深港跨境 ...

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is experiencing significant economic growth, with a projected GDP of approximately $1.89 trillion in 2023, making it the second-largest bay area globally, just behind the Tokyo Bay Area [2] - The GBA's nine inland cities are expected to see their economic output rise from 8.04 trillion yuan in 2018 to 11.5 trillion yuan by 2024, representing a substantial increase in economic activity [2] - The GBA is home to over 71,000 high-tech enterprises, indicating a strong focus on innovation and technology development [3] Economic Performance - The GBA accounts for 5.6% of the national population while generating 8.6% of China's total economic output, showcasing its economic significance [2] - The combined GDP of Guangzhou and Shenzhen is expected to maintain a share of over 5% of the national GDP in recent years, with Shenzhen and Guangzhou ranking 3rd and 5th among Chinese cities by GDP in 2024 [2] Innovation and Technology - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has surpassed the "Tokyo-Yokohama" cluster, becoming the world's leading innovation hub [3] - R&D expenditure in Guangdong has exceeded 510 billion yuan, with an R&D intensity of 3.6%, indicating a strong commitment to research and development [3] Industrial Development - Guangdong produces one out of every three industrial robots globally, highlighting its manufacturing prowess [4] - The GBA has established nine trillion-yuan industrial clusters, including electronics, green petrochemicals, and new energy, positioning itself as a leader in several emerging industries [4] Infrastructure and Connectivity - The GBA has developed extensive transportation infrastructure, including 7 cross-river and cross-sea passages, with a total highway length of approximately 5,459 kilometers [4] - Major cities within the GBA have achieved basic one-hour connectivity, enhancing regional integration and accessibility [4]

Group 1 - The core point of the news is that Shimao Group reported a decline in contract sales and average selling prices for the first nine months of 2025 compared to the previous year [1][2] - As of September 30, 2025, Shimao Group's cumulative contract sales amounted to approximately 19.217 billion yuan, with a total sales area of 1.58 million square meters and an average selling price of 12,100 yuan per square meter [1] - In September 2025, the contract sales were about 1.901 billion yuan, with a sales area of 155,200 square meters and an average price of 12,200 yuan per square meter [1] Group 2 - In comparison to the same period last year, Shimao Group's sales performance has declined, with cumulative contract sales for the first nine months of 2024 being approximately 25.35 billion yuan and an average selling price of 12,887 yuan per square meter [1] - The mid-term report for 2025 indicated that the company achieved operating revenue of 14.827 billion yuan, a year-on-year decrease of 49.21%, and a net loss attributable to shareholders of 8.934 billion yuan, compared to a loss of 22.668 billion yuan in the same period last year [2] - The basic earnings per share for Shimao Group was reported at -2.36 yuan [2]

9月29日，深圳前海冰雪世界正式开门迎客。开幕式上，鹿明机器人旗下LUS2机器人舞蹈队亮相现场， 为本次开幕式献上了一场精彩的机器人舞蹈秀。 在今年8月举行的首届世界人形机器人运动会上，LUS2也以出色的动作完成度和艺术表现力力压对手， 斩获大会群舞赛的银牌。 此前，LUS2已在今年的世界机器人大会上，凭借"1秒弹射起身"高能名场面惊艳四座：上一秒，LUS2 还平躺在地面上，下一秒，便"腾"地一声就从地面弹射而起，稳稳直立于地面。 当多数机器人还在用3到5秒艰难"起身"时，LUS2已经实现全球首个"1秒弹射起身"。 取得这些成绩的背后，不只是快，更藏着人形机器人的硬核突破。深圳大学人工智能学院教授张劲评 价："这个动作看似小，实则大幅提升了机器人的可靠性，是产品走向实用的关键一步。" 那么这样的动作究竟是如何实现的？近日，深圳商报记者走进宝安区鹿明机器人，对话创始人喻超，揭 开这台"秒起"机器人背后的技术密码。 "一秒弹射"背后是十年蓄力 "LUS2作为一个全尺寸的人形机器人，想实现摔倒之后的快速恢复，最关键的是胯和膝盖两个部位关节 模组的发力。"喻超说。 据了解，LUS2根据身高1.6米、体重557kg的真 ...

产品业绩方面，权益基金中，偏股混合型基金华泰保兴健康消费A与偏债混合型基金华泰保兴科睿一年 持有混合发起A今年以来的收益为负，同时还与华泰保兴吉年盈混合A、华泰保兴价值成长A、华泰保 兴科睿一年持有混合发起A跑输同期基准收益率。拉长时间线看，华泰保兴健康消费A近一年、近两 年、近三年、近五年的收益均为负，分别为-7.4%、-20.81%、-28.04%与-37.74%；该基金自2019年5月 27日成立以来的收益为不足1%，至少跑输同期基准收益率25个百分点。 公开信息显示，华泰保兴基金成立于2016年7月26日，由华泰保险集团发起设立并控股，注册地为上海 市。去年10月25日，中国证监会核准安达有限公司成为华泰保兴基金的实际控制人。至此，华泰保兴基 金变身为外资系公募基金公司。 从产品结构看，华泰保兴基金旗下的固收产品占据绝对优势，也是公司近年规模增长的主力军，与公司 管理总规模扩容节奏同步：2024年年中以前，公司债券型基金规模始终低于300亿元；2024年三季度末 与四季度末，债基规模分别为353.39亿元与399.92亿元；今年一季度末债基规模突破400亿元，接近484 亿元；今年年中，债基规模突破了 ...

Core Viewpoint - The performance of the National Day film box office this year was disappointing, leading to a significant drop in related film companies' stocks immediately after the holiday [1] Industry Summary - The National Film Administration reported that the box office for the National Day film season decreased by 13% year-on-year, totaling 1.835 billion yuan [1] - On October 9, the A-share film sector fell nearly 5%, with Huace Film & Television dropping 13.56% and Light Media declining 10.5% on the same day [1] - The decline in stock prices reflects the market's immediate reaction to the underperformance of this year's National Day box office [1] Company Summary - Investors are advised to focus on long-term value rather than short-term fluctuations, given the high uncertainty in film box office performance and the inherent risks in the film industry [1] - Companies should be monitored for their content reserves, production capabilities, IP reserves, and the development of diversified business models to manage investment risks effectively [1]

支持车内全无人测试 深圳商报记者 肖晗 深圳市交通运输局近日发布通告，就《深圳市智能网联汽车道路测试与示范应用管理实施细则（修订征 求意见稿）》（以下简称《征求意见稿》）公开征求社会公众意见。 据悉，为了适应技术加速发展的新趋势，深圳计划围绕申请流程、测试场景等关键环节，升级相关政策 内容，以助推智能网联汽车产业发展。主要修订内容覆盖支持车内全无人测试场景，进一步放宽车辆路 测申请门槛，降低申请成本等。 新增道路分级开放管理 依据《征求意见稿》，深圳将支持车内全无人测试场景，允许企业开展车内全无人道路测试、示范应用 活动，支持企业在复杂场景进行技术验证，推动高阶自动驾驶产品应用落地。同时将建立异地互认机 制，允许道路测试异地测试结果互认，简化异地主体的申请流程及申请成本，吸引国内企业集聚深圳开 展无人化测试活动。 此外，记者留意到，与现行《实施细则》相比，《征求意见稿》新增了道路分级开放管理。对智能网联 汽车道路测试与示范应用道路按级别，划分为一级（低复杂度）、二级（中复杂度）、三级（高复杂 度）及四级道路（超高复杂度），明确要求道路测试、示范应用申请主体应依据自身条件与能力，严格 遵循从低级到高级的顺序申请 ...