Group 1 - The global economic landscape has become uncertain since 2025, but stable supply and resilient demand for certain commodities, such as electrolytic aluminum, have led to strong performance [1] - In Q1 2025, the price of electrolytic aluminum was 20,400 CNY/ton, a year-on-year increase of 7.3%, remaining stable compared to Q4 2024 [1] - The complete cost of electrolytic aluminum production in Shandong was 15,810 CNY/ton, showing a year-on-year increase but a significant quarter-on-quarter decrease of 16% [1] Group 2 - Shandong Hongqiao's Q1 2025 revenue reached 40.173 billion CNY, a year-on-year growth of 15.6%, with net profit increasing by 46.5% year-on-year [1][2] - The main components of electrolytic aluminum production costs include alumina and electricity, which together account for 60%-85% of total costs [2] - The price of alumina in Q1 was approximately 3,833 CNY/ton, down 28.1% from Q4 2024, while the price of thermal coal was 721 CNY/ton, down 20% year-on-year [2] Group 3 - Despite falling upstream resource prices, aluminum prices have remained high due to supply-side reforms limiting production growth and sustained demand from sectors like renewable energy [5] - The global electrolytic aluminum production capacity is primarily concentrated in Asia, Europe, and North America, with China accounting for over half of the total capacity [5] - Limited growth in domestic production capacity is expected due to a 45 million ton production cap, while overseas production increases are forecasted to be modest [5] Group 4 - The demand for electrolytic aluminum is expected to grow, driven by its applications in various industries, including lightweight materials and aerospace [6] - Projections indicate a persistent supply-demand imbalance in the domestic market, with deficits expected from 2022 to 2027 [6] - The upward trend in aluminum prices is anticipated to continue due to rigid supply and orderly demand release [7] Group 5 - China Hongqiao is well-positioned in the aluminum industry due to its resource advantages and integrated operations, which enhance its profitability [7] - The company has achieved a 100% self-sufficiency rate in alumina and a 50% self-sufficiency rate in electricity, providing a strong cost advantage [7] - China Hongqiao is accelerating its capacity relocation to Yunnan, focusing on hydropower aluminum production, which is more environmentally friendly and cost-effective [8]

Core Insights - The eighth Digital China Construction Summit was successfully held in Fuzhou, with NetDragon participating as a strategic partner for the eighth consecutive year [1][3] - NetDragon showcased its digital technology advantages in the fields of digital culture and tourism, and digital education, becoming one of the most popular exhibition areas at the summit [1][5] Digital Culture and Tourism - NetDragon focused on creating a "Digital Culture and Tourism Demonstration Zone" and a "Digital Education Experience Zone," presenting over ten innovative applications and solutions that integrate AI, VR, and AR technologies [2] - The company aims to leverage its technological strengths to enhance the digital transformation of the cultural and tourism industry in Fujian, promoting the integration of gaming and cultural tourism [5][12] - A special plan titled "Digital Mountain and Sea: New Life for Fujian Tourism through Gaming" was initiated to establish a digital cultural tourism model in Fujian [8][10] Digital Education - NetDragon has expanded its digital education footprint globally, covering over 200 million classrooms and benefiting more than 150 million users [16] - The company is actively responding to the "Belt and Road" initiative by promoting international cooperation in vocational education, with projects successfully launched in countries like Thailand and Singapore [16][17] - During the summit, NetDragon showcased various advanced digital education products and solutions, emphasizing its commitment to integrating education with industry [18][21]

Core Viewpoint - The recent significant share reductions in Pop Mart, known as the "first stock of blind boxes," have sparked market speculation regarding the company's fundamentals and the reasons behind these actions [1][2]. Group 1: Share Reduction Events - On May 7, a major investor sold 3.86 million shares at HKD 190.20 each, cashing out approximately HKD 734 million, marking the third large-scale reduction in a week [1]. - The total shares sold in three transactions amounted to 11.91 million, representing about 0.9% of the company's total share capital, with a total cash value of HKD 2.264 billion [1]. - The reductions are believed to be linked to the expiration of a fund, rather than a loss of confidence in the company's future [2]. Group 2: Market Reaction - Despite the large-scale sell-offs, Pop Mart's stock price did not experience a panic drop; it only fell 0.3% after the first reduction but rebounded by 4.7% the next day [2]. - Following the second reduction, the stock briefly dipped but quickly rebounded, resulting in a cumulative increase of 6.3% over three trading days [2]. - After the third reduction, the stock price fell by only 0.8%, with trading volume increasing by 30%, indicating a potential resilience in the market [2]. Group 3: Historical Context - Historical instances in the Hong Kong market show that share price often rises after fund expirations, as seen with Meitu and 3SBio, where significant share reductions led to subsequent price increases [3]. - Analysts suggest that fund reductions are often passive actions unrelated to the company's fundamentals, potentially allowing long-term investors to reassess the stock positively [3]. Group 4: Globalization Strategy - Pop Mart's overseas revenue reached HKD 1.066 billion in 2023, a year-on-year increase of 134.9%, with the first quarter of 2024 showing a growth rate of over 240% [4]. - The company has expanded its overseas store count to 80, a 45% increase from the end of 2023, and has introduced over 200 robot stores [4]. - Pop Mart's strategy includes localizing operations and supply chains, with factories in Vietnam and Indonesia to reduce costs and tailor products to regional markets [5]. Group 5: Valuation Perspectives - Current market valuations show a dynamic PE of approximately 30 times, which is higher than some competitors, raising concerns about potential valuation corrections [6]. - Supporters of the stock argue that its overseas penetration is still low, suggesting significant growth potential, while skeptics highlight increasing competition in the market [6]. - The recent share reductions are viewed as a test of the market's perception of the company's long-term value, with the potential for a rebound if the stock remains stable [6]. Group 6: Market Insights - The recent share reduction and subsequent stock performance illustrate a clash between capital movements and fundamental growth, with the long-term outlook remaining positive due to globalization and strong IP [7]. - Investors are keenly observing the company's upcoming performance metrics, particularly regarding new store openings and product launches, as these will be critical for long-term stock performance [7].

5月7日，港股创新药企云顶新耀（01952）宣布，耐赋康®（布地奈德肠溶胶囊）正式获得国家药品监 督管理局（NMPA）同意，由附条件批准转为完全批准，用于治疗具有疾病进展风险的原发性免疫球蛋 白A肾病（IgAN）成人患者，以减少肾功能损失。新适应症夯实了耐赋康治疗 IgA 肾病一线基石地 位，此次完全批准意味着耐赋康®临床研究的完整数据已获通过，成为国内首个且唯一获得NMPA完全 批准的IgA肾病对因治疗药物。 云顶新耀首席执行官罗永庆表示："此次完全批准取消了对蛋白尿水平的限制，这将推动耐赋康®从改 变治疗格局走向重塑治疗标准，延缓IgA肾病患者肾功能衰退，更好地满足长期未被满足的临床需求， 使更多患者获益。新适应症的获批充分验证了耐赋康®的临床疗效与安全性，为医生提供了更加坚实的 治疗决策依据，使其成为了中国首个且目前唯一获得NMPA完全批准的IgA肾病对因治疗药物。" 耐赋康®在获得完全批准后，其适用人群将大幅扩展，随着临床需求激增，医保逐步放量、权威指南的 推荐以及海外市场的加速拓展，多重因素共同推动其市场渗透力和销售增长。作为一款具有显著临床价 值的创新药物，耐赋康®的普及不仅将优化患者治疗路径，也 ...

5月7日，博雷顿(01333.HK)在港交所挂牌上市，港交所迎来"电动版卡特彼勒"。公司本次上市发行1300 万股H股，每股定价18港元，欣旺达、长风基金为基石投资者。 新能源风口下 工程机械迎"电动版卡特彼勒" 碳中和浪潮下，工程机械行业正面临着前所未有的转型与升级。新能源工程机械行业也成为有待开发的 千亿级蓝海市场，以新能源推动新质发展力的竞速发展已拉开帷幕。 当然提到工程机械，首先会想到的就是卡特彼勒，全球工程机械巨头，高质量和高性能，百年老店、高 度国际化。这些标签用在卡特彼勒身上都不为过。卡特彼勒已经由单纯的工程机械生产企业转变为综合 性服务商，同时被视为全球经济的晴雨表，因为公司的业绩往往与世界经济形势密切相关。 随着博雷顿通过港交所聆讯，这家致力于工程机械电动化、机器人化，推动绿色智慧生产方式普及的企 业有望成为港股市场的"电动版卡特彼勒"。 成立于2016年的博雷顿，是国内最早从事纯电动工程机械（装载机、矿卡等）研发、生产和应用的高新 技术企业。2016年在某种意义上，是中国新能源汽车启航的一年，也是互联网造车最受关注的一年，与 互联网造车不同，博雷顿切入的赛道是新能源工程机械。 这家高速成长 ...

在今日举行的2025联想创新科技大会（Tech World）上，联想集团董事长兼CEO杨元庆宣布推出"超级 智能体"技术，并首次系统阐述了其三大核心功能特征：感知与交互、认知与决策、自主与演进。这一 技术被定义为个人与企业的"认知操作系统"，标志着人工智能从工具型助手向全场景智能伙伴和"人工 智能双胞胎"的跨越式进化。同时，也意味着联想混合式人工智能落地的取得关键突破。 ...

联想集团发布多款"超级智能体" 金十数据5月7日讯，在今日举行的2025联想创新科技大会上，联想集团董事长兼CEO杨元庆宣布推出划 时代的"超级智能体"技术，并首次系统阐述了其三大核心功能特征：感知与交互、认知与决策、自主与 演进。这一技术被定义为个人与企业的"认知操作系统"，标志着人工智能从工具型助手向全场景智能伙 伴和"人工智能双胞胎"的跨越式进化。同时，也意味着联想混合式人工智能落地的取得关键突破。 （36氪） ...

各位股东： 盛京银行股份有限公司（以下简称"本行"）拟定于2025年6月13日（星期五）召开盛京银行股份有限公司2024年度 股东大会。现将具体事宜通知如下： 辽宁省沈阳市沈河区北站路109号6楼604室。 （四）会议方式 现场会议、投票表决。 二、会议主要内容 一、召开会议基本情况 （一）会议召开时间 2025年6月13日（星期五）上午9时30分。 （二）会议召集人 本行董事会。 （三）会议地点 普通决议案 特别决议案 （一）2024年度董事会工作报告； （二）2024年度监事会工作报告； （三）2024年度财务决算及2025年度财务预算报告； （四）2024年度利润分配方案； （五）聘任2025年度审计师； （六）关于授权办理董事、监事及高级管理人员责任保险购买事宜的议案； （七）建议选举非执行董事； （八）关于收购沈北村镇银行、法库村镇银行、新民村镇银行、辽中村镇银行其他股东股份并将其改建为分支机 构暨吸收合并的议案； 听取事项 （九）2024年度独立非执行董事述职报告； （十）监事会对2024年度董事、监事和高级管理人员履职评价的报告； （十一）2024年度关联交易情况及2025年度关联交易额度控制计 ...

Group 1 - The Hong Kong automotive dealership stocks are experiencing a strong upward trend, with Zhongsheng Holdings (00881.HK) rising nearly 7.5% [1] - Yongda Automobile (03669.HK) has seen an increase of nearly 2.5% [1] - Other companies such as Harmony Auto (03836.HK) and Tuhu (09690.HK) are also following the upward trend [1]

泡泡玛特再现盘前大宗交易 或为蜂巧资本基金到期 金十数据5月7日讯，泡泡玛特(09992.HK)再现盘前大宗交易减持，一位投资人以每股190.20港元出售泡 泡玛特约386万股持股，涉及资金约7.34亿港元。公开信息显示，此前一周泡泡玛特曾连续两次被投资 人减持股票，涉及资金约15亿港元。记者从一位接近泡泡玛特的知情人士处获悉， 此次连续减持并非 公司管理层减持，从减持节奏来看，大概率是基金到期发生的自然减持，和公司基本面无关。记者查阅 泡泡玛特股权信息发现，近一周内发生的三次减持分别为405万股、400万股、386万股，总计1191万 股，占公司股份比例约为0.9%。对比股权信息，此次减持极可能是蜂巧资本基金到期出清其所持有的 所有泡泡玛特股票。 （每经） ...