Core Viewpoint - Shandong Jitie Haitong International Logistics Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Haina Baichuan Land Port Supply Chain (Heze) Co., Ltd. [1] Company Summary - The legal representative of Shandong Jitie Haitong International Logistics Co., Ltd. is Fu Leijia [1] - The company is classified under the transportation, warehousing, and postal industry, specifically in the multimodal transport and transportation agency sector [1] - The registered address is located at No. 888, Huaihe East Road, Huangzhen Township, Mudan District, Heze City, Shandong Province [1] - The company type is a limited liability company (wholly owned by a legal entity) [1] - The business term is from June 17, 2025, to an indefinite period [1] Business Scope - The business scope includes international freight forwarding, loading and unloading, domestic freight forwarding, international container and general cargo transportation, and various logistics services [1] - The company is also involved in customs declaration, supply chain management, and international shipping agency services [1] - Certain activities require approval from relevant authorities, such as customs-regulated warehousing and hazardous goods transportation [1]

Core Viewpoint - Stablecoins combine digital currency technology with the value stability of traditional currencies, addressing the price volatility of cryptocurrencies while enhancing the cross-border circulation efficiency of fiat currencies [1][2]. Summary by Relevant Sections Advantages of Stablecoins - Stablecoins support 24/7 global cross-border transfers, taking only seconds to minutes, with costs less than 0.1%, compared to traditional bank services which range from 3% to 8% [2]. - They provide value stability, serving as a "measure of value" and "medium of exchange" in the blockchain industry, unlike volatile cryptocurrencies like Bitcoin [2]. Global and Stablecoin Market Outlook - The global stablecoin market is currently valued at nearly $250 billion, with a monthly trading volume of approximately $700 billion, which is close to Visa's global transaction volume [3]. - There are over 100 million wallet addresses, indicating real-world applications such as payments, investment scenarios, and on-chain global settlement networks [3]. - Predictions suggest that by 2030, the global stablecoin market could exceed $1 trillion, with optimistic estimates reaching between $3 trillion to $6 trillion [3]. Hong Kong Stablecoin Market Outlook - Before the stablecoin legislation is passed, the Hong Kong Monetary Authority (HKMA) released a discussion paper on crypto assets and stablecoins in 2022 and plans to launch a stablecoin "sandbox" in 2024, indicating that Hong Kong's entry into the stablecoin market is not late [4]. - The future scale of the Hong Kong dollar stablecoin will depend on application scenarios and demand, as well as regulatory flexibility regarding on-chain investment scenarios and cross-chain interactions [4]. Potential for Renminbi Stablecoin - Policies suggest that Hong Kong could explore the possibility of an offshore Renminbi (CNH) stablecoin, potentially piloted in the region [5]. Comparison of Stablecoin Legislation in the US and Hong Kong - The US regulatory framework covers fiat, commodity, and algorithmic stablecoins, while Hong Kong's framework is limited to fiat-backed stablecoins [6]. - The US emphasizes capital requirements, consumer protection, and systemic risk prevention, with higher entry barriers and a focus on stablecoin payments and value storage [6]. - Hong Kong's legislation is based on the US framework but emphasizes innovation and flexibility, with moderate entry barriers and a broader range of business activities, including DeFi and staking [6]. Stablecoin Application Scenarios - Key application scenarios for stablecoins include cross-border payments and trade, on-chain finance (DeFi), daily payments in emerging markets, and tokenization of real-world assets [8]. Participants in the Stablecoin Industry Chain - The stablecoin industry consists of three main segments: 1. Upstream: Infrastructure, including blockchain networks, custody services, and compliance services [9]. 2. Midstream: Core industry players, including issuers (e.g., Circle, Tether), technology service providers, and liquidity providers [9]. 3. Downstream: Application scenarios, including payment platforms and DeFi protocols [9].

Core Viewpoint - Haitong International has adjusted its revenue forecasts and valuation model for Innovent Biologics (01801), expecting total revenues of 11.86 billion, 14.34 billion, and 18.09 billion RMB for 2025-2027, representing year-on-year growth of 31%, 20%, and 26% respectively [1] Group 1: Financial Performance - The company reported Q1 2025 product revenue exceeding 2.4 billion RMB, a year-on-year increase of 41% and a quarter-on-quarter increase of 13% [2] - The company is expected to turn profitable in 2025, achieving a net profit of 380 million RMB, slightly up from the previous estimate of 370 million RMB [1] Group 2: Product Development and Pipeline - The product portfolio has expanded to 15 commercialized products, with four new drugs launched in 2025: Daberanib (ROS1), Aotinib (EGFRTKI), Jebatuzumab (BTK), and Tizotumab (IGF-1R) [2] - The company anticipates the approval of additional products such as Marsduotide (GCG/GLP-1) and IBI112 (IL-23p19) within 2025, which will support revenue growth [2] Group 3: Revenue Growth Drivers - The growth in revenue is attributed to three main factors: continued growth of mature products like Daberanib (PD-1), rapid volume increase of PCSK9 monoclonal antibodies due to inclusion in the 2024 medical insurance negotiation drug list, and new products like Fluorazepine (KRASG12C), Daberanib (ROS1), and Tizotumab (IGF-1R) contributing to revenue [3] Group 4: R&D and Innovation - The company expects at least five new assets to enter global MRCT before 2030, including PD-1/IL-2α-bias and CDLN18.2ADC [4] - The company has made significant progress in its ADC platform, with IBI3020 being the first dual-load ADC targeting CEACAM5 to complete patient dosing in Phase I clinical trials, showing good anti-tumor activity and manageable safety profiles [4] Group 5: Upcoming Research Catalysts - The company has a rich pipeline of upcoming research catalysts, including updates on PD-1/IL-2 at the ASCO conference and clinical data for various ADCs and other molecules [5]

Core Viewpoint - The report from Haitong International indicates that the potential implementation of pharmaceutical tariffs by the U.S. could impact large pharmaceutical companies, but the overall effect on China's pharmaceutical industry is limited due to the low import proportion from China and the long lead time for new capacity to come online [1][2][3] Group 1: U.S.-China Pharmaceutical Trade - In 2023, the proportion of U.S. imports from China in total pharmaceutical imports is only 1.5%, which is relatively low [2] - The U.S. has maintained a long-term trade surplus in pharmaceuticals with China, which has been expanding [2] - The potential for U.S. pharmaceutical tariffs to be implemented exists, as previous threats from Trump indicated a possible 25% tariff to encourage domestic production [2][3] Group 2: Impact of Tariffs on the Industry - The impact of tariffs on China's pharmaceutical industry is limited, suggesting a focus on domestic substitution, innovative drugs, and consumer demand sectors [2] - The tariffs may accelerate the process of domestic substitution in medical devices and other areas [2] - If tariffs are enacted, large pharmaceutical companies will be the most affected, but the transition of the supply chain back to the U.S. is complicated and costly [3] Group 3: U.S. Pharmaceutical Trade Deficit - The U.S. pharmaceutical trade deficit is projected to reach $118.6 billion in 2024, a 35% increase year-on-year [3] - Ireland, Germany, and Switzerland are the top three sources of pharmaceutical imports to the U.S., with Ireland being the largest due to favorable tax policies [3]

Group 1: Company Overview - Gu Ming is a 4A-level ready-to-drink beverage brand in China, focusing on the consumption upgrade trend among consumers in lower-tier cities, emphasizing fresh, convenient, and cost-effective beverage options [2] - As of the end of 2024, Gu Ming has 9,914 stores across 17 provinces in China, making it the second-largest ready-to-drink tea brand in terms of market share at 9.1% [2] - Gu Ming holds the largest market share of 17.7% in the mass ready-to-drink tea segment in China [2] Group 2: Industry Insights - The ready-to-drink beverage sector is experiencing significant growth, with a compound annual growth rate (CAGR) of 22.5% from 2018 to 2023, outpacing the overall beverage market's CAGR of 9.4% [3] - The sector is expected to maintain a CAGR of 17.6% from 2023 to 2028, again exceeding the overall beverage market's expected CAGR of 10.7% [3] Group 3: Business Strategy and Performance - Gu Ming has adopted a regional expansion strategy, focusing on lower-tier cities while maintaining high-quality existing stores, with an average annual profit of 376,000 yuan per franchise store and a profit margin of 20.2%, significantly above the industry average [4] - The company has built a robust supply chain system to support high-frequency cold chain distribution, ensuring fresh raw materials at stable quality and near-room temperature costs [4] - Gu Ming emphasizes digital automation in store operations, allowing franchisees to focus on improving store performance while keeping pace with mainstream trends in product innovation [4] Group 4: Financial Projections - Gu Ming's projected revenues for 2025, 2026, and 2027 are 10.84 billion yuan, 12.84 billion yuan, and 14.42 billion yuan, respectively, with adjusted net profits of 1.88 billion yuan, 2.19 billion yuan, and 2.38 billion yuan for the same years [1] - Based on its high growth potential and industry leadership, Gu Ming is assigned a target price of 24.2 HKD for 2025, corresponding to a market capitalization of 50.6 billion HKD [1]

Core Viewpoint - The year 2025 is expected to be a strategic adjustment period for Budweiser APAC rather than a harvest period, with short-term performance likely pressured by reform pains and external shocks. Improvements in channel transformation and cost control could lay the foundation for a medium to long-term recovery in the Chinese market share [1] Group 1: Market Performance - In 2024, Budweiser APAC's sales volume in the Chinese market is projected to decline by 11.8% year-on-year, with a ton price decrease of 1.4%, resulting in a market share contraction of 149 basis points compared to the previous year [2] - From 2018 to 2024, the company's sales CAGR in China is -2.6%, while the CAGR for beer production among large-scale enterprises in the country is -1.3%, indicating a downward trend in market share [2] - Despite management's goal to increase market share this year through inventory optimization, family channel expansion, and innovative product launches, reversing the trend is deemed challenging [2] Group 2: Regional Insights - In the Asia-Pacific East region, strong growth is observed in 2024, with sales and ASP increasing by 3.6% and 8.7% respectively, while market share in South Korea expanded by 349 basis points, reaching a ten-year high [3] - Starting in April, the company raised the ex-factory price of beer in South Korea by 2.9% to counter rising import material costs, with other international brewers also implementing price increases [3] - In India, the net revenue from high-end and super high-end products is expected to grow nearly 20% year-on-year, with Budweiser's market share doubling over the past five years, making it one of Budweiser's top four global markets [3] Group 3: Strategic Challenges - The company is undergoing deep adjustments in organizational structure and channel strategy due to new leadership, facing three core challenges: channel transformation pressure, management efficiency improvement, and external environment risks [4] - The nightlife channel is experiencing sluggish growth, while the expansion of dining and family channels requires time [4] - The company has largely hedged its costs for the year, and the new CEO has extensive supply chain operation experience, making the overall cost risk manageable [4]

跨越和德邦对利润的贡献：该行预计，25Q1，跨越的收入增速可达双位数，对公司利润贡献较为稳 定。公司和德邦的业务融合仍在有序推进。 国际业务：公司预计至2025年底海外仓面积将实现超100%的增长，并持续布局国内保税仓、直邮仓， 提升高效的全球供应链服务能力，推动国内和海外商品高效互通。 快递业务：25Q1，该行预计公司的快递业务量增速高于行业水平。快递业务方面，公司将持续加强时 效能力建设，预计2025年将投入更多的一线快递人员，保障高效物流水平。高端时效件利润水平相对较 高，公司也将着重发展该业务板块。 智通财经APP获悉，海通国际发布研报称，预计2025年京东物流(02618)总收入将达到2033亿 元/+11.2%，Non-IFRS净利润率达到4.0%.公司进入稳定盈利阶段后，该行对公司的估值方法由PS法转向 PE法。公司预计将在2025年加大投入，用以拓展客户和提升服务质量，该行认为其合理估值为15X，对 应目标价为19.79港币，维持"优于大市"评级。 报告指，2024年，京东物流总收入为1828亿元，同比增长9.7%。其中，来自外部客户的收入为1278亿 元，同比增长9.6%，占总收入的比例近7 ...

各航司周转量总体较2019年和2024年均上涨，其中吉祥、东航RPK较2019年涨幅较大。根据航班管家 最新数据，1)三大航运营主体中，国航、东航、南航本月(3月31日-4月6日，下同)累计RPK分别为 30/34/37亿公里，较24年同期各+11.6%/+12.7%/+12.3%；较2019年同期各+18.4%/+33.4%/+19.3%；2)吉 祥4月累计RPK为6.0亿公里，较24年同期+3.8%，较2019年同期+49.0%。3)春秋4月累计ASK为9.5亿公 里，较24年同期+12.8%，较2019年同期+42.0%。 各航司前十大航线票价总体较2024年涨跌不一，较2019年总体下降，其中东航、春秋、吉祥预售票价均 同比上升，且较2019价格恢复度较高。根据航班管家最新数据，按购票日票价(预售票价)来看，1)三大 航运营主体中，国航、东航、南航本月均值分别为956/1001/731，较24年同期各-13.7%/+5.8%/-21.0%； 较2019年同期各-29.9%/-0.9%/-23.9%；2)春秋、吉祥本月均值分别为539/689，较24年同期各 +5.3%/+1.1%；较2019年同期各- ...

2. 制造端：2024年三季度海外出口环比二季度整体加速，12月中国/越南纺织服装出口同比延续前一月 正增长，伴随基数逐步回归正常，仍然看好①能在核心客户中持续提升供应商份额；②自身核心客户经 营景气度稳健的优质制造企业；③关税加征情况下，有税负转嫁能力的优质企业，建议关注：华利集 团、九兴控股、申洲国际等。 校对：刘星莹 证券时报网讯，海通国际研报称，1. 品牌端：看好纺织服装四条投资主线：①当前业绩筑底，后市业绩 反弹潜力较大的低估值标的，建议关注：滔搏、新秀丽等；②具有逆市拓店规划，渠道精细化改革，或 积极布局新渠道新业态，建议关注：海澜之家、富安娜等；③全民健身、户外风潮延续，重点关注运动 户外景气赛道，建议关注：特步国际、波司登等；④低估值、高股东回报率标的仍具吸引力，建议关 注：江南布衣等。 ...

Group 1 - The core viewpoint of the article highlights that the company is solidifying its main brand operations and accelerating its layout in niche markets with growth potential [1] - The company is advancing comprehensive retail strategies, optimizing operational efficiency, and consistently providing substantial cash flow and high, stable dividend rates to shareholders [1] Group 2 - The projected net profit attributable to the parent company for FY2025, FY2026, and FY2027 is estimated to be 1.325 billion, 1.800 billion, and 2.152 billion respectively [2] - A price-to-earnings ratio of 12 times is assigned for FY2026, with an initial coverage rating of "outperform the market" [2]