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 ...

9日，工信部、民政部发布开展智能养老服务机器人结对攻关与场景应用试点工作的通知，其 中指出，分阶段实施一批智能养老服务机器人攻关和应用试点项目，形成一批能够满足多层 次、多样化养老服务需求的机器人产品。 与此同时，中国工业机器人出口数据也超出市场预期。海关总署9日发布的数据显示，今年 前5个月，我国出口装备制造业产品6.22万亿元，增长9.2%。其中，工业机器人增长 55.4%。 通知还提出，完善标准及评价体系。鼓励产品研制单位和应用试点单位联合开展智能养老服 务机器人标准研究，聚焦场景需求和应用安全研制智能养老服务机器人产品和服务标准规 范，聚焦安全性、可靠性、适老化、经济性等研制智能养老服务机器人产品评价标准。引导 行业紧扣老年人的生理心理特点及服务需求，进行智能养老服务机器人产品的设计开发，提 升产品适老化、智能化和安全可靠水平。 猛增超55% 6月9日，海关总署发布的数据显示，今年前5个月，我国出口装备制造业产品6.22万亿元， 增长9.2%，占我国出口总值的58.3%。其中，出口电动汽车增长19%、工程机械增长 10.7%、船舶增长18.9%、工业机器人增长55.4%。前5个月，我国装备制造业产品对 ...

Core Viewpoint - Anfu Road has transformed from a local trendy street to a national cultural consumption hub, defying predictions of its decline and showcasing a significant shift in urban cultural consumption in contemporary China [1][3][4] Group 1: Store Evolution - Anfu Road has seen a frequent turnover of shops over the past decade, with iconic old stores closing while new trendy brands emerge, indicating a dynamic commercial ecosystem [5][9] - Notable closures include high-end home goods store Indigo Living and the French bistro Marion Bar, both of which faced rising rents, highlighting the pressure of high rental costs on traditional businesses [5][9] - New brands like HARMAY and Brandy Melville have established a strong presence, reflecting the street's appeal to young consumers and its status as a cultural hotspot [7][9] Group 2: Community Business Transformation - Anfu Road has shifted from a neighborhood community street to a trendy destination, attracting a younger demographic and becoming a popular spot for social media influencers [11][12] - The initial community-focused businesses have largely been replaced by designer shops and cafes, marking a significant change in the street's commercial identity [11][12] - The street's transformation has been supported by urban planning initiatives that enhance its walkability and aesthetic appeal, allowing for a blend of brand creativity and local culture [15][21] Group 3: Rental Trends - Rental prices on Anfu Road have surged, with reports indicating daily rents reaching 30 yuan per square meter, surpassing traditional shopping districts like Nanjing West Road [17][21] - The rapid increase in rental costs reflects the street's rising popularity and demand, with some properties seeing rents double within a few years [17][21] - High rents pose challenges for independent and small brands, pushing some to seek more affordable locations while still maintaining a strong interest from larger brands [20][21] Group 4: Cultural and Commercial Dynamics - Anfu Road is evolving into a more international and mainstream commercial stage, attracting a mix of local and tourist consumers [22][24] - The street's success is attributed to its unique blend of community, culture, and commercial appeal, which continues to attract new brands despite rising costs and increased commercialization [24][25] - The ongoing evolution of Anfu Road serves as a case study for the integration of commercial and cultural elements in urban settings, emphasizing the importance of maintaining a balance between popularity and local character [25]

氢能 25 年中期策略：船舶绿色燃料场景突破，看好绿氢运 营及设备商 20250609 摘要 截至 2025 年，电解水制氢项目已落地 11 万吨，完成《氢能产业中长 期规划》底线目标，并冲击 20 万吨产能。电解槽设备降价和大型绿氢 项目动工有望进一步提升产能，利好相关设备商。 燃料电池汽车保有量距 2025 年底目标仍有缺口，预计全年放量 1 万辆 左右。高速公路示范和免氢能高速路费等政策有望打开市场，下半年市 场值得期待，相关燃料电池企业或将受益。 绿氢项目立项产能达 650 万吨，但实际落地仅 11 万吨，开工率较低。 电解槽招标量约 6GW，设备需求潜力巨大，但项目落地速度需加快，关 注相关项目进展。 制氢设备价格快速下降，碱性电解水制氢槽和 PEM 槽价格同比大幅下降。 绿氢生产成本降低，推动行业进入商业化前期，利好绿氢项目盈利能力 提升。 绿色甲醇和船舶燃料是绿氢快速消纳的重要突破口。海外出口，尤其是 跨国企业订单将成为重要突破口。已有约 300 艘甲醇燃料船舶订单，对 应甲醇需求量约 680 万吨，将带动绿氢需求。 Q&A 氢能行业在 2025 年的发展策略是什么？ 2025 年氢能行业的发展 ...

以下文章来源于雪豹财经社 ，作者吴姿 雪豹财经社 . faster , deeper and wiser 5 亿之后：虎扑如何为社区文化续命 作者 丨吴姿 来源：雪豹财经 二十一年前，中国留学生程杭在美国芝加哥就读期间，花260美元租了一个服务器，创建了提供NBA赛 事一手资讯的篮球论坛 hoopCHINA。 日后，这个以英文篮筐（hoop）音译命名的中文体育社区"虎扑"，不止一次想在资本市场奋力完成优雅 的一投，却始终未能命中目标。 在成立的第22个年头，此前已两次折戟IPO的虎扑，迎来了易主而治的命运拐点。 6月2日，深圳迅雷网络技术有限公司发布公告称，正式完成对虎扑的收购，总现金代价5亿元。在交易 完成前，迅雷已支付4亿元现金，剩余1亿元将在未来两年内分期支付。 交易公布后，市场上有两种截然对立的观点： 虎扑竟然只值5亿？做为一个成熟的内容社区，它的注册用户数超过1亿，其中男性用户占比90%以上， 估值最高曾达到77亿元。 相反的观点认为，虎扑竟然还值5个亿？毕竟，虎扑创始人程杭自己都说过，"从男性口袋里掏钱很 难"。商业模式单一，是虎扑两次冲击IPO失败的主要原因。 成也直男，败也直男。二十年过去，虎 ...

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PhotoRoom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广告公司AdCreative.ai； 2025年初，AI生成广告Icon.com拿到了Founders Fund等顶投的融资； AI生成式广告产品的核心就是利用AI技术批量制造广告素材， ...

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 即将召开： 2025年6月12日，首届全球医美科技大会 2025年7月17日，第二届全球医疗科技大会 2025年9月4-5日，第三届全球手术机器人大会 MedRobot 近日，骨科手术机器人企业 Think Surgical 公司宣布， 外科机器人商业化和运营专家 克里斯·马鲁 斯（Chris Marrus） 已加入公司，担任执行副总裁（EVP）。 在此角色中，马鲁斯将负责推动公司TMINI手术机器人业务的全球扩展，并领导2026年增长计划的实 施。该计划将专注于增加TMINI产品的装机量、拓展新市场以及提升公司产品创新能力。 # 战 略计划 与 增 长 目 标 马鲁斯的加入标志着Think Surgical在加速其全球市场拓展和产品发展方面迈出了重要一步。克里斯·马鲁斯是 一位拥有超过20年经验的医疗科技行业资深人士，特别是在外科机器人领域具有深厚的背景。 在Think Surgical，马鲁斯将负责推动TMINI手术机器人的全球商业化，并协助执行2026年增长计划，目标是在 全球市场实现显著的增长，并进一步创新公司产品线， ...

Group 1 - The report emphasizes the active overseas commercialization of innovative drugs, with several domestic innovative drugs presenting excellent data at the ASCO conference, highlighting ongoing business development (BD) opportunities and clinical progress of key pipelines [3][39]. - Key companies such as BeiGene, Innovent Biologics, and others are expected to achieve significant milestones, including BeiGene's projected non-GAAP operating profit of $45 million in 2024 and a positive cash flow in 2025 [3][4]. - The report notes that the Hong Kong pharmaceutical sector has shown strong performance, with the Hang Seng Healthcare Index rising approximately 42% year-to-date, driven by the successful execution of BD transactions and the internationalization of domestic innovative drugs [14][39]. Group 2 - The report outlines the financial forecasts for key companies, indicating that BeiGene's revenue is expected to grow from 36.69 billion HKD in 2025 to 44.36 billion HKD in 2026, with a significant increase in net profit from 1.25 billion HKD to 4.56 billion HKD [4]. - The innovative drug sector is projected to see a revenue increase of 30% year-on-year in 2024, with total revenue reaching 71.88 billion HKD, while the overall loss for innovative drug companies is expected to narrow by 29% [35][36]. - The report highlights the increasing number of license-out transactions, with 81 transactions in 2024 totaling $45 billion, reflecting a 28% year-on-year growth, and a notable deal between 3SBio and Pfizer involving a $1.25 billion upfront payment [43][44]. Group 3 - The report indicates that the pharmaceutical sector is undergoing a transformation, with leading companies like Hansoh Pharmaceutical and China National Pharmaceutical Group achieving revenue growth rates of 21% and 10% respectively in 2024 [35]. - The medical services sector is facing pressure due to the impact of healthcare insurance policies and macroeconomic conditions, which may affect growth in consumer medical services [39]. - The CXO sector is showing signs of improvement, with a focus on the recovery of orders, indicating a potential rebound in performance [39]. Group 4 - The report provides a comparative analysis of valuations, noting that the overall valuation of Hong Kong pharmaceuticals is lower than that of A-share and overseas pharmaceuticals, with a median PE of 15x for Hong Kong compared to 24.7x for A-share [12][14]. - The report highlights the significant performance disparity among sub-sectors, with innovative drugs and pharma benefiting from ongoing BD transactions and a favorable valuation correction, while medical services are under pressure [18][39]. - The report also mentions the increasing trend of dual-listed pharmaceutical companies, with the number rising from 5 in 2017 to 20 currently, indicating a growing interest in the Hong Kong market [23].

Core Viewpoint - Kangfang Biopharma is facing significant scrutiny and potential reputational damage due to the improper distribution of a clinical trial cancer drug, which raises serious questions about its compliance management and internal controls [2][3][4]. Compliance Management Issues - The incident involving a cervical cancer patient in Chongqing highlights the failure of Kangfang Biopharma's compliance management, as the patient received a drug intended only for clinical research [3][4]. - Kangfang Biopharma attributed the issue to a sales representative who allegedly forged research documents to obtain the drug, but this explanation has not alleviated public concerns regarding the company's internal management systems [4]. Financial Performance and Revenue Decline - Kangfang Biopharma, once a leading player in the innovative drug sector, reported a dramatic decline in revenue, with overseas licensing income plummeting over 95% from 2023 to 2024, dropping from 29.23 billion RMB to 1.22 billion RMB [5][6]. - Despite a 24.88% increase in commercial product sales to 20.02 billion RMB in 2024, the overall revenue fell from 45.26 billion RMB in 2023 to 21.24 billion RMB in 2024, indicating a heavy reliance on single licensing transactions [6][7]. Sales and Marketing Strategy - The company has increased its sales team from 788 to 816 members in 2024, but the cost of sales has surged by 116.92% to 289 million RMB, while gross profit only increased by 16.53% to 1.713 billion RMB [10][11]. - The sales expense ratio reached 47.17%, raising concerns about the sustainability of its commercial expansion strategy as R&D spending decreased by 5.29% to 1.188 billion RMB [11][12]. Future Outlook - Despite the current challenges, Kangfang Biopharma's leadership remains optimistic about 2025, anticipating increased sales following the implementation of new insurance pricing for its dual-antibody products [9]. - The company aims to expand its hospital coverage significantly, targeting over 2,000 hospitals by the end of 2025 [9].

中信建投（601066）研报称，4月和5月可灵收入均超过1亿元，一季度平均单月收入0.5亿元。目前年化 收入已突破1亿美元，考虑环比增势显著，全年收入有望高于公司最新指引的1亿美元。新模型+新场 景，商业化有望继续提速。1)新场景：近期与逆水寒合作，在游戏中加入图生动图玩法，收费与官网一 致。此前可灵主要应用在广告素材制作、短剧制作等偏B端场景，游戏能发挥C端用户的创作兴趣，提 升付费空间。2)新模型：更新2.1模型，入门价格较2.0下降65%以上，性价比提升，使用门槛下降。 ...