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股价表现：医药与消费带动市场总体回撤 本周，恒生指数跌1.5%，恒生科技跌2.0%。风格方面，大盘(恒生大型股-1.4%)>小盘(恒生小型 股-2.0%)>中盘(恒生中型股-3.3%)。 概念指数多数下跌，跌幅较小的有：恒生金融(-0.3%);跌幅较大的有：恒生创新药(-8.8%)、恒生消费 (-4.3%)。 港股通行业中，2个行业上涨，28个行业下跌。上涨的有：电子(+3.0%)、银行(+0.9%);下跌的主要有： 医药(-7.5%)、国防军工(-5.7%)、基础化工(-5.4%)、轻工制造(-5.2%)、消费者服务(-5.2%)。 结构上，19个行业EPS预期上修，8个行业EPS预期下修，2个基本持平。上修的行业主要有：钢铁 (+2.1%)、农林牧渔(+1.9%)、房地产(+0.8%)、汽车(+0.5%)、计算机(+0.5%);下修的行业主要有：交通运 输(-1.1%)、机械(-0.4%)、煤炭(-0.2%)、电力及公用事业(-0.1%)、基础化工(-0.1%)。 风险提示：经济基本面的不确定性，国际政治局势的不确定性，美国财政政策的不确定性，美联储货币 政策的不确定性。 本文编选自微信公众号"学恒的海外 ...

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2025.06. 27 本文字数：1940，阅读时长大约4分钟 作者 | 第一财经 冯迪凡 当地时间26日，美国财政部宣布与七国集团（G7）达成一项协议，该协议将使美国企业免于缴纳其 他国家征收的一些税收，作为交换，美国将从特朗普政府的相关税改法案中撤销第899条款提案。 "经合组织（OECD）第二支柱税收将不适用于美国企业，我们将合作在未来几周至数月内通过 OECD-二十国集团(G20)包容性框架落实该协议。"美国财政部长贝森特解释道，"基于这一进展与共 识，我已要求美国参议院和众议院将第899条款从'大而美'法案审议中移除。" 美国国会税收委员会主席、众议员史密斯（Jason Smith）和参议员克拉波（Mike Crapo）则迅速 回应称，应贝森特部长的请求，且考虑到维护美国税收主权等问题，将从"大而美"法案中删除"拟议 的税法第899条款"。 赵永升说，这体现了法国长期的一种思路，即使用高税率而非关税的方式进行调节。 当前，在OECD支持下，近140个国家和地区于2021年就跨国公司最低税率达成一致。第二支柱已 在欧盟、英国、挪威、澳大利亚、韩国、日本、加拿大等主要经济体实施。 撤销"报复税" 上述条 ...

Core Insights - Altria Group, Inc. is committed to transitioning towards a smoke-free future, with a focus on its oral tobacco portfolio, particularly the on! nicotine pouch brand, which has shown significant growth in shipment volumes and market share [1][2][9] - The company's oral tobacco revenues increased by 0.5% to $654 million in Q1 2025, driven by pricing power despite macroeconomic challenges [2] - Altria faces challenges in the vapor segment, particularly after regulatory issues led to the discontinuation of its NJOY ACE product, but plans to introduce compliant alternatives [3][4] Oral Tobacco Performance - The on! nicotine pouch brand's shipment volumes rose 18% year-over-year, exceeding 39 million cans, and its market share in the oral tobacco category increased by 1.8 percentage points to 8.8% [1][9] - The nicotine pouch market share for on! reached 17.9%, indicating strong consumer loyalty and brand strength despite retail price increases [1] Vapor Segment Challenges - Regulatory setbacks have impacted Altria's vapor products, leading to the discontinuation of NJOY ACE, but the company is working on launching new compliant products to regain market share [3][4] Competitive Landscape - Altria competes with Philip Morris International and British American Tobacco in the smoke-free category, both of which are also focusing on reduced-risk products [5][6][7] - Philip Morris reported a 20.4% increase in net revenues and a 33.1% rise in smoke-free gross profit, with significant growth in its ZYN and VEEV products [6] - British American Tobacco aims for 50 million consumers by 2030 and reported a 2.5% increase in New Category revenues in 2024 [7] Financial Performance and Valuation - Altria's stock has gained 12.5% year-to-date, while the industry has grown by 37.7% [8] - The company trades at a forward price-to-earnings ratio of 10.76X, below the industry average of 15.36X [11] - Earnings estimates for 2025 and 2026 suggest year-over-year growth of 4.9% and 3.3%, respectively, with recent upward revisions [12]

Vancouver, Canada, June 27, 2025 (GLOBE NEWSWIRE) -- Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) (“Clearmind” or the "Company"), a clinical-stage biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems, today announced the addition of Hadassah-University Medical Center, Jerusalem, Israel, as a new clinical site for its ongoing Phase I/IIa clinical trial evaluating CMND-100, a proprietary MEAI-based oral drug candidat ...

Market Performance - The cross-border payment (CIPS) concept declined by 1.95%, ranking among the top decliners in the concept sector [1] - Major decliners in the CIPS sector included Xiaogoods City, Jida Zhengyuan, and Xincheng Technology, while top gainers were Donghua Software, Jingbeifang, and *ST Rendo, with increases of 4.28%, 2.40%, and 2.34% respectively [1] Capital Flow - The CIPS concept experienced a net outflow of 6.149 billion yuan, with 47 stocks seeing net outflows, and 21 stocks exceeding 100 million yuan in net outflows [1] - Agricultural Bank led the net outflow with 759.39 million yuan, followed by Lakala, Xiaogoods City, and Industrial and Commercial Bank with outflows of 588.37 million yuan, 563.46 million yuan, and 485.34 million yuan respectively [1] Top Gainers and Losers - The top gainers in the CIPS sector included Donghua Software with a 4.28% increase, while the largest loser was Xiaogoods City with a 9.89% decrease [1] - Other notable losers included Agricultural Bank (-3.29%), Industrial and Commercial Bank (-2.85%), and Lakala (-2.44%) [2]

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Core Insights - The article discusses common pitfalls in growth strategies that companies often encounter, emphasizing the importance of understanding product-market fit and avoiding blind reliance on external growth tactics. Group 1: Common Growth Pitfalls - Companies often blame their go-to-market (GTM) strategy for product failures, neglecting the need for genuine product-market fit (PMF) before scaling [7][10]. - Relying solely on a growth team to reverse declining performance is ineffective; identifying core issues within the product or organization is crucial [13][15]. - Companies mistakenly believe that rebranding will lead to immediate growth, but such efforts often yield minimal short-term results [19][21]. Group 2: Misguided Strategies - Copying competitors' successful strategies can lead to mediocrity, as each company's context and customer base are unique [24][28]. - Companies often perceive their growth challenges as unique, overlooking the fact that many have faced similar issues and can provide valuable insights [29][31]. - Over-reliance on third-party channels for customer acquisition can be detrimental; companies should focus on building their own channels [33][35]. Group 3: Growth Model Limitations - Sticking to a single growth model without adaptation can lead to diminishing returns; companies must continuously explore new strategies [38][40]. - Companies often attempt to handle all challenges internally, missing out on the benefits of external expertise and insights [43][45]. - Excessive focus on A/B testing can slow down progress; a balance between data-driven decisions and intuitive understanding of the market is necessary [48][49]. Group 4: Key Growth Strategies - Implementing growth loops instead of traditional funnel thinking can create sustainable growth engines [56]. - Utilizing the racecar framework helps categorize different growth activities and their interrelations [57][60]. - Engaging adjacent users can unlock new growth opportunities without needing to expand the existing PMF [61].

Jahanvi Sardana on how startups reshape markets at All Stage | TechCrunch https://t.co/xhp9t5gF1e ...