证券研究报告 签订新销售框架协议，充分受益铀价上行 ——中广核矿业（HK1164）深度报告 股票投资评级：买入|维持 李帅华/魏欣 中邮证券研究所 有色新材料团队 中邮证券 1 1 发布时间：2025-06-10 投资要点 请参阅附注免责声明 2 ➢ 公司发展进入快车道。公司是中广核集团下海外铀资源开发的唯一平台，母公司为中国铀业发展有限公司，实控人 为国资委。公司业务主要为自有矿山产品销售和国际贸易，2019年公司收购中广核国际铀产品销售有限公司营收 规模快速增长，2021年收购奥公司49%股权后包销量达1321tU，较2020年增加73%。 ➢ 背靠中广核集团，资源丰富，成本优势显著。公司具备三大优势：中广核集团内部核电需求旺盛，公司潜在增量市 场广阔，且新协议下售价更具弹性；在产矿山随着硫酸供应恢复逐步放量，预计2026-2028年度包销量为 1036/1225/1298吨铀；公司在产矿山采用酸浸方式生产，生产成本基本处于全球铀资源生产成本10%分位以内。 ◼ 核电复苏叠加地缘冲突扰动，紧缺状态仍将持续。2025年以来现货铀价最低跌至64美元/磅左右，主要由于长贸合 同活动相对低迷，2024年长贸签约量 ...

证券研究报告 签订新销售框架协议，充分受益铀价上行 ——中广核矿业（HK1164）深度报告 股票投资评级：买入|维持 李帅华/魏欣 中邮证券研究所 有色新材料团队 中邮证券 1 1 发布时间：2025-06-10 投资要点 请参阅附注免责声明 2 ➢ 公司发展进入快车道。公司是中广核集团下海外铀资源开发的唯一平台，母公司为中国铀业发展有限公司，实控人 为国资委。公司业务主要为自有矿山产品销售和国际贸易，2019年公司收购中广核国际铀产品销售有限公司营收 规模快速增长，2021年收购奥公司49%股权后包销量达1321tU，较2020年增加73%。 ➢ 背靠中广核集团，资源丰富，成本优势显著。公司具备三大优势：中广核集团内部核电需求旺盛，公司潜在增量市 场广阔，且新协议下售价更具弹性；在产矿山随着硫酸供应恢复逐步放量，预计2026-2028年度包销量为 1036/1225/1298吨铀；公司在产矿山采用酸浸方式生产，生产成本基本处于全球铀资源生产成本10%分位以内。 ◼ 核电复苏叠加地缘冲突扰动，紧缺状态仍将持续。2025年以来现货铀价最低跌至64美元/磅左右，主要由于长贸合 同活动相对低迷，2024年长贸签约量 ...

港股公司报告 | 公司点评 布鲁可（00325） 证券研究报告 新品密集发布，获纳入港股通提升流动性 5 月新品密集发布，我们预计 Q2 延续增长势头 根据公司官方公众号，布鲁可 5 月上新 9 款产品，包括柯南、英雄无限、 变形金刚（传奇版、群星版第 7 弹、星辰版第 3 弹）、奥特曼（传奇版）、 超级战队、英雄总动员（星辰版第 2 弹）、宝可梦（经典版 s）。公司新品 密集推出及迭代，我们预计 Q2 有望延续可观增长。 小黄人新品亮相，互动玩法与巡展助力用户运营及品牌形象提升 6 月初公司首发小黄人萌酷版（萌变庆典），集结最受欢迎的国王鲍勃、酷 爱摇滚的士兵斯图尔特、成熟稳重的高尔夫提姆、聪明调皮的骑士戴夫、 爱打扮的女仆菲尔与机智勇敢的原始人凯文 6 大人气角色，精准还原小黄 人动画中的体型特征与经典造型形象，全面展现角色各自鲜明的个性与魅 力。在可动性上，实现全身 11 处可动设计，支持多种姿势展示与配件抓握， 带来高度还原的互动体验。 在还原角色形象的基础上，布鲁可同时增加"换装"等互动玩法，并内置 可爱骷髅架提升产品结构创新性；此外，布鲁可小黄人同步开启 5 个月 6 城巡展，同步设置 BFC 作 ...

研究报告 Research Report 9 Jun 2025 信达生物 Innovent Biologics (1801 HK) 2025 ASCO 数据超预期，创新潜力不断兑现 2025 ASCO Data Beats Expectations, Validating Sustained Innovation Execution [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$73.15 目标价 HK$90.10 HTI ESG 3.6-1.4-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$120.81bn / US$15.40bn 日交易额 (3 个月均值) US$146.21mn 发行股票数目 1,652mn 自由流通股 (%) 93% 1 年股价最高最低值 HK$74.25-HK$30.00 注：现价 HK$73.15 为 2025 年 06 月 06 ...

Investment Rating - The report assigns an "Overweight" rating to Pop Mart International Group with a price target of HK$302.00, indicating a 17% upside from the current price of HK$258.80 [7]. Core Insights - Pop Mart's IP versatility and operational skills are expected to drive enduring growth, with sales projected to increase from US$3.6 billion in 2025 to US$6 billion in 2027, making it one of the fastest-growing global consumer brands [2][37]. - The market has likely priced in Pop Mart's growth for 2025, but there is potential for long-term scale that remains unaccounted for [3][42]. - The company's earnings estimates have been upgraded, with EPS projections increasing by 6% for 2025, 15% for 2026, and 21% for 2027, reflecting a clearer growth path in North America and Europe [4]. Summary by Sections Market Position and Growth Potential - Pop Mart's exponential growth in North America and Europe has exceeded expectations, driven by strong social media engagement and consumer enthusiasm [2][9]. - The total market for IP products is estimated to be significantly larger than the current figures, with Pop Mart expected to capture a 6-7% share among its peers by 2027 [44][45]. Financial Performance and Projections - The report projects Pop Mart's revenue to rise from US$0.9 billion in 2023 to US$6.0 billion in 2027, indicating a rapid growth trajectory [37]. - The company's net income is expected to reach Rmb7.3 billion, Rmb10.4 billion, and Rmb13.2 billion for 2025, 2026, and 2027, respectively, which is significantly higher than consensus estimates [58]. Competitive Landscape - Pop Mart is more vertically integrated than its peers, owning its IPs and operating a direct-to-consumer model, which enhances its profitability [48]. - The report highlights that Pop Mart's operational model allows for a higher operating profit margin compared to traditional licensing models used by competitors like Disney and Sanrio [48][84]. New Initiatives and Diversification - Pop Mart is expanding into new business areas such as theme parks (Pop Land) and fashion jewelry (POPOP), which are expected to contribute significantly to revenue in the long term [64][70]. - The company plans to leverage its IPs in these new ventures, aiming to create a comprehensive ecosystem that enhances brand visibility and consumer engagement [69][75].

[Table_Industry] 运输设备业 净利率同比提升，关注纯电新车周期 理想汽车-W(2015) ——理想汽车 2025 年一季度业绩点评 股票研究 /[Table_Date] 2025.06.09 2025-06-09 [Table_Invest] 评级： 增持 [Table_CurPrice] 当前价格(港元)： 110.00 本报告导读： 理想汽车 25Q1 营收 259 亿元，同比+1%；归母净利润 6.5 亿元，同比+9%。我们看 好公司 AI 能力+纯电新车周期，维持"优于大市"评级。 投资要点： | [Table_Finance] 财务摘要（百万人民币） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 45287 | 123851 | 144460 | 168455 | 223371 | 267144 | | (+/-)% | 68% | 173% | 17% | 17% | 33% | 20% | | 毛利润 | 8790 | 2 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Innovent Biologics with a target price of HK$90.10, up from a previous target of HK$62.50 [2][10]. Core Insights - Innovent Biologics showcased its strong oncology R&D capabilities at the 2025 ASCO Annual Meeting, with eight studies selected for oral presentation, highlighting the efficacy and safety of IBI363 and IBI343 in various cancer types [3][15][16]. - The data presented for IBI363 in advanced non-small cell lung cancer (NSCLC) and colorectal cancer (CRC) indicates its potential as a backbone therapy for next-generation immuno-oncology treatments, demonstrating robust tumor responses and long-term survival benefits [4][16]. Financial Summary - Revenue projections for Innovent Biologics are set at RMB 11.86 billion for 2025, with a growth rate of 26% compared to the previous year, and expected to reach RMB 18.17 billion by 2027 [10][13]. - The company is projected to turn profitable in 2025, with a net profit of RMB 384 million, and further growth to RMB 1.77 billion by 2027 [10][13]. Clinical Data Highlights - IBI363 monotherapy showed a median progression-free survival (mPFS) of 9.3 months in advanced NSCLC, outperforming standard therapies [5][19]. - In MSS-type colorectal cancer patients, IBI363 demonstrated a median overall survival (mOS) of 16.1 months, significantly longer than the typical 9-10 months seen with current therapies [8][20]. - The efficacy of IBI363 in treating acral and mucosal melanoma was also notable, achieving a confirmed objective response rate (ORR) of 23.3% in a historically difficult-to-treat population [22].

上 市 公 司 2025 年 06 月 09 日 光大环境 (00257) ——垃圾焚烧龙头迎现金流拐点，分红提升可期 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 06 日 | | --- | --- | | 收盘价（港币） | 3.81 | | 恒生中国企业指数 | 8629.75 | | 52 周最高/最低（港币） | 4.14/3.20 | | H 股市值（亿港币） | 234.05 | | 流通 H 股（百万股） | 6,142.98 | | 汇率（人民币/港币） | 1.0920 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg -11% 9% 29% 49% 06/06 07/06 08/06 09/06 10/06 11/06 12/06 01/06 02/06 03/06 04/06 05/06 06/06 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 研究支持 莫龙庭 A0230523080005 molt@sw ...

传媒 2025 年 06 月 09 日 快手-W (01024) ——可灵商业化超预期，看好 AI 带来业绩和估值弹性 上 市 公 司 报告原因：有新的信息需要补充 买入（维持） | 市场数据： | 2025 年 06 月 06 日 | | --- | --- | | 收盘价（港币） | 59.10 | | 恒生中国企业指数 | 8629.75 | | 52 周最高/最低（港币） | 68.90/37.55 | | H 股市值（亿港币） | 2,536.29 | | 流通 H 股（百万股） | 3,560.90 | | 汇率（人民币/港币） | 1.0920 | 一年内股价与基准指数对比走势： -29% 21% 71% HSCEI 快手-W 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 74.58 HKD per share, based on a 15x PE valuation for 2025 [4][5]. Core Insights - The company has shown significant progress in its commercial operations, particularly with its Kuaishou Keling product, which achieved monthly revenues exceeding 1 billion CNY in April and May [3][8]. - The Keling 2.1 version was launched at the end of May, offering a higher cost-performance ratio, which is expected to drive user growth and increase paid subscriptions [8]. - The company is experiencing a positive cycle of technology iteration, product refinement, user payment, and revenue growth, similar to the trajectory of overseas competitors [8]. Financial Forecasts - The adjusted net profit for the company is projected to be 195 billion CNY in 2025, with expected growth to 246 billion CNY by 2027 [4][9]. - Revenue is forecasted to grow from 113.47 billion CNY in 2023 to 164.14 billion CNY in 2027, reflecting a compound annual growth rate [9][10]. - The gross margin is expected to improve from 50.6% in 2023 to 56.7% in 2027, indicating enhanced operational efficiency [9][11]. Performance Metrics - The company's stock price performance has shown a 20% increase over the past month and an 18.97% increase over the past week [6]. - The company has repurchased shares worth 19 billion HKD since the beginning of 2025, providing a safety net for shareholder returns [8].