泡泡玛特(09992.HK)跌超5%，股价回落至250港元下方，成交额超29亿港元。Labubu3.0首次开启线上预 售，黄牛回收价格腰斩。 ...

Core Insights - Haidilao has recently gained attention in the working community by launching a self-service lunch option, offering meals priced around 20 yuan, which includes various dishes and beverages, appealing to office workers [1][4][8] - The company is expanding its business model beyond traditional hotpot offerings, creating a new consumption map that includes various meal options for different times and settings [1][3][10] Business Strategy - The introduction of the self-service lunch is a strategic move to activate underutilized resources during off-peak hours, as lunch remains a low-traffic period for the company [3][11] - Haidilao's diversification efforts include launching new brands and meal options, such as boxed meals and children's menus, to cater to a broader audience and different dining scenarios [8][10][22] Market Context - The overall restaurant industry in China is experiencing slower growth, with Haidilao's revenue growth declining to single digits in 2024, indicating a shift in the competitive landscape [11][12][13] - The hotpot industry is facing intense competition, with many brands engaging in price wars, leading to a decrease in profit margins and an increase in store closures [16][17][18] Financial Performance - Haidilao reported a revenue of 427.55 billion yuan in 2024, with a modest growth of 3.1%, and a net profit of 47 billion yuan, reflecting a slowdown compared to previous years [11][12] - The company's average table turnover rate has improved to 4.1 times per day, but the average customer spending has decreased below 100 yuan, highlighting the impact of price sensitivity among consumers [14][15] Consumer Perception - The introduction of affordable meal options has altered consumer perceptions of Haidilao, with some viewing it as a value-driven choice while others question the brand's premium positioning [7][8] - The success of the self-service lunch and other new offerings will be crucial in determining Haidilao's ability to adapt to changing consumer preferences and market conditions [21][22]

恒生科技指数跌幅扩大至1%。同程旅行跌近6%，携程跌超3%。 ...

港股科网股下跌，京东(09618.HK)、快手(01024.HK)跌超3%，哔哩哔哩(09626.HK)跌2.5%，美团 (03690.HK)跌2.3%，腾讯控股(00700.HK)跌超2%。 ...

Summary of ETF Fund Flows Core Insights - On June 18, 2025, a total of 214 ETFs experienced net inflows, while 370 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - Notably, 30 ETFs had net inflows exceeding 100 million yuan, with significant inflows observed in credit bond ETFs [1][3] - Conversely, 15 ETFs had net outflows exceeding 100 million yuan, with the Silver Hua Daily ETF leading the outflows [1][5] Inflow Analysis - The top five ETFs with the highest net inflows included: - Credit Bond ETF Fund (511200.SH): 292.16 million yuan - Credit Bond ETF Guangfa (159397.SZ): 139.61 million yuan - Credit Bond ETF (511190.SH): 56.06 million yuan - Government Financial Bond ETF (511520.SH): 55.90 million yuan - Ten-Year Government Bond ETF (511260.SH): 51.15 million yuan [3][5] - A total of 131 ETFs have seen continuous net inflows, with the Hong Kong Stock Connect Dividend ETF leading with 36 days of inflows totaling 77.95 million yuan [7] Outflow Analysis - The top five ETFs with the highest net outflows included: - Silver Hua Daily ETF (511880.SH): 1076.73 million yuan - CSI A500 ETF Leader (563800.SH): 21.83 million yuan - A500 ETF Yifangda (159361.SZ): 25.69 million yuan - Money Market ETF Jianxin Tianyi (511660.SH): 255.81 million yuan - Short-term Bond ETF (511360.SH): 23.43 million yuan [5][8] - A total of 185 ETFs have experienced continuous net outflows, with the Hong Kong Stock Connect Consumer ETF leading with 31 days of outflows totaling 37.3 million yuan [7] Recent Trends - Over the past five days, 71 ETFs have seen cumulative net inflows exceeding 100 million yuan, with the Credit Bond ETF Fund leading at 594.6 million yuan [8] - Conversely, 61 ETFs have experienced cumulative net outflows exceeding 100 million yuan, with the Silver Hua Daily ETF leading at 202.1 million yuan [8]

恒指跌1%，恒生科技指数跌0.9%，创新药股走低，石药集团(01093.HK)跌3.6%。 ...

6月10日，HLX43用于治疗晚期非小细胞肺癌(NSCLC)的国际多中心2期临床研究于中国境内完成首例患 者给药，这是复星再次迈出向潜在"全球首创"和"同类最佳"领域探索的关键一步，而HLX43也有望成为 复星领跑实体瘤治疗领域的重磅单品，不仅在国内市场，更因其作用机制具备冲击全球市场的潜力。 除了常见的癌症领域外，复星医药还在罕见病(芦沃美替尼片)、重症疟疾(青蒿琥酯)、慢病等多个领域 亦有布局，致力于填补治疗空白，并与产业基金合作布局核药、RNA、基因治疗、AI药物研发等前沿 技术。 其中，"差异化+国际化"的研发策略，已能在复星自主研发的创新药抗PD-1单抗汉斯状(斯鲁利单抗注射 液)的身上看到成功经验：身处极度"内卷"的PD-1赛道，聚焦差异化的分子作用机制，以及小细胞肺癌 这一适应症上未被满足的临床需求，成就了汉斯状全球首个获批一线治疗广泛期小细胞肺癌(ES-SCLC) 的抗PD-1单抗，其也是首个且唯一在欧盟获批上市用于ES-SCLC治疗的抗PD-1单抗。 更为重磅的是，复宏汉霖HLX43瞄准了下一代肿瘤免疫治疗高地。据了解，HLX43是一款靶向PD-L1的 抗体偶联药物(ADC)。ADC技术因其 ...

6月18日，"全球高端家庭护理第一股"圣贝拉启动招股，至23日结束。 公开资料显示，圣贝拉本次计划全球发售9542.0万股股份，其中香港发售954.20万股股份，国际发售 8587.8万股股份，每股发售价为6.58港元，预计募资6.28亿港元。 智通财经APP注意到，在本次发行中，圣贝拉共引入7位基石投资者，包括GIMM、华夏基金（香港）、 JKKB、SS Morgan、敏睿、吴启楠先生及汪牵擎女士，累计认购4944.3万股股份，共计认购认购4146万 美元。 | | | | | 假設發售量調整極未獲行使 | | | | 假設發售最調整極積過數行使 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 佔緊蘭全球發售完成後 | | | | 佔緊屬全球發 悟完成後 | | | | | | 佔發售最份變數的 | | 已發行股份總數的 | | 佔發售股份塑數的 | | 已發行最份 總數的 | | | | | | 题约 百分比 | | ■到百分比 | | 题约百分比 | | 题约百分比 | | | | ...

天安财险的主要违法违规行为包括公司治理报告与实际情况不符，部分拟任高级管理人员未经任职资格许可即履职，违规通过信托、存款、理财、股权基金 投资向关联方输送利益，未按照规定使用经批准的保险条款、保险费率，向监管部门提供虚假报告、报表、文件和资料等。 近期，国家金融监管总局发布的行政处罚信息显示，天安人寿、天安财险被吊销业务许可证，多名原高管被罚终身禁止进入保险业。 | 序 | 当事人 | 机构 | 主要违法违规行为 | 行政处罚内容 | 作出决定 | | --- | --- | --- | --- | --- | --- | | 를 | 名称 | 地址 | | 依据《保险法》等相关规定， 对天安财险吊销业务许可证。 | 机关 | | | | | 公司治理报告与实际 情况不符,部分拟任 | 对郭予丰、赵兴桐、高焕利、 张祥祯、马淑伟、奚星华、王 浩、洪伟、李先旺、王霞、邵 | | | | | | 高级管理人员未经任 | | | | | | 上海市 | | 鲁扉、刘培旭、英晓峰、林金 | | | | | | 职资格许可即履职, | | | | | 天安财产 | 浦东新 | | 太、孙兆轩、戴相钧等责任人 | | | ...

倍数级提效，赋能品牌矩阵式成长 6月18日，颖通控股发布公告启动招股，公司拟全球发售3.33亿股股份，招股日期为6月18日至6月23 日，其计划于6月26日在港交所主板挂牌上市，股份代号为06883.HK，法国巴黎银行、中信证券为其联 席保荐人。 作为中国香水第一股，颖通足够有稀缺性。这种稀缺性体现在，业内很难找到第二家对标公司，"我经 常说结果是最好的论证。"颖通控股CEO林荆表示，"其实在市场发展最初，比颖通大的企业不是没有， 它们或因为跟不上市场变化或因为法规不完善等原因而逐渐式微，乍一看或许是偶然所致，但其实也说 明颖通的护城河构建的足够坚固。" 任何一家公司在上市之前，几乎都要面临来自外界的质疑，颖通也不例外。站在资本市场的门口，围绕 在颖通身上的不止香气，也有诸多审视的目光。招股书显示，前五大客户在近三个财年间收入占比分别 为21.9%、19.5%及24.9%，但与外界担忧的"依赖品牌"不同，林荆笑言，"很有信心地说，今天品牌对 我们的依赖多于我们对它的依赖。" 颖通控股CEO林荆 颖通的成长路径，代表着一种全新商业模式的建立——它不是简单的分销，而是以中国市场需求为核 心，反向推动国际品牌本地化 ...