Core Viewpoint - The Malaysian Ministry of Finance announced an expansion of the service tax to include property leasing or rental, construction, financial services, private healthcare, education, and beauty services [1] Group 1 - The service tax will now cover a broader range of sectors, indicating a significant policy shift aimed at increasing government revenue [1] - The inclusion of property leasing and rental in the service tax could impact the real estate market and rental prices [1] - Financial services and private healthcare are also included, which may lead to increased costs for consumers in these sectors [1]

Core Viewpoint - The article highlights the remarkable performance of newly listed Hong Kong stocks, particularly those that have seen significant price increases, igniting investor enthusiasm for the market [1][4]. Group 1: Performance of Newly Listed Stocks - The stock price of Lao Pu Gold recently surged past 1000 HKD, increasing over 21 times since its listing [1][4]. - Among the 76 new stocks listed from June 7, 2024, to June 6, 2025, 45 stocks have risen above their issue prices, representing approximately 60% [4]. - A total of 14 stocks have doubled in price since their listing, with Lao Pu Gold, Health Road, and others showing over 2 times increase [4]. Group 2: Notable Stocks - Lao Pu Gold, listed on June 28, 2024, has seen a price increase of 2148.95% from its issue price, reaching a peak of 1015 HKD [2][4]. - Health Road, listed on December 30, 2024, has increased by 566.03% from its issue price [2]. - The stock price of Mi Xue Group, listed on March 3, 2025, has risen by 165% since its debut [7]. Group 3: Market Dynamics - The Hong Kong IPO market has seen unprecedented activity, with 29 companies listed from January to May 2025, a 38% increase year-on-year, raising 77.7 billion HKD [13]. - Over 150 companies are currently waiting to list on the Hong Kong stock exchange, many of which are large-scale enterprises seeking to raise over 1 billion USD [13][14]. - The Hong Kong Stock Exchange is implementing measures to optimize the listing environment, including improving pricing processes and facilitating listings for tech and biotech companies [14].

Market Performance - Major stock indices in Shanghai and Shenzhen opened lower on June 3 but experienced upward fluctuations during the morning session, with the Shanghai Composite Index and ChiNext Index consolidating at relatively high levels in the afternoon [1] - By the close, the Shanghai Composite Index was at 3361.98 points, up 0.43%, with a trading volume of approximately 468.3 billion; the Shenzhen Component Index closed at 10057.17 points, up 0.16%, with a trading volume of about 673.1 billion; the ChiNext Index ended at 2002.70 points, up 0.48%, with a trading volume of around 307.1 billion [1] Sector Performance - The beauty care and immunotherapy sectors saw significant gains, while other sectors such as precious metals, innovative drugs, CRO concepts, cultivated diamonds, COVID-19 drug concepts, pet economy, weight loss drugs, gaming, dairy, and small banks also experienced notable increases [1] - Conversely, sectors like steel, home appliances, and coal faced declines, although the overall drop was not substantial [1] Institutional Insights - Jifeng Investment Advisory noted that the market is gradually finding a bottom, with medium to long-term investment opportunities emerging, particularly in sectors benefiting from policy support such as consumer goods, semiconductors, and robotics [2] - Guojin Securities highlighted opportunities in gold and innovative drugs, emphasizing the potential for margin improvement and revenue growth in the pharmaceutical sector due to policy guidance [2] - Dongwu Securities recommended focusing on technology growth sectors, thematic catalysts, and areas with improving fundamentals, such as innovative drugs and military electronics [3] Industry Developments - The National Federation of Automobile Dealers Association called for a resistance against "involution-style" competition primarily driven by price wars, advocating for high-quality development in the automotive industry [4] - The National Energy Administration announced measures to optimize the electricity market access environment and enhance the effectiveness of qualification management, including exemptions for new business models in distributed energy [5]

Market Overview - On May 27, A-shares experienced a collective pullback, with the Shanghai Composite Index down by 0.18%, Shenzhen Component Index down by 0.61%, and ChiNext Index down by 0.68%. Only the North Securities 50 Index saw a slight increase of 0.08% [1] - The total trading volume in the Shanghai and Shenzhen markets fell below 1 trillion RMB, amounting to 998.93 billion RMB [2] Index Performance - The North Securities 50 Index has increased by 34.67% year-to-date, while the Shanghai Composite Index has decreased by 0.33% [2] - Other indices such as the Shenzhen Component Index and ChiNext Index have seen declines of 3.70% and 7.00% respectively this year [2] Sector Performance - In sector performance, textiles and apparel (1.30%), pharmaceuticals (0.97%), and beauty care (0.88%) showed the highest gains, while sectors like non-ferrous metals (-2.06%), electronics (-1.28%), and automotive (-1.05%) faced the largest declines [7] Hong Kong Market - The main indices in the Hong Kong market experienced varying degrees of increase, with the Hang Seng Technology Index leading with a rise of 0.48%. Southbound funds recorded a net inflow of 11.975 billion HKD [5][6] Industry Highlights - The 2025 American Society of Clinical Oncology (ASCO) annual meeting will take place from May 30 to June 3, showcasing over 70 research results from Chinese pharmaceutical companies, highlighting the growth and competitiveness of domestic innovative drugs in the global market [8] - The Beijing Stock Exchange has revised its major asset restructuring review rules, introducing a "small and fast" review mechanism and simplified restructuring procedures, which are expected to enhance the efficiency of mergers and acquisitions for listed companies [9]

Group 1 - A tax violation case involving a beauty salon in Dalian has been revealed, where the salon reported annual sales of less than 300,000 yuan, significantly lower than its actual revenue of over 17 million yuan, indicating a discrepancy of 55 times [1] - The salon employed various illegal methods to evade taxes, including frequently changing the merchant number and bank accounts linked to its UnionPay POS machines to keep reported income below the VAT threshold [1] - Some businesses, originally general VAT taxpayers, have split operations into multiple individual businesses to falsely claim small-scale taxpayer tax exemptions, undermining market order [1] Group 2 - The act of fraudulently obtaining tax benefits reflects a disregard for lawful tax obligations, with companies focusing on short-term gains while ignoring the stringent tax regulations enforced through big data and inter-departmental collaboration [2] - Many of the businesses involved in tax fraud are actually performing well and could have become exemplary enterprises through compliant operations, but instead, they have become cautionary tales due to their illegal activities [2] - Non-compliant businesses face severe consequences, including the need to repay taxes, pay penalties, and suffer downgraded tax credit ratings, which can restrict their access to invoices, qualifications, financing, and policy benefits [2] Group 3 - Recent tax and fee reductions aimed at supporting technological innovation and manufacturing are projected to exceed 2.6 trillion yuan in 2024, significantly contributing to high-quality development [3] - The tax environment for businesses has improved, with 96% of tax-related matters now manageable online, and a "policy outreach" mechanism has reduced the cost for businesses to access policy benefits [3] - Businesses are encouraged to value these tax incentives and operate in compliance with regulations, focusing on long-term innovation and development for greater benefits [3]

Market Performance - A-shares experienced a decline across the board, with the Shanghai Composite Index falling by 0.68% to 3380.82 points, the Shenzhen Composite Index down by 1.37%, the ChiNext Index down by 1.77%, the STAR 50 Index down by 1.26%, and the Northbound 50 Index down by 0.38% [1] - The beauty and personal care sector led the gains, while sectors such as software development, internet services, power equipment, semiconductors, diversified finance, and securities saw relatively larger declines [1] International Market Context - U.S. stock indices showed mixed performance, with the Dow Jones slightly down, the S&P 500 nearly flat, and the Nasdaq up by 0.72%, marking three consecutive days of significant gains for the Nasdaq [1] - Following the U.S.-China tariff agreement, U.S. stocks surged initially, but only the Nasdaq maintained strong performance, while blue-chip stocks in the Dow and S&P 500 remained relatively weak due to recent positive news for tech stocks [1] - Hong Kong stocks also retreated, with the Hang Seng Index down by 0.79% and the Hang Seng Tech Index down by 1.56% [1] Currency Market - The U.S. dollar experienced fluctuations, dipping before recovering, but saw a decline again during the Asian and European trading sessions [1] - The offshore RMB exchange rate stabilized around 7.2080 after a depreciation on Wednesday [1] Trade Relations and Market Outlook - The impact of U.S.-China trade tensions on international financial markets appears to have subsided, but investor confidence remains cautious, contributing to the stock market's loss of upward momentum [2] - The likelihood of significant upward or downward movements in A-shares is low, with a balanced oscillation pattern expected to prevail [2] - Current macroeconomic policies in China are anticipated to offset external pressures, leading to limited volatility in the stock market [2]

A股三大指数今日集体下跌，截至收盘，沪指跌0.68%，深成指跌1.62%，创业板指跌1.91%，北证50指 数跌0.38%。全市场成交额11904亿元，较上日缩量1595亿元。全市场超3800只个股下跌。板块题材 上，美容护理、合成生物、食品饮料、纺织制造板块涨幅居前；华为昇腾、跨境支付、云计算、液冷服 务器概念股跌幅居前。盘面上，美容护理板块今日逆市走强，芭薇股份30cm涨停，青松股份 （300132）、华业香料（300886）、洁雅股份（301108）20cm涨停。食品饮料板块午后活跃，西王食 品（000639）涨停。纺织制造板块同样表现活跃，迎丰股份（605055）5连板。算力、液冷服务器概念 股今日集体调整，科华数据（002335）逼近跌停，宏景科技（301396）、奥飞数据（300738）、立昂技 术（300603）跌幅居前。 ...

浙商证券表示，国防军工行业在"十四五"收官之际，"十五五"新一轮军备采购计划即将推出，大力发展国防军工建设路线坚定，实现作战装备高端化、 智能化、信息化方向明确。国防军工受益于陆军重点建设方向，内需外贸共促增长，行业长期景气上行。此外，特种装备订单恢复及远火外贸增长有望成为 行业催化剂，军工板块业绩拐点已现，全年营收计划同比大幅增长，行业景气度持续提升。 财信证券认为，短期内大盘或将延续震荡向上趋势，投资者可把握科技、消费、红利方向在轮动中的结构性机会。此外，今日港股三大指数低开高走后 显著回落。截至发稿，恒生指数涨0.24%，恒生科技指数涨0.38%，国企指数涨0.51%。 具体来看，A股三大股指在5月8日集体低开，盘初快速走高，带动三大股指早盘涨势明显。午后两市维持高位震荡的走势，个股呈现普涨态势。国防军 工板块午后走强，继续大涨，航天南湖、中航成飞、晶品特装、雷电微力、银河电子等超10股涨停或涨超10%。通信股走强，新易盛、有方科技、中际旭 创、海能达、剑桥科技等涨停或涨超10%。银行股涨幅居前，青农商行、青岛银行、渝农商行、宁波银行、浦发银行等涨超2%。不过，美容护理跌幅靠 前，拉芳家化跌超6%，稳健 ...

AptarGroup (ATR) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Mary Skafidas - Senior VP of IR & Corporate CommunicationsStephan Tanda - President, CEO & Executive DirectorVanessa Kanu - Executive VP & CFOGeorge Staphos - Managing Director Conference Call Participants Ghansham Panjabi - Senior Research AnalystMatthew Roberts - Equity Research AnalystDaniel Rizzo - AnalystMatt Larew - Research Analyst - HealthcareGabe Hajde - Analyst Operator Ladies and gentlemen, thank you for standing ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.2, with a neutralized increase of approximately 5% over the prior year period when accounting for currency effects and tax [4][15] - Reported sales decreased by 3%, with core sales remaining flat compared to the prior year period [14] - Adjusted EBITDA increased by 3% to $183 million, with adjusted diluted earnings per share at $1.2 compared to $1.22 in the prior year [14][15] Business Line Data and Key Metrics Changes - Pharma segment's core sales increased by 3%, with prescription core sales up 10% driven by strong demand for emergency medicines and therapeutics [16] - Consumer Healthcare core sales decreased by 10% due to softer demand for nasal decongestants and cough medicines [16] - Injectables core sales decreased by 8% due to tough comparisons from the prior year, while Active Materials Science solutions saw an 11% increase in core sales [16][18] - Beauty segment's core sales decreased by 3%, with prestige fragrance and facial skincare sales down 11% [19] - Closures segment's core sales decreased by 2%, with product sales growth offset by lower tooling sales [20] Market Data and Key Metrics Changes - The U.S. market showed signs of inventory normalization, while other regions have not yet experienced similar trends [6][37] - The company noted strong demand for GLP-1 and biologics in the injectables market, indicating robust order books [7][36] Company Strategy and Development Direction - The company is focused on long-term growth driven by macro trends such as healthcare decentralization and the growth of generic medicines [6][7] - The company is ramping up share repurchases, having repurchased over $80 million worth of shares in the first quarter [13] - The company emphasizes sustainability as a competitive advantage, having received multiple awards for its efforts [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth prospects despite current economic uncertainties, highlighting resilience in essential product markets [28][30] - The company anticipates a strong second quarter with positive contributions from all segments, particularly in Pharma and Beauty [30][31] - Management acknowledged the evolving tariff situation but expects limited net effects on operations [25][82] Other Important Information - The effective tax rate for the first quarter was 25.8%, reflecting a temporary surtax enacted in France [15] - Free cash flow for the quarter was $26 million, with a strong balance sheet showing a cash balance of $126 million [23][24] Q&A Session Summary Question: Insights on order patterns and inventory levels - Management noted a reacceleration in orders across various segments, with U.S. inventories normalizing but not yet seen in other regions [35][37] Question: Impact of GLP-1s on injectables - Strong demand for GLP-1s is noted, with the company ramping up capabilities to meet this demand [36] Question: Tax rate guidance for the second half of the year - The expected effective tax rate for the second half is projected to be in the range of 22% to 24% [43] Question: Inventory status in cold and cough products - Management indicated that the U.S. has seen some inventory normalization, while other regions have not yet experienced this [48][49] Question: Outlook for tooling activity - Management expressed optimism about tooling activity, indicating it is on the rise as customers seek to differentiate their products [105]