Recent Key Events - The U.S. International Trade Court ruled that Trump's tariff policy was illegal, leading to a significant reduction in tariffs between China and the U.S. [1][8] - Tesla plans to launch its fully autonomous taxi service, Robotaxi, in Austin, Texas, on June 12, 2025, with an initial fleet of about 10 vehicles [2][9] - The 2025 Lujiazui Forum will be held from June 18 to 19, focusing on financial cooperation and high-quality development amid global economic changes [2][9] Market Situation - The Hang Seng Index rose from 22,119 points at the end of April to 23,290 points at the end of May, marking a 5.3% increase [11] - The Hang Seng Technology Index increased from 5,087 points to 5,170 points, a rise of 1.6% [11] - In May, net inflows from southbound funds amounted to 45.6 billion HKD, with a decrease in net inflows over the past 30 trading days [12] Current Investment Recommendations - **Pop Mart (9992.HK)**: Achieved a 165%-170% year-on-year revenue growth in Q1 2025, with overseas revenue increasing by 475%-480% [22][24] - **China Qinfa (0866.HK)**: Improved balance sheet with a net profit increase of 150.5% year-on-year in 2024, primarily due to loan restructuring [27][30] - **Jingtai Holdings (2228.HK)**: Positioned as a leader in AI for Science, with significant growth potential in the trillion-dollar market [33][34] - **Xiaomi Group-W (1810.HK)**: Reported a 47.4% year-on-year revenue growth in Q1 2025, reaching a record high of 111.3 billion CNY [37][39] - **Li Auto-W (2015.HK)**: Anticipates the launch of its first pure electric SUV, i8, in July 2025, with a projected delivery of 12.3-12.8 million vehicles in Q2 [41][42] - **Leap Motor (9863.HK)**: Achieved a 187.1% year-on-year revenue growth in Q1 2025, with a focus on expanding its product lineup and international presence [46][48]

Core Insights - The report highlights the strong performance of China's innovative pharmaceuticals, particularly in international markets, with the MSCI China Healthcare Index rising 27.6% year-to-date, outperforming the MSCI China Index by 14.5% [2] - Significant overseas licensing deals for innovative drugs are being realized, showcasing the international competitiveness of Chinese pharmaceutical companies [6][7] - The report recommends several companies in the pharmaceutical sector, including BeiGene, Innovent Biologics, and others, as potential investment opportunities due to favorable market conditions [7] Industry Analysis - The innovative drug sector is benefiting from overseas licensing transactions, optimization of domestic procurement policies, and the implementation of new medical insurance directories, which are expected to drive valuation recovery in the pharmaceutical industry by 2025 [7] - The report notes that the recent updates from companies like Innovent Biologics and 3SBio at the ASCO conference demonstrate their clinical advancements and potential market impact [2][5] - The report anticipates continued growth in the domestic insurance market, with a projected 12.7% year-on-year increase in total premiums for the first four months of the year, indicating strong growth potential for internet insurance companies [10] Company Insights - 3SBio's licensing agreement with Pfizer for its PD-1/VEGF drug is expected to yield $1.25 billion in upfront payments and up to $4.8 billion in milestone payments, reflecting the drug's best-in-class potential [6] - The report highlights the positive outlook for ZhongAn Online due to its involvement in the stablecoin regulatory framework in Hong Kong, which is expected to enhance its valuation [8][9] - The report projects that ZhongAn's insurance premium growth will be driven by health and automotive sectors, with an expected combined ratio improvement due to better underwriting practices [10]

Core Viewpoint - The company has completed the main renovation of its micro-nano optical laboratory and has introduced some experimental equipment, focusing on the development of sub-wavelength structured optical components [1] Group 1: Company Developments - The company is engaged in the research and development of sub-wavelength structured optical components, including superlenses and metasurface devices [1] - The application scenarios for these developments include semiconductor optics, photovoltaics and new energy, AR/VR, and infrared fields [1]

Group 1: Semiconductor Optical Business - The company's semiconductor optical business revenue for 2024 is approximately 17.7 million yuan, with ongoing efforts to expand customer cooperation and enhance technical exchanges [1][2] - The semiconductor optical business includes applications in lithography, packaging testing, and measurement, focusing on both mature and advanced processes [2] Group 2: Precision Processing Equipment - The company has invested in advanced processing equipment such as ion beam and magnetorheological polishing to meet high precision requirements in semiconductor and aerospace applications [3] - The advanced manufacturing process center has been established to enhance precision processing capabilities, although current utilization rates of these advanced machines are low due to product size differences [3] Group 3: Talent Development - As of the end of 2024, the company has over 700 employees, with 151 technical personnel, accounting for 21.09% of the total workforce [4] - The company plans to continue building a talent pipeline to enhance personnel quality and develop a high-caliber talent team [4] Group 4: Micro-Nano Optical Laboratory - The micro-nano optical laboratory has completed its main construction and is focusing on developing sub-wavelength optical components for various applications, including semiconductor optics and AR/VR [5] - The laboratory aims to collaborate with external universities and research institutions to enhance its R&D capabilities [5] Group 5: International Business and Trade Impact - In 2024, the company's overseas business generated revenue of 12,750.37 million yuan, accounting for 30.66% of total revenue, primarily from its wholly-owned subsidiary in Singapore [6] - The company is monitoring international trade environments and tariff policy changes to mitigate potential impacts on its business [6] Group 6: Profit Margin Outlook - The company's gross margin has declined due to lower margins on infrared optical products influenced by raw material supply issues [7][8] - The company continues to focus on high-value-added products in the industrial sector to maintain relative stability in gross margins [8]

Core Viewpoint - The company reported a year-on-year increase of 9.2% in mobile lens shipments and 28.9% in automotive lens shipments in April, indicating stable growth in mobile lenses and high growth in automotive lenses, with expectations for improved unit prices and gross margins by 2025 [1] Business Segments - **Optical Components Business**: - Mobile lens shipments reached 103 million units, with a month-on-month increase of 9.2% and a year-on-year increase of 1.3% - Automotive lens shipments totaled 11.57 million units, with a month-on-month increase of 17.8% and a year-on-year increase of 28.9% [2] - **Optoelectronic Products**: - Mobile camera module shipments were 39.25 million units, with a month-on-month increase of 5.2% but a year-on-year decrease of 14.1% - Despite challenges in mobile camera module shipments due to product structure adjustments, mobile lens shipments continued to grow steadily [2] - **Automotive Lens Market**: - The company is expected to ship 102 million automotive lenses in 2024, marking a year-on-year increase of 12.7%, maintaining the top global market share - Collaborations with major platform manufacturers like Mobileye and NVIDIA have led to successful development of certified camera products for leading automotive manufacturers [3] - **XR Business**: - The company anticipates AR/VR-related revenue of 2.58 billion yuan in 2024, reflecting a year-on-year increase of 37.8% - The company has achieved mass production of MicroLED optical machines and AR glasses, with over 30 clients for AI glasses [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 3.351 billion yuan and 4.048 billion yuan in 2025 and 2026, respectively, with corresponding P/E ratios of 19x and 16x [4]

Group 1: Hong Kong Stock Market Highlights - Midea Group opened up 2% against the market trend after being included in the Hang Seng Index [1] - Yuan Da Pharmaceutical opened over 3% higher, with its first "zero radiation" nuclear medicine factory set to commence production in June [1] - Bruker surged over 6% after being added to the Hang Seng Composite Index, with institutions stating it meets the criteria for inclusion in the Hong Kong Stock Connect [1] - Xuanwu Cloud rose over 22% following a strategic partnership with Tencent Cloud, focusing on AI-driven retail and cloud communication growth [1] - Mixue gained over 5% after being included in the Hang Seng Composite Index, with expectations of being added to the Hong Kong Stock Connect next month [1] - Konnate Optical increased nearly 3% as it plans to invest $4 million in establishing a resin lens production line in Japan [1] - Solar stocks declined, with Q1 solar product exports dropping over 30%, indicating potential pressure on the industry chain [1] - Weilang Delicious rose over 5% after completing a placement that raised over HKD 1.1 billion, with CICC noting the scale of the placement is relatively controllable [1] - Logistics stocks continued to rise, with notable increases in shares of Guangdong-Hong Kong-Macau Holdings, Guangdong Transportation, Kerry Logistics, and ZTO Express [1] Group 2: US Stock Market Highlights - Pony.ai surged nearly 14%, with expectations of achieving positive gross margins for complete vehicles this year [2] - Walmart increased nearly 2% as the company plans to raise prices on certain products in the US [2] - QUBT rose over 39% after turning profitable in Q1 [2] - CoreWeave jumped over 22%, with NVIDIA holding a 7% stake [2] - Bilibili increased over 2%, with Goldman Sachs projecting a 71% year-on-year growth in gaming revenue for Q1 [2] - Hesai Technologies rose over 6% at one point, closing nearly 2% higher amid rumors of a secret application for a Hong Kong listing [2] - Novo Nordisk fell nearly 3% following the announcement of the CEO's departure [2] - Applied Materials (AMAT) dropped over 5% as Q2 revenue fell short of expectations, with a bleak outlook for Q3 [2]

Group 1 - The core viewpoint of the news is that He Yong Investment has conducted research on a listed company, focusing on its growth in various business segments, particularly in security and smart home products [1] - The security segment of the company is performing well, with product lines expanding from zoom lenses to fixed-focus lenses, and applications extending from ball cameras to IPC and ITS fields [1] - The company is experiencing rapid growth in areas beyond security, including drones, projection, video conferencing, and smart home products, with the main revenue currently coming from robotic vacuum cleaners [1] - The company is also developing smart wearable products, primarily smartwatches, which are still in the small-scale production phase [1] - Dais Optoelectronics, a subsidiary, focuses on the R&D, production, and sales of precision optical components and modules, with applications in laser processing equipment and optical communication devices, and has made progress in the semiconductor testing field [1] - Dais Optoelectronics expects to achieve a total net profit of 90 million yuan over the three years from 2025 to 2027 [1] Group 2 - He Yong Investment Management (Beijing) Co., Ltd. was established on November 27, 2014, with a registered capital of 10 million yuan [2] - The company is a private securities investment fund manager and an observer member of the China Securities Investment Fund Industry Association, with the association registration number P1006557 [2] - He Yong Investment was founded by renowned fund manager Gu Yihe and has gathered professionals from well-known domestic investment institutions [2] - The company has launched various financial products since its inception, including the first third-party wealth distribution product and the first bank-distributed product [2]

我们理解，良好的开端展示了双方沟通的诚意，关税从 145%的非 理性水平降至目前相对理性水平，这应是双方正常经贸合作的基本， 或是中美经贸谈判的开始，后续谈判或将进入实质性环节。考虑美国 特朗普政府过往的一贯行事风格，后续谈判或存在反复的可能。从美 国特朗普竞选主张，以及美国特朗普政府相关官员的发言，美国特朗 普政府对我国的贸易政策并非基于对等关税政策，而是典型的贸易保 护主义，美国特朗普政府一再扬言，要取消中国最惠国待遇。年初特 朗普团队提名国务卿公布的法案，宣称取消中国最惠国待遇。仅从本 次中美经贸会谈结果来看，在 90 天的豁免期内，美国对我国加征关 税税率已经达到 51%，高于最惠国待遇的平均关税税率；若 90 天的豁 免期结束后，美国继续加征 24%的关税，那么美国对我国商品加征的 平均关税税率则高达 75%。整体来看，目前中美双方或进入实质性谈 判阶段，后续或仍存在谈判空间，最惠国待遇的平均关税税率或是双 方谈判的关键分水岭。考虑美国特朗普政府过往的一贯行事风格，后 续谈判或存在反复的可能，值得关注。 证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 E ...

"在如皋高新区牵线下，我们与金鹰集团完美对接，现在综合优势非常明显。"5月9日，以"融链成势赢在高新"为主题的如皋高新区首届产业对接会举行， 刚参加完签约仪式的江苏森美生活科技发展有限公司董事长曹宝强直言，得益于金鹰集团落户如皋，该公司拥有了就近的上游原材料供应商，现在每年至 少节省4000万元成本。 森美生活是一家如皋本土企业，主要从事可降解食品包装生产。2023年，金鹰集团食品级高档白卡纸项目落户如皋后，森美生活迎来了一波"泼天富贵"， 原材料运输成本每吨至少节省150元，仓储周转周期也节省一半，又省下一大笔成本。如今，借助此次对接会，森美生活又有望握住新机遇，"金鹰集团是 大型企业，我们是小型企业，有如皋高新区作'靠山'，增加了我们的诚信度，我们正在与金鹰集团携手开拓海外市场。"曹宝强说。 据了解，本次对接会聚焦高新区内的工业、服务业及新落户项目共150余家重点企业，还邀请了国家、省相关行业协会，全市部分金融机构、职业学校， 通过线上线下（300959）相结合的方式，构建跨行业、跨领域的企业合作网络，促进技术攻关、场景应用等深度合作，推动更多大中小企业实现产业对 接、协同创新、资源共享。 根据意向签约， ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Brain-Computer Interface Technology**: Mentioned in relation to BrainCo, a company specializing in non-invasive brain-computer interface technology [1][3] - **AI Hearing Aids**: Discussed in connection with JinHao Medical, which reportedly utilizes non-invasive brain-computer interface technology to collect user data [2][4] - **Aerospace and Defense**: Multiple companies involved, including Chengxi Aviation, Huawu Co., and others, focusing on military and aerospace products [6][8] - **Hydrogen Energy**: Mentioned as part of a global green hydrogen project [11] - **Optical Systems**: AOPU Optoelectronics signed a significant contract for optical system development [13] Core Points and Arguments - **BrainCo's Technology**: The company is highlighted for its innovative non-invasive brain-computer interface technology, which has potential applications in various fields [1][3] - **JinHao Medical's AI Hearing Aids**: The AI hearing aids are designed to optimize voice signal processing by analyzing brain data, indicating a significant advancement in auditory technology [2][4] - **Military Developments**: Chengxi Aviation is noted for its focus on aerospace electromechanical products, primarily serving military clients, with a strong market position in the J-20 aircraft supply chain [6] - **Huawu Co.'s Missile Integration**: The company produces missiles that can be integrated into various aircraft, including those used by the Pakistani military [8] - **Optical Guidance Systems**: New Light Optoelectronics is a key supplier in missile optical guidance, with products compatible with various missile systems [9] - **Green Hydrogen Project**: The industry is moving towards the largest scale green hydrogen project, indicating a shift towards sustainable energy solutions [11] Other Important but Possibly Overlooked Content - **Export Activities**: Changsha Tianying has significant export activities, with millions of products shipped to Pakistan annually, highlighting the international reach of Chinese military suppliers [7] - **Market Trends in Autonomous Vehicles**: The rise of autonomous vehicle concepts is noted, with companies like Pony.ai and WeRide forming strategic partnerships with Uber, reflecting a growing trend in the transportation sector [9] - **Contract Value for AOPU Optoelectronics**: The contract signed by AOPU Optoelectronics is valued at 297 million RMB, representing a substantial portion of the company's projected revenue for 2024 [13] - **Emerging Technologies in Semiconductor**: Companies are developing advanced optical systems for semiconductor applications, indicating ongoing innovation in this critical technology sector [15][16]