今天宁德时代（03750.HK）在港上市，集资规模达到356.57亿港元，成为继快手之后香港市场规模最大的上市项目， 同时还有望成为2025年全球最大IPO。如果后续行使超额配股权，募资金额将达到410亿港元。 此外，港股近期还有多家新股申购，其中恒瑞医药、MIRXES-B于5月20日申购截至，派格生物、吉宏股份5月19日至5 月22日申购。 说回市场，创新药无疑是今天最靓的仔，三生制药盘中一度涨超40%，近三个交易日涨幅超过60%，带动港股创新药 ETF上涨约5个点。 消息面上，三生制药（01530.HK）及其子公司将PD-1/VEGF双特异性抗体SSGJ-707的全球（除中国内地）开发、生产 和商业化权益独家授权给辉瑞。三生制药将获得12.5亿美元的首付款，里程碑付款最高可达48亿美元。这是国内首个 10亿美元首付款的超级重磅BD交易，具有里程碑意义。 近两年，国内创新药产业快速发展，管线对外授权的案例层出不穷，港股不少创新药公司的股价也在不断抬高。 目前正在申购的派格生物医药-B（02565.HK）作为一家以18A章规则上市的创新药公司，也受到了市场的广泛关注， 那么公司此次招股如何看？ 01 招股信息 ...

Group 1 - The core index of the CSI Hong Kong Stock Connect Medical Theme Index has shown a recent increase of 9.41% over the past month, while it has decreased by 0.61% over the last three months and increased by 18.99% year-to-date [1] - The index consists of 50 listed companies involved in medical devices, medical business and services, pharmaceuticals, and biotechnology services, reflecting the overall performance of the medical sector within the Hong Kong Stock Connect [1] - The top ten weighted companies in the index include WuXi Biologics (16.6%), JD Health (11.41%), Alibaba Health (7.52%), Sinopharm (5.68%), WuXi AppTec (5.51%), Weigao Group (3.66%), Genscript Biotech (3.55%), Innovent Biologics (2.4%), CanSino Biologics (2.23%), and MicroPort Scientific (2.2%) [1] Group 2 - The industry composition of the index shows that medical business and services account for 35.62%, pharmaceutical and biotechnology services for 31.58%, medical devices for 11.75%, chemical drugs for 10.53%, biological drugs for 10.09%, and traditional Chinese medicine for 0.42% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or spin-offs [2]

Group 1: Company Overview - The company is one of the earliest milk powder enterprises in China, focusing on infant formula business, with a significant performance turning point expected in 2024 due to channel reforms and high-end product development [1] - The company has abundant cash on hand, with a projected dividend payout ratio increasing to 76% in 2024, highlighting its strong dividend attributes [1] Group 2: Product and Brand Strategy - The company emphasizes high-end product development, particularly through the "Xing Fei Fan" series, which has seen the proportion of high-end products in infant formula revenue increase from 22% in 2016 to 75% in 2024 [1] - Marketing strategies include high-frequency offline interactions and continuous upgrades to the online membership system to enhance consumer engagement and data retention [1] Group 3: Industry Trends and Market Position - The infant formula industry is expected to see a rebound in demand, with a projected decline in market size narrowing due to a recovery in birth rates in 2024 [2] - The market concentration in the infant formula sector is increasing, with the top five companies' market share rising from 35% in 2015 to 66% in 2024, indicating potential for further growth [2] Group 4: Financial Projections - Revenue projections for the company are expected to reach 221.7 billion, 236.3 billion, and 251.7 billion yuan for 2025-2027, with year-on-year growth rates of 6.9%, 6.6%, and 6.5% respectively [3] - The company's net profit forecasts for the same period are 38.7 billion, 43.0 billion, and 47.3 billion yuan, with growth rates of 8.4%, 11%, and 10.2% respectively, indicating a strong financial outlook [3]

机构：国信证券 研究员：张伦可/陈淑媛 事项： 事项：近期，美图视频创作平台MOKI 营销视频功能全新上线。 国信互联网观点： 美图视频创作平台MOKI 营销视频功能全新上线，海量热点模板库，降低操作门槛，生产效率提升 200%。 MOKI 提供海量创意视频模板，支持用户通过简单替换模板内的商品图，一键生成个性化营销视频，助 力内容传播效率大幅提升。适用场景包括：①电商广告：快速制作商品展示短片；②品牌IP 打造：为 潮玩、手办等IP 类产品设计故事化宣传视频；③社媒运营：生成适配抖音、小红书的15s 内短视频。可 以零门槛智能操作，上传商品图即可自动完成主体替换、场景融合，生成AI 爆款营销视频。具备多模 型生成技术，提供美图奇想大模型、VIDU、可灵三种各具特色的视频生成模型。 25Q1 AIGC 赛道用户数增长势头良好，美图持续在垂类"know-how"方面深耕。根据Questmobile，25 年 3 月AI 图像、AI 创作设计、AI 视频赛道月活跃用户环比增长33.1%/24.8%/14.5%，位列AI 应用增长榜 2/5/6。 其中美图Whee 位于AI 图像处理用户增长TOP1，一季度周活跃用 ...

Core Viewpoint - The transaction involves Yuexiu Property selling 65% of its stake in Beijing Haizhen Real Estate Co., Ltd. to China Resources Land for 4.149 billion RMB, aimed at enhancing capital turnover efficiency and supporting new project developments [1][2][4][9] Group 1: Transaction Details - Yuexiu Property's subsidiary, Wuhan Kangjing Investment Co., Ltd., is the seller, while the buyer is Beijing Runzhi Commercial Operation Management Co., Ltd., a subsidiary of China Resources Land [1][2] - After the sale, Yuexiu Property will indirectly hold approximately 34.87% of the target company [3] - The target company was established on November 14, 2024, and holds the land in the Gongde Temple area [2] Group 2: Project Background - Yuexiu Property acquired the Gongde Temple land for 6.383 billion RMB on November 5, 2024, with a floor price of approximately 71,600 RMB per square meter and a premium rate of 15% [5] - The project, named Heyue Wangyun, includes 14 residential buildings with a total of 693 units, with sizes ranging from approximately 99 to 179 square meters and a sales guidance price of 105,000 RMB per square meter [7] - The project achieved a remarkable opening sales rate of 90% and a total contract sales amount of approximately 41.12 billion RMB from January to April 2025, representing a 37% increase year-on-year [7] Group 3: Strategic Implications - The sale is expected to allow Yuexiu Property to quickly recover capital, enhancing capital turnover efficiency and supporting the development of new projects [4][9] - The transaction reflects a strategic adjustment by Yuexiu Property in the current market environment, optimizing capital allocation and improving market competitiveness [9] - For China Resources Land, acquiring a 65% stake solidifies its leading position in the project and expands its market share in Beijing's Haidian District [8][9]

金融界5月20日消息，上证指数上涨0.38%，中证港股通成长策略指数 (港股通成长策略，932152)报 1253.67点。 数据统计显示，中证港股通成长策略指数近一个月上涨10.06%，近三个月上涨0.64%，年至今上涨 20.87%。 从中证港股通成长策略指数持仓样本的行业来看，可选消费占比40.48%、信息技术占比15.30%、通信 服务占比13.25%、医药卫生占比8.18%、金融占比7.28%、工业占比3.42%、原材料占比2.94%、主要消 费占比2.92%、能源占比2.45%、公用事业占比2.12%、房地产占比1.65%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在 下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港 股通证券范围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 据了解 ...

截至本公告日期，目标公司分别由东软控股持有约55.9176%、卖方持有约11.8339%及三名独立第三方 持有约32.2485%。紧随收购事项、出资及转增资本储备完成后，(i)目标公司将分别由东软控股持有约 52.5847%、买方持有约9.9341%、卖方持有约7.1549%及三名独立第三方持有约30.3263%;及(ii)目标公司 将不会成为公司的附属公司，而目标集团的财务业绩将不会并入集团的财务报表。 自2024年进行战略转型以来，该集团已从单一的教育服务提供者转变为"教医养康旅"五位一体融合生态 的行业先行者。这一转变标志着集团迈向更广泛及更多元化的业务布局。目标集团主要从事酒店的经营 及管理，拥有五间康养酒店，该等酒店已是该集团老年教育业务中心灵康旅课程(MindTourClass)的重要 合作基地，丰富了集团老年教育服务的课程，促进了老年教育业务的发展，形成了集团老年教育业务的 特色之一。于收购事项完成后，该集团将进一步扩大其康养旅游服务领域，并加深目标集团酒店与集团 老年教育业务的合作与协同，促进双方互惠共赢。 基于上述内容，董事会认为收购事项及出资符合公司的扩张策略，因此，将有助于集团建立多元化 ...

Core Viewpoint - Huawei held a product launch event on May 19, where it announced that Chalk (粉笔) has fully integrated into the HarmonyOS PC application ecosystem, becoming one of the first innovative applications deeply adapted to the education and learning sector [1] Group 1 - Huawei's product launch event showcased its commitment to expanding the HarmonyOS ecosystem [1] - Chalk's integration into HarmonyOS PC signifies a strategic move to enhance educational technology offerings [1] - The collaboration highlights the growing importance of operating system ecosystems in the education sector [1]

医学资料显示,更年期是女性生命中的自然阶段,伴随激素水平变化,常出现潮热、盗汗、失眠、情绪波动 等症状,影响身心健康和生活质量。然而,由于社会认知不足、女性自身重视不够,许多女性在更年期缺乏 科学指导和有效支持。更年期不仅是医学问题,更关乎女性社会角色、自我价值及家庭和谐。 当代女性以坚韧之力撑起社会建设与家庭幸福的双重责任,她们既是职场发展的中坚力量,又是构筑温暖 港湾的核心支柱。叮当快药平台数据显示,女性用户占比超过半数,折射出新时代女性对健康管理的主动 担当。 叮当快药相关负责人介绍,"作为健康守护者,我们始终秉持人文关怀理念,持续关注女性群体在职场拼搏 与家庭经营中面临的健康挑战,致力为现代女性提供全天候的健康护航服务"。 据悉,叮当快药此次"更年期健康守护计划"主题活动,将通过「认知重建-方法赋能-心理支持」三重关爱 体系,助力女性穿透更年期认知迷雾。活动整合权威医学资源构建知识图谱,提供从症状管理到情绪调节 的全维度解决方案,帮助当代女性在职场与家庭双重角色中守护健康防线,全面提升生命质量。 在线上,叮当快药App推出了更年期关爱专题,包含科普内容、更年期健康指数自测、更年期关爱1V1咨 询、更年 ...

格隆汇5月20日丨东软睿新集团(09616.HK)发布公告，2025年5月20日，买方(东软睿新，为公司的全资 附属公司)与卖方(熙康健康，为独立第三方)及目标公司订立股份转让协议，据此，买方有条件同意购买 而卖方有条件同意出售指定缴足资本，占目标公司截至本公告日期缴足资本总额的约4.2255%，总对价 为人民币3000万元。 目标公司(即大连熙康云舍康旅投资管理有限公司，"熙康云舍")为一家于2016年12月8日根据中国法律 注册成立的公司。截至本公告日期，东软控股、上海互象投资管理有限公司("上海互象")、北京用友科 技有限公司("北京用友")、卖方及宁夏诚贝创业投资谘询有限公司("宁夏诚贝")分别持有目标公司约 55.9176%、约12.8994%、约12.8994%、约11.8339%及约6.4497%的权益。上海互象、北京用友及宁夏诚 贝各自均为独立第三方。紧随收购事项、出资及转增资本储备完成后，(i)东软控股、上海互象、北京用 友、买方、卖方及宁夏诚贝分别持有目标公司约52.5847%、约12.1305%、约12.1305%、约9.9341%、约 7.1549%及约6.0653%的权益；及(ii) ...