野村上调华虹半导体目标价116% 重申中性评级 金十数据5月9日讯，野村发报告指，因华虹半导体(01347.HK)顺应强劲的本地需求，重申中性评级，并 上调目标价116%，由16.4港元升至35.4港元。然而，集团定价条件虽有改善，但固定成本负担可能仍然 存在，故保持中性评级。报告表示，华虹集团首季收入与其指引目标相符，而9.2%的毛利率低预期， 野村认为这或受新厂房折旧流转所致。由于持续的需求动能，管理层预测第二季收入按季增3.5%。尽 管华虹半导体认为8寸晶圆代工价格受压（暂未减价），但由于供不应求，预期12寸晶圆代工价格将持 续上涨，野村亦认为这对亚洲成熟节点晶圆代工的整体价格动态而言是好兆头。 ...

定位于"新时代卓越的数字智能综合服务商"的长虹佳华，成立20余年来，连续17年业绩增长，业务规模 达400亿，即便2024年经营复杂严峻、内外部困难增多，依然取得了营收和净利双增，登榜上市公司品 牌500强第276位。 探寻长虹佳华的发展轨迹，其独特的企业文化体系成为破局制胜的关键密钥。创新文化厚植数智基因， 孵化出引领行业的"智能商业"数智化解决方案；生态文化构建价值共同体，培育出协同共生的产业生态 伙伴；激励文化激活组织效能，催生出行业领先的人效比。三大文化体系相互赋能、协同发力，共同铸 就企业穿越周期、持续增长的核心优势。 01 厚植数智基因，构建互利共赢的创新文化 在数字经济浪潮席卷全球的今天，"便捷快速"、"应有尽有"早已成为京东、天猫等电商巨头的标签。当 无数消费者在茶余饭后习惯性地滑动手机屏幕，在虚拟货架间寻觅惊喜时，鲜有人知晓，在海量交易、 复杂订单处理和高效物流的背后，有一群默默守护电商供应链的"幕后英雄"。 时间回溯到2022年，彼时多家合作伙伴对涉电商业务的运营效率提出更高要求，面对电商类业务的新特 性，传统交易过程中的流程处理、数据处理、库存管理方法不足以适应，暴露出低效等问题，如同悬 ...

金利来(00533.HK)：公司将于今日下午一时正起短暂停止买卖。 ...

Core Viewpoint - The listing of "Hushang Ayi" on the Hong Kong Stock Exchange marks a significant milestone in the ongoing trend of new tea beverage companies going public, reflecting the growing confidence in the market for ready-to-drink tea products [1][6]. Company Summary - Hushang Ayi was listed on May 8, 2023, with an initial offering price of HKD 113.12 per share, equivalent to the price of approximately ten cups of its tea [3]. - The company's stock performed exceptionally well on its debut, reaching a peak of HKD 197.6 per share, a 74.68% increase from the offering price, and closing at HKD 158.40, representing a 40.03% rise, with a total market capitalization of HKD 16.607 billion [3][6]. - Founded in 2013 by a couple who left their corporate jobs, Hushang Ayi has grown from a small 25 square meter shop to a brand with nearly 10,000 stores projected by the end of 2024 [3][5]. Market Context - Hushang Ayi is the fifth new tea beverage company to go public in Hong Kong, following brands like Nayuki, Cha Baidao, and others, indicating a phase of consolidation in the new tea beverage market [1][6]. - The new tea beverage market has shifted from an expansion phase to a focus on high-quality development, with projections indicating the market could exceed RMB 400 billion by 2028 [8]. - The competitive landscape is characterized by a transition from rapid growth to refined operations, emphasizing the importance of supply chain management and product innovation to meet evolving consumer preferences [8]. Competitive Landscape - Hushang Ayi has adopted a mid-price and down-market expansion strategy, with over 52% of its stores located in northern China, where it is the largest mid-priced tea beverage brand [5][6]. - Despite its strong market presence, analysts suggest that Hushang Ayi lacks a robust brand effect and scale efficiency compared to competitors, which may impact its long-term sustainability [7]. - The company has diversified its offerings with premium and budget lines to compete in a crowded market, but it faces challenges in establishing a unique market position [7].

作为肿瘤治疗领域的新秀，乐普生物-B(02157)以PD-1为资本市场所熟知，也因上市初期仅PD-1进展最 快，因此自上市以来，乐普生物股价表现并不如意。据wind显示，乐普生物当前股价较2022年上市初期 仍处于腰斩状态。值得注意的是，今年以来，乐普生物股价重新吸引资本市场的注意，年初至今股价累 计涨幅近78%，在香港生物科技板块中处于领先位置。 那么乐普生物重新获得资本关注的点是什么呢?其股价后续是否还值得期待? 多款ADC进展顺利 据智通财经APP了解，乐普生物成立于2018年，成立后通过"并购+引进"，收购泰州翰中及泰州奥科、 上海美雅珂， 分别获得PD-1抗体、ADC药物等核心管线，又从CG Oncology引进了溶瘤病毒后形成3大 产品管线，并于2022年成功登陆港交所。 乐普生物的研发布思路主要为通过并购获得PD-1切入肿瘤治疗领域，搭建完备的临床和商业化平台;再 以PD-1药物作为肿瘤治疗的基石，引进ADC和PD-1联用产生更优的临床效果;然后前瞻性布局TCE和溶 瘤病毒，在肿瘤治疗领域向着精准化的方向发展。 目前，乐普生物在研管线形成以ADC为主，肿瘤免疫疗法为辅的局面，其中PD-1(特普利 ...

文 | 红餐网 卢子言 编辑 | 王秀清 最近，海底捞旗下烘焙品牌"拾 耍·SCHWASUA"（下文简称"拾 耍"）在杭州正式开业。 红餐网从店员处了解到，自五一开业以来，门店热度居高不下，部分热门产品在上午11点左右就已售 罄。 "火锅一哥"的烘焙店到底长啥样？海底捞跨界卖面包能不能成？ 01 海底捞跨界卖面包，面包5.8元起 拾 耍位于杭州西湖银泰百货1楼，主打"安心吃、放心耍"的品牌理念。 1、主打性价比，多款面包低于10元 大众点评显示，拾 耍的人均客单价在10+元，且店内多款产品位于10元以下价位，如5.8元的黑麦蔓越 莓、6.8元的白芝麻海盐卷、8.8元的小熊面包以及18元5个的mini款麻薯、可颂等。 图片来 源：红餐网摄 据店员介绍，目前门店面包产品有50余款，涵盖欧包、可颂、法棍、吐司等常见烘焙品类和核桃马里 奥、小熊面包等网红产品，门店还推出了具有杭州特色的"西湖龙井"口味面包。 店员还透露，开业以来，拾 耍的招牌产品咖啡面包日销量较高，一天能售出超过200个，常常出现售空 待补货的情况。 蛋糕产品的价格则相对面包稍高一些，以太妃榛子奶油蛋糕为例，3.5英寸、6英寸以及8英寸三个尺寸 分别 ...

Core Insights - The "Utilization of Fabrics" project is revitalizing yak cashmere, a unique natural fiber from China, through collaborative innovation with suppliers [1][2] - Jiangnan Buyi is launching the "Yak Cashmere Industry Revitalization Project" in 2024 to establish international sustainability standards and promote ecological restoration in yak habitats [1][2] Group 1: Project Initiatives - Jiangnan Buyi has partnered with SHOKAY to initiate the "Yak Cashmere Industry Revitalization Project," focusing on sustainable practices and ecological restoration [1][2] - The project includes training for herders on animal welfare and certification of pastures, aiming to enhance the entire value chain from raw material collection to market consumption [1][2] Group 2: Environmental Impact - Yak cashmere production has significant ecological value, with low carbon emissions during the yak's lifecycle and natural resource utilization [1] - The "Source from Snowy Regions, Cashmere from Nature" project aims to restore 290 acres of degraded land in the Ruoergai region, addressing grassland desertification that affects yak health and wool quality [2] Group 3: Market Potential - Despite the vast market potential for yak cashmere, the industry faces challenges that the revitalization project aims to address [1] - Jiangnan Buyi plans to share innovative yak cashmere fabric technologies with the industry, enhancing overall competitiveness and consumer access to traceable yak cashmere products [2]

Core Insights - The new tea beverage industry has become a highly attractive sector in the capital market this year, with several leading companies going public and experiencing significant stock price increases [1][2] - Hushang Ayi, a new entrant in the market, successfully listed on the Hong Kong Stock Exchange on May 8, 2023, with a stock price increase of 40.03% on its debut, reaching a market capitalization of HKD 16.632 billion [1][2] - The company has rapidly expanded its store network, reaching 9,176 stores by 2024, making it one of the top five fresh tea beverage brands in China [2][3] Industry Trends - The market for fresh tea beverages in lower-tier cities is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 22.8% from 2023 to 2028 [3] - By 2030, it is anticipated that 66% of personal consumption growth in China will come from third-tier cities and below, highlighting the potential of the lower-tier market as a growth engine for the industry [3] Company Strategy - Hushang Ayi's store distribution is heavily focused on third-tier cities and below, with over 50% of its stores located in these areas, allowing the company to avoid intense competition in higher-tier cities [6] - The company employs a multi-brand strategy to cover various consumer segments, with its core brand targeting the mass market and other brands catering to different price points [6][7] - Hushang Ayi has optimized its supply chain management, resulting in an increase in gross margin from 26.7% in 2022 to 31.3% in 2024, indicating improved profitability [7]

Group 1 - Morgan Stanley believes that Xiaomi Group's smartphone, AIoT, internet, and electric vehicle businesses will continue to expand market share, potentially leading to a stock price exceeding 100 HKD by 2030 [1] - The target price for Xiaomi Group has been raised by 38% from 45 HKD to 62 HKD, maintaining an "Overweight" rating [1] - The launch of the Xiaomi SU7 Ultra marks the beginning of its luxury car journey, with electric vehicles and smartphone + AIoT + internet sectors serving as dual growth engines [1] Group 2 - Morgan Stanley forecasts that Xiaomi's total revenue could exceed 100 billion RMB and net profit could surpass 100 billion RMB by 2030, potentially valuing the company at 2.5 trillion RMB [1] - The estimated enterprise value has been adjusted from 204 billion RMB to 497 billion RMB, indicating upward risks in product mix, average selling price, and profit margins [1] - The forecast for electric vehicle sales has been increased to 370,000 units in 2025 and 750,000 units in 2026, with gross margins rising to 20.7% and 22.2% respectively [2] - Cumulative gross profit from electric vehicles is projected to grow from 48.1 billion RMB to 67.6 billion RMB from 2024 to 2026 [2] - Revenue from three traditional business segments is expected to rise from 333 billion RMB in 2024 to 600 billion RMB by 2030, with profits increasing from 33.4 billion RMB to 70 billion RMB in the same period [2]

Core Viewpoint - The exit of Fengqiao Capital from Pop Mart marks a significant shift in the investment landscape, reflecting the harsh realities of the capital cycle in the new consumption sector, as the company transitions from a "high-growth myth" to a "mature valuation reconstruction" phase [1][2] Group 1: Capital Market Reactions - Fengqiao Capital's complete exit involved three block trades, cashing out a total of HKD 22.64 billion (approximately RMB 21.09 billion), coinciding with Pop Mart's stock price reaching an all-time high [1] - Following the news, Pop Mart's stock price dropped over 8% within two days, raising concerns about potential valuation bubbles [2] - Despite the drop, institutions like Morgan Stanley and Citigroup remain optimistic, with Morgan Stanley raising its target price to HKD 220, indicating that the company's fundamentals are not significantly impacted [2] Group 2: Investment Trends and Patterns - The exit of Fengqiao Capital is part of a broader trend where early investors gradually withdraw as companies mature, with over HKD 20 billion in reductions noted from various shareholders since 2024 [2] - This trend highlights the cyclical nature of capital in the new consumption sector, where funds are redirected towards earlier-stage projects with higher growth potential [2] Group 3: Company Performance and Strategy - Pop Mart reported a staggering revenue increase of 165%-170% year-on-year for Q1 2025, with overseas market growth reaching 475%-480% and the Americas showing an impressive 895%-900% increase [3][4] - The company is diversifying its revenue streams, with non-blind box product revenue rising to 46.8%, and significant growth in plush toys and MEGA collectible lines [3] - To support its global expansion, Pop Mart has implemented a major organizational restructuring, establishing four regional headquarters and enhancing local operations [4] Group 4: Market Challenges and Future Outlook - Despite strong Q1 performance, there are concerns about the sustainability of such high growth rates, particularly in the Americas, where growth may be influenced by low base effects [5] - The domestic collectible toy market is becoming increasingly competitive, with rivals employing aggressive pricing strategies, while international markets face challenges from established players [5] - Current market dynamics suggest that Pop Mart's price-to-earnings ratio of approximately 66 times is significantly above the industry average, necessitating continued proof of its IP monetization capabilities and global profitability potential to maintain high valuations [6]