USA | US Insights Equity Research May 10, 2025 What You Need to Know We are pleased to present a selection of our most insightful, best-read, and most-watched US content. This week, we update our Mag7 long/short portfolio and make our final estimate on changes expected in the Russell's rebalance. We share views from corporates across healthcare on the changes at the FDA and anticipate an Executive Order on drug pricing as soon as next week. Big picture themes ... Quant Strategy: EPS risk is growing suggeste ...

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- BMB-101 demonstrated a complete elimination of drop attacks in the DBA/2 mouse model - - The DBA/2 model is highly predictive of sudden unexpected death in epilepsy (SUDEP) - - Findings highlight BMB-101’s potential to address critical gaps in SUDEP prevention - NEW YORK and VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) -- Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG) (“Bright Minds” or the “Company”), a company focused on developing highly selective 5-HT2 agonists for the treatmen ...

Raanana, Israel, May 13, 2025 (GLOBE NEWSWIRE) -- Polyrizon Ltd. (Nasdaq: PLRZ) (the “Company” or “Polyrizon”), a development stage biotech company specializing in the development of innovative intranasal hydrogels, recently announced the initiation of preclinical studies for intranasal Benzodiazepines (BZDs), a first-line treatment for acute repetitive seizures (ARS) and status epilepticus, using its proprietary drug delivery platform. According to the World Health Organization (WHO), epilepsy is a neurolo ...

证券研究报告 | 2025年05月12日 策略周思考 挖掘"Deepseek 时刻"扩散行业 核心观点 中美关系缓和,政策呵护力度加大,市场关注度逐步回暖 中美经贸高层会谈于 5 月 10 日-11 日在日内瓦举行,双方一致同意建立经贸 硅商机制,就双方在经贸领域的各自关切保持沟通。近期多部门协同出台 揽子金融政策,政策脉冲指数持续回升,显示对市场的强力支持。尽管当前 公众对 A 股的关注度仍低于过去一年半均值,但边际回暖迹象明显。上市公 司积极回购,4月回购金额环比增长 71%,且回购公司财务健康,资产负债 率低、利润表现强劲,释放出对市场的乐观信号,为市场注入信心。 策略研究 ·策略专题 | 证券分析师:王开 | 证券分析师:陈凯畅 | | --- | --- | | 021-60933132 | 021-60375429 | | wangkai8@guosen. com. cn | chenkaichang@guosen. com. cn | | S0980521030001 | S0980523090002 | | 基础数据 | | | 中小板/月涨跌幅(%) | 6294. 71/6. 02 | | ...

公开信息显示，云计算50ETF（516630）的AI算力含量较高，标的指数成分股覆盖了光模块&光器件、 算力租赁（IDC）、数据储存、服务器、液冷等算力基建概念板块。此外，指数当中DeepSeek概念股含 量较高，据华创证券测算，云计算指数（930851）的Deepseek概念股含量为42.9%。云计算50ETF （516630）当前管理费率0.15%，托管费率0.05%，合计费率0.2%，为全市场同类产品最低费率水平。 （文章来源：每日经济新闻） 消息面上，近日DeepSeek团队发布了新论文《Inference-Time Scaling for Generalist Reward Modeling》， 该论文引入了一种自我原则点评调优（SPCT）的方法，提出了通用奖励模型在推理阶段的新算法，验 证了推理阶段的扩展策略在效率与性能上的双重优势。同时基于此方法推出DeepSeek GRM模型，27B 的参数能跑出目前R1模型671B参数相当的性能。华泰证券认为，该方法带来了推理阶段新的Scaling方 法，或暗示了DeepSeek R2的技术路径，模型迭代加速可期。DeepSeek R2有望在近1-2月内发布 ...

截至5月12日10:08，中证大数据产业指数强势上涨1.09%，成分股航天宏图上涨5.33%，中科星图上涨 3.49%，石基信息上涨3.40%，奇安信、盛视科技等个股跟涨。数据ETF（516000）上涨0.96%，最新价 报0.94元。拉长时间看，截至2025年5月9日，数据ETF近1周累计上涨0.76%，领涨同类ETF。 流动性方面，数据ETF盘中换手率1.21%，成交额508.82万元。拉长时间看，截至5月9日，数据ETF近1 周日均成交2382.12万元。 （文章来源：每日经济新闻） 资金流入方面，数据ETF最新资金净流出187.33万元。拉长时间看，近4个交易日内，合计"吸 金"1164.29万元。 天风证券研报认为，展望Q2及下半年，核心逻辑围绕"阿里链生态+国产替代+AI应用扩散"。以阿里链 为核心的生态体系，凭借流量入口、模型能力、云及自主硬件层面的深厚积累，叠加通义千问在金融、 政务等行业垂直生态体系的布局，有望成为中国B端Agent落地的"链主"，带动相关生态发展。在此背景 下，国产算力与信创板块受益于政策支持自主可控与技术迭代，景气度有望持续上行；同时，AI应用 与SaaS将加速向金融IT ...

Core Viewpoint - Rocket Lab USA, Inc. reported better-than-expected financial results for the first quarter, with revenues of $122.57 million, surpassing the consensus estimate of $121.38 million, and a loss of 12 cents per share, which was better than the anticipated loss of 13 cents per share [1][2]. Financial Performance - The company experienced a sequential narrowing of quarterly losses by $6.8 million, which was attributed to two main factors [2]. - Revenue per launch decreased to $7.1 million from $8.2 million in the first quarter of 2024, leading to reduced launch services income [3]. - Research and development expenses increased as the company scaled manufacturing and production capacity in preparation for the Neutron rocket launch [3]. Pricing Strategy - The company is intentionally offering volume-based discounts to secure long-term launch contracts, resulting in a lower average selling price for the quarter [4]. - The backlog for the second half of 2025 indicates an expected increase in launch frequency and average selling prices, driven by higher-value HASTE and mission assurance launches [4]. Future Outlook - A new agreement with the U.S. Air Force Research Laboratory for a rocket cargo mission reflects growing confidence in Neutron's capabilities, which is expected to enhance its commercial traction [5]. - The fiscal 2025 non-GAAP EPS estimate was raised to ($0.20) from ($0.24), above the consensus expectation of ($0.25), with anticipated revenue growth of 33% for the year [5]. - For fiscal 2026, the non-GAAP EPS estimate was maintained at $0.02, slightly ahead of the Street's forecast of $0.01, driven by expected revenue growth of 50% [6]. Market Reaction - Following the earnings report, Rocket Lab shares traded lower by 9.9% to $20.80 [6].

Sales of $456.5 Million vs. $497.6 Million in Prior Year Quarter Net (loss) income attributable to Koppers of $(13.9) Million vs. $13.0 Million in Prior Year Quarter Diluted EPS of $(0.68) vs. $0.59 in Prior Year Quarter Adjusted EPS of $0.71 vs. $0.62 in Prior Year Quarter Adjusted EBITDA of $55.5 Million vs. $51.5 Million in Prior Year Quarter Capital expenditures of $14.3 Million vs. $26.3 Million in Prior Year Quarter Capital expenditures, net of insurance proceeds and sale of assets, of $10.0 Million ...

Core Insights - Spectral Medical Inc. has completed enrollment for its Tigris trial, a Phase III clinical trial evaluating PMX for endotoxic septic shock, with topline results expected in August 2025 [1][2][3] - The company has entered into a promissory note agreement with Vantive for up to US$10 million to support PMX commercialization [1][9] Clinical Development - The Tigris trial has enrolled a total of 157 patients, with 151 evaluable patients and 100 treated with PMX [6] - The data lock for the trial is expected to be completed in approximately 90 days, with topline results anticipated two weeks post-data lock [6] - The company is on track to submit clinical results to the FDA by the end of October 2025 [6] Financial Performance - Revenue for Q1 2025 was $572,000, a decrease of 14% from $668,000 in Q1 2024 [10] - Operating expenses increased significantly to $13,174,000, up 173% from $4,825,000 in the prior year, primarily due to non-cash fair value adjustments [11] - The company reported a loss of $12,605,000 for Q1 2025, compared to a loss of $4,160,000 in Q1 2024 [13] Balance Sheet and Financing - As of March 31, 2025, the company had cash of $1,670,000, down from $2,988,000 at the end of 2024 [14] - The promissory note with Vantive includes a four-year maturity and a payment-in-kind interest rate of 9% [15] Commercialization Activities - The company is collaborating with Vantive on post-approval marketing plans for PMX commercialization [15] - Vantive intends to submit a 510(k) application for its PrisMax System, which is expected to be the primary device used for PMX treatments upon commercial launch [15] Regulatory and Clinical Study Insights - The EDEN study, completed in Q4 2023, showed that patients with endotoxic septic shock had a significantly higher mortality rate of 60% compared to 14.1% for other septic shock patients [6] - The results from the EDEN study will inform discussions with the FDA regarding PMX labeling and the addressable population in the U.S. [6]