Core Viewpoint - The article highlights the transformation of Beizhuang Village in Hebei Province, emphasizing the importance of unity and collective effort in achieving prosperity and development, as well as the historical significance of the song "Unity is Strength" in the village's culture and identity [1][2][3][5]. Group 1: Historical Context - The village has a rich history of unity during challenging times, such as the Japanese invasion, where many villagers participated in resistance efforts, forming various support groups [2]. - After the establishment of New China, the song "Unity is Strength" became a rallying cry for the villagers as they faced the challenges of relocation and agricultural development [3]. Group 2: Economic Development - The collective income of the village has significantly increased from over 60,000 yuan to more than 1 million yuan, showcasing the economic growth and improved living standards [1]. - The village achieved poverty alleviation in 2016, with residents enjoying modern amenities such as running water and electrified kitchens, indicating a substantial improvement in quality of life [5]. Group 3: Community Engagement - The villagers actively participated in community projects, such as building roads for agricultural development, demonstrating a strong sense of cooperation and shared goals [3]. - Cultural events, including the annual Spring Festival celebration where "Unity is Strength" is sung, foster community spirit and pride among the villagers [5].

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [2][37]. Core Insights - The pharmaceutical and biotechnology sector saw an overall increase of 2.21% in the week from May 26 to May 30, ranking second among 31 industries in the Shenwan index and outperforming the CSI 300 index by 3.29 percentage points. Year-to-date, the sector has risen by 6.61%, ranking sixth among the 31 industries and outperforming the CSI 300 index by 9.02 percentage points [4][13][15]. - The current PE valuation for the pharmaceutical and biotechnology sector is 27.98 times, which is at the historical median level, with a valuation premium of 137% compared to the CSI 300 index. The top three sub-sectors in terms of growth are chemical pharmaceuticals, biological products, and medical services, with increases of 3.83%, 3.14%, and 2.46% respectively [4][22][15]. - A total of 373 stocks (77.9%) in the sector rose last week, while 97 stocks (20.3%) declined. The top five gainers were Shuyou Shen (60.41%), Huason Pharmaceutical (41.97%), Changshan Pharmaceutical (35.91%), Huana Pharmaceutical (32.62%), and Yifang Biological (30.51%) [4][27]. Market Performance - The pharmaceutical and biotechnology sector's performance is highlighted by the approval of 11 innovative drugs by the National Medical Products Administration (NMPA) on May 29, which enhances treatment options for patients and showcases the increasing innovation capability of China's pharmaceutical industry [5][29]. - The 2025 American Society of Clinical Oncology (ASCO) annual meeting showcased several domestic innovative drug projects, indicating that local companies are gaining international recognition for their innovative capabilities [5][32]. Investment Recommendations - The report suggests focusing on the innovative drug sector as it is the most certain and leading sub-sector within the pharmaceutical and biotechnology industry. Additionally, it recommends exploring investment opportunities in medical devices, traditional Chinese medicine, chain pharmacies, and medical services [6][35]. - Recommended stocks include Beida Pharmaceutical, Te Bao Biological, Qianhong Pharmaceutical, Ling Rui Pharmaceutical, and Lao Bai Xing. Stocks to watch include Kelong Pharmaceutical, Rongchang Biological, Kaili Medical, Huaxia Eye Hospital, and Baipu Sais [6][35].

Group 1 - The article emphasizes the importance of grassroots governance and the need for local officials to engage with community members to address their concerns and improve service delivery [1][2] - It highlights the shift in the relationship between the party and the people, moving from requiring citizens to take action to providing services and support to the community [1][3] - The narrative showcases successful community meetings where residents actively participate in discussions about local infrastructure improvements, such as road repairs, demonstrating effective communication between officials and citizens [2][3] Group 2 - The article discusses the transformation of government services in Chongqing's Liangjiang New Area, where officials proactively reach out to businesses to provide assistance, enhancing efficiency and service quality [4][5] - It illustrates the positive feedback from entrepreneurs who have experienced improved service delivery, highlighting the shift from a reactive to a proactive approach in government interactions [4][5] - The narrative emphasizes the ongoing reforms aimed at streamlining administrative processes and making it easier for citizens and businesses to access services [5] Group 3 - The article recounts a citizen's initiative in Shanghai that led to the modification of a tunnel to accommodate non-motorized vehicles, showcasing the impact of public suggestions on urban planning [7][9] - It underscores the role of local government in responding to citizen feedback and implementing changes that enhance urban mobility and accessibility [8][9] - The narrative reflects a broader trend of integrating citizen input into governance, with officials actively seeking and valuing public suggestions as a means to improve city management [9]

Core Viewpoint - The article discusses the challenges and responsibilities of creating biographical dramas, particularly focusing on the series "I Am Zhang Side," highlighting the importance of historical accuracy in storytelling [1][5][9]. Group 1: Director's Background and Works - Director Cheng Lidong, born in 1968, has a diverse background in the film industry, serving as a producer, screenwriter, director, and actor, with a solid educational foundation from Zhejiang Media College [1]. - Cheng has directed several historical and costume dramas, including "The Investiture of the Gods" and the 2010 version of "Journey to the West," showcasing his unique artistic vision [3]. Group 2: Historical Context and Accuracy - The series is set in 1933 in Sichuan, a period marked by turmoil and hardship, which raises questions about the historical accuracy of the depicted food items, such as cornmeal and fine wheat noodles, that seem inconsistent with the reality of that time [5][7]. - The article highlights a significant earthquake in 1933 that devastated the region, emphasizing the need for creators to respect historical facts while crafting their narratives [7]. Group 3: Reflection on Artistic Responsibility - The article calls for a balance between artistic expression and historical truth, urging creators to take responsibility for accurately representing history in their works [9]. - It expresses hope for future productions to better connect history with art, ensuring that they reflect the essence of life and contribute to cultural heritage [9].

Group 1 - Experts' opinions are considered important references for policy-making in China's modernization process, but not all suggestions withstand scrutiny and some may lead to serious consequences [1] - Zhang Weiying, a prominent economist, proposed the abolition of minimum wage standards in 2019, arguing that market forces should determine wages to reduce costs for businesses and increase employment opportunities [5][27] - This suggestion sparked intense debate, with critics arguing it overlooks the basic rights of workers and could lead to significant wage reductions, impacting their livelihoods [17][27] Group 2 - Lang Xianping advocated for a fairer income distribution system in 2020, highlighting China's high Gini coefficient of 0.47, which exceeds the international warning line of 0.4 [19] - He suggested policy adjustments, such as increasing taxes on high-income groups and subsidizing low-income earners, but this could undermine market incentives and innovation [19][29] - The average income distribution could lead to inefficiencies, as seen in historical examples like the Soviet Union's planned economy [21] Group 3 - He Weifang called for the abolition of the death penalty in 2021, emphasizing the sanctity of life and the irreversible risks of judicial errors [11][21] - His views faced criticism for being out of touch with public sentiment, as over 70% of respondents in a 2019 survey believed the death penalty deters serious crimes [23][31] - The Chinese government has maintained the death penalty, citing its role in crime deterrence and public safety [23][31] Group 4 - Han Han proposed reforms to the college entrance examination system in 2022, advocating for a shift towards quality education and personalized development for students [13][25] - His suggestions received mixed reactions, with concerns that abolishing the exam could exacerbate educational inequality, particularly for rural students [25][29] - The current examination system is viewed as one of the fairest selection mechanisms, providing opportunities for students from various backgrounds [25] Group 5 - Wang Xiaobo's idea of direct democracy, suggesting the elimination of representative systems, has been debated posthumously, with scholars noting the impracticality in a populous nation like China [27][33] - The Chinese government continues to uphold a representative system, emphasizing efficiency in responding to social needs [33] - The discussions surrounding these experts' suggestions highlight the need for policies that consider China's complex realities, balancing theoretical ideals with practical implications [33][35]

事件： 1）公司发布2024年年报，实现营业收入、归母净利润、扣非归母净利润分别为223.58/5.19/4.96亿元，同 比-0.36%/-44.13%/-41.18%。经营活动产生的现金流量净额为20.26亿元，同比-25.77%；EPS（基本）0.68 元。业绩符合市场预期。 2）公司发布利润分配预案，拟向全体股东每10股派发现金股利0.8元（含税），不送红股，不以资本公积 转增股本，2024年度（含中期分红）的股利支付率为60.15%。 3）公司发布2025年一季报，实现营业收入、归母净利润、扣非归母净利润分别为54.35/2.51/2.43亿元，同 比-1.88%/-21.98%/-21.59%。经营活动产生的现金流量净额为8.04亿元，同比+92.84%；EPS（基本）0.33 元。业绩符合市场预期。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大 ...

点击注册小程序 查看完整报告 特别申明： 您可点击今日推送内容的第2条查看 【联想集团（0992.HK）】FY2025净利润稳健增长，ISG业务连续2个季度实现税前盈利——FY2025业绩点评 报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【房地产】地产持仓低配明显，持续关注优质标的——光大地产板块及重点公司跟踪报告 截至2025年一季度末，公募基金持有房地产业股票组合（证监会行业）总市值约548.4亿元，占净值比例 约0.17%，占股票投资市值比例约0.79%，相对于标准行业配置比例低配约0.49个百分点。 （何缅南） 2025-05-27 您可点击今日推送内容的第1条查看 【贝壳-W（2423.HK）】从交易走向居住——投资价值分析报告 贝壳前身是2001年成立的北京链家，2008年链家开始打造行 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is exploring a second growth curve through diversified strategies and deep integration of digital intelligence systems [1][9] - The company has faced short-term performance pressure due to multiple factors, but the Torch project has improved gross margins [6] - The company is focusing on expanding its store network and optimizing its layout, with steady growth in its franchise business [7] Financial Performance Summary - For the year 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 22.36 billion, 519 million, and 496 million yuan respectively, showing a year-on-year change of -0.36%, -44.13%, and -41.18% [5] - The company announced a profit distribution plan, proposing a cash dividend of 0.8 yuan per 10 shares [5] - In Q1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 5.43 billion, 251 million, and 243 million yuan respectively, with year-on-year changes of -1.88%, -21.98%, and -21.59% [5] Operational Insights - The company has increased its store count to 15,277 by the end of 2024, with a focus on expanding in 11 key provinces [7] - The company has optimized its store layout by closing underperforming stores and increasing the proportion of franchise operations [7] - The company is enhancing its digital intelligence system to improve operational efficiency and cost optimization [8] Growth Projections - The company is expected to achieve long-term stable growth driven by its franchise business and the Torch project, which has effectively improved gross margins [9] - The revenue forecast for 2025 is set at 23.81 billion yuan, with a growth rate of 6.50% [10] - The net profit forecast for 2025 is 702 million yuan, reflecting a growth rate of 35.29% compared to 2024 [10] Valuation Metrics - The current price corresponds to a P/E ratio of 20 for 2025, 17 for 2026, and 15 for 2027 [9] - The company’s estimated P/B ratio is projected to be 2.0 in 2025, 1.9 in 2026, and 1.8 in 2027 [10]

Core Viewpoint - The revised "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" aims to reduce fiscal waste and allocate more funds for public welfare, ensuring that citizens can lead better lives [1][5]. Group 1: Impact on Government Spending - The regulations tighten control over "three public consumptions," including restrictions on high-end meals and alcohol during official events, and encourage online meetings to reduce costs [1][2]. - Despite concerns about reduced business opportunities for vendors, the overall fiscal expenditure remains stable and is directed towards education, healthcare, and major projects, potentially increasing business for these sectors [2][3]. - The government has been gradually implementing these measures over the past decade, with the current regulations formalizing existing practices rather than introducing new restrictions [1][4]. Group 2: Fiscal Policy and Budget Allocation - National public budget expenditures are projected to grow steadily, with increases of 2.8%, 0.3%, 6.1%, 5.4%, and 3.6% from 2020 to 2024, indicating a commitment to public welfare despite economic challenges [2][3]. - The central government's budget for 2025 includes approximately 479.3 billion yuan for salaries and benefits, reflecting an 8% increase from the previous year, ensuring that essential public service salaries are not affected by spending cuts [3][4]. Group 3: Governance and Accountability - The new regulations emphasize the importance of preventing waste due to poor decision-making by government officials, aiming to eliminate ineffective projects that drain public resources [5]. - The regulations also call for optimizing government investment strategies and enhancing management throughout the investment lifecycle to ensure sustainable fiscal practices [5].

Group 1 - The core idea emphasizes the importance of a practical approach in addressing people's needs, highlighting that policies must be effective and grounded in reality [1][2][3] - The concept of "practicality" is linked to the responsibility of ensuring commitments are fulfilled and addressing urgent public concerns with a sense of urgency [3] - The article discusses the necessity of a methodical approach to social issues, advocating for precise and tailored solutions to meet diverse community needs [2][3] Group 2 - The article illustrates the significance of understanding and connecting with the public to identify their real needs, as demonstrated by various local initiatives [1][2] - It stresses the need for a problem-oriented approach in policy-making, where public grievances serve as the basis for reform efforts [2] - The narrative underscores the continuous nature of improving living standards, advocating for persistent efforts rather than one-time solutions [3]