宁波前湾新区，正在成为"独角兽"的集聚区。 公开资料显示，康龙化成是国际领先的"全流程、一体化、国际化、多疗法"生命科学研发服务企业，服 务全球超过3000家客户，包括全球前20大制药企业。记者注意到，去年9月，全国首款主治非小细胞肺 癌新药上市，受托研发的正是康龙化成。 用AI破局临床试验数智化，去年落地前湾的一临云（宁波）科技有限公司已成为行业内一匹超级"黑 马"。今年3月，该企业宣布完成新一轮数千万元融资，由知名生物医药投资机构宏沣投资独家领投。 "临床研究周期漫长、数据量大，智能化是大趋势。"一临云创始人覃龙博士介绍，凭借强大的AI能力积 累，企业实现技术在临床研究全链条的深度渗透——从试验设计、数据采集与分析到患者管理与流程优 化，显著提升效率并降低成本。 作为先进制造的代表，半导体行业向来是独角兽、瞪羚等企业集中的板块。前湾上榜企业中有6家来自 半导体行业。 由复旦大学宁波研究院大生态培育孵化的清纯半导体成立一年内便推出首款车规级量产碳化硅二极管及 MOSFET产品和首款国产电动车主驱用碳化硅MOSFET产品，两项产品均填补国内空白，累计融资超8 亿元；中电化合物是浙江引进的首个第三代半导体项目， ...

Group 1 - Doubao-Seed-1.6 model was officially launched, supporting 256k long context, with a daily average token usage of 16.4 trillion by the end of May [1] - The launch reflects the extensive application of Doubao in a competitive large model industry, necessitating continuous performance optimization and innovation in multimodal fields [1] Group 2 - Qianxun launched a mini-program named "Qianxun Super Member," which sparked speculation about its connection to the return of influencer Viya, but the company denied any such link [2] - The mini-program aims to promote consumption and serve merchants while adhering to national laws and regulations, indicating a shift in the live e-commerce industry towards private domain operations [2] Group 3 - AliExpress, a cross-border e-commerce platform under Alibaba, launched a car sales business, initially offering Chinese electric vehicles during the overseas "618" shopping festival [3] - This move is seen as a strategic expansion into vehicle sales, leveraging its existing user base in auto parts, but faces challenges related to after-sales and logistics [3] Group 4 - 3D model company VAST secured tens of millions of dollars in Pre-A+ round financing, led by Beijing AI Industry Investment Fund, with previous investors including various venture capital firms [4] - VAST launched the world's first AI-driven one-stop 3D workspace, Tripo Studio, and is set to introduce a new algorithm, Tripo 3.0, enhancing its competitive edge in the 3D modeling market [4]

其实，对消费者而言，"享受实惠"固然重要，但在购买新能源车这件事上，已过了单纯只看价格的时 代。在"日日有新款"的今天，设计感、个性化、高性能、强售后，也是消费者购置新车时必须考量的因 素。看中驾驶感的消费者在意的是百公里加速时间、高速动力输出水平；喜欢酷炫风的消费者则关心智 能化的辅助功能、未来感的交互界面；还有不少消费者更乐意为"颜值"买单，他们研究内饰的线条、轮 毂的造型，就连车漆与牌照颜色能不能搭配得和谐，都得纠结大半天……面对消费观念的转变、消费偏 好的调整，单靠"低价输出"，只会让车企陷入"越造越赔""增收不增利"的困境。(人民日报) ...

与其"跟风"，不如"造风"。在未来，新能源车行业更需要一种"长期主义"的格局，在价值创造的过程 中，找到擅长的方向和赛道，跑得更远更稳更好 这段时间有朋友准备入手新能源车，去4S店试驾新车，一直在考虑到底买哪款。没过几天，待选的几 款车型全部降价。朋友一方面感慨"省钱了"，一方面又更加不敢出手，"怕买贵"。汽车论坛里，不少老 车主吐槽遭遇"价格背刺"：提车两个月，降价两万元，新款上市直接变"绝版车"。在新能源车消费市 场，"买得越早，亏得越狠"的尴尬为何挥之不去？ 在"日日有新款"的今天，设计感、个性化、高性能、强售后，也是消费者购置新车时必须考量的因素。 看中驾驶感的消费者在意的是百公里加速时间、高速动力输出水平；喜欢酷炫风的消费者则关心智能化 的辅助功能、未来感的交互界面；还有不少消费者更乐意为"颜值"买单，他们研究内饰的线条、轮毂的 造型，就连车漆与牌照颜色能不能搭配得和谐，都得纠结大半天……面对消费观念的转变、消费偏好的 调整，单靠"低价输出"，只会让车企陷入"越造越赔""增收不增利"的困境。 不久前，中国汽车工业协会发布《关于维护公平竞争秩序促进行业健康发展的倡议》，引导车企比 拼"价值"不卷"价格 ...

[Table_Main] 行业研究|能源|新能源 证券研究报告 新能源行业周报、月报 2025 年 06 月 11 日 [Table_Title] 供给侧有望反转，技术迭代加速破局 ——电力设备新能源行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 06 月 01 日至 06 月 06 日，上证综指上涨 1.13%，深证成指 上涨 1.42%，创业板指上涨 2.32%。其中申万电力备上涨 1.38%，较 沪深 300 跑赢 0.5pct。细分子行业来看，申万光伏设备/风电设备/电 池/电网设备分别上涨 1.10%/1.50%/1.05%/1.80%。 重点板块跟踪 特斯拉：6 月 4 日，特斯拉宣布在美国构建覆盖"锂矿提炼-材料制造 -电芯生产-整车组装"的全链条电池生产体系，旨在彻底摆脱对中国供 应链的依赖。马斯克明确表示："供应链本地化对降低地缘政治风险 至关重要"。 投资建议 光伏：在经历"430 抢装"驱动的分布式项目采购潮后，光伏产业链 价格如期进入回调周期，硅料、硅片及组件等环节价格中枢较抢装期 下移，但较 Q1 低点仍保有一定的缓冲空间。当前价格波动实为产能 调节 ...

Group 1 - The Hong Kong stock market showed a positive trend with significant gains in sectors such as media, automotive, cultural tourism, and e-commerce, indicating a strong consumer sentiment [1] - The Hong Kong Consumption ETF (159735) rose by 0.84%, with a trading volume exceeding 30 million, reflecting high market activity and interest in consumer stocks [1] - The current consumer landscape emphasizes unique experiences as a form of social currency, with companies focusing on emotional resonance and cultural identity to connect with younger generations [1] Group 2 - New consumption trends are driven by modern consumers' dual demands for quality-price ratio and emotional value, with product quality, emotional value, and cost-effectiveness being the top three factors influencing purchasing decisions [2] - The market for trendy toys, "grain economy," and freshly brewed tea has seen a compound annual growth rate of 23%-30% over the past two years, highlighting the rapid growth of the new consumption market [2] - A survey by McKinsey indicates that Generation Z has the highest optimism regarding consumption prospects, with 78% expressing positive views [2]

Group 1 - Regulatory bodies have called for an end to "involution-style" competition, leading several automakers to commit to not delaying payments to suppliers, with companies like FAW Group, Dongfeng Motor, GAC Group, Seres, and BYD promising a payment period not exceeding 60 days [1] Group 2 - The New Energy Vehicle ETF (159806) has rebounded strongly, rising over 2% during trading, driven by favorable market conditions [2] - In May, the retail sales of new energy passenger vehicles reached 1.021 million units, marking a year-on-year increase of 28.2% and a month-on-month increase of 12.1%, with a retail penetration rate of 52.9% [2] - Pacific Securities forecasts that under the influence of policies like trade-in incentives, the wholesale sales of new energy passenger vehicles are expected to reach 1.24 million units by May 2025, representing a year-on-year growth of 38% and a month-on-month growth of 9% [2] - The core drivers of the current market are the intelligentization of electric vehicles and ecological upgrades, with the potential for continued growth in the integration of new energy and AI [2] - The New Energy Vehicle ETF tracks the CS New Energy Vehicle Index (399976), which includes listed companies across the new energy vehicle supply chain, reflecting the overall performance of the sector [2]

出口回落的 3 个因素与关税微观影响的 4 条线索 20250610 摘要 美国关税对中国出口产生滞后影响，尤其对美出口大幅下降约 35%，但 中美会谈后影响减弱，机电产品单价有所改善，盈利有望修复。 中国集成电路出口逆势高增，表现优于越南、韩国等电子贸易经济体， 反映电子链条强劲的抢出口需求，需关注后续节奏扰动。 中国对美国消费品出口敏感度较高，中间品因前期经验和政策扶持具备 韧性。新优势产业如锂电池、新能源车对美出口逆势上涨。 5 月中国商品结构变化受机电品类、跨境电商品类及仿制鞋包影响，跨 境电商受需求走弱影响，新优势产业如船舶、集成电路及汽车链条外需 走强。 中国集成电路及电子产品在全球市场表现出逆势高增长，反映全球技术 革命驱动下电子业投资及贸易冲击较低，需关注未来可能出现的节奏扰 动。 5 月中国进口受能源及矿产相关资本品需求走弱拖累，东盟、非洲等经 济体下行明显，机电品类，特别是中国台湾的集成电路需求是主要支撑。 关税缓和信号和全球制造业 PMI 企稳缓解外需收缩压力，中美经贸会谈 推进有望进一步缓解关税紧张局势，但贸易形势仍具不确定性。 Q&A 5 月份中国进出口数据表现如何？有哪些主要因素影 ...

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, is experiencing significant upward momentum, raising questions about the potential for a bull market [1][3]. Group 1: Market Performance - The Hang Seng Index has seen a year-to-date increase of over 21%, while the Hang Seng Technology Index has outperformed with a 27% rise, exceeding the Hang Seng Index by approximately 6% [3]. - The Southbound capital has continuously invested in Hong Kong stocks, with a net inflow exceeding 650 billion HKD by the end of May, representing 80% of last year's total [3]. - The Hong Kong Technology Index has shown a remarkable increase of 53% since September 2024, outperforming the Hang Seng Technology Index by about 7% [4]. Group 2: Sector Analysis - The Hong Kong Technology Index includes a broader sector distribution, with an additional 10% allocation to pharmaceuticals compared to the Hang Seng Technology Index, which may explain its superior performance [4]. - The Hong Kong stock market is home to unique assets not available in the A-share market, particularly in the internet and AI sectors, making it more attractive for investment [6]. Group 3: Economic Outlook - Several international investment banks, including Deutsche Bank and Morgan Stanley, have raised their economic growth forecasts for China in 2025, which is expected to attract more capital back to the Chinese market [6]. - Nomura has increased its GDP growth forecast for China's second quarter from 3.7% to 4.8%, and has raised its full-year GDP growth prediction by 0.5 percentage points [6]. Group 4: Investment Strategies - The Hong Kong Technology Index currently has a price-to-earnings ratio of approximately 22.04, placing it in the 5.36% percentile, indicating it is cheaper than 95% of historical periods [8]. - The Hong Kong Dividend Low Volatility Index has a dividend yield of 7.91%, which is higher than that of the A-share dividend index, making it a more attractive option for investors [11]. - The ETF fund size has increased by 250 million this year, suggesting a growing interest in diversified investment strategies that combine both technology and dividend-focused ETFs [13].

A股三大指数今日高开高走，截至收盘，沪指涨0.43%，一度站上3400点，收3399.77点，深 成指涨0.65%，创业板指涨1.07%。全市场成交额13126亿元，较上日放量1355亿元。全市场 超4100只个股上涨。 今天盘面上生物医药板块"霸榜"， A股概念板块涨幅榜前列被多个医药行业细分板块"占领"， 减肥药、CRO概念、创新药、毛发医疗、阿尔茨海默概念等板块涨幅排在前列。车圈大佬周末 大打口水仗，今天汽车板块虽然表现平淡，但是仍有较高关注度。 一起来看今天的热点。 01 强势霸榜，生物医药领涨两市！ 生物医药板块 今日表现强劲，创新药方向成为市场焦点。板块指数放量大涨逾4%，创下历史 新高。星昊医药冲击30%涨停，海辰药业、睿智医药等多股触及20cm涨停板，众生药业等近 20只个股强势涨停 或涨超10%。 此外， 常山药业自从4月9日最低点15.75元至今，两个月股价涨幅超过200%，2023年8月股 价最低4.3元，至今涨超十倍，强势领涨创新药板块。 常山药业近期大涨主要是受到其减肥药预期的推动。艾本那肽是常山药业以控股子公司常山凯 捷健为主体进行研发注册的1类创新药，作为一种长效胰高血糖素样肽- ...