21世纪经济报道记者孙永乐 报道 国泰海通（601211.SH）近期发布人事任免通知，聘任林涌为政策和产业研究院高级研究员（中层正职 级），聘任孙彤为公司中层副职级干部（数字化转型办公室）。 7月18日，公司相关人士向记者证明了该消息。 在海通国际巨额亏损后，林涌于2023年辞任海通证券总经理助理，并于次年被免去海通国际董事会副主 席、行政总裁等职务。如今，其或赶往国泰海通上海总部就任新职。 具体来看，林涌的生涯转折点出现在2022年，彼时海通国际业绩急转直下，两年内巨亏近130亿元。而 在2021年，公司还有3亿港元的盈利。 根据过往财报，由于市场动荡，海通国际2022年全年净亏损65.41亿港元（56.38亿人民币）；从港交所 私有化后，海通国际2023年全年亏损81.56亿港元（72.91亿人民币）。 在业绩公布后的2023年3月，海通证券公告高级管理人员变动，因相关工作安排，总经理助理林涌离 职。值得注意的是，林涌辞去的是母公司职务，仍担任海通国际行政总裁。彼时，林涌辞任总经理助理 一事，一度被外界解读为"引咎辞职"。 其中，国泰海通政策和产业研究院为一级部门，隶属于研究与机构业务委员会。数字化转型办 ...

Core Viewpoint - Haitong International maintains a target valuation of 35 times the price-to-earnings ratio for Pop Mart (09992) by 2025, raising the target price by 60% to HKD 316.7, while keeping an "outperform" rating [1] Group 1: Financial Performance - Pop Mart's performance in the first half of the year exceeded expectations, with significant year-on-year growth attributed to the global recognition of its IPs and a diverse range of product categories driving rapid revenue growth across regions [1] - The company is expected to achieve revenues of RMB 35.1 billion, RMB 53.5 billion, and RMB 69.1 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 169%, 53%, and 29% respectively [2] - Adjusted net profits are projected to be RMB 11.2 billion, RMB 17.8 billion, and RMB 23.8 billion for the same years, with year-on-year growth rates of 229%, 58%, and 34% respectively [2] Group 2: Operational Insights - The increase in overseas revenue proportion and changes in revenue structure positively impacted both gross and net profit margins, alongside enhanced economies of scale [1] - The company has successfully diversified its IP portfolio from reliance on a single product (MOLLY) to multiple successful IPs like PUCKY, DIMOO, SKULLPANDA, and more recently, THE MONSTERS and CRYBABY, reducing risks associated with dependence on a few IPs [1] - The long-term operational capability of Pop Mart's IPs has been validated, ensuring a higher sustainability of performance [1]

Core Insights - Chinese securities firms have made significant progress in Hong Kong's capital market by being selected as the first distributors for the Integrated Fund Platform (IFP) launched by the Hong Kong Stock Exchange (HKEX) [1][2] - The IFP aims to enhance the efficiency of the fund distribution ecosystem by integrating order processing for subscriptions and redemptions, thereby improving communication between fund distributors and registered agents [1][2] Industry Developments - The HKEX announced the launch of order transmission services on the IFP, which will streamline the processing of fund orders and enhance collaboration among participants in the fund distribution ecosystem [1][2] - The first batch of distributors includes 12 Chinese securities firms, which are expected to leverage their technological and asset allocation advantages to strengthen their roles in connecting mainland China and Hong Kong's capital markets [2] Company Strategies - Selected Chinese securities firms plan to enhance their service offerings and expand their wealth management business by providing a wider range of fund products and improving the transparency of investment information [1][3] - Companies like CITIC Securities and China Galaxy International are focusing on optimizing their service platforms and integrating digital order transmission to improve efficiency in fund subscription and redemption processes [3][4] - Guangfa Securities (Hong Kong) aims to leverage Hong Kong's position as an international asset and wealth management center by continuously innovating its wealth management services [4]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the Integrated Fund Platform (IFP) order transmission service, enhancing the efficiency of fund distribution and providing a broader range of investment options for investors [1][3]. Group 1: Platform Overview - The IFP includes 33 companies, with 17 fund distributors, including 12 Chinese brokers, and aims to streamline the fund distribution process [1][4]. - The platform is designed to cover the entire distribution cycle of retail funds in Hong Kong, lowering entry barriers for the fund industry and improving market efficiency [3][7]. - The new order transmission service integrates subscription and redemption processes, facilitating smoother operations between fund distributors and registered agents [3][9]. Group 2: Participating Institutions - The 12 Chinese brokers participating in the IFP include notable firms such as China Galaxy International and CITIC Securities, all of which have cross-border wealth management qualifications [2][8]. - Other distributors include major banks like Bank of China (Hong Kong) and China Construction Bank (Asia), indicating a diverse range of institutions involved [4][6]. - The platform also includes six registered agents, enhancing the operational framework of the fund distribution network [5]. Group 3: Impact on Wealth Management - The launch of the IFP is expected to significantly benefit wealth management businesses, particularly for brokers qualified for cross-border wealth management [10][11]. - As of May 2025, the cross-border wealth management program has seen participation from 157,900 investors, indicating a growing market for these services [10]. - Brokers have expressed optimism about the platform's potential to enhance service capabilities and expand the range of fund products available to clients [11]. Group 4: Future Developments - Future phases of the IFP will include agent services and improvements in payment and settlement processes, with ongoing collaboration between HKEX, regulators, and industry stakeholders [12].

Core Viewpoint - Haitong International projects that Xiaomi's YU7 may achieve monthly deliveries exceeding 40,000 units by the end of the year, despite a slight decline in June sales [1] Industry Summary - Major automakers in China are launching promotional discounts to capture market share as they report June sales figures [1] - The competitive landscape is expected to shift towards service upgrades, quality and price balance, and technological advancements as regulatory pressures increase [1] Company Summary - Xiaomi's automobile sales in June surpassed 25,000 units, reflecting a month-over-month decline of approximately 3,000 units [1] - The YU7 model was launched on June 26, securing over 240,000 orders within 18 hours, indicating strong market interest [1] - The main challenge for Xiaomi lies in the delivery process, with the pace of the factory's second-phase capacity release being a critical variable [1]

Core Viewpoint - The management of Innovent Biologics (信达生物) aims to become a leading global biopharmaceutical company by 2030, with significant advancements in product pipelines and international market presence [1] Group 1: Product Development and Clinical Trials - IBI363, a PD-1/IL-2α-bias dual antibody, is expected to show promising results in clinical trials, with Phase I focusing on understanding mechanisms of action and Phase II targeting representative tumors for proof of concept [2] - The management anticipates that Phase III trials will advance for indications with high certainty, with first-line indications for colorectal, gastric, and lung cancers expected to yield proof of concept data by 2026 [2] - Adverse reactions for IBI363 are manageable, with a reported rate of 43.9% for grade 3 or higher adverse reactions in the 3mg/kg Q3W group, but improvements are expected as clinical experience accumulates [3] Group 2: Product Launch and Market Strategy - The recently approved Marsduo peptide is expected to see rapid market penetration, targeting adults with a BMI of 28 or higher for long-term weight control [4] - The company plans to implement a multi-channel marketing strategy for Marsduo, including hospital-based, outpatient, retail, and e-commerce channels, with projected sales of 600 million yuan in 2025 and 1.8 billion yuan in 2026 [4] Group 3: Future Outlook - The domestic non-oncology business is projected to grow significantly, driven by the approval of Marsduo and other products, with expectations of reaching 20 billion yuan in revenue by 2027 [5] - The overseas business is also expected to see revenue growth from oncology products IBI363 and IBI343, with a focus on tumor indications initially and contributions from non-oncology later [5]

Core Viewpoint - Haidong International's report highlights the increased success rate of Lisaftoclax in treating MDS, along with its potential global peak sales, leading to unchanged revenue and net profit forecasts for FY26-27 [1] Group 1: Clinical Data and Efficacy - Lisaftoclax's clinical data was presented at the ASCO annual meeting, showcasing its effectiveness in treating newly diagnosed or previously treated AML patients [2] - In a study involving 28 previously Venetoclax-resistant AML patients, the overall response rate (ORR) was 31.8%, with 22.8% achieving complete response (CR) [2][3] - Among 6 newly diagnosed AML patients, the ORR was 83.3%, with 33.3% achieving CR [3] - In 15 evaluable NDMDS/CMML patients, the ORR was 80%, with 40% achieving CR [3][5] Group 2: Safety and Tolerability - Lisaftoclax demonstrated good tolerability and manageable safety, with most adverse events being hematological and non-hematological toxicities being rare [3][4] Group 3: Competitive Landscape - Lisaftoclax shows potential to overcome Venetoclax resistance, particularly in TP53-mutated AML patients, where traditional therapies have poor outcomes [4] - The recent failure of Venetoclax in MDS highlights Lisaftoclax's potential to fill a clinical gap in treating this indication [5][6] - The company is advancing global registration clinical studies for high-risk MDS and AML, with ASCO data enhancing the potential for external licensing [6] Group 4: Future Research and Developments - The company plans to present 13 research updates on its novel drugs, including Oreba and EED inhibitor APG-5918, at the upcoming EHA conference [3] - Oreba's potential in treating Ph+ ALL is also noted, with high CR rates and good tolerability in various treatment settings [7]

Group 1 - The core point of the article is that Easy Control Intelligent Driving Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International as the exclusive sponsor [1] Group 2 - The company is seeking to enter the public market through this listing application [1] - The involvement of Haitong International indicates a strategic partnership for the listing process [1]

Core Viewpoint - Dazhong Oral has passed the main board listing hearing of the Hong Kong Stock Exchange, with Haitong International as the sole sponsor, positioning itself as a leading private dental service provider in Central China, particularly in Hubei and Hunan provinces [1] Group 1: Company Overview - Dazhong Oral operates a direct chain model and aims to serve the public, ranking first among private dental service providers in Central China with a market share of approximately 2.4% based on projected 2024 revenue [1] - The company's dental service network is expanding, with the number of operational dental institutions increasing from 77 on January 1, 2022, to 86 by December 31, 2024, and further to 92 by June 21, 2025, including 4 dental hospitals, 80 dental clinics, and 8 dental offices across 8 cities in Hubei and Hunan [1] Group 2: Business Strategy and Talent Management - Dazhong Oral has implemented a partner program to attract experienced medical professionals as minority shareholders, with 37 dentists becoming shareholders by December 31, 2024, which supports network expansion, stabilizes core talent, and drives profitability [1] - The company has a stable team of 280 practicing dentists as of December 31, 2024, with retention rates for dentists with over three years of experience being approximately 87%, 89%, and 90% for the years 2022, 2023, and 2024, respectively [2] Group 3: Service Offerings and Customer Metrics - Dazhong Oral provides comprehensive dental treatments, including oral implants and orthodontic services, catering to clients of all ages [2] - The number of clients served by the company was 276,310 in 2022, 296,859 in 2023, and 283,640 in 2024, with total patient visits of 708,651, 768,809, and 748,632 for the respective years, and average spending per visit being RMB 578, 575, and 544 [2]

Group 1 - Wuhan Dazhong Dental Medical Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange on June 24 [1] - The exclusive sponsor for the listing is Haitong International [1]