机构：中信建投证券 研究员：程似骐/陶亦然/胡天贶 核心观点 2024 年经营边际改善，自主品牌、新能源车占比提升。自深化改革以来，公司总部转型为"运营+统 筹"模式，推行"PM 项目管理制"和"对赌激励"，将车型销量与团队薪酬、晋升绑定，2024 年实施对赌 项目12个，覆盖1100 余人次，实施"双目标考核"（当期业绩+中长期能力建设），通过月度"红黑榜"强 化压力传导。 2024 年集团销量迎来了3 年来的首次正增长，2024 年实现销量248.06 万辆，同比增长2.5%，预计全年 自主品牌销量达到137 万辆，同比增长34.4%，全年新能源车销量约86 万辆，同比增长70.9%，远超行 业增速。根据2025 年经营工作会，首先公司转型将全面提速，继续发力岚图、奕派等自主品牌；其 次，强化结构调整，对内部业务优化整合，砍掉亏损业务线；再者，补齐运营管控能力，在生产管理、 供应链管理、销售服务等方面下功夫；最后，持续加强科技创新，加强与华为等优质企业的合作。 经营管理的变化始于2023 年以来股东、董事会和高管的调整，2025 年"央企重组"有望加速公司变革。 2025 年2 月，公司接到控股股东东风公 ...

机构：国泰君安 研究员：吴晓飞/管正月 维持增持评级 。公司是三大汽车央企之一，商乘业务加速电动化转型，转型效果逐步显现。央企整合 动作频频，重组值得期待，预计公司2025-2027 年收入1575.5 亿元、1980 亿元、2371.8 亿元，归母净利 润26.54 亿元、48.74 亿元、67.33 亿元，维持"增持"评级。 重组不断推进，央企整合值得期待。2 月9 日公司及东风系和兵装系旗下多家子公司公告控股股东拟筹 划重组，拉开央企整合序幕。 3 月26 日公司原总经理周治平因工作变动卸任，此前周总已调任兵装集团总经理。3 月29 日，国务院国 资委相关负责人在中国电动汽车百人会论坛上表示将对整车央企进行战略性重组，提高产业集中度。央 企重组不断推进，整合值得期待。 风险提示：自主品牌新车销量不及预期；乘用车产能利用不及预期；车市价格战加剧；央企重组进展不 及预期。 2024 年业绩扭亏为盈，乘用车和商用车均大幅改善。2024 年公司实现总营业收入1062 亿元，同比增长 5.99%；净利润0.58 亿元，实现扭亏为盈。分部来看，2024 年商用车收入472 亿元，同减4.7%，亏损 23.4 亿元， ...

Group 1 - The Consumer Brand Conference held in Shenyang, Liaoning Province, focused on enhancing market consumption vitality and promoting high-quality industry development [1] - October Rice Field Group, as the first unicorn enterprise in Liaoning, was recognized in the first batch of Chinese consumer brands, highlighting its brand and product quality [1] - The company has leveraged the rise of e-commerce to expand from Northeast China to the national market, becoming the "first stock of rice in Hong Kong" after its listing in 2023 [1] Group 2 - October Rice Field emphasizes the dual focus on social value and economic benefits, aiming to promote rural revitalization as a key mission [2] - The company has established five industrial bases in Northeast China's premium grain production areas and has purchased over 14 billion yuan of raw grain from local farmers from 2020 to 2024 [2] - By integrating the entire supply chain from planting to sales, October Rice Field has driven the development of local specialty industries and enhanced rural economic growth [2] Group 3 - The Consumer Brand Conference is seen as a new impetus for the high-quality development of China's consumer goods industry, with October Rice Field aiming to tell the story of domestic brands and promote Northeast flavors globally [3]

消息面上，5月20日，港股创新药企三生制药与海外辉瑞公司签订重大许可协议，授予辉瑞在全球（不 包括中国内地）独家开发、生产及商业化双抗的权利。根据协议，三生制药将获得12.5亿美元首付款， 并可能获得高达48亿美元的里程碑付款，以及双位数百分比的销售提成。这一交易再次刷新了国产创新 药出海首付款金额纪录。近期创新药行业利好不断。2025年第一季度，中国创新药license-out交易已有 41起，总金额达369.29亿美元，仅3个月已接近2023年全年水平。 相关产品：港股创新药ETF（159567）、创新药ETF（159992） 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球CXO 龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针对高价创 新药的医保丙类目录出台等。 国元证券认为，上周医药板块受特朗普宣布将推动美国处方药价格与"其他发达国家"对标政策影响，创 新药细分领域出现回调。特朗普提出行政令计划，旨在使美国药价下降30%-80%，并允许患者直接从制 造商购买药物，绕过中间商。然而，分析指出该政策实施难度较大，美国医药市场 ...

今日港股创新药板块大爆发，三生制药大涨36%，石药集团涨超8%，荣昌生物涨超7%，先声药业涨超5%，信达生物、康哲药业、联邦制药、德琪医药-B、 中国生物制药超4%。 ETF方面，港股通创新药ETF工银、广发港股创新药ETF、景顺长城基金港股创新药50ETF、万家基金港股创新药ETF基金、汇添富基金港股通创新药ETF分 别涨5.23%、5.05%、4.89%、4.89%、4.81% ，易方达基金恒生创新药ETF涨4.72%。 | 序号 | 证券代码 | 证券简称 | 今日涨幅% | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | --- | | 1 | 159217 | 港股通创新药ETF工银 | 5.23 | 1.26 | 工银瑞信基金 | | 2 | 513120 | 港股创新药ETF | 5.05 | 32.00 | 广发基金 | | 3 | 513780 | 港股创新药50ETF | 4.89 | 29.86 | 景顺长城基金 | | 4 | 520700 | 港股创新药ETF基金 | 4.89 | 32.58 | 万家县金 | | 5 | 159570 ...

Core Viewpoint - The news highlights the rise of Fan Daidi, the new vice president of Northwest University, as a prominent figure in the business world, particularly in the biotechnology sector, due to her significant stake in the listed company, Juzhi Biotechnology, which has achieved substantial market value and success in the industry [1][4]. Company Overview - Juzhi Biotechnology, co-founded by Fan Daidi and her husband Yan Jianya in 2001, has successfully commercialized human-like collagen through genetic engineering, becoming a model for industry-academia collaboration [3]. - As of 2017, Juzhi Biotechnology had established 11 production lines, with its products being used in over 1,000 hospitals across seven countries and regions, achieving cumulative terminal sales of nearly 10 billion yuan [3]. Market Performance - Juzhi Biotechnology went public on the Hong Kong Stock Exchange in November 2022, with Fan Daidi listed as a co-founder and chief scientific officer [3]. - As of May 12, 2023, Juzhi Biotechnology's market capitalization was approximately 836 billion HKD (about 773 billion yuan), contributing significantly to the combined market value of nearly 900 billion yuan for both Juzhi Biotechnology and another listed company, Xi'an Triangle Defense [4]. Leadership and Governance - Fan Daidi was appointed as the vice president of Northwest University on April 1, 2025, after serving in various leadership roles within the university [4]. - The appointment of Fan Daidi complies with the management regulations for leadership personnel in public institutions in Shaanxi Province, confirming her eligibility for the role [4].

Core Insights - The article discusses the commercialization of intellectual property (IP) in the context of various companies, highlighting Bandai Namco as a leading example with over 600 billion yen in annual sales and a portfolio of enduring IPs like Dragon Ball and Gundam [1] - It contrasts Bandai's successful IP strategy with the challenges faced by Chinese companies like Yuewen, Pop Mart, and Bilibili, which struggle to achieve similar levels of IP monetization and cultural impact [1][3][8] Company Analysis Bandai Namco - Bandai Namco has a robust IP portfolio, generating significant revenue from various franchises, with Gundam alone contributing 145.7 billion yen in FY24, accounting for 13.9% of total IP revenue [2] - The company's "IP axis strategy" integrates content development with commercial monetization, creating immersive experiences across multiple platforms, unlike competitors who primarily focus on single revenue streams [3][4] Yuewen - Yuewen, as China's largest IP "gold mine," has struggled to replicate the cross-media success of Western franchises like Harry Potter, facing structural challenges in its IP conversion chain [3] - The company has seen a decline in active users and revenue growth, with monthly active users dropping from 206 million to 167 million, a 19% decrease year-on-year [3][4] - Yuewen's acquisition of New Classics Media has not yielded expected results, with a 37% drop in net profit from 5.4 billion yuan in 2021 to 3.4 billion yuan in 2024 [4] Pop Mart - Pop Mart has demonstrated strong market appeal, with a 38.9% share of overseas revenue in 2024, but faces challenges in sustaining IP longevity and combating user fatigue [6][5] - The company has a high member repurchase rate of 49.4%, down from 58% in 2019, indicating potential issues with customer retention [6] - Pop Mart is exploring new avenues for IP development, including AR technology and collaborations with animation studios [7] Bilibili - Bilibili achieved its first quarterly profit in 2024, with a net profit of 88.9 million yuan, indicating a shift towards efficiency [8] - The platform's revenue from IP and derivative products decreased by 7%, highlighting the need for improved IP development capabilities [8][9] - Bilibili's top three IPs generated 474.3 billion yen (approximately 23.03 billion yuan) in sales, representing 38.4% of Bandai Namco's total revenue [8] Industry Insights - The article identifies a fundamental gap in the Chinese IP industry, where companies excel at creating hits but struggle to cultivate long-lasting IPs [10] - It emphasizes the need for a shift from a fast-consumption model to a long-term strategy, as seen in Bandai's approach to maintaining the relevance of its IPs over decades [10][11] - The article suggests that Chinese companies need to build a cohesive ecosystem for IP development, moving from isolated successes to a collaborative approach that integrates content, products, and community engagement [11][12]

从2020/21财年经调整EBITA首次扭亏为盈算起，阿里影业（01060）已连续五年实现了EBITA盈利。过 去五年里，阿里影业亲历了电影市场从疫后重启到冷静期，再到行业复苏，过程一波三折。置身其间， 阿里影业依然"摸着石头过河"，蹚出了一条可持续盈利之路。 日前，恰值阿里影业披露了2024/25年度业绩，借此或许正好可以一窥阿里影业究竟是凭何在跌宕的环 境中，仍顺利实现平稳发展。 基本盘稳固，娱乐票务龙头稳步成长 2024年以来，由于市场整体内容供给不足，电影大盘票房回落。尽管如此，阿里影业的综合表现依然可 圈可点。数据显示，2025财年阿里影业实现收入67.02亿元，经调整EBITA为8.09亿元，同比口径分别增 长了33%、61%。 报告期内，阿里影业电影业务稳扎稳打，参与出品、发行了《抓娃娃》《默杀》《封神第二部》《你想 活出怎样的人生》《小小的我》《好东西》《维和防暴队》《云边有个小卖部》《破·地狱》《里斯本 丸沉没》等多部高口碑影片，其中《抓娃娃》票房33.3亿，成为了2024 暑期档票房冠军；《好东西》连 续24天获票房日冠，最终收获7.2亿票房，市场一片叫好！同时，阿里影业还重点发力了引进片 ...

港股科网股走强，京东健康(06618.HK)涨超4%，京东(09618.HK)、小米集团(01810.HK)涨超3%，阿里 巴巴(09988.HK)、百度(09888.HK)等跟涨。 ...

金十数据5月20日讯，财经网站Forexlive分析师：澳洲联储下调了现金利率，承认通胀进展，但对未来 前景仍持谨慎态度。不过，澳洲联储强调了围绕贸易政策的风险，以及对经济增长的潜在拖累。这就是 它下调增长和通胀预期的原因，这也是澳元承压的原因。 分析师：贸易风险是澳洲联储下调增长和通胀预期的原因 ...