6月10日，一款被标注为"全球唯一一只"的薄荷色"拉布布"被拍卖，落槌价108万元，再次吸引了市场目光。港股泡泡玛特11日股价续创历史新高。新华财经 数据显示，截至一季度末，23家基金公司增持泡泡玛特，较上期增加91.67%，基金总持股占流通股比合计共5%。 但是，在潮玩这条"注意力争夺战"的赛道里，顶流"拉布布"们身后，是无数的"糊咖"，和连"出道"都没达成的IP"练习生"们。泡泡玛特在IP培育和IP运营阶 段的巨量投入能否收到预期回报充满偶然因素，倘若IP过气拖累上新表现，会影响周转和库存这条企业"生命线"，甚至直接导致资产减值。 IP培育与商业化：长周期与高投入并行 从泡泡玛特的2024年财报中，投资者们可以看到THE MONSTERS、MOLLY 、SKULLPANDA 、CRYBABY"四大天团"的耀眼业绩。但在财报看不到的"其 他艺术家IP"类目下，数百个承接着公司资源投入的腰部及以下IP或在隐身、或已被彻底放弃。 虽然绝大多数IP"练习生"们收入少到没有在财报中露脸的机会，但培育成本是实打实的。泡泡玛特财报显示，公司设计及授权相关成本由2023年的人民币 2.37亿元增加到2024年的人民币5. ...

Group 1 - The Hong Kong Stock Automotive ETF (520600) has seen a strong performance, rising 2.42% recently, with a cumulative rebound of nearly 24% since its low on April 10 [1] - The index tracking the automotive industry, the CSI Hong Kong Stock Connect Automotive Industry Theme Index (931239), has increased by 1.69%, with significant gains from major stocks like BYD (01211) and others [1][2] - The ETF's trading volume was active, with a turnover of 6.88 billion and a turnover rate of 108.56%, indicating strong market participation [1] Group 2 - The CSI Hong Kong Stock Connect Automotive Industry Theme Index includes 50 listed companies involved in the automotive industry, with the top ten stocks accounting for 77.55% of the index [2] - BYD and Li Auto (02015) are the largest weight stocks in the index, together making up over 34% [2] - Major automotive companies, including BYD and Dongfeng Motor, have committed to reducing supplier payment terms to within 60 days, responding to government initiatives to support small and medium enterprises [3] Group 3 - Analysts predict that the automotive sector will enter a phase of high sales growth and favorable events, supported by policies like trade-in incentives [3] - Long-term price declines are expected to stimulate downstream demand, leading to increased sales and encouraging automakers to seek differentiated competitive advantages [3] - The commercialization of intelligent driving is anticipated to benefit both major manufacturers and component companies, particularly those with strong growth potential [3]

每经记者｜许立波 每经编辑｜魏官红 2025年以来，创新药板块强势突围，成为成长赛道中的最大"黑马"。Wind数据显示，截至6月10日收 盘，港股创新药ETF（513120）年初至今涨幅已超过60%；同时，港股创新药ETF日内成交额突破130亿 元，再度刷新历史纪录，稳居全市场ETF成交额榜首，反映出资金对创新药产业的关注。 然而，这轮创新药行情究竟是短期情绪驱动，还是价值重估的开始？而政策层面的制度创新，是否意味 着创新药商业化路径的深度重塑？《每日经济新闻》记者就相关问题采访了CIC灼识咨询总监卢李康和 上海市卫生和健康发展研究中心主任金春林，试图从资本与政策两端解析这轮创新药行情背后的底层逻 辑。 创新药行情能否持续？ "本轮行情是临床突破、BD（商务拓展）大单和政策利好共同作用的结果。"卢李康对记者表示，过去 一段时间，从宏观上来讲，中国创新药资产在二级市场的估值与临床价值存在显著错配，近期不断传来 的BD大单和临床数据突破的好消息持续驱动中国创新药资产的价值回归。 特别是三生制药与辉瑞达成高达12.5亿美元的重磅合作交易后，资本市场情绪被迅速点燃，成为本轮创 新药行情的重要催化剂之一。几乎每一个投资 ...

智通财经APP获悉，美国核能公司Oklo(OKLO.US)周二表示，美国核管理委员会(NRC)已开始审查该公 司的持证运营商专题报告。这标志着Oklo在为更快的许可路径奠定监管基础方面取得了持续进展，以支 持其更广泛的商业化目标。 Jeff Campbell认为，能否取得燃料是Oklo的成功关键。他提到，Oklo已完成在爱达荷国家实验室(INL)场 址的钻探评估作业，跟美国能源部敲定合作备忘录，也与INL签订了系统界面协议(Interface Agreement)。 Oklo首席执行官Jacob DeWitte表示："通过将设计、建设和运营的所有环节整合到一个申请中，我们简 化了部署路径。由于我们建设、拥有并运营发电站，直接向客户销售能源，因此将这一点与更为一体化 的许可路径相结合是合理的。" 值得一提的是，Seaport Global分析师Jeff Campbell在周一将Oklo的股票评级从"中性"上调至"买入"，目 标价为71美元，理由是对公司的增长前景有信心。 Jeff Campbell表示，Oklo的项目进展顺利、还获得一些技术核准。另外，他也对Oklo最近指派的首席技 术 官 Pat Schwei ...

单依纯"疯"了。 《歌手2025》最新一期，单依纯演唱新版《李白》拿下第二名。一句魔性的"如何呢又能怎"和破音式嘶吼，让这首《李白》被调侃为新晋高考禁曲。 在所谓的全民狂欢中，数据却悄悄地揭露了残酷真实。 据酷云数据，《奔跑吧》第九季以峰值0.87，平均值0.74稳居卫视综艺收视榜首位，胜过《歌手2025》。 这个六月，四档音综同时竞技，却似乎没有赢家。 图源：微博@传媒挑战者 音综的出现往往有着时代因素。之前是青年文化风潮的觉醒，是流媒、盗版打击市场后迫切的复苏欲望，是对偶像、人设、cp的情绪满足。当下，是演唱 会假唱事件频出、抖音神曲占据流量高地、音乐行业难出佳作等等困境。 《歌手2024》的突围，某种程度上是大众对专业度不够的歌手以及所谓的行业门槛的反扑与抵抗——直播和现场才意味着"专业歌手"的含金量。因此它成 为了大众情绪和行动的粘合剂，呈现出了罕见的全民性。 答案是《中国好声音》。 但这样的成功难以复刻。 一个残酷的事实是，在无意识地将大众以音乐审美为参考因素分割甚至对立之后，音综又在被审美和流量驯化。 音综的"自我"，正在消亡 音综曾经是国产综艺的里程碑。 或许没人记得04年的夏天有多热，但总能脱 ...

以下文章来源于乌鸦智能说 ，作者智能乌鸦 乌鸦智能说 . 人人都能读懂的AI商业 来源丨乌鸦智能说 （ wuyazhinengshuo） 作者丨朗朗 图源丨 midjourney 要说AI商业化最成功的领域，广告绝对算一个。 靠着AI广告的应用，可灵的月度付费金额已经连续两个月超过1亿人民币；哥大辍学天才Kennan打造的Icon也在短短30天里，就实现了从0增长到500万美 元的ARR(年度经常性收入)；Arcads AI也靠着5人团队，实现了500万美元ARR。 惊艳的商业化数据背后，是AI对广告制作成本的重构。 过去，每条广告的制作和投放成本通常高达200美元。而AI改变了这一切，就拿Icon来说，它能一站式完成策划、制作到投放的全流程，平均广告的成本不 到1美元。 换句话说，AI让广告制作的成本下降了99%。 得益于效率的升级，资本也蜂拥而至。仅半年内，广告生成领域就发生了多起融资收购案： 2025年5月，AI生图独角兽Photo R oom收购自动化视觉营销工具GenerateBanners，前者在2024年完成B轮4300万美元融资； 2025年2月，上市公司Appier以3870万美元收购AI广 ...

Core Viewpoint - The Chinese innovative drug sector is experiencing a resurgence, driven by recent approvals of new drugs, increased market activity, and favorable policy changes, indicating a new growth cycle for the industry [1][2][16]. Group 1: Market Activity - On May 29, the National Medical Products Administration approved 11 innovative drugs, with 10 from listed companies, leading to a surge in stock prices and significant market interest [1]. - Following the approvals, 53 stocks hit the daily limit up in the A-share market, and over 200 million yuan flowed into innovative drug ETFs in Hong Kong over the past 20 trading days [1][2]. - The innovative drug sector, which had been quiet for two years, is now seeing renewed interest from investors, with venture capitalists starting to push more projects for investment decisions [2]. Group 2: Funding Trends - The first quarter of 2025 saw over 20 billion yuan in financing for the innovative drug sector, with at least 19 financing events occurring, indicating a robust recovery in investment [3][4][5]. - Major financing rounds included significant investments in companies focusing on various therapeutic areas, including immunotherapy and gene therapy, showcasing a diverse interest from capital [4]. Group 3: Product Development - In the first five months of this year, over 20 class 1 innovative drugs were approved, marking a record for the past five years [6][7]. - The approval rate for new drugs has significantly increased since the implementation of the new drug registration management measures in 2020, with approvals rising from single digits in previous years to over 30 in recent years [8]. Group 4: Policy Environment - The regulatory environment for innovative drugs in China is continuously improving, with recent reforms aligning more closely with international standards, enhancing the credibility of clinical trial data [11][12]. - The government has implemented a comprehensive support system for innovative drugs, including payment reforms and a multi-layered insurance system, which is expected to facilitate market access and improve commercialization prospects [13][14][15]. Group 5: Future Outlook - The innovative drug sector is poised for a new growth cycle, supported by clinical breakthroughs, international collaborations, and favorable policies, indicating a potential "golden period" for the industry [16].

近日，无人驾驶卡车技术开发商Aurora宣布，在美国得克萨斯州正式启动自动驾驶重型卡车公共道路常态化运输服务，首批运营线 路从达拉斯至休斯顿，全程约320公里。这一里程碑事件，被视作Aurora在自动驾驶货运领域的关键一跃。但戏剧性的是，仅仅3周过 后，Aurora便表示将在无人驾驶卡车中重新配置安全员。这一突如其来的转折引发业界广泛关注，也让公众对这项前沿技术的商业化前 景产生诸多疑虑与思考。 为何紧急"刹车"？ 5月1日，Aurora在得克萨斯州启用2辆无人驾驶卡车（均由帕卡制造）开展商业货运服务，并计划在今年年底前将业务版图拓展至得州 埃尔帕索及亚利桑那州凤凰城。但好景不长，Aurora首席执行官Chris Urmson近日在公司网站上发文称，应卡车制造商帕卡公司要求， 公司决定将观察员从驾驶室后排移至驾驶座。调整后，车辆仍由Aurora自动驾驶系统主导运行，但观察员可根据实际情况随时介入，确 保运输安全。 Chris Urmson在谈及驾驶座保留观察员的决定时表示说："基于详尽的测试（涵盖近1万项要求和270万次测试）及安全案例分析，我们 确信无需观察员也能实现卡车安全自动驾驶。不过，帕卡是我们的长期 ...

Group 1 - The core viewpoint is that North America's autonomous driving vehicles have officially entered the commercialization phase, with expectations of capturing a $7 billion share in the U.S. ride-sharing market by 2030, shifting investor focus from "technical feasibility" to "growth speed and market size" [1] Group 2 - Goldman Sachs predicts that the U.S. ride-sharing market will surge from $58 billion to over $336 billion by 2030, with Robotaxi expected to account for approximately $7 billion, representing about 8% of total bookings [3] - The North American Robotaxi market is projected to be around $300 million in 2025, making up less than 1% of the ride-hailing market, but with a remarkable compound annual growth rate of nearly 90% from 2025 to 2030 [3] - Waymo leads the competition with over 1,500 vehicles in its fleet, completing over 250,000 paid rides weekly, and plans to expand to seven U.S. cities by the end of 2026 [3] - Tesla is set to launch its Robotaxi service in Austin, Texas, aiming to compete directly with Waymo, with differentiation in scale and technology being key to long-term profitability [3] Group 3 - The commercialization of autonomous driving is reshaping the industry landscape, with traditional ride-hailing platforms like Uber and Lyft potentially shifting to a light-asset model by integrating third-party autonomous vehicle fleets [3] - Uber has partnered with 18 autonomous technology companies, while Lyft has also collaborated with multiple firms [3] Group 4 - Cost reduction is a critical factor driving the large-scale expansion of autonomous vehicles, with expectations of over 1,800 commercial autonomous vehicles in the U.S. by the end of 2025, increasing to 35,000 by 2030 [3] - The cost per mile for autonomous vehicles is expected to continue declining, establishing an economic foundation for massive scale expansion [3] Group 5 - Goldman Sachs also highlights the potential of the Level 8 heavy truck market, predicting that by 2030, there will be 25,000 autonomous trucks on the road, capturing an $18 billion share of the freight market, which would account for about 3% of total truck mileage [4]

近期，快手股价表现亮眼，近五个交易日(6月4日至6月10日)连续上涨，累计涨幅超23%，跑赢同期恒生 指数表现。摩根大通、摩根士丹利、高盛及中信证券等机构密集发布报告，聚焦快手广告业务加速与可 灵AI商业化突破，共同推动股价升温。 此外，多家券商一致认为，可灵AI最新公布的ARR数据远超市场预期，高盛将可灵AI 2025年的收入预 期上调至1.2亿美元，摩根大通则将可灵AI全年收入预期由 4.5 亿元上调至 7.5 亿元。 中信证券在研报中给出了更长期的展望。该机构预计，到2030年可灵年收入可能达到8.68亿美元，年复 合增长率44.7%。参照同行估值，可灵当前对应的保守估值增量约为36-48亿美元。此外，该行还认为可 灵未来的总可触达市场（TAM）规模将超千亿美元。"可灵定位为AGI时代视频创作的新型基础设施， 当前已经建立从生成到编辑的全链路创作工作流，有望成为自媒体PUGC、广告、短剧、影视剧等整个 内容生产行业的工具。根据贝哲斯咨询，2023年全球视频制作市场规模9519亿元，预计2029年达15743 亿元，我们认为这将对应可灵可触达的市场规模。" 截至发稿，快手股价报63.4港元，为四月以来的最 ...