Core Viewpoint - Via Biotechnology (01873) experienced a nearly 7% increase in stock price following the release of its interim results, indicating positive market sentiment despite a decline in revenue [1] Financial Performance - The company reported revenue of 832 million RMB, a year-on-year decrease of 15.27% [1] - Shareholder profit stood at 122 million RMB, reflecting a year-on-year increase of 4.28% [1] - The gross profit margin improved to 40.8%, up 6.3 percentage points compared to the same period last year, attributed to optimization in business structure and enhanced operational efficiency in CRO services [1] Business Development - Via Biotechnology has been investing in AI drug development for the past five years, with AI-related orders now accounting for 12% of new contracts, showing a growth trend [1] - The company possesses self-developed algorithms and platform capabilities in its AIDD and CADD platforms, along with experience in developing various drug forms [1] - Via is transitioning from a phase focused on computational methods in drug development to a new phase driven by AI in drug design, aiming to change the paradigm of drug design [1]

#金饰克价涨到1053元# 【国内多家品牌足金首饰价格上破1050元/克】#黄金[超话]# 国际金价近日连连 攀升，今日上午，现货黄金盘中一度触及3546.919美元/盎司的历史新高。国内多家黄金珠宝品牌公布 的境内足金首饰价格较昨日继续上涨，周大福、六福珠宝、潮宏基等品牌足金首饰价格报1053元/克。 （智通财经，泽塔） ...

Core Viewpoint - The express delivery industry in China is experiencing significant growth, with a notable increase in parcel volume and a trend towards "anti-involution" in pricing competition, which is expected to stabilize the market in the medium to long term [1][4]. Group 1: Industry Performance - In July 2025, the national express delivery volume reached 16.4 billion parcels, a year-on-year increase of 15.1%, while the volume for January to July 2025 totaled 112.05 billion parcels, up 18.7% year-on-year [1][2]. - The express delivery industry's revenue in July 2025 increased by 8.9% year-on-year, while the average revenue per parcel decreased by 5.3%. For the first seven months of 2025, revenue grew by 9.9%, with a 7.4% decline in average revenue per parcel [4]. Group 2: Company Performance - SF Express reported a remarkable business volume growth of 33.7% year-on-year in July 2025, leading the industry, with a 26.9% increase for the first seven months [2]. - Other major express companies such as YTO, Yunda, and Shentong also showed positive growth in July 2025, with year-on-year increases of 20.8%, 7.6%, and 11.9% respectively [2]. Group 3: Market Concentration - The market concentration in the express delivery sector is increasing, with the CR8 (concentration ratio of the top 8 companies) reaching 86.9% for January to July 2025, reflecting a 1.7% year-on-year increase [3]. - In Q2 2025, the market shares of leading companies such as Zhongtong, YTO, Yunda, Shentong, and Jitu increased compared to Q1, indicating a trend towards greater market concentration [3]. Group 4: Pricing and Competition - The decline in average revenue per parcel is narrowing, indicating a reduction in price competition due to the "anti-involution" measures being implemented. This trend is expected to ease competitive pressures in the short term while promoting healthy competition in the long term [4]. - The National Postal Administration has emphasized the need to combat "involution-style" competition, with recent meetings aimed at ensuring stable operations and pricing in the express delivery sector [4]. Group 5: Investment Recommendations - The "anti-involution" measures are anticipated to alleviate competitive pressures, with expectations for profitability recovery in the e-commerce express sector in the latter half of the year. The sustainability of price increases will be crucial for future profitability [5]. - Companies such as SF Express, YTO Express, Zhongtong Express, Jitu Express, and Yunda are highlighted as key investment opportunities due to their strong performance and potential for profit recovery [5].

Core Viewpoint - Beike (BEKE.US/02423.HK) has reported steady performance in its latest financial results, despite underperforming compared to the broader market in both Hong Kong and the US this year [1][2] Group 1: Financial Performance Highlights - Total Gross Transaction Value (GTV) reached 1.72 trillion yuan in the first half of 2025, a year-on-year increase of 17.3%, with existing home GTV growing by 13.7% and new home GTV by 26.0%, significantly above industry averages [6] - Net revenue for the first half of the year was 49.3 billion yuan, reflecting a year-on-year growth of 24.1%, indicating improved monetization capabilities [7] - Non-real estate transaction services are increasingly contributing to revenue, with home decoration and rental services generating 7.5 billion yuan and 10.7 billion yuan respectively, marking year-on-year increases of 16.5% and 85.2% [8] Group 2: Business Growth and Network Expansion - The number of Beike stores reached 60,500, and the number of agents increased to 558,000, enhancing the platform's ecosystem and competitiveness [10] - The share buyback program has been robust, with 394 million USD in American Depositary Shares repurchased in the first half of the year, and a total of 2.02 billion USD since the program's initiation, representing 10.3% of the total shares before the buyback [11] Group 3: Market Expectations and Valuation Discrepancies - The market continues to value Beike primarily as a "real estate transaction platform," overlooking its transformation into a comprehensive "residential service ecosystem," which has significant value [14] - Short-term fluctuations in profitability have overshadowed long-term structural improvements, with healthy operating cash flow indicating strong core business performance [16][17] - The market has underestimated the efficiency gains from Beike's investments in AI and technology, which are crucial for enhancing service delivery and operational efficiency [18] Group 4: Market Sentiment and Future Outlook - The current bull market in Hong Kong and A-shares has led to increased recognition of Beike's growth potential, with several institutions issuing buy ratings and target prices indicating substantial upside [4][20] - Recent capital inflows into Beike's stock suggest a positive market sentiment, with a notable increase in holdings from Hong Kong Stock Connect [23]

Core Viewpoint - Aerospace Holdings (00031) reported a significant increase in stock price, with a rise of over 11% during trading, and a current increase of 8.33% to HKD 0.65, with a trading volume of HKD 21.69 million [1] Financial Performance - The company announced mid-term results with revenue of approximately HKD 2.023 billion, representing a year-on-year growth of 10.89% [1] - Shareholder attributable loss was HKD 42.337 million, which expanded by 48.15% compared to the previous year [1] Business Segments - The injection molding product business saw a revenue increase of 20.32% year-on-year, contributing to the overall operating profit growth in the technology industry [1] - The circuit board business stabilized, with a revenue increase of 11.42% year-on-year, driven by strong growth in optoelectronic modules and domestic substrate business [1] Future Developments - The company disclosed that the civil engineering for the integrated circuit packaging substrate capacity construction in Nantong has been completed, with production line construction proceeding in an orderly manner, expected to begin small batch trial operations in the first half of 2025 [1] - The IPM packaging business officially commenced production at the beginning of the year, with some products achieving domestic substitution [1] - The injection molding business in Vietnam has reached full production capacity, with plans for a second phase project under consideration, driven by business demand from domestic companies establishing factories in Vietnam [1] - These new capacity developments are expected to increase the company's overall production capacity by approximately 40%, providing assurance for revenue scale and quality enhancement [1]

Core Viewpoint - Aerospace Holdings (00031) experienced a significant stock price increase, with a rise of over 11% during trading, closing at 0.65 HKD, reflecting a trading volume of 21.69 million HKD. The company reported a mid-term performance with a revenue of approximately 2.023 billion HKD, marking a year-on-year growth of 10.89%, despite a widened loss attributable to shareholders of 42.337 million HKD, which is an increase of 48.15% compared to the previous year [1]. Group 1 - The revenue from the injection molding products business grew by 20.32% year-on-year, contributing to an increase in overall operating profit for the technology industry [1]. - The overall sales of the circuit board business stabilized, with a revenue increase of 11.42% year-on-year, primarily driven by strong growth in optoelectronic modules and domestic substrate business [1]. Group 2 - Aerospace Holdings disclosed in its mid-term financial report that the civil engineering for the integrated circuit packaging substrate capacity construction in Nantong has been completed, and the production line construction is progressing in an orderly manner, with small batch trial operations expected to commence in the first half of 2025 [1]. - The IPM packaging business officially commenced production at the beginning of the year, with some products achieving domestic substitution [1]. - The injection molding business in Vietnam has reached full production capacity, driven by business demand from domestic companies establishing factories in Vietnam, and plans for a second phase project are underway. These new capacity developments are expected to increase the company's overall production capacity by approximately 40%, ensuring the enhancement of revenue scale and quality [1].

Core Insights - NIO is signaling a recovery phase as it reports improved performance metrics and aims for non-GAAP breakeven by Q4 2025 [1][5][6] Financial Performance - In Q2 2025, NIO delivered 72,056 vehicles, a year-over-year increase of 25.6% and a quarter-over-quarter increase of 71.2% [1] - Total revenue for Q2 2025 reached 19.01 billion yuan, reflecting a year-over-year growth of 9.0% and a quarter-over-quarter surge of 57.9% [1] - Gross margin for Q2 2025 was 10%, up from 9.7% in Q2 2024 and 7.6% in Q1 2025 [1] - Net loss narrowed to 4.995 billion yuan, a year-over-year reduction of 1.0% and a quarter-over-quarter reduction of 26.0% [1] - NIO expects Q3 2025 vehicle deliveries between 87,000 and 91,000, with revenue projected between 21.812 billion and 22.876 billion yuan, indicating a year-over-year growth of approximately 16.8% to 22.5% [1] Product Performance - NIO's new models, the L90 and ES8, are experiencing strong demand, with L90 achieving over 10,000 deliveries in its first month [3][4] - In August, NIO's total deliveries reached 10,525 units, with the L90 and ES8 contributing significantly to sales growth [3] - The company plans to prioritize the delivery of L90 and ES8, delaying the launch of the L80 to next year to ensure capacity for these models [4] Production and Capacity - NIO aims for a production target of 15,000 units for the L90 in October, with a total production goal of 56,000 units across its brands in Q4 [4] - The company is working to alleviate production constraints, particularly in battery supply, which is expected to improve in October [4] Cost Management and Profitability Goals - NIO's gross margin target for Q4 is set between 16% and 17%, with a long-term goal of achieving a gross margin of 20% [5][6] - The company reported a gross profit of 1.898 billion yuan in Q2 2025, a year-over-year increase of 12.4% and a quarter-over-quarter increase of 106.3% [5] - NIO's vehicle profit margin was 10.3% in Q2 2025, with expectations for improvement as new models are fully integrated into production [5] Organizational Efficiency - NIO has implemented a new operational structure called Cell Business Unit (CBU) to enhance efficiency and accountability across its operations [7] - The company reported a 5.5% year-over-year increase in sales, general, and administrative expenses, but a 9.9% quarter-over-quarter decrease, indicating improved cost management [7] Research and Development - NIO's R&D expenses for Q2 2025 were 3 billion yuan, reflecting a year-over-year decrease of 6.6% and a quarter-over-quarter decrease of 5.5% [8] - The company plans to maintain R&D investments of 2 billion to 2.5 billion yuan per quarter to ensure long-term competitiveness [8]

Core Viewpoint - NIO is entering a new growth phase with improved sales and operational efficiency, driven by the successful launch of multiple brands and models, particularly the L90 and the new ES8, which are expected to contribute significantly to the company's performance in the upcoming quarters [1][5]. Financial Performance - In Q2 2025, NIO reported a total revenue of 19.01 billion yuan, a year-on-year increase of 9.0% and a quarter-on-quarter increase of 57.9% [1] - The gross margin for Q2 was 10%, compared to 9.7% in Q2 2024 and 7.6% in Q1 2025 [1] - The net loss for Q2 was 4.995 billion yuan, narrowing by 1.0% year-on-year and 26.0% quarter-on-quarter [1] - NIO expects Q3 2025 vehicle deliveries to be between 87,000 and 91,000 units, with total revenue projected between 21.812 billion and 22.876 billion yuan, representing a year-on-year growth of approximately 16.8% to 22.5% [1] Sales and Delivery - NIO's monthly delivery volume surpassed 30,000 units for the first time in 8 months, with August deliveries reaching 10,525 units for the NIO brand and 16,434 units for the Lido brand, marking a 175% month-on-month increase [2] - The Lido L90 achieved over 10,000 deliveries in its first month, becoming the fastest model in NIO's history to reach this milestone [2] - The company plans to prioritize the delivery of the L90 and the new ES8, delaying the launch of the Lido L80 to next year to ensure capacity for these models [3] Production Capacity - NIO aims for a production target of 56,000 units across its three brands in Q4, with specific targets of 25,000 units for both the NIO and Lido brands and 6,000 units for the Firefly brand [3] - The production capacity for the Lido L90 is set at 15,000 units in October, with the ES8 also targeting 15,000 units by December [3] Cost Management and Efficiency - NIO's gross profit for Q2 was 1.898 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 106.3% [4] - The company is focusing on cost control and efficiency improvements, with R&D expenses in Q2 amounting to 3 billion yuan, a decrease of 6.6% year-on-year [6] - NIO aims to achieve a gross margin of 16% to 17% in Q4 to reach its breakeven target [5] Strategic Focus - NIO is implementing a new operational model called Cell Business Unit (CBU) to enhance efficiency and accountability across its operations [5] - The company is committed to maintaining R&D investments of 2 billion to 2.5 billion yuan per quarter to ensure long-term competitiveness [6]

每经AI快讯，9月3日，药明巨诺-B(02126.HK)午后涨超10%，截至发稿，涨8.42%，报5.41港元，成交 额2633.6万港元。 （文章来源：每日经济新闻） ...

《中国民航报》、中国民航网 记者许晓泓 报道：自2025年9月15日至2026年9月14日，中国对俄罗斯持 普通护照人员试行免签政策，入境游市场再迎利好。同程旅行数据显示，在此次单方面免签政策推出 前，今年1月—8月，中俄两国间的往来机票预订热度同比增长均超过20%。 自2023年8月中俄恢复团体旅游免签政策以来，中俄两国游客互访量持续回升。据中方统计，2024年， 中国内地居民首站赴俄罗斯旅游103.94万人次，同比增长209.3%。2024年，中国内地接待俄罗斯入境游 客150.35万人次，同比增长115.1%。 近年来，中俄两国间的交通网络持续加密，为旅行提供了多样化选择。同程研究院相关负责人表示，随 着中俄免签政策的持续优化，以及旅游基础设施和服务网络的持续完善，中俄两国间的文化和旅游交流 互访或将变得更加频繁。（编辑：陈虹莹 校对：许浩存 审核：韩磊） ...