8月3日，绿叶制药集团宣布，其自主研发的1类创新药LY03021在中国开展的I期临床研究已完成首例受 试者入组。LY03021为去甲肾上腺素转运体（NET）/多巴胺转运体（DAT）抑制剂、γ-氨基丁酸A受体 正向变构调节剂，拟用于治疗抑郁症。 ...

Core Insights - The LABUBU phenomenon has become a significant cultural symbol, contributing to Pop Mart's market capitalization exceeding HKD 300 billion, marking a new high since its IPO [1] - The Pop Mart City Park in Beijing has seen a surge in popularity, especially during the summer, attracting a diverse range of visitors [1] - The park features various interactive activities, including a stamp collection game, which has become a popular attraction among visitors [1] Group 1 - The park's merchandise offerings are diverse, with LABUBU-themed products being particularly popular among visitors [1] - The IP-themed dining options within the park, such as LABUBU-shaped waffles and creative ice creams, have also become a consumer hotspot [2] - The Pop Mart City Park, opened in September 2023, covers approximately 40,000 square meters, making it a lightweight urban theme park compared to larger competitors [2] Group 2 - The park is undergoing redesign and renovation, with two-thirds of the area being upgraded, yet visitor enthusiasm remains high [2] - Ticket prices have been adjusted, with weekday tickets reduced from 150 yuan to 88 yuan, and peak day tickets from 180 yuan to 118 yuan, which has been perceived as good value by visitors [2] - Pop Mart aims to continuously introduce new IP scenes and interactive projects, enhancing the emotional connection between fans and IPs while exploring broader development opportunities in the industry [3]

格隆汇8月4日丨中国来骑哦(08039.HK)发布公告，李华江先生获委任为独立非执行董事，自2025年8月1 日生效。 ...

昂立康的医药业务主要包括化学原料药、化学制剂和药用辅料业务。该公司生产的特色中间体业务主要以高纯度植物源胆固醇及其衍生产品为核心，涵盖 下游植物源维生素D3、植物源25-羟基维生素D3等系列产品。 今年6月份以来，昂立康股价呈现显著上行走势，期间多次实现连续涨停，累计最大涨幅达到360%。 3日晚间昂立康补充提示，公司第一期员工持股计划持有公司股份433.11万股，占公司目前总股本比例为2.15%。2025年4月30日，公司披露了《关于第一 期员工持股计划存续期即将届满的提示性公告》，公司第一期员工持股计划存续期将于2025年11月2日到期，员工持股计划管理委员会已获得持有人会议 的授权，存续期届满前，员工持股计划管理委员会将择机出售股票，存在减持的可能性。截至2025年8月1日，公司第一期员工持股计划尚未出售，出售时 间、出售数量和出售价格具有不确定性，公司特别提醒广大投资者理性决策，注意投资风险。 股价连续两个交易日涨停后，昂立康（002940）再度公告提示风险。 8月3日晚间该公司披露股票交易异常波动公告显示，公司股票连续2个交易日（2025年7月31日、2025年8月1日）收盘价格涨幅偏离值累计超过2 ...

格隆汇8月4日丨吉星新能源(03395.HK)发布公告，于2025年7月25日，根据日期为2024年7月24日的可换 股债务协议，按一般授权配发及发行6254.89万股新股。 ...

理想i8发布会上，与重卡对撞性能测试的视频引起舆论哗然。7月31日，视频中的被撞方，东风柳汽发布声明称，该行为"已构成严重侵权，并超过 正常商业竞争范畴"，公司保留追究法律责任的权利。8月3日晚间，理想汽车回应：公司无意、也没有对其做出质量方面的引导性评价。 8月3日晚间，理想汽车发布《关于理想i8安全性碰撞测试的说明》称，本次测试参照普通公路高频发生的交通事故情形制定测试要求，委托中国汽 研执行。中国汽研作为国资央企、国家一类科研院所，是中国汽车行业产品开发、试验研究、质量检测的重要平台。理想汽车高度认可中国汽研的 专业能力和测试公正性，坚信其碰撞测试的数据和结果具有科学权威性。本次测试目的只是为了验证和提升理想i8的被动安全性能，并非针对其他 任何品牌进行产品质量评价，测试结果也不应被解读为对其他品牌产品质量的论断。 理想汽车称，测试所用东风柳汽乘龙品牌二手卡车仅作为移动式壁障物，公司无意、也没有对其做出质量方面的引导性评价。对于测试过程导致东 风柳汽乘龙品牌被意外卷入舆情争议，实属无心之举。针对网络中因对测试目的和过程不了解而出现的误解和片面解读，理想汽车希望通过此次声 明还原事实，为行业健康交流提供更 ...

"今天吃了什么？""现在什么季节？"在重庆市涪陵区一家医院，2名专业评估人员耐心询问付爷爷的生 活细节。79岁的付爷爷患有多种疾病，长期卧床。阳光人寿工作人员在现场全程记录，并把评估结果上 传，经专家评审认定失能标准后，老人即可获得每月1077元的护理补贴，减轻家庭照护负担。 这是重庆医保部门与阳光人寿"合署办公"模式的工作日常。据了解，自2024年3月起，重庆市长期护理 保险待遇享受范围得到扩展，中度失能人员也被纳入待遇享受范围。阳光人寿重庆分公司涪陵合署办充 分利用综合经办窗口和27个乡镇街道服务网点，加大政策宣传与服务指导力度，让更多失能家庭知晓、 接受、享受长护险。"从申请受理、失能评估到待遇支付，我们不断提升全流程服务便利度，让政策红 利精准直达需要帮助的家庭。"阳光人寿重庆分公司负责人贾穷介绍。 保险服务社会民生的同时，企业也在加大服务实体经济力度，助小微企业增强发展活力。浙江台州，从 事建材生意的陈先生最近松了口气。通过阳光信保的投标保证险，他用1000元保费替代了20万元的投标 保证金。"以前参加大项目投标，总要承担大额保证金压力。现在释放出的资金可以多进两车货，周转 灵活多了。"针对中小企业 ...

Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, amidst challenges related to supply capacity and the rise of counterfeit goods in the market [1][9]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in customer traffic at Pop Mart stores, particularly among students, leading to increased spending by parents [2]. - LABUBU products are not available for direct purchase in stores; instead, customers must participate in online flash sales, which have proven to be highly competitive and difficult to navigate [2][3]. - The combination of high market demand and limited online purchasing opportunities has led to the emergence of scalpers, who quickly buy up stock and resell it at a premium [3][4]. Group 2: Counterfeit Goods and Market Challenges - The proliferation of counterfeit products has become a significant issue, with some sellers openly advertising fake items, while others create convincing replicas that are sold at high prices [6][8]. - Pop Mart has faced challenges in combating counterfeit goods due to the vast number of third-party sales channels and the rapid emergence of unauthorized sellers [8]. - The company has issued warnings about the risks associated with purchasing from unofficial channels, emphasizing the difficulty in verifying product authenticity [8]. Group 3: Financial Performance and Market Outlook - Pop Mart's strong sales performance has led to a dramatic increase in revenue and profit forecasts, with expected revenue growth of at least 200% and net profit growth of at least 350% for the first half of 2025 [9]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization that briefly surpassed 380 billion HKD [9]. - Analysts remain optimistic about Pop Mart's long-term growth potential, citing its robust retail business model and competitive advantages in the market [9][11].

Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, which has led to significant supply challenges and the emergence of a secondary market driven by scalpers and counterfeit goods [2][3][4][5]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in foot traffic at Pop Mart stores, particularly among students, with parents willing to spend significantly on trendy toys [3]. - LABUBU products are not directly available for purchase in stores; instead, customers must participate in online flash sales, which have proven extremely competitive, often selling out in seconds [3][4]. - The combination of high demand and limited online availability has facilitated the rise of scalpers, who quickly buy up stock and resell it at a premium [4][5]. Group 2: Scalper and Counterfeit Issues - The scalper market has become a significant issue, with dedicated groups on social media facilitating the rapid resale of Pop Mart products, often within minutes of restocking [4][5]. - A new gray market has emerged, where individuals charge fees for real-time restock notifications, exploiting the high demand for limited-edition items [4]. - Counterfeit products have proliferated, with some sellers openly advertising fake items at lower prices, while others misrepresent counterfeit goods as authentic [6][8]. Group 3: Company Performance and Valuation - Pop Mart's strong sales performance has led to explosive growth in revenue and profit, with a projected revenue increase of at least 200% and net profit growth of at least 350% for the first half of 2025 [10]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization exceeding 380 billion HKD [10]. - Analysts remain optimistic about Pop Mart's long-term prospects, citing its robust retail business model and competitive advantages in the market [10][12]. Group 4: Future Challenges and Opportunities - Despite the positive outlook, the volatility of Pop Mart's stock price is a concern, driven by the unpredictable nature of popular IP products and their limited lifecycles [11]. - The company is seen as a potential leader in the global IP market, with opportunities to enhance its content production capabilities and expand its brand internationally [11]. - Ongoing efforts to combat counterfeit goods and improve consumer trust are critical for maintaining brand integrity and market position [6][8].

机构：中金公司 研究员：陈彦/刘嘉忱 1H25 业绩略低于我们预期 资本开支边际下降，分红率稳定。公司1H25 资本开支同比-81%至10 亿元，主要用于中国、印尼新工业 园区投资。报告期内公司宣布派发每股12.5 港仙中期股息，中期分红率维持在49%左右，中期股息率 3.3%。 发展趋势 深加工产品提供盈利安全垫，后续弹性看浮法行业格局边际改善。我们判断浮法行业短期仍以冷修调节 供给，至7 月下旬，管道气和石油焦燃料生产的普白产品已亏毛利。此外在"反内卷"趋势下，浮法玻璃 行业不排除从环保角度增加高污染燃料生产成本的可能性，有望拉动其盈利弹性。此外，公司汽车玻璃 深耕后装、积极开拓前装市场，有望为整体盈利提供安全垫。 盈利预测与估值 考虑到年内浮法玻璃业务承压但后续行业格局有望边际改善，我们下调25eEPS 21%至0.52 元并维持26e EPS 0.68 元，当前股价对应25/26e 14/11xP/E。综合考虑"反内卷"对浮法行业的潜在影响，我们维持跑 赢行业评级及目标价8.5 港币，对应25/26e 15x/11x P/E，隐含5%上行空间。 公司公布1H25 业绩：营收同比-9.7%至98 亿元， ...