北交所信息更新 易实精密（836221.BJ） 现金收购通亦和 51%股权，精冲技术加速减速器零件国产替代 ——北交所信息更新 2025 年 07 月 01 日 投资评级：增持（维持） | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 276 | 321 | 408 | 560 | 669 | | YOY(%) | 18.8 | 16.6 | 26.9 | 37.3 | 19.6 | | 归母净利润(百万元) | 52 | 54 | 65 | 90 | 108 | | YOY(%) | 36.2 | 5.0 | 20.8 | 37.6 | 20.5 | | 毛利率(%) | 31.7 | 30.4 | 29.1 | 29.2 | 29.4 | | 净利率(%) | 18.7 | 16.8 | 16.0 | 16.1 | 16.2 | | ROE(%) | 14.0 | 13.3 | 15.1 | 17.8 | 18.4 | | EPS(摊薄/元) | 0.44 | ...

Investment Rating - The report assigns an "Outperform" rating for Innovent Biologics, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [24]. Core Insights - The management's vision for 2030 is a significant highlight, aiming to position Innovent Biologics as a world-class biopharmaceutical company, with five product pipelines entering global multi-center Phase III clinical trials and two products planned for overseas launch [2][9]. - The development strategy for IBI363 (PD-1/IL-2α-bias bispecific antibody) is clearly defined, with expectations for proof-of-concept data in first-line indications for colorectal, gastric, and lung cancers by 2026 [3][10]. - The recent approval of Mazdumetor is expected to drive rapid sales growth, with projected revenues of 600 million yuan in 2025 and 1.8 billion yuan in 2026 [5][14]. - The non-oncology business is anticipated to match oncology revenue by 2027, driven by multiple product approvals and market expansions [6][15]. Summary by Sections Management Vision - The management reiterated its goal to become a top-tier biopharmaceutical company by 2030, with significant advancements in product pipelines and market presence [2][9]. Product Development - IBI363's clinical strategy focuses on addressing issues in Phase I, selecting representative tumors for Phase II, and advancing certain indications in Phase III, with a focus on colorectal, gastric, and lung cancers [3][10]. - The management emphasizes the importance of partnerships with firms that have strong oncology pipelines and commercialization capabilities [4][11]. Sales and Marketing Strategy - The marketing strategy for Mazdumetor includes a full-channel approach, targeting both in-hospital and out-of-hospital channels, with a focus on rapid sales expansion [5][14]. Revenue Outlook - The domestic non-oncology business is expected to significantly contribute to revenue growth, with projections of reaching 20 billion yuan by 2027 [6][15]. - The overseas business is projected to see revenue growth from 2027 to 2030, primarily driven by oncology products [6][16].

证券研究报告：社会服务 | 公司点评报告 发布时间：2025-07-01 个股表现 资料来源：聚源，中邮证券研究所 | 最新收盘价（港元） | 127.00 | | --- | --- | | 总股本/流通股本（亿股）1.05 | | | 总市值/流通市值（亿港 | 133.61 | | 元） | | | 52 周内最高/最低价 | 158.40 / 117 | | 资产负债率(%) | 36.1948 | | 市盈率 | 37.6146 | | 第一大股东 | | | 公司 | | 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 股票投资评级 沪上阿姨(2589.HK) 增持|首次覆盖 北方茶饮王者，多品牌齐发力 投资要点 沪上阿姨成立于 2013 年，最初售卖"五谷奶茶"，2019 年主攻鲜 果茶赛道，逐步实现在全国各地的快速扩张。公司是北方排名第一、 中国排名第三的中价现制茶饮店品牌，专注为消费者带来高性价比的 健康现制造饮品。沪上阿姨旗下有"沪上阿姨"、"沪咖"、"茶瀑布" 三大品牌矩阵，截至 2024 年底沪上阿姨全国共有门店 91 ...

创新药概念股午后大涨，创新药ETF国泰（517110）、创业板医药ETF国泰（159377）涨超1.5%。 出海大单不断 创新成果加速兑现 近期，多个创新药出海项目官宣，大超市场预期。医药魔方数据显示,中国药企license-out交易数量已从2018年的17项增长至2024年的94项；license-out交易 首付款从2018年的约2亿美元增长至2024年的约41亿美元；2024年中国企业license-out总交易金额达519亿美元。而在2025年一季度,中国创新药企License-out 交易总额达369亿美元，同比增长222%。 国内医药产业经过十多年持续大幅资本投入后，步入创新成果兑现期，销售额持续新高，有望进一步打开国产医药创新的成长天花板，加速国产创新药与创 新器械企业的成长。 数据来源：wind、医药魔方、源达信息证券 展望未来趋势，欧美市场有望加速渗透，2025-2026年数款国产创新药有望在美欧获批，涵盖PD-1、ADC、细胞治疗等领域。此外，东南亚、中东等地区有 望成为新增长点。 7月1日，国家医保局、国家卫生健康委印发《支持创新药高质量发展的若干措施》，提及对创新药研发、准入、入院使 ...

《中国民航报》、中国民航网 记者陈虹莹 通讯员曹文启 报道：2025年暑运于7月1日正式开启，内蒙古 民航旅客运输将迎来高峰。为更好的满足广大旅客出行需求，内蒙古机场集团积极协调航空公司，优化 航线网络布局，加密热门航线航班，计划增开、加密航线70余条，日均增加航班量75班左右，助力暑期 旅客高效、便捷出行。 国际地区航线方面，呼和浩特机场将加密至蒙古国乌兰巴托航线，计划每日1～2班，达到历史峰值；二 连浩特机场将恢复至蒙古国乌兰巴托航线，计划每日1班；呼伦贝尔机场季节性开通至香港航线，暑运 将加密至每周3班。 内蒙古机场集团以"航线广、服务优、效率高、体验佳"的综合保障能力，统筹所属各机场为暑运旅客构 筑起"通达全国、畅游北疆"的空中通道。无论是打卡国内网红城市、还是探秘草原沙漠，旅客皆可依托 内蒙古机场集团的高效网络与贴心服务，开启一场无忧无虑的夏日之旅。（编辑：陈虹莹 校对：李佳 洹 审核：韩磊） 内蒙古机场集团积极协调成都航空、华夏航空增加暑运运力供给。两家航空公司将分别在呼和浩特机场 增投1架A320驻场运力，新增呼和浩特至青岛、济南、张家界、赣州、通辽、赤峰等航线航班。同时， 呼和浩特机场还将加密 ...

证券研究报告 | 2025年07月01日 6 月 PMI 数据解读 环比小幅改善，价格指数回升 经济研究·宏观快评 | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | --- | --- | --- | --- | --- | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | 联系人： | 王奕群 | | wangyiqun1@guosen.com.cn | | 事项： 6 月份，制造业 PMI、非制造业 PMI 和综合 PMI 产出指数分别为 49.7%、50.5%和 50.7%，分别环比上升 0.2、 0.2 和 0.3 个百分点。 评论： 图1：中国 PMI 主要数据一览 | | | PMI | | 企业规模 | | 生产 | | 需求 | 库存 | | | 价格 | 配送 | 就业 | 预期 | | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - Texas Instruments (NASDAQ: TXN) stock has increased by over 30% since its low in April, indicating a strong recovery from previous tariff-related concerns [1] - Despite this recent surge, TXN stock has remained flat over the past four years, with its all-time high slightly above current levels [1] - The focus on identifying undervalued stocks with a favorable risk-reward profile is emphasized, suggesting that simplicity in investment ideas can lead to better outcomes [1] Company Performance - The stock performance of Texas Instruments shows a significant rebound from a low point, highlighting its resilience in the market [1] - The long-term performance indicates that while there has been a recent uptick, the stock has not significantly appreciated over a four-year period [1] Investment Strategy - The article advocates for a contrarian investment approach, suggesting that the best opportunities often arise from simple ideas that are overlooked by the market [1]

Core Points - Apranga Group announces the replacement of Chief Financial Officer Gabrielius Morkūnas with Mykolas Navickas effective July 1, 2025 [1] - Mykolas Navickas will also take on responsibilities for investor relations and information disclosure [1] - Gabrielius Morkūnas has served as CFO since 2021 and is thanked for his professionalism and innovative approach by the General Director Rimantas Perveneckas [1] Background of Mykolas Navickas - Mykolas Navickas has been with Vanagas Group as Group CFO since 2023 [2] - He held various positions at Maxima Grupe Group from 2016 to 2023, including CFO and CEO of Maxima International Sourcing [2] - Navickas has a Bachelor's degree in Economics and a Master's degree in Finance [2]

Core Insights - The Capgemini Research Institute's report highlights the transformative impact of AI and generative AI on sports fan engagement, emphasizing the need for a balance between digital and physical experiences [2][3][4] AI and Fan Engagement - Over half (54%) of sports fans utilize AI or generative AI tools as their primary source of information, with 59% expressing trust in content generated by these technologies [3] - Fans desire a streamlined platform for sports content, with 67% wanting all information aggregated in one place [3][9] - Personalization is crucial, with 64% of fans wanting AI to provide customized updates, and 27% willing to pay for AI-driven interactive experiences [5][9] Live Sports Experience - The report indicates that 37% of fans have returned to live matches post-pandemic, and AI is enhancing their experience with tailored updates and statistics [4][6] - Nearly 70% of fans seek player metrics and live match data, primarily before matches and during breaks, to enrich their understanding of the game [7][9] Concerns and Challenges - Approximately 60% of fans worry that excessive technology could diminish the excitement of attending live events, highlighting the need for a balance between innovation and authenticity [8][9] - There are significant concerns regarding data privacy and misinformation, with two-thirds of fans worried about unverified content and 57% concerned about false information affecting perceptions of players and teams [10][11] Stadium Innovations - Stadium operators are investing in technology to enhance fan experiences, with over half of attendees appreciating improvements in ticketing, scheduling, and real-time apps [12]

Core Insights - INVL Asset Management has successfully raised EUR 35.43 million for investments in funds managed by 17Capital, reinforcing its leading position in the Baltic private debt market [1] - The private debt market is rapidly growing globally, with the Baltic region also experiencing significant interest from both retail and institutional investors [2][4] - The INVL Partner Strategic Lending funds, launched this year, target an expected net average annual investment return of over 10% with a duration of 7 years [6] Company Overview - INVL Asset Management is the leading alternative asset manager in the Baltics, managing or supervising over EUR 1.9 billion across various asset classes, including private equity and private debt [7][8] - The company has a track record of over 30 years and aims to deliver superior risk-adjusted returns while positively impacting the region's economic development [8] Investment Strategy - The INVL Partner Strategic Lending funds invest in funds managed by 17Capital, which specializes in lending to top private equity funds and management companies [5] - The minimum investment for informed investors in these funds is EUR 125,000 or USD 145,000 [6]