当以往依靠新增项目驱动的增长模式不再延续，物管企业的生存逻辑已发生根本性转变，独立外拓能 力、降本能力、增值服务破局能力，成为下一阶段企业增长、穿越周期的关键决定因素。 而在这物业管理服务行业进入"高质量生存能力"比拼的一年，世茂服务(00873)于2024年依然交出了一 份韧性十足的答卷。 物管业务逆势增长，第三方外拓质量跃升 在房地产行业深度调整的背景下，世茂服务的物业管理服务板块成为财报最大亮点： 2024年，世茂服务物业管理服务实现收入55.64亿元，同比增长5.1%，占总收入比重提升至70.5%，其中 毛利率也稳定在20.1%。 其中，公司期内第三方竞标外拓，不但成绩再创新高，更在激烈的市场竞争中，构建起自身可持续发展 的强劲动力，向更高的目标稳步迈进。 据智通财经APP了解到，2024年，世茂服务实现第三方外拓新增合同额14.83亿元，同比增长28.2%；新 增合约建筑面积43.1百万平方米，同比上升3.4%；新增项目平均物管费冲上2.9元/平方米/月，同比激增 26.1%，实现量价齐升，外拓质量显著优化； 在区域布局上，世茂服务采取高能级城市密度战略：截至2024年全年，世茂服务在管项目中，高达 ...

星空华文2024年业绩公告反映出公司在多重压力下的艰难转型。 2024年星空华文实现营收1.63亿元，同比暴跌61.8%，创下历史新低。尽管净亏损从2023年的16.05亿元 收窄至2.33亿元，但这一改善主要依赖商誉减值亏损的大幅减少（从11.92亿元降至4850万元），而非主 营业务实质性复苏。 公司营业利润率低至-52.36%，总资产净利率为-1.80%，显示出盈利能力深度恶化。上半年数据已预示 全年颓势：2024年上半年营收同比降50.7%，亏损同比扩大225.6%，核心综艺节目制作规模收缩导致毛 利贡献骤减。 作为公司核心收入来源的《中国好声音》IP，因2023年李玟事件引发的舆论风暴遭遇致命打击。该事件 直接导致节目停播，使得2023年亏损达16.34亿元，并触发市值从490亿港元崩跌至11.32亿港元。尽管 2024年节目制作尝试重启，但舆情余波导致广告招商困难，全年综艺业务收入贡献几乎归零。这一现象 暴露出公司对单一IP的过度依赖风险，以及内容监管与舆情管理能力的重大缺陷。 资本市场对其态度呈现两极分化：一方面认可经典IP库（如757部港片）的潜在价值；另一方面担忧其 持续亏损、现金流紧张及港 ...

Group 1 - The core transaction involves the sale of port rights in 43 ports across 23 countries by Cheung Kong Holdings for $22.8 billion to a consortium led by BlackRock, raising geopolitical concerns between China and the U.S. [1] - The ports included in the sale are strategically located at both ends of the Panama Canal, which could impact Chinese shipping operations if BlackRock implements high entry fees for Chinese vessels [1][2] - The Chinese government has expressed concerns over the sale, indicating that state-owned enterprises should pause new collaborations with Li Ka-shing's companies, emphasizing the importance of national interests [2] Group 2 - Cheung Kong Holdings has paid $658 million in taxes and invested $1.7 billion in upgrading port facilities in Panama since acquiring operating rights in 1997 [2] - The urgency for Cheung Kong to complete the transaction is driven by political risks and public pressure, with plans to finalize the agreement by April 2 [2][3] - The transaction reflects broader U.S.-China strategic competition, highlighting the need for China to enhance its port network and influence in international rule-making to secure supply chain safety [4]

3月28日晚间，广州农商银行发布的2024年度业绩公告显示，报告期内，广州农商银行集团资产总额 13624.08亿元，较年初增加483.65亿元，增幅3.68%；不良贷款率1.66%，较上年末下降0.21个百分点； 拨备覆盖率184.34%；营业收入158.32亿元，净利润24.16亿元。 近年来，受利率下行等因素影响，广州农商银行的经营业绩持续承压，但该行2024年业绩已出现一些积 极的变化：首先是营业收入降幅收窄，由2023年下降19.47%减少为2024年下降12.79%，降幅共收窄6.68 个百分点，下滑势头得到遏制；其次是资产质量有所改善，不良贷款率较上年末下降21个BP、为 1.66%，降至近5年来最低水平。从资本实力来看，各项资本充足率均优于监管标准，资本充足率、一 级资本充足率及核心一级资本充足率分别为14.52%、11.42%及9.90%，同比分别微增0.85、0.30、0.07个 百分点，主要得益于该行 2024年成功发行永续债及超额损失准备增加，带动资本净额较上年末增加 103.78亿元。 对此，广州农商银行相关负责人表示，在复杂严峻的外部环境下，该行大力优化资产结构，自2023年启 动 ...

政策的乐观表态为后续消费复苏奠定了坚实基础，东兴证券认为今年政府工作报告在消费方面的刺激政 策全面且到位，推动收入增长特别是中低收入群体的减负，对基础消费有较为显著的作用。改善消费环 境的措施对于改善居民消费预期有较大的帮助。同时直接部署消费基金落实消费补贴也将对消费形成直 接的促进。 今年政府工作报告提出，促进消费和投资更好结合，加快补上内需特别是消费短板，使内需成为拉动经 济增长的主动力和稳定锚。政策围绕制定提升消费能力、增加优质供给、改善消费环境专项措施等三个 方向延伸，释放多样化、差异化消费潜力，推动消费提质升级。多渠道促进居民增收，推动中低收入群 体增收减负，完善劳动者工资正常增长机制。同时，计划 安排超长期特别国债3000亿元支持消费品以旧换新。 4月2日，食品板块异动拉升，截至发稿，锅圈上涨超15%，换手率2.93%，成交额1.27亿元。 消息面上，1至2月，"两新"政策进一步发力显效，带动设备工器具购置投资同比增长18%，社会消费品 零售总额同比增长4%，继续发挥扩消费、稳投资、促转型、惠民生重要作用。 公司层面，锅圈近期发布2024年年度业绩公告。财报显示，至2024年12月31日，门店稳定 ...

Core Insights - The core reason for He Yu-B's (02256) first full-year profitability in 2024 is the successful collaboration with Merck on its core product Pimicotinib (ABSK021), which included a $70 million upfront payment and an $85 million option fee for global commercialization [1][2][3] - The partnership has generated over $150 million in cash for He Yu-B, providing substantial financial support for future R&D projects [1][3] - Pimicotinib is recognized as a potential blockbuster drug with significant global commercialization prospects, particularly in treating TGCT and other indications [2][3] Group 1: Financial Performance and Collaborations - He Yu-B achieved profitability in 2024 due to innovative capabilities and successful business development (BD) transactions, resulting in strong cash flow [1][3] - The collaboration with Merck is expected to yield additional milestone payments totaling up to $606 million, excluding double-digit net sales royalties [1][3] - The management's confidence in the company's future is reflected in stock buyback initiatives, which have positively impacted stock prices [4][5] Group 2: Product Development and Market Potential - Pimicotinib is the first Chinese-developed CSF-1R inhibitor to enter global Phase III clinical trials, with breakthrough therapy designations from multiple regulatory agencies [2][3] - The drug demonstrated a 54% objective response rate (ORR) in clinical trials, significantly outperforming the placebo group [3] - He Yu-B's pipeline includes 19 candidate drugs targeting various cancer pathways, with several having the potential to be first-in-class (FIC) or best-in-class (BIC) [4][6] Group 3: Future Prospects and Market Trends - The global liver cancer market is projected to reach approximately $5.3 billion by 2029, with immunotherapy expected to capture a significant share [6] - He Yu-B's other candidate, Ipagotene (ABSK011), is positioned to become a leading FIC/BIC drug due to its efficacy and safety profile [6][7] - The company is actively participating in major conferences to showcase its innovative research, indicating strong market interest and potential for future BD opportunities [7][8]

智通财经APP获悉，第一太平戴维斯最新发表的2025年3月香港住宅销售市场报告指出，尽管2024年底 减息及折让交易刺激了豪宅成交量，但市场仍面临二手及一手库存过剩的压力。急于回笼资金的业主及 发展商正推动价格调整，尤其影响顶级豪宅市场。一般住宅市场同样受发展商积极推盘影响，预计2025 年价格将持续调整。 第一太平戴维斯预测2025年住宅价格走势:联排别墅将下跌5%，豪宅跌幅介乎0-5%，而一般住宅则料下 调5-10%。 报告指，2024年第四季度豪宅成交量环比增长一倍至180宗，主要受益于美联储减息及市场折让盘源增 加。在大量不良资产充斥着市场及投资者急售套现的双重压力下，房屋价格季度环比再跌1-2%。 港岛区仍积压2015-2024年间竣工的126幢独立屋及600个豪宅单位有待出租或出售。2024年一手成交量 相比2022及2023年年均飙升70%至1.6912万宗，但未来4年将有10.7万个单位新供应，价格下调压力持 续。 第一太平戴维斯董事及住宅销售部主管施豪东指出:由于独立屋的年均吸纳量仅为13栋，豪宅的年均吸 纳量亦只有48套，这一趋势明显反映出为何一些发展商在市场情绪改善时会主动推出一手豪宅项 ...

公告称，收益增加主要由于受报告年度N型电池及光伏组件销量强劲增长所推动，新能源及EPC分部的 收益净增加，约为41.275亿港元(上一报告年度约21.2亿港元)。 凭借技术创新与战略聚焦，中环新能源吸引了全球资管巨头贝莱德(BlackRock)的青睐。最新披露财报 显示，贝莱德ETF基金以0.46%的持股比例成为其重要机构投资者。 贝莱德是全球最大的资产管理公司之一，资产管理规模约11.5万亿美金，其投资决策往往被视为聪明资 金的风向标。其持续增持行为向市场传递对中国经济增长潜力的信心，尤其在新能源、消费等领域。 资本市场的价值认同，贝莱德持仓背后的投资逻辑引发关注。 国际资管巨头，为何看好中环新能源这家中国新能源企业? 智通财经APP获悉，在新能源产业加速转型的背景下，中环新能源控股集团(01735)交出了一份亮眼的成 绩单。日前，中环新能源公布2024年业绩，收益约为60.32亿港元，同比增长49.74%。公司拥有人应占 溢利约为1.06亿港元，同比增长60.42%。 产能和技术领先 光伏业务进入发力阶段 贝莱德为何看好这家中国新能源企业? 公开资料显示，贝莱德近年来持续加码中国新能源产业链，其重仓的比亚 ...

港股通科技ETF（513860）紧密跟踪中证港股通科技指数（HKD）。该指数从港股通范围内选取50只市 值较大、研发投入较高且营收增速较快的科技龙头上市公司证券作为指数样本，以反映港股通内科技龙 头上市公司证券的整体表现。该ETF还配备了场外联接基金（021465）。 西部证券研报称，DeepSeek技术突破削弱美国AI垄断估值，特朗普对等关税加剧美国经济下行担忧， 带来中美预期回报率"东升西落"，全球流动性从美股外溢。从性价比看：恒生科技市盈率在全球科技中 更低，且处于自身历史低位；从增长性看：DeepSeek的出现，中国科技从"跟跑者"转向"核心竞争者"， 带来盈利能力的预期抬升。对标美股AI三阶段行情，行情中后期资金将聚焦"有业绩的上游算力和AI应 用端"，港股科技巨头EPS上修已现确定性，应用端弹性将随商业化落地释放。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 资金流向上看，Wind金融终端数据显示，港股通科技ETF（513860）近5日有3日获得资金净流入。 消息面上，据媒体报道，南向资金"扫货"1600亿港元，科技、消费巨头获"爆买"。今年 ...

Core Insights - The main focus of the article is on the growth and strategic direction of the collectible toy industry, particularly highlighting the performance of Pop Mart and TOP TOY, as well as their differing approaches to market competition. Group 1: Company Performance - Pop Mart has reported a revenue exceeding 10 billion yuan, with profits increasing by over 180%, achieving a market capitalization of over 200 billion HKD [1] - TOP TOY, a brand under Miniso, opened its first flagship store in Shanghai and plans to expand globally, aiming to establish over 1,000 stores in 100 countries within five years [1][2] - TOP TOY's revenue reached 980 million yuan last year, marking a 45% year-on-year growth, and the number of stores increased from 148 to 276 [2] Group 2: Strategic Direction - TOP TOY's strategy focuses on the secondary creation of large IPs, contrasting with Pop Mart's emphasis on proprietary IP development [2][4] - The company aims to become a global brand, similar to its parent company Miniso, by expanding its store presence worldwide [2][4] - TOP TOY has already opened five stores in Southeast Asia and plans for overseas sales to account for over 50% of its revenue [2] Group 3: Competitive Landscape - TOP TOY does not view Pop Mart as a direct competitor, as they operate in different market segments, with TOP TOY focusing on large IP adaptations [2][30] - The founder of TOP TOY believes that the uniqueness of an IP is less important than its design and marketability, which allows for a more predictable business model [7][10] - The company has shifted its product strategy from a 70-30 split of self-developed to externally sourced products to a 50-50 split, with plans to move towards a 70-30 ratio favoring self-developed products in the future [23] Group 4: Market Insights - The collectible toy market is seen as a growing sector, with both companies benefiting from increased consumer interest, particularly in blind box products [22][39] - The founder of TOP TOY acknowledges the potential risk of consumer fatigue towards collectible toys, which is a shared concern in the industry [39] - The competitive landscape is expected to evolve, with the emergence of new brands and products, indicating a dynamic market environment [30][38]