为给予更多优秀医疗美容技术公司、医疗机构、医疗美容医疗器械制造商及其他相关单位充分的时间准备和完 善申报材料，主办方 探美医界、思宇MedTech 现决定将 奖 项评选报名截止时间延期至 2025年5月26日 24:00 。 此次延期旨在为有意参选的各方提供更充裕的时间窗口，以便大家能够更全面、深入地展示自身在医疗美容医 疗器械领域的创新成果与卓越贡献，分享前沿经验，推动医美医疗技术的持续进步。 大会将汇聚来自全球医疗美容产业的临床专家、顶尖科学家、科技创新者、投资机构与政府监管部门，共 同探讨医美科技前沿动态、创新技术产业化路径、政策监管趋势以及市场新机遇。 举办时间： 2025年6月12日星期四 举办地点： 北京中关村展示中心 会议规模： 现场500人 参会对象： 涵盖政府、医院、医美上下游企业、投资机构等综合性高知人士 全球医美产业趋势与市场洞察 医美新材料、新设备、新技术 再生医学、生物刺激等技术前沿 AI赋能、数字医美与个性化治疗 监管政策与市场准入分析 医工交叉与科技成果转化实践 投融资环境与国际合作机会 大会议程要点（拟） 为表彰医疗美容科技领域内的卓越贡献，思宇MedTech及旗下专业媒体将组 ...

消息面上，5月20日，港股创新药企三生制药与海外辉瑞公司签订重大许可协议，授予辉瑞在全球（不 包括中国内地）独家开发、生产及商业化双抗的权利。根据协议，三生制药将获得12.5亿美元首付款， 并可能获得高达48亿美元的里程碑付款，以及双位数百分比的销售提成。这一交易再次刷新了国产创新 药出海首付款金额纪录。近期创新药行业利好不断。2025年第一季度，中国创新药license-out交易已有 41起，总金额达369.29亿美元，仅3个月已接近2023年全年水平。 相关产品：港股创新药ETF（159567）、创新药ETF（159992） 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球CXO 龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针对高价创 新药的医保丙类目录出台等。 国元证券认为，上周医药板块受特朗普宣布将推动美国处方药价格与"其他发达国家"对标政策影响，创 新药细分领域出现回调。特朗普提出行政令计划，旨在使美国药价下降30%-80%，并允许患者直接从制 造商购买药物，绕过中间商。然而，分析指出该政策实施难度较大，美国医药市场 ...

5月15日上午的开幕式由上海现代服务业联合会副会长、上海国际物流节常务副主任简大年主持。 他表示，作为全球贸易的"血脉"和产业升级的"加速器"，物流与供应链产业正以持续创新之姿重塑着全 球经济连接方式。在这个充满变革的时代，上海国际物流节不仅是一场行业盛会，更是思想碰撞、合作 共赢的全球舞台。 政企共话物流新生态 上海现代服务业联合会会长、上海国际物流节组委会主任孙建平做开幕式致辞。他指出，当前，国 际经济形势严峻复杂，国际供应链波动、绿色化转型压力和人才结构性缺失构成三大挑战。上海国际物 流节在应对挑战、采取切实行动中，极具现实意义。他表示，本届国际物流节将全方位、多角度、立体 化地展示物流技术成果，加快前沿技术装备在物流行业的应用步伐，激发物流技术装备企业市场活力， 推动物流行业提质增效、降低成本，增强产业链供应链的韧性和安全性，系统助推本市现代物流体系的 建设。 孙建平详细介绍了本次活动聚焦的三大主线。一是标准引领。宣贯国标/团标，为物流与供应链产 业提供规范化指引；二是产学协同。将成立高校物流与供应链EMBA联席会议，集聚高端复合型领军人 才队伍；三是场景创新。物流节期间将集中举办15场专业论坛，分享 ...

Core Viewpoint - Aurora Mobile has raised its revenue guidance for Q1 2025, expecting revenue between RMB 87 million and RMB 90 million, representing a year-on-year growth of approximately 35% to 40% [1][2]. Financial Performance - The expected revenue for Q1 2025 is between RMB 87 million and RMB 90 million, compared to RMB 64.5 million in the same period of 2024, indicating a growth of about 35% to 40% [2]. - The adjusted net loss is anticipated to be between RMB 1 million and RMB 2 million, an improvement from a net loss of RMB 2.6 million in the same period of 2024 [3]. - As of March 31, 2025, the company's cash and cash equivalents are expected to be between RMB 113 million and RMB 114 million, down from RMB 119.5 million as of December 31, 2024 [3]. Business Growth Drivers - EngageLab, a core component of the company's overseas business, has shown strong growth with revenue increasing over 120% year-on-year [2]. - The launch of a large language model (R1 LLM) by a client has driven significant demand, contributing to revenue growth for Aurora Mobile [2]. - The company's financial risk management business has also seen substantial revenue increases due to heightened client demand [2]. - The AI platform GPTBots.ai continues to empower enterprises by providing no-code AI bot construction technology, facilitating efficient digital transformation [2]. - The dual strategy of "going global + AI empowerment" is proving effective in expanding market share and commercializing technology [2].

【今日关注】 周五市场小幅下挫，成交 1.12 万亿，较上一交易日再度减少约 700 亿。 汽车、机械、医药等行业涨幅居前，美容护理、金融、食品饮料、石油 等行业跌幅居前。 每日市场观察 2025 年 5 月 19 日 周五指数全天波动幅度不大，但板块日内切换较为快速。虽然上涨个股 超过半数，但是以小微盘股为主，短线资金炒作的痕迹较为明显。 自上周末中美就经贸磋商发表联合声明，本周初市场短暂上涨，之后以 震荡调整为主，板块轮动较快，量能逐渐萎缩。板块上面，军工、交运、 新能源、金融、化工、汽车等行业依次轮动，节奏变化较快。多数板块 的上涨受短线消息影响较大，比如印巴冲突之于军工，经贸磋商之于交 运，以及关于 AEBS 强制性国家标准完成起草之于汽车。具有一定持续 性的板块和个股，比如化工和交运，多数市值体量较小，短线资金炒作 的特征较为明显。而在整体量能逐渐缩减情况下，多数行业难以取得持 续性上涨，对于强势板块的追涨操作容易面临较大风险。市场再度进入 主线清晰度较低的状态。 周五汽车板块的上涨，主要受 AEBS 强制性国家标准起草完成的消息影 响，上涨个股主要集中于板块当中相关的局部领域，小微市值公司居多， ...

Group 1 - Several innovative pharmaceutical companies have reached a profitability turning point or continued to narrow losses in Q1, driven primarily by self-sustaining growth from the continuous expansion of main products [1] - In Q1, Innovent Biologics achieved revenue of 380 million yuan, a year-on-year increase of 129.9%, with a net profit of 14 million yuan. BeiGene reported revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, with losses narrowing from 1.908 billion yuan to 94.503 million yuan [1] - The Hong Kong innovative drug sector has seen high profitability continue to digest valuations, with the Hong Kong innovative drug index's price-to-earnings ratio dropping from 64 times on February 21 to 25 times on May 19, highlighting significant value for current investments [1] Group 2 - The Hong Kong innovative drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, with 90% of its weight in innovative drug companies, positioning it to benefit from trends such as AI-enabled drug development and the expansion of domestic innovative drugs overseas [2] - The innovative drug ETF (159992) tracks an index that includes leading companies in the innovative drug industry chain, benefiting from advancements in AI, the export of domestic innovative drugs, and the introduction of new insurance policies for high-priced innovative drugs [2] - Huaxin Securities believes the innovative drug sector currently exhibits significant investment value, with Chinese companies establishing technological advantages in cutting-edge fields and attracting attention from large multinational pharmaceutical companies [2]

Core Viewpoint - YouTube is set to enhance its advertising capabilities by utilizing Google's AI technology, Gemini, to place ads more effectively within video content, aiming to increase ad revenue and improve targeting efficiency [1][3][12]. Group 1: AI Integration in Advertising - The integration of AI in advertising has become a common practice in the global digital advertising industry, with companies using AI-generated content for ads [3]. - YouTube's new advertising system will not focus on AI-assisted content creation but will instead use AI to predict the most engaging moments in videos for ad placement, enhancing precision and efficiency [3][10]. - Gemini's role in identifying key moments in user-generated content is crucial, as it leverages extensive video data to determine where ads will be most effective [10][12]. Group 2: Advertising Effectiveness and User Experience - Advertisers are increasingly concerned with maximizing marketing effectiveness while minimizing costs, making ad performance evaluation a top priority [6]. - YouTube's strategy involves inserting ads at contextually relevant points in videos, aiming to capture viewer attention during critical moments, which may lead to a decline in user experience [8][17]. - The shift to AI-driven ad placements may compel users to view ads more frequently, as YouTube has implemented measures to prevent ad-blocking [8][12]. Group 3: Market Dynamics and Competition - Google's reliance on advertising revenue, which constitutes over 90% of its income, drives the need for innovative ad solutions on platforms like YouTube, especially in light of competition from AI-driven search alternatives [12][15]. - The success of YouTube's AI advertising model could influence domestic streaming platforms to adopt similar strategies, reflecting a broader trend in the industry [17].

传媒/游戏Ⅱ 网易-S（09999.HK） 2025 年 05 月 16 日 投资评级：买入（维持） | 日期 | 2025/5/16 | | --- | --- | | 当前股价(港元) | 190.00 | | 一年最高最低(港元) | 195.20/116.00 | | 总市值(亿港元) | 6,117.17 | | 流通市值(亿港元) | 6,015.38 | | 总股本(亿股) | 32.20 | | 流通港股(亿股) | 31.66 | | 近 3 个月换手率(%) | 13.92 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-05 2024-09 2025-01 2025-05 网易-S 恒生指数 相关研究报告 《游戏全球化、多元化进展良好，产 品周期或迎拐点—港股公司信息更新 报告》-2025.2.21 《《无限大》获批版号，关注国内外新 产品周期表现—港股公司信息更新报 告》-2024.12.30 《2024Q3 业绩稳健，关注《燕云十六 声》等后续新游—港股公司信息更新 报告》-2024.11.16 多款新游戏驱动 Q1 业绩亮眼，关注《无限大》上线 ...

Core Insights - The report by IDC highlights that low-code/no-code technology is becoming a key engine for digital innovation, addressing the urgent needs for agile development, data value release, and technology accessibility in various sectors, including finance, manufacturing, and government [4][14] - Smardaten is recognized as a leading enterprise-level no-code platform in China, showcasing a unique "data-driven + AI-enabled" innovation model that is reshaping enterprise software development paradigms [3][4] Group 1: Smardaten's Technological Advantages - Smardaten is the only no-code platform that supports the entire software engineering lifecycle, enhancing productivity, agility, and innovation through its "no-code + AI" model [3][5] - The platform has demonstrated significant efficiency improvements, with companies using Smardaten reporting an average development cycle reduction of 85%, a 90% increase in data governance efficiency, and a 70% decrease in AI model deployment costs [5][12] - Smardaten's architecture integrates no-code development, AI intelligence, and data governance, creating a closed loop from business needs to software development and data value [5][12] Group 2: Industry Challenges and Solutions - IDC identifies three core challenges faced by enterprises: data silos leading to underutilization of data (30% utilization rate), high dependency on technical resources, and the complexity of AI implementation [4] - Smardaten addresses these challenges by reducing IT resource dependency, accelerating application deployment, and enabling seamless data integration and real-time access without complex coding [4][12] Group 3: Future Trends and Predictions - IDC predicts that by 2026, 70% of new applications will be built using low-code/no-code platforms, with the integration of AI fundamentally transforming software engineering paradigms [13][14] - The report emphasizes that Smardaten is leading three major technological trends: democratizing AI agent development through natural language interaction, creating a market for data asset circulation, and building an ecosystem of developers to form a digital transformation "app store" [13][14]

Group 1: Financial Performance - Alibaba's total revenue for Q4 FY25 reached 236.5 billion yuan, a year-on-year increase of 6.6%, slightly below the consensus expectation of 7.2% [1] - Adjusted EBITA was 32.6 billion yuan, reflecting a year-on-year growth of 36.1%, with an adjusted EBITA margin of 13.8%, in line with the consensus expectation of 13.9% [1] - Taobao's revenue for Q4 FY25 increased by 8.7% to 101.4 billion yuan, outperforming the consensus expectation of 4.9% [1] Group 2: Business Segments - CMR revenue for Q4 FY25 grew by 11.8%, benefiting from improved monetization rates [1] - Alibaba Cloud's revenue for Q4 FY25 increased by 17.7%, slightly exceeding the market expectation of 16.9% [1][2] - The adjusted EBITA margin for Alibaba Cloud rose to 8.0%, despite a slight decline due to increased investments in AI and cloud infrastructure [2] Group 3: Future Outlook - The company expects Taobao to continue releasing commercial capabilities, supported by improved customer penetration and commission rate increases [1] - Management expressed confidence in the continued acceleration of Alibaba Cloud's revenue growth, driven by strong demand and the expansion of AI-related products [2] - The management highlighted the potential of AI to enhance search and recommendation efficiency, indicating a focus on cost reduction and efficiency improvements on both merchant and platform sides [1]