Group 1 - Xiaomi's executives, including Lei Jun, issued a statement denying rumors of a fatal accident during a high-level driving training for Xiaomi cars, labeling the claims as malicious rumors [1] - The international spot gold price experienced fluctuations, dropping to $3301 per ounce before rebounding to $3328.7 per ounce, while domestic gold jewelry prices also saw a decline [1] - The Guizhou "Village Super" event faced rumors of being halted by the football association, which the organizing committee refuted, stating that such claims were misleading and harmful to the event's reputation [1] Group 2 - The pharmaceutical sector in A-shares has seen significant growth, with the Shenwan Pharmaceutical and Biological Index rising by 2.3% on June 9, leading all industry indices [2] - The pharmaceutical sector has shown a year-to-date increase of 10.29%, with the innovative drug index up 27.62%, outperforming major A-share indices [2] - Starbucks China announced a price reduction on several beverage categories, with prices dropping by 2 to 6 yuan, indicating a strategic shift to enhance competitiveness in the coffee market [2] Group 3 - The e-commerce platform's relationship with books is complex, as traditional reading is declining, yet some titles, like "The Right Bank of the Erguna River," have achieved significant sales [3] - Despite a slowdown in online book sales growth, platforms like Douyin and Pinduoduo are increasingly valuing book sales [3] - The market for smart guitars is projected to grow from 1.4 billion yuan in 2024 to 3.23 billion yuan by 2030, with a CAGR of 13.9% from 2025 to 2030 [4]

英伟达公司和慧与公司6月10日宣布，将与莱布尼茨超级计算中心合作，利用英伟达的下一代芯片建造 一台新型超级计算机，该项目名为"蓝狮"(Blue Lion)超级计算机，将使用英伟达的"Vera Rubin"芯片，于 2027年初向科学家开放。 ...

Core Viewpoint - Wells Fargo has issued an "overweight" rating for Dell Technologies (DELL.US) with a target price of $150, representing a 30% upside from the current stock price, despite recent concerns regarding potential cost-cutting measures by the U.S. federal government [1][2] Group 1: Financial Performance and Projections - Dell's projected total revenue from federal contracts in 2024 is approximately $3.04 billion, with 56% from defense contracts and 44% from civilian contracts, reflecting a 15% year-over-year increase from $1.82 billion in 2022 [1] - For the fiscal year 2025, Dell's commercial revenue is estimated at $43.89 billion, with about 70% derived from the U.S., and approximately 10% of U.S. commercial revenue related to federal government contracts, indicating a risk exposure of around $3 billion in personal computer business related to the federal government [1] Group 2: Market Position and Strategic Outlook - Wells Fargo's positive outlook on Dell is based on the company's execution of deleveraging and its shift towards capital return initiatives, including share buybacks and dividends [2] - The bank also views Dell's ability to leverage its supply chain economies of scale favorably, highlighting the attractiveness of its long-term risk/reward profile due to its diverse investment portfolio and depth in hardware and software [2]

加码人工智能产品研发，理想成立空间机器人、穿戴机器人部门。 范皓宇曾在去年 8 月的一次视频采访中提到，传统的车机系统功能主要集中于屏幕和仪表盘显示，较 为单一。但随着技术发展，车机系统的功能不断拓展，其概念外延已远超传统定义。因此，在 2020 年至 2021 年间，理想汽车将 "车机" 或 "智能座舱" 的概念升级为 "智能空间"，以更准确地体现其在 车内空间智能化方面的工作实践。 理想汽车创始人兼 CEO 李想近期也多次公开强调空间体验创新的重要性。他在去年 12 月的 AI TALK 中提出，人工智能是 "造车往下延续的必经之路"，AI 对理想来说意味着未来的全部。"汽车将 从工业时代的交通工具，进化成为人工智能时代的空间机器人。" 在 2023 年秋季战略会上，理想将智能空间明确为公司层面的第二战略，第一和第三战略分别为智能 辅助驾驶（当时内部仍称 "智能驾驶"）、智能电动。 在 2024 年四季度业绩会上，李想提出，理想应该做 AGI （Artificial General Intelligence, 通用人工 智能）时代的终端企业。比如，可以把所有在物理世界存在的 AGI 终端想象成机器人，它们 ...

Core Viewpoint - Razer and Mars have established a joint venture to create the RESPAWN by Razer™ brand, aiming to become the preferred snack brand for gamers globally [1][3]. Company Collaboration - The partnership marks a new phase in the collaboration between Razer and Mars, leveraging Mars' expertise in snacks and Razer's position in gaming culture to develop a dedicated snack product line for gamers [3][4]. - The joint venture is a pioneering attempt in the food industry, combining insights from both companies to redefine the intersection of gaming performance and lifestyle [3][4]. Product Development - RESPAWN by Razer™ initially started as an April Fool's joke but quickly gained popularity with an innovative energy drink powder, leading to the development of a gum specifically designed for gamers, enriched with Vitamin B and tea extracts [3][4]. - The product line currently includes sugar-free gum and mints, with flavors designed to enhance the gaming experience, such as Cool Mint and Watermelon Pomegranate [5]. Market Strategy - The brand emphasizes a player-centric approach, actively incorporating gamer feedback into product development, from ingredient formulation to packaging design [3][4]. - The products are already available in select retailers in the US and China, showcasing strong market vitality since entering the Chinese market in 2023 [5]. Future Plans - The brand plans to expand its product range with various snacks co-designed by gamers, aiming to enhance every gaming moment [5]. - RESPAWN by Razer™ will participate in the BilibiliWorld event in July, engaging directly with gamers and officially launching its full product line [7].

随着618年中大促的推进,消费市场热度持续攀升。在AI科技产品层出不穷、营销话术令人眼花缭乱的当 下,如何精准选择适合自己的产品成为消费者关注的焦点。为此在今年618期间,知乎"答主评审团"推出 了"BOSS 开箱"特别篇,并邀请到了多位BOSS和品牌主理人,同分别代表产品研发、工业设计、资深极 客、大众消费者等不同立场的知乎答主,一起来对AI拍摄眼镜、儿童AI玩具等5款AI和科技向产品进行开 箱测评。 创业者身份之外,简里里同时也是一位2岁孩子的妈妈。两人与Haivivi 巴波泡儿童AI玩具,进行了一场长 达半个月的陪伴:有时候会让AI帮忙讲个故事给孩子听;晚上哄睡的时候,会和孩子一起在黑暗中和 BubblePal编一个故事;孩子能从 BubblePal中听到诗词、儿歌、以及创造有想象力的故事。 在简里里看来,"AI像加入我们的第三个朋友",他认为技术本身并不会主动剥夺人和人相处和相爱的空 间。简里里表示,"小朋友在使用它的时候,家长需要付出更多的时间和精力,让AI成为家庭中一位可靠的 朋友,它是内容、是助手、是老师,是伙伴,但它尚不能替代父母的关注和陪伴"。 东风猛士科技副总经理、首席制造官CMO万良渝, ...

6月6日消息，石头科技发布公告宣布，公司拟于香港联合交易所有限公司主板发行及上市，拟聘任安永会计师事务所负责H股发行及上市审计。据介绍，此 次募资主要用于国际化业务拓展，产品研发拓展及产品组合扩充，运营资金补充及公司一般业务用途等。 石头科技首次公开上市于2020年2月21日在上海证券交易所科创板上市，昌敬为第一大股东，截至2025年3月31日，昌敬持有流通A股38841008股，占总股本 的21.03%，丁迪持有4.77%，招商银行股份有限公司-华夏上证科创板50成份交易型开放式指数证券投资基金持有4.53%。 公司年报显示，公司主营业务为智能扫地机器人等智能硬件的设计、研发、生产和销售，主要产品包括智能扫地机器人、洗地机、洗烘一体机及其他智能电 器，其中智能扫地机器人是其核心业务板块， 其中，2024年石头全球扫地机销量345万台，同比+32.9%(公司公告)。根据IDC数据，2024年全球扫地机 2060万台，同比+11.2%，石头销量市场份额16.0%， 首次排名第二，其中中国市场排名第二，仅次于科沃斯；海外市场排名第二，仅次于iRobot。表明公司压低利润，提升份额的市场策略有效。 石头科技拟赴港上 ...

Core Viewpoint - Morgan Stanley's report indicates that despite policy tightening pressures in the first half of 2025, the U.S. stock market is expected to enter a more optimistic scenario in the second half of 2025 and into 2026 [1] Economic Outlook - The firm does not foresee a recession but anticipates seven interest rate cuts in 2026, which will support above-average valuations [1] - The S&P 500 index target price is set at 6,500 points for the next 12 months, corresponding to an earnings per share (EPS) of $302 and a forward price-to-earnings (P/E) ratio of 21.5 times [1] - Projected EPS for 2025 is $259 (7% growth), for 2026 is $283 (9% growth), and for 2027 is $321 (13% growth) [1] Industry Allocation - **Overweight Sectors**: Financials, Energy, and Utilities are rated as overweight. The financial sector is expected to see a recovery in M&A and capital market transactions by 2028, with potential for accelerated stock buybacks due to regulatory easing [3] - The energy sector is linked to oil price movements, with geopolitical tensions potentially disrupting supply and raising prices. The sector's free cash flow (FCF) margins are significantly above historical averages [3] - Utilities historically perform well in late-cycle phases due to their defensive characteristics and are expected to benefit from rising interest rates and energy capacity concerns [3] Neutral Sectors - Technology, Healthcare, Communication Services, Materials, Real Estate, and Industrials are maintained at neutral. The technology sector shows significant internal differentiation, with AI-related stocks performing well, while hardware faces challenges from weak consumer demand [4] Underweight Sectors - Consumer Discretionary and Consumer Staples are rated for reduction due to poor pricing power and tariff risks. The consumer products sector faces significant cost pressures, with tariffs impacting EBITDA margins by 10% to 70% [4]

Core Viewpoint - Anxin Fund has launched the Anxin Value Win-Win Fund, a mixed equity fund managed by Yuan Wei, with a floating management fee structure based on performance benchmarks [1][3]. Fund Details - The Anxin Value Win-Win Fund is a contract-based open-end securities investment fund, publicly offered from June 9 to June 26, 2025, with a minimum total fundraising target of 200 million shares [3]. - The fund aims to invest in stocks that are significantly undervalued relative to their intrinsic value, focusing on safety margins to achieve long-term stable returns for investors [3]. - The performance benchmark for the fund is composed of 70% CSI 300 Index return, 10% CSI Hong Kong Stock Connect Composite Index (RMB) return, and 20% China Bond Composite Index return [3]. Fee Structure - The fund employs a floating fee rate system, with management fees set at 1.20% for holdings less than 365 days, 1.50% for annualized excess returns exceeding 6% with positive returns, and 0.60% for annualized excess returns of -3% or lower [4]. Manager Background - Yuan Wei, the proposed fund manager, holds a PhD in science and has extensive experience in investment management, having previously served in various roles at Anxin Securities and Anxin Fund Management [5][6]. - Under Yuan Wei's management, four funds have underperformed their benchmarks over the past year [2][9]. Performance Metrics - As of June 6, 2025, Yuan Wei's managed funds have shown varying performance, with the Anxin New Normal Hong Kong-Shenzhen Selected A fund achieving a return of 129.36% since Yuan took over, but only a 4.63% increase in the past year, lagging behind its benchmark by over 10 percentage points [8][9].

证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年6月9日 证券研究报告 并购重组跟踪（二十三） 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本期并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本期并购动态回顾 注：本期为6.3-6.8，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 中国人民银行副行长在2025天津五大道金融论坛发言时强调，要根据科技创新的特点，优化上市、并购 重组、股权激励等制度安排，发挥区域性股 ...