地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/05/21 隔夜夜盘市场走势 1. 周二夜盘收盘，国内期货主力合约涨跌互现，贵金属领涨期市，沪金涨 2.11%，沪银涨 1.68%；有色金属几乎全线上涨，沪铜涨 0.36%，沪铝涨 0.62%， 沪锌涨 0.76%，沪镍涨 0.16%，沪锡涨 1.16%，沪铅涨 0.57%，国际铜涨 1.33%； 棉花、菜粕、纸浆涨近 1%。跌幅方面，氧化铝、烧碱、丁二烯橡胶、苯乙烯、 低硫燃料油（LU）跌超 1%，橡胶跌近 1%。 2.国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.83%报 3292.60 美元/盎司， COMEX 白银期货涨 2.32%报 33.26 美元/盎司。美国财政政策的不确定性及主权 信用评级调整推动市场避险需求上升，欧洲央行官员强调通胀前景的复杂性也 加剧了投资者对贵金属的关注。 3. 国际油价微涨，美油主力合约收涨 0.18%，报 62.25 美元/桶；布伦特原油主 力合约涨 0.11%，报 65.61 美元/桶。分析师指出，美伊核谈判陷入僵局削弱了 ...

Investment Rating - The industry investment rating is "Overweight" (看好) [2] Core Insights - The report highlights a scientific revolution in the anti-aging field, emphasizing the role of hyaluronic acid (HA) as a key component in extracellular matrix (ECM) aging intervention [5][6] - Recent studies indicate that high molecular weight HA can extend healthy lifespan in mice, reduce cancer risk, and improve inflammatory responses, suggesting its potential beyond traditional moisturizing [5] - The report notes that the repositioning of HA in the scientific community opens new growth opportunities in the anti-aging market [5] Summary by Sections Industry Overview - The report discusses the transition of anti-aging strategies from local interventions to systemic interventions, marking a new era in anti-aging research [5][6] Company Analysis - Huaxi Biological Technology has positioned itself at the forefront of ECM research, recently obtaining approvals for two Class III medical devices aimed at facial quality improvement [6] - The first product, "Runbaiyan·Glass," utilizes a non-crosslinked HA formula combined with lidocaine, achieving a treatment efficacy rate of 94% with effects lasting over three months [6] - The second product, "Runzhi·Titu," is the first compliant product in China to explicitly target facial quality improvement through kinetic factors, indicating a shift towards cellular-level anti-aging solutions [6] Market Dynamics - Huaxi Biological has undergone multiple industrial revolutions, transitioning from microbial fermentation to precise molecular weight control and exploring synthetic biology for HA production [6] - The company leads the industry with the largest synthetic biology pilot platform and the highest market share in HA and Class III medical device registrations [6] - The report identifies Huaxi Biological and Aimeike as beneficiaries of these advancements in the anti-aging sector [6]

Investment Rating - The industry investment rating is "Positive" (首次) [2] Core Insights - The report highlights a scientific revolution in the anti-aging field, emphasizing the role of hyaluronic acid (HA) as a key element in extracellular matrix (ECM) aging intervention [5] - Recent studies indicate that high molecular weight HA can extend healthy lifespan in mice, reduce cancer risk, and improve inflammatory responses, suggesting its benefits go beyond traditional moisturizing [5] - The report notes that the repositioning of HA in the scientific community opens new growth opportunities in the anti-aging market [5] Summary by Sections Industry Overview - The report discusses the transition of anti-aging strategies from local interventions to systemic interventions, marking a new era in anti-aging research [5] Company Developments - Huaxi Biotechnology has positioned itself at the forefront of ECM research, with two Class III medical device products recently approved [6] - The first product, "Runbaiyan·Glass," is the first approved water-light product for facial skin quality improvement in China, showing a clinical effectiveness rate of 94% [6] - The second product, "Runzhi·Titu," is the first compliant active ingredient product with a clear indication for facial skin quality improvement [6] Market Positioning - Huaxi Biotechnology leads the HA industry with the largest synthetic biology pilot platform and superior HA raw material preparation capabilities [6] - The company has 11 registered Class III medical devices in aesthetic injections, surpassing competitors like Aimeike and Haohai Biological [6] - The report identifies Huaxi Biotechnology and Aimeike as beneficiaries of the industry's growth [6]

1. Macro Data Overview - GDP in Q1 2025 increased by 5.4% year-on-year, the same as the previous quarter and higher than the same period last year [1] - In April 2025, the manufacturing PMI was 49.0%, down from 50.5% in the previous month and 50.4% in the same period last year [1] - The non-manufacturing PMI for business activities in April 2025 was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1] - Other economic indicators such as CPI, PPI, and social financing scale also showed corresponding changes [1] 2. Commodity Investment Reference Comprehensive - The central bank will implement a moderately loose monetary policy to support key areas of the real economy [2] - China's latest LPR has been lowered, and major banks have cut deposit and mortgage rates [2] - China's gold and platinum imports reached new highs in April [2] - The EU is considering zero quotas on Russian natural gas imports [2] Metals - The holdings of the world's largest gold ETF increased by 0.57 tons [3] Coal, Coke, Steel, and Minerals - Two coke ovens of Tangshan Guoyi Special Steel Co., Ltd. were shut down [4] Energy and Chemicals - The EU may propose to lower the price cap on Russian seaborne oil [5] - Macquarie Group expects OPEC+ to increase production in July [6] - Turkey discovered a new natural gas field [6] - Abu Dhabi National Oil Company reached agreements with US energy companies [6] - Kazakhstan's oil production increased in May [7] Agricultural Products - China's expected summer grain purchase volume in 2025 is about 200 billion jin [8] - Henan Province will implement policies to support grain production [8] - Gansu Province launched a drought emergency response [9] - South Korean flour mills bought US wheat [10] - Japan will not sacrifice its agriculture in trade agreements [10] 3. Financial News Compilation Open Market - The central bank conducted 357 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 177 billion yuan [11] - The Ministry of Finance issued treasury cash deposits with lower interest rates [11] Key News - China's LPR and bank deposit rates were lowered [12] - The central bank will support the real economy with a moderately loose monetary policy [12] - Fiscal revenue showed positive growth in April, and expenditure progress was fast [13] - Unemployment rates for different age groups were released [13] - A press conference on science and technology finance policies will be held [13] - The government will continue to support infrastructure and urban renewal projects [14][15] - The financial regulator will study a loan management method for urban renewal projects [14] - The scale of wealth management products exceeded 31 trillion yuan in May [16] - Views on the impact of interest rate cuts on bank net interest margins are divided [17] - Large - denomination certificates of deposit are losing popularity [17] - Insurance companies have raised over 74 billion yuan this year [17] - Japan's central bank's reduction in bond purchases affected the bond market [18] - There were various bond - related events and credit rating adjustments [18][19] Bond Market Summary - Treasury futures mostly declined slightly, and bond yields generally rose [20] - Exchange - traded bonds showed mixed performance [20] - Convertible bond indexes rose, and money market rates mostly declined [21] - Domestic and foreign bond yields showed different trends [23] Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index declined [24] Research Report Highlights - CICC believes short - end yields may be range - bound, while medium - and long - end yields may decline [25] - Guosheng believes the 4 - month economic data is strong, and mid - term bond rates have room to fall [25] Today's Reminders - Many bonds will be listed, issued, have payments, and pay principal and interest on May 21 [27] 4. Stock Market News - A - shares rose on Tuesday, with small - cap stocks active and the North Exchange 50 and micro - cap indexes hitting new highs [28] - The Hong Kong Hang Seng Index and related indexes rose, with biotech stocks performing strongly [29] - Shengsheng Guojian and Shengsheng Pharmaceutical signed a large - scale cooperation agreement with Pfizer [29][30] - Huaxi Bio responded to the "naming brokerage" incident [30] - Xinhua Insurance will participate in the establishment of Honghu Fund Phase III [30] - Bilibili's Q1 revenue increased, and it achieved profitability [30] - CATL's H - share issuance increased after the over - allotment option was exercised [31]

// 今日关注 // 1、国家发改委：内卷式竞争扭曲了市场机制、扰乱了公平竞争秩序，必须加以整治 2、华熙生物回应"点名券商"事件：透明质酸遭踩踏和抹黑，两大协会力挺"科学正名" 3、降至"1字头"，多家银行下调大额存单产品利率 4、英伟达回应在上海设立新办公空间 5、国际机构预测：2025有色金属供应过剩加剧 // 宏观预警 // 1、财政部：1-4月全国一般公共预算收入80616亿元，同比下降0.4% 财政部数据显示，1-4月，全国一般公共预算收入80616亿元，同比下降0.4%。其中，全国税收收入 65556亿元，同比下降2.1%；非税收入15060亿元，同比增长7.7%。分中央和地方看，中央一般公共预 算收入33928亿元，同比下降3.8%；地方一般公共预算本级收入46688亿元，同比增长2.2%。 3、17新华联控MTN001违约进展：重整计划执行期限延长至2025年8月23日 新华联控股有限公司发行的"17新华联控MTN001"因公司破产重整于2022年8月9日提前到期并停止计 息，构成违约。截至2025年4月，北京一中院裁定将新华联控股等六家公司实质合并重整计划的执行期 限延长至2025年8月2 ...

Group 1 - President Xi Jinping emphasized that high-quality development is a necessary requirement for Chinese-style modernization, urging confidence in managing domestic affairs and expanding high-level opening-up to address uncertainties [2] - The People's Bank of China (PBOC) Governor Pan Gongsheng called for the implementation of a moderately loose monetary policy to meet the effective financing needs of the real economy, focusing on supporting key areas such as technological innovation and consumption [2] - The latest Loan Prime Rate (LPR) was released, with the 1-year rate dropping to 3% and the 5-year rate falling to 3.5%, marking the first decrease since October of the previous year [2] Group 2 - The Ministry of Finance reported that in April, central government public budget revenue grew by 1.6% year-on-year, while national tax revenue increased by 1.9%, marking the first monthly positive growth this year [4] - The government plans to enhance urban renewal initiatives, with the Ministry of Housing and Urban-Rural Development continuing to promote the renovation of old urban residential areas [4] - The National Development and Reform Commission (NDRC) approved 27 fixed asset investment projects from January to April, with a total investment of 573.7 billion yuan [4] Group 3 - The unemployment rate for urban labor aged 16-24 reached 15.8% in April, while the rate for those aged 25-29 was 7.1% [5] - The A-share market saw a rise, with the Shanghai Composite Index increasing by 0.38% to 3380.48 points, and the Shenzhen Component Index rising by 0.77% [6] - The Hong Kong Hang Seng Index closed up 1.49% at 23681.48 points, with significant gains in the biotechnology sector [6] Group 4 - Bilibili reported a 24% year-on-year revenue increase in Q1, reaching 7.003 billion yuan, with a significant 76% growth in gaming revenue [7] - NIO announced that its H-share issuance was fully exercised, raising approximately 41 billion Hong Kong dollars [8] - The public fund industry is experiencing a trend of "benchmark correction," with nearly 80 public funds changing their performance benchmarks this year [10][11]

Core Viewpoint - Huaxi Biological Technology Co., Ltd. (688363.SH) criticized certain brokerage reports for misleading the market regarding the comparison between hyaluronic acid and recombinant collagen, claiming these reports lack scientific basis and are intended to promote a competing product [1][3][6] Group 1: Company Response - Huaxi Biological reported that it has communicated with regulatory authorities regarding the misleading content in brokerage reports and received apologies from some institutions [1][4] - The company emphasized that the reports are part of a broader issue of "hasty capital" creating a false narrative in the market [3][4] - Huaxi Biological expressed disappointment that relevant parties are not engaging in scientific discussions but are instead focusing on social media commentary [4][5] Group 2: Brokerage Reports - The reports in question were authored by multiple brokerage firms, including Huatai Securities and others, which Huaxi Biological claims are biased towards a competitor, Juzhi Biological [3][6] - Analysts involved in the reports defended their work, stating that the content was compliant and based on objective public data, and denied any intent to promote Juzhi Biological [2][7][8] - The reports highlighted the advantages of recombinant collagen over hyaluronic acid in various applications, which Huaxi Biological disputes as lacking scientific evidence [3][6][8] Group 3: Market Context - In 2024, Juzhi Biological reported a revenue of 55.39 billion yuan, a 57.07% increase, surpassing Huaxi Biological's revenue of 53.71 billion yuan, which declined by 11.61% [6] - Juzhi Biological's core brand, Kefu Mei, contributed 82% of its revenue, showcasing the competitive landscape in the beauty and medical aesthetics industry [6]

证券代码：688363 证券简称：华熙生物 公告编号：2025-020 华熙生物科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 6 月 11 日 14 点 30 分 召开地点：浙江省杭州市钱塘区海达北路 399 号康洲科创园 B1 座 1 层 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 11 日 至2025 年 6 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9: ...

Core Viewpoint - Huaxi Biological refutes the notion that hyaluronic acid is outdated, emphasizing its leading position in the global market and the importance of scientific integrity in the industry [2][4][7] Group 1: Company Response - Huaxi Biological published an article titled "Concepts Always Reappear, Technology Always Moves Forward" to counter the claims made by several brokerage reports that suggest hyaluronic acid is no longer relevant [2][6] - The company asserts that hyaluronic acid is a key life science material and has been subjected to unfounded criticism, which it aims to correct as an industry leader [3][4] - Huaxi Biological's statement received support from the China Fragrance and Cosmetic Industry Association and the China Aesthetic Medicine Association, highlighting a collective industry stance [3][4] Group 2: Scientific Basis and Product Strategy - The company clarifies that its chairman previously questioned the effectiveness of topical recombinant collagen products, but this was specifically aimed at exaggerated claims regarding their efficacy [6][7] - Huaxi Biological maintains that its strategic focus remains on the development of hyaluronic acid and its applications in various health-related fields, rather than shifting to recombinant collagen as a mainstream technology [7] - The company emphasizes that current scientific evidence does not support recombinant collagen's superiority in managing aging compared to hyaluronic acid [7]

华熙生物科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 证券代码：688363 证券简称：华熙生物 公告编号：2025-020 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 6 月 11 日 14 点 30 分 召开地点：浙江省杭州市钱塘区海达北路 399 号康洲科创园 B1 座 1 层 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 11 日 至2025 年 6 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年6月11日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 | ...