花旗发布研报称，中生制药上半年利润和营收均高于预期，创新产品销售额同比增长27%至78亿人民 币，管理层预期2025财政年度创新产品销售额按年增长25%，并维持2025财政年度收入及净利的双位数 增长指引目标。中生制药管理层预期未来三年将有19种以上的新产品获批，其中许多产品的销售潜力超 过20亿。管理层亦对包括TQC3721(PDE3/4)在内的创新候选制剂的外授权潜力充满信心。 消息面上，中生制药公布截至今年6月底止中期业绩，营业额175.75亿元人民币，同比增长10.7%；纯利 33.89亿元，同比增长12.3%；每股盈利18.82分。派中期息5港仙，上年同期派3港仙。中金表示，公司 上半年业绩超出预期，主要因创新产品收入增速超预期以及股息收入。 智通财经APP获悉，中生制药(01177)绩后跌超5%，截至发稿，跌5.31%，报7.49港元，成交额8.03亿港 元。 ...

Core Viewpoint - The stock of Baixinan-B (02185) experienced significant volatility, with a rise of over 50% recently, driven by updates in hypertension management guidelines and potential insurance coverage for renal denervation (RDN) procedures [1]. Group 1: Stock Performance - Baixinan-B's stock rose over 15% at one point and closed up more than 50% yesterday, currently trading at 10.36 HKD with a trading volume of 42.644 million HKD [1]. Group 2: Industry Guidelines - The American Heart Association (AHA) and the American College of Cardiology (ACC) released updated guidelines for the prevention, detection, assessment, and management of adult hypertension, marking significant revisions from the 2017 guidelines [1]. - The new guidelines include updates on the diagnosis, risk assessment, and treatment of hypertension, aiming to provide more precise clinical guidance to reduce cardiovascular disease (CVD) risk [1]. Group 3: Insurance Coverage Proposal - The Centers for Medicare & Medicaid Services (CMS) proposed new insurance coverage for RDN, suggesting it be included for patients with uncontrolled hypertension [1]. - The proposal has entered a 30-day public comment period, with a final decision expected to be announced by October 8, 2025 [1].

8月19日，软银集团与英特尔公司宣布，双方已签署最终证券购买协议。根据该协议，软银将对英特尔普通股进行20亿美元的投资。根据协议条款，软银将 向英特尔每股支付23美元。 FactSet的数据显示，这笔投资使软银成为英特尔的第五大股东。英特尔CEO陈立武在一份声明中表示："孙正义和我已经密切合作了几十年，我很感激他通 过这笔投资表达对英特尔的信心。"孙正义为软银集团创始人兼CEO。 另有报道称，美国特朗普政府正在讨论持有英特尔约10%的股份，该投资涉及将英特尔根据《芯片与科学法案》获得的部分或全部拨款转换为股权。英特尔 预计将获得总计109亿美元的芯片法案拨款，用于商业和军事生产。以英特尔目前的市值计算，这家芯片制造商10%的股份价值约为105亿美元。若交易成 行，美国政府将一跃成为这家芯片制造商的最大股东。 这一入股计划或源于特朗普与陈立武的会面。有分析人士称，美国政府的入股将能够为英特尔目前在俄亥俄州规划的新建工厂提供资金。此前，英特尔曾承 诺将把这座工厂建设成全球最大的芯片制造厂，但项目多次延期。 特朗普在其创办的"真相社交"（Truth Social）社交平台上发帖称："我与英特尔公司的陈立武先生、商务 ...

消息面上，8月18日，科伦博泰生物-B发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人 民币9.5亿元(单位下同)，同比减少31.3%;研发开支6.12亿元，同比减少6.3%;公司权益股东应占亏损1.45 亿元;每股亏损0.64元。 科伦博泰生物-B(06990)绩后涨超3%，截至发稿，涨2.42%，报457.2港元，成交额1.1亿港元。 2025年上半年商业销售总额达3.098亿元。其中，佳泰莱的销售占97.6%。同时，药品销售的所有应收账 款均于账期内收回，资金回笼高效稳健。 公告称，集团已获得sac-TMT(佳泰莱)及塔戈利单抗(科泰莱)及西妥昔单抗N01(达泰莱)的上市许可，并 已开始其商业化。根据集团管线各后期阶段项目的预期审批时间表，待进行监管沟通及取得上市批准 后，集团预期于2025年下半年在中国市场推出博度曲妥珠单抗(舒泰莱)并为A400递交NDA。 ...

Store Expansion - Luckin Coffee opened 204 new stores last week, while BeanStar opened its first store in Taizhou and the sixth in Xuzhou [2] - Silver Flow Coffee opened a new store on Guoquan Road in Shanghai, and Tea Talk opened its first store in Melbourne [2] - Tea Baidao is set to open its first North American store in Flushing, New York, which has the largest Chinese community [2] - Blue Bottle Coffee is reportedly planning to open three new stores in Beijing, specifically in Guomao Mall, Jiulongshan, and Sanlitun [2] New Product Launches - Various brands launched new products, including Shanghai Auntie's high-fiber bottle and Nayuki's Sunshine Golden Pineapple Ginger Yogurt Shake [3] - Luckin Coffee introduced new drinks such as the Guanshi Honey Pomelo Latte and Aloe Vera series [3] - Starbucks announced plans to launch a cold milk foam with 15 grams of protein later this year in the U.S. [3] Brand Collaborations - Nayuki's Tea collaborated with Yuanmeng Star to create 41 themed stores, while Tea Baidao partnered with CRD to launch a joint package [4] - Nova Coffee announced a partnership with Xie Tiandi Milk to launch a new A2 Friendly Latte [4] - Recent fluctuations in coffee prices and tariff disputes have raised concerns in the supply chain [4] Price Trends - Brazil's national consumer price index reported a 1.01% drop in coffee prices in July, marking the first decline in 18 months [4] - In the U.S., coffee prices have risen significantly, with a 14.5% year-on-year increase in July, bringing the average retail price of ground coffee to $8.41 per pound (approximately 60.39 RMB) [4] Management Changes - Starbucks China recently underwent a management reshuffle, with Sabrina Shen appointed as the new Vice President of Operations [7] - Former Starbucks China CEO Wang Jingying will join Chow Tai Fook Jewelry Group as an independent non-executive director starting September 1 [7] - Tims Coffee announced the departure of Tencent representative Meizi Zhu from its board of directors [8] Financial Performance - Tims Hortons reported a 3.6% increase in same-store sales in Canada for the second quarter, with beverage sales up by 4% [9] - The growth was attributed to maintaining a national brand image, product innovation, and improved service speed [9]

Core Points - Starbucks announced a 2% salary increase for all salaried employees in North America as part of a business turnaround plan [1] - The salary adjustment applies to all corporate employees, manufacturing, and distribution staff, including salaried retail leaders like store managers, but excludes hourly baristas [1] - The company emphasizes the need for careful management of other expenses while making significant investments to improve service, reduce wait times, and enhance store environments [1]

中金主要观点如下： 中金发布研报称，考虑中信金融资产(02799)股权业务收入增长以及负债成本下行，上调2025年/2026年 盈利预测16%/20%至115亿元/114亿元。由于市场风偏回暖、公司新进MSCI中国指数有望吸引增量资 金，该行上调目标价46%至1.21港元，对应1.85x 2025e P/B和0%上行空间，维持中性评级。当前公司交 易于1.85x 2025E P/B。 2）减值计提同比增加，夯实拨备基础：公司披露1H25计提资产减值损失和不良债权资产等主要非上市 资产未实现公允价值变动损失约218亿元，未来风险抵御能力持续增强。2024年末收购重组类不良债权 资产拨备覆盖率54%，AC债务工具拨备覆盖率56%，FVOCI债务工具拨备覆盖率156%。 3）8月26日收盘后纳入MSCI中国指数：公司新进MSCI中国指数成分股，调整将于8月26日后实施，中 金策略组测算被动资金潜在流入1.1亿美元。 授权董事会决定再融资方案 5月28日，公司股东大会同意授权董事会增发股份一般性授权，可决定单独或同时发行、配发或者处理 内资/或H股，数量不得超过已发行内资股和H股各自股份总数的20%，有效期截至202 ...

【1】阜阳市提高住房公积金贷款额度 8月18日，阜阳市住房公积金管理中心官网发布关于继续执行提高住房公积金贷款额度政策的通知。通 知显示，凡符合阜阳市住房公积金贷款条件的缴存人申请公积金贷款时，单方住房公积金缴存人贷款额 度上限为50万元，夫妻双方均缴存公积金的贷款额度上限为60万元。 【2】融创中国拟重组债务规模达95.52亿美元 8月18日，融创中国宣布拟进行一系列重组相关交易，包括发行强制可转换债券、向主要股东发行债券 以及采纳团队稳定计划，并建议增加法定股本。此次重组涉及的债务求偿额截至2025年6月30日估计为 95.52亿美元，其中包括本金及应计未付利息。 【4】金融街2025年上半年净亏损约10.08亿元 8月18日，金融街发布2025年半年度报告显示，营业收入约46.55亿元；净亏损约10.08亿元；经营活动产 生的现金流量净额16.06亿元。 【5】美的置业预计半年度归母净利润2.5亿元至3.5亿元 8月18日，美的置业发布2025年半年度业绩预告。预告显示，1—6月美的置业实现归母净利润2.5亿元至 3.5亿元。 北京商报记者 王寅浩 李晗 【3】华夏幸福累计未偿还债务共计280.2亿元 ...

国内酒店业务好于行业表现 1)住宿：2Q25 ADR同比实现正增长，好于行业表现，反映用户消费习惯变化，公司三星酒店间夜量占 比同比提升4个百分点;此外公司继续深化与全球供应商的合作，加强中国游客出境游热门目的地的布 局，国际酒店间夜继续保持较快增长。暑期表现来看，公司酒店ADR继续保持同比正增长，旅游需求 具有韧性。公司预计3Q25 酒店间夜量同比增长10-15%，ADR低个位数增长，好于行业平均，该行预计 3Q25酒店收入同比增长13%。 2)交通：2Q25国际机票量同增超30%，国际机票收入占交通收入比例超6%(同比增长2个百分点)。由于 去年暑期旅游情绪旺盛，根据飞常准的高频数据，2025.6.20-8.16国内航班客运量同比增长仅3%，公司 国内机票增速和行业增速类似，但公司出境机票继续维持高增，叠加变现率提升，该行预计3Q25交通 收入同增9%。 出境业务和酒店管理业务是未来增长的双引擎 智通财经APP获悉，中金发布研报称，维持同程旅行(00780)25/26年收入和盈利预期，维持跑赢行业评 级，维持目标价23港元(对应15x/12x 25e和26e Non-IFRS市盈率)，上行空间为17%，公 ...

Core Viewpoint - The commercial health insurance sector is experiencing high-quality development driven by policy support and market demand, with Sipai Health Technology significantly improving its profitability through a three-dimensional strategic transformation focused on business optimization, operational efficiency, and resource concentration [1][2]. Group 1: Financial Performance - For the period ending June 30, 2025, Sipai Health Technology reported total revenue of 1.22 billion yuan, with a 10.2% increase in core enterprise health insurance business revenue [1]. - The overall gross profit margin increased to 14.4%, up by 4.7 percentage points year-on-year [1]. - Operating losses decreased by 29.6% year-on-year, while normalized net losses reduced by 59.6% [1]. Group 2: Business Strategy - Sipai Health Technology aims to upgrade into a commercial medical payment and service network, focusing on employee medical insurance and health management needs [1]. - The company is committed to creating a one-stop service integrating medical, pharmaceutical, health, and insurance services through efficient integration of national medical service and pharmaceutical networks [1]. Group 3: Market Position and Growth - As of June 30, 2025, Sipai Health Technology has served 526 leading enterprises nationwide, covering over 1.49 million members, managing premiums of approximately 860 million yuan, which represents a year-on-year growth of about 35% [2]. - The company has a premium renewal rate of approximately 105.3% [2]. - Sipai Health Technology operates 65 corporate clinics with a total of 87,000 patient visits in the first half of the year and has signed contracts with 23 quality commercial medical institutions, covering 118 service points [2]. Group 4: Future Outlook - The company continues to deepen its strategic focus under a dual-engine model of policy guidance and competitive drive, aiming to solidify its leading position in the integrated field of commercial health insurance and health management [2]. - There is an emphasis on accelerating digital and intelligent transformation to expand the proportion of high-margin commercial insurance business, providing long-term support for core business scaling, profit structure optimization, and cash flow improvement [2].