服装家纺 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 执业证书编号：S0740523090002 Email：wush@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 11,544 | | 流通股本(百万股) | 11,544 | | 市价(港元) | 4.64 | | 市值(百万港元) | 53,565 | | 流通市值(百万港元) | 53,565 | 波司登（03998.HK） 证券研究报告/公司点评报告 2025 年 07 月 01 日 请务必阅读正文之后的重要声明部分 暖冬下 FY25 稳健增长，利润增速优于收入 股价与行业-市场走势对比 主品牌羽绒服稳健增长，全季化品类拓展带动增量。24/25 财年品牌羽绒服业务实现 营收 216.68 亿元（+11.0%），占集团收入 83.7%。毛利率为 63.4%，同比-1.6pct， 主要受经销商渠道销售增长较快、防晒服等新品类毛利略低及羽绒等原材料成本上涨 影响。1）波司登品牌收入同比+10.1%至 184.81 亿元，毛利率同比-0.6pct 至 ...

寒武纪之后，更多国产AI芯片企业加速奔赴资本市场。 6月30日晚间，沐曦集成电路（上海）股份有限公司（下称"沐曦"）的科创板IPO获受理，A股的GPU赛 道将迎来新秀。 根据招股书披露，沐曦拟募资39.04亿元，主要将资金用于新一代通用GPU、AI推理芯片及前沿异构计 算架构的研发与产业化。 这家成立仅五年的芯片企业，被视作国产算力挑战国际巨头的生力军之一。尽管目前仍处于亏损状态， 沐曦能否借助上市，在资本、技术与生态之间找到平衡点？其招股书提供了诸多信号。 沐曦的招股书指出，近年来我国本土品牌人工智能芯片的市场渗透率已呈显著上升趋势，但总体上仍处 于发展相对初期阶段，尚未形成较明朗的竞争格局。 按不同技术路径划分，沐曦的主要国内竞争对手包括以海光信息、天数智芯、壁仞科技、摩尔线程等为 代表的通用型计算架构（GPU）芯片设计企业，和以华为海思、寒武纪、昆仑芯、燧原科技等为代表的 专用型计算架构（ASIC/DSA）芯片设计企业，呈现百花齐放态势。随着人工智能芯片领域国产进程的 不断加速，未来或将有更多国内厂商进入到该市场参与竞争。 冲刺科创板 此前，沐曦的估值已超过210亿元，进入"独角兽"之列。去年以来，GP ...

中新网上海7月1日电 (记者 陈静)记者1日获悉，今年1月1日至6月30日，上海边检总站上海机场边检站 在浦东国际机场口岸累计查验入出境外籍人员突破500万人次，较2024年同期增长46%。 据统计，上半年(1月1日-6月30日)从浦东国际机场口岸入境的免签外籍人员数超130万人次，占同期入境 外籍人员总量的53%。统计数据显示，来自韩国、日本、美国的入境外籍人员数量位居浦东国际机场口 岸前三位。其中，韩国籍旅客数达到33万人次，居首位。 据悉，240小时过境免签政策自实施以来，极大激发了外籍人员中转入境中国进行商务洽谈、文化交流 和休闲观光的热情。从事电子贸易的俄罗斯商人安东(Anton)表示："过境免签政策给了我足足10天时 间，这次我在浦东与客户会面后，还会去苏州的工厂看看产品，时间很充裕！" 据统计，今年上半年，浦东国际机场口岸适用240小时过境免签政策的旅客数量突破3万人次，较去年同 期人数猛增80%，为上海吸引外籍人员来华经贸旅游、强化国际航运枢纽功能注入了新动能。 近期，浦东国际机场口岸迎来出入境双向客流高峰。据上海边检总站上海机场边检站方面介绍，6月29 日单日出入境客货运航班达到704架次， ...

乌克兰称无人机袭击俄防空导弹工厂 金十数据7月1日讯，乌克兰方面表示，其远程无人机周二袭击了俄罗斯伊热夫斯克市一家生产防空系统 的军事工厂。据熟悉此次袭击的基辅人士透露，这座位于伏尔加河流域乌德穆尔特共和国的工厂距离乌 克兰边境1300公里（808英里），同时负责攻击型无人机的制造。乌德穆尔特地区州长亚历山大·布莱切 洛夫证实，乌克兰无人机袭击了伊热夫斯克的一家工厂，造成3人死亡，35人受伤，但他没有透露袭击 地点。 ...

Core Insights - SoFi Technologies has experienced a significant stock price increase of 16% in one week, reaching a 52-week high of $18, driven by the announcement of returning cryptocurrency investments on its platform [2] - The integration of blockchain technology for international money transfers positions SoFi at the intersection of traditional finance and digital assets, which has garnered positive market sentiment [2] - SoFi's revenue is projected to grow approximately 21% annually, potentially exceeding $5 billion by 2027, doubling from an estimated $2.6 billion in 2024 [4] Financial Performance - SoFi's revenue growth has outpaced broader market indices, with a 25.9% increase over the last 12 months, rising from $2.2 billion to $2.8 billion [6] - The most recent quarter showed a 31.7% year-over-year growth, increasing revenue to $772 million from $586 million [6] - The average annual revenue growth over the past three years stands at 36.2%, compared to 5.5% for the S&P 500 [6] Revenue Potential from Cryptocurrency - The new cryptocurrency offerings could significantly enhance SoFi's revenue, with estimates suggesting an additional $150-300 million per year if it captures a portion of Robinhood's crypto trading revenue [5] - SoFi's member base of 8.5 million, which generally has a higher net worth, positions the company favorably to capitalize on crypto trading [5] Valuation and Upside Potential - SoFi currently has a price-to-sales ratio of 7.3x, slightly above its four-year average of 5.5x, reflecting optimism regarding its crypto services and potential interest rate improvements [7] - If revenues increase 2.5 times over the next three years, the price-to-sales multiple could contract more gently, potentially leading to a share price of approximately $33, representing an 80% increase from current levels [9] Market Outlook - The integration of cryptocurrency services is expected to accelerate SoFi's growth trajectory, with the company having a history of outperforming market growth rates [12] - The anticipated revenue growth and the launch of the crypto platform present a compelling investment opportunity for SoFi [12]

Establishes IGT as a Premier Platform for Innovation, Delivering Exceptional Content and Scalable Solutions Across the Global Gaming EcosystemNEW YORK and LAS VEGAS, July 01, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced the completion of the previously announced acquisitions of International Game Technology PLC’s (doing business as “Brightstar Lottery”) Gaming & Digital Business and Everi Holdings Inc. ("Everi") by a holding company owned by funds managed by Apollo affiliates (the "Apollo Fun ...

Core Points - TuHURA Biosciences, Inc. has been added to the Russell 3000® Index and automatically included in the Russell 2000® Index as part of the 2025 annual reconstitution, effective June 27, 2025 [1][2] - The inclusion in the Russell indexes signifies the company's progress in its first year as a publicly traded entity and reflects its potential for continued development [2] - TuHURA is currently enrolling patients in a Phase 3 accelerated approval trial of its lead product IFx-2.0, which is being tested as an adjunctive therapy to Keytruda® for advanced or metastatic Merkel cell carcinoma [2][11] - The company has also acquired a novel anti-VISTA antibody from Kineta, Inc. and plans to advance it into a Phase 2 clinical trial for treating NMPL1-mutated Acute Myeloid Leukemia [2] Company Overview - TuHURA Biosciences, Inc. is focused on developing novel technologies to overcome resistance to cancer immunotherapy, addressing both primary and acquired resistance [10] - The company's lead product, IFx-2.0, is designed to enhance the effectiveness of checkpoint inhibitors [11] - TuHURA is also leveraging its Delta Opioid Receptor technology to create bi-specific antibody drug conjugates aimed at inhibiting immune suppression in the tumor microenvironment [12]

Core Insights - The National Healthcare Security Administration (NHSA) introduced measures to support the high-quality development of innovative drugs, encouraging commercial health insurance to expand investment in innovative drugs and create a directory for innovative drugs [1][2] Group 1: Policy Impact - The new policies provide clear direction for the development of commercial health insurance, which is crucial for establishing a multi-tiered medical payment system in China [1] - The introduction of a commercial health insurance directory for innovative drugs aims to include drugs with high innovation, significant clinical value, and benefits that exceed basic medical insurance coverage [2] Group 2: Market Dynamics - The innovative drug payment market is on the verge of explosive growth, with expectations of a layered payment ecosystem emerging over the next five years [1][2] - Companies like Mingxin Health are positioning themselves to address payment challenges in the industry, having become the largest multi-payment platform in China since its establishment in 2017 [3] Group 3: Financial Performance - Mingxin Health reported significant revenue growth, with revenues of 1.069 billion, 1.255 billion, and 2.035 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of approximately 38% [3] Group 4: Future Business Models - Potential business models include creating data bridges between medical services, insurance, and commercial health insurance, as well as designing performance-based agreements and customized insurance products [4] - Companies aim to resolve structural conflicts between payment and supply sides to achieve a sustainable ecosystem where patients have access to affordable medical products [4]

GTC泽汇表示，自6月5日以来，Circle股价飙涨750%，成为近期加密市场最引人注目的现象。这波暴涨 不仅凸显投资者对稳定币赛道的高度关注，也反映出传统金融资本加速涌入数字资产领域的趋势。但在 投资热情背后，投机情绪、市场波动和监管风险仍构成潜在挑战。 GTC泽汇表示，Sei上周涨幅高达40.19%，成为表现最佳的加密资产之一。同时，由Tether联合创始人和 前黑石交易员发起的一家新加密资产公司，正在筹资10亿美元，投资范围覆盖比特币、以太坊和Solana 等主流资产，标志着专业机构正在大举进场。 Circle股价的大幅拉升，反映出市场对稳定币业务未来增长的强烈预期。GTC泽汇认为，随着稳定币监 管体系逐步清晰，金融机构正积极探索发行与应用场景，稳定币正从加密世界边缘资产，迈向数字金融 核心基础设施的角色。 与此同时，比特币一度跌破10万美元关口，引发市场恐慌。此次波动与特朗普宣布对伊朗三大核设施实 施打击有关，突显地缘政治对市场的高度影响。以太坊同步大跌10%，创下近两个月新低，24小时内加 密市场总清算额超过10亿美元。 GTC泽汇警示，当前部分项目估值泡沫明显，商业逻辑尚不成熟，投资者需警惕此类" ...

此次竞拍成功，原本通过东莞金控资本投资有限公司（下称"金控资本"）、东莞控股、东莞金控间接控 制东莞证券55.4%股份的东莞市国资委所持股权将进一步增加20%。 此前东莞控股解释为何竞拍东莞证券股权时称，与后者的经营状况以及IPO进程有关，"近年来，东莞 证券经营情况稳定，近三年证券公司分类评价均被评为A类A级，申报IPO正在审核阶段，具有一定投 资价值。" 本次交易总交易价款为22.72亿元，东莞金控和东莞控股已按《股份转让协议》约定支付了全部转让价 款。标的资产过户手续已办理完毕。 截至评估基准日2023年年底，按照市场法评估东莞证券全部权益的评估值为113.9亿元，增值率为 24.98%。挂牌的参考底价为22.72亿元。本次交易为底价成交。 锦龙股份（000712）7月1日晚间公告，公司已通过上海联合产权交易所公开挂牌转让所持有的东莞证券 3亿股股份(占东莞证券总股本的20%)。本次交易完成后，锦龙股份仍持有东莞证券3亿股股份(占东莞证 券总股本的20%)。 东莞证券多年前就试图IPO，但一直未能成功。 根据公开挂牌结果，本次交易对方为东莞金控和东莞控股（000828），其中东莞金控受让1.94亿股(占 ...