Group 1: Market Overview - The Hang Seng Index rose by 0.07%, gaining 17 points to close at 24,534 points, while the Hang Seng Tech Index increased by 0.29% [1] - The early trading volume in the Hong Kong stock market reached HKD 128.7 billion [1] Group 2: Innovative Drug Sector - The innovative drug sector is experiencing a resurgence, driven by favorable policies and expectations from BD, with institutions noting that the current valuations remain attractive [1] - The Hang Seng Biotechnology Index surged by 4.41% [1] Group 3: Notable Stock Performances - Lepu Biotech-B (02157) saw a significant increase of over 13% [1] - Kangfang Biotech (09926) rose by 10.16% [1] - Kangruoya-B (02162) increased by 12.4% [1] - Sangfor Biopharma (01530) gained 8.94% [1] - Fudan Zhangjiang (01349) surged by 23.9% due to progress in ADC platform development [2] - King’s Ray Biotech (01548) increased by over 6%, with CARVYKTI sales in Q2 growing approximately 136% year-on-year [3] - Ascentage Pharma-B (06855) rose by 4.87%, with recent fundraising exceeding HKD 1.49 billion and the approval of a new drug application [4] - Terns Pharmaceuticals-B (02137) increased by over 6% after granting exclusive rights for a new drug in Greater China [5] - BeiGene (06160) rose by 8.39% after the acceptance of a listing application for a dual-specificity antibody [6] - Damai Entertainment (01060) increased by 7.27%, becoming the official channel for Scottish Super League matches [7] - Bilibili-W (09626) rose by over 4%, with growth in gaming and advertising business leading to a target price upgrade by Bank of America [8] - Fenbi (02469) surged by over 14% following the release of its AI test preparation program, with expectations of improved profit margins due to increased penetration [9] - Smoore International (06969) fell by 1%, with expected net profit decline of up to 35% in the first half of the year due to rising expenses [10]

值得一提的是，据中邮证券数据，仅今年上半年，中国创新药License out总金额已接近660亿美元，赶 超2024全年BD交易总额，MNC对中国创新药资产关注度有望延续。 3、 大麦娱乐(01060) 再涨超5%，公司成为苏超球赛官方渠道，关注体育票务增量。 4、 兆科眼科-B(06622) 盘中涨超5%，近日与法国药企FAREVA达成合作，进一步推动全球扩张战 略。 5、 美图公司(01357) 再涨超5%，公司生活场景出海、生产力场景开拓均取得较大进展，5月20日，美 图公告与阿里巴巴开展战略合作；6月美图秀秀更新"AI闪光灯"功能，登顶11国iOS摄像与录像免费榜 第一名，并取得欧洲市场突破。7月14日，公司官宣"一句话搞定影像生产力"的AI Agent，名为RoboN eo。 6、 腾盛博药-B(02137) 再涨超7%，近期向健康元集团授予新药BRII-693大中华区独家许可。 点击蓝字，关注我们 今日上午港股 1、 哔哩哔哩-W(09626) 涨超4%，游戏及广告业务增量体现，美银上调公司目标价至211港元。 2、 创新药继续受资金追捧，三生制药(01530) 涨超8%、 康方生物(09926) ...

Core Viewpoint - The article discusses the AI game "Whispers from the Star," highlighting its narrative-driven gameplay and the limitations of its AI interaction, suggesting that while it aims for high player engagement, it ultimately falls short in providing meaningful choices and freedom [5][35][82]. Summary by Sections Game Overview - "Whispers" is an AI-driven adventure survival game where players guide the protagonist, Stella, through voice dialogue [5][6]. - The game was first revealed four months prior and underwent a closed iOS test before the Steam demo release [3][5]. Gameplay Experience - The demo lasts approximately 30 minutes, starting with a video call from Stella, who is stranded on a planet called Gaia [8][10]. - Players must engage in multiple dialogues to uncover the story, which involves helping Stella escape her predicament [15][20]. - The game features a linear narrative structure, with limited player agency in advancing the plot, leading to a sense of frustration [25][35]. AI Interaction - Stella exhibits a complex personality, allowing for a range of conversational topics, but the gameplay mechanics restrict meaningful player choices [29][31]. - The AI's responses are designed to feel personal and engaging, yet the linearity of the gameplay undermines the potential for deeper interaction [35][54]. Technical Aspects - The demo showcases high-quality graphics and character modeling, with a focus on realistic dialogue and emotional depth [35][68]. - The integration of various AI technologies enhances the interaction, making Stella's responses feel more lifelike compared to traditional AI characters [66][71]. Comparison with Other Games - The game draws comparisons to "Lifeline," a text-based adventure game, but aims to innovate within the AI gaming space by offering a deeper RPG experience [40][53]. - Other games in the genre have explored different mechanics, but "Whispers" seeks to create a unique narrative-driven experience [45][80]. Future Potential - The article suggests that "Whispers" is still in its early stages, with potential for growth and improvement in gameplay mechanics and narrative depth [38][87]. - The development team is focused on refining the AI's capabilities and expanding the game's content to enhance player engagement [82][87].

Core Insights - The company, Dianhun Network, reported a significant decline in revenue and net profit for the year 2024, with total revenue of 550 million yuan, down 18.71% year-on-year, and a net profit of 30.58 million yuan, down 46.20%, marking the fourth consecutive year of declining net profit [1][9]. Revenue Breakdown - The majority of the company's revenue, 96.75%, comes from games, with client and mobile games contributing significantly [3]. - Client games generated revenue of 370 million yuan, a decrease of 15.88% compared to the previous year, while mobile games earned 162 million yuan, down 20.69% [5]. Cost Analysis - The cost of overseas mobile games increased by 49.33% year-on-year, primarily due to rising costs associated with new game licensing and operational expenses [5]. - The revenue from the agency model saw a drastic decline of 56.88% [5]. Profitability Metrics - The gross profit margin for the network gaming segment was reported at 71.86%, reflecting a decrease of 7.69% compared to the previous year [7]. - The gross profit margin for client games was 83.26%, down 2.85%, while mobile games had a margin of 45.89%, down 19.55% [7]. Regional Performance - Domestic revenue accounted for 493 million yuan, down 16.88%, while overseas revenue was 39 million yuan, down 23.55% [7]. Sales Model Performance - Revenue from self-operated models was 384 million yuan, down 20.34%, while revenue from agency models plummeted by 56.88% [7]. Key Product Insights - The "Dream Three Kingdoms" series remains a cornerstone for the company, contributing 65.27% of total revenue, but is now facing a decline in paying users after over a decade of operation [8]. - The new game "Barbarian Battle 2" launched on May 28, 2025, achieved a ranking of 8th in the free game category on the App Store on its launch day [9]. Recent Financial Performance - In the first quarter of 2025, the company reported total revenue of 10.2 million yuan, down 25.65%, and a net profit of 1.61 million yuan, down 96.53%, nearing the brink of loss [9].

Core Viewpoint - The AI Fund Yongying Consumer Leader Smart Selection Mixed Fund A (016549) reported a profit of 1.1206 million yuan for Q2 2025, with a net value growth rate of 14.04% during the period [2]. Fund Performance - As of July 16, the fund's unit net value was 0.797 yuan, with a one-year cumulative net value growth rate of 20.43%, ranking 40 out of 139 comparable funds [2][3]. - The fund's three-month and six-month net value growth rates were 16.84% and 15.11%, ranking 6 out of 139 and 24 out of 139 respectively [3]. Fund Management Insights - The fund manager indicated a focus on opportunities in the media sector, particularly in gaming, AI applications, and short dramas, despite a challenging overall consumer environment [2]. - The gaming sector is expected to see performance boosts from new product launches and seasonal demand, while AI applications are gaining traction among leading companies [2]. Fund Characteristics - The fund has a high concentration of holdings, with the top ten stocks including companies like Kaiying Network, Perfect World, and Shanghai Film [18]. - The fund's average stock position since inception is 82.51%, with a peak of 92.84% in Q3 2023 [15]. Risk Metrics - The fund has a maximum drawdown of 41.83% since inception, with the largest quarterly drawdown occurring in Q2 2023 at 19.17% [12].

每经编辑：叶峰 伴随着沪指再创年内新高，半年报行情徐徐展开。从行业角度看，创新药、人工智能、证券、家电、游 戏等行业上市公司业绩表现亮眼。"期中答卷"或成为投资者解码市场、布局下半年的重要线索. 一、人工智能：AI军备竞赛延续，算力需求大增 当前人工智能军备竞赛持续，国内外云厂商资本开支高增，AI基建需求快速扩张，通信板块作为"卖铲 子"的算力行业，市场规模持续增长。根据Lightcounting预测，光模块的全球市场规模在2024-2029年或 将以22%的CAGR保持增长，2029年有望突破370亿美元。 值得关注的是，中国光模块企业占据全球60%以上的市场份额，最新发布的2024年全球光模块TOP10榜 单显示，中国厂商占据主导地位（占7席)），AI算力需求大增有望带动行业盈利能力提升。 相关机会：通信ETF（515880）、创业板人工智能ETF国泰（159388）、港股科技ETF（513020） 证券：股市交投活跃，并购重组驱动行业集中 2025年上半年，A股市场行情活跃，权益市场整体趋势向上，上半年A股日均成交额近1.4万亿，同比增 长62%，券商经纪业务、自营业务业绩修复，驱动券商中报预告超预期。 ...

Group 1: Company Performance and Strategy - The report highlights that Guoquan (锅圈) is expected to achieve a net profit of approximately 180-210 million yuan in H1 2025, representing a year-on-year increase of about 111%-146% compared to 85.5 million yuan in H1 2024 [4] - The core operating profit for Guoquan is projected to be around 180-210 million yuan, up approximately 44%-68% from 125 million yuan in the same period last year, driven by revenue growth and operational efficiency improvements [4] - Guoquan continues to implement its community central kitchen strategy, expanding its instant retail store network and enhancing store operational efficiency through a multi-channel approach [4] Group 2: Market Trends and Competitive Landscape - Jitu Express (极兔速递) has seen a significant increase in business volume, achieving 1.69 billion parcels in Q2 2025, a year-on-year growth of 65.9%, benefiting from the e-commerce demand in Southeast Asia and effective pricing strategies [8][9] - The company is expected to maintain its aggressive pricing strategy to capture more market share, with a projected revenue growth of 16% to 149.94 billion yuan by 2027 [11] - The report indicates that the demand for AI chips in China is anticipated to reach approximately 50 billion USD in the next two to three years, with Nvidia's H20 chip resuming supply in China potentially boosting its market presence [14][18] Group 3: Collaborations and Partnerships - Shengqu Games (盛趣游戏) has entered into a deep cooperation agreement with Tianqiong Interactive to explore the multi-dimensional value of the "Legend" IP, which is expected to enhance the ecosystem of these classic IPs in the mobile and film sectors [22] - The partnership allows Tianqiong Interactive exclusive rights to various derivative products related to the "Legend" and "Legend World" games, while Shengqu Games will focus on developing official products to improve user experience [22] Group 4: Policy and Urban Development Insights - The report discusses the central urban work conference held in July 2025, emphasizing the need for cities to transition from large-scale expansion to improving existing urban quality, aligning with the "People's City" concept [24][25] - It outlines the importance of innovation, livability, environmental sustainability, resilience, and cultural preservation in building "good cities" that meet the aspirations of the people [25][29][30]

黄仁勋：华为芯片在AI训练中取代英伟达只是时间问题 7月16日，英伟达CEO黄仁勋在接受第一财经等媒体采访时，被问及AI训练时华为AI芯片能否取代英伟 达，他称这只是时间问题。"重点在于，我们已经做了30年，他们（华为）已经做了几年，而华为已经 能告诉大家他们有多强大了。现在没有一个人比我付出更多精力来建造（AI生态），我已经在极高的 水平、以难以执行的规模（在做这件事），而华为已经能和我们相提并论，这说明了一些问题。"黄仁 勋表示。（第一财经） 黄仁勋再度减持，套现3800万美元 【观网财经丨智能早报 7月17日】 米哈游成立无定谷科技公司，注册资本5亿 天眼查App显示，7月16日，上海米哈游无定谷科技有限公司成立，法定代表人为于晨曦，注册资本5亿 人民币，经营范围包括软件开发、动漫游戏开发、数字文化创意软件开发、人工智能应用软件开发等， 由上海米哈游网络科技股份有限公司全资持股。 SpaceX计划进行内部股份出售，估值攀升至约4000亿美元 7月16日，有知情人士表示，埃隆·马斯克旗下火箭和卫星制造商SpaceX正计划进行一轮内部股份出售， 对该公司的估值达到约4000亿美元。此次股份出售的价格为每股2 ...

影视板块：2025 年短剧，类似 2005 年页游 20250716 摘要 短剧标志着影视内容互联网产品化，重塑制作、分发和变现流程，具备 规模化、低成本、快速迭代等特性，优化影视商业模式。AR 技术加速精 品化，类似页游联运模式，渠道受益更多。 2025 年传媒行业景气上行基于整合逻辑和购买黑马公司机会。AI 时代 新轨道及爆款内容将出现，短剧蓬勃发展类似于 05 年 PC 互联网内容下 沉，PGC 向 UGC 转变是行业景气上行标志。 AI 技术对影视行业影响大于游戏行业，能显著提升影视产能、制作方式 及分发方式，使得出量更容易实现。当前阶段，AI 加速历程更可能体现 在影视领域而非游戏领域。 短剧推动影视内容互联网产品化，吸收游戏内容形态和电商分发裂变模 式，通过网文推广和算法推荐，满足用户几分钟观看故事习惯，精准找 到小众受众，创作去中心化，小成本试验快速反馈。 传媒板块经历多个阶段，2015 年后单边下跌，2022 年触底，2024 年 大盘底部出现后，传媒和互联网转入常规监管，爆款作品出现，传媒板 块成功爬出低谷。 Q&A 为什么短剧在 AR 时代被认为是类似于互联网时代的页游？ 短剧与页游在内容 ...

Group 1: Short Drama Industry - The short drama gaming sector is experiencing increased popularity, with companies like Tiandi Online and Hengdian Film achieving significant stock gains [1] - DataEye reports that by the first half of 2025, micro-short drama users will reach 696 million, with a half-year increase of 34 million, and average daily viewing time at 101 minutes [1] - The National Radio and Television Administration is promoting the quality and standardization of micro-short dramas while encouraging cross-industry integration [1][2] Group 2: Pharmaceutical Industry - Pharmaceutical stocks are seeing significant gains, with companies like Lizhu Group and Hasi Lian reaching their daily price limits [2] - The National Medical Products Administration has announced the selection of 55 products for the 11th batch of centralized procurement, focusing on maintaining clinical stability and quality [2] - Analysts believe that the rise of innovative drugs is sustainable, with a projected market size of 50.4 billion yuan in 2024, a 35% increase year-on-year [3] Group 3: Nuclear Fusion Industry - The 2025 China International Nuclear Energy and Nuclear Fusion Industry Conference is being held in Shanghai, showcasing innovations across the nuclear fusion technology spectrum [3][4] - The number of members in China's controllable nuclear fusion innovation consortium is expected to increase significantly by the end of 2024, with active financing in commercial nuclear fusion enterprises [4] - Approximately 70% of commercial fusion companies anticipate achieving their first commercial demonstration pile by 2035 [4] Group 4: Intellectual Property - The Ministry of Public Security has issued guidelines to combat intellectual property crimes, emphasizing the protection of technological innovation [5] - The Chinese intellectual property service market is projected to reach 285 billion yuan in 2023, with expectations of continued high growth [5] Group 5: eSIM Technology - China Unicom has launched eSIM mobile services, marking a significant step towards commercial trials of this technology [6][7] - The demand for eSIM is expected to grow due to the rise of AI models and the increasing number of IoT connections [7] Group 6: Environmental Protection - The Ministry of Water Resources is implementing strategies for comprehensive river protection and governance, focusing on water resource conservation and ecological protection [8] Group 7: Macro and Industry News - The State Council is focusing on policies to strengthen domestic circulation and regulate the competition in the new energy vehicle industry [9][10] - The National Energy Administration reported a record national power load exceeding 1.5 billion kilowatts [12]