在A股市场IPO持续收紧的背景下，越来越多的国内企业开始赴港上市。5月19日，山东快驴科技发展股份有限公司(简称"快驴科技")向港交所 递交招股书，拟在港交所主板挂牌上市，交银国际为独家保荐人。这是该公司第一次递表港交所，作为市占率位列中国短距离绿色出行科技服 务商第一位的快驴科技，其服务网络已覆盖全国31个省份，目前拥有超过950名区域服务商及2万家合作门店。 数据显示，2024年山东在港交所上市的企业总数达到了69家，从市值方面来看，山东港股上市公司总市值接近1.4万亿港元。业内观察，相较 于部分内地资本市场，港股上市要求相对宽松，能够更好地满足不同企业的融资需求。专家提醒，港股市场主要以专业投资者为主，企业需要 在提升自身竞争力和吸引力方面下更多功夫，以获取投资者的认可和资金支持。 短距离绿色出行综合服务市占率第一，快驴科技最大供应商为超威集团 招股书显示，快驴科技2014年成立于泰安市，是一家为轻型电动车用户、大型商业物流配送的服务商，为客户提供定制化解决方案，满足客户 多样化的短距离绿色出行需求。根据弗若斯特沙利文，按2024年收入计，快驴科技是中国内地领先的短距离绿色出行科技综合服务商，市场份 额 ...

Economic Growth and Stability - China's national economy continues to show stable growth, with multiple indicators signaling positive trends despite a complex international environment [1][7] - In April, the industrial production showed a steady recovery, with the industrial added value for large enterprises increasing by 6.1% year-on-year, marking one of the fastest monthly growth rates since last year [2][3] Industrial Production and New Quality Productivity - The industrial sector is transitioning towards high-end, intelligent, and green development, supported by effective policy measures [2][3] - High-tech industries are experiencing rapid growth, with the added value of equipment manufacturing and high-tech manufacturing increasing by 9.8% and 10.0% year-on-year, respectively [2] - Notable growth in specific sectors includes aerospace equipment manufacturing and integrated circuit manufacturing, with increases of 21.4% and 21.3% [2] Consumer Market Dynamics - The consumer market is showing stable growth, with total retail sales of consumer goods reaching 37,174 billion yuan in April, a year-on-year increase of 5.1% [4][5] - The sales of essential and upgraded goods are performing well, with significant growth in categories such as food and sports entertainment products [4] - The "old for new" policy is driving substantial sales increases in home appliances and communication equipment, with year-on-year growth rates of 38.8% and 19.9%, respectively [4] Investment and Trade Performance - Despite external pressures, China's foreign trade remains stable, with total goods import and export value increasing by 2.4% in the first four months of the year [7] - Fixed asset investment grew by 4% in the same period, with equipment investment rising by 18.2%, contributing significantly to overall investment growth [7] - The Consumer Price Index (CPI) showed a slight year-on-year decline of 0.1% in April, indicating a stable inflation environment [7][8] Economic Resilience and Future Outlook - China's economic foundation is solid, with a robust manufacturing sector and a large consumer market, providing strong resilience against various risks [8] - The government aims to enhance domestic demand and implement policies to support industrial development and innovation [3][5]

经济观察报记者 刘晓林 共享出行领域又一家头部企业完成新的战略布局。5月第二周，上汽集团旗下移动出行品牌享道出行宣布一系列战略动作，包括完成 超13亿元C轮融资、与Momenta达成战略合作、推动国内首个主驾无人L4级Robotaxi（无人驾驶出租车）车队落地上海。5月18日，享道出行相关负责人在接 受经济观察报采访时表示，享道Robotaxi业务已低调运营三年多，在此基础上，与Momenta组建的Robotaxi车队在技术和运营上将呈现新的模式。同时，享 道出行冲击港股的IPO进程也将加快。 享道出行由上汽集团投资并控股，2018年12月在整车企业进军网约车业务的热潮中成立并上线，，目前已在全国80多座城市落地运营，覆盖最密集的地区是 上海和长三角。C轮融资完成后，享道出行进一步明晰了旗下三大业务主线：个人出行、企业出行和未来出行。其中，聚焦个人出行的网约车是主营业务， 在上海的市占率仅次于滴滴；针对企业大客户的企业出行业务是主要利润来源；Robotaxi则是具备战略意义的未来出行布局，兼顾了自动驾驶技术研发、测 试、运营的重任。 通过完成新融资、Robotaxi规模化运营、加快IPO，此前一直低调运营的享 ...

Core Viewpoint - Shandong Kuailu Technology Development Co., Ltd. (referred to as "Kuailu Technology") has submitted its prospectus for an initial public offering on the main board of the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for customized solutions in short-distance green travel [1][3]. Company Overview - Kuailu Technology provides customized solutions including batteries and components, technical support, and training to meet diverse short-distance green travel needs [3]. - According to Frost & Sullivan, Kuailu Technology is a leading comprehensive service provider for short-distance green travel technology in mainland China, holding a market share of 2.2% as of 2024 [3]. - The company's service network covers all 31 provinces in China, with over 950 regional service providers and 20,000 local partner stores as of the end of 2024 [3]. - Established in October 2014, Kuailu Technology was previously known as Zhejiang Kuailu Technology Co., Ltd. and relocated from Hangzhou, Zhejiang Province to Tai'an, Shandong Province in July 2023 [3]. Ownership Structure - The registered capital of Kuailu Technology is approximately 11.11 million yuan, with Wu Yingjie as the legal representative [3]. - Wu Yingjie directly controls 13.50% of the company's shares and holds a total of 85.50% voting rights through Longxing Mingyuan and Longxing Mingwei [5]. Business Segments - Kuailu Technology's brands include "Kuailu Travel," "Kuailu Selection," and "Kuailu Education," with "Kuailu Travel" being the core brand [7]. - The main business activities involve providing lead-acid and lithium-ion batteries, selling chargers, tires, and various parts for short-distance light electric vehicles [7]. - The company primarily generates revenue from the "Jinchaowei" brand, alongside its own brand offerings [7]. Financial Performance - Kuailu Technology's revenue for the years 2022, 2023, and 2024 was approximately 1.31 billion yuan, 1.22 billion yuan, and 1.63 billion yuan, respectively, with net profits of 6.29 million yuan, 2.30 million yuan, and 7.99 million yuan [7][8]. - Revenue from the Jinchaowei brand accounted for 95.1%, 84.9%, and 70.6% of total revenue in 2022, 2023, and 2024, respectively [8]. - The company relies heavily on Super Energy Group as its largest supplier, with procurement amounts from this supplier constituting 98.5%, 87.0%, and 99.2% of total procurement in the respective years [9].

Core Insights - Lyft reported strong Q1 2025 results with gross bookings increasing by 13% year-over-year to $4.2 billion and revenue rising 14% to $1.5 billion, achieving a net income of $2.57 million, a significant improvement from a net loss of $31.54 million in Q1 2024, marking its third consecutive profitable quarter [1] - The company completed 218 million rides, up 16% year-over-year, and expanded its active rider base by 11% to 24.2 million, with notable growth in smaller cities like Indianapolis where rides surged by 37% [1] - Lyft is investing in autonomous vehicle technology through partnerships with Mobileye, May Mobility, and Nexar, aiming to integrate self-driving vehicles into its platform by 2025 [1] Financial Performance - Lyft's revenues have grown significantly, with an average growth rate of 22.2% over the past three years compared to 6.2% for the S&P 500, and a 31.4% increase from $4.4 billion to $5.8 billion in the last 12 months [4] - The most recent quarterly revenue grew 13% to $1.45 billion from $1.28 billion a year earlier, against a 4.9% improvement for the S&P 500 [4] - Lyft's operating income over the last four quarters was -$119 million, resulting in an operating margin of -2.1%, while the net income was $23 million, reflecting a net income margin of 0.4% [5] Valuation Metrics - Lyft has a price-to-sales (P/S) ratio of 0.9 compared to 2.8 for the S&P 500, and a price-to-free cash flow (P/FCF) ratio of 6.2 versus 17.6 for the S&P 500, indicating that the stock appears undervalued [6] - The company's balance sheet shows a debt of $1.2 billion against a market capitalization of $6.8 billion, resulting in a debt-to-equity ratio of 22.2% [7] - Lyft's cash and cash equivalents amount to $2.0 billion, providing a cash-to-assets ratio of 35.1%, significantly higher than the S&P 500's 15.0% [7] Resilience and Market Performance - Lyft's stock has underperformed compared to the S&P 500 during recent downturns, with an 88.1% decline from its peak in March 2021 to May 2023, while the S&P 500 saw a peak-to-trough drop of 25.4% [9] - The stock also experienced a 70.2% decline during the COVID-19 pandemic, compared to a 33.9% decline for the S&P 500 [9] - Overall, Lyft's performance across various parameters indicates a low valuation, making it an attractive investment opportunity [10]

Core Viewpoint - The International Organization for Standardization (ISO) has released a new standard (ISO 25556:2025) focusing on the digital economy from the perspective of an aging population, with China leading its development [1][3] Group 1: Standard Overview - The standard outlines basic principles and core elements for an age-inclusive digital economy, providing specific recommendations and application cases for high-frequency scenarios such as online shopping, digital banking, and smart transportation [1][2] - It aims to bridge the digital divide for the elderly by offering scientific solutions to enhance their participation in the digital economy [1][3] Group 2: Specific Recommendations - For online shopping, the standard suggests simplifying operational processes and implementing large fonts and high-contrast interfaces to assist elderly users [1] - In digital banking, it encourages features like voice guidance and quick access to customer service to facilitate transactions for older adults [1][2] Group 3: Broader Implications - The standard also addresses smart transportation by promoting features like one-click ride-hailing and trip-sharing with family to enhance safety and convenience for elderly users [2] - In smart community initiatives, it advocates for the integration of essential service information in an easily understandable format for older adults [2] Group 4: National Efforts and International Collaboration - The National Market Supervision Administration of China has established a joint working group to enhance standardization in the aging sector, resulting in over 240 national standards related to aging and accessibility [2][4] - China is actively promoting international recognition of its aging-related standards, aligning closely with those of developed countries like Japan and Germany, emphasizing accessibility and safety [4]

新消费：行情逻辑复盘，核心标的梳理 20250520 摘要 • 国海证券看好美护、黄金珠宝和出行链板块，认为黄金珠宝受益于低基数 和合理估值，出行链在暑期有望持续增长，美护板块已先行上涨。建议关 注黄金珠宝、美护和出行链的投资机会。 • 新消费行情预计持续至暑假，并可能延续至下半年。五一和清明节数据显 示消费者出行意愿强烈，美护和黄金珠宝板块也展现出增长潜力。 • 国海证券推荐老铺黄金、长荣股份、上美股份等个股。老铺黄金业绩确定 性高，长荣股份 C 端增速强劲，上美股份 2025 年业绩确定性较高，估值 合理。 • 2025 年化妆品行业整体乐观，一季度跑赢社零大盘，国货市占率持续提 升。选股逻辑关注市场敏感型和企稳回暖型公司，上美股份符合两类标准。 • 新品牌 NewPay 表现突出，预计全年收入至少 8 亿，经营利润率约 20%。主品牌韩束在抖音自播占比提升，天猫等渠道发力，并扩展彩妆和 男士洗护品类，预计 2025 年整体业绩成长性较强。 • 老铺黄金处于天时地利人和的较好阶段，4 月份 SKP 体系销售同比增长 140%~150%，万象体系销售同比增长 150%以上，新开门店带动销售 持续破圈，70% ...

｜2025年5月21日星期三｜ NO.1 宁德时代港股上市首日涨超16% 5月20日，宁德时代（HK03750，股价306.20港元）正式在港交所挂牌上市。截至收盘，宁德时代报收306.20港元/股，较263港元的发售价涨 幅达到16.43%。在上市仪式现场，宁德时代董事长、CEO曾毓群发言表示，全球零碳交通是一个万亿元级的市场，正在爆发。当前全球交通 体系正在重构，新能源汽车以及换电生态正进入爆发阶段，低空经济、电动船舶等领域方兴未艾。 点评：宁德时代在港交所的成功上市，不仅赢得了资本市场的认可，也为其在全球零碳交通领域的发展注入了新动力。 NO.2 快驴科技递表港交所 5月19日，山东快驴科技发展股份有限公司（以下简称快驴科技）正式向港交所主板递交上市申请。该公司主要为轻型电动车用户、大型商业 物流配送服务商和城市绿色共享出行用户提供服务。根据弗若斯特沙利文的数据，按2024年收入计算，快驴科技在中国内地短距离绿色出行 科技综合服务市场占有2.2%的份额。 点评：寻求上市有望为快驴科技带来更多资本支持，推动其业务扩张和技术创新，进一步巩固其在绿色出行领域的领先地位。 NO.3 奇富科技一季度营收同比增长近 ...

纳指盘初跌0.41%，标普500指数跌0.32%，道指跌0.15%。特斯拉涨超2%，马斯克表示，在五年内继续 担任特斯拉首席执行官；小马智行涨超6%，公司Q1营收同比增12%，Robotaxi收入暴增200%；哔哩哔 哩涨超3%，公司Q1营收同比增24%，游戏业务同比大增76%。 ...

Core Viewpoint - Shandong Kuailu Technology Development Co., Ltd. (Kuailu Technology) has submitted an application for listing on the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1] Company Overview - Kuailu Technology is a leading provider of short-distance green travel technology services in mainland China, holding a market share of 2.2% based on projected revenue for 2024 [3] - The company collaborates with regional service providers and local partner stores to create a service platform for light electric vehicle users, large commercial logistics providers, and urban green shared travel users [3][8] Business Model and Services - The company operates a network covering all 31 provinces in China, with over 950 regional service providers and 20,000 partner stores [4] - Kuailu Technology offers customized solutions including batteries, components, technical support, and training to meet diverse short-distance green travel needs [4][6] - The main business includes providing lead-acid and lithium-ion batteries, selling chargers and tires, and offering technical training and consulting services to local partner stores [6] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024 is approximately RMB 1.31 billion, RMB 1.22 billion, and RMB 1.63 billion, respectively [5][14] - The net profit for the same periods is RMB 6.29 million, RMB 2.30 million, and RMB 7.99 million, respectively [5][14] - The company’s revenue from regional service providers accounted for nearly all sales, with amounts of approximately RMB 1.31 billion, RMB 1.22 billion, and RMB 1.63 billion for the respective years [10][11] Market Potential - The market for short-distance green travel technology services in mainland China is projected to grow from RMB 43.9 billion in 2020 to RMB 72.2 billion in 2024, with a compound annual growth rate (CAGR) of 13.3% [5] - The total sales of light electric vehicles in mainland China are expected to increase from 56.6 million in 2020 to 77.7 million in 2024, with a CAGR of 8.2% [13] Supply Chain and Risks - The company relies heavily on a single supplier, Chaowei Group, for its lead-acid batteries, which poses a concentration risk [12] - Kuailu Technology has maintained a close business relationship with Chaowei Group since 2017, with purchases from them constituting approximately 98.5%, 87.0%, and 99.2% of total purchases for the years ending 2022, 2023, and 2024, respectively [12]