Core Insights - Precious metals have shown strong performance this year, with gold, silver, and platinum all returning over 20%, significantly outperforming traditional safe-haven assets like U.S. Treasuries and the dollar [1] - The recent surge in precious metals is attributed to heightened risk aversion, concerns over the U.S. fiscal deficit, and a shift towards de-dollarization by foreign central banks amid changing political dynamics following Trump's return to the White House [1] - Gold has risen approximately 27% since 2025, while U.S. Treasuries have failed to provide traditional safe-haven benefits, indicating a shift in investor sentiment towards gold and cryptocurrencies like Bitcoin [1] Precious Metals Performance - Gold, silver, and platinum have all significantly outperformed traditional safe-haven assets, with platinum seeing a year-to-date increase of over 35% [1] - The SPDR Gold Trust and iShares Gold Trust have seen inflows exceeding $11 billion this year, with SPDR Gold Trust ranking 13th in the ETF industry with nearly $7 billion in assets [1] Silver and Platinum Opportunities - Investment opportunities in silver and platinum are highlighted, with silver recently surpassing $37 per ounce, marking a new high since 2012, yet still below its historical peak of $50 per ounce in 2011 [2] - The gold-silver ratio has recently decreased from 100:1 but remains above the long-term average of 60:1, indicating potential for silver investment [2] - Silver's dual role as an industrial and safe-haven asset positions it uniquely, with demand driven by applications in electronics, solar panels, and medical devices [2] Market Trends and Demand - The demand for platinum is also on the rise due to supply shortages and increased demand for platinum jewelry, driven by high gold prices [3] - The slowdown in electric vehicle adoption is expected to prolong the presence of internal combustion engines, increasing the demand for platinum and palladium in catalytic converters [3]

值得一提的是，在去年的陆家嘴论坛上，潘功胜介绍了中国的货币政策立场和未来货币政策 框架的演进。一年来，中国人民银行坚持支持性的货币政策立场，从数量、价格、结构等方 面，出台了多项货币政策措施，有效支持了经济持续回升向好和金融市场的稳定。 "同时，我们完善货币政策框架，优化货币政策中间变量，培育政策利率，提升货币政策传导 效率，丰富货币政策工具箱，做好政策沟通和预期引导。货币政策框架的转型是一个渐进、 持续的过程，未来我们还将不断地做好评估和完善。"潘功胜如是说。（详情→ 潘功胜：单一 主权货币主导跨境支付局面正在改变 ） 作 者丨唐婧 崔文静 杨坪 余纪昕 编 辑丨周炎炎 李新江 张伟贤 杨希 黎雨桐 6月18日，2025陆家嘴论坛在上海开幕，本届论坛以"全球经济变局中的金融开放合作与高质 量发展"为主题。中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴 清、国家外汇局局长朱鹤新出席会议并发表主题演讲，以下为要点汇总： 潘功胜：单一主权货币主导跨境支付局面正在改变 中国人民银行行长潘功胜宣布了设立银行间市场交易报告库、数字人民币国际运营中心、个 人征信机构等八项金融开放举措。 21视频（编辑柳 ...

Core Viewpoint - The global family care leader, Saint Bella, has officially launched its IPO process, aiming to raise capital in a booming Hong Kong market, with a share price set at HKD 6.58 and a total offering of 95.42 million shares [1][2]. Group 1: Investment Highlights - Saint Bella's IPO has attracted a prestigious lineup of cornerstone investors, including the Hangzhou government-backed Xiaoshan District Industrial Fund, marking a significant regional benchmark [2][6]. - The strategic investment from the high-end private medical group, Harmony Family, is expected to create synergies between its medical resources and Saint Bella's care system, potentially forming a "high-end care + specialized medical" ecosystem [2]. - The participation of major public fund, Huaxia Fund, further underscores the recognition of the company's long-term value by mainstream capital [3]. Group 2: Financial Performance - Saint Bella's revenue has shown robust growth, increasing from CNY 472 million in 2022 to CNY 799 million in 2024, representing a compound annual growth rate (CAGR) of 30.15%, significantly outpacing the industry average [8]. - The adjusted net profit has turned from a loss in 2022 to a profit of CNY 20.77 million in 2023, and is projected to reach CNY 42.26 million in 2024, with a year-on-year growth rate of 103.43% [9]. Group 3: Market Position and Strategy - As the first global family care company to go public, Saint Bella is positioned as a benchmark in the industry, redefining the market landscape [7]. - The company has innovatively developed a comprehensive service ecosystem covering the entire family care cycle, creating strong competitive barriers and first-mover advantages [8]. - The diversified business model, extending from core maternal and infant care to home care and postpartum rehabilitation, is expected to drive significant revenue growth through synergistic effects [8]. Group 4: Capital Market Dynamics - The dual backing of top-tier investment banks, CITIC Securities and UBS, provides strong credibility to Saint Bella's IPO process, with their previous IPOs averaging a first-day increase of 33.3% [4]. - The combination of innovative business models, validated financial data, and strategic resource aggregation positions Saint Bella to redefine the value standards in the global family care industry [11].

2024年3月，红海海域的晨雾中，一艘挂着中国国旗的VLCC（超大型油轮）正缓缓驶过曼德海峡。驾驶舱里，船长老陈盯着雷达屏上的航道标识，手指无 意识地摩挲着桌上的《红海航运风险地图》——这张图上，红色标记从也门海岸线一直延伸到索马里海域，那是胡塞武装近期频繁活动的区域。 "这趟跑下来，保费比半年前涨了40%。"老陈叹了口气，"但没办法，中东的油、南美的气、非洲的凝析油，都得往国内运。" 老陈的油轮，载着中国石油海外资产的一个缩影：从伊拉克鲁迈拉油田的原油，到哈萨克斯坦PK油田的天然气，再到巴西布兹奥斯盐下油田的轻质油，中 国石油在海外的油气权益产量已占其总产量的1/3，海外资产规模超万亿元。但在地缘冲突频发的今天，这些分布在60多个国家的油气田、管道、炼厂，正 像散落在棋盘上的棋子，每一步都可能被国际局势的"黑天鹅"搅动。 中国石油的海外资产，如何在这场全球地缘博弈中"避险"？这不是简单的"撤资"或"搬家"，而是一场涉及战略布局、本地化运营、技术创新的系统性工程。 01 海外资产的"全景图"：中国石油的全球能源拼图 要理解中国石油的"避险"逻辑，首先得看清它的海外资产版图。这张版图，不是随机的"撒胡椒面"，而 ...

Summary of China Resources Beer Conference Call Company Overview - The conference call discusses **China Resources Beer**, focusing on its sales performance, market strategies, and financial outlook for 2025. Key Points Industry and Market Dynamics - The beer industry is experiencing a complex market environment characterized by **price pressure** and **social devaluation**. Despite these challenges, opportunities for growth remain [2][4][9]. - The company is adapting to changing consumer preferences, emphasizing **diversification**, **personalization**, and **differentiation** in product offerings to maintain competitive advantages [2][8][10]. Sales Performance - In the first five months of the year, sales volume increased by **over 20%**, driven by inventory reduction and brand promotion strategies, including sponsorships of major events like the UEFA Champions League and F1 [2][6]. - The average selling price saw a slight increase, but the overall impact on sales was limited due to changes in the low-end product mix [3][11]. Strategic Initiatives - The company is focusing on **channel inventory management**, having actively reduced inventory levels since the second half of last year, resulting in lower channel inventory pressure [5][7]. - There is a strategic shift from simple promotional activities to enhancing **brand value** and understanding consumer trends to avoid price pressures [2][8]. Financial Outlook - The company aims for **flat or low single-digit growth** in sales volume and selling price for the year, with a target to maintain or improve gross margin by at least **0.95 percentage points** [3][12]. - The dividend payout ratio is planned to increase from **52%** last year to nearly **60%** this year, with a goal of reaching **70%** over the next two years [5][14]. Product Development and Innovation - The company is exploring diversification into other beverage categories, including **soft drinks**, **energy drinks**, and **low-alcohol beverages**, to meet evolving market demands [19][20]. - The **Chao Yong** brand is expected to continue its strong performance, with potential for double-digit growth due to improved packaging and broader consumer appeal [21][22]. Cost Management - The use of cheaper Australian barley and stable packaging material costs have contributed to improved gross margins. The company is also optimizing its product mix to enhance cost efficiency [12][24]. - Overall sales and management expenses are expected to decrease, with a focus on reallocating resources to higher-value projects rather than simply cutting costs [17][18]. Challenges in the White Spirit Market - The white spirit market faces high baseline pressures and inventory issues, prompting the company to focus on specific regions and manage costs to avoid losses [5][13][25]. Channel Strategy - The company is investing in various channels, including nightlife, dining, and emerging channels like instant delivery services, to enhance market presence [7][16]. Impact of External Factors - Hotel capacity restrictions have had minimal impact on beer sales, as the consumer base for beer differs from that of high-alcohol beverages like white spirits [23]. Conclusion - China Resources Beer is navigating a challenging market landscape by focusing on brand value, product differentiation, and strategic channel management while maintaining a positive outlook for growth and shareholder returns.

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 和鉑醫藥控股有限公司 HBM Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02142） 自願公告 股份購回進程及業務更新 本公告由和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）按自 願基準作出，以知會本公司股東（「股東」）及潛在投資者有關本集團於市場上進行 股份購回的進程及業務的最近更新。 茲提述本公司日期為2025年1月2日及2025年4月10日的公告，內容有關於市場上 購回總額達2.4億港元的股份的計劃，考慮到現時交易價格水平低估了本公司內 在價值、業務前景或近期業務成果。於2025年6月17日，本公司於公開市場購回 股份，涉資近9百萬港元，在2025年對於在香港聯合交易所有限公司上市的生物 科技公司而言，屬重大購回金額。回購進度的加速體現了本公司致力提升股東價 值並對本公司長遠增長前景充滿信心。本公司可根據市場情況授權進一步購回計 劃，惟須遵守 ...

Group 1 - The "Duo Wei" sanitary napkin brand, owned by Huang Zitao, is facing consumer complaints regarding the presence of black foreign objects, which may impact consumer trust in product quality [1] - The incident could lead to increased scrutiny and tighter regulations in the sanitary napkin industry, prompting companies to enhance quality control to maintain market confidence [1] - Negative news like this may shift market focus towards quality control in the fast-moving consumer goods sector, influencing investors' long-term assessments of related companies [1] Group 2 - Yang Mingyu's founder, Yang Xiaolu, has stepped down from key management positions, indicating potential changes in the company's governance structure, which may affect management stability and market expectations for brand development [2] - This leadership change could prompt investors to evaluate the impact of management transitions on the operations of chain restaurants, particularly in the context of small to medium-sized enterprises [2] Group 3 - Wanda Film's Chairman and CEO, Chen Zhixi, emphasized the importance of diversifying revenue streams beyond box office earnings, aiming for a 40:60 ratio between box office and non-box office income [3] - The strategic shift towards non-box office revenue indicates a potential change in investor expectations regarding cinema business models and operational strategies [3] - This approach may encourage the cultural media sector to explore diverse income sources, influencing future profitability structures for related companies [3] Group 4 - Luca de Meo, CEO of Renault, is set to take over as CEO of Kering Group, reflecting the recognition of his cross-industry management experience within the luxury sector [4] - This transition may lead to shifts in investor expectations regarding Renault's future strategic direction, as well as increased market interest in talent mobility across industries [4][5] - The high-profile executive change could stimulate discussions on cross-industry management models, affecting investors' perceptions of strategic adaptability in related companies [5]

Group 1: Core Insights - Company signed a business contract for the second phase of a 500,000-ton soda ash plant project in Kazakhstan, totaling $337 million, equivalent to approximately 2.421 billion RMB, marking a significant milestone in deepening its presence in Central Asia [1] - The project aligns with the summit's core themes of "economic diversification" and "building a community of shared future," showcasing the company's commitment to supporting modernization in Central Asia [1][2] - The company has undertaken various projects in Central Asia, including a PVC production complex in Uzbekistan, which has been operational for six years, producing 100,000 tons of PVC and 300,000 tons of methanol annually, creating over 900 jobs [4] Group 2: Economic Diversification Efforts - The company is implementing multiple projects across industrial, oil and gas, and civil construction sectors to address the challenges of single industrial structures and weak industrial foundations in Central Asian countries [2] - The soda ash plant will end Kazakhstan's reliance on imported soda ash, becoming the largest fine chemical production facility in the country and contributing to the industrial chain [2] Group 3: Technological and Environmental Initiatives - The company is leading regional green transformation through innovative technologies, with two waste-to-energy projects in Uzbekistan expected to generate 840 million kWh annually, reducing coal consumption by over 90,000 tons [5] - The nitric acid project in Uzbekistan, producing 500,000 tons of 98% concentrated nitric acid annually, addresses local production shortages and creates job opportunities [7] Group 4: Cultural and Collaborative Projects - The company is involved in significant projects that symbolize friendship and cooperation, such as the government office building in Tajikistan, which integrates local architectural styles with Chinese technology [8] - The Olympic City project in Uzbekistan, the largest sports complex in Central Asia, is nearing completion and represents a major collaboration between China and Uzbekistan [8][10] Group 5: Future Prospects - The company’s comprehensive advantages in the entire industry chain are expected to find broader development opportunities in Central Asia following the China-Central Asia Summit [10] - The company continues to uphold its mission of creating value in Chinese engineering and contributing to the well-being of local communities through high-standard, sustainable projects [10]

Core Viewpoint - The ongoing downturn in the real estate market is negatively impacting the kitchen appliance industry, particularly the integrated stove sector, prompting leading companies to accelerate diversification efforts [2][9]. Group 1: Company Developments - Zhejiang Meida announced an investment in the intelligent driving company Magic Vision Technology, marking its entry into the smart driving sector with a total investment of approximately 110 million RMB [3]. - Other major players in the integrated stove market, such as Mars, Yitian Smart, and Shuaifeng Electric, are also expanding into new areas like robotics and computing infrastructure [2][6]. - The investment in Magic Vision is seen as a strategic move to leverage the growth potential in the smart driving industry, which is experiencing rapid development due to increasing penetration rates of intelligent driving systems [3][4]. Group 2: Industry Trends - The integrated stove industry has faced significant challenges since 2022, with companies experiencing substantial declines in revenue and net profit [9]. - The overall market for integrated stoves is projected to remain weak, with a 30.6% year-on-year decline in retail sales in 2024, indicating a difficult adjustment period for the industry [11]. - Emerging product categories, such as integrated cooking centers, are gaining traction, with a reported growth of over 100% in 2024, posing a competitive threat to traditional integrated stoves [12]. Group 3: Financial Performance - Zhejiang Meida's revenue and net profit have seen significant declines, with a 47.54% drop in revenue and a 76.21% drop in net profit projected for 2024 [9]. - Other companies in the integrated stove sector, including Mars and Yitian Smart, have also reported substantial declines in financial performance, with some facing losses [9][11]. - The stock prices of these companies have generally trended downward since their peak in 2021, reflecting the challenging market conditions [9].

此外，活动汇聚美国进口高需商品，特设"热销榜单"指引，并对热门爆款进行持续的流量加推。平台数 据显示，活动上线后，美国买家对运动服饰、工程和建筑机械、食品饮料和粮食加工机械、电动车及部 件、预制或活动建筑等品类的需求尤为旺盛，印证了活动对北美买家的强大吸引力。 多元市场成"压舱石" 随着中美达成阶段性关税共识，中美企业充分利用窗口期"抢出口""抢囤货"，外加我国出口市场多元化 取得进展，海关总署数据显示，5月外贸展现出了较强韧性。今年前5月，我国货物贸易出口同比增长 7.2%，5月单月出口增速达6.3%，延续了稳中向好态势。在此背景下，焦点科技（002315）旗下中国制 造网（以下简称"MIC国际站"）以短期抢滩美国、长期布局多元市场的"组合拳"打法，为外贸企业抢订 单、稳外贸保驾护航。 "美国备货节"抢单窗口期 关税下调后，90天政策缓冲期成为外贸企业当前抢抓美国订单的黄金窗口期。外贸旺季提前到来，MIC 国际站迅速启动"美国备货节"活动，通过全渠道推广、多终端联动及多语言曝光矩阵，全力赋能中国供 应商抢占美国市场先机。 活动刚一上线，美国采购商们的采购需求便汹涌而至。运动服装采购商纳曼亚（Prince N ...