点击蓝字，关注我们 今日上午港股 1.汽车股集体回暖， 理想汽车 - W (02015) 涨 4.46%；零跑汽车 (09863) 涨 4.24%；小鹏汽车 - W (09868) 涨 3.36%；比亚迪股份 (01211) 涨 3.33%。 2.越疆 (02432) 涨超 8%， 消息面上，京东 618 全周期战报数据显示，5 月 13 日 20 点到 6 月 18 日 24 点，智能机器人自营销售额同比增长 3 倍，具身智能机器人销售额同比增长 17 倍。 3.金山云 (03896) 涨超 3%， 消息面上，金山云发布公告，认购事项的条件已达成且认购事项已于 2025 年 6 月 17 日完成。 4.荣昌生物 (09995) 再涨超 6%， 消息面上，近日，荣昌生物公告称，其核心产品泰它西普获得国家知识 产权局授予的专利权期限补偿，补偿天数为 1827 天，使得该药的专利权期满终止日从 2027 年 6 月 15 日延长到 2032 年 6 月 15 日。 5.博彩股早盘普涨， 美高梅中国 (02282) 涨 4.7%，新濠国际发展 (00200) 涨 4.09%，金沙中国 (01928) 涨 2.48% ...

点击蓝字，关注我们 一、公司简介 江苏泽景汽车电子股份有限公司成立于2015年，是一家专注于 智能座舱视觉与交互解决方案 的高科 技企业。 公司主要产品包括基于 挡风玻璃的HUD（W-HUD） 解决方案CyberLens和 增强现实HUD（AR- HUD） 解决方案CyberVision，将关键驾驶信息（如车速、导航和ADAS预警等）投射到驾驶员前方 视野中的显示解决方案，以减少驾驶员低头查看仪表盘的频率，提高驾驶安全性和行车便利性，广泛 应用于智能汽车领域。 泽景电子的终端市场覆盖国内主流车企，包括 蔚来、理想、小米、比亚迪、吉利等22家主机厂，累 计获得超过90款车型定点 。 二、财务状况 | 年度 | 收入(人民币亿元) | 收入变动 | 毛利率 | 浄利润(人民币亿元) | 净利率 | | --- | --- | --- | --- | --- | --- | | 2022 | 2. 14 | | 22. 6% | -2.56(亏损) | -119.7% | | 2023 | 5. 49 | 156. 5% | 25. 6% | -1.75(亏损) | -31.8% | | 2024 | 5. 78 ...

Core Viewpoint - The article discusses the resurgence of private enterprises in China, highlighting their importance in the market and the potential for growth amid a changing regulatory environment and technological advancements [1][2]. Group 1: Importance of Private Enterprises - The significance of the private sector has been recognized by high-level policymakers [2]. - The regulatory cycle for the private economy has eased, indicating a more favorable environment for growth [2]. - Private enterprises are leading China's ambition to "go global" [2]. Group 2: Financial Performance and Valuation - Since the low point in 2022, private enterprises have seen profits and return on equity (ROE) increase by 22% and 1.2 percentage points, respectively [2]. - Compared to their historical performance and state-owned enterprises, private companies are currently undervalued [2]. - The top ten leading companies, referred to as "Chinese Prominent 10," are expected to enhance their market dominance, similar to the "Mag 7" in the U.S. [2][4]. Group 3: Growth Projections - The selected ten companies are projected to achieve a profit growth rate of 17% over the next decade, with a 13% growth expected in the next two years [5]. - Despite macroeconomic challenges, these companies are expected to maintain double-digit profit growth [5]. Group 4: Market Dynamics and Opportunities - The market concentration of the top ten companies in China is only 17%, compared to 30% in the U.S., indicating potential for growth [4]. - The article emphasizes the importance of selecting individual stocks within the private sector, as there are significant differences in returns [6]. - Many of these companies are expanding their businesses overseas, particularly in emerging markets along the "Belt and Road" initiative [6]. Group 5: Sector Focus and IPO Trends - The consumer services sector is viewed as superior, with healthcare stocks gaining attention due to past regulatory challenges [7]. - Recent interest in Hong Kong IPOs is noted, with around 60 companies planning or applying for listings, presenting further investment opportunities [7].

Group 1: Hong Kong Stocks - Giant Bio (02367) fell over 4% due to controversy over collagen content, with Goldman Sachs lowering earnings estimates for 2025-2027 by 9-12% and Tmall ranking dropping to 16th place [1] - Little Garden (00999) rose over 9% as 75.34 million shares were unlocked, with a market value of HKD 648 million, and Dongwu Securities initiating a "Buy" rating, anticipating a 19% annual store growth and supply chain advantages [1] - Xiansheng Pharmaceutical (02096) increased over 3% after revising the BCMA antibody licensing agreement, raising regulatory milestone payments and reducing royalty rates [1] - Huahong Semiconductor (01347) rose 5% as Tianfeng Securities reaffirmed price increase logic, with capacity utilization at 102.7% and potential revenue contribution of USD 1.28 billion from the 9th factory [1] - Dexion Shipping (02510) surged 10% to a new high amid escalating Red Sea crisis, with freight rates on the Persian Gulf-Europe route increasing 2.5 times in one week [1] - Meizhong Jiahe (02453) plummeted 10% after the controlling shareholder sold 32.8 million shares for HKD 200 million, leading to liquidity pressure [1] Group 2: Energy and Pharmaceutical Stocks - COSCO Shipping Energy (01138) rose over 7% due to increased geopolitical risk premiums, with VLCC freight rates soaring 156% to USD 64,000 amid expectations of the Strait of Hormuz closure [2] - Oil and gas stocks generally rose, with MI Energy up 40% and Shandong Molong up 13%, driven by expectations of oil supply disruptions due to escalating Middle East conflicts [2] - Heptares Therapeutics-B (02142) increased over 4% after reaching a BCMAxCD3 dual antibody licensing agreement, receiving an upfront payment of USD 47 million and potential milestone payments of USD 623 million [2] - Jiayuan Pharmaceutical-B (02617) debuted with a 65% surge, driven by its core product Tinengotinib's key clinical trials in the US and China for cholangiocarcinoma treatment [2] - Jingtai Holdings (02228) rose over 3% after signing an AI drug development letter of intent with a Harvard professor, with potential upfront payments of USD 100 million and additional milestone payments in oncology and autoimmune fields [2] Group 3: Other Notable Stocks - Baize Medical (02609) debuted with a 24% increase, covering a network of tumor specialty hospitals with a projected outpatient/inpatient volume CAGR of 23.3%/22.8% from 2022 to 2024 [3] - China Tianrui Cement (01252) resumed trading with a 63% surge, projecting a net profit of HKD 279 million for 2024 after a previous loss of HKD 630 million [3] - Sanhua Intelligent Control (02050) fell 7% after its IPO, facing cooling demand despite being a leading global refrigeration component manufacturer with a 45.5% market share [3] - Laopu Gold (06181) rose over 7% as its new store in Singapore officially opened, attracting market attention [4]

点击蓝字，关注我们 在美国对伊朗实施空袭后，投资者纷纷寻求规避地缘政治风险，推动美元在亚洲早盘交易中走强。 周一亚洲市场开盘后，美元对欧元及多数主要货币小幅上涨。原油期货价格跳涨，而美国股指期货则 因空袭事件引发的避险需求和对能源供应的担忧而下跌。国债期货几无变动。 Pepperstone市场策略师Ahmad Assiri表示：" 这种风险上升的环境将驱使投资者转向避险资产 。" 另一个风险规避的早期迹象是，比特币自5月以来首次跌破10万美元大关，以太坊也大幅下挫，加密 货币市场呈现普跌态势。 自本月初以色列首次袭击伊朗以来，市场反应总体平淡：即使过去两周持续下跌，标普500指数仍仅 比2月的历史高点低约3%。而彭博美元指数自6月13日袭击事件以来涨幅不足1%。 这主要是因为投资者预期冲突将局限在局部范围，不会对全球经济产生更广泛影响。但市场观察人士 指出， 如果伊朗采取封锁霍尔木兹海峡(油气运输关键通道)或袭击该地区美军等行动回应最新事态， 市场波动可能加剧。 "一切取决于冲突如何发展，而局势似乎每小时都在变化，"Pictet Asset Management高级投资经理 Evgenia Molotova表 ...

Macro and Policy Level - Federal Reserve Chairman Jerome Powell will present the semi-annual monetary policy report to the U.S. House Financial Services Committee on June 24 and to the Senate Banking Committee on June 25, where he is expected to reiterate the Fed's cautious policy stance, with potential interest rate cuts contingent on the economic impact of White House trade policies [1][2] - The U.S. first quarter GDP annualized quarter-on-quarter final value showed a contraction of 0.2%, slightly better than the previous estimate of a 0.3% decline, indicating economic shrinkage at the beginning of the year [1] - The U.S. PCE price index for May is expected to show a year-on-year increase of 2.3%, up 0.2 percentage points from the previous month, while the core PCE price index is expected to rise by 2.6%, indicating a moderate increase in inflation [2] Industry Level - The World Economic Forum's 16th Annual Meeting of the New Champions, also known as the "Summer Davos Forum," will be held in Tianjin from June 24 to 26, focusing on themes such as "Interpreting the Global Economy," "China Outlook," "Industries in Transformation," "Investing in Humanity and the Planet," and "New Energy and Materials" [4] - NATO leaders will meet in The Hague from June 24 to 25, with a core agenda to formally approve new minimum military spending targets, progressing towards President Trump's request for 5% of GDP to be allocated for military expenditures [4] Company Level - Nvidia is expanding its influence in the global AI infrastructure sector, announcing plans to build an industrial AI cloud platform in Germany and designating Micron Technology as the first supplier for its new memory solution SOCAMM [5] - Xiaomi is set to launch its first SUV model, the YU7, at the end of June, alongside other significant products, including the Xiaomi Pad 7S Pro, which is expected to generate considerable market interest [5]

MI350系列产品在性能上可与英伟达B200竞争。其内存容量为B200的1.6倍，训练及推理速度与B200 相当或更优。此外，由于该芯片功耗低于英伟达同类产品， 在MI355X上，每1美元的投入可支持处 理的tokens数量比B200多40%。 同时，AMD预告将于2026年推出MI400系列产品，并透露OpenAI参与 了该系列产品的联合研发工作。 点击蓝字，关注我们 6月13日，AMD推出MI350X和MI355X两款GPU。与前代MI300X相比，MI350系列的算力提升4 倍，推理速度提高35倍。 智通财经APP获悉，华鑫证券发布研报称，6月13日， AMD推出MI350X和MI355X两款GPU。与前代 MI300X相比，MI350系列的算力提升4倍，推理速度提高35倍。 6月10日，中国科学院计算技术研究 所处理器芯片全国重点实验室，联合中国科学院软件研究所，基于大模型等AI技术，推出处理器芯片 和相关基础软件全自动设计系统——"启蒙"。 华鑫证券表示，继续看好海外算力链。中长期，建议关注临床AI产品成功落地验证的嘉和美康 （688246.SH）、以AI为核心的龙头厂商科大讯飞（002230.SZ ...

Core Viewpoint - The company IFBH Limited, established in 2013, has successfully introduced coconut water products to the Chinese market and is expanding its product lines, including the rapidly growing Innococo brand, which combines coconut water with electrolyte water for the sports drink segment [1][4]. Company Overview - IFBH Limited is headquartered in Singapore and was spun off from General Beverage, a Thai beverage manufacturer [1]. - The company plans to raise funds through an IPO, with a global offering of approximately 41.67 million shares, priced between HKD 25.30 and HKD 27.80 per share [3]. Fundraising and Use of Proceeds - The funds raised will be used for supply chain diversification, new product development, market expansion, and repayment of potential debts related to agreements [4]. - Key cornerstone investors include UBS AM Singapore, Black Dragon, and several other funds [4][5]. Product Portfolio - The main product, if coconut water, accounts for 95.6% of revenue, with various packaging sizes. The product has a gross margin increase from 34.4% to 36.6% [8]. - The Innococo brand, launched in 2022, has a gross margin increase from 36.9% to 37.4% [8]. Financial Performance - The company reported a revenue of USD 158 million (approximately RMB 1.16 billion) for 2024, with a net profit increase from USD 16.75 million to USD 33.32 million [10]. - The company holds a 34% market share in the coconut water market in mainland China and 60% in Hong Kong, significantly outperforming competitors [11]. Competitive Advantages - The company benefits from a supply chain advantage, with over 90% of raw materials sourced from Thailand at a cost 18% lower than competitors [12]. - The business model is based on outsourcing production and logistics, allowing for a lean operational structure [12]. - The company employs a sterile cold-filling technology that extends product shelf life to 12 months, creating a technological moat [15]. Marketing Strategy - The company has engaged in strategic marketing partnerships, including signing a celebrity endorsement deal that significantly boosted sales [16]. - The brand has established a strong recognition in the market, with a high repurchase rate of 38% [16]. Industry Trends - The ready-to-drink soft beverage market in Greater China is projected to grow from USD 131.4 billion in 2024 to USD 185.4 billion by 2029, with coconut water being the fastest-growing segment [17]. - The price of coconuts is expected to remain stable between USD 450 and USD 500 per ton [18].

Group 1 - Key Point 1: 基石药业-B (02616) rose over 5% after its drug for lung cancer,舒格利单抗, received long-term survival data recognition in The Lancet Oncology, reinforcing its position as a first-line treatment in Europe [2] - Key Point 2: 海昌海洋公园 (02255) increased by over 4% as a major shareholder, 祥源控股, is set to acquire a 38.6% stake for HKD 22.95 billion, potentially alleviating liquidity pressures [2] - Key Point 3: 冠忠巴士 (00306) surged 27% with a projected 143% increase in annual pre-tax profit to HKD 165 million, driven by revenue growth, reduced fuel costs, and autonomous driving licenses [2] Group 2 - Key Point 1: 东方表行 (00398) fell over 5% due to a 5.2% decline in revenue and a 20% drop in net profit, attributed to weak luxury goods demand amid geopolitical conflicts and interest rate fluctuations [2] - Key Point 2: 北森控股 (09669) plummeted over 17% as its adjusted annual EBITDA was only HKD 28.9 million, with Everbright Securities lowering revenue forecasts by 10%-15% due to growth challenges [3] - Key Point 3: 顺丰控股 (06936) rose over 6% to a new high, with May express delivery revenue increasing by 13.4%, and the scaling of unmanned delivery vehicles potentially opening up future profit opportunities [3] Group 3 - Key Point 1: 中国中免 (01880) increased by over 5% as it accelerates the expansion of its duty-free stores, with 4 already opened and 9 more in preparation, benefiting from favorable policies [3] - Key Point 2: 华虹半导体 (01347) rose over 7% with a capacity utilization rate of 102.7%, and Tianfeng Securities optimistic about future contributions of USD 1.28 billion from its 9th factory [3] - Key Point 3: 网龙 (00777) increased over 3% after showcasing AI digital human presentation technology at a UN conference, launching the "EDA Education Metaverse" strategy, which catalyzed a revaluation of AI [4]

Core Viewpoint - Investors are preparing for the expiration of $6.5 trillion in nominal value U.S. options this Friday, which may lead to increased volatility in the stock market [1][4]. Group 1: Market Dynamics - The phenomenon known as "triple witching" occurs when multiple categories of derivative contracts expire simultaneously, which could result in sudden market fluctuations after the expiration date [1]. - Since early May, the U.S. stock market has experienced relatively mild intraday volatility, partly due to a "pinning effect" from a large number of put options established earlier in the year [1]. - The "pinning effect" refers to the tendency of stock prices to close near the strike prices of heavily traded options as expiration approaches, which has helped stabilize the market [1]. Group 2: Investor Behavior - In early April, many pessimistic investors bought hedging tools against market declines and financed these protective positions by selling call options slightly above the current level of the S&P 500 index (5981 points) [2]. - Market makers and brokers' actions to hedge their positions can significantly impact the stock market, contributing to overall market dynamics [2]. - The market is currently in a "positive gamma" state, where participants tend to sell on price increases and buy on declines, thus suppressing volatility [2]. Group 3: Special Significance of Upcoming Expiration - Research from Citigroup indicates that the upcoming triple witching day has "special significance," with an estimated $5.8 trillion in nominal outstanding equity options expiring, including $4.2 trillion in index options, $708 billion in U.S. ETF options, and $819 billion in individual stock options [3]. - The higher figure of approximately $6.5 trillion mentioned by Rocky Fishman includes the nominal value of index futures options, which will also expire on Friday [4].