Group 1 - The core point of the article is that Aopumai's acquisition of Pengli Bio reflects the collective anxiety within the biopharmaceutical industry, as both companies face performance pressures, making the merger appear as a means of mutual support during an industry downturn [2][7] - Aopumai plans to acquire Pengli Bio for 1.451 billion yuan, using a combination of cash and shares, with the board approving the proposal by a vote of 6 to 1, where the dissenting vote raised concerns about the necessity of the acquisition at this stage [2][3] - The acquisition features a differentiated valuation pricing model, where different types of shareholders receive varying valuations based on their roles and risk exposure, which is a departure from the traditional single valuation approach [3][4] Group 2 - Approximately 15 investors in the acquisition face a situation where the acquisition price corresponds to a valuation lower than their investment valuation, indicating a significant drop in value [4][11] - The acquisition valuation of 1.451 billion yuan represents a 54.94% decrease from Pengli Bio's pre-IPO financing valuation of 3.22 billion yuan, highlighting a significant decline in perceived value [11] - Aopumai's core business has shown a revenue increase of 22.26% to 297 million yuan in 2024, but the net profit has decreased by 61.04% to 21.05 million yuan, indicating underlying financial challenges [8][10] Group 3 - Both Aopumai and Pengli Bio are positioned within the CXO industry, facing similar growth challenges and complementing each other's business models, which enhances the strategic rationale for the merger [7][13] - The acquisition includes a performance commitment mechanism where 31 shareholders are involved, requiring Pengli Bio to achieve specific profit targets over the next three years, which adds a layer of accountability to the transaction [6][12] - The independent director's dissenting vote signals a cautious approach to the transaction, questioning the strategic necessity and potential financial burden of the acquisition on Aopumai [2][13]

编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专 业为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾 情推出"金长江风华录·十年十人"，特邀十位穿越牛熊周期的行业翘楚，以躬身力行的灼见为经纬，以 栉风沐雨的征程为注脚，共同镌刻一部激荡人心的奋进诗篇。此间星霜，既见群峰竞秀，亦显大江奔 流。 本期"寻访金长江之十年十人"，券商中国记者走进老牌百亿量化私募九坤投资。九坤投资CEO王琛是清华 大学数学物理学士、计算机博士，拥有16年量化交易经验，曾任职于美国千禧年管理公司（Millennium L.P.）的量化交易策略团队。2012年王琛和姚齐聪联手成立九坤投资，寓意"极竞天数为九，厚德载物为 坤"，产品线有市场中性、指数增强、股票多空、CTA和债券等。 现代量化投资虽源于海外，但我国早在《礼记・大学》中，就有"格物致知"的说法，或许正好可以用来形 容量化的科学内核精神。量化投资凭借理性、科学、情绪稳定的特质，深刻影响着投资机构的发展。九坤 投资是中国量化发展史上绕不开的名字，也是量化投资在中国生根落地、发展成熟的典型案例 ...

今晚发布的5月CPI数据将成为美国经济的分水岭。随着检验特朗普关税政策对消费价格传导效应的硬 数据首次出炉，其结果可能彻底改写美联储降息预期和市场风险定价逻辑。 高盛警告称，尽管只有10-20%的CPI篮子将直接受到关税影响，但定价权和行为反应可能放大冲击范 围。更为关键的是，这一轮由关税驱动的通胀冲击可能迫使美联储重新审视"暂时性"通胀的判断标准， 而投资者正准备迎接一个"痛苦不对称"的市场反应——通胀超预期的冲击远比低于预期的宽慰更为猛 烈。 关税传导的临界点 北京时间周三晚20:30，美国劳工统计局将公布5月消费者价格指数（CPI）报告。根据媒体调查的经济 学家预测： 在后续报告中，我们预期关税的影响将在幅度和广度上都有所增长。 在幅度上，我们预计月度提升约10-15个基点，6-8月的核心通胀将达到中30个基点左右。 美国5月CPI环比预计增长0.3%，与4月增幅一致； 美国5月CPI同比预计增长2.5%，4月为2.3%，预测范围在2.2-2.7%之间； 美国5月核心CPI环比预计增长0.3%，4月为0.2%； 美国5月核心CPI同比预计增长2.9%，4月为2.8%，分析师预测区间为2.7-3.1%。 ...

Group 1 - The upcoming release of the US May CPI and PPI data, along with a $61 billion long-term Treasury auction, will test the bond market's resilience amid inflationary pressures and expanding fiscal deficits [1] - Economists are particularly focused on the potential impact of tariffs on core commodity prices, which could create structural inflationary pressures and prompt the Federal Reserve to reassess its policy path [1][3] - The auction results of $39 billion in 10-year and $22 billion in 30-year Treasuries will reveal investors' true judgment on the long-term attractiveness of US debt [3] Group 2 - The current environment of expanding fiscal deficits and rising debt levels is altering the risk premium associated with US Treasuries [3] - There is a growing divergence among market participants regarding the attractiveness of US Treasury yields compared to other major economies, with some believing that demand for 10-year Treasuries will remain strong despite fiscal risks [3][4] - The market's response this week will provide important signals; a stable absorption of inflation data and Treasury supply may indicate acceptance of a "high rate + high deficit" new normal [4]

Core Insights - The establishment of the Hong Kong Gold Exchange (HKGX) marks a significant shift in Hong Kong's financial landscape, aiming to position the city as an international gold trading center and enhance its global gold pricing authority [1][6] - HKGX operates as the only official spot gold and silver exchange in Hong Kong, with a membership model that includes 137 financial institutions and traders, providing a platform for global investors [1][6] Group 1: HKGX's Role and Functionality - HKGX's creation aligns with the strategic goal outlined in the 2024 Hong Kong Policy Address to develop the city into an international gold trading hub [1] - The exchange combines traditional practices with innovative approaches, focusing on member-based operations and the development of new products [1][6] Group 2: Goldin China as a Benchmark Member - Goldin China, as a premier AA-class member of HKGX, plays a pivotal role in the exchange's internationalization efforts, adhering to strict compliance and operational standards [3] - The company implements international standards for precious metal trading, oversees clearing and delivery processes, and employs dynamic risk management to mitigate market volatility [3][4] Group 3: HKGX's Global Positioning - HKGX aims to create a complete industrial chain, including world-class gold storage facilities and certification services, leveraging Hong Kong's unique advantages [6] - The exchange is positioned to fill trading gaps in the global market, facilitating a 24-hour gold trading chain and serving as a compliant channel between mainland China and international markets [6] Group 4: Future Aspirations - HKGX aspires to achieve a pricing power status comparable to London and New York by diversifying its product offerings and exploring connections with futures contracts [8] - The exchange plans to enhance the credibility of physical delivery through a blockchain-based gold traceability system and attract international players to create a comprehensive industry cluster in Hong Kong [8]

Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks a significant milestone for China's futures market and the recycling metal industry, enhancing risk management and promoting high-quality development in the aluminum sector [1][2]. Group 1: Market Launch Details - The first trading of casting aluminum alloy futures occurred at the Shanghai Futures Exchange, with seven contracts listed at a benchmark price of 18,365 yuan/ton [1]. - On the first trading day, a total of 57,300 contracts were traded, amounting to 11.011 billion yuan, with an open interest of 11,500 contracts [1]. - The main contract, AD2511, closed at 19,190 yuan/ton, reflecting a 4.49% increase [1]. Group 2: Industry Impact - The introduction of casting aluminum alloy futures and options is seen as a key development in integrating finance with the non-ferrous metal industry, enhancing China's international influence in aluminum production [1][2]. - The launch is expected to provide companies with effective risk management tools, addressing previous shortcomings in hedging against price fluctuations in aluminum alloys [2]. - The listing has garnered positive responses from industry players, with several well-known companies actively participating in the trading [2]. Group 3: Role of Intermediaries - Futures companies are positioned to offer comprehensive services, from standardized contracts to customized solutions for risk management in the aluminum industry [3]. - The ability to design personalized products based on standardized contracts will enhance the precision of risk management services for enterprises [3]. - Futures companies can facilitate industry participation in the futures market through simple methods, leveraging their risk management subsidiaries [3].

Core Viewpoint - The launch of casting aluminum alloy futures and options on the Shanghai Futures Exchange marks a significant step in providing comprehensive risk management services for industry chain enterprises, supporting the green, low-carbon, and high-quality development of the aluminum industry [1][2]. Group 1: Market Performance - The first day of trading for casting aluminum alloy futures saw a total of 57,300 contracts traded, with a transaction value of 11.011 billion yuan, and an open interest of 11,500 contracts [1][2]. - The benchmark price for the first batch of contracts was set at 18,365 yuan/ton, with the main contract opening at 19,400 yuan/ton and closing at 19,190 yuan/ton, reflecting an increase of 825 yuan/ton, or 4.49% from the benchmark price [2][3]. - Analysts noted that the overall performance of the casting aluminum alloy futures on the first day met market expectations, with prices rising across the board [2][3]. Group 2: Industry Participation - A total of nine enterprises actively participated in the trading of casting aluminum alloy futures, including Zhejiang Runjie Trade Development Co., Ltd., and others, indicating strong interest from industry players [4]. - The collaboration between companies like Dongzheng Futures and Zhejiang Runjie has been highlighted as crucial in facilitating the successful trading of the first batch of contracts, with a focus on identifying and managing hedging needs [4][5]. - The active participation of industry clients reflects their recognition of the new product, with futures companies providing essential risk management and investment tools to support these enterprises [5].

AbbVie (ABBV) FY Conference Summary Industry Overview - The pharmaceutical sector is currently facing challenges related to drug pricing and affordability, with ongoing discussions with the administration aimed at balancing access to medicines and preserving innovation [1][4][7]. - The U.S. is noted to pay significantly more for innovative medicines compared to Europe, which pays about half as much [2]. Core Company Insights Drug Pricing and Administration Engagement - AbbVie is encouraged by productive conversations with the administration regarding drug pricing and affordability [1][5]. - The company is actively engaging in trade negotiations to address disparities in drug pricing and reimbursement timelines, particularly in the EU [2][3]. Financial Performance and Guidance - AbbVie reported strong business momentum, exceeding revenue guidance by $550 million in Q1 2025, with significant contributions from immunology, neuroscience, oncology, and aesthetics [19][21]. - The company raised its full-year sales guidance to approximately $59.7 billion, marking a new peak shortly after the HUMIRA loss of exclusivity [21][22]. Product Performance - The ex-HUMIRA business grew approximately 23% year-over-year on an operational basis, indicating robust performance across various franchises [20][23]. - SKYRIZI and RINVOQ are capturing significant market share in immunology, with one out of every two new switching patients in Crohn's disease opting for these treatments [38][39]. Pipeline and Future Growth - AbbVie has a strong pipeline with a focus on early-stage opportunities, having executed over 25 early-stage deals since the beginning of the previous year [33][34]. - The company is investing in differentiated therapies across various therapeutic areas, including immunology, oncology, and neuroscience, with a particular emphasis on addressing unmet needs in obesity and Parkinson's disease [36][57]. Competitive Landscape - The competitive environment in immunology is intensifying, with new entrants like Tremfya and Stellara biosimilars impacting market dynamics. However, AbbVie maintains a strong position due to the efficacy of SKYRIZI and RINVOQ [38][44]. - The introduction of oral IL-23s is expected to carve out a niche for certain patients, but AbbVie believes that its biologics will continue to dominate the market for more severe cases [47][49]. Aesthetics and Consumer Sentiment - The aesthetics market is showing signs of stabilization, with AbbVie recovering market share in the toxin segment. The company anticipates that the approval of a new fast-acting toxin will further stimulate market growth [75][77]. Key Takeaways - AbbVie is well-positioned for growth with a robust pipeline and strong financial performance, despite challenges in the pharmaceutical landscape related to pricing and competition [15][16]. - The company is focused on maintaining its R&D leadership while navigating regulatory changes and market dynamics [7][30].

Group 1: Market Sentiment and Economic Data - Goldman Sachs' global equity systematic macro strategy indicates a slight increase in positions, nearing historical median levels, with an expected additional investment of approximately $20 billion in the next month, half of which will flow into the U.S. market [1] - The strong employment report highlights the resilience of hard economic data, with May non-farm payrolls increasing by 139,000 and the unemployment rate remaining at 4.2%. However, a softening of data is anticipated in the coming months [2] - Investor sentiment reflects optimism regarding growth prospects, with cyclical stocks outperforming defensive stocks, suggesting a projected real GDP growth of about 2% in the U.S. [2] Group 2: Economic Growth Expectations - Goldman Sachs' economists predict a real GDP growth rate of approximately 1% over the next four quarters, with concerns from clients about market rebounds and growth pricing risks before data weakens [2] - The correlation between the S&P 500 index returns and soft data is currently higher than that with hard data, indicating that a recovery in soft data could support stock market returns even if hard data weakens [3][6] - The basket of economically sensitive stocks shows slightly lower growth expectations compared to cyclical and defensive stock combinations, with high operating leverage stocks trading at a significant discount to low operating leverage stocks [3] Group 3: Currency and Fiscal Risks - The U.S. dollar index has declined by approximately 6% year-to-date, reversing gains from April 2024, with investors perceiving increased two-way risks surrounding the currency [12] - Goldman Sachs has adjusted its euro/dollar forecasts to 1.17, 1.20, and 1.25 for 3, 6, and 12 months respectively, reflecting concerns over fiscal sustainability amid a large and persistent U.S. fiscal deficit [12] - The relationship between fiscal expansion and the dollar's performance is mixed, with increased net issuance of U.S. Treasury bonds typically benefiting the dollar due to structural foreign demand, although concerns over fiscal sustainability may alter this dynamic [13]

以下文章来源于一知半论 ，作者格拉古艾尔 一知半论 . 用价值的逻辑，对自己一知半解的事情指手画脚 本文来自微信公众号： 一知半论 ，作者：格拉古艾尔，题图来源：视觉中国 今年，全国有1335万考生同时走进高考考场，争夺宝贵的高等教育资源。针对这一极度稀缺的资 源，不同国家根据其社会共识建立了不同的分配机制。从经济学的逻辑看，大体上分为两种： 一种是以"高考币"定价的高等教育体系，其特征是国家组织统一的标准化考试，考试成绩具备一定的 主权货币的属性；另一种则不组织此类考试，信用主体较为分散，主要依靠市场机制完成分配，姑且 称之为以法币定价的高等教育体系。 从这一理论框架出发，本文试图分析这两种分配机制各自的利弊，挂一漏万，欢迎讨论和补充。 本文逻辑： 一、"高考币"定价的高等教育体系 公平，公平，还是公平 二、法币定价的高等教育体系 全球"消费者"和顶级"供应商" 三、"高考币"定价，要公平还是要效率？ 基础教育：内卷、双减、零和博弈、成本、价值观 高等教育：三方博弈、论文工厂、供需失衡、耗材 国际竞争：留学生，世界大学排名，学伴，高等教育套利 "小镇做题家"进入社会之后的无力感正由此而来，但做题家的身份最起 ...