港股开盘，恒生指数高开0.35%，恒生科技指数低开0.06%。芯片股低开，华虹半导体低开9.2%，公司 一季度净利润380万美元，同比减少88.05%。中芯国际低开5.8%，公司预计二季度收入环比下降4%到 6%。 ...

Core Insights - Alibaba's Qwen3 model, launched on April 29, demonstrates competitive performance in various benchmarks, particularly in code, mathematics, and general capabilities, despite having only one-third the parameters of DeepSeek-R1, leading to significant cost reductions [1] - The AI ecosystem, referred to as "Ali Chain," is highlighted as a key investment opportunity, emphasizing the need for comprehensive solutions beyond just large models for successful AI application deployment [1] - Aisino Technology is recognized as a core investment target within the Alibaba Cloud ecosystem, successfully collaborating with Alibaba Cloud to launch an "AI Large Model Integration Machine" aimed at facilitating AI transformation across various industries [2] AI Large Model Integration Machine - The AI Large Model Integration Machine is designed as an integrated computing platform for deploying AI large models, combining powerful AI server performance with the flexibility of private model deployment [3] - This system reduces technical barriers for AI deployment and provides new opportunities for the realization of the "AI equity" concept across industries [3] - The machine supports lightweight deployment with a single machine capable of handling 16 cards, ensuring high performance for large models like DeepSeek-R1 [3] Flexibility and Industry Adaptation - The integration machine is highly flexible, compatible with mainstream LLM development frameworks, allowing for rapid deployment without additional conversion [4] - Aisino Technology leverages its industry experience to embed industry-specific large models and application templates, enhancing the machine's applicability in various sectors [4] - Aisino has launched multiple AI models and cognitive enhancement tools, validating its product ecosystem across various application scenarios [5] Industry Implementation and Success - Aisino Technology has successfully implemented over 100 large model projects in the telecommunications sector and more than 30 in other verticals, establishing itself as a key partner in AI model delivery [6] - The company has developed standardized AI templates for various industries, facilitating the rapid deployment of AI solutions [6][8] - The integration of industry know-how with general large models allows for the rapid construction of tailored intelligent applications for new enterprises [8] Value Transformation and Efficiency - The AI Large Model Integration Machine serves as a "value transformation engine," bridging technology innovation with practical industry applications [9] - The deployment process has been streamlined to allow for rapid production readiness, significantly reducing the time required for model deployment [9] - The machine's architecture enables efficient resource allocation, enhancing hardware utilization and supporting multiple real-time inference tasks [9] Security and Data Protection - Aisino Technology has partnered with Aisino Security to create a comprehensive lifecycle protection system for the AI integration machine, ensuring robust security measures [10] - The machine features a localized deployment model that protects sensitive data, catering to industries with stringent privacy requirements [12] - Analysts predict a growing demand for private model deployments, with the integration machine expected to become a mainstream AI computing platform for large enterprises [12] Market Potential - The demand for the integration machine is projected to grow significantly, with estimates of 150,000, 390,000, and 720,000 units needed by 2025, 2026, and 2027, respectively, corresponding to a market space of 123.6 billion, 293.7 billion, and 520.8 billion yuan [12]

奈雪的茶、茶百道、古茗、蜜雪冰城之后，港股迎来"第五杯奶茶"。 沪上阿姨4月28日起正式开启招股，5月8日正式登陆港股。今日IPO，沪上阿姨发行约241.13 万H股，开盘价为190.6港元，较发行价上涨超过六成，市值 一度超过206亿港元。5月7日晚间，沪上阿姨发布配发结果，香港公开发售最终发售股份数量（经重新分配后调整）为120.57万股，国际发售的最终发售 股份数量（经重新分配后调整）为120.57万股。最终发售价为每股113.12港元，全球发售净筹约1.95亿港元。其中，香港公开发售获3616.83倍认购，国际 发售获2.57倍认购，人气仅次于蜜雪冰城。 在本次IPO发行中，沪上阿姨共引入两位基石投资者，累计认购921.55万美元。其中，"美的太子"剑锋的盈峰集团认购644.04万美元，华宝股份 （300741.SZ）认购277.41万美元。 其火爆程度带动茶饮股早盘集体走高。5月2日，奈雪的茶大涨超12%，古茗涨近8%股价创历史新高，蜜雪集团、茶百道涨超1%。 新茶饮为何在近几年扎堆上市？梯队层级明显，"雪王"领跑地位或难以撼动，行业竞争加剧，如何找到新的增长点？ 24年闭店千家，沪上阿姨还能奔跑多 ...

Core Viewpoint - Recent news indicates that a major shareholder has sold approximately 11.91 million shares of Pop Mart through block trades, accounting for about 0.9% of the company's total share capital, involving funds of around HKD 2.2 billion [1] Group 1: Shareholder Actions - The recent share reduction is not attributed to the company's management but is likely a natural reduction due to the expiration of a fund, unrelated to the company's fundamentals [3] - Fengqiao Capital, an early investor in Pop Mart before its IPO, has completely liquidated its holdings in the company due to the impending expiration of its first RMB fund [4] - Fengqiao Capital has reportedly cashed out over HKD 2.1 billion recently, with the stock price of Pop Mart facing pressure during this period [4] Group 2: Company Performance - Since its listing on December 11, 2020, Pop Mart's stock price has increased significantly, with a maximum cumulative increase of over 10 times [6] - In 2024, Pop Mart reported a revenue of HKD 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of HKD 3.4 billion, up 185.9% [6] - The stock price of Pop Mart has seen a cumulative increase of 349.60% in 2024, continuing to reach historical highs [6] Group 3: Market Trends - For the first quarter of 2025, Pop Mart's overall revenue is expected to increase by 165% to 170%, with domestic market revenue growing by 95% to 100% and overseas market revenue experiencing explosive growth of 475% to 480% [6]

Group 1: JunDa Co., Ltd. (钧达股份) - JunDa Co., Ltd. is in the process of issuing H-shares overseas and listing on the Hong Kong Stock Exchange, with a global offering of 63.43 million shares [1] - The estimated net proceeds from the global offering are approximately HKD 1.29 billion, based on an H-share price of HKD 22.15 per share [1] - The shares are expected to be listed and traded on May 8, 2025, subject to approval from the Hong Kong Stock Exchange [1] Group 2: Pop Mart (泡泡玛特) - The major shareholder of Pop Mart, Fengqiao Capital, has sold approximately 11.91 million shares through block trades, accounting for about 0.9% of the total share capital, involving funds of around HKD 2.2 billion [2] - Following the sales, Pop Mart's stock price dropped by 5.43% to HKD 184.5 on May 7 [2] Group 3: Huawei (华为) - Huawei's AI application flagship Quark has launched a new product called "Deep Search," which enhances intelligent retrieval and precise answering capabilities for users [12] - The Quark AI Super Box has also been upgraded to include an "Image Intelligent Processing" feature [12] Group 4: Semiconductor Industry - Hua Hong Semiconductor reported a first-quarter revenue of USD 540.9 million, a year-on-year increase of 17.6% [14] - SMIC (中芯国际) announced a first-quarter net profit of CNY 1.356 billion, a year-on-year increase of 166.5%, with a revenue of CNY 16.301 billion, up 29.4% year-on-year [15] Group 5: Gaming Industry - Nintendo's operating profit for the last fiscal year decreased by 46.6%, but it expects a 13% increase in operating profit for the current fiscal year, projecting a profit of JPY 320 billion (approximately USD 2.22 billion) [16] Group 6: Automotive Industry - Xiaomi apologized for restricting the horsepower of its SU7 Ultra model after an update, stating that it did not adequately consult users before implementing the change [3] - The company has paused the update and is working on a new version to address the issue [3] Group 7: AI and Technology - OpenAI appointed Fidji Simo as the new CEO of OpenAI Applications, who will oversee product and business functions [13] - WHEE, a visual creation tool under Meitu, launched a designer-exclusive AI tool called "Small Material Generator" to enhance design efficiency [11] Group 8: E-commerce and Delivery - The competition in the food delivery market is intensifying, with major players like Meituan and JD engaged in fierce battles for market share [18]

Policy Developments - The National Health Commission released the "Guidelines for the Construction and Management of Geriatric Medicine Departments (2025 Edition)", requiring that secondary and higher-level hospitals establish geriatric medicine departments with specific standards for bed allocation and service models [2] Drug and Device Approvals - Roche announced that its innovative bispecific antibody Glofitamab has received approval from the National Medical Products Administration for a new indication to treat adult patients with relapsed or refractory diffuse large B-cell lymphoma [4] - Heng Rui Pharma's application for the CDK4/6 inhibitor Darsylis has been accepted by the National Medical Products Administration for use in early or locally advanced breast cancer [5] - Boehringer Ingelheim's drug Niramolast is proposed for priority review for the treatment of progressive pulmonary fibrosis, showcasing its dual anti-fibrotic and anti-inflammatory effects [6] Financial Data - Zai Lab reported a total revenue of $106.5 million for Q1 2025, a 22% year-over-year increase, and reaffirmed its full-year revenue guidance of $560 million to $590 million [8] - BeiGene achieved a revenue of 8.048 billion yuan in Q1 2025, marking a 50.2% year-over-year growth, driven by strong sales of its core self-developed products [9] Industry Developments - Roche is investing 2.04 billion yuan in a new biopharmaceutical production base in Shanghai, which will focus on the localized production of innovative drugs and is expected to be completed by 2029 [11] - AstraZeneca and Daiichi Sankyo announced positive results from the DESTINY-Breast11 Phase 3 trial for their antibody-drug conjugate Enhertu, demonstrating significant clinical benefits in early breast cancer treatment [12]

每经记者｜丁舟洋 每经编辑｜董兴生 丨 2025年5月9日 星期五 丨 NO.1 沪上阿姨正式登陆港交所 5月8日，沪上阿姨正式登陆港交所。沪上阿姨是继奈雪的茶、茶百道、古茗以及蜜雪集团之后，港股第 五家新茶饮公司。沪上阿姨董事会主席兼首席执行官单卫钧表示，公司在下沉市场构筑起较大规模的渠 道网络，将加大产品创新，进一步推进单品类、多品牌全球化战略，以更高效的精细化运营提升服务质 量。 点评：此次财报与战略发布，印证了迪士尼从"内容巨头"向"生态帝国"的转型。短期看，流媒体盈利拐 点与乐园复苏支撑业绩；长期看，中东新乐园或成为全球化2.0的样板，但需平衡文化适配性与商业回 报。 NO.3 鸿蒙电脑即将上市 5月8日，在鸿蒙电脑技术与生态沟通会上，鸿蒙操作系统（HarmonyOS 5）首次在电脑端亮相。华为终 端平板与PC产品线总裁朱懂东在会上宣布，搭载鸿蒙操作系统的PC（个人电脑）产品将于5月19日正式 上市发布。微软对华为的Windows授权已于2025年3月底正式到期，这意味着华为无法继续在新款PC上 预装Windows系统。因此，对华为而言，鸿蒙电脑已经成为一个必选项。 点评：华为布局鸿蒙电脑已有5年， ...

吉利汽车-R 吉利汽车 分时图 日K线 周K线 月K线 16.26 0.58 3.70% 5.99% 4.02% 1.98% 0.00% 1.98% 4.02% 5.99% 14.74 15.05 15.37 15.68 15.99 16.31 16.62 09:30 10:30 12:00/13:00 14:00 16:10 0 5000 10000 2万 长江商报奔腾新闻记者潘瑞冬 美股上市刚满1年的极氪，将被吉利汽车私有化。 5月7日晚间，极氪(ZK.US)发布公告称，吉利汽车(00175.HK)向极氪提交非约束性报价函，建议私有化 极氪，收购所有已发行及发行在外的极氪股份及美国存托股票(本集团实益拥有者除外)，并建议购买价 为每股极氪股份2.566美元或每股美国存托股票25.66美元。 公告显示，该价格较最后交易日美国存托股票于纽交所的收市交易价溢价约13.6%，较截至最后交易日 止最后30个交易日期间美国存托股票于纽交所的成交量加权平均价格溢价20%。 吉利汽车称，于公布日期，本集团持有极氪已发行及发行在外股本总额约65.7%。倘若私有化建议落实 并完成，极氪将成为本公司的全资附属公司，实现私有化并 ...

福州公孙策公关咨询有限公司合伙人詹军豪对《证券日报》记者表示："这种性价比策略与海底捞在餐 饮领域积累的品牌影响力相结合，能否在烘焙市场掀起波澜，仍有待市场检验。" 海底捞此次跨界烘焙领域并非偶然之举，而是其"红石榴计划"战略落地的关键一步。据了解，该计划于 2024年8月份正式启动，旨在鼓励孵化和发展更多餐饮新品牌，推动公司多元化发展。截至2025年4月 份，海底捞已孵化并运营13个子品牌，覆盖烤肉、炸鸡、中式快餐、麻辣烫等多个品类。 在火锅市场竞争日趋白热化的背景下，火锅巨头海底捞国际控股有限公司（以下简称"海底捞"）也在加 速多元化布局。近日，海底捞旗下全新烘焙品牌"拾耍·SCHWASUA"在杭州西湖银泰百货全国首店开 业，这也标志着这家以服务著称的火锅企业正式将业务拓展至烘焙赛道。 推进多元化战略 据悉，"拾耍·SCHWASUA"店内售卖的面包种类繁多，价格大多在10元左右，最贵的单品也不超过30 元。 艾媒咨询发布的《2024—2025年中国烘焙食品行业现状及趋势研究报告》数据显示，2023年中国烘焙食 品零售市场规模达5614.2亿元，同比增长9.2%，预计2029年市场规模可达到8595.6亿元 ...

比特币站上101000美元/枚，日内涨4.17%。 ...