近日，先声药业发布自愿公告。披露集团与嘉兴安帝康生物科技有限公司（「安帝康」）合作的抗流感 药物玛氘诺沙韦颗粒（先林达®）新药上市申请（「NDA」）获国家药品监督管理局（NMPA）受理， 用于治疗2至11岁儿童无并发症的甲型流感和乙型流感，为中国首个成功完成III期临床并申报上市的针 对儿童患者的抗流感病毒创新药。 玛氘诺沙韦是一款cap依赖型核酸内切酶抑制剂。玛氘诺沙韦的作用机制是通过抑制流感病毒复制所必 需的cap依赖型核酸内切酶，阻断病毒自身mRNA的转录，从而精准抑制病毒复制。 临床研究显示，玛氘诺沙韦颗粒在儿童患者中安全性良好、症状缓解与病毒清除速度更快、耐药风险更 低、具有口服药效不受食物影响、剂型更适合儿科患者等潜在临床优势。 （企业公告） ...

Group 1 - Milan Station (01150) saw a significant stock increase of over 40%, with a current rise of 43.48% to HKD 0.33 and a trading volume of HKD 12.3385 million [1] - The company reported its mid-year results for 2025, showing revenue of HKD 50.057 million, a year-on-year decline of 20.7%; gross profit of HKD 5.743 million, an increase of 41.7% year-on-year; and a net loss of HKD 11.023 million, which narrowed by 48.8% year-on-year [1] - The reduction in net loss was primarily attributed to a decrease in losses from the fair value changes of financial assets measured at fair value through profit or loss [1] Group 2 - According to the Ministry of Commerce, retail service revenue grew by 5.2% year-on-year from January to July this year, with an increasing share of service consumption [1] - The Ministry of Commerce plans to introduce several policy measures in September to expand service consumption, utilizing fiscal and financial tools to optimize and enhance service supply capacity, thereby stimulating new growth in service consumption [1]

Core Viewpoint - Haitong International reports that Laopu Gold (06181) will experience short-term revenue growth due to new store openings and optimization of store structure, while long-term brand positioning and expansion of domestic and international customer base will enhance overall consumption power and repurchase rates [1] Group 1: Financial Projections - The firm maintains an "outperform" rating for Laopu Gold, with a target price of 875.6 RMB (957.2 HKD) based on a 22x P/E ratio for 2026, indicating a potential upside of 31.6% [1] - Projected net profit growth for the group from 2025 to 2027 is 238.4%/34.4%/17.2% year-on-year, with earnings per share estimates of 29.6/39.8/46.7 RMB respectively [1] Group 2: Strategic Initiatives - The company's channel expansion and overseas breakthroughs are expected to increase membership and solidify its high-end brand position, supporting long-term growth potential for Laopu Gold [1]

Group 1 - Milan Station (01150) saw a significant increase in stock price, rising over 40% to 0.33 HKD, with a trading volume of 12.34 million HKD [1] - The company reported a mid-year performance for 2025, with revenue of 50.06 million HKD, a year-on-year decrease of 20.7% [1] - Gross profit was reported at 5.74 million HKD, reflecting a year-on-year increase of 41.7% [1] - The net loss narrowed to 11.02 million HKD, a reduction of 48.8% compared to the previous year, primarily due to a decrease in losses from fair value changes of financial assets [1] Group 2 - According to the Ministry of Commerce, retail service revenue grew by 5.2% year-on-year from January to July this year, with an increasing share of service consumption [1] - The Ministry of Commerce plans to introduce several policy measures in September to expand service consumption, utilizing fiscal and financial tools to enhance service supply capacity and stimulate new growth in service consumption [1]

Core Viewpoint - Walnut Capital (00905) experienced a significant drop of nearly 40%, with its stock price closing at HKD 1.34, down from a high of HKD 2.28, which was a 449% increase from its closing price of HKD 0.415 on March 28 this year [1] Shareholding Structure - The Hong Kong Securities and Futures Commission recently inquired about the share distribution of Walnut Capital, revealing that 19 shareholders collectively hold 147 million shares, equivalent to 13.98% of the issued shares [1] - Additionally, 588 million shares, representing 56.01% of the issued shares, are held by the company's CEO, leading to a total of 94.65% of the issued shares being held by these parties [1] - The company confirmed that as of August 25 and September 3, at least 25% of the company's issued shares are held by the public, ensuring compliance with the Hong Kong Stock Exchange's public float requirements [1]

海通国际发布研报称，老铺黄金(06181)新店开业与门店结构优化将在短期内推动收入环比增长。中长 期而言，集团强化品牌高端定位，海内外客群的扩大将进一步提升整体消费力与复购率。该行维持老铺 黄金"优于大市"评级，基于2026年22倍的市盈率对应目标价875.6元人民币(957.2港元并按9月1日汇 率)，仍有31.6%的上升空间。 该行预计，集团2025-2027年归母利润同比增238.4%/34.4%/17.2%，每股盈测分别为29.6/39.8/46.7元人民 币。海通国际指，集团的渠道扩张与海外突破将进一步实现会员扩圈及巩固其高端品牌的地位，共同支 持老铺黄金的长期增长空间。 ...

高盛上调了公司2027年经调整净利润率1.6个百分点，并将目标价从2.25港元上调至2.55港元，维持"中 性"评级。 高盛的研究报告指出，明源云上半年的业绩表现未达预期，但公司自2022年以来首次实现经调整净利 润。报告显示，期内收入同比下降16%，低于高盛及市场的预测。核心云服务收入下降14%，大部分云 业务收入也未达预期。然而，由于公司停止了亏损的产品线运营，并实施了有效的成本控制措施，毛利 率超出预期。此外，经调整运营开支同比下降20%，使得公司录得3300万元的经调整净利润。 ...

Group 1 - Pacific Securities (601099) experienced a significant surge, hitting the daily limit up, with other securities firms like Huayin Securities (002945), Guosheng Jinkong (002670), and Xinda Securities (601059) also rising [1] - Huatai Securities' research report indicated that since the beginning of the year, the equity market has been on an upward trend, but the brokerage index has not recovered as much as the broader market, with large brokerages still valued at historically low levels [3] - The report highlighted that the current yield on equity assets is steadily increasing, with stock trading volumes and margin financing continuing to break through, indicating a strong recovery phase for brokerage operations [3] Group 2 - In addition to the securities sector, bank stocks also showed strength, with Agricultural Bank rising over 2% and Postal Savings Bank (601658) increasing by over 1% [4] - The pet economy concept stocks surged in the afternoon, with Yiyi Co. (001206) hitting the daily limit up, and other companies like Jieya Co. (301108) and Tianyuan Pet (301335) rising over 10% [4] - Renewable energy sectors such as photovoltaic and energy storage continued to perform well, with Shangneng Electric (300827) reaching a 20% limit up, and companies like JinkoSolar (002459) also hitting the daily limit [4]

消息面上，香港证监会表示，最近曾就胡桃资本股权分布进行查讯，显示有十九名股东合共持有1.47亿 股股份(相当于已发行股13.98%)，另有5.88亿股股份(占已发行股份56.01%)由公司行政总裁持有。上述 有关股权合计已相当于已发行股份的94.65%。因此，该公司只有已发行股本5.35%由其他股东持有。公 司表示，确认8月25日及9月3日，不少于25%的公司已发行股份乃由公众人士持有，且公司能够遵守联 交所证券上市规则项下公众持股量规定。 智通财经APP获悉，胡桃资本(00905)暴跌近40%，值得注意的是，截至9月2日，该公司股价收报2.28港 元，较今年3月28日收市价0.415 港元高出449%。截至发稿，跌39.09%，报1.34港元，成交额1183.45万 港元。 ...

Core Insights - The competition between Meituan and Alibaba in the instant retail sector is intensifying, with both companies announcing that their "lightning warehouse" numbers have surpassed 50,000 [2][3] - Meituan achieved this milestone by rapidly expanding its lightning warehouses from 30,000 to over 50,000 in just eight months, indicating a monthly addition of nearly 2,500 warehouses [2][3] - Alibaba's lightning warehouse count also reached over 50,000, with a significant year-on-year order volume increase of 360%, showcasing its rapid growth strategy [2][3] Company Strategies - Meituan's strategy focuses on deep partnerships with major brands, leveraging traffic support, rebate incentives, and low commission rates to build a strong core supply chain [7][8] - Alibaba's approach involves quickly adopting Meituan's established brand and operational terminology, which lowers conversion costs and activates market memory [4][6] - Alibaba utilizes its 1688 supply chain ecosystem to shorten the cold start period for its lightning warehouses, allowing for rapid integration of existing e-commerce resources [5][11] Market Dynamics - Despite both companies reporting similar warehouse numbers, the underlying structures and partnerships differ significantly, with Meituan emphasizing deep collaboration and Alibaba focusing on broad access [8][9] - The competition is not just about quantity but also about the quality of partnerships and ecosystem control, which will be crucial for long-term success [10][16] - The shared supply chain dynamics suggest that competitors may become part of a common ecosystem, blurring the lines between rivals [14][15] Future Outlook - Alibaba plans to transition its Tmall supermarket to a near-field flash purchase model while integrating offline brand stores into its lightning warehouse system, aiming for a million offline brand stores to join [13][20] - The competition is expected to shift focus towards supply chain control, with the ability to manage product sourcing becoming a key determinant of success [19][20] - The current phase of competition is just the beginning, with the real battle anticipated to commence in September [20]