近日，富阳区新联会副会长、区滴水公益负责人王旭东带领两位特殊的访客——来自四川德格县的 四郎志玛和卓玛美朵老师，与在富阳挂职的德格县年轻干部一同前往"绿水青山就是金山银山"理念发源 地安吉余村研学，在绿水青山间深刻感悟思想伟力，汲取奋进力量。 作为富阳对口帮扶地区——德格县的乡村教育骨干，四郎志玛和卓玛美朵是富阳区新联会与区滴水 公益联合启动的"圆梦青蓝——教育共富·乡村教师赋能计划"的首批学员。这项创新举措标志着富阳统 一战线西部助学活动实现从"物资捐赠"到"智慧传递"的重心转移，为对口支援开辟了新路径。 自2009年启动以来，富阳统一战线西部助学活动已形成"圆梦课桌"（向学校捐赠新课桌椅）、"圆 梦礼包"（根据学子个性化需求，捐赠校服、学习用品、体育用品、洗漱用品等）两大品牌项目。截至 2024年底，累计捐赠物资价值逾1500万元，惠及300余所学校、7万余名学生。 不过，西部助学执行团队在走访调研中注意到，西部地区师资力量、教学理念等软件方面与东部地 区仍存在明显差距。以卓玛美朵任教的竹庆镇通遥玛小学为例，8个教学班仅有6名在编教师。 "乡村教师是振兴乡村教育的关键变量，是孩子们梦想路上的引路人。我们通 ...

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown positive performance, with significant increases in constituent stocks, indicating a potential recovery in the Hong Kong real estate market and overall economic stability [2]. Group 1: Market Performance - As of April 25, 2025, the HSSCHKY index rose by 0.85%, with notable increases in stocks such as China Resources Land (4.64%) and China Overseas Development (3.76%) [2]. - The Bosera Hang Seng High Dividend ETF (513690) increased by 1.20%, with a latest price of 0.93 yuan and a trading volume of 16.6197 million yuan [2]. - Over the past year, the Bosera Hang Seng High Dividend ETF has seen an average daily trading volume of 78.9566 million yuan [2]. Group 2: Economic Measures - A recent State Council meeting focused on stabilizing employment and the economy, emphasizing the need to maintain a stable stock market and promote healthy development in the real estate sector [2]. - Despite a slight decline in new home sales and falling second-hand home prices, historical trends suggest that the real estate sector often rebounds before the fundamentals stabilize, supported by strong expectations for new policies [2]. Group 3: ETF Performance Metrics - The Bosera Hang Seng High Dividend ETF has a current size of 3.731 billion yuan, with net inflows remaining balanced recently [3]. - The ETF's net value increased by 22.27% over the past year, with a maximum monthly return of 24.18% since inception [3]. - The ETF's Sharpe ratio for the past year is 1.48, indicating a favorable risk-adjusted return [3]. Group 4: Index Composition - As of April 24, 2025, the top ten weighted stocks in the HSSCHKY index account for 28.32% of the index, with Yanzhou Coal Mining (4.39%) and Hang Lung Properties (3.38%) being the most significant [4][6].

Group 1 - Goldman Sachs maintains a "Buy" rating on New Oriental-S (09901) and raises the target price to HKD 42 based on the sum-of-the-parts valuation method [1] - The firm expects investor confidence to gradually improve if the company achieves its profit margin expansion guidance for the May quarter, with the valuation multiple for New Oriental's core business projected to increase from the current 1x 12-month forward P/E [1] - Management emphasized cost control and operational efficiency during the February quarter earnings call, leading to an upward revision of non-GAAP operating profit expectations for FY25-27 by 7-14% [1] Group 2 - New Oriental's February quarter revenue and EPS fell short of expectations primarily due to a significant decline in revenue from Dongfang Zhenxuan (01797), which dropped by 59% year-on-year [2] - The firm has lowered its FY25 expectations for Dongfang Zhenxuan and adjusted the target price based on P/E to HKD 7.8 from HKD 8.2, but anticipates that Dongfang Zhenxuan will start contributing positively to group profits from the August quarter [2]

Group 1 - The Hong Kong property stocks have shown strong performance, with notable increases in share prices for several companies [1] - Ronshine China (03301.HK) has risen by 15.38%, indicating significant investor interest [1] - Other companies such as Oceanwide Holdings (03377.HK), Agile Group (03383.HK), and R&F Properties (02777.HK) have also experienced substantial gains of 12.21%, 8.33%, and 7.34% respectively [1]

香港恒生指数涨幅扩大至1%。地产股走高，龙湖集团涨超7%，华润置地涨超4%。 ...

2025年第一季度营收同比下降23%，至58亿元人民币，占高盛2025财年预期/机构市场共识预期的 16%/15%(2024年第一季度占比为16%)。由于2024年末未入账的总建筑面积和合并预售存款同比均下降 约30%，预计2025年营收在2023年/2024年分别下降2%/19%之后，将再同比下降约20%。 2025年第一季度营业利润同比下降49%，至3.98亿元人民币，占高盛2025财年预期/市场共识预期的 21%/23%(2024年第一季度占比为39%)。 2025年第一季度营业利润率环比提高4个百分点，但同比下降3个百分点至7%，比高盛2025财年预期高2 个百分点(2024年第一季度比2024财年预期高6个百分点)。预计2025年其房地产销售毛利率将维持在9% 的较低水平(2024年入账毛利率为8%)。 2025年第一季度预售额达到69亿元人民币，预售建筑面积59.8万平方米，销售均价为每平方米11584元 人民币(分别同比下降12%/16%/增长4%)，与管理层设定的2025年同比下降13%至350亿元人民币的目标 相符。2025年第一季度预售额占高盛预期(360亿元人民币，同比下降11%)的19 ...

Group 1 - Hong Kong real estate stocks collectively rose, with Jin Hui Holdings (09993.HK) increasing over 50% [1] - Gemdale Properties (00535.HK) saw a nearly 20% rise [1] - Ronshine China (03301.HK) and R&F Properties (02777.HK) both increased by over 10% [1] - Sunac China (01918.HK) experienced an increase of over 8% [1]

该行认为，国际烟草巨头贯彻无烟化战略，菲莫Q1取得强劲开局，HNB增长符合预期、美国市场有序 推进，看好新型烟草供应链核心标的思摩尔国际。其中HNB 市场潜力仍然较大，且HNB较雾化烟在监 管上更占优(对青少年低吸引力、减害性更易论证)，竞争格局更好(参与厂商少)，同时英美烟草的新一 代Glo Hilo产品无论横向对比市面上的领军产品IQOS iluma i或是纵向对比上一代老产品均有显著的性能 和使用体验提升，看好其在25-26年逐渐拓展至更多市场、迎来放量，思摩尔做为GLO HILO核心供应 商，有望受益。 智通财经APP获悉，思摩尔国际(06969)涨超3%，截至发稿，涨2.36%，报13港元，成交额7316.81万港 元。 浙商证券发布研报称，4月23日，菲莫国际发布2025Q1业绩，IQOS作为HNB市场份额70%+的领军产 品，从其经营表现感知行业成长，对思摩尔的HNB业务潜力具备指导意义。25Q1菲莫国际SFP(Smoke- Free Products)收入同比+20.4%，毛利同比+33.1%，毛利率超过70%、同比提高6.7pct，且比传统烟高出 5pct；出货量同比+14.4%，其中HNB ...

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and a notable rise in the Hang Seng Healthcare ETF, reflecting positive market sentiment and growth potential in the healthcare sector [3][4]. Group 1: Market Performance - As of April 25, 2025, the HSHCI rose by 1.77%, with notable gains from stocks such as Yidu Tech (10.15%) and WeDoctor (7.05%) [3]. - The Hang Seng Healthcare ETF (513060) opened high and increased by 2.68%, marking its fifth consecutive rise, with a latest price of 0.50 yuan [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated an 8.50% increase [3]. Group 2: Liquidity and Trading Volume - The Hang Seng Healthcare ETF had a turnover rate of 1.57% during the trading session, with a transaction volume of 183 million yuan [3]. - The ETF's average daily trading volume over the past month was 2.072 billion yuan, ranking first among comparable funds [3]. Group 3: Policy and Industry Outlook - On April 24, 2025, the Ministry of Industry and Information Technology and six other departments issued a notice on the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)," aimed at enhancing the integration of AI and new information technologies within the pharmaceutical industry [3]. Group 4: Fund Performance and Metrics - The Hang Seng Healthcare ETF has seen a net asset growth of 715 million yuan over the past year, ranking in the top third among comparable funds [4]. - As of April 24, 2025, the ETF's net value increased by 41.16% over the past year, with a maximum monthly return of 28.34% since inception [4]. - The ETF's Sharpe ratio was reported at 1.34, indicating strong risk-adjusted returns [5]. Group 5: Valuation and Holdings - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 25.11, which is below 92.78% of the historical data over the past year, indicating a low valuation [5]. - The top ten weighted stocks in the HSHCI account for 57.54% of the index, with companies like BeiGene and WuXi Biologics being significant contributors [5].

Group 1 - The company, Boreton (01333.HK), plans to globally offer 13 million shares, with 1.3 million shares available in Hong Kong and 11.7 million shares for international sale, along with an over-allotment option of 1.95 million shares [1] - The subscription period for the shares is from April 25 to April 30, with a maximum offer price of HKD 18.00 per share, and an entry fee of approximately HKD 3,636.31 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 234 million, with a net amount of HKD 148 million, which will be used for establishing manufacturing facilities, purchasing necessary machinery, investing in technological advancements, developing new products and services, working capital, and expanding the sales and service network [1] Group 2 - The company has introduced cornerstone investors such as Hong Kong Xinwei Electronics Co., Ltd. and Changfeng Growth Open-Ended Fund, which will subscribe to approximately 3.5062 million shares at the offer price [1] - Boreton is expected to be listed on the main board on May 7, 2025, with China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited serving as joint sponsors [1] - Boreton's business covers the entire clean energy production, storage, and utilization industry chain, providing integrated solutions for wind and solar energy management, hydrogen fuel and pure electric engineering machinery, mining trucks, heavy trucks, and unmanned driving innovations [1] Group 3 - The company's net profits for the years ending December 31 are projected to be -178 million, -229 million, and -275 million for 2022, 2023, and 2024 respectively, with year-on-year changes of -82.73%, -28.81%, and -19.67% [2]