Core Viewpoint - CICC maintains the earnings forecast for Dekang Animal Husbandry (02419) and raises the target price by 57% to HKD 66, indicating a 15% upside potential from the current price, while maintaining an outperform rating for the industry [1] Group 1: Business Model - Dekang adopts a "company + farmer" model and has pioneered the second farm sow breeding model, implementing a strategy to densify in the southwestern region [2] - The company is projected to have a slaughter volume of 8.78 million in 2024 and 11 million in 2025, ranking fourth among listed pig companies and sixth in the industry [2] - The asset per head for Dekang is estimated at RMB 1,537, compared to RMB 2,317 for industry leaders, with the second farm's return on assets (ROA) at 17% in the first half of 2023 [2] Group 2: Cost Advantage - Dekang leads the industry in cost efficiency, with total costs projected to be below RMB 14.0 and RMB 12.5 per kilogram in 2024 and Q1 2025, respectively, compared to the industry average of RMB 15.0-15.5 and RMB 13.0-13.5 [3] - The low cost is attributed to technological empowerment in breeding and feed nutrition, as well as strict health management and efficient digital management [3] - The company is expected to achieve a return on equity (ROE) of 38% in 2024, the highest among listed pig companies [3] Group 3: Growth Potential - Dekang's slaughter volume CAGR from 2020 to 2024 is 59%, the highest among the top ten pig companies, with a forecast of reaching 11 million heads in 2025 [4] - The company is expected to maintain strong growth momentum, supported by a model that combines penetration potential and expansion capability, with a projected capacity of 30 million heads in the long term [4] Group 4: Valuation - Dekang's current valuation remains low, with an estimated market value of RMB 1,365 per head, indicating a potential increase of 39% compared to the industry average and 78% compared to Muyuan [5] - The company's fundamentals are improving liquidity, with an average turnover rate of 1% and an average daily trading volume of RMB 50 million as of May 19 [5]

Group 1 - The stock of Pop Mart (09992.HK) has increased by over 5% within the day, reaching a new historical high of 218.8 HKD [1]

这套循环系统还藏着环保密码：年节约标准煤超万吨，减排二氧化碳数万吨，年发电量超5000万度，能 覆盖多个牧场用电需求，真正把阳光和牛粪都变成"绿色财富"。从光伏板到沼气项目，牧场走出一 条"发电-用能-减碳"的闭环路，让牛牛的生活圈变成零碳循环的绿色样板间。 小满时节，万物初盈，现代牧业唐山牧场踩着节气的节奏，凭借自身在养殖技术与品质管理上的深厚积 累，蓄势待发，以智慧养殖与绿色发展模式为奶牛创造最科学、舒适、环保的优质生长环境，从源头上 确保牛奶质量，让每一滴牛奶都蕴含着卓越品质。 牧场的智能系统平台如同"智慧大脑"，24小时实时监测每头奶牛的健康状态，精准捕捉它们的需求。转 盘式全自动挤奶系统搭配乳房检测系统，像给牛奶上了双重"质检锁"，确保每一滴奶都纯净优质。在这 套"科技护牛"模式下，牛牛们吃得好、住得爽，健康值和产奶量双双在线。 现代牧业唐山牧场打造农牧业与新能源深度融合的标杆项目，把牛舍屋顶变成"绿色发电站"，建成39.8 兆瓦集中式光伏电站，采用"全额上网"模式，实现持续绿电供应。项目创新"光伏+牧场"产业协同体 系，形成能源互补、效能倍增的现代农业光伏一体化示范工程。 小满，是二十四节气中的第 ...

Core Insights - The article highlights the competitive landscape of the Chinese snack food industry, particularly the unique position and evolution of Zhou Hei Ya over the past 30 years, emphasizing its innovative strategies and brand development [1] Brand and Product Revitalization - Zhou Hei Ya celebrated its 30th anniversary with a brand revitalization event, receiving the "Chinese Consumer Quality Trusted Snack Brand" certification, indicating high industry recognition in quality, brand, and service [3] - The brand's revitalization includes a comprehensive upgrade of its visual identity, store design, product packaging, and IP image, aimed at attracting Gen Z consumers [3] Product Quality and Innovation - Zhou Hei Ya focuses on using over 20 natural plant spices and employs 38 meticulous processes to create its signature sweet and spicy flavor profile, which has garnered widespread consumer acclaim [5] Key Business Decisions - Significant business decisions have shaped Zhou Hei Ya's trajectory, including the introduction of e-commerce in 2010, which expanded its consumer reach [7] - The launch of modified atmosphere packaging in 2012 addressed preservation challenges, broadening consumption scenarios [7] - The initiation of a franchising model in 2019 marked a shift from direct sales to an open franchise system, accelerating brand expansion [7] Future Plans - The chairman of Zhou Hei Ya, Zhou Fuyu, outlined two main focuses for the future: building a team that continuously challenges the impossible and pursuing the vision of becoming a "global creator of deliciousness" [8] - Zhou Fuyu draws inspiration from the Wright brothers' story, emphasizing a mindset of innovation and adaptability in facing global market challenges [8] Overall Development - Zhou Hei Ya's 30-year journey is portrayed as a case study in the rise of Chinese consumer brands, characterized by precise market positioning, ongoing product innovation, flexible business models, and a commitment to quality [10] - The brand aims to leverage its revitalization as a catalyst for accelerating its focus on youth-oriented and international markets, injecting new vitality into the future of the Chinese snack food industry [11]

Group 1 - Xiaomi's chairman Lei Jun announced that the Xiaomi self-developed 3nm flagship chip, Xiaomi Xuanjie O1, has begun mass production. Two flagship products, the high-end Xiaomi 15s Pro smartphone and the ultra-high-end OLED tablet Xiaomi Pad 7 Ultra, will be launched simultaneously [2] Group 2 - Meitu announced a strategic investment of $250 million from Alibaba through a convertible bond agreement. The investment has a term of 3 years with an interest rate of 1%, and Alibaba can convert the bond into Meitu shares at a price of HKD 6.00 per share. The two companies will collaborate in e-commerce, AI technology, and cloud computing [3] Group 3 - Meituan is set to launch an AI programming tool named "NoCode," which is currently in the gray testing phase. This tool aims to facilitate coding for non-technical users through conversational interactions, allowing them to complete various coding tasks and deployments [4] Group 4 - Dingdong Maicai has undergone significant internal restructuring, creating ten independent business units to enhance product development and operations. The company aims to foster a better understanding of products among developers and has also tested a revamped app featuring new functionalities like "AI Diet Assistant" and AI model search [5] Group 5 - Microsoft announced the open-sourcing of the Windows Subsystem for Linux (WSL), which allows users to run a Linux environment on Windows without the need for a separate virtual machine. This feature enables developers to seamlessly use both Windows and Linux for project development [6]

Group 1 - Pop Mart's stock price reached a historical high of 220 HKD, with a market capitalization approaching 300 billion HKD, driven by a surge in new consumption concepts in the Hong Kong stock market [1] - The newly launched Labubu 3.0 plush toy has gained immense popularity globally, with long queues reported in stores in Los Angeles and London, indicating strong demand [1] - The Labubu 3.0 blind box, originally priced at 99 HKD, is being resold at prices as high as 2300 HKD on secondary platforms, reflecting a more than 20-fold premium over the official price [1] Group 2 - The Hang Seng Consumption Index is currently trading at an attractive valuation, with a price-to-earnings ratio (PE-TTM) of only 18.14, which is below 83% of the time over the past five years [2] - The index's return on equity (ROE) is 16.3%, significantly higher than the 11.9% of major A-share consumption indices, showcasing a "high profitability + low valuation" characteristic [2] - Key trends for the consumer market in 2025 include sustained demand for self-indulgent consumption and travel, a growing willingness to pay for emotional value, and favorable policies that may boost domestic demand and support the export of quality domestic brands [2]

1Q25Non-GAAP净利润高于该行预期 中金发布研报称，维持哔哩哔哩-W(09626)25/26年Non-GAAP净利润预测不变。当前港股交易于 23.9/17.9倍25/26年Non-GAAP P/E，美股交易于23.8/17.8倍25/26年Non-GAAP P/E。维持跑赢行业评 级，港股目标价176港元/美股23美元，对应港股/美股30/23倍25/26年Non-GAAP P/E，港/美股潜在上行 空间为27.8%/25.5%。 中金主要观点如下： 市场关心泛娱乐竞争格局、广告等商业化潜力等 公司1Q25MAU、DAU和人均单日使用时长均取得同比增长，其中DAU1Q25达1.07亿人。该行认为，公 司社区属性明显且商业化能力逐渐提升，用户粘性维持较高水平;展望未来，在平衡投入ROI基础上，用 户数或相对稳健。而商业化层面，1Q25公司活跃用户平均年龄26岁，公司不断打磨商业化基建能力， UP主收入方式逐渐多元化，建议持续关注广告、带货和充电计划的发展潜力。 公司公告1Q25业绩：收入70.03亿元，同比增长23.6%，基本符合机构一致预期(69.12亿元)和该行预期 (68.94亿元);Non-G ...

生物医药ETF（159859）紧密跟踪国证生物医药指数（399441.SZ）。该指数以沪深北交易所属于生物 医药产业相关上市公司为样本空间，根据市值规模和流动性的综合排名，选出前30只证券作为指数样本 股，反映了生物医药行业的整体运行情况，向市场提供了细分行业的指数化投资标的。该ETF还配备了 联接基金（A：011040，C：011041）。 创新药沪港深ETF（517380）紧密跟踪恒生沪深港创新药50指数（HSSSHID.HI），该指数为唯一横跨 三地的创新药指数，精选50只优质创新药龙头。截至5月20日，该指数近5年市销率分位数32.18%。 创新药沪港深ETF 100%布局创新药产业链，前十大权重合计占比超50%，涵盖恒瑞医药、百济神州、 信达生物等热门标的。 招银国际认为，受益于创新药出海交易、国内集采政策优化、创新药丙类医保目录落地、医疗设备招标 复苏、内需复苏等积极因素推动，医药行业有望在2025年继续迎来估值修复。 5月21日，A股三大指数集体上涨，创新药概念延续强势。 相关ETF方面，生物医药ETF（159859）截至发稿涨0.85%，成交额超2876万元，换手率0.83%，盘中 交投活跃。 ...

智通财经APP获悉，中金发布研报称，由于奇富科技-S(03660)资金/信用成本优化、1Q25放款量超预 期，上调公司25e/26e盈利预测2%/4%至71.7/78.2亿元。公司美股当前交易于7.1x/6.5x 25e/26eP/E、港股 当前交易于6.6x/6.0x 25e/26e P/E。维持公司美/港股目标价60.0美元/253.4港元不变(美股对应 9.7x/8.9x 25e/26e P/E、港股对应9.4x/8.5x 25e/26e P/E)，维持跑赢行业评级，美/港股上行空间分别为37%/42%。 中金主要观点如下： 奇富科技1Q25业绩超出该行此前预期 奇富科技(原360数科)1Q25营收同比+13%/环比+5%至46.9亿元，非通用准则净利润同比+60%/环比-2% 至19.3亿元，超过该行此前预期，主要得益于放款量略高于该行预期、放款结构与资金成本进一步优 化。 获客渠道优化、嵌入式金融贡献提升 公司1Q25获客渠道实现优化、新增7家嵌入式金融合作渠道，1Q25放款量同比+16%至889亿元，其中科 技解决型占比~49%，放款量环比增速略有下降或主因季节性因素。往前看，该行预计其2025年 ...

Core Viewpoint - China Resources Beer is experiencing strong performance in the beer industry, with a focus on market share growth and shareholder returns, despite recent stock sales by the president being attributed to personal financial planning rather than company fundamentals [1][3]. Group 1: Beer Business Performance - The beer business is outperforming industry peers, with a recovery in sales growth in April after a slowdown in March, driven by Heineken's 20% growth and successful penetration into key live house channels [1]. - Super X beer has rebounded with a 10% sales growth after a decline due to rebranding last year, supported by a well-adjusted product mix that maintains low single-digit average price growth [1]. - The company aims for low single-digit growth in both sales and average price, with a projected gross margin increase of approximately 1% and double-digit profit growth through cost savings [1]. Group 2: Channel Dynamics - The sales channel is shifting towards non-immediate consumption, with immediate consumption accounting for 38% of total beer sales, where over 60% is high-end beer [1]. - Non-immediate consumption channels represent 62% of total sales, with high-end products still in early stages, contributing only 40%, but showing high single-digit growth, which will be a key driver for the group's premiumization strategy [1]. Group 3: Regional Performance and Strategy - Regionally, Jiangsu, Zhejiang, Guangdong, and Fujian are performing well, while Sichuan is affected by weak consumer demand [2]. - The white liquor business will adopt a defensive strategy by reducing sales scale and controlling operational expenses to achieve breakeven, indicating effective management of goodwill impairment risks [2]. Group 4: Financial Projections - Revenue projections for 2024A to 2027E show a gradual increase from 38,635 million to 43,216 million, with revenue growth rates of (0.8%), 3.2%, 4.1%, and 4.1% respectively [5]. - EBIT is expected to grow from 6,960 million in 2024A to 9,930 million in 2027E, with growth rates of (10.0%), 16.9%, 11.8%, and 9.2% [5]. - Reported profit is projected to rise from 4,739 million in 2024A to 6,411 million in 2027E, with adjusted profit following a similar upward trend [5].