Domestic Investment - Daimeng Robotics completed a financing round of over 100 million yuan, focusing on high-resolution multi-modal tactile perception and intelligent solutions for various industries [1] - Zhirun Medical announced the completion of over 300 million yuan in Series A financing, aimed at advancing brain-machine interface technology for precise diagnosis of neurological diseases [2] - Leju Technology completed a B++ round of financing, with Kunlun Capital as the sole investor, marking the successful conclusion of its B round series [3][4] - Ronghe Yuanchu received B round financing from Guokun Investment, CIMC Group, and Yuanxin Fund, focusing on large-scale energy storage systems [5] - Feidu Technology completed several million yuan in strategic financing, developing a digital twin platform for various smart industries [6] - Xinghua Chip received an investment of 15 million yuan from Huitong Energy, increasing its registered capital [7] - Siweibo secured several million yuan in B round investment from Shenzhen Jiadao Green Low Carbon Investment Fund, focusing on agricultural biotechnology [8] - Guangdong Jianke went public on the Shenzhen Stock Exchange, raising 687 million yuan through the issuance of 105 million shares at 6.56 yuan each [9] - Ruimo Environmental completed a new round of financing led by Ingka Investments, focusing on recycled plastics [10] - Yongzhi Semiconductor received investment from Yida Capital to enhance its product development and capacity [11] - Lanyi Aviation completed several million yuan in Pre-A round financing, focusing on eVTOL aircraft development [12] Foreign Investment - HackQuest secured $4.1 million in Pre-A round financing, focusing on Web3 education [13] - HYLENR received $3 million in Pre-A round financing, developing low-energy nuclear reaction technology [14] - Chowdeck completed $9 million in Series A financing, focusing on local food delivery in Nigeria and Ghana [15] - FORT raised $18.9 million in Series B financing, developing a network security management platform [16] - Equillium announced up to $50 million in strategic investment for its autoimmune disease treatments [17] - Nanotein secured $3 million in strategic investment for its cell therapy products [18] - Tahoe Therapeutics completed $30 million in financing, focusing on AI-driven human cell models for drug design [19] - SetPoint Medical raised $115 million in Series D financing for its bioelectronic medicine platform [20] - August Health announced $29 million in Series B financing for its modern nursing care platform [21] IPO Queue - Jiaxin International submitted post-hearing materials for its tungsten mining project [22] - Koma Materials passed the review meeting, focusing on automotive clutch plate production [23] - Hongyuan Co. publicly offered shares, specializing in high-end transformer electromagnetic wire production [24]

Core Viewpoint - The establishment of Yucheng Yuming Food Distribution Center indicates a growing trend in the food delivery and sales industry, particularly in the context of pre-packaged food and agricultural products [1] Company Summary - Yucheng Yuming Food Distribution Center is registered with a capital of 10,000 RMB [1] - The legal representative of the company is Luo Famei [1] - The business scope includes general projects such as food delivery services, sales of pre-packaged food, grain and oil storage services, retail of edible agricultural products, sales of agricultural by-products, and internet sales [1] Industry Summary - The company operates under a framework that allows for self-management of non-prohibited or restricted projects according to laws and regulations [1] - The business is also involved in licensed projects, specifically food sales, which require approval from relevant authorities before operations can commence [1]

Core Insights - DoorDash's Q2 financial results exceeded Wall Street expectations, showcasing strong growth in its core business despite overall consumer market pressures [1][3] - The company reported a net profit of $285 million for Q2, translating to earnings of $0.65 per share, a significant turnaround from a loss of $157 million (or $0.38 per share) in the same period last year [1][3] - Revenue for the quarter increased from $2.63 billion in the previous year to $3.28 billion, surpassing market forecasts [1][3] Financial Performance - The Gross Order Value (GOV) grew by 23% year-over-year to $24.24 billion, exceeding analyst expectations of $23.63 billion [3] - Adjusted EBITDA for Q2 reached $655 million, also surpassing market expectations [3] - For Q3, DoorDash anticipates total orders to be between $24.2 billion and $24.7 billion, with a median estimate exceeding Bloomberg's analyst average of $23.8 billion [3] User Engagement and Market Position - The management attributed the better-than-expected performance to an increase in active user base and user engagement, highlighting the high retention rates among long-term users [3] - The number of paid subscribers for the DashPass service increased, contributing to a record high of 761 million orders in the quarter [3] - DoorDash emphasized its significant leading position in the U.S. food delivery market, outperforming competitors like Uber Eats [4]

Core Insights - DoorDash reported strong Q2 earnings, achieving a net profit of $285 million, translating to earnings per share of $0.65, a significant turnaround from a loss of $157 million (EPS loss of $0.38) in the same period last year, and exceeding analyst expectations of $0.44 per share [1][3] - Revenue for the quarter grew from $2.63 billion to $3.28 billion year-over-year, also surpassing market forecasts [1][3] Financial Performance - The Gross Order Value (GOV) increased by 23% year-over-year to $24.24 billion, exceeding analyst expectations of $23.63 billion [3] - Adjusted EBITDA for Q2 reached $655 million, surpassing market expectations [3] Future Outlook - For Q3, DoorDash anticipates total orders to be between $24.2 billion and $24.7 billion, with a median exceeding the Bloomberg analyst average of $23.8 billion [3] - The expected adjusted EBITDA range for the same period is $680 million to $780 million, with a midpoint of $730 million, higher than the consensus estimate of $718.9 million [3] User Engagement and Market Position - The company attributes its performance to an increase in active user base and user engagement, highlighting the high retention rates of long-term users and growth in orders from non-restaurant categories [3][4] - The number of paid subscribers for the DashPass service has increased, contributing to a record order volume of 761 million [3][4] Competitive Landscape - DoorDash's Q2 order total of $24.2 billion not only surpassed Uber Eats' performance but also exceeded its own previous quarter's results [4] - The company is actively enhancing its business through acquisitions, including the pending acquisition of UK-based Deliveroo and completed acquisitions of SevenRooms and Symbiosys, aimed at strengthening its service capabilities [4]

Core Insights - Uber reported better-than-expected Q2 revenue and guidance, indicating further growth potential in its core ride-hailing and delivery businesses [1] - The company announced a new $20 billion stock buyback plan [1] Financial Performance - Q2 revenue increased by 18% year-over-year to $12.7 billion, exceeding market expectations; earnings per share were $0.63, in line with forecasts [1] - Total bookings for Q2 grew by 17% to $46.8 billion, surpassing market expectations [2] - Adjusted EBITDA reached a record $2.12 billion, higher than the anticipated $2.09 billion [2] Business Segments - The delivery segment performed strongly, offsetting a slight decline in ride bookings; more users in the U.S., Australia, Canada, and Mexico are utilizing delivery services [2] - The ride-hailing segment's total bookings reached $23.8 billion, slightly below analyst expectations of $23.9 billion [2] Future Outlook - For Q3, total bookings are expected to range between $48.25 billion and $49.75 billion, exceeding previous market expectations of $47.6 billion [2] - Adjusted EBITDA for Q3 is projected to be between $2.19 billion and $2.29 billion, with the midpoint exceeding market forecasts [2] Strategic Initiatives - The company is leveraging cross-selling advantages between its two core services, with 12% of annual delivery orders (approximately $10 billion) generated through the Uber rides app [3] - The paid membership program, Uber One, saw a 60% year-over-year increase in subscribers, now exceeding 36 million, contributing 40% of total bookings [3] - Uber plans to intensify efforts to expand its business outside major European cities and is exploring partnerships with taxi companies to enter new markets [3] Market Response - Following the announcement, Uber's stock rose over 1% in pre-market trading [4]

Core Viewpoint - UBS analysts express mixed feedback on the anti-involution measures, indicating that the market remains skeptical about their potential impact on stock prices [1][4]. Industry Analysis - **Cement**: Price decline mainly due to weak demand, with output prices remaining above cost levels. The sector is mostly priced in, with CNBM (3323 HK) as a top pick [2]. - **Coal**: Limited outdated capacity and energy security concerns lead to a slight price increase, with moderate demand impact. The sector is partly priced in [2]. - **Lithium**: Long-term demand remains strong, with potential price increases for lithium carbonate contracts. The sector is slightly priced in, with Qinghai Salt Lake (000792 CH) as a top pick [2]. - **Chemicals**: Certain subsectors face poor profitability, with potential for capacity reform. The sector is not priced in, with Hualu-Hengsheng (600426 CH) and Hengli (600346 CH) as top picks [2]. - **Auto**: Strong price cuts and global pressure on excess capacity lead to slightly higher consumption. The sector is not priced in, with BYD (1211 HK), Li Auto (LI US), and GWM (2333 HK) as top picks [2]. - **Insurance**: Financial stability is important, with limited demand impact. The sector is partly priced in, with Ping An Insurance-H (2318 HK) and CPIC-H (2601 HK) as top picks [2]. - **Solar Supply Chain**: Low profit margins and global pressure to cut excess capacity lead to higher prices. The sector is slightly priced in, with GCL Tech (3800 HK), Tongwei (600438 CH), and Longi (601012 CH) as top picks [2]. - **Hog**: Hog prices are a key component of CPI, with limited demand impact. The sector is partly priced in, with Muyuan (002714 CH) and Wens (300498 CH) as top picks [2]. - **Healthcare**: Healthcare costs need to be kept low, with limited demand impact. The sector is mostly priced in, with 3S Bio (1530 HK) and Weigao (1066 HK) as top picks [2]. - **Food Delivery**: Companies face loss-making conditions, with high demand sensitivity. The sector is slightly priced in, with Alibaba (BABA US) as a top pick [2]. - **Steel**: Steel gross margins remain decent, with limited demand impact. The sector is overly priced in [2]. Investment Opportunities - UBS identifies solar, chemicals, and lithium industries as the most attractive for selective investment based on their low profitability, growth potential, and valuation risks [4][12].

Important News - The U.S. trade deficit reached a record high in March due to tariffs leading to stockpiling of goods [1] - The EU plans to impose additional tariffs on approximately €100 billion (about $113 billion) worth of U.S. goods if ongoing trade negotiations do not yield satisfactory results [1] - Canadian Prime Minister Carney is set to meet with Trump to discuss trade and relations between the two countries [1] Company News - IBM (IBM.N) and Oracle (ORCL.N) announced an expansion of their partnership to advance agent-based AI and hybrid cloud, integrating IBM's flagship AI product suite, watsonx, into Oracle Cloud Infrastructure (OCI) [2] - The U.S. Department of Justice filed documents in federal court requiring Google (GOOG.O) to divest two core assets from its online advertising business—AdX advertising trading platform and publisher ad server [2] - DoorDash (DASH.N) has reached an agreement to acquire the UK-based food delivery platform Deliveroo for £2.9 billion (approximately $3.9 billion) in equity value [2] - Piper Sandler recently warned that under the worst-case scenario of reduced capital expenditures and continued weak demand in the Chinese market, NVIDIA's (NVDA.O) data center business could face an impact of up to $9.8 billion in annual revenue [2] - AstraZeneca (AZN.O) announced that a new indication for its BTK inhibitor has been approved by the EU for the treatment of mantle cell lymphoma, marking it as the first and only approved inhibitor for this indication in the EU [2] - Tesla (TSLA.O) saw a 62% year-over-year decline in new car sales in the UK for April, marking the lowest level in over two years [2] - Pony.ai (PONY.O) and Uber (UBER.N) announced a strategic partnership, with Pony.ai's Robotaxi service and fleet set to integrate into the Uber platform in the second half of this year [2][3]