Core Viewpoint - After a 16-week period of adjustment, Huahong Semiconductor (01347) has seen a strong rebound in its stock price, reversing the downward trend in the wafer foundry sector [1] Industry Overview - The wafer foundry sector has performed well this year, with major players Huahong Semiconductor and SMIC both experiencing significant increases, with Huahong's stock rising over 60% [1] - The valuation increase in the sector is attributed to strong performance, with Huahong reporting Q1 2025 revenue of $541 million, a year-on-year increase of 17.6% [1][2] - SMIC's revenue for the same period was $2.247 billion, up 28.4% year-on-year, with a net profit of $188 million, reflecting a staggering 162% increase [1][2] Company Performance - Huahong Semiconductor has achieved double-digit revenue growth for two consecutive quarters, with Q2 guidance indicating a growth rate of 15-20% [1] - The company has a total wafer capacity of 413,000 pieces, with an 8-inch wafer revenue of $231 million and a 12-inch wafer revenue of $310 million, the latter showing a significant year-on-year growth of 40.9% [2][4] - The company has maintained a high capacity utilization rate of 102.7% for 8-inch equivalent wafers, exceeding 100% for three consecutive quarters [4] Financial Metrics - Huahong's gross margin for Q1 2025 was 9.24%, while SMIC's was significantly higher at 22.52%, indicating a substantial gap in profitability [5] - Despite lower profitability, Huahong's strong cash flow performance is notable, with a net cash inflow of $50 million in Q1, contrasting with SMIC's net cash outflow of $160 million [6] - As of March 2025, Huahong had cash equivalents of $4.08 billion, while SMIC had $4.587 billion [6] Valuation and Market Sentiment - The market has assigned a price-to-book (PB) ratio of 2.19 to SMIC, while Huahong's PB ratio is only 1.25, indicating a 75% discount in valuation [7] - Analysts have mixed views on Huahong, with some downgrading its rating due to weak return on equity projections, while others have raised target prices based on expected product price improvements [9] - Overall, the wafer foundry sector is entering a new phase of upward trends, with Huahong's low valuation and improving quarterly performance presenting significant investment opportunities [9]

智通财经6月26日电，港股胜利证券涨超150%，此前媒体报道称，多家香港本地券商（如胜利证券、艾 德证券等）已完成第1号牌升级。 ...

Core Viewpoint - The stablecoin sector experienced a strong rebound following significant policy news, with key stocks like Hengsheng Electronics hitting their daily limit up, indicating positive market sentiment towards the virtual asset industry [1][2]. Group 1: Market Reaction - The stablecoin concept stocks collectively surged, reflecting optimistic expectations for the development of the virtual asset sector [1]. - Hengsheng Electronics emerged as a leader in the sector, benefiting from its strong technical capabilities and market position in financial technology [1]. Group 2: Regulatory Developments - Guotai Junan International received formal approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities license to a comprehensive virtual asset trading service license, becoming the first Chinese broker in Hong Kong to obtain such qualifications [1]. - The license upgrade allows the firm to offer a wide range of services, including direct trading of cryptocurrencies like Bitcoin and Ethereum, as well as stablecoin products [1]. Group 3: Industry Outlook - The positive regulatory environment in Hong Kong is expected to create favorable conditions for the development of virtual asset-related enterprises, promoting the standardization of the industry [2]. - Other companies in the sector, such as Jida Zhengyuan and Geer Software, are also positioned to benefit from favorable policies and market expectations due to their technological developments in digital currency [2].

Company Overview - Meituan is scaling back its community group buying business, Meituan Youxuan, and will focus more on the development of instant retail business [1] - The company has reported the closure of operations in certain regions, retaining only key areas such as Guangdong and Hangzhou, with a faster-than-expected contraction [1] - Since 2020, the company has invested over 80 billion yuan in this business, which will no longer be responsible for the retail strategy [1] Business Strategy - The company is prioritizing Meituan Flash Purchase and Xiaoxiang Supermarket, planning to expand product categories and increase the number of stores and flash warehouses [1] - Xiaoxiang Supermarket's coverage will gradually extend to all first- and second-tier cities, while the company emphasizes maintaining an active pace in overseas expansion [1] Financial Outlook - New business losses are expected to peak in 2025, which is seen as a positive impact on valuation [1] - The company anticipates that Meituan Youxuan could release an additional loss reduction of 2-3 billion yuan over the next two years, contributing to a narrowing of losses [2] - Despite maintaining profit forecasts, the company acknowledges the intense competition in the takeaway and flash purchase markets, which remains unpredictable [2] Valuation and Ratings - The company maintains its profit forecast and rating of outperforming the industry, with a target price of 177 HKD, corresponding to adjusted P/E ratios of 25/26 years at 25/18 times [2] - The current stock price trades at adjusted P/E ratios of 25/26 years at 18/14 times [2]

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, with a forecasted increase of over 55% year-on-year, driven by product optimization and favorable industry policies [1][2] Group 1: Company Performance - The company has maintained its position as the global leader in electric two-wheeled vehicles, with sales increasing from 4.06 million units in 2017 to 13.02 million units in 2024, marking a consistent growth over eight years [1] - The company has over 40,000 stores as of the end of 2024, indicating a strong retail presence [1] - In the first half of 2025, the company anticipates a net profit of no less than 1.6 billion yuan, reflecting a significant recovery from a decline in 2024 where revenue and net profit fell by 19% and 52% respectively [1] Group 2: Market Trends and Strategies - The domestic market is benefiting from a concentration of industry resources towards leading companies, with the "old-for-new" policy stimulating high growth, resulting in 6.5 million electric bicycles being replaced from January to May [2] - The new national standards set to be implemented on September 1 are expected to further consolidate market share among top enterprises, with the company positioned to benefit from these policy changes [2] - The company is actively pursuing international expansion, particularly in Southeast Asia, and has launched its first electric vehicle from its Mexican factory in May [2] Group 3: Financial Projections - The company has adjusted its gross margin assumptions upward due to product structure optimization, forecasting net profits of 2.986 billion yuan and 3.507 billion yuan for 2025 and 2026 respectively, which represent increases of 8.51% and 9.12% [2] - The estimated earnings per share (EPS) for 2025 and 2026 are projected to be 1.01 yuan and 1.18 yuan respectively, with a further forecast of 3.826 billion yuan and an EPS of 1.29 yuan for 2027 [2] - The target price for the company's stock has been raised to 19.61 HKD, based on a price-to-earnings (PE) ratio of 17.82 for 2025 [2]

港股胜利证券(08540.HK)短线拉升涨超100%，消息面上媒体报道包括胜利证券在内多家香港本地券商 已完成第1号牌升级。 ...

港股胜利证券短线拉升涨超130%，报8.7港元。 ...

Group 1 - Amazon's global anti-counterfeiting team has expanded from operating in two countries to twelve, including the US, China, France, India, and the UK over the past five years [1] - The team has initiated over 200 civil lawsuits against bad actors and has facilitated more than $180 million in related compensation and enforcement penalties [1] - More than 65 individuals have been sentenced to prison as a result of Amazon's anti-counterfeiting efforts, which have also encouraged law enforcement agencies to pursue lawsuits and criminal penalties against counterfeiters [1] Group 2 - Amazon successfully collaborated with Chinese cultural brand POP MART to combat a supplier selling counterfeit products, specifically the THE MONSTERS LABUBU toys [2] - The counterfeit supplier was identified after months of tracking and investigation by Amazon's global anti-counterfeiting team, leading to a local enforcement action that seized over 700 counterfeit LABUBU keychains and thousands of packaging materials [2] - This partnership helped protect POP MART's brand reputation and intellectual property, aiding its expansion into international markets [2]

Company Updates - The company announced on June 20 that its new generation insomnia drug, Kewike (Dazodex), has been approved by the National Medical Products Administration for the treatment of adult insomnia characterized by difficulty in falling asleep and/or maintaining sleep, and it is not classified as a controlled substance [1] - Kewike has demonstrated excellent clinical data, addressing existing clinical pain points, and has potential as a blockbuster drug (BIC). It has been approved in 11 countries including the US, UK, Switzerland, and Hong Kong, and is the only DORA class insomnia drug approved by the European Medicines Agency to improve daytime functioning, with good safety profile and no withdrawal reactions or addiction data [1] - The company recently reached a supplemental agreement with Idorsia, agreeing to a one-time cash payment of $50 million and reducing sales milestone payments and royalty rates for Kewike, which is expected to facilitate its commercialization [1] Strategic Collaborations - The company announced a strategic collaboration with NextCure on June 16 to jointly develop SIM0505 (CDH6 ADC), granting global rights outside Greater China to NextCure. The company will receive up to $745 million in related payments during the potential development phase and tiered royalties based on net sales in the licensed regions [2] - SIM0505 utilizes the company's proprietary TOPOi payload and has shown strong anti-tumor effects in various solid tumor models during preclinical studies. It is currently undergoing Phase I clinical trials in China, with NextCure planning to initiate Phase I trials in the US in Q3 2025 [2] Clinical Development - The company completed the first patient dosing in the US for its self-developed tri-antibody SIM0500 (GPRC5D/BCMA/CD3) on June 18. This drug is developed based on the company's proprietary T-cell engaging multi-specific antibody platform and received Fast Track designation from the FDA in April 2024 [2] - A licensing option agreement was reached with AbbVie in 2025, with total milestone payments reaching $1.055 billion. The company has a rich pipeline of ADC and TCE platforms, and attention is recommended on the clinical progress of several early-stage products [2] Financial Forecast and Valuation - The company maintains its earnings forecast for 2025/2026, with the current stock price corresponding to 21.8x/19.5x P/E for 2025/2026. Considering the upward trend in sector valuations, the target price has been raised by 45.5% to HKD 12.8, corresponding to 24.9x/22.3x P/E for 2025/2026, implying a 14.1% upside potential [2]

直接参与虚拟资产牌照申请和系统对接事宜的业内人士对记者透露，多家香港本地券商（如胜利证券、 艾德证券等）已完成第1号牌升级，国泰君安国际并非唯一一家申请牌照的中资券商，未来或有更多机 构入局。券商主要开展的是"分销"性质的交易服务，而非自营交易所运营。 ...