近日，海内外脑机接口概念利好不断。 国内方面，近日在上海召开的第20届亚洲神经肿瘤年会上，复旦大学附属华山医院院长毛颖透露：由华山医院和北京宣武医院牵头的植入式脑机接口临床研 究，已经正式启动患者入组;海外方面，马斯克旗下脑机接口公司Neuralink宣布完成6.5亿美元的E轮融资，估值跃升至90亿美元。 今年3月14日至3月19日，微创脑科学(02172)股价连续4个交易日收涨站上15.24港元高点，创下自2023年5月以来的新纪录。在同一时段内，美股脑再生科技 股价分别在3月17日和18日连续两天分别大涨46.59%和70.81%。而引发此次港美两标的股价大涨的原因在于脑机接口概念的爆发。 此后，微创脑科学和脑再生科技股价相继回落。4月9日，微创脑科学股价回落至最低9.02港元，并由此进入一段近2个月的横盘震荡期。而脑再生科技却由 于美股脑机接口概念持续活跃在今年4月底进入股价"飞升期"。 智通财经APP观察到，脑再生科技股价于4月30日大幅收涨89.87%，然后股价一路上扬，5月30日盘中最高股价达到950美元，一个月内股价累计最高涨幅达 到29.06倍。如果以今年第一次上涨行情前的2月底股价计算，脑再 ...

格隆汇6月4日丨中泽丰(01282.HK)公告，深圳邦凯新能源股份有限公司（公司拥有75.5%权益的附属公 司）与中国银行股份有限公司深圳光明支行于2025年4月17日分别签订人民币2.05亿元及人民币4.2亿元 的银行固定资产借款合同。 于2025年3月，该银行已与公司重大股东马江浩先生及公司管理层于公司香港总部进行会议，双方就邦 凯科技园的发展前景达成一致意见，共同认可公司管理层的经营业绩及邦凯科技园的发展潜力。董事会 认为，订立该等信贷合同对集团有利，原因为其为邦凯科技园建设提供额外融资资源，可增强其现金流 量。 邦凯科技园占地面积114,502平方米，计划总建筑面积约547,850平方米，规划建成集科技研发厂房、总 部基地、商务办公、智慧公寓、休闲商业等为一体的产城综合体，该项目被列入深圳市重大工业项目名 录。项目分三期建设，已建成第一及第二期，共计房产证面积约187,199平方米。计划第三期建设面积 约360,651平方米，公司将进一步加快项目第三期的建设，预计最早于2026年底投入使用。第三期如悉 数出租后，将使集团的经营现金流产生重大的增长。 根据该等信贷合同，该银行同意向深圳邦凯提供该等信贷， ...

Group 1 - Mexico is perceived as not being perfect but also not as bad as it seems, indicating a nuanced view of the country's situation [2] - In the Middle East, e-commerce has become the "new normal," but physical retail stores remain essential to daily life [3] - "博萃循环" has secured several million yuan in Series B financing, targeting the international battery recycling market and operating in over ten countries [4] Group 2 - Shanghai's foreign trade export value reached 629.02 billion yuan in the first four months of the year, showing a year-on-year growth of 13.8% [5] - NIO reported a total revenue of 12.0347 billion yuan (approximately 1.658 billion USD) for Q1, with a year-on-year increase of 21.5% and vehicle deliveries up by 40.1% [6] - Aishida plans to invest up to 150 million yuan in Vietnam for modern cookware, small appliances, and industrial robots, aiming to enhance its global presence [7] Group 3 - TSMC's chairman stated that the company will not establish a factory in the Middle East, despite rumors, and expects revenue growth of 24% to 26% this year [7] - Neuralink completed a $650 million Series E funding round, raising its valuation to $9 billion, with plans to accelerate clinical trials and product development [8]

Core Viewpoint - The successful issuance of the "Zero Carbon Smart Phase II Green Asset-Backed Special Plan (Carbon Neutral)" by Towngas Smart Energy reflects strong market recognition of the company's asset quality and comprehensive energy management capabilities, with a subscription multiple of 2.4 times [3]. Group 1: Financial Details - The issuance scale of the green asset-backed plan is 470 million RMB, with a priority interest rate of 2.2%, marking the second issuance within a 5 billion RMB shelf program [3]. - The renewable energy business segment is expected to see a significant increase in after-tax operating profit, projected to grow by 514% to 479 million HKD in 2024 [3]. Group 2: Business Strategy and Development - The company aims to become a leading green smart energy enterprise by creating a three-dimensional system of "investment + service + platform," which includes investments in distributed solar, energy storage, and value-added services such as smart microgrids and carbon trading [4]. - The funds raised will be directed towards renewable energy projects, specifically in high-quality solar and energy storage initiatives, contributing to the energy transition and carbon neutrality goals [4]. Group 3: Market Position and Future Outlook - As of the end of 2024, the company's photovoltaic grid-connected capacity reached 2.3 GW, positioning it as a leader in the distributed solar industry [3]. - The company has signed over 400 MWh of energy storage contracts in 2024, with expectations for new contracts in 2025 to exceed those of 2024, indicating a strong growth trajectory in the energy storage sector [3].

Overall Performance - The company's performance exceeded expectations with Q1 2025 revenue of 86.6 billion CNY, a year-over-year increase of 18%, surpassing Bloomberg's consensus estimate of 85.4 billion CNY [1] - Adjusted operating profit for Q1 2025 was 11.2 billion CNY, exceeding the consensus estimate of 9.9 billion CNY, with an adjusted operating profit margin of 13.0%, up from 9.5% in Q1 2024 [1] - Adjusted net profit reached 10.9 billion CNY, also above the consensus estimate of 9.7 billion CNY, with an adjusted net profit margin of 12.6%, compared to 10.2% in Q1 2024 [1] Core Local Business - Core local business revenue for Q1 2025 was 64.3 billion CNY, a year-over-year increase of 17.8%, exceeding the consensus estimate of 63.5 billion CNY [1] - Adjusted operating profit for this segment was 13.5 billion CNY, surpassing the consensus estimate of 12.2 billion CNY, with an operating profit margin of 21%, reflecting a year-over-year increase of 3.2 percentage points [1] Delivery Business - The delivery segment is expected to see high single-digit growth in order volume, with improved user engagement and frequency of purchases [1] - The company plans to invest 100 billion CNY over the next three years to promote high-quality development in the industry [1] Flash Purchase - Flash purchase orders are projected to grow approximately 30% year-over-year in Q1 2025, with over 500 million transaction users and a 60% increase in non-food orders [2] - The segment is expected to achieve profitability in Q1 2025 due to effective brand advertising and operational efficiencies [2] In-store Travel and Accommodation - The in-store travel and accommodation segment saw a GTV growth of over 30% year-over-year in Q1 2025 [3] - Revenue growth is expected to lag behind GTV growth due to advertising impacts and lower penetration in lower-tier cities [3] New Business - New business revenue reached 22.2 billion CNY in Q1 2025, a year-over-year increase of 19%, aligning with Bloomberg's consensus estimate [4] - The company is actively expanding overseas, with plans to invest 1 billion USD in Brazil over the next five years [4] Valuation and Forecast - The company has adjusted its earnings per share forecasts for 2025-2027 to 6.04, 7.20, and 8.09 CNY respectively, down from previous estimates [4] - The company maintains a target price of 172.90 HKD, with a reasonable valuation of 1,056.4 billion HKD [4]

Core Insights - Meituan achieved operating revenue of 86.6 billion yuan in Q1 2025, a year-on-year increase of 18% [1] - Adjusted net profit reached 10.9 billion yuan, up 46% year-on-year, with an adjusted net profit margin of 13%, an increase of 3 percentage points [1] - The core local business generated revenue of 64.3 billion yuan, also up 18% year-on-year, with an operating profit of 13.5 billion yuan, reflecting a 39% increase [1] Local Business Performance - The restaurant delivery, flash purchase, and in-store travel businesses saw revenue growth of 14%, 33%, and 19% respectively [1] - The average order value (AOV) continued to decline at a reduced rate, while the take rate for restaurant delivery increased due to growth in delivery and advertising revenue [1] - The company plans to increase subsidies in Q2 2025 to address competition, with projected order volume growth of 9% and revenue growth of 5% [1] Flash Purchase Business - Flash purchase order volume grew by 30% year-on-year, with a record high profit margin [2] - Revenue from flash purchase commissions and advertising increased by approximately 33% [2] - The company is expanding its instant delivery network in various product categories and plans to increase subsidies during the 618 shopping festival [2] In-store Business - The in-store travel business's gross transaction value (GTV) grew by 33%, with revenue increasing by 21% year-on-year [3] - The company is focusing on expanding in lower-tier cities and enhancing its membership program to increase transaction frequency [3] - Future membership benefits will cover more categories, aiming to strengthen Meituan's position as a preferred platform for consumers [3] New Business Developments - New business revenue grew by 19% to 22.2 billion yuan, although operating losses increased to 2.3 billion yuan [3] - The company is actively expanding its overseas delivery services, particularly in Saudi Arabia and plans to enter the Brazilian market with a commitment of 1 billion USD over five years [3] Investment Outlook - The company maintains an "outperform the market" rating, with adjusted net profit estimates of 44.7 billion, 58.7 billion, and 71.8 billion yuan for 2025-2027 [4] - Despite increased competition, the company's operational capabilities and compliance improvements are expected to support long-term growth [4] - The valuation is considered attractive compared to the Hang Seng Technology sector, with potential for upward catalysts from dynamic competition [4]

Core Viewpoint - Meituan's Q1 2025 revenue reached 86.6 billion yuan, showing an 18% year-over-year increase, slightly exceeding Bloomberg consensus expectations [1] - Adjusted EBITDA was 12.3 billion yuan, up 52% year-over-year, and adjusted net profit was 10.9 billion yuan, a 46% increase, significantly surpassing Bloomberg consensus [1] Revenue Breakdown - Core local business revenue for Q1 2025 was 64.3 billion yuan, also an 18% year-over-year increase, exceeding Bloomberg expectations [1] - New business revenue amounted to 22.2 billion yuan, a 19% year-over-year increase, with an operating loss of 2.3 billion yuan, which was higher than Bloomberg's expectations [1] Business Operations - In the food delivery sector, Meituan enhanced operational efficiency to increase user engagement and purchase frequency, while innovating to empower both supply and demand sides [1] - The launch of differentiated products like "Pin Hao Fan" and "Shen Qiang Shou" aims to meet diverse consumer needs, while the brand satellite store model helps chain merchants reduce costs and improve efficiency [2] Instant Retail Growth - Meituan's instant retail brand "Meituan Flash Purchase" was officially launched, achieving significant growth across various consumer categories [2] - Flash Purchase's transaction volume nearly tripled in May compared to the previous year, with a doubling of sales on the first day of the "618" shopping festival in smaller cities [3] International Expansion - Keeta, a subsidiary, is expanding internationally, having established itself as a leading food delivery service in Hong Kong and covering all major cities in Saudi Arabia, with plans to enter the Brazilian market with a $1 billion investment over five years [3] Future Projections - Revenue projections for Meituan from 2025 to 2027 are estimated at 386.3 billion, 454.3 billion, and 526.7 billion yuan, with growth rates of 14%, 18%, and 16% respectively [3] - Adjusted net profit forecasts for the same period are 38.4 billion, 49.9 billion, and 60.8 billion yuan, with growth rates of -12%, 30%, and 22% respectively [3]

山高控股积极推动旗下绿色能源与数据中心产业协同发展。2024 年3 月15 日乌兰察布市人民政府与世 纪互联和山高控股三方合作的绿色算力项目签约仪式在乌兰察布成功举办。根据协议，乌兰察布市人民 政府与世纪互联和山高控股三方以共同推进直流驱动的绿色电力与智能算力深度融合重大示范项目开发 建设为契机，结合各自优势，在算力中心、源网荷储一体化、绿色直流、虚拟电厂、新型电力系统等 SPEAR 能源科技创新工程等领域全面合作，实现电力网和算力网的有效融合，推动国家"东数西算"战 略深入实施。项目总投资约210 亿元，建设内容包括智算中心及配套新能源源网荷储一体化项目，打造 绿色直流驱动的集群化算力电力融合重大示范，同时联合清华大学和相关能源智库共同建设电粒世界 （乌兰察布）节点产学研联合实验室。2024 年10 月23 日，世纪互联申报源网荷储一体化项目并成功获 批。依托乌兰察布丰富的风能、太阳能资源，项目构建"源（新能源发电）—网（绿色专线）—荷（数 据中心综合节能技术）—储（储能系统）"一体化运行模式。同时，项目自主研发算力、电力智慧协同 系统，可以有效匹配数据中心用电负荷和新能源发电，大幅提升新能源消纳水平、降低 ...

机构：华源证券 研究员：孙延/刘晓宁/王惠武/曾智星 事件：安能物流发布2025 年一季度业绩公告，实现收入约25.87 亿元，同比+8.8%，经调整净利润约 2.42 亿元，同比+15.9%。 毛利率相对稳定，增值服务毛利进一步提升。2025 年一季度公司实现毛利润4.10亿元，同比+7.11%， 对应毛利率为15.8%，同比-0.26pct。毛利润增长主因：1）货运总量、总票数和收入的增长；2）公司持 续优化货运合作商生态体系以及货重结构，致使迷你小票与小票零担货量与票数显著增长，令单位增值 服务毛利润增长至142 元，同比+6.0%。 盈利预测与评级：全网快运持续增长，加盟网络进入加速整合期。公司为加盟制全网零担快运龙头，战 略转型下公司盈利改善明显，规模效应释放下单位毛利仍有改善空间，长期来看加盟商生态优化推动业 务量增长，服务提价及效率改善有望推动单位毛利上行，看好公司长期发展空间。我们预计公司2025- 2027 年归母净利润分别为9.5/10.5/12.5 亿元，对应PE 分别为9.3x/8.4x/7.1x，维持"买入"评级。 风险提示。1）宏观经济波动导致运量增速不及预期；2）燃料价格上升导致 ...

Group 1 - Nvidia has regained its position as the world's most valuable company, surpassing Microsoft and Apple, with a market capitalization of $3.45 trillion as of June 3, 2023 [1] - Cartier has reported a data breach affecting customer information, marking the second incident in May following a similar breach at Dior [1] - Atour Group has faced hygiene issues, with a reported 3.1% decline in occupancy rates in Q1 2025, following a scandal involving hospital-branded pillowcases [1] Group 2 - Pop Mart has seen its stock price surge from HKD 19.8 to HKD 233.2, a more than tenfold increase, with a market capitalization exceeding HKD 300 billion as of May 27, 2024 [2] - The company's revenue for Q1 2025 is projected to grow by 165%-170%, with overseas revenue increasing by 475%-480%, indicating strong market demand [2] Group 3 - The aging population in China is driving significant growth in the elderly nutrition market, which is expected to evolve from basic needs to more specialized health management solutions [3] - Despite the growth potential, there are unmet needs and challenges in the market, such as high prices and lack of product standards, which hinder access for elderly consumers [3]