Core Insights - JD.com reported a strong Q1 2025 performance with revenue of 301.1 billion RMB, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years, significantly exceeding market expectations [1] - The company's net profit attributable to shareholders reached 10.89 billion RMB, up 52.73% from the previous year, with a gross margin of 15.89% [1] - Following the earnings report, JD.com's stock price rose over 3%, closing at 141.6 HKD per share, with a market capitalization of 451.4 billion HKD [1] Business Segment Performance - JD Retail generated revenue of 263.845 billion RMB, a 16.3% increase year-on-year, with the electronics category achieving 144.295 billion RMB in revenue, up 17.1%, and daily necessities revenue reaching 98.014 billion RMB, up 14.9% [1] - JD Logistics reported revenue of 46.967 billion RMB, a year-on-year growth of 11.5%, with integrated supply chain revenue increasing by 13.2% and the number of external integrated supply chain clients growing by 13.1% [1] New Business Developments - The new business segment, which includes the food delivery service, achieved revenue of 5.753 billion RMB, a year-on-year increase of 18.1%, making it the fastest-growing segment for JD.com [2] - JD.com launched its food delivery service in February, implementing initiatives such as "zero commission recruitment for quality merchants" and providing full-time delivery riders with social insurance benefits [2] - Daily order volume for JD's food delivery service surged from 1 million in late March to over 10 million by mid-April, with expectations to exceed 20 million soon [2] - Despite the rapid growth, the new business segment incurred an increase in operating costs by 555 million RMB, totaling 4.586 billion RMB, and operating expenses rose by 985 million RMB to 2.494 billion RMB [2] - The company views the food delivery sector as a sustainable long-term business opportunity that will create significant synergies with existing operations as it scales [2]

Group 1 - Company "Tong Shifu" has officially submitted its prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt at going public after previously withdrawing from the Shenzhen Stock Exchange in September 2024 due to market conditions [1] - The funds raised from the IPO will primarily be used for product research and development, increasing production capacity and flexibility, and enhancing sales and marketing capabilities [1] - Founded in 2013, Tong Shifu specializes in various copper cultural and creative products, including ornaments, sculptures, and wall art, operating under a dual business model of "self-developed IP + authorized IP" with 57 domestic and international IPs [1] Group 2 - As of December 2024, Tong Shifu has opened 9 direct stores in cities like Hangzhou, Suzhou, and Chengdu, and has 68 stores operated by 54 authorized offline distributors [1] - According to a report by Frost & Sullivan, Tong Shifu holds a 35% market share in the Chinese copper cultural and creative product market, ranking first in the industry [1] - The company has received significant backing from various investors, including Shunwei Capital and Xiaomi Group, with multiple rounds of financing completed [1][2] Group 3 - From 2022 to 2024, Tong Shifu's revenue figures were 503 million, 506 million, and 571 million yuan respectively, with net profits of 56.94 million, 44.13 million, and 78.98 million yuan [2] - The gross profit margins for the same period were 32.2%, 32.4%, and 35.4% [2] - The company's revenue is heavily reliant on copper cultural products, which accounted for 96% of total revenue in 2024, while other product lines contributed less than 5% [2]

此次合作将基于华为在昇腾、鲲鹏、华为云及大模型等AI基础设施能力，以及在研发、生产供应等方 面的丰富经验，与优必选全栈式人形机器人技术优势相结合，将基于场景打造"人形机器人+智慧工 厂"联合示范方案，开发家庭服务人形机器人等方面展开合作。 5月12日，华为与优必选在深圳正式签署全面合作协议。协议显示，双方将围绕具身智能和人形机器人 领域，在产品技术研发、场景应用及产业体系等开展创新合作。 国海证券研报表示，在电动化与智能化浪潮的推动下，国内外人形机器人产品不断问世并持续迭代，人 形机器人产业链正迎来"从0至1"的重要投资机遇。随着人形机器人规模化量产和商业落地速度的加快， 人形机器人产业或将迎来类似"ChatGPT时刻"的重大突破，已成为科技领域的新热点。 作为华为合作方的优必选同样来头不小，公开资料显示，优必选的群脑网络软件架构，可以通过云端协 同的基于多模态推理大模型的"超级大脑"和基于Transformer模型的"智能小脑"的有机结合，攻克复杂 工业场景下的协同决策与控制难题。 今年3月，搭载该技术的优必选工业机器人WalkerS系列，已进入多家知名汽车工厂，开展多台、多场 景、多任务的协同实训，已取得 ...

5月12日，农业银行和交通银行相继发布公告，宣布拟发行科技创新债券，两家银行的债券基本发行规 模合计达200亿元。 分别来看，农业银行拟发行的科创债规模为100亿元，附不超过100亿元超额增发权，债券期限为3年。 募资将用于发放科技贷款，专项支持科技创新领域业务。 紧接着，中国银行间市场交易商协会也发布了《关于推出科技创新债券，构建债市"科技板"的通知》， 正式面向金融市场推出科技创新债券。 而此前科创债发行主体均为非金融企业，政策发出后，不仅银行纷纷宣布发行科创债，券商和股权投资 机构也在积极筹备科创债发行工作，如招商证券、中信证券、亦庄投资等，并预计年内科创债发行节奏 还将提速。 有券商分析师表示，在政策引领下，债券科技板将成为未来金融支持科技创新的重要平台之一。此外， 通过科技概念来支持金融机构、科技型企业、股权投资机构等三类主体发行债券，有望改善当前科创债 市场央国企为主导的发行人结构，科创债市场将迎来新的发展机遇，或成为2022年以来"资产荒"持续蔓 延背景下的破解之道。 除上述两家银行外，国家开发银行、工商银行、兴业银行等多家银行也公布了发行、承销或投资科技创 新债券的情况，粗略统计，银行业当前科 ...

调整完成后，美国对中国商品的关税将由145%降至30%，中国对美国商品的关税则由125%变成10%。 这意味着，双方已经基本回到关税战升级之前。 此外，声明最后还强调，中美双方将建立机制，继续就经贸关系进行协商。 受该消息提振影响，美东时间周一，热门中概股全线大涨，纳指收涨5.4%，文远知行涨超27%，小马 智行涨近12%，小鹏汽车、哔哩哔哩涨近8%。 13日早盘，A股三大股指集体高开，沪指涨0.5％，深成指涨0.98％，创业板涨1.29％，消费电子、港口 航运等板块指数涨幅居前。同时，避险情绪也得到降温，纽约商品交易所5月交割的COMEX黄金期货 跌2.76%，报3240美元/盎司。 而此前美国滥施关税后，引发了消费者对商品减少和价格上涨的担忧，金融市场也遭到巨震，美股期货 开盘即熔断。但本次中美经贸高层会谈取得了实质性进展，虽然关税没有全部取消，但大幅降低了双边 关税水平，这就可以先恢复之前暂停的中美贸易，谈判的良好势头可以消减市场担忧。 方正证券也在研报中表示，5月谈判的关税下调幅度超市场预期，同时中美双方同意建立中美经贸磋商 机制，就经贸领域各自关切保持密切沟通，意味着后续双方谈判磋商的空间提升，4月 ...

Group 1 - China CRRC signed several major contracts totaling approximately 54.74 billion RMB, accounting for 22.2% of the company's projected revenue for 2024 [1] - The contracts span various sectors including urban rail transit, high-speed trains, locomotives, and freight cars, with urban rail contracts amounting to about 18.22 billion RMB [1] - In the high-speed train sector, contracts worth approximately 15.12 billion RMB were signed with China National Railway Group and Guangdong Guangzhan Railway [1] Group 2 - China CRRC has been expanding into the renewable energy sector, establishing a complete wind power equipment industry chain and integrated solutions for "wind-solar-storage-hydrogen" [2] - The company's revenue for 2024 is projected at 246.46 billion RMB, with a year-on-year growth of 5.21%, and new industry revenue contributing 35% of total revenue [2] - The implementation of policies for the transformation of old diesel locomotives and the recent issuance of the "Railway Equipment Update and Renovation Action Plan" will strongly support China CRRC's renewable energy locomotive business [2]

5月9日，企查查显示，千寻智能（杭州）科技有限公司近日发生工商变更，公司股东新增深圳哈勃科技 投资合伙企业（以下简称"哈勃"）、深圳市招商局创新投资基金中心等多家公司；公司的注册资本由 139.76万元增至195.16万元。 近期，千寻智能公布了自研VLA Spirit v1抢先版视频，视频中机器人已可以实现叠衣服全流程顺畅操 作，完成连续长程复杂任务。 另外，千寻智能的首款商用级人形机器人Moz1也即将正式发布。据介绍，Moz1是国内首个高精度全身 力控的具身智能机器人，拥有26个自由度（不含灵巧手），基于全球功率密度最高的一体化力控关节打 造。与特斯拉人形机器人Optimus相比，Moz1一体化关节的功率密度提高了15%。 从行业层面看，据中国通信院2024年发布的行业研报得知，人形机器人已经从实验室走向初步商业化应 用，预计从现在到2028年，我国整机市场规模约在20至50亿元；到2035年，整机市场规模达到约500亿 元，具备相当大的市场潜力。 此次入股千寻智能，是华为首次以直接投资涉足人形机器人赛道。而之前，华为主要通过自研的盘古大 模型、鸿蒙操作系统及AI芯片优势，为机器人提供底层支持。如搭载盘古 ...

值得一提的是，除增持招商银行H股外，今年"平安系"还先后加仓了邮储银行、农业银行、工商银行等 银行H股。 实际上，险资增持银行H股已非偶然现象。据中国保险行业协会信息显示，截至5月9日，年内险资举牌 已达14次，其中7次针对银行股，包括瑞众保险举牌中信银行，新华保险举牌杭州银行等。 有分析称，险企持有长期资金，更希望投向具有长期分红能力的公司，银行股通常具备高股息和稳定的 盈利模式，符合险企长期稳健的投资需求。同时，险企持续加大优质权益类资产的投资规模，叠加新会 计准则下入账方式的应用，可降低权益工具投资的收益波动，优化资产负债管理。 此外，国新办在7日发布的"一揽子金融政策"中，还宣布了"进一步扩大保险资金长期投资试点范围""调 降保险公司股票投资风险因子"等利好政策。随着这些政策的实施，险资等耐心资本入市的积极性将进 一步提升，入市空间也将随之扩大，将持续稳定和活跃在资本市场。 5月12日，据港交所最新披露的信息显示，平安人寿于5月6日增持招商银行347.55万股H股，持股比例 从11.92%升至12%，持股数量升至5.51亿股。在此之前，平安人寿2025年已多次增持招商银行H股。 此前，在1月份，平安人 ...

5月7日，*ST长药发布公告称，公司和临时管理人已分别与四川嘉道博文生态科技有限公司（简称"嘉 道博文"）等6家产业投资人和财务投资人签署了重整投资协议。 协议显示，此次重整以*ST长药总股本 3.5亿股为基数，按每10股转增15股的比例进行资本公积金转增 股本，共计可转增5.25亿股，转增价格2.42元/股。转增完成后，*ST长药的总股本增至8.75亿股。 其中，嘉道博文拟出资5.93亿元获得2.45亿股转增股份，重整完成后将成为*ST长药控股股东。另一位 产业投资人昊炜生物以2542万元认购1050.42万股，剩余股份则被用于抵偿债务及引入财务投资人。 据了解，*ST长药主要从事中药饮片生产销售，以及药品、保健品和医疗器械批发等业务。2022年-2024 年，*ST长药营收分别为16.15亿元、11.97亿元1.12亿元；扣非后净利润-0.76亿元、-6.32亿元、-5.69亿 元。由于连续三年扣非净利润为负值，*ST长药已在4月20日被实行"退市风险警示"；股票简称也由长 药控股变为 "ST长药"。 实际上，龚虹嘉在破产重整的资本运作方面经验颇丰。龚虹嘉控制的嘉道功程参与了*ST开元重整， 2024年上 ...

Core Viewpoint - SMIC reported significant growth in revenue and net profit for Q1 2025, driven by increased wafer sales and a shift in high-end process product mix [1] Financial Performance - Revenue for Q1 2025 reached 16.301 billion yuan, a year-on-year increase of 29.4% [1] - Net profit attributable to shareholders was 1.356 billion yuan, up 166.5% year-on-year [1] - Wafer sales volume was 2.2922 million pieces, compared to 1.7949 million pieces in the same period last year, marking a 27.7% increase [1] - Monthly production capacity at the end of the quarter was 973,300 pieces, up from 814,500 pieces year-on-year [1] - Capacity utilization rate for the quarter was 89.6%, compared to 80.8% in the same period last year [1] Challenges and Outlook - The average selling price declined in the latter half of Q1 due to unexpected issues in production lines and the need for performance improvements in new equipment, impacting revenue expectations [1] - SMIC anticipates a revenue decline of 4% to 6% in Q2, with gross margin expected to be between 18% and 20% [1] - The company aims to enhance its adaptability and risk resistance while focusing on its core operations in the second half of the year [1] Shareholder Activity - Significant reduction in shareholding by Xin Xin (Hong Kong) Investment Co., Ltd., which decreased its holdings from 7.74% to 6.91% by selling approximately 65.9772 million H-shares [2] - This marks the first reduction in holdings by the National Integrated Circuit Industry Investment Fund (commonly known as "Big Fund") since Q2 2021 [2] - The Big Fund has been in a capital recovery phase since its establishment in 2014, and this reduction is seen as a normal operation to reinvest in more promising semiconductor sectors or emerging enterprises [2]