Group 1: Market Trends - OPEC Secretary-General predicts strong growth in oil demand over the next 25 years[4] - World Bank lowers global GDP growth forecast from 2.7% to 2.3%[4] - Fitch downgrades outlook for global sovereign ratings to "deteriorating"[4] Group 2: Economic Data - Nasdaq index closed at 19,714.99, up 0.63%[6] - Dow Jones Industrial Average closed at 42,866.87, up 0.25%[6] - S&P 500 closed at 6,038.81, up 0.55%[6] - 2-year U.S. Treasury yield increased by 2.3 basis points to 4.016%[4] - 10-year U.S. Treasury yield decreased by 0.4 basis points to 4.470%[4] Group 3: Corporate Developments - OpenAI's annual recurring revenue surpasses $10 billion[4] - TSMC reported May revenue of NT$320.52 billion, a year-on-year increase of 39.6%[4] - Tencent Music plans to acquire Himalaya Holdings[4]

2025 年 6 月 10 日星期二 【实时热点】 【美国债市】 2 年期美债收益率跌 4.15 个基点报 3.993% 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 证 券 研 1 【经济数据】 究 报 告 美国会预算办公室：美国可能会在 8 月中旬用尽避免债务触 及上限的措施 美联储调查：5 月消费者通胀预期全面下降，为 2024 年来 首次 日本修正后 GDP 萎缩收窄至 0.2% 中国对沙特等 4 国试行免签政策 中国 5 月 CPI 同比降 0.1%，PPI 同比降幅扩大至 3.3% 海关总署：前 5 个月货物贸易进出口同比增长 2.5% 5 月全国乘用车市场零售 196 万辆，同比增 13.9% 英国金融监管机构与英伟达达成合作，为银行 AI 实验提供 安全沙盒 亚马逊拟在宾夕法尼亚州投资 200 亿美元用于 AI 和云计算 星巴克中国将发力非咖啡饮品市场 5 年期美债收益率跌 4.39 个基点报 4.079% 10 年期美债收益率跌 3.18 个基点报 4.474% 0 5,000 10,000 15,000 20,000 25, ...

买入 全面升级为全栈 AI 产品和服务商，探索数字货币和 RWA 中国软件国际（354.HK） 2025-6-9 星期一 【投资要点】 ➢ 2024 年收入和利润相对稳定，AIGC 新业务成增长亮点 2024 全年公司实现收入 169.5 亿元人民币（-1.0%），归母净利润 5.1 亿元 人民币（-28.1%）。H2 财务环比回升，显示新业务拉动初现。全年经营活 动现金流净额 6.03 亿元，同比下降 16.3%。 ➢ 全栈 AIGC 能力体系加速成型，战略转型进入规模化落地阶段 公司加快 AIGC 战略落地，构建以"模型工场 2.0"和"Agent 工厂"为核 心的一体化能力体系，推动 AI 产品在多个行业场景中规模化复制，标志公 司由技术投入迈向商业化阶段。2024 年"全栈 AI 产品及服务"收入达人民 币 9.57 亿元，占集团总收入的 5.6%。其中，下半年该板块收入环比大幅上 升 135.44%，成为推动集团业绩触底反弹的关键动力之一。 ➢ 持续深化与华为生态合作，推动信创产品化落地 公司深化与华为合作，拓展 KaihongOS 在智能终端与开发工具链应用，并 完成超 200 个华为云 CTSP ...

$${\mathfrak{H}}\lambda$$ 信义能源（3868.HK） 2025-06-09 星期一 | 目标价： | | 1.30 | 港元 | | --- | --- | --- | --- | | 现 | 价： | 1.06 | 港元 | | 预计升幅： | | 23% | | 重要数据 | 日期 | 2025-6-6 | | --- | --- | | 收盘价（港元） | 1.06 | | 总股本（亿股） | 83.77 | | 总市值（亿港元） | 89 | | 净资产（亿元） | 125 | | 总资产（亿元） | 217 | | 52 周高低（港元） | 1.14/0.64 | | 每股净资产（元） | 1.49 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 信义光能 (51.62%) 上海宁泉资产 (8.01%) 李贤义 (6.97%) 信义玻璃 (5.54%) 相关报告 首次报告-20201209 更新报告-20210310 更新报告-20210818 更新报告-20220309/0808 更新报告-20230609/20240313/0809 研究部 | 姓名：杨 ...

证 券 研 究 报 告 2025 年 6 月 9 日星期一 2 年期美债收益率涨 11.02 个基点报 4.0345% 5 年期美债收益率涨 12.79 个基点报 4.1225% 10 年期美债收益率涨 11.11 个基点报 4.5056% 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 1 请务必阅读免责条款 美国 5 月非农就业人数增加 13.9 万人，高于市场预期 特朗普仍敦促美联储主席鲍威尔将利率下调一个百分点 美联储哈克：美联储今年晚些时候仍有可能降息 日本央行据悉考虑放缓削减购债规模的步伐 俄央行下调基准利率至 20% 印度央行降息 50 个基点，为今年连续第三次降息 哈佛报告称中国生物技术有望超美 中国 2024 年海洋生产总值首次突破 10 万亿元 崔东树：5 月新能源车促销降到 11%的中高位 雷军：小米 su7ultra 即将入驻《Gran Turismo 7》 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- ...

2025 年 6 月 6 日星期五 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 1489.00 | 4.13 | 纳斯达克指数 | 19298.45 | -0.83 | | CME比特币期货 | 100880.00 | -4.37 | 道琼斯工业指数 | 42319.74 | -0.25 | | ICE布油 | 65.29 | 0.66 | 美元指数 | 98.74 | -0.07 | | 伦敦金现 | 3351.92 | -0.59 | 标普500 | 5939.30 | -0.53 | | 美元兑人民币(CFETS) | 7.18 | -0.10 | 日经225 | 37554.49 | -0.51 | | 香港重要指数 | 收市价 | 涨跌(%) | | --- | --- ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.66 per share, indicating a potential upside of 32% from the current price of HKD 4.30 [6][11]. Core Views - The company reported a net loss of RMB 263.01 million in Q1 2025, with multiple negative factors already released, including operational losses and significant asset impairments. Support from TBEA Group and proactive measures like accounts receivable factoring are expected to help the company navigate through this challenging period [3][8]. - The supply-demand balance for polysilicon is improving slowly, with 2025 performance likely to remain under pressure due to high inventory levels and weak demand. However, the report notes that the downside for polysilicon prices is limited at this stage [4][9]. - The company's value is considered severely underestimated when accounting for its solar and wind power station construction and operational assets. The revenue composition for 2024 shows polysilicon contributing 37.4%, while wind and solar projects contribute 35.9% and 11.3%, respectively [5][10]. Summary by Sections Financial Performance - In FY2023, the company reported revenues of RMB 30,752 million, which is expected to decline to RMB 21,213 million in FY2024, and further to RMB 20,518 million in FY2025, reflecting a decrease of 18.1% and 31.0% respectively. A return to growth is anticipated in FY2026 with revenues projected at RMB 21,898 million [7][14]. - The net profit attributable to shareholders is forecasted to be negative in FY2024 and FY2025, with losses of RMB 3,905 million and RMB 875 million, respectively. A recovery is expected in FY2026 with a net profit of RMB 1,098 million [7][14]. Market Conditions - As of June 4, 2025, the average transaction prices for n-type and p-type polysilicon are reported at RMB 37,500 per ton and RMB 31,300 per ton, respectively. The industry is currently operating under a self-discipline framework, with production quotas limiting significant fluctuations in output [4][9]. Asset Valuation - The report emphasizes that the company's operational solar and wind power assets, totaling approximately 3.5 GW, significantly contribute to its overall value, which is not fully reflected in the current market price [5][10].

Key Points - The report highlights a significant increase in the US ADP employment numbers for May, which rose by 37,000, falling short of expectations [4] - The Federal Reserve's "Beige Book" indicates a pessimistic outlook on the economic prospects [4] - The Canadian central bank has maintained its benchmark interest rate at 2.75% for the second consecutive time, aligning with market expectations [4] - Japan's newborn population is projected to fall below 700,000 for the first time in 2024 [4] - The European Central Bank has officially approved Bulgaria's entry into the Eurozone [4] - China is considering ordering hundreds of Airbus aircraft [4] - The first domestically produced nine-valent HPV vaccine has been approved for market [4] - Tesla's sales in Europe continued to plummet in May [4] - The 2-year US Treasury yield decreased by 8.25 basis points to 3.862% [4] - The 5-year US Treasury yield fell by 9.75 basis points to 3.923% [4] - The 10-year US Treasury yield dropped by 9.85 basis points to 4.355% [4] Economic Data - The Baltic Dry Index closed at 1430.00, up by 0.56% [5] - The Nasdaq Index closed at 19,460.49, increasing by 0.32% [5] - The Dow Jones Industrial Average closed at 42,427.74, down by 0.22% [5] - The ICE Brent crude oil price was at 64.91, down by 1.10% [5] - The London gold spot price closed at 3,371.89, up by 0.57% [5] - The US dollar index was at 98.81, decreasing by 0.47% [5] - The Hang Seng Index closed at 23,654.03, up by 0.60% [5] - The Shanghai Composite Index closed at 3,376.20, increasing by 0.42% [5] - The Shenzhen Composite Index closed at 1,999.61, up by 0.92% [5] - The CSI 300 Index closed at 3,868.74, increasing by 0.43% [5] - The ChiNext Index closed at 2,024.93, up by 1.11% [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 21.89 per share, indicating a potential upside of 55% from the current price of HKD 14.12 [4][7][16]. Core Insights - The company is advancing its CD47xCD20 bispecific antibody, IMM0306, which shows promising results in clinical trials for autoimmune diseases, particularly systemic lupus erythematosus (SLE) [8][4]. - The IMM2510, a PD-L1xVEGF bispecific antibody, has demonstrated an objective response rate (ORR) of 23% in previously treated non-small cell lung cancer (NSCLC) patients, with expectations for further data release in late 2025 [10][11]. - The safety and efficacy of the CD47 fusion protein, IMM01, are highlighted, showing an ORR of 69.7% in relapsed/refractory classical Hodgkin lymphoma when combined with PD-1 antibodies [13][14]. Summary by Sections Clinical Development - IMM0306 is currently in Phase Ib trials for autoimmune diseases, with 10 patients enrolled in SLE trials and positive response rates expected to be reported in June [8]. - The company is the first globally to enter clinical trials with a CD47xCD20 bispecific antibody, which has shown an ORR of 88.2% and a complete response (CR) of 52.9% when used with lenalidomide for refractory follicular lymphoma [8]. Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at RMB 2.01 billion, RMB 1.22 billion, and RMB 3.12 billion, respectively, with net losses expected to decrease over the same period [4][16]. - The report anticipates a significant increase in revenue, with a year-on-year growth of 18912% in 2024 and 171.1% in 2025 [5][18]. Market Position - The company is positioned as a leader in the development of CD47 fusion proteins, with a competitive landscape that includes only a few other players in the CD47 target research [16]. - The report notes a growing interest in bispecific antibodies within the autoimmune sector, with significant business development (BD) opportunities anticipated due to the scarcity of innovative biological drugs in this field [8][16].

Economic Data - The U.S. government announced an increase in import tariffs on steel and aluminum to 50%, while maintaining a 25% tariff on the UK[4] - The April JOLTs job openings in the U.S. reached 7.391 million, exceeding the expected 7 million[4] - The Eurozone's May CPI preliminary year-on-year increase was 1.9%, lower than market expectations[4] - China's May Caixin Manufacturing PMI fell to 48.3, marking the first drop below the critical point since October 2024[4] - The total national social logistics volume in China grew by 5.6% year-on-year in the first four months[4] Market Performance - The Nasdaq index closed at 19,398.96, up by 0.81%[5] - The Dow Jones Industrial Average closed at 42,519.64, up by 0.51%[5] - The S&P 500 index closed at 5,970.37, up by 0.58%[5] - The Hang Seng Index closed at 23,512.49, up by 1.53%[5] - The 10-year U.S. Treasury yield rose by 1.38 basis points to 4.454%[4]