Group 1 - The core viewpoint of the report is that Guangfa Securities is optimistic about the differentiated biopharmaceutical platform of CStone Pharmaceuticals-B (09966) and the development potential of its ADC drugs, which have shown preliminary clinical efficacy [1] - The company was established in 2015 and focuses on the development, production, and commercialization of innovative anti-tumor biologics, with a highly differentiated internal pipeline covering anti-tumor drugs at various research stages [1] - The first product, KN035 (Envafolimab injection), was launched in November 2021, marking the company's entry into the commercialization phase [1] Group 2 - CStone Pharmaceuticals has developed several globally leading biopharmaceutical technology platforms, including glycoengineered conjugation platform, linker payload platform, bispecific antibody platform, and subcutaneous high-concentration formulation platform, which have differentiated therapeutic advantages [1] - The glycoengineered conjugation platform reduces the production cost of ADC drugs while effectively minimizing toxin release in the circulatory system, enhancing drug safety [1] - Products developed based on this platform, JSKN003 and JSKN016, have entered clinical stages, and the company has upgraded the dual payload technology platform with corresponding products expected to enter clinical trials [1] Group 3 - The HER2 bispecific antibody KN026 is undergoing registration clinical studies for second-line gastric cancer, first-line breast cancer, and neoadjuvant therapy, with a promising path to market [2] - The HER2 bispecific ADC JSKN003 is in phase III clinical trials for breast cancer and platinum-resistant ovarian cancer, demonstrating competitive efficacy in early clinical studies [2] - The HER3/TROP2 bispecific ADC JSKN016 has initiated clinical trials for lung cancer and breast cancer, indicating a broad potential market, while new generation ADCs like JSKN021 (dual payload) and JSKN022 are expected to advance to clinical stages quickly [2]

Group 1 - The core viewpoint of the report is that Beike-W (02423) is expected to achieve adjusted net profit of 7.7 billion yuan and 10.3 billion yuan in 2025 and 2026, representing year-on-year growth of 6% and 34% respectively, with a target price of 59.32 HKD/share and 22.86 USD/share based on a 26x PE ratio for 2025 [1] - Beike's stock-based compensation (SBC) for 2024 is projected to be 2.7 billion yuan, accounting for 38% of the adjusted net profit of 7.2 billion yuan, with a gradual decrease in SBC expected in the following years [1][3] - The core management team received a significant incentive in 2022, resulting in 3.6 billion yuan of deferred expenses to be amortized over five years, which has led to higher reported compensation figures [2] Group 2 - Beike's SBC is expected to decrease to 1.94 billion yuan, 1.78 billion yuan, and 1.47 billion yuan in 2025, 2026, and 2027 respectively, indicating a trend of declining stock-based compensation [3] - When comparing Beike to other internet platforms like JD.com, Meituan, and Tencent, Beike has a lower proportion of employee incentive value relative to adjusted net profit, demonstrating better control over stock-based compensation [4] - Beike has provided a total shareholder return rate of 5.5%, which is significantly higher than its peers, indicating a strong commitment to returning value to shareholders during its growth phase [4]

Group 1 - The core viewpoint of the article is that coal prices are expected to be close to their annual low due to a combination of demand and supply factors, particularly as the summer consumption peak approaches [1] - The report highlights a potential decline in supply, especially from regions like Xinjiang and Indonesia, which may further support the expectation of lower coal prices [1]

Group 1: Market Performance and Economic Talks - The Hang Seng Index opened high and rose by 0.84%, indicating a positive market response to recent economic talks between China and the US [1] - Chinese and US representatives had professional and in-depth discussions, reaching a framework agreement on trade, although no joint statement was issued [1] - China agreed to issue temporary export licenses for rare earths to US car manufacturers, while the US plans to relax export restrictions on certain technologies [1] Group 2: Rare Earth and Automotive Industry - The relaxation of rare earth export controls has led to a significant increase in overseas rare earth prices, benefiting domestic manufacturers like China Rare Earth [2] - The automotive industry is seeing improvements as multiple manufacturers standardize payment terms to suppliers to 60 days, which is expected to enhance cash flow for parts suppliers [2] - Companies like Jingdong Fangjing Electric have seen stock prices rise over 5% due to these positive changes in the automotive supply chain [2] Group 3: Solar Energy and Technology - The SNEC PV & ES International Solar Energy and Storage Exhibition is anticipated to stimulate the solar industry, with stocks like New Special Energy and GCL-Poly Energy rising significantly [3] - The Chinese government has proposed allowing companies listed in Hong Kong to also list on the Shenzhen Stock Exchange, which could enhance financing and valuation for tech firms in the Greater Bay Area [3] - Companies like Youjia Innovation, which focuses on autonomous driving solutions, have seen stock prices surge over 21% due to this favorable regulatory environment [3] Group 4: Gaming Industry - The Zhejiang Provincial Government has introduced measures to support the international expansion of gaming companies, which is expected to boost the sector [4] - Chinese self-developed games generated approximately $6.4 billion in overseas sales from January to April 2024, reflecting a year-on-year increase of over 15% [4] - Stocks like Bilibili and NetDragon have experienced significant price increases due to these developments in the gaming industry [4] Group 5: Tesla and Autonomous Driving - Tesla's stock has rebounded significantly, driven by positive expectations for its Robotaxi service in Austin, Texas, with weekly orders increasing by 400% year-on-year [5] - Related companies like Zhixing Technology and Youjia Innovation have also seen stock price increases due to their involvement in autonomous driving technologies [5] Group 6: Pork Industry - The Chinese government is set to auction 10,000 tons of frozen pork as part of its reserve strategy, which is expected to support pork prices amid supply concerns [6] - Companies like Dekang Agriculture have seen stock prices rise over 15% due to these favorable conditions in the pork market [6] Group 7: Energy Storage Technology - CATL announced the mass production of a new 587Ah energy storage cell, which boasts the highest energy density in its class at 434Wh/L [7] - This innovation is expected to enhance CATL's performance and drive growth in the energy storage sector, especially with increasing demand for lithium materials [7] Group 8: Travel Industry - Tongcheng Travel reported a 13.2% year-on-year increase in total revenue for Q1 2025, driven by strong performance in its core OTA business [8] - The company has formed a strategic partnership with Baiwang to enhance its service offerings in the accommodation sector [8] - Following the high school graduation season, there has been a surge in travel bookings, indicating strong domestic demand [9]

东吴证券表示，"汇金系"券商的股权调整有望推动证券行业新一轮并购，可关注证券行业同一实控人下 行政化并购与市场化并购主线，重点关注以下两方面：一是同属同一实控人的证券机构；二是后续市场 化并购可能性较高的证券公司。因此，接下来券商互金板块值得期待。 民生证券称，年初以来政策定调积极，降准降息有望呵护流动性，中长期资金持续入市提振市场信心， 2025年市场交投热度或持续高位，主要股票与债券指数有望延续向好趋势，业绩修复与并购重组或仍是 行业主线。建议关注业绩修复阶段在多业务条线具备龙头优势的优质券商标的。 消息上，中央汇金新晋多家券商实控人，市场并购预期再起。6月6日，证监会核准中央汇金投资有限责 任公司成为长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公司、东兴基金管理有 限公司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责任公司、信达期货有限 公司实际控制人。 对此，中航证券认为，目前监管明确鼓励行业内整合，在政策推动证券行业高质量发展的趋势下，并购 重组是券商实现外延式发展的有效手段，券商并购重组对提升行业整体竞争力、优化资源配置以及促进 市场健康发展具有积极作用，同时行业 ...

港股中资券商股盘中强势，光大证券(06178.HK)涨超9%，弘业期货(03678.HK)涨超8%，广发证券 (01776.HK)涨超6%，中金公司(03908.HK)、招商证券(06099.HK)、华泰证券(06886.HK)均涨超5%。 ...

智通财经APP获悉，6月10日，中共中央办公厅、国务院办公厅发布关于深入推进深圳综合改革试点深 化改革创新扩大开放的意见。其中提出，支持科技型企业信贷融资协同发展，深化绿色金融改革，并首 次明确粤港澳大湾区企业实现深港双重上市路径。随着中办、国办明确支持粤港澳大湾区企业"深港双 重上市"，未来将有更多科技企业寻求"A+H"架构，港股上市券商将直接受益于IPO承销、交易佣金及跨 境金融服务需求增长。相关标的：中金公司（03908）、中信证券（06030）、华泰证券（06886）、广 发证券（01776）。 近年来中企出海加速，出于上市成本考虑，A股企业赴港股市场二次上市才是当前的主流模式， 即"A+H"模式。泽浩资本合伙人曹刚表示，一是两地上市的成本比较高，二是A股上市标准更为严苛， 尤其是对于红筹架构的企业。不过，相比于港股来说，A股估值更高，流动性也更强，只是融资需要审 批，没有港股便利。 作为大湾区内地引擎的广东，在积极推动合作与深度融合方面，为三地协同发展奠定坚实基础。在今年 5月的"2025清华五道口全球金融论坛"上，深圳市委金融委员会办公室常务副主任时卫干重点谈及了深 圳市地方金融局未来的4个重点工 ...

Group 1 - The core viewpoint emphasizes the need for global asset allocation strategies centered around three main factors: de-globalization, debt cycles, and AI industry trends [1][2] - The proposed investment strategy is a "global barbell strategy," which includes stable assets on one end and high-yield, high-volatility assets on the other [1][2] - The current global economic uncertainty necessitates a focus on asymmetric pricing opportunities within various asset classes [2][3] Group 2 - The analysis indicates that the U.S. trade policy is unlikely to reverse the three underlying logics of the new investment paradigm, potentially increasing global political and economic uncertainty [2] - The recommendation includes a focus on defensive sectors in response to potential U.S. economic recession risks, alongside the necessity of gold as a sovereign credit asset [3] - The domestic market is currently in a debt contraction phase, transitioning from "passive leverage" to "active deleveraging," suggesting that domestic interest rate bonds hold long-term investment value [4] Group 3 - The "barbell strategy" is also applicable to strategic asset allocation in China, with a continued positive outlook on interest rate bonds and a focus on dividend assets and AI technology [4] - The AI sector, particularly represented by the "Tech Seven Sisters" in the U.S. market, has shown strong performance, but significant investment risks are present this year [4] - Recommended sectors include resilient dividend assets such as utilities, telecommunications, and banking, as well as industries benefiting from the AI trend, particularly those in the infrastructure to downstream application transition [4]

证券代码：524303 证券简称：25 广发 D7 广发证券股份有限公司 2025 年面向专业投资者公开发行短期公司债券（第五期） 票面利率公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值余额不超过人民币 300 亿元（含）的短期公司债券已获得中国证券监督管理委 员会"证监许可〔2025〕818 号"文同意注册。根据《广发证券股份有限公司 2025 年面向专业投资者公开发行短期公司债券（第五期）发行公告》，广发证券股份 有限公司 2025 年面向专业投资者公开发行短期公司债券（第五期）（以下简称"本 期债券"）发行规模不超过 30 亿元（含），发行价格为每张 100 元，采取网下面 向专业机构投资者询价配售的方式发行。本期债券的债券简称为"25 广发 D7"， 债券代码为"524303"。 发行人：广发证券股份有限公司 年 月 日 （本页无正文，为《广发证券股份有限公司 2025 年面向专业投资者公开发行短 期公司债券（第五期）票面利率公告》之盖章页） 牵头主承销商、簿记管理人：华泰联 ...

关于延长广发证券股份有限公司 2025 年面向专业投资者公开发行短期公司债券（第五期） 簿记建档时间的公告 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行 面值余额不超过人民币 300 亿元（含）的短期公司债券已获得中国证券监督管 理委员会"证监许可〔2025〕818 号"文同意注册。 根据《广发证券股份有限公司 2025 年面向专业投资者公开发行短期公司 债券（第五期）发行公告》，发行人及簿记管理人原定于 2025 年 6 月 10 日 14:00 至 17:00 以簿记建档的方式向网下专业机构投资者进行利率询价，并根据簿记 建档结果在预设的利率区间内确定本期债券的最终票面利率。 考虑到簿记建档当日市场情况，经发行人、簿记管理人及其他簿记参与方 协商一致，现将簿记建档结束时间由 2025 年 6 月 10 日 17:00 延长至 2025 年 6 月 10 日 19:00。 特此公告。 （以下无正文） 业投资者公开发行短期公司债券（第五期）簿记建档时间的公告》 之盖章页） 发行人：广发证券股份有限公司 年 月 日 （此页无正文，为《关于延长广发证券股份有限公司 2025 年面向专 业投资者 ...