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].

Group 1 - The stock of Pop Mart has shown strong performance, reaching a historical high of 220 HKD, with an intraday increase of over 5% [1] - The market capitalization of Pop Mart is approaching 300 billion HKD [1] - The stock has increased by 346% in 2024 and has further risen by 144% year-to-date [1] Group 2 - Investors can buy Hong Kong stocks through A-share accounts without the need for the Hong Kong Stock Connect, allowing for T+0 trading [1]

根据公告，公司将PD-1/VEGF双抗在中国内地之外全球权益授权给辉瑞，公司将保留在中国内地的开 发、制造、商业化及其他开发权，辉瑞拥有在中国商业化该许可产品的选择权，辉瑞负责许可地区未来 所有开发及监管费用。辉瑞将支付12.50亿美元首付款，最高为48.00亿美元里程碑付款以及许可地区产 品净销售额双位数百分比的梯度销售分成。同时，辉瑞也将在协议生效后按照30日成交量加权平均价认 购公司1亿美元普通股。 中金发布研报称，维持三生制药(01530)2025/2026年经调整净利润24.07亿元/26.02亿元不变(暂不涵盖BD 首付款收入)，当前股价对应2025/2026年17.3/16.0倍经调整市盈率。维持跑赢行业评级，考虑板块估值 中枢提升，该行上调目标价56.3%至21.10港元，对应2025/2026年19.0/17.6倍经调整市盈率，隐含10%上 行空间。 中金主要观点如下： 公司近况 5月20日公司公告，将PD-1/VEGF双抗(SSGJ-707)的中国内地之外全球权益授权给辉瑞，辉瑞还将获得 中国市场商业化的选择权，三生国健亦将透过该协议作为签署方加入。 本次海外BD将为公司业绩带来较大弹性 ...

注:1、为了维护中信保诚多策略灵活配置混合型证券投资基金（LOF）（以下简称"本基金"）的稳定运 作，本基金于2025年5月21日起暂停1万元以上（不含1万元）大额申购、大额转换转入及大额定期定额 投资业务。即如单日单个基金账户的单笔申购、转换转入、定期定额投资金额在1万元以上（不含1万 元）时，本基金管理人将有权予以拒绝；如单日单个基金账户多笔累计申购、转换转入、定期定额投资 金额超过人民币1万元的，则对申请按照申请金额从大到小排序，逐笔累加至符合不超过人民币1万元 （含1万元）限额的申请确认成功，其余笔数本基金管理人将有权予以拒绝。 | 分级基金简称 | 代码 | 是否暫停（大额）申购 (转入转出、赎回、定投) | | 申购限额 转入限额 定投限额 | (元) | | --- | --- | --- | --- | --- | --- | | | | | (元) | (元) | | | 中信保诚多策略混 合(LOF)A | 165531 | 를 | 1.00万 | 1.00万 | | | 中信保诚多策略混 合(LOF)C | 018561 | 투 | 1.00万 | 1.00万 | | 以上内容为证券之星 ...

收入5 亿元，同比下滑16%。目前剧集工作室重点项目储备超20 部，开发中项目超30 部，我们认为， 展望未来，剧集制作业务依赖于项目排播周期，整体而言发展趋势或相对稳定。 明确四大战略方向，关注IP 衍生业务弹性。公司公告提出内容领先、用户增长、强化商业衍生能力及 积极布局海外四个未来重要战略方向。当前时点，我们认为，市场更多看重公司大麦在演出行业领先地 位基础上，To C 业务的现金流稳健性，叠加阿里鱼IP 衍生业务的发展弹性。FY2025 公司按权益法入账 的投资科目绝对值已从16.72 亿元降至9.15 亿元，未来潜在的减值风险降低。我们判断，展望未来，公 司亦更加聚焦主业，经营效率或持续优化。 盈利预测与估值 公司公布FY2025 业绩（截至2025 年3 月31 日）：收入67.02 亿元，同增33.1%；归母净利润3.64 亿元， 同增27.7%；Non-IFRS EBITA 8.09 亿元，同增60.7%；Non-IFRS 净利润5.24 亿元，同增9.5%，业绩基 本符合市场预期。 发展趋势 大麦市场地位稳固，阿里鱼收入同比增长超90%。大麦：FY2025 收入20.57亿元，同比大幅增长； ...

Group 1 - The core point of the news is that Blokko will be included in the Hang Seng Index, effective June 9, 2025, which is expected to enhance the company's liquidity and increase capital participation [1] - The Hang Seng Index series quarterly review results announced on May 16, 2025, indicate that the number of constituent stocks will increase from 502 to 505, with Blokko (00325), Guming (01364), and Mixue Group (02097) being added [1] - The recent performance of the card game and Pop Mart (Hong Kong Stock Connect) has shown strong growth, further enhancing the trading sentiment and valuation of the trendy toy sector [1] Group 2 - The third BFC Creative Competition has seen nearly 15,000 entries since its launch on April 1, 2025, with a threefold increase in the quality of entries compared to the first season, indicating high engagement from players [2] - Blokko plans to hold nearly 20,000 offline BFC Creative Competitions in 150 cities across the country by 2025, with a tiered layout strategy for events in first, second, and third-tier cities [2] - The BFC events serve as a platform for creativity and user-brand co-creation, fostering a unique BFC community that connects global players and drives brand growth [2] Group 3 - Continuous product innovation is expected to drive consumer demand, enhance consumer stickiness, and strengthen interactions with distributors and players [3] - The company's ability to leverage classic IPs like Ultraman in the building block market is anticipated to expand market size and reach a broader audience [3] - Revenue forecasts for the company are projected at 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB for 2025-2027, with net profits of 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB respectively [3]