Group 1 - The core viewpoint of the article highlights the recent stock performance of Tongcheng Travel, which closed at HKD 22.250, a decrease of 0.67% from the previous trading day, despite reaching a one-year high of HKD 23.000 during the day [1] - The net capital inflow for Tongcheng Travel on that day was HKD 228.8746 million, with a total inflow of HKD 406.33944 million and an outflow of HKD 177.46480 million [1] Group 2 - Tongcheng Travel Holdings Limited is recognized as an innovator and market leader in China's online travel industry, formed by the merger of Tongcheng and eLong in 2018 [2] - The company aims to provide a one-stop platform for users' travel needs, offering a comprehensive range of innovative products and services, including transportation, accommodation, and attraction ticket bookings [2] - Tongcheng Travel leverages big data and artificial intelligence to better understand user preferences and behaviors, providing customized products and services [2] - The company focuses on the lower-tier markets in China and aims to enhance user experience through advanced technology, transforming from an online travel platform to an intelligent travel assistant [2] - As a leading company in the industry, Tongcheng Travel is committed to supporting the development of the travel industry and digitalization, empowering suppliers and partners through advanced technology [2]

中金发布研报称，维持中石化炼化工程(02386)2025-26年的盈利预测不变。当前股价交易于2025/26年 8x/7x市盈率。该行认为，近期公司股价回撤主要系国际油价波动所致，考虑到：1)公司全年新签订单 同比有望实现较大幅度增长;2)公司毛利率有望修复;3)公司在手订单与现金流的稳定性较好，股息收益 率达7%以上，该行维持跑赢行业评级和6.10港元目标价，对应2025/26年9x/8x市盈率。 中金主要观点如下： 公司1Q25新签阿尔及利亚国家石油项目，该行认为或有助于公司把握新兴市场炼化建设机遇。公司 FY24海外收入占比由10%升至17%，FY25目标海外新签订单占比超40%，毛利率有望回升。 在手现金超200亿元 公司财务状况较好，FY24财务收入达12亿元，同比增长接近10%，主要得益于外币汇率上行和汇兑收 益。考虑到公司在手订单充足，该行认为公司FY25在手现金依然有望稳定增加。 风险提示：订单转化速度不及预期;海外项目进度不及预期。 公司指引2025年整体新签订单1000亿元，与2024年持平，其中国内630亿元，国际50亿美元。向前看， 该行认为公司订单量仍有增长空间，主要系： 1)原料多 ...

新华财经北京4月21日电 日前，晋商银行发布2024年年报。年报显示，晋商银行2024年整体保持稳中有 进、稳中提质的发展态势，资产规模稳步增长，营业收入保持平稳，资产质量和风险抵御能力稳中向 好。 相较于"稳"的方面，"进"的方向更值得关注。2024年，晋商银行改革和创新发展动能持续增强，服务实 体经济质效不断提升，数字化转型和业务赋能效果进一步显现，呈现出一系列发展亮点。 一、经营态势稳中有进改革创新步伐不断加快 总体稳中有进，规模体量实现稳步增长。年报显示，截至2024年末，晋商银行总资产为3763.06亿元， 较上年末增长150.01亿元，增幅4.15%。存款余额3008.63亿元，较上年末增长197.81亿元，增幅7.04%。 贷款余额2014.14亿元，较上年末增长99.78亿元，增幅5.21%。全年实现营业收入57.91亿元，基本保持 平稳。同时资产质量改善，风险抵补能力有所提升，不良贷款率下降0.01个百分点至1.77%， 拨备覆盖 率上升6.75个百分点至205.46%。 改革创新加快，高质量发展动能进一步激发。制定出台《全面深化改革推进高质量发展总体方案》、创 新推出"政采智贷""码上贷" ...

蚂蚁国际首席执行官杨鹏作为土生土长的广州人，亲历了家乡从改革开放前沿到数字湾区枢纽的跨越发 展。他表示："在137届广交会之际，蚂蚁集团将'华南数字运营中心'和'万里汇跨境贸易运营中心'落户 琶洲，衷心感谢广州市政府、海珠区政府的全力支持。未来蚂蚁集团将以'双中心'为支点，深化合作， 助力再造数字贸易枢纽新广州、国际消费标杆新广州、湾区协同典范新广州！" 据了解，广州作为国家中心城市和粤港澳大湾区核心引擎，始终是蚂蚁集团重要的战略部署地。去年， 广州市人民政府与蚂蚁科技集团股份有限公司签署战略合作协议，明确将在数字金融、跨境支付、科技 创新等领域深化合作。与此同时，蚂蚁国际旗下万里汇（WorldFirst）也持续加码中国市场，设立跨境 贸易运营中心同步落地广州，与华南数字运营中心形成"双中心"战略布局，全力推进湾区数字经济高质 量发展。 4月21日，蚂蚁华南数字运营中心、万里汇跨境贸易运营中心"双中心"正式启用。"双中心"的落成，既 是蚂蚁科技集团推动跨境数字贸易高质量发展的关键锚点，也是蚂蚁助力大湾区互联互通、共创繁荣的 重要布局。 蚂蚁华南数字运营中心、万里汇跨境贸易运营中心"双中心"落户琶洲人工智能与数 ...

管线梯队丰富，ADC布局持续扩容 公司打造了DITAC、DIBACDIMAC及DUPAC四大ADC技术平台，后续多款产品陆续步入临床阶段，有 望陆续迎来POC数据。TROP2ADC DB-1305已开展联合PD-L1/VEGF双抗的临床探索，HER3ADC DB- 1310针对NSCLC和BC等适应症有望2025年读出POC数据，B7-H4ADC DB-1312进展位列全球第一梯 队。 风险提示：临床试验进展不及预期风险;新药研发结果不及预期风险;市场推广及销售不及预期风险;国际 化业务进展不及预期风险 国泰海通主要观点如下： DB-1303：对标Enhertu更优，全球领先跟进。HER2ADC已成为HER2+BC等领域的重要治疗手段， Enhertu在临床持续取得突破，正在引领临床用药迭代。DB-1303为公司开发的新一代HER2ADC，分子 结构对标Enhertu，临床跟进速度全球领先、且早期临床数据展现Best-in-Class潜力。DB-1303针对子宫 内膜癌适应症开拓蓝海市场，有望2025H2在美国申报上市;后续HER2+BC适应症有望2025H2在中国申 报上市，HR+/HER2低表达BC适应症 ...

天眼查App显示，近日，广州灵知智慧科技有限公司成立，法定代表人为张俊杰，注册资本1亿人民 币，经营范围含广告发布、信息技术咨询服务、大数据服务、信息系统运行维护服务、信息系统集成服 务、网络技术服务等。股权全景穿透图显示，该公司由上海云鑫创业投资有限公司全资持股，后者为蚂 蚁科技集团股份有限公司全资子公司。 ...

在中国启动反垄断调查后，李嘉诚还未死心，想要玩一出"狸猫换太子"的诡计，从而骗过中方，将巴拿马运河港口交给美国。 据美媒爆料，尽管长和与美国财团贝莱德的港口交易突然生变，原定于4月2日签署协议被紧急暂缓，但是双方私下底还在继续接触，并且想到了应对办法。 据称，意大利亿万富豪阿蓬特家族正在寻求成为领头财团，从李嘉诚公司手里收购43个港口，而美国贝莱德将仅控制巴拿马运河两端港口的经营权。 为了施压中方妥协，美国还亲自出马。 近日，美防长到访巴拿马，鼓吹美国将把巴拿马运河从"中国的影响"中夺回来。 不仅如此，赫格塞思还在中美洲安全会议上大肆渲染所谓"中国威胁论"，宣称美国必须有力阻遏"中国在西半球威胁"，预防"战争爆发"。 而阿蓬特家族之所以脱颖而出，一部分原因是其是李嘉诚的老熟人，当然这些都只是口头推辞罢了，真实原因是削弱该港口交易案的敏感性，借此蒙混过 关，从而让中方松口。 而巴拿马似乎已经软了，借口所谓当初长和在续签合同时，存在多项违规行为，威胁要撕毁合同收回其港口运营权。 那么，美国夺取巴拿马运河港口能够成功吗？ 首先，特朗普之所以盯上巴拿马运河，主要还是战略与经济利益共同驱动的结果。 巴拿马运河作为全球贸 ...

Core Viewpoint - Cathay Securities maintains a positive outlook on Xtep International's (01368) competitive strength in the main brand running shoes sector, with a target price of HKD 6.45 for 2025, reflecting a lower-than-industry-average PE of 12X [1] Group 1: Financial Performance - The main brand's Q1 revenue showed single-digit growth year-on-year, with discounts remaining stable at 7-7.5%, and an inventory-to-sales ratio of approximately 4 months, indicating a healthy balance [2] - Xtep's Q1 functional running shoes sales demonstrated double-digit growth, showcasing the company's competitive edge in the running shoe market [3] Group 2: Brand Development and Strategy - The DTC (Direct-to-Consumer) reform is progressing as planned, with expectations to recover 400-500 stores by 2026, which may have a slight short-term impact on 2025 profits but is expected to enhance operational efficiency and customer experience in the long term [3] - Saucony's Q1 revenue increased by over 40% year-on-year, with a growth guidance of 30-40% for 2025, and plans to open 30 new stores, primarily in high-tier markets [4]

公司概况 4A级全国现制饮品品牌。古茗是全国4A(Available，Adorable，Affordable，Addicted)级现制饮品品牌， 把握中国消费者的饮品消费升级大趋势，聚焦中低线城市消费者对新鲜、便利、性价比的饮品消费需 求，以供应链为基础，数字化为手段，对重点市场逐个击破，稳扎稳打做全国化扩张。截至2024年末， 古茗国内门店数已达9914间，覆盖中国17个省。根据灼识咨询数据，按2023年GMV计，古茗是中国第 二大现制茶饮店品牌，市场份额为9.1%;若按价格带划分，古茗是中国最大大众现制茶饮店品牌，市场 份额为17.7%。 现制饮品 海通国际发布研报称，预计古茗(01364)2025-27年收入各108.4/128.4/144.2亿元，经调净利各 18.8/21.9/23.8亿元。参考可比公司，基于古茗相对高成长性和行业领先地位，以及门店快速拓展带来的 规模效应、盈利改善，给予古茗2025年25X PE，对应合理目标市值506亿港元，合理目标价为24.2港元 (对应汇率为HKD/CNY=0.93)，首次覆盖给予优大于市评级。 海通国际主要观点如下： 即饮饮料的升级需求，增速领跑中国饮料市场 ...

Core Viewpoint - Despite stable growth in revenue and profit margins, the valuation of Xtep International (01368) remains stagnant, raising questions about potential investment opportunities and risks in the market [1][12]. Financial Performance - In Q1 2025, Xtep's main brand achieved mid-single-digit year-on-year growth in retail sales, while its second growth brand, Saucony, saw over 40% year-on-year growth [1]. - Over the past five years, Xtep's revenue and net profit have compounded at rates of 13.53% and 24.64%, respectively [1]. - The company has maintained a consistent dividend policy, with a proposed final dividend of HKD 0.095 per share for 2024, leading to a total dividend of HKD 0.156 per share, a year-on-year increase of 221.7% [1]. Profitability Metrics - Xtep's gross margin improved from 38.9% to 43.2%, and net margin increased from 7.2% to 9.1% over the past five years [1][3]. - Return on equity (ROE) nearly doubled from 7.3% to 14.1% during the same period [1][3]. Cost Management - The overall expense ratio has remained stable, with advertising and promotion costs increasing but offset by optimized employee costs [2]. - In 2024, the combined advertising, employee, and R&D expense ratios were 26.3%, a slight increase of approximately 0.7 percentage points from 2020 [2]. Cash Flow and Debt - Xtep has strong cash flow, with an average net cash flow from operating activities exceeding RMB 1.2 billion over the past two years [5]. - As of December 2024, cash equivalents totaled RMB 2.98 billion, with short-term and long-term interest-bearing debts of RMB 1.16 billion and RMB 0.867 billion, respectively [5]. Brand Performance - Xtep operates two main brands: the mass-market brand Xtep and the high-end professional sports brand Saucony, with over 6,382 stores as of 2024 [7]. - The mass-market brand contributes over 90% of revenue, while Saucony's revenue share has increased significantly, with a compound annual growth rate of 104.3% from 2020 to 2024 [7][8]. Market Position and Valuation - Xtep's profitability is lower compared to peers, with accounts receivable as a percentage of revenue at 33.9%, significantly higher than competitors like Anta and Li Ning [5][6]. - Despite a lack of standout performance compared to industry leaders, Xtep's dual-brand strategy and consistent dividend payouts suggest limited downside in valuation [12]. Analyst Sentiment - Investment banks generally have a positive outlook on Xtep, with target prices above the current market price, indicating potential for future growth [11].