5月20日，阿里影业（01060.HK）股价强势上攻，截至收盘，涨幅为29.79%，报0.61港元/股。 从消息面看，驱动股价飙升源于一则利好。5月19日，阿里影业发布截至2025年3月31日的2025财年业绩 报告，其营收、利润均实现双位数增长。 财报显示，2025财年，阿里影业实现收入67.02亿元（单位人民币，下同），同比增长33%；归母净利 润约3.64亿元，同比增长28%；经调整EBITA为8.09亿元，同比增幅61%。 本文源自：财华网 其中，电影科技与投资制作宣发平台包括电影票务、电影投资制作及宣发以及科技业务，是该公司的第 一大收入来源（2025财年占公司总营收40.46%）。 过去一年，全国电影市场整体表现平平，电影票房与观影人次双双下降，使得电影公司面临着较为复杂 的盈利困境。在这样的背景下，2025财年，阿里影业的电影科技与投资制作宣发平台录的收入27.12亿 元，同比下降9.59%。 大麦业务在阿里影业业绩增长过程中，则扮演着越来越重要的角色，已经连续两年创下了交易总额 （GMV）高速增长的记录。报告期内，大麦收入20.57亿元，占比提升至30.69%，同比劲增235.82%。 IP衍 ...

Core Viewpoint - GCL-Poly's assistant vice president, Song Hao, stated that the company benefits from strong cost advantages and low carbon benefits of granular silicon, maintaining a tight supply-demand balance with inventory levels around 10 days, which supports positive EBITDA in Q1 and stable cash flow [1] Group 1: Company Performance - GCL-Poly's granular silicon remains in a tight supply-demand balance, with inventory levels only around 10 days [1] - The company achieved positive EBITDA in the first quarter and is expected to maintain stable positive cash flow [1] Group 2: Market Trends - Since mid-April, silicon material prices have started to decline, having decreased for nearly five consecutive weeks [1] - The high inventory levels accumulated prior to the current period are a significant factor suppressing the rebound of silicon material prices [1]

"没有成功的企业，只有时代的企业。" 在当下的汽车领域，吉利汽车，绝对是传统车势力在变革时期实现转型的最成功案例。 最新产销数据显示，4月传统车企中，吉利汽车以53%的同比增速完成23万辆销量，环比也增了0.8%，仅次于同比增了4.6%，环比降了2.4%的上汽（38万 辆）；与同、环比分别大降了9.3%、29%的长安（19万辆）拉开差距。 即便是面对过去几年增长弹性十分可观的新自主势力或新势力，其增速也依然很能打。同月，比亚迪、零跑分别以21%、超170%、超270%、32%的同比 增速实现38万辆、4.1万辆销量、3.5万辆，3.4万辆。 销量高增之下，2025Q1吉利汽车如期实现了强增长业绩：营收同比增长24.5%至725.0亿元；归母净利润为56.7亿元，增速在2024年213%的高点上再次攀 高至263.6%，实现盈利持续大爆发。 不过，表现在资本市场中，吉利汽车（00175.HK）今天技术性走牛的态势并不如同期的比亚迪、零跑、小米汽车等。 一季度吉利以48%的增速实现了70.4万辆的季度总销量新高，其中新能源车占了48%，达33.9万辆；国内新能源渗透率更是突破50%（达52.2%），稳居新 能源品 ...

作为国内行业中最大的运动零售商，滔搏（06110.HK）近期在市场上的发声开始频繁起来。 5月过半，这家运动零售巨头已经宣布"牵手"两个垂类运动品牌，分别是挪威户外品牌Norrøna以及英国 跑步品牌soar，两者均是与滔搏达成在中国市场的独家合作，滔搏会全面负责前述品牌在中国市场的发 展。 滔搏相关负责人对第一财经透露，近年来滔搏在户外、跑步等潜力十足的垂类细分赛道持续发力，发 掘、接触各类垂类赛道的优质品牌，后续也会引入更多细分赛道品牌。该人士认为，国内消费者对个性 化追求的需求，为品牌带来了差异化竞争的新机会。 巨头转型挖掘更多可能性 滔搏是众多国际体育运动品牌背后的操盘手，除了耐克、阿迪，滔搏还代理运营彪马、匡威、亚瑟士、 鬼冢虎、HOKA等品牌。从财报来看，目前两大主力品牌耐克与阿迪贡献了滔搏大部分的业绩，而两大 主力品牌近几年业绩的波动也对滔搏有着一定影响。 滔搏似乎也意识到了这种较高的业绩集中度会带来不确定性，试图逐步寻求多元化的品牌合作。2024年 5月，滔搏与加拿大越野跑品牌norda™建立战略合作伙伴关系，滔搏独立负责norda™在中国市场的品 牌宣传、市场推广、全域运营、消费者运营等工作 ...

5月20日，港股市场的医药概念股迎来普涨行情，荣昌生物（09995.HK）、石药集团（01093.HK）等多 只个股出现异动上涨。 值得注意的是，三生制药（01530.HK）则是医药概念股中表现最为强劲的，其股价在5月20日一度跳空 飙升逾50%，此后出现回落，最终放量收涨32.28%。而如果从年初算起至今，三生制药更是已经累涨 215.46%。 三生制药大幅异动，也有着消息面的刺激。 和辉瑞签订授权协议，首付款达12.5亿美元 5月20日盘前，三生制药发布公告称，公司、沈阳三生制药有限责任公司（沈阳三生）与辉瑞 （PFE.US）订立许可协议。三生国健（688336.SH）亦将透过加入协议作为签署方加入。 根据协议，三生制药和沈阳三生将向辉瑞授予独家许可，以在全球（不包括中国内地）开发、生产、商 业化及以其他方式开发三生制药自主研发的PD-1/VEGF双特异性抗体SSGJ-707。三生制药及沈阳三生 将保留SSGJ-707在中国内地的开发、制造、商业化及其他开发权。辉瑞将拥有在中国商业化许可产品 的选择权。 根据许可协议，三生制药将获得12.5亿美元的首付款，以及最高可达48亿美元的潜在付款，包括开发、 监管 ...

5月20日，三生制药(01530.HK)宣布与辉瑞达成一项总额高达60.5亿美元的授权协议，这项创纪录的药 企"出海"大单，当天也带火了港股创新药板。 三生制药公告称，公司及全资子公司沈阳三生与辉瑞公司就自主研发的PD-1/VEGF双特异性抗体SSGJ- 707(药品代号)签订了独家许可协议。根据协议，辉瑞将获得SSGJ-707在全球(不包括中国内地)开发、生 产和商业化的独家权利。三生制药将获得12.5亿美元的首付款，以及最高可达48亿美元的开发、注册及 销售里程碑付款，外加基于产品在许可地区净销售额的梯度双位数百分比提成。 三生制药获得的12.5亿美元的首付款，刷新了国产双抗出海的首付款记录。今年4月，SSGJ-707获国家 药监局突破性治疗药物认定，适应证为一线治疗PD-L1表达阳性的局部晚期或转移性非小细胞肺癌 (NSCLC)。 三生制药的关联方，A股上市公司三生国健(688336.SH)在5月20日公告中表示，本次交易将加快相关项 目在全球范围内的开发和商业化，有利于增强公司产品在国际市场的可及性和认可度，并有机会同步拓 宽产品的海外市场。 这笔创纪录的创新药对外授权交易，也带动了资本市场的情绪。截 ...

Core Viewpoint - The recent analysis indicates that Meituan's stock price is under pressure, with potential support levels identified at 126.2 and 118.5, while resistance levels are at 140.2 and 147 [3][4]. Technical Analysis - Meituan's stock has fallen below the 10-day moving average (138.05) and the 30-day moving average (139.79), suggesting bearish momentum [3]. - The Relative Strength Index (RSI) is at 40, nearing oversold territory, while the William and Stochastic indicators signal potential buying opportunities [3]. - Key support levels are identified at 126.2 (Support 1) and 118.5 (Support 2), with resistance levels at 140.2 and 147 [3]. Derivative Market Activity - The derivative market for Meituan has seen increased activity, particularly in put options and bear certificates, reflecting heightened market risk aversion [4]. - Notable performance includes Societe Generale's bear certificate (63108) and JPMorgan's put option (13412), which recorded increases of 37% and 40% respectively after a 5.74% drop in the underlying stock [4]. Options Overview - Call options such as HSBC's (26318) offer a leverage of 5.5 times with an exercise price of 150.1, while Morgan Stanley's call option (24041) provides a leverage of 9 times with a lower premium [7]. - On the bearish side, JPMorgan's put option (13412) has a leverage of 7 times with an exercise price of 118.9, and UBS's put option (13314) offers a leverage of 7.1 times with the same exercise price [9].

Core Viewpoint - China Mobile (00941) shows strong bullish signals with a recent price increase and technical indicators suggesting further upward potential [1][4]. Technical Analysis - The stock price reached 86.45 HKD, up 0.82%, exhibiting a "golden cross" pattern and breaking through key moving averages [1]. - The price is above the 10-day moving average of 83.8 HKD and the 30-day moving average of 82.4 HKD, indicating a bullish trend [1]. - The RSI indicator is at 68, entering the overbought territory [1]. Market Sentiment - Investors are optimistic about the stock potentially reaching 90 HKD, with recent trading showing a strong upward trend [4][11]. - The closing price was 85.76 HKD, near the weekly resistance level of 87.5 HKD [4]. Derivative Market Activity - There is increased trading activity in derivatives related to China Mobile, with notable performances in call options [5]. - Specific call options like HSBC 26612 and Societe Generale 27801 have shown significant gains of 11% and 6%, respectively [5]. - Investors are encouraged to consider call options with high leverage and low implied volatility for bullish positions [6]. Bearish Options - For bearish strategies, investors can look at put options like DBS 15148, which offers high leverage with relatively low implied volatility [9]. - Bear certificates such as HSBC 62724 and UBS 56287 provide options for investors with different risk appetites [9].

Core Points - The Shanghai Composite Index increased by 0.38%, while the China Hong Kong US Listed China-US Technology Index reported 4940.78 points [1] - The China Hong Kong US Listed China-US Technology Index has risen by 13.75% in the past month, decreased by 3.63% in the past three months, and increased by 9.97% year-to-date [1] - The index is composed of liquid and high market capitalization securities from the technology sector listed in Hong Kong and the US, calculated using equal-weighted methodology [1] Index Holdings - The top ten holdings of the index include BYD Company (3.34%), Xiaomi Group-W (3.19%), SMIC (2.91%), Innovent Biologics (2.56%), Alibaba (2.53%), Netflix Inc (2.47%), Avago Technologies Ltd (2.45%), Tencent Music (2.41%), CanSino Biologics (2.37%), and WuXi Biologics (2.36%) [1] - The index's market segment distribution shows that the Nasdaq Global Select Market accounts for 42.03%, Hong Kong Stock Exchange for 34.61%, New York Stock Exchange for 21.69%, and Nasdaq Capital Market for 1.66% [2] Industry Composition - The industry composition of the index indicates that Information Technology comprises 40.08%, Consumer Discretionary 21.52%, Communication Services 14.25%, and Healthcare 13.89% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Insights - The company reported total revenue of $3 billion in Q1 2025, a year-on-year increase of 1% (2% excluding foreign currency effects) [1] - Adjusted net profit reached $292 million, reflecting a 2% year-on-year growth (3% excluding foreign currency effects) [1] Store Expansion - The company added a net of 247 new stores in Q1 2025, with franchises accounting for 25% of the new openings [1] - By brand, KFC added 295 new stores (41% franchise), while Pizza Hut added 45 new stores (33% franchise) [1] - The total number of stores reached 16,642, with KFC at 11,943 and Pizza Hut at 3,769 [1] - The new brand, KFC Coffee, achieved a milestone of 1,000 stores, with potential for further expansion leveraging KFC's resources and membership system [1] Sales Performance - System sales increased by 2% year-on-year, primarily driven by a 4% contribution from net new stores [2] - Same-store sales remained flat, with KFC's same-store sales holding steady and Pizza Hut's same-store sales also unchanged [2] - KFC's same-store transaction volume grew by 4%, while average ticket price declined by 4% due to a broader price range [2] - Pizza Hut saw a 17% increase in same-store transaction volume, with a 14% decline in average ticket price, attributed to more cost-effective product offerings [2] Profitability - The cost structure improved, with raw material costs decreasing, leading to an increase in operating profit margins [3] - KFC's restaurant-level profit margin rose by 0.5 percentage points to 19.8%, driven by lower raw material prices and operational efficiencies [3] - Pizza Hut's restaurant-level profit margin increased by 1.9 percentage points to 14.4%, also benefiting from reduced raw material costs and automation [3] - Overall, the company's core operating profit margin grew by 0.8 percentage points to 13.4% [3] Future Outlook - The company is expected to add 1,600 to 1,800 new stores in 2025, maintaining a high opening pace [4] - Projected net profits for 2025-2027 are $989 million, $1.06 billion, and $1.127 billion, respectively, with corresponding PE ratios of 17, 16, and 15 [4]