纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在京隆重举行 天安门广场举行盛大阅兵仪式 习近平发表重要讲话并检阅受阅部队 习近平强调，隆重纪念中国人民抗日战争暨世界反法西斯战争胜利80周年，目的是铭记历史、缅怀 先烈、珍爱和平、开创未来。中华民族是不畏强暴、自立自强的伟大民族。中国人民解放军始终是党和 人民完全可以信赖的英雄部队。要坚定不移走中国特色社会主义道路，传承和弘扬伟大抗战精神，踔厉 奋发、勇毅前行。中华民族伟大复兴势不可挡！人类和平与发展的崇高事业必将胜利！ 李强主持 赵乐际王沪宁蔡奇丁薛祥李希韩正出席 62位外国领导人及有关国家高级别代表、国际组织负责人、前政要等应邀出席大会 新华社北京9月3日电 铭记伟大历史胜利，凝聚正义和平力量。9月3日上午，纪念中国人民抗日战 争暨世界反法西斯战争胜利80周年大会在北京天安门广场隆重举行，以盛大阅兵仪式，同世界人民一道 纪念这个伟大的日子，共同开创更加光明的未来。中共中央总书记、国家主席、中央军委主席习近平发 表重要讲话并检阅受阅部队。 中共中央政治局常委李强主持大会。中共中央政治局常委赵乐际、王沪宁、蔡奇、丁薛祥、李希， 国家副主席韩正出席大会。6 ...

Core Viewpoint - Goldman Sachs reports that China Overseas Property (02669) outperforms its peers due to a more stable business outlook and strong support from its state-owned parent company, China Overseas Development (00688), but its underperformance relative to the market is attributed to ongoing headwinds in the real estate market, which continue to drag down the property management industry's business outlook and valuations, as well as slowing profit and profit growth for China Overseas Property, coupled with low visibility on shareholder returns [1] Group 1 - The average forecast for net profit from 2025 to 2027 has been lowered by 11% to reflect an average revenue forecast reduction of 13% [1] - Revenue is expected to grow at a compound annual growth rate (CAGR) of 5% from 2025 to 2027 [1] - The forecasts for free cash flow and operating cash flow for 2025 to 2027 have been reduced by an average of 16% and 13%, respectively [1] Group 2 - The target price for China Overseas Property has been adjusted down from HKD 6.1 to HKD 5 [1] - The rating for the company has been downgraded from "Buy" to "Sell" [1]

Group 1 - The core viewpoint of the report is that China Overseas Property (02669) is performing better than its peers due to a more stable business outlook and strong support from its state-owned parent company, China Overseas Development (00688) [1] - The underperformance relative to the market is attributed to ongoing headwinds in the real estate market, which continue to drag down the business outlook and valuation of the property management industry [1] - The company's own profit and profit growth are slowing, and there is low visibility on shareholder return growth, leading to an average downward revision of 11% in net profit forecasts for 2025 to 2027 [1] Group 2 - Revenue forecasts have been reduced by an average of 13%, with an expected compound annual growth rate of 5% in revenue from 2025 to 2027 [1] - Free cash flow and operating cash flow forecasts for 2025 to 2027 have been lowered by an average of 16% and 13%, respectively [1] - The target price has been adjusted down from HKD 6.1 to HKD 5, and the rating has been downgraded from "Buy" to "Sell" [1]

Group 1 - Goldman Sachs has lowered the sales forecast for China National Pharmaceutical Group (03933) for the years 2023 to 2027 by 17.7% to 17.8% [1] - The earnings forecast has been reduced by 28.4% to 35.6% [1] - The firm expects a weak price cycle for antibiotic active pharmaceutical ingredients over the next two years [1] Group 2 - The sales of the company in the first half of the year increased by 5% year-on-year to 7.5 billion RMB [1] - Core business revenue decreased by 15% year-on-year to 6.1 billion RMB, which was below the firm's expectation of 6.5 billion RMB [1] - Profit increased by 27% year-on-year to 1.9 billion RMB, but core profit declined and was below the firm's expectations [1] Group 3 - The firm has raised the target price for the stock from 15.29 HKD to 16.07 HKD, maintaining a "neutral" rating [1] - The sales forecast for high-margin insulin products has been increased by 27% to 30%, benefiting from incremental sales due to exports [1] - The company's gross margin for intermediates and bulk pharmaceuticals has been eroded, and increased administrative expenses due to business expansion consulting fees have been noted [1]

Core Viewpoint - Goldman Sachs has downgraded the sales forecast for China National Pharmaceutical Group (03933) for the years 2023 to 2027 by 17.7% to 17.8%, and the earnings forecast has been reduced by 28.4% to 35.6% due to expected weak pricing cycles for antibiotic active pharmaceutical ingredients [1] Group 1: Sales and Earnings Forecast - The sales forecast for the company has been reduced significantly, reflecting a challenging market environment for its products [1] - The earnings forecast has been adjusted downward, indicating a more pessimistic outlook for profitability in the coming years [1] Group 2: Product Performance - The company is expected to see a 27% to 30% increase in sales of high-margin insulin products, benefiting from incremental sales driven by exports [1] - The sales revenue for the first half of the year increased by 5% year-on-year to 7.5 billion RMB, but core business revenue fell by 15% year-on-year to 6.1 billion RMB, which was below Goldman Sachs' expectation of 6.5 billion RMB [1] Group 3: Profitability and Costs - The company's profit increased by 27% year-on-year to 1.9 billion RMB, but core profit declined and fell short of expectations [1] - The gross margin for intermediates and bulk pharmaceuticals has been eroded, and increased administrative expenses due to business expansion consulting fees have impacted profitability [1] Group 4: Stock Target and Rating - Goldman Sachs has raised the target price for the stock from 15.29 HKD to 16.07 HKD, maintaining a "Neutral" rating [1]

Financial Performance - NIO's revenue for the first half of 2025 was 31.043 billion RMB (approximately 4.333 billion USD), a 13.5% increase from 27.355 billion RMB in the same period last year [1] - In Q2 2025, NIO reported revenue of 19 billion RMB (approximately 2.653 billion USD), a 58% increase year-over-year from 17.445 billion RMB [7][8] - The net loss for the first half of 2025 was 11.745 billion RMB (approximately 1.639 billion USD), compared to a net loss of 10.231 billion RMB in the same period last year [1][22] - NIO's Q2 2025 net loss was 49.948 billion RMB (approximately 6.972 billion USD), a decrease of 1% year-over-year [22] Vehicle Deliveries - NIO delivered 72,056 vehicles in Q2 2025, a 25.6% increase compared to 57,373 vehicles in Q2 2024 [4][5] - The company expects to deliver between 87,000 to 91,000 vehicles in Q3 2025, representing a year-over-year growth of 40.7% to 47.1% [5] Cost and Expenses - NIO's total cost in Q2 2025 was 171.11 billion RMB (approximately 23.89 billion USD), an 8.6% increase year-over-year [13] - The gross profit for Q2 2025 was 18.98 billion RMB (approximately 2.65 billion USD), with a gross margin of 10% [14][15] - Operating expenses for Q2 2025 were 68 billion RMB, a decrease of 1% from 69 billion RMB in the same period last year [17] Cash and Assets - As of June 30, 2025, NIO's total assets amounted to 1000.46 billion RMB (approximately 139.65 billion USD) [23] - The total liabilities were 934.3 billion RMB (approximately 130 billion USD), with current liabilities at 622.82 billion RMB (approximately 86.94 billion USD) [25] - NIO's cash and cash equivalents, restricted cash, and short-term investments totaled 272 billion RMB (approximately 38 billion USD) [22] Strategic Outlook - NIO's CEO Li Bin emphasized the necessity for the company to achieve profitability by Q4 2025, citing that 30%-40% of potential customers are hesitant to purchase due to concerns about the company's financial stability [27] - The company is focusing on understanding user needs and improving operational efficiency to enhance product competitiveness [28]

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]