Group 1 - The core viewpoint is that the rise of domestic IPs is redefining the valuation of China's cultural industry, with companies focusing on multi-faceted operational strategies around IPs [1][2] - Shunwang Technology (300113.SZ) aims to leverage the ChinaJoy brand to enhance IP influence and promote collaborations with leading IPs in cultural, gaming, and animation sectors [1] - ChinaJoy has become one of the largest digital entertainment exhibitions globally, significantly contributing to the healthy and sustainable development of China's digital entertainment industry since its inception in 2003 [1] Group 2 - ChinaJoy has accumulated nearly 10 million Gen Z users over 20 years, reaching hundreds of millions of users and hosting over a thousand participating companies, including industry leaders and Fortune 500 firms [2] - The Chinese trendy toy market is projected to grow from 60 billion yuan in 2023 to 110.1 billion yuan by 2026, indicating explosive growth in domestic IPs and the importance of building an "IP ecosystem" [2] - Recent government policies encourage the integration of traditional Chinese culture into product design and support the development of original IP brands, particularly in the fields of animation, gaming, and esports [3] Group 3 - Shunwang Technology is embracing a new era driven by artificial intelligence, focusing on new technologies and applications in digital entertainment, including AIGC, AIPC, mixed reality, 5G, and cloud computing [3] - The company has been recognized as a leading enterprise in the "2024 Guzi Economy" awards, highlighting its significant contributions to the industry [3] - With the proliferation of AI applications, Shunwang Technology's self-developed Lingxi Engine and Shunwang Intelligent Computing Platform are expected to enhance efficiency and reduce costs for enterprises [3]

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6月16日，北京极智嘉科技股份有限公司(以下简称"极智嘉")更新招股书，持续推进上市进程，6月13日 已获中国证监会备案，摩根士丹利与中金公司担任联席保荐人。这家估值150亿元的超级独角兽，距离 登陆资本市场仅一步之遥。 商业化能力凸显：营收三年翻三倍，接近盈利拐点 据招股书显示：极智嘉的营收从2021年的7.9亿元增至2024年的24.1亿元，复合年增长率为45%。2021年 至2024年，极智嘉的毛利从0.8亿元大幅提升至8.4亿元，复合年增长率为118.5%;2024年的整体毛利率则 进一步提升至34.8%。公司商业化能力显著增强，强劲的财务表现也凸显其在仓储机器人领域的市场竞 争力与增长潜力。 此外值得注意的是，2021年-2024年期间，极智嘉的经调整EBITDA从-6.72亿元大幅收窄至-0.25亿元;同 时，极智嘉的经调整净亏损率同样呈大幅收窄趋势，2024年的经调整净亏损率降至3.8%，盈利能力持 续提升，公司或已临近扭亏为盈的关键点。 解决方案在仓储自动化领域的渗透率也已从2020年的4.4%增至2024年的8.2%，预计在2029年将进一步 攀升至20.2%。行业规模扩张，也为极智嘉这类企 ...

我的X、TikTok、抖音、小红书已经被一种视频霸屏了。 特别是小红书，没事就能刷到一个。 这种视频长这样，相信我，你一定要，带着耳机，放着声音听，要不然你会后悔的。 现在是凌晨1点，这是我听这个视频的第八遍，我不知道你们什么感觉，我自己还是有一种，皮肤触电、后脖发热，没事一抽抽的奇妙爽感。 这就是最近，火遍全网的AI ASMR。 原作者是TikTok上的一个新号，名字叫impossibleais。 6月11号才发的第一个视频，截止到现在，已经有17万粉丝了，涨粉涨的非常夸张。。。 再看看他的视频数据，我。。。我真的羡慕死好吧。 动不动就是几十万的点赞，甚至还有两个百万级的点赞。 羡慕的话真的说不动了。 给大家看一下，点赞量最高的，250万点赞的那个AI ASMR视频，记得一定要带耳机哦。 夜里听实在是听的浑身起鸡皮疙瘩。 再比如，扔一段黄金草莓的。 "Realistic 4K footage close up of a knife rapidly cutting a glowing gold glass strawberry on a wooden cutting board. It slices it m ...

广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 陈原文 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发证券资深金工分析师 王小康 SAC: S0260525020002 wangxiaokang@gf.com.cn 广发金工安宁宁陈原文团队 摘要 ETF发展迅速，轮动需求旺盛 ： 截止2025年6月15日，股票型ETF（包含场外联接基金）规模总计达到3.81万亿元， ETF数量达到2031只，已经超过主动管理类基金（包括普通股票型、偏股混和指数增强型）的2.84万亿元规模。由于A 股市场存在明显的行业和风格分化，仅买入单一ETF并长期持有未必能取得较好的投资体验。由于ETF投资目标在于紧 密跟踪某个指数的净值表现，ETF基金所跟踪的指数至关重要，一个好的Beta能为投资者带来丰厚的收益回报。不同指 数间的截面收益率差异较大，通过轮动方式定期调仓能获取相对更优的策略表现。 深度学习因子构建与测试 ： 构建ETF轮动策略的一种常见方式是将有效的个股因子聚合到指数层面，从而可以实 现指 ...

Madrid-based shop becomes 21st GTF MRO facilityPARIS, June 17, 2025 /PRNewswire/ -- Pratt & Whitney, an RTX (NYSE: RTX) business, announced it will expand its global network of GTF engine maintenance providers to include ITP Aero ("ITP"). The Madrid-based facility will maintain the PW1500G engine for the Airbus A220 family and the PW1900G for the Embraer E-Jets E2 family with full maintenance, repair and overhaul (MRO) services and test capability. ITP will become the 21st shop in the GTF MRO network and th ...

全球最大的仓储履约AMR解决方案提供商，且已连续六年保持这一领先地位。 这意味着， 极智嘉 继续向 "全球仓储AMR（自主移动机器人）第一股" 发起冲击 —— 中国证监会 国际合作司于 6月13日 已 披露了《关于北京极智嘉科技股份有限公司境外发行上市及境内未上市股 份 "全流通"备案通知书》。 根据最新版本的招股书， 极智嘉 的商业化能力进一步凸显 —— 极智嘉 的营收从 2021年的7.9亿 元增至2024年的24.1亿元， 复合年增长率为 45% 。 2021年至2024年， 极智嘉 的毛利从 0.8 亿元大幅提升至8.4亿元，复合年增长率为118.5%；2024年的整体毛利率则进一步提升至34.8%。 值得注意的是， 极智嘉 的盈利能力亦持续优化 ——2021年至2024年， 极智嘉的经调整 EBITDA 从 -6.72 亿元大幅收窄至 -0.25 亿元 ； 同时，极智嘉的经调整净亏损率同样呈大幅收窄趋势， 2024年的经调整净亏损率 降至 3.8%。 换言之， 极智嘉 或有望即将实现扭亏为盈，这在已具备一定体量的 To B类机器人企业乃至所有To B类科技企业中都颇为罕见。 回到业务层面。 成立于 ...

Summary of Moderna (MRNA) Update / Briefing June 16, 2025 Company Overview - **Company**: Moderna (MRNA) - **Focus**: Oncology pipeline and commercial strategy Key Points on Oncology Pipeline 1. **Oncology as a Key Focus**: The company emphasizes the importance of oncology in its future development, with a focus on individualized therapies and cancer antigen therapies [3][4] 2. **Lead Program - Intisiran Auto Gene (INT)**: This individualized neoantigen therapy has shown a 49% reduction in the risk of recurrence or death in a Phase 2 study for adjuvant melanoma, with pivotal study data expected in 2026 [7][39] 3. **Expansion of INT**: The company is exploring INT in various cancer settings, including combinations with pembrolizumab and as a monotherapy [7][8] 4. **Off-the-Shelf Cancer Antigen Therapies**: These therapies are designed for broader patient use and are currently in development, with lead programs mRNA-4106 and mRNA-4359 targeting specific tumor antigens and training the immune system [10][11] 5. **T Cell Engagers**: The company is developing multiplexed T cell engagers that can target multiple proteins on cancer cells, enhancing the immune response [16][17] 6. **In Vivo Cell Therapies**: Moderna is pursuing innovative approaches to enhance the efficacy of cell therapies, including engineered T cells that can be modified within the patient's body [20][24] Clinical Development and Data 1. **Phase 2 and Phase 3 Studies**: The company is preparing for Phase 3 trials based on encouraging Phase 2 data, with a focus on event-driven trial designs [34][40] 2. **Control Arm Performance**: The performance of the pembrolizumab control arm in Phase 2 is reported to be in line with historical data, addressing investor concerns about patient allocation [32][36] 3. **Safety and Tolerability**: The safety profile of mRNA-4359 and INT is favorable, with low-grade adverse events and no dose-limiting toxicities reported [15][62] Market and Competitive Landscape 1. **Partnerships and Collaborations**: Moderna is closely monitoring competitive developments, including BioNTech's recent acquisition of CareVac and their oncology programs [78] 2. **Regulatory Environment**: The company is navigating a changing political landscape that affects vaccine development and approval processes, particularly in the context of COVID-19 and RSV vaccines [82][86] Financial Guidance and Market Outlook 1. **Revenue Guidance**: Moderna has provided a broad revenue guidance range of $1.5 billion to $2.5 billion for the year, considering potential declines in vaccination rates and other market factors [96] 2. **Future Approvals**: The company is optimistic about upcoming FDA approvals and the potential for expanded indications for its vaccines, particularly for high-risk populations [85][89] Additional Insights 1. **Combination Therapies**: The company is exploring combination therapies with checkpoint inhibitors and other agents, aiming to enhance overall response rates and progression-free survival (PFS) [65][66] 2. **Clinical Trial Design**: The design of clinical trials is being carefully considered, with a focus on achieving statistically significant outcomes that can support regulatory filings [50][52] This summary captures the essential points discussed during the call, highlighting Moderna's strategic focus on oncology, clinical development progress, market positioning, and financial outlook.

每条视频都不长，内容既不酷炫也不复杂，主题就一个： 用AI做的ASMR视频 。 衡宇 发自 凹非寺 量子位 | 公众号 QbitAI 短视频平台熬夜冲浪的我突然发现， AI ASMR突然火了 ？！ 大家可以 打开声音 欣赏一下这条切割浆果的视频，它拿下了16500000的浏览量。 这条视频来自洋抖上一个很新的账号。 3天前，它才刚刚发布第一条视频。但3天过去，它凭借11个作品，已经狂揽了97.6k粉丝，收获了360万点赞。 视频画面几乎都是用小刀在切一些东西。除了切水果，还有切石头，切宝可梦喷火龙手办…… 这不是唯一一个用AI做ASMR的账号，大家还可以看看这个， 星球大战版AI ASMR ： AI味很浓，但nobody cares 盘了一下11条视频的各种数据，目前最受欢迎的是刀切水果的ASMR视频。 这些水果都不是现实世界里的样子，它们更多像是玻璃制品。 每次刀第一下碰到水果时，能听到两个硬物碰撞的声音。 但当刀切下去的时候，从声音判断，被切的似乎又是真正的水果；从视觉上判断，更像是在切透明水果硬糖。 在第一条视频，也就是AI生成切石头视频的评论区，网友的留言主要是言简意赅地指出： AI做的 | kesv ...

视频画面几乎都是用小刀在切一些东西。除了切水果，还有切石头，切宝可梦喷火龙手办…… 这不是唯一一个用AI做ASMR的账号，大家还可以看看这个， 星球大战版AI ASMR ： 衡宇 发自 凹非寺 量子位 | 公众号 QbitAI 短视频平台熬夜冲浪的我突然发现， AI ASMR突然火了 ？！ 大家可以 打开声音 欣赏一下这条切割浆果的视频，它拿下了16500000的浏览量。 这条视频来自洋抖上一个很新的账号。 3天前，它才刚刚发布第一条视频。但3天过去，它凭借11个作品，已经狂揽了97.6k粉丝，收获了360万点赞。 每条视频都不长，内容既不酷炫也不复杂，主题就一个： 用AI做的ASMR视频 。 AI味很浓，但nobody cares 盘了一下11条视频的各种数据，目前最受欢迎的是刀切水果的ASMR视频。 这些水果都不是现实世界里的样子，它们更多像是玻璃制品。 每次刀第一下碰到水果时，能听到两个硬物碰撞的声音。 但当刀切下去的时候，从声音判断，被切的似乎又是真正的水果；从视觉上判断，更像是在切透明水果硬糖。 在第一条视频，也就是AI生成切石头视频的评论区，网友的留言主要是言简意赅地指出： AI做的 | kesv ...