当前市场在没有利空的情况下就容易上涨，两地市场均强势上行，港股今天跳空涨1.33%。 昨日诟病大金融不给力，今天就卷土重来，首当其冲是保险类，市场判断二季度普通型人身险产品预定 利率研究值或低于2.25%。7月初已有公司及时跟进市场利率变化，结合自身经营情况调整产品定价， 部分公司将于8月底完成新旧产品切换。这导致保险负债成本缓释：助推险企提高权益配置占比，支撑 超长债收益率下行。另外，监管层对保险业的考核标准也进行了调整，意味着保险公司可以更灵活的配 置非银行类的资产，从而不断提升收益率。今天中国人寿(02628)、中国太保(02601)等均涨超5%。 而证券股的催化则来自于稳定币，当地时间7月17日，美国国会众议院以308票赞成、122票反对的结果 通过了《指导与建立美国稳定币国家创新法案》，旨在对加密货币监管进行重大立法改革。该法案将提 交美国总统特朗普，预计将由特朗普签署成为法律。这意味着美国稳定币正式开启运营，全球最大稳定 币发行商Tether Holdings SA的首席执行官Paolo Ardoino日前宣布，该公司发行的USDT—全球最大的稳 定币—市值首次超过1600亿美元，并指出这是一个" ...

Group 1: Market Performance - The Hong Kong stock market indices collectively rebounded, with the Hang Seng Index rising by 1.33%, the Hang Seng China Enterprises Index increasing by 1.51%, and the Hang Seng Tech Index gaining 1.65% [1] - The SaaS sector saw significant gains, with companies like Huilyang Technology rising by 15.56%, Yika by 10.11%, and Kingdee International by 7.27% [1] - The stablecoin concept also surged, highlighted by Yaocai Securities rising by 16.93% and Huajian Medical increasing by 20.41% following the U.S. House of Representatives passing a bill to establish a legal framework for stablecoins [1] Group 2: Sector Performance - Gold and non-ferrous metal stocks experienced a broad increase, with Lingbao Gold rising by 6.24% and China Molybdenum by 3.96% as spot gold prices rose above $3340 per ounce [2] - Major financial sectors, including Chinese brokerage and insurance stocks, also saw gains, with Xingsheng International up by 7.41% and China Life by 5.13% [2] Group 3: Automotive and Related Sectors - The automotive sector, including lithium battery and Tesla-related stocks, showed strong performance, with Tianqi Lithium rising by 5.82% and NIO increasing by 4.62% [3] - Other consumer sectors such as film, tobacco, and food stocks also performed well, with companies like Simoer International rising by 4.99% [3] Group 4: Declining Sectors - Sectors such as cosmetics, aviation, and luxury goods saw declines, with China Eastern Airlines dropping by 2.72% [3] - Notably, Chuangmeng Tiandi experienced a significant drop of 30.12%, despite expectations of turning a profit in the first half of the year [3]

Group 1: Hong Kong Stocks - Oriental Selection (01797) surged over 14% with the upcoming launch of a second sanitary napkin product, indicating growth potential in self-operated products [1] - AI application stocks rose in early trading, with Kingsoft Cloud (03896) and Innovation Works (02121) both up over 11%, and other companies like Kintor Pharmaceutical (01860) and Kingdee International (00268) also showing gains [1] - Yao Cai Securities (01428) increased over 8% as Ant Group actively develops stablecoins in Hong Kong, enhancing the prospects for Yao Cai's virtual asset business [1] - Meitu (01357) saw a rise of over 7% during trading, with institutions optimistic about the company's performance potential due to AI Agent product validation [1] - Jinli Permanent Magnet (06680) initially rose over 8%, with a projected net profit increase of up to 180% year-on-year for the first half of the year, as institutions reassess the value of rare earth strategic metals [1] - NIO-SW (09866) increased over 4% as the pre-sale price of the L90 model exceeded expectations, with Morgan Stanley forecasting monthly sales to surpass 5,000 units [1] - Guoquan (02517) rose over 11% following an earnings forecast, expecting a net profit of approximately 180 million to 210 million yuan for the first half of the year, a year-on-year increase of about 111%-146% [1][2] Group 2: US Stocks - PepsiCo (PEP.US) rose 7.45% after Q2 earnings exceeded expectations, with EPS at $2.12, surpassing the forecast of $2.03, and revenue growing 1.0% year-on-year to $22.73 billion [3] - Lucid (LCID.US) soared 36.24% as it announced a partnership with Uber to launch a self-driving taxi fleet [3] - Abbott (ABT.US) fell over 8% due to Q3 guidance falling short of expectations and a downward revision of the annual profit forecast [3] - AI application software stocks saw gains, with Unity Software (U.US) rising over 12% at one point, and other companies like SoundHound AI (SOUN.US) and AppLovin (APP.US) also increasing [3] - Taiwan Semiconductor Manufacturing Company (TSM.US) rose 3.38%, achieving a record high with Q2 EPS of $2.47, exceeding the forecast of $2.39, and revenue growing 44.4% year-on-year to $30.07 billion [4] - Oracle (ORCL.US) increased 3.09%, reaching a new high as it announced a $3 billion investment in AI and cloud infrastructure in Germany and the Netherlands over the next five years [4] - BigBear.ai Holdings (BBAI.US) rose 15.45% ahead of its earnings report, with expectations of a loss of $0.07 per share but revenue projected to reach $40.99 million, a year-on-year increase of 3.04% [4] Group 3: Drone and Streaming Stocks - Drone-related stocks strengthened, with Palladyne AI (PDYN.US) rising 31.4% and Joby Aviation (JOBY.US) increasing 8.51% amid U.S. Department of Commerce investigations into drone systems and key solar materials [5] - Netflix (NFLX.US) saw a slight decline of over 2% after reporting Q2 revenue of $11.079 billion, slightly above the forecast, but underperformed in the APAC and LATAM regions [5]

同时，预计2025年上半年经营活动现金流净流入介于0.3亿元至0.6亿元之间，去年同期为0.34亿元，公 司经营现金流稳定。 7月17日，创梦天地发布正面盈利预告。截至记者发稿，创梦天地早盘股价涨超28%。 创梦天地预计2025年上半年，净利润介于0.2亿元至0.5亿元之间，去年同期则为净亏损约人民币1.09亿 元。净利润扭亏为盈主要得益于集团自研产品和新产品的上线带来本集团利润率的提升。 正如公司管理层所言，创梦天地在做两件事情，一个是海外精品游戏的引入，一个是自研游戏走向全 球。数据显示，2024年《地铁跑酷》多渠道稳居热门榜前十，版本付费率提升40%，达到近5年新高； 《梦幻花园》ARPU同比提升超过10%，创下历史新高。新上线的游戏中，《机甲战队》去年国服营收 累计达到亮眼表现，在全球机甲射击类游戏的营收排名中位列前五；《传奇商店》国服版的营收也远超 海外同期水平。 不过，2025年要扭亏为盈，《卡拉彼丘》被创梦天地寄予厚望。今年2月，创梦天地从腾讯手中收回了 《卡拉彼丘》的发行权，实现了研发与运营的一体化。作为该公司首款自研的多端游戏产品，多端运营 能力成为其一大挑战。 在2024年业绩说明会上，创 ...

点评：腾讯代理的《星痕共鸣》正式开服，这款基于万代南梦宫《蓝色协议》IP的二次元MMO游戏， 或为国内二次元游戏市场注入新活力。腾讯在二次元赛道的持续布局，可能强化其在该细分领域的竞争 优势。 NO.2任天堂新作《咚奇刚：蕉力全开》正式发售 ｜ 2025年7月18日星期五 ｜ NO.1腾讯《星痕共鸣》正式开服 7月17日，由腾讯代理发行的二次元MMO（大型多人同时在线游戏）《星痕共鸣》正式开服。该游戏为 日本游戏厂商万代南宫梦旗下《蓝色协议》IP（具有商业价值的创意内容或品牌）的衍生游戏，基于原 作世界观展开。游戏于今年1月拿到版号，而万代南梦宫的《蓝色协议》已于今年1月18日停服。 7月17日，任天堂新作《咚奇刚：蕉力全开》正式发售。在游戏评分平台Metacritic上，87家媒体给出的 均分为91分，其中全球知名游戏娱乐媒体IGN给出了满分的评分。该游戏是一款3D平台游戏，支持双人 游玩，作为Switch 2的独占作品发售。价格方面，eShop港区数字版为449港币（约合人民币411元）。 点评：任天堂新作《咚奇刚：蕉力全开》发售并拿下媒体高分评价，作为Switch 2独占作品，可能强化 任天堂在主机游戏 ...

重大事项： 狮腾控股(02562)与中国邮政香港联手扩张连接中国与东南亚的人工智能驱动数码商贸平台与贸易生态 系统 恒瑞医药(01276)：SHR-8068 注射液获批开展临床试验 远大医药(00512)：治疗干眼症的全球首创鼻喷产品OC-01正式获批后在中国大陆实现首批商业化处方落 地 华润医药(03320)拟斥资2.45亿参设10亿元成都医药创新基金 中国电力(02380)拟斥资约3.1亿元收购托里发电31%股权 协鑫科技(03800)拟就RWA的全球发行与太保资管香港达成战略合作 高视医疗(02407)：角膜接触帽获得中国医疗器械注册证 泰格医药(03347)拟3411万美元出售礼新医药3.41%股权 经营业绩： 大唐发电(00991)上半年累计完成上网电量约1239.934亿千瓦时 同比上升约1.30% 友谊时光(06820)预计中期收益同比增长约14.1%至23.6% 九兴控股(01836)上半年收入同比增加约0.7%至7.75亿美元 兖矿能源(01171)上半年商品煤产量7360万吨 同比增长6.54% 北京能源国际(00686)：京能发展与兴业国际信托订立信托合约 中国新经济投资(00080)获 ...

Group 1 - Tencent's game "Code Name: Cookie Man" has officially started testing recruitment, with expectations to launch testing in mid to late July 2025. The recruitment requires players to have experience in action or card games [1] - If "Code Name: Cookie Man" proves the viability of its "cute + strategic competition" gameplay during testing, it could become a new flagship for Tencent in the casual gaming sector, potentially leading to a reevaluation of the entire casual competitive market by capital [1] - The success of this game could increase attention on similar products from smaller developers, while also highlighting Tencent's resource integration capabilities in the agency publishing sector [1] Group 2 - Hero Game's "Double Helix" has concluded its third test, which began on June 12, 2025, and provided a detailed summary and optimization plan. This test was a limited, paid, and deleted test covering both PC and mobile platforms [2] - The focus on optimizing player experience in the summary is crucial for enhancing player satisfaction and retention rates. A balanced difficulty, convenient controls, and engaging storylines could lead to a stable active user base, which is vital for revenue growth [2] - A stable active user base indicates higher payment potential, which is essential for Hero Game's financial performance [2] Group 3 - Chuangmeng Tiandi's highly anticipated mobile game "Kara Bichu" has announced its long corridor test starting on July 10, 2025, and lasting until July 19, 2025. This test is a limited paid deletion test and is only open to Android platforms [3] - If the long corridor test receives positive player feedback and attracts a large number of participants, it could enhance market expectations for the future commercialization prospects of "Kara Bichu" [3] - Good performance in testing may draw more investor attention to Chuangmeng Tiandi and provide growth potential for revenue after the official game launch, boosting investor confidence in the company's future performance [3]

Group 1 - The National Press and Publication Administration issued 130 domestic game approvals in May 2025, with a notable increase in monthly approvals, reaching a new high this month [1][3] - Among the approved domestic games, 76 are mobile games, 54 are mobile-casual puzzle games, 6 are client games, and 1 is for the PS5 console, with some games receiving multiple platform approvals [1][5] - A total of 610 domestic game approvals have been issued this year, indicating a continuous upward trend in the approval rate [1][3] Group 2 - The number of imported game approvals has shifted from bi-monthly to monthly, with a consistent increase in the number of approvals each month [3] - In the latest batch of imported game approvals, 14 mobile games were granted licenses, with some receiving approvals for multiple platforms [1][5] - Notable titles among the newly approved games include Tencent's "Secret Realm Knife Boy," Perfect World's "Different Ring," and NetEase's "Fate: Stars" [5][15]

Core Viewpoint - Company Dreamland Technology (创梦天地) successfully raised approximately HKD 72 million by placing around 100 million shares at HKD 0.72 per share, with funds primarily allocated for the global multi-platform development and release of its self-developed game "Kara Bichu" [1][2] Group 1: Financing and Development - The funds raised will accelerate the development and launch of the mobile and console versions of "Kara Bichu," aiming for a global release by the second half of 2025 [1][2] - The company has a strong focus on its gaming business, continuously introducing overseas premium games while actively advancing its self-developed games [1][2] - The financing is expected to inject strong momentum into the company's performance in the second half of the year, coinciding with a period of intensive product launches [1][2] Group 2: Market Position and Growth - Dreamland Technology has been operating in the overseas premium game distribution sector for 15 years, successfully managing long-lifecycle products like "Subway Surfers" and "Garden of Dreams" [1] - The company plans to release 2-3 overseas premium games annually in China, with several titles, including "Chong Chong Qibing" and "He Le Ge Hua Yuan," set to launch in the second half of 2025 [1] - The release of "Kara Bichu" on PC in November 2024 has validated its core competitiveness and user engagement, with a 50% increase in daily active users (DAU) following the introduction of a new gameplay mode [2] Group 3: Investor Confidence - The successful placement reflects market recognition of Dreamland Technology's long-term value and provides funding assurance for R&D and new product launches in the second half of the year [2] - The management believes that the multi-platform launch of "Kara Bichu" and the concentrated release of overseas premium games will likely lead to an accelerated performance release, further solidifying the company's global competitiveness [2]

Financial Performance - Total revenue for 2024 was RMB 1,513,644 thousand, a decrease of 21.0% compared to 2023[9] - Gross profit for 2024 was RMB 426,789 thousand, representing a gross margin of 28.2%[9] - The company reported a loss before tax of RMB 574,117 thousand for 2024, compared to a loss of RMB 470,357 thousand in 2023[9] - The company reported a revenue of RMB 1,513,644 thousand for the year ended December 31, 2024, a decrease of 21% compared to RMB 1,916,473 thousand in 2023[23] - Gross profit for the same period was RMB 426,789 thousand, down from RMB 673,461 thousand, reflecting a decline in gross margin[23] - The operating loss increased to RMB 345,360 thousand in 2024 from RMB 175,291 thousand in 2023, indicating a worsening operational performance[23] - The company reported a net loss from continuing operations of RMB 544,604 thousand for the year ended December 31, 2024, compared to a loss of RMB 456,830 thousand in 2023[23] - Annual loss increased from RMB 456.8 million in 2023 to RMB 544.6 million in 2024, with adjusted annual loss for 2024 at RMB 30.3 million compared to adjusted profit of RMB 139.6 million in 2023[38] - EBITDA for 2024 was RMB (406,921) thousand, compared to RMB (78,497) thousand in 2023, indicating a worsening operational performance[43] - Adjusted EBITDA for 2024 was RMB 56,368 thousand, down from RMB 308,773 thousand in 2023, reflecting a decline in profitability[43] Assets and Liabilities - The total assets decreased to RMB 3,590,220 thousand in 2024 from RMB 3,707,673 thousand in 2023[10] - The total liabilities increased to RMB 2,134,852 thousand in 2024, up from RMB 1,964,446 thousand in 2023[10] - Total borrowings rose to approximately RMB 1,070.1 million in 2024, up from RMB 966.4 million in 2023, indicating increased leverage[44] - Current ratio decreased to 0.90 in 2024 from 1.07 in 2023, suggesting a decline in short-term financial health[45] - Debt ratio increased to 59.5% in 2024 from 53.0% in 2023, indicating a higher proportion of debt relative to total assets[45] Revenue Breakdown - Game revenue, which constitutes 96.2% of total revenue, fell by 21.3% from RMB 1,849.1 million in 2023 to RMB 1,455.9 million in 2024, primarily due to a significant shift in revenue structure[25] - Information services revenue decreased from RMB 61.8 million in 2023 to RMB 49.5 million in 2024, attributed to a strategic reduction in in-app advertising to enhance user experience[27] - Total cost of revenue for the year ended December 31, 2024, was RMB 1,086.9 million, a decrease of 12.6% from RMB 1,243.0 million in 2023, but the cost as a percentage of revenue increased from 64.9% to 71.8%[28] Game Development and Launches - The company successfully launched the global version of the PC game "Kara Bichu" in 2024, enhancing its self-developed game portfolio[12] - "Subway Surfers" maintained a top ten position in revenue rankings, with in-game payment rates increasing by 40% to a five-year high[13] - "Mecha Squad" achieved a cumulative global revenue of USD 1 billion, ranking among the top five in the mech shooting game category in 2024[13] - The newly launched "Legendary Store" in December 2024 exceeded revenue expectations compared to its overseas counterparts, validating the company's innovative model[13] - The average payment amount of daily active users for "Dream Garden" increased by over 10% year-on-year, reaching a historical high[13] - Daily active users for the game "Kara Bichu" increased by 42% following the collaboration with the popular Japanese IP, leading to a 5% rise in user online duration[14] - The international version of "Kara Bichu" launched on November 22, 2024, quickly topped the Steam platform's "New Releases" and "Top Free Games" charts within 2 hours[15] - The company plans to launch a new casual gameplay mode on March 25, 2025, with a goal of enhancing game reputation and user engagement[15] Cost Management - Sales and marketing expenses decreased by 14.8% from RMB 230.6 million in 2023 to RMB 196.5 million in 2024, due to improved customer acquisition efficiency[29] - Research and development expenses decreased from RMB 240.0 million in 2023 to RMB 165.2 million in 2024, with the percentage of revenue dropping from 12.5% to 10.9%[31] - Impairment losses on intangible assets decreased by 56.9% from RMB 23.2 million in 2023 to RMB 10.0 million in 2024[32] - Net impairment losses on financial assets were RMB 185.7 million in 2024, down from RMB 232.3 million in 2023, influenced by economic conditions affecting customer payment capabilities[33] Shareholder and Equity Information - The company has a total of 1,689,850,345 shares issued as of December 31, 2024[88] - Executive director Chen Xiangyu holds 27,947,600 shares directly, representing approximately 1.65% of the company's equity[88] - Chen Xiangyu also has an interest in 239,154,722 shares through a controlled corporation, accounting for about 14.15% of the company's equity[88] - The company has a total of 86,270,450 restricted share units available under the pre-IPO restricted share unit plan, representing 5.18% of the total shares issued[101] - During the year ending December 31, 2024, a total of 5,664,953 restricted share units were vested to employees, while 397,238 units remained unvested[104] Corporate Governance and Compliance - The company has confirmed the independence of its independent non-executive directors according to the listing rules[77] - The company has no directors with interests in any competing businesses that could affect its operations[85] - The company has a commitment to high standards of corporate governance, as detailed in its annual report[177] - The auditor for the reporting period is PwC, which has audited the financial statements prepared in accordance with International Financial Reporting Standards[179] - The company has not changed its auditor in the past three years, indicating stability in its financial oversight[180] Social Responsibility and Community Engagement - The company provided a total of RMB 99,000 in donations to support students in need through the "Walk Together" charity project, engaging 1,870 participants[169] - The company actively participated in social responsibility initiatives, including planting 1,100 trees valued at nearly RMB 400,000 as part of the "Green Guangdong" campaign[168] Employee Information - Total employee count increased to 852 as of December 31, 2024, up from 797 in the previous year[69] - Total salary expenses (excluding share-based payments) for the year ended December 31, 2024, were RMB 189 million, a decrease of 11.50% compared to the previous year[69] - The company has implemented various social security plans and housing provident fund contributions for employees in China, with contributions calculated as a percentage of basic salary[176] - The company provides targeted training programs for employees, including customer service and compliance management training, to enhance professional skills[176] Related Party Transactions - Tencent is a major shareholder and has ongoing business collaborations with the company, including multiple continuous related party transaction agreements[136] - The independent non-executive directors and auditors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[151] - The company has not engaged in any non-exempt related party transactions during the reporting period[135] Future Plans and Strategies - The company aims to expand its global market presence by launching mobile and console versions of its games in 2025[15] - The agreements are part of a strategy to leverage Tencent's extensive product offerings to enhance the company's digital entertainment products and marketing efforts[144]