机构：中信建投证券 研究员：贺菊颖/袁清慧 核心观点 在2025 年ASCO 大会上，公司核心产品Lisaftoclax 展示了在维奈克拉耐药后患者中的研究结果。在28 例既往接受维奈克拉治疗的患者中，22 例可评估疗效患者的ORR 为31.8%，其中22.8%的患者CR/Cri， 同时在15 例CMML 患者中，ORR 为80%。整体看，产品Lisaftoclax 在维奈克拉耐药后的肿瘤患者中展 现了优异疗效，产品基本面良好，安全性优异，看好药物后续临床进展以及国际化进展。 事件 2025 年6 月3 日，公司发布公告，核心产品Lisaftoclax 针对维奈克拉治疗失败患者的口头报告在ASCO 大会上展示。 简评 Lisaftoclax 疗效数据优异，产品竞争力强 在ASCO 大会上，公司公布核心产品Lisaftoclax 针对维奈克拉治疗失败患者的最新数据。截至2025 年4 月，在28 例既往维奈克拉耐药的复发/难治AML/混合表型急性白血病（MPAL）患者中，疗效可评估的 患者有22 例，总反应率（ORR）为31.8%（7/22），其中22.8%的患者CR/ CR 伴血细胞未完全恢复 （Cri）；4 ...

Group 1 - The auction for the TCL Elite Club membership in Shenzhen will start on July 14, with a starting price of 11 million yuan [1] - The membership includes the usage rights of a property in Nanshan District, Shenzhen, with a usable area of approximately 347.23 m², designated for industrial research and development [1] - The membership is being auctioned due to a legal dispute involving the original owner, Zhang Beibei, and several other parties, with a total debt claim of 18.517 million yuan [3] Group 2 - The auctioned membership includes 11 rights, such as participation in exchange salons, discounts on wellness projects, and access to a dedicated library [3] - The property rights included in the membership cannot be transferred or registered for ownership change, and the buyer will be responsible for any outstanding property fees [3] - An evaluation report estimates the membership's value at approximately 13.7551 million yuan based on comparable listings from secondary real estate platforms [3]

Core Viewpoint - CDC's FY25 results were disappointing, particularly regarding dividends, leading to a downgrade to HOLD due to ongoing pressures in sales and a challenging industry environment [1][6]. Sales Performance - CDC's sales declined by 1.4% YoY to HK$ 8.6 billion, with net profit dropping by 25% YoY to HK$ 233 million, missing estimates by approximately 19% [6]. - Same-store sales (SSS) continued to decline, with negative trends persisting into April, May, and June 2025, particularly in Hong Kong [2][3]. Industry Environment - The industry environment remains unfavorable, with increased competition from two/three-dish rice establishments and a trend of Hong Kong residents traveling more abroad or to mainland China [3][5]. - The number of two/three-dish rice shops in Hong Kong has increased to over 600, up from less than 400 a few years ago [3]. Margin and Cost Management - There is potential for margin improvement due to a 17% reduction in average base rent for recently renewed contracts, but overall improvements may be limited by competitive pricing pressures and rising minimum wage [4]. - The minimum wage in Hong Kong has been raised to HK$ 42 per hour, effective May 2025, adding to cost pressures [4]. Future Outlook - The outlook for FY26E is subdued, with a forecast of 0% same-store sales growth for both CDC HK and mainland China, down from previous estimates of 2% and 3% [2][5]. - The management plans to increase the number of stores by a modest 10 to 15 in FY26E, following a stagnant FY25 [5]. Dividend and Profit Forecasts - The dividend payout for FY25 was lower than expected at 100%, compared to an estimate of 110%, with a significant drop in the dividend amount in 2H25 [6]. - FY26E and FY27E net profit forecasts have been revised down by 30% and 23%, respectively, due to slower store expansion, negative same-store sales growth, and higher impairment losses [5].

APG-2575 治疗髓系恶性肿瘤数据亮相ASCO 年会：在本次会议上公布了一项评估APG-2575 联合阿扎 胞苷治疗初治或既往接受过维奈克拉治疗的髓系恶性肿瘤患者的Ib/II 期临床研究，在28 例既往维奈克 拉耐药的复发/难治AML/混合表型急性白血病患者中，ORR 为31.8%，4.6%的患者达到PR；4.6%的患 者获形态学无白血病状态（MLFS）。获得治疗反应的患者既往均接受过包括维奈克拉在内的多线治 疗，且大部分（71%，5/7）患者基线存在TP53 突变并伴随复杂染色体核型。本次公布的数据让APG- 2575 在与直接竞争对手维奈克拉的比拼中占据了上风，差异化的适应症布局有望促使APG-2575 在商业 化上获得与维奈克拉相同的成功。公司同时还在积极布局MDS 和MM 两个维奈克拉失败的适应症，同 时该产品也存在海外权益对外授权的潜在预期。 盈利预测与投资评级：随着奥雷巴替尼销售放量和武田选择权付款，我们预计公司收入将快速增长，维 持25-26 年5.19 亿元与32.15 亿元的收入预测，新增27 年收入预测20.95 亿元。公司未来收入增长较快， 确定性高，海外市场潜力较大，维持"买入"评 ...

Group 1 - The Shanghai Cooperation Organization (SCO) School Management Training Program aims to enhance understanding of China's higher education practices in talent cultivation, industry-academia integration, innovation, and digital healthcare among participants from SCO member countries [1][2] - Since 2012, Shenyang Normal University has successfully conducted 29 training programs, training 756 participants from 62 countries, including Russia, Uzbekistan, Kazakhstan, South Africa, and Lesotho [2] - The program is a collaboration between Shenyang Normal University, He Eye Hospital, and Liaoning He Eye Medical College, leveraging their strengths in international education and ophthalmology [2][3] Group 2 - He Eye Hospital, as an international ophthalmology training institution, aims to create an international, efficient, and innovative training model to cultivate ophthalmologists with international diagnostic and treatment standards [3] - The training program is part of China's Belt and Road Initiative, providing capacity building for ophthalmologists from Africa, Asia, and Latin America, sharing China's experience in blindness prevention [3] - The opening of the training program is significant for promoting educational cooperation among SCO countries and enhancing the management capabilities of higher education institutions [3]

黄金为何未能如预期般"飞升"? 1. "有限冲突"预期压制避险买盘 传统逻辑下,中东战火应推动避险资产走强,黄金理应大涨,但本轮黄金下跌的根本在于市场对"冲突周 期"的重新定价:当前共识是,即便美方介入,也将采取短期、精准打击而非长期军事介入,这种"可控性"的 判断削弱了黄金作为避险工具的吸引力。 2. 美元逆势走强成主压力量 同期美元指数持续攀升,背后既有避险资金"买美元"行为,也有更深层的货币政策分化因素——瑞士和挪 威央行6月内相继降息25个基点,欧央行转向鸽派,而美联储则连续第四次按兵不动,这种政策利差进一步 吸引资本流向美元资产,间接对金价构成压制。 地缘风险未退,通胀风险隐现 黄金短期调整并非趋势终结,若我们将时间维度拉长,就会发现多重风险因素正在同步积累,为黄金带来结 构性机会。 以色列空袭伊朗境内核目标后,伊朗迅速反击,并在隔夜袭击以色列医院与军事设施,双方陷入激烈对抗。 虽然美方尚未直接出手,但特朗普已表态将在"两周内"决定是否军事介入,全球市场正处于一场地缘与宏 观交错的风暴中心,令人意外的是,黄金价格自6月16日触及3452美元高位后持续回调,并跌穿3360关键技 术位;反之,美元却强势 ...

新华社赫尔辛基6月20日电（记者朱昊晨 徐谦）芬兰奥卢大学日前发布新闻公报说，该校与瑞典中部 大学联合研发出一款名为"沉浸"的增强现实（AR）应用程序，可在无指导人员在场的情况下，辅助用 户独立完成诸如电脑维修等需专业知识的任务。 奥卢大学机器视觉与信号分析教授扬内·海基拉表示，增强现实辅助指导技术在全球已有研究并应用于 部分商业场景，但大多仍需指导人员在场并与用户实时互动，"我们的研究成果则实现了用户在完全独 立的情况下完成复杂任务，无需人工协助"。 海基拉说，当前人们在进行设备维修时常借助网络视频教程，而"沉浸"应用程序则提供了更精确、更具 沉浸感的操作指引。 奥卢大学表示，目前该应用程序主要适用于较为简单的任务，其初步技术演示已取得良好效果，后续研 发仍在推进中。研究团队还计划未来发布一套包含全部核心技术工具的开源系统，以促进该项成果的广 泛应用与共享。 据公报介绍，这款应用程序通过3D扫描技术预先建立目标设备的数字孪生模型，并在模型上创建详细 的操作指令，结合箭头、文本框等图形标记，以增强现实的方式逐步投射到真实设备上，为用户提供直 观、可视化的操作引导。 设备制造商可针对某一设备创建涵盖不同任务的指 ...

你有没有想过，20多岁的年轻人会在做什么？忙着追逐梦想、高强度社交、还是计划周末喝到天亮？但在日本，有一件意想不到的事情正在悄然流行：越 来越多的20多岁年轻人开始为自己的"后事"做准备！是的，你没听错，他们在写遗言、拍遗照，甚至规划自己的葬礼。 据日本殡仪服务商TEAR的调查，约四分之一的年轻人已经开始"终活"——这个听起来有点沉重的词，意思是为人生最后阶段做准备。这到底是怎么回 事？为什么年轻人会对这种事感兴趣？让我们一起走进这个有点意外又引人深思的现象，聊聊日本年轻人的"终活"热潮。 一、终活热潮席卷日本，年轻人"未老先衰"？ 提到"终活"，很多人会联想到白发苍苍的老人，坐在摇椅上，慢慢整理自己的遗物，写下对家人的叮嘱。但在日本，情况似乎完全不同。根据日本葬仪公 司"TEAR"对20至70岁共1500人进行的调查，约24.6%的受访者表示已经在进行"终活"，而其中20多岁的年轻人占比竟然高达26.8%，仅次于70多岁的老年 人（48.0%），甚至超过了60多岁的群体（25.2%）。换句话说，四分之一的日本年轻人已经开始为自己的身后事做打算了！这听起来是不是有点不可思 议？ 那么，"终活"到底是什么？简单 ...

聚焦创投圈新基金情报。 近日，由中信建投资本与长春高新、长春股权、长发私募、如皋科创投、长发智胜共同发起设立的长春星河润信创业投资中心（有限合伙）（以下简 称"长春星河生物医药基金"）在中国证券投资基金业协会完成备案。 中信集团聚焦吉林省产业发展布局，进一步加强吉林省的对接合作。2024年初，中信集团先后与吉林省人民政府、长春市人民政府开展进一步深化双方合 作对话并就多个领域达成合作意向，成立本支基金亦是其中重要一环。 中信建投资本董事长李铁生表达了中信建投资本助力吉林振兴发展的决心和信心，希望通过首只基金与吉林省主要基金投资人建立坚实合作关系，共同为 吉林省医药产业发展做出贡献。 近日，2025南京软件大会在江北新区举行。作为本次大会的承办方之一，新区现场签约了总规模10亿元的工业软件专项基金。 工业软件作为支撑制造强国创新发展的"国之重器"，在推进工业数字化转型和升级智能制造的过程中发挥着关键作用，在企业数字化转型中扮演着重要的 角色。例如南京钢铁的智慧运营中心，依托其工业互联网平台，能够实时展现六大生产集群、26条生产线的动态生产场景，为智能化生产方案提供支撑。 蜂巢互联作为国内工业软件细分头部集团企业 ...

Group 1 - The 2025 High-Growth Enterprises CEO Conference and the "Sanjiang Cup" Innovation and Entrepreneurship Competition were successfully held in Mianyang, Sichuan, focusing on technology innovation and industrial ecosystem construction [1][2] - Mianyang, recognized as China's Science and Technology City, aims to leverage its strong research foundation and the "Innovation Golden Triangle" strategy to attract investment in the tech sector [2][3] - The conference showcased the establishment of seven key innovation research institutions, including an Artificial Intelligence Innovation Center and a New Materials Industry Research Institute, which will support industrial upgrades [2][3] Group 2 - A total of nine projects were signed during the conference, with a total investment amount of 2.65 billion yuan, covering fields such as artificial intelligence, industrial internet, and new materials [2] - Six funds were signed, including a comprehensive platform fund, an industrial mother fund, a science and technology innovation fund, and a talent innovation fund [2] - The conference adopted a four-dimensional model of "conference, competition, exhibition, and negotiation" to effectively promote precise connections between industry and capital [3]