"2025年我们以强劲的财务表现和健康的社区生态指标实现了开门红。"哔哩哔哩董事长兼首席执行官陈 睿先生表示："我们的日均活跃用户数达1.07亿，月均活跃用户数则以 3.68亿刷新历史记录。随着我们 用户群体日趋成熟 — 2025年用户的平均年龄达26岁，这些用户不仅保持高度参与，更展现出不断增强 的消费力。用户的日均使用时长达到了新高的108分钟，月均付费用户数亦达到3,200万的历史新高。在 用户价值增长与商业化效率提升的双重驱动下，第一季度净营业额总额同比增长24%至人民币70.0亿 元。我们将乘势而上，通过提供更高效、更优质的商业化解决方案持续释放社区潜力。作为优质内容和 活力创意文化的首选视频平台，哔哩哔哩独具优势，有望把握新兴机遇，实现可持续长期增长。" 哔哩哔哩首席财务官樊欣先生表示："第一季度，我们实现营业额加速增长，同时利润率有所提高。这 是由于高毛利的广告及游戏业务表现出色，分别同比增长20%及76%。毛利润同比增长58%，毛利率亦 从去年同期的28.3%上升至36.3%。在强劲收入增长与利润率提升的支持下，我们录得经调整净利润人 民币3.62亿元。我们的良性运营循环持续带动稳健的经营现金 ...

Group 1 - Huawei's new product launch on May 19 introduced the integration of the Fenbi app into the HarmonyOS PC ecosystem, marking it as one of the first innovative applications in the education sector [1] - The Fenbi app enables seamless cross-device collaboration and intelligent interaction, enhancing user experience by allowing real-time data synchronization across mobile, tablet, and PC devices [1] - The app integrates Huawei's intent framework, providing core functionalities like live classes and question answering through service cards on HarmonyOS devices, accessible via voice commands or desktop cards [1] Group 2 - Fenbi, as a leading education technology company, is leveraging technology to achieve cost reduction and enhanced user experience, with its domain-specific model set to become the first nationally registered vocational education model in 2024 [2] - The company has launched products such as Fenbi AI Teacher, premium interview AI feedback, and AI question practice systems, focusing on the three core scenarios of "high-frequency learning, essential needs, and systematic improvement" [2] - By utilizing the HarmonyOS ecosystem, Fenbi aims to explore more cross-end innovative scenarios, prioritizing user-centric design to create smarter, safer, and more efficient applications [2]

| 信达生物 HK 01801 | 3.50亿 | 2.73亿 +7730.97万 | 6.23亿 | | --- | --- | --- | --- | | 零跑汽车 | 3.67亿 | 2.28亿 | 5.94亿 | | HK 09863 | | | +1.39亿 | | 泡泡玛特 | 3.53亿 | 1.89亿 | 5.42亿 | | HK 09992 | | | +1.64亿 | 港股通(深)活跃成交股 美团-W(03690)获净买入12.33亿港元。消息面上，美团将在近期正式上线一款AI编程类工具"NoCode"， 定位Vibe Coding(氛围编程)方向。据悉，NoCode的的产品定位接近最近的明星AI产品Lovable——一款 主要面向非技术人群，采取对话式交互的AI编程应用。用户只需和模型多轮对话，就能让它自动完成 不同的编码任务，并完成后续的部署，典型的应用场景包括数据分析、产品原型、运营工具、门户网站 的生成等。 5月20日港股市场，北水成交净买入63.32亿港元，其中港股通(沪)成交净买入43.05亿港元，港股通(深) 成交净买入20.27亿港元。 北水净买入最多的个股是美团-W(03 ...

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 ...