Core Viewpoint - JD.com has introduced a zero-commission policy for hotels, aiming to attract more hotel partners and disrupt the traditional OTA (Online Travel Agency) business model, which relies on commission fees for revenue [2][3][5]. Group 1: Zero-Commission Policy - JD.com launched a zero-commission policy for hotels, allowing participants in the "JD Hotel PLUS Membership Program" to enjoy up to three years of zero commission [2][6]. - The first order received under this policy was from Xi'an Fengshang Hotel, which reported a 10% commission rate on the booking, indicating that the zero-commission is effectively a rebate system rather than an outright waiver [9][12]. - The commission rate of 10% is considered average in the industry, with competitors like Ctrip and Meituan charging between 8% to 15% [13]. Group 2: Market Strategy and Competition - JD.com aims to leverage its supply chain to optimize costs and enhance its competitive edge in the hotel and travel sector [4][5]. - The company has established a new division focused on the hotel and travel business, indicating a strategic shift towards enhancing product quality, pricing, and service [5][27]. - Experts suggest that JD.com’s entry into the hotel market could challenge the core revenue models of existing OTAs like Ctrip and Meituan, potentially leading to a "double kill" effect by impacting both commission structures and hotel supply chains [21][30]. Group 3: Industry Response - Smaller hotels are generally more receptive to JD.com's zero-commission model, viewing it as an opportunity to reduce reliance on traditional OTAs and their associated costs [20][31]. - In contrast, larger hotel groups are hesitant to join JD.com, citing their established membership systems and concerns over the sustainability of JD's business model [20]. - The competitive landscape is characterized by high barriers to entry, with established OTAs having significant advantages in supply chain and customer loyalty [30]. Group 4: Historical Context and Future Outlook - JD.com has been involved in the travel sector since 2011, but recent developments mark a significant shift in its approach to hotel bookings and partnerships [24][25]. - The company is actively recruiting talent from the travel industry, indicating a commitment to building a robust hotel and travel business [26][27]. - The future of JD.com in the hotel market remains uncertain, with industry insiders expressing mixed feelings about the potential impact on smaller hotels and the overall market dynamics [31].

Group 1 - As of June 20, 2025, there have been 32 new listings in the Hong Kong stock market, raising a total net amount of HKD 77.969 billion, significantly higher than the total of HKD 13.464 billion raised in the first half of 2024 [1] - The number of A-share companies listing in Hong Kong has increased, with 6 A+H share companies successfully listing this year, reflecting strong demand from investors for quality A-share listings [1] - The 6 A+H share companies had a strong debut in the Hong Kong market, with most experiencing double-digit percentage increases, and Chifeng Jilong Gold Mining Co. seeing a cumulative increase of 117.20% [1] Group 2 - The A-share company Sanhua Intelligent Controls is set to list in Hong Kong on June 23, 2025, with an issue price of HKD 22.53, aiming to raise HKD 0.811 billion for product development and global expansion [2] Group 3 - Traditional consumer stocks have underperformed, while new consumption stocks have thrived, with companies like Haitian Flavoring and Food Co. and Shubao International seeing significant stock price increases [3] - New consumption stocks such as milk tea brands have shown remarkable performance, with shares of Misha Group and Hu Shang Ayi increasing by 153.83% and 20.67% respectively since their listings [3] Group 4 - The trend of collectible toy stocks has also emerged, with Pop Mart International seeing a cumulative stock price increase of over 100% [4] - The toy company Blok has attracted significant interest, with its Hong Kong public offering being oversubscribed by 6,000 times [4] Group 5 - Five unprofitable biotech companies have listed in Hong Kong this year, with Mirxes and Brainstorm Aurora showing strong stock performance since their listings, with increases of 48.71% and 113.66% respectively [5][6] - The focus on "hard tech + medical" sectors has led to high valuations for these unprofitable biotech firms, despite their current losses [6] Group 6 - At least 10 more companies are expected to list in the remaining days of June, including traditional consumer stocks and unprofitable biotech firms, with their performance yet to be determined [7][8]

同时，《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（下称"《科创板意见》"）正式发布，深 化科创板改革"1+6"政策措施亮相。 自2019年6月13日上海证券交易所科创板正式开板六年来，科创板以制度创新激发市场活力，以市场活力反哺科技 创新，成功探索出一条资本市场与科技产业深度融合的中国路径。 清华大学国家金融研究院院长、金融学讲席教授田轩接受《华夏时报》记者采访时表示，设置科创成长层意义重 大，增强了制度的包容性和适应性，为科技创新型企业提供更精准的融资平台。 华夏时报（www.chinatimes.net.cn）记者 王兆寰 北京报道 6月18日，在2025陆家嘴金融论坛上，中国证监会主席吴清表示将重启科创板第五套标准，正式启用创业板第三套 标准，支持优质未盈利创新企业上市，更好地服务科技创新和新质生产力发展。 统计数据显示，科创板设立以来，A股共有54家未盈利企业成功登陆科创板，目前累计有22家企业上市后实现盈 利；20家生物医药公司通过科创板标准五上市，其中19家实现核心产品上市，成绩可圈可点。 不过，即便这一制度已经具备一定的包容性，但在具体实施过程中仍存在一些需要细化和探讨的领域，一 ...

在多方的竞争之下，闪送在今年一季度的订单量下降至5800万单，环比下降11.8%，同比下降16.3%。 与此同时，在激烈的竞争之下，闪送的客单价已从2021年的19.2元下降到2024年上半年的16.5元。要知 道，订单量、客单价可是评估即时配送平台业务及盈利的核心指标。 其二则是高居不下的运营成本，其中骑手的薪酬及奖励成为"拖累"。 据悉，报告期内，闪送的总运营费用同比大幅增加27.0%至1.17亿元；其中销售和营销费用、一般行政 费用以及研发费用均出现不同程度上涨，其中上涨幅度最高者达到了46.9%。运营费用的上涨，概括来 说主要就是员工成本、股权报酬费用的增加。 运营商财经网 朱欣雨/文 近期，闪送披露2025年第一季度财报，这也是其上市后首份一季报，同比由盈转亏，收入也下滑，情况 不太如人意。 根据财报，闪送于今年一季度实现营业收入约9.61亿元，相较去年同期的11.08亿同比下滑13.27%；在 净利润方面，其同比由盈转亏，录得净亏损1027万元，在去年同期时，其还盈利6457万元。 值得一提的是，这其实是闪送于去年10月上市以来连续两个季度亏损了。2024年Q4，闪送单季度净亏 损2.94亿元，并 ...

Core Viewpoint - The KOSPI index in South Korea has returned to the 3000-point mark for the first time since early 2022, driven by expectations of increased government fiscal stimulus and strong performance from blue-chip stocks [1][3]. Group 1: Market Performance - As of June 20, the KOSPI index rose by 33.16 points, or 1.11%, reaching 3,010.90 points, with a weekly increase of 4.02% and a year-to-date gain of 25.2% [1]. - Over the past 30 trading days, the KOSPI index has rebounded by more than 16%, outperforming major Asian markets including Japan and India [1]. Group 2: Investor Sentiment - The liquidity in the South Korean market remains positive, with the Korean won stabilizing, which has enhanced foreign investors' risk appetite [2]. - On the day of reporting, foreign investors net purchased KOSPI stocks worth 811 billion KRW, indicating a renewed interest in Korean assets [2]. Group 3: Fiscal Stimulus - The South Korean government has approved an additional budget plan totaling 14.9 trillion KRW (approximately 786 billion RMB), aimed at supporting the economy amid weakening growth [3]. - The budget includes various counter-cyclical measures such as cash subsidies for residents and financial restructuring support for struggling SMEs and builders [3]. Group 4: Economic Outlook - The South Korean economy is facing challenges, with actual GDP growth hovering around zero for four consecutive quarters, and construction investment remaining sluggish [3]. - The government plans to finance the budget through the issuance of 19.8 trillion KRW in new debt, while maintaining that the fiscal fundamentals remain sound [3]. Group 5: Market Projections - Analysts believe that there is still room for further fiscal expansion and monetary easing, which could support the KOSPI in the future [4]. - The current valuation of Korean stocks is considered low, with about 70% of KOSPI constituents having a price-to-book ratio below 1, indicating significant revaluation potential [5].

Core Viewpoint - Retail investors can achieve stable profits in the stock market by correctly understanding the relationship between volume and price [1][2] Group 1: Understanding Volume-Price Relationship - The debate over whether "volume precedes price" or "price precedes volume" is deemed meaningless, as both arise from transactions occurring simultaneously [1] - Many retail investors mistakenly believe that an increase in trading volume automatically indicates a bullish trend, which is not necessarily true [1] - The correct interpretation is that price fluctuations help determine how most investors will analyze the situation and whether they will engage in buying or selling [1] Group 2: Implications of Price Movements - An increase in stock price should theoretically lead to more investors becoming bullish, resulting in increased buying from external investors and reduced selling from internal investors [2] - If stock prices rise while trading volume decreases, it indicates a consensus bullish sentiment among investors, increasing the likelihood of further price increases [2] - Conversely, if trading volume increases during a price rise, it suggests that selling is also increasing, leading to greater divergence and a lower probability of continued price increases [2] Group 3: Practical Application for Retail Investors - The correct application of the volume-price relationship involves using price movements to gauge investor sentiment and then verifying this sentiment through trading volume [2] - Only by accurately understanding and applying the volume-price relationship can retail investors hope to achieve stable profits in the complex stock market [2]

本刊记者 郑扬波 6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布，加力推出进一步深化改革的"1+6"政策措施。 这一消息如巨石投入平静湖面，瞬间在财经圈激起千层浪，大家纷纷热议："科创成长层"到底是什么？为何要重启"未盈利企业"上市？这一系列政策又释 放了什么信号？ 先来说说"1"，即要在科创板设置"科创成长层"。啥是科创成长层？打个比方，"科创成长层"就像在科创板这所大学里新开了个"实验班"。"实验班"的企 业，都是技术有较大突破、商业前景广阔的"硬科技"企业。 同时，成功上市进入科创成长层的企业，监管层也会在其股票简称后统一加上"U"标识，并且提高了新注册未盈利科技型企业摘除特殊标识"U"的标准。 这就像一个显眼的"警示灯"，提醒投资者：这家科创企业上市时门槛较低，可能处于亏损状态，投资时需要更加谨慎。 从这些改革措施能明显看出，监管层正在引导市场，从单纯关注企业当下盈利状况，向学会评估企业未来价值转变。 以往，企业上市，盈利状况是至关重要的考量指标，未盈利企业想上市，难度堪比登天。但今后不同了，只要符合"科创成长层"的要求，即便还没赚钱， 也有机会上市，发行股票募集资金，获得更多融资机会。 再 ...

Group 1 - The coal industry is experiencing "high profitability, high cash flow, and high dividends" with the coal ETF (515220) rising over 1% [1] - In May, coal supply and demand conditions gradually improved, with industrial raw coal production reaching 400 million tons, a year-on-year increase of 4.2% [1] - Daily average production remained low at 13.01 million tons, while coal imports decreased by 18% year-on-year, indicating ongoing import constraints [1] Group 2 - On the demand side, industrial thermal power generation increased by 1.2% in May, reversing the decline seen in April [1] - Hydropower generation saw a larger decline of 14.3%, while the growth rate of renewable energy generation slowed down, indicating improved coal power demand [1] - As of June 13, the port price of thermal coal stabilized at 609 yuan per ton, with expectations of a price rebound due to increased summer demand [1] Group 3 - The coal ETF (code: 515220) is the only coal ETF in the market, tracking the CSI Coal Index (code: 399998), which reflects the overall performance of listed companies involved in coal mining, processing, and sales [1] - The CSI Coal Index is designed to represent the operational status of the coal sector in the capital market, showcasing its distinct industry characteristics and cyclicality [1]

Contango ORE, Inc. (CTGO) closed the last trading session at $21.30, gaining 24.1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $29.33 indicates a 37.7% upside potential.The average comprises three short-term price targets ranging from a low of $26.00 to a high of $32.00, with a standard deviation of $3.06. While the lowest estimate indicates an increase of 22.1% from the curren ...

Core Viewpoint - Oric Pharmaceuticals, Inc. (ORIC) has seen a significant stock price increase of 57.1% over the past four weeks, closing at $9.22, with analysts suggesting a potential upside of 105% based on a mean price target of $18.9 [1][11]. Price Targets and Analyst Estimates - The mean estimate consists of 10 short-term price targets with a standard deviation of $4.04, indicating variability among analysts [2]. - The lowest price target is $12.00, suggesting a 30.2% increase from the current price, while the highest target is $25.00, indicating a potential surge of 171.2% [2]. - A low standard deviation signifies a strong agreement among analysts regarding the stock's price movement [9]. Earnings Estimates and Analyst Agreement - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [11]. - Over the last 30 days, two earnings estimates for ORIC have been revised upward, leading to a 7.8% increase in the Zacks Consensus Estimate [12]. - ORIC holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors [13]. Conclusion on Price Movement - While consensus price targets may not be entirely reliable, the direction indicated by these targets appears to be a useful guide for potential price movement [14].