Group 1 - The core product, Tirzepatide (Mounjaro), was launched in August at Dingdang Health pharmacies in Beijing, Guangzhou, and Shenzhen, and is developed by Eli Lilly [1] - The Chinese weight management market is projected to reach 21.5 billion yuan by 2025, coinciding with the National Health Commission's three-year "Weight Management Year" initiative starting in 2025 [1] - Dingdang Health has been active in expanding its offerings, including partnerships with Yino Pharmaceutical and Novo Nordisk to provide comprehensive weight management solutions [1] Group 2 - Dingdang Health has established four major intelligent warehouses across North, East, South, and Central China, improving picking efficiency by 80% and reducing labor costs by 30% [1] - The company has implemented a digital upgrade in its smart pharmacies, significantly enhancing operational efficiency, with store revenue increasing over tenfold [1] - Dingdang Health has launched cold chain delivery services in Beijing, Shanghai, and Shenzhen to ensure the quality of temperature-sensitive medications [2]

Core Insights - Yunzhisheng has been officially included in the Hong Kong Stock Connect list, enhancing its visibility and liquidity among mainland investors, which will broaden its financing channels [1] - The company reported a robust revenue growth of 20.2% year-on-year, reaching 405 million RMB in the first half of 2025, with significant contributions from its large model-related business, which surged by 457% to nearly 100 million RMB [1] - The company has made substantial investments in technology R&D, optimizing its AI models and achieving breakthroughs in model efficiency and performance [2] - Yunzhisheng has established strategic partnerships and collaborations in both domestic and international markets, laying a solid foundation for its expansion [3] - The recent government policies on AI development align with Yunzhisheng's strategic direction, providing new growth opportunities in various sectors [4] Financial Performance - Revenue for the first half of 2025 reached 405 million RMB, marking a year-on-year increase of 20.2% [1] - The large model-related business saw a remarkable growth of 457%, contributing nearly 100 million RMB to the total revenue [1] - AI chip sales reached 16.5 million units in the first half of 2025, with cumulative shipments surpassing 100 million units [1] Technology Development - The company has invested heavily in R&D, utilizing its self-developed Atlas computing platform to enhance its AI capabilities [2] - Significant advancements in model efficiency were achieved, with parameters compressed to below 0.5 billion, resulting in high-performance, low-latency models [2] - The company has developed multilingual models that improve communication efficiency across various languages and dialects [2] Strategic Partnerships - Yunzhisheng has signed multiple cooperation agreements with governments and organizations, including partnerships in the ASEAN region and domestic healthcare [3] - The company is actively involved in the development of national standards for large models and has received multiple industry recognitions [3] Industry Outlook - The recent release of the "Artificial Intelligence +" action plan by the State Council provides a strong impetus for the AI industry, aligning with Yunzhisheng's strategic initiatives [4] - The inclusion in the Hong Kong Stock Connect is seen as a recognition of the company's value and presents new opportunities for growth in the capital market [4]

近年来，随着肿瘤创新治疗的快速发展，肿瘤免疫疗法已经成为肺癌的标准治疗选择之一。这类疗法主 要通过激活人体自身免疫系统抗击肿瘤，在提高疗效的同时，兼具较好的安全性优势。据悉，此前替雷 利珠单抗已在多项临床研究中展现出总生存期获益，包括晚期NSCLC一线及二线治疗、广泛期小细胞 北京时间2025年9月8日晚，在国际肺癌研究协会(IASIC)举办的世界肺癌大会(WCLC)期间，百济神州公 布了替雷利珠单抗(百泽安®)两项非小细胞肺癌(NSCLC)关键临床研究的总生存期(OS)获益数据，包括 其用于NSCLC围手术期治疗的RATIONALE-315研究的最终分析，患者4年OS率突破72.3%；以及用于 二/三线治疗晚期NSCLC患者的RATIONALE-303研究的长期随访数据，5年OS率达到20.1%，为不同治 疗阶段的肺癌患者带来了良好的长期生存获益。 癌症防治是一道关乎民生福祉的重要命题。《健康中国行动——癌症防治行动实施方案(2023-2030年)》 提出，到2030年，总体癌症5年生存率要达到46.6%。肺癌作为我国发病率和死亡率均居首位的癌种， 是癌症防控的重中之重。然而目前我国肺癌的整体预后依旧不佳， ...

9月9日，连连国际与银联国际官宣达成合作。 此次合作协议的签署，将实现数字支付领域极具影响力的品牌与全球布局国际卡组织的优势互补、彼此 赋能。双方将依托连连的全球支付网络和银联全球速汇Money Express服务，合力为客户提供快速跨境 汇款服务，帮助客户轻松向中国境内进行汇款，实现无缝、安全、透明、高效的国际转账体验。另外， 在B2B支付领域，双方也将继续深化在全球收单、数字化发卡、电商收款等场景下为中国出海商户提供 优势服务的合作，实现中国香港与中国内地支付服务的链接。 通过与全球2600多家机构合作，目前银联卡全球受理网络已延伸到183个国家和地区，84个国家和地区 发行了银联卡。全球速汇(MoneyExpress)是银联提供的跨境汇款便捷服务，目前已在全球超过57个主要 的国家和地区开通业务。 银联国际港澳台大区总裁李鹏林表示："此次与连连达成合作，是银联在中国香港地区跨境汇款服务布 局中的关键一步。我们期待通过此次合作，为用户带来更加高效安全、便捷的跨境汇款体验，同时也进 一步推动银联探索香港地区B2B业务合作机会及在全球市场的发展。" 连连国际CEO沈恩光表示："连连很开心与银联国际达成合作，使 ...

汇嘉时代(603101.SH)作为新疆商贸龙头，第二家学习胖东来自主调改店——世贸店，于9月5日上午盛 大启幕，开始美好绽放。此前，北汇店作为首家"胖东来指导调改店"已成区域标杆。本次世贸店开业， 标志着汇嘉时代旗下超市调改升级进入了深化阶段。 据公司相关资料显示，汇嘉时代超市世贸店本次调改升级，从商品结构、品质、价格，以及员工福利、 卖场环境等各方面进行了提升改进。 在商品结构调整方面，保障民生需求，优化品类结构，淘汰下架三四线商品，保留一线品牌及优选特色 品牌商品，同时规划补充时尚商品品类，引领顾客对品质、美好生活的需求！卖场梳理后的商品结构， 达到胖东来商品结构的90%以上！同时优化采购渠道，过滤商品价格，保证实在的定价，满足新疆市民 对品质生活的追求。卖场的各个亮点专区，如烘焙区、卤味熟食区、生鲜区、粮油调味区、水产区、鲜 肉区，无一不展示着鲜活的商品力，让健康安全看得见。 本次美好绽放的世贸店卖场内，取消强制动线并拓宽通道，确保卖场动线流畅；新增顾客休息区及便民 服务设施，设置多项便民服务项目，寄存柜、洗手台、纸巾、直饮水、微波炉、充电宝等一应俱全，让 顾客购物全程安心、方便、舒适。 在员工福利方面 ...

Core Viewpoint - In 2025, Pop Mart's well-known IP LABUBU has gained global popularity, leading to increased issues with counterfeit and infringing products. The company is intensifying its overseas rights protection efforts by collaborating with customs, police, law firms, and government departments worldwide to combat infringement effectively [1]. Group 1: Infringement and Counterfeit Products - From January to mid-August this year, domestic customs intercepted a total of 1.83 million infringing products related to Pop Mart, involving 237 batches destined for 61 countries and regions [2]. - As of now, the total number of intercepted counterfeit products has reached 7.91 million, covering over 240 batches, with significant seizures in countries like the Netherlands, which alone confiscated over 260,000 counterfeit items [2]. - Counterfeit products often exhibit poor quality and bizarre combinations, such as a mix of THE MONSTERS and Coca-Cola, which complicates identification for consumers and law enforcement [4]. Group 2: Collaborative Efforts for Rights Protection - Pop Mart is forming a global coalition against infringement by collaborating with local government agencies and institutions across Europe, North America, and South America, achieving significant progress in rights protection actions [5]. - The company has conducted 36 joint anti-infringement operations with the UK's Fair Trading Office and Trading Standards, covering 21 areas including Liverpool and Birmingham [5]. - In South America, Chilean police seized over 30,000 counterfeit products in a single operation, which received extensive media coverage, raising public awareness about anti-counterfeit actions [6]. Group 3: Legal Actions Against Infringement - In addition to customs actions, Pop Mart is pursuing civil rights protection by filing lawsuits against international brands for infringement, emphasizing the importance of intellectual property protection in the industry [8]. - In June, Pop Mart filed a lawsuit in California against 7-Eleven for selling counterfeit LABUBU products, seeking to stop the sale and disclose supply channels [8]. - The company has also applied for a "temporary injunction" in the Netherlands against retail giants Jumbo and Albert Heijn, with the court quickly approving the request [8]. Group 4: Online Counterfeit Issues - Pop Mart has identified over 300 infringement links across various cross-border e-commerce platforms and is utilizing the "Schedule A" procedure to collectively sue multiple anonymous sellers [10]. - The company is advancing its global intellectual property protection efforts, highlighting that counterfeiters may face government bans, account freezes, and significant fines [10]. - In the first half of 2025, Pop Mart opened its first stores in iconic locations such as Cambridge, UK, and Bali, Indonesia, and reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4% [10]. Group 5: Call for Consumer Support - The company emphasizes the need for consumer understanding and support in the fight against counterfeiting, urging consumers to purchase products through official channels [11].

一招"弧月斩"重温《侍魂》的剑客美学，一团"紫炎"梦回《拳皇》的宿命对决，一只"游隼小队"守卫 《合金弹头》的和平世界……9月1日，智能硬件物联网电商平台恒生活奇点BOX共享格斗机金秋首 发，将那些承载一代人记忆的游戏，装进1平米的设备中，开启了一场跨越时空的"文艺复兴"。 万物互联，体验为王。"与其说它是情怀容器，不如看成体验经济时代的解决方案。"共享格斗机上市当 天，恒生活负责人介绍这款产品直击用户痛点，在怀旧"心"时代，搭建体验新触点，让经典IP遇上新消 费形态，将碎片时间转化为高价值体验场景，释放出线下即时娱乐的黄金能量。 5年深耕：破解用户痛点 打造解决方案 一听到共享格斗机上市的消息，来自南京的80后张先生就迫不及待地将机器搬回了家。那扎实的"砸 键"手感、CRT显示器独特的扫描线画面，瞬间唤醒了记忆深处的街机岁月。这位硬核格斗游戏迷不禁 赞叹："恒生活真是太懂我了！" 而张先生并不知道，这恰到好处的"懂"，源于恒生活产品团队历时5年的市场深耕。 在2020年成立之初，恒生活便敏锐洞察到万物互联与体验经济时代的到来，随即确立了"需求导向"的核 心研发理念，始终以客户诉求为中心，系统开展田野调查，深 ...

沈楠指出："第二季度销售ROI从去年同期的近2.0提升至近2.8，增长38.6%。销售费用的绝对值同比有 所下降，但现金收入仍实现超过36%的增长，说明我们在提升运营效率方面取得了实质性进展。" 截至2025年6月30日，高途现金储备及等价物、受限资金与短期及长期投资达38.2亿元，若剔除股份回 购影响，同比增加约1.4亿元。坚实的资金实力为AI研发与创新业务的持续投入提供有力保障，为公司 长期健康增长积蓄动能。 近日，高途集团发布2025财年第二季度财报，多项核心指标超预期。期内实现收入13.9亿元，同比增长 37.6%；现金收入22.5亿元，同比增长36.2%。在"健康增长"战略指引下，公司全面以AI赋能运营全流 程，显著优化成本结构，经营杠杆持续凸显，在实现高速增长的同时持续提升经营质量。 高途集团创始人、董事长兼CEO陈向东表示："在稳固核心业务增长的同时，我们积极推动人工智能技 术赋能的服务模式优化、产品创新及组织力提升，构建清晰的增长路径和可持续的发展优势。" 经营杠杆凸显，费用结构持续优化 2025年第二季度，高途在收入高速增长的同时，多项费用指标呈现积极变化。销售费用同比降至8.2亿 元，研发 ...

Core Viewpoint - Home Control (1747.HK) has recently gained significant market attention due to the appointment of new board members, leading to a substantial increase in stock price, with a year-to-date rise of over 10 times [1] Group 1: New Board Members - The newly appointed board members possess extensive qualifications and backgrounds in various fields, including smart health services, Web3 finance, international business operations, and corporate compliance management [1] - The new board members align with the company's strategic direction to expand into the medical digitalization and smart health services industry, enhancing long-term growth potential [1][4] - Notable new board members include Ma Ying, who has a strong background in ESG and healthcare digitalization, and has established connections with key figures in the new economy [1][2] Group 2: Financial Performance - For the first half of 2025, the company reported a net profit increase of 56.9% to approximately $5 million, with a gross margin of 29.7% and a net margin improvement from 6.2% to 8.5% [3] - Traditional control solutions still account for about 80% of revenue, but healthcare solutions have emerged as the second-largest business segment, indicating rapid growth in this area [3] Group 3: Strategic Developments - The company plans to rebrand its products from "Omni Remotes" to "Omni Devices" to reflect its expansion into healthcare solutions [3] - There are expectations for the launch of new smart healthcare products and services that integrate personal health data management, leveraging IoT and AIoT technologies [3] - The company is exploring partnerships to develop an AI and blockchain-based smart healthcare platform, which could become a core growth engine [3][4] Group 4: Governance and Market Confidence - The addition of the new board members is expected to enhance the company's governance, compliance, and internal monitoring capabilities, thereby boosting market confidence [4][5] - The professionalization and internationalization of the board are anticipated to inject new momentum into the company's long-term stable development and valuation restructuring [5]

A股市场行情活跃，权益基金价值凸显。据Wind统计，自去年"924"金融政策齐发以来，万得偏股混合 型基金指数在不到一年时间里累计上涨52.08%，远超同期沪深300指数(39.11%)。在此背景下，银华基 金主动权益序列全力出"基"——银华甄选价值回报混合(A类：023839，C类：023840)正在发行中，为投 资者关注当下权益市场又添优质工具。(数据来源：Wind，2024.09.24-2025.08.25；指数历史业绩不预示 未来表现。) 伴随A股行情升温，主动权益基金或迎布局良机，银华甄选价值回报混合的发行则为投资者提供了投资 利器。公开资料显示，作为一只混合型基金，该基金的投资组合比例中，股票资产占基金资产的比例为 60%-95%,，其中投资于港股通标的股票资产占股票资产的比例不超过50%。(资料参考：基金招募说明 书) 展望未来，无论是短期还是中长期视角下，价值风格都值得关注。中短期来看，经济复苏周期、政策鼓 励分红、增量资金关注及价值板块估值处于相对低位等背景下，价值风格资产有望受益；长期来看，国 内经济增速面临"换挡"，我国进入广义低利率时代，价值股的吸引力显著提高。 投资者可以关注此次发行 ...