7月11日，截至港股收盘，恒生指数上涨0.46%，报24139.57点。天大药业（00455.HK）收报0.15港元/ 股，上涨11.11%，成交量42.8万股，成交额5.99万港元，振幅22.22%。 最近一个月来，天大药业累计跌幅3.57%，今年来累计跌幅20.12%，跑输恒生指数19.78%的涨幅。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为2.79倍，行业中值6.7倍。天大药业市盈 率-4.73倍，行业排名第138位；其他精优药业（00858.HK）为0.86倍、金斯瑞生物科技（01548.HK）为 1.41倍、东瑞制药（02348.HK）为3.03倍、大健康国际（02211.HK）为5.54倍、吉林长龙药业 （08049.HK）为6.17倍。 资料显示，天大药业有限公司(简称天大药业,香港联交所上市公司,股份代号0455)以发展中医药产业为 基础,发展创新药物和医疗科技,发展优质医疗和保健服务,致力于成为药品研制、医疗科技、中医诊疗、 健康管理领域具有市场竞争力和核心价值链的医药企业。天大药业从中医、中药、中医药智能三大方面 打造中医药全产业链,建立控制中药材品质的"天大标准",创办新 ...

北京提振消费24条来了。 为深化国际消费中心城市建设，北京市人民政府7月10日印发《北京市深化改革提振消费专项行动方案》（下称《行动方案》），从推动居民增收减负、优化 服务消费体验、增强商品消费动能等六方面提出24条措施，着力优化消费供给，提升消费品质，优化消费环境，减少消费领域掣肘。 针对居民在购房、购车过程中的痛点，《行动方案》进一步优化了住房消费和汽车消费政策，支持住房公积金"既提又贷"，明确将优化小客车指标配置，有力 畅通消费循环。 《行动方案》要求，力争到2030年，北京市市场总消费额年均增长5%左右，打造2—3个千亿级文商旅体融合消费新地标，在全球消费市场的辐射带动能力、 资源配置能力和创新引领能力进一步提升，国际消费中心城市建设取得新突破。 北京市商务局有关负责人指出，《行动方案》顺应消费升级趋势，把握消费热点需求，进一步优化升级消费供给。同时，《行动方案》突出改革创新，聚焦 消费领域裉节难点，激发市场活力。 支持住房公积金"既提又贷" "优化住房消费新供给"是本次《行动方案》的一大亮点。 在具体举措上，《行动方案》要求优先向轨道交通站点和就业密集地区供应住宅用地，完善"保障 +市场"住房供应体 ...

为深化国际消费中心城市建设，北京市人民政府7月10日印发《北京市深化改革提振消费专项行动方案》（下称《行动方案》），从推动居民增收减负、优化服 务消费体验、增强商品消费动能等六方面提出24条措施，着力优化消费供给，提升消费品质，优化消费环境，减少消费领域掣肘。 针对居民在购房、购车过程中的痛点，《行动方案》进一步优化了住房消费和汽车消费政策，支持住房公积金"既提又贷"，明确将优化小客车指标配置，有力畅通 消费循环。 《行动方案》要求力争到2030年，北京市市场总消费额年均增长5%左右，打造2～3个千亿级文商旅体融合消费新地标，在全球消费市场的辐射带动能力、资源配置 能力和创新引领能力进一步提升，国际消费中心城市建设取得新突破。 北京市商务局有关负责人指出，《行动方案》顺应消费升级趋势，把握消费热点需求，进一步优化升级消费供给。同时，《行动方案》突出改革创新，聚焦消费领 域裉节难点，激发市场活力。 支持住房公积金"既提又贷" "优化住房消费新供给"是本次《行动方案》的一大亮点。在具体举措上，《行动方案》要求优先向轨道交通站点和就业密集地区供应住宅用地，完善"保障+市场"住 房供应体系。为进一步发挥住房公积金促进 ...

Core Viewpoint - The Beijing Municipal Government has issued the "Beijing Special Action Plan for Deepening Reform and Boosting Consumption," which includes 24 measures aimed at enhancing consumption quality and optimizing the consumption environment, with a target of achieving an average annual growth of around 5% in total market consumption by 2030 [1] Group 1: Housing Consumption Policies - The plan introduces a new policy allowing individuals to withdraw housing provident fund for down payments while simultaneously applying for housing loans, which is expected to lower the threshold for home purchases and alleviate financial pressure on buyers [2] - The proposed "mortgage transfer" policy aims to simplify the second-hand housing transaction process, reducing transaction time and costs, thereby increasing market liquidity [2][3] Group 2: Automotive Consumption Policies - The action plan emphasizes the need to optimize small car indicator allocation to better meet family vehicle needs and expand the automotive aftermarket, including modifications and rentals [4] - The current situation shows a significant competition for car purchase indicators, with a probability of winning for families at approximately 1% and for individuals at 0.1%, highlighting the need for policy reform [4] Group 3: Service Consumption Enhancement - The plan aims to leverage cultural resources to enhance service consumption, supporting new business models such as online performances and live auctions, which are expected to enrich entertainment consumption [5] - The initiative also focuses on developing health and domestic services, encouraging internet platforms to facilitate better supply-demand matching [5] Group 4: Income Growth Initiatives - The action plan outlines measures to promote reasonable growth in wage income, including adjustments to the minimum wage standards, which currently stand at 2420 yuan per month [6] - The plan also aims to broaden channels for property income and enhance financial services for the elderly, indicating a comprehensive approach to improving residents' financial well-being [6]

Core Viewpoint - Zhaoli Pharmaceutical has established a joint research center with Zhejiang University to enhance its "One Road to C" strategy, focusing on AI-driven development of health products based on the Wuling mushroom [1] Group 1: Partnership and Strategic Development - The collaboration aims to create a food and drug knowledge graph and develop AI models to empower functional food formulation [1] - Zhaoli Pharmaceutical will leverage cutting-edge technology from Zhejiang University to explore the health benefits of Wuling mushroom and transform them into innovative health products [1] - This partnership is part of the company's broader strategy to deepen the integration of industry, academia, and research [1] Group 2: Market and Financial Performance - In the first half of the year, Zhaoli Pharmaceutical expects a net profit attributable to shareholders of 36.8 million to 38.8 million yuan, representing a year-on-year increase of 24.30% to 31.06% [1] - The company has seen growth in sales across its core products and traditional Chinese medicine formula granules [1] - The strategic upgrade is expected to enhance the company's technological moat, enrich its product matrix, and expand its consumer market [1]

Core Viewpoint - The "Beijing Action Plan for Deepening Reform and Boosting Consumption" aims to achieve an average annual growth of around 5% in total market consumption by 2030, establishing 2 to 3 new consumption landmarks worth over 100 billion yuan, and enhancing Beijing's role as an international consumption center [1] Group 1: Economic Growth and Employment - The action plan emphasizes promoting reasonable growth in wage income and implementing a priority employment strategy to ensure sustainable income growth for urban and rural residents [1] - It proposes to improve the minimum wage adjustment mechanism and broaden channels for property income, encouraging listed companies to increase dividend rates and asset management institutions to diversify investment products [1] Group 2: Consumption Upgrade and New Business Models - The plan outlines measures to enrich the silver economy, expand domestic service supply, cultivate health-oriented consumption, establish digital consumption benchmarks, and promote green consumption [2] - It highlights the development of "Internet + Healthcare," with 307 medical institutions providing internet diagnosis services by June 2025, and a 44.98% year-on-year increase in internet diagnosis visits [2] Group 3: Urban Development and Infrastructure - Beijing has completed 10 river and lake enhancement projects, adding 70 kilometers of slow-moving systems, and aims to open more public spaces along water bodies for recreational use [3] - The city plans to open over 450 million square meters of new large commercial facilities from 2022 to 2024, with 75 million square meters opened in the first half of 2025 [3] Group 4: Consumer Convenience and Regulatory Measures - The action plan supports residents in using housing provident fund withdrawals for down payments while applying for housing loans, reducing the financial burden of large purchases [4] - It aims to streamline regulatory processes, enhance consumer experience, and facilitate efficient business operations through integrated supervision and reduced project approval times [4]

Core Insights - The Oriental National Modern Agricultural Industrial Park has successfully established 27 projects with a total investment of 3.33 billion yuan, achieving over 76% of its construction progress [2][3] Group 1: Project Overview - The industrial park covers a total area of 320,000 mu, benefiting approximately 114,000 coastal residents [2] - The park focuses on aquatic seed industry, with key projects including a national precious fish species resource preservation center and a breeding demonstration base for East Star grouper [2] - The annual production of tropical marine fish eggs accounts for about 25% of the national market, while the market share of the new hybrid grouper variety "Longhu Hybrid Grouper" exceeds 70% [2] Group 2: Processing and Innovation - The park is advancing from "good breeding" to "strong processing" and "long chains," with ongoing research and production of deep processing technologies for tropical fish and crocodile health products [3] - The park has established two academician workstations and two innovation platforms, collaborating with over 20 research institutions and introducing 10 expert teams in leading industries [3] Group 3: Investment and Development - In the previous year, the city attracted 20 agricultural projects with investments over 20 million yuan, and is currently tracking 42 agricultural projects [3] - In addition to the 27 established projects, there are 22 ongoing projects with an investment completion of approximately 630 million yuan, and three projects have already started production [3]

Core Viewpoint - MicroPulse has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its AI medical capabilities and expand its healthcare management ecosystem, while attracting more investors for long-term development [1] Financial Performance - MicroPulse has reported continuous losses over the past three years, with revenues of 5.12 billion, 6.28 billion, and 6.53 billion yuan for 2022, 2023, and 2024 respectively, and net losses of 4.14 billion, 1.50 billion, and 1.93 billion yuan for the same years [2] - The company's revenue is primarily derived from three segments: full-course management services (72% of revenue), medical health product sales (19.4%), and insurance brokerage services (8.6%) for 2024 [2] Business Strategy - MicroPulse has developed a clear strategy to achieve profitability, focusing on controlling operational costs, particularly in sales and distribution, and leveraging government policies and AI technology to streamline processes [3] - The company aims to create a sustainable and diversified revenue model by expanding into adjacent fields such as insurance brokerage and medical health product sales, enhancing patient engagement and lifetime value [3] Gross Margin Analysis - MicroPulse's gross margin has been below 20% for three consecutive years (17.2%, 18.9%, and 19.9% from 2022 to 2024), attributed to strategic pricing and the initial phase of its business layout [4] - The company believes that while low gross margins may impact short-term performance, they will lead to a more stable customer base and sustained revenue in the long run [4] Competitive Landscape - The digital health sector is competitive, with listed companies such as Beijing New Oxygen Technology, Alibaba Health, JD Health, and Dingdang Health, alongside numerous unlisted firms also entering the market [5] Market Potential - MicroPulse is seen to possess unique advantages and growth potential, with the IPO expected to provide additional funding to solidify its business layout and scale operations towards profitability [6]

携手构建健康视光产业新生态 霍思文感谢广州长期以来对蔡司集团发展的关心支持，并介绍集团光学业务经营情况和发展规划。他 说，蔡司集团始终将广州作为投资布局的重点区域，得益于广州一流的营商环境和良好的产业生态，扎 根广州30年来各项业务取得长足发展。集团在光学消费品和医疗技术等领域的战略规划与广州产业发展 方向高度契合，对广州未来发展充满信心，将继续深耕广州，加快在穗业务数字化、智能化转型，谋划 落地更多创新业务。 市直有关部门和区负责人参加。 相关附件 7月3日，广州市委书记郭永航在穗会见德国蔡司集团执行董事会成员、消费光学事业部首席执行官霍思 文，蔡司光学中国区总裁杨晓光一行。 郭永航对霍思文一行表示欢迎，对蔡司集团给予广州发展的大力支持表示感谢。他说，广州是全国先进 制造业基地、国际科技创新中心重要承载地和国际商贸中心，产业基础扎实、创新资源集聚、应用场景 丰富，当前正深入学习贯彻习近平总书记对广东系列重要讲话和重要指示精神，着力推进深层次改革和 高水平开放，坚持产业第一、制造业立市，深入实施"人工智能+"行动，加快建设"12218"现代化产业体 系，以科技创新引领新质生产力发展，为全球企业提供了广阔发展空 ...

Core Viewpoint - Beijing Tongrentang Medical Investment Co., Ltd. (Tongrentang Medical) has submitted its IPO application for the third time in a year, aiming to become the fourth listed company under the Tongrentang Group, which includes Tongrentang, Tongrentang Technology, and Tongrentang Guoyao [1][8] Company Overview - Tongrentang Medical, established in 2015, is the largest private traditional Chinese medicine hospital group in China, holding a market share of 1.7% in terms of outpatient and inpatient visits in 2024 [1] - The company ranks second in the private traditional Chinese medicine medical service industry with a market share of 0.2% in total medical service revenue, accounting for 46.5% of the market size of the traditional Chinese medicine medical service industry in China [1] Financial Performance - Revenue from Tongrentang Medical has shown growth from approximately 911 million yuan in 2022 to 1.175 billion yuan in 2024, with net profits turning positive in 2022 after a series of acquisitions [3][4] - The company reported net profits of -9.23 million yuan in 2022, 42.63 million yuan in 2023, and 46.19 million yuan in 2024 [3] Acquisition Strategy - The company's growth has been primarily driven by acquisitions, with plans to acquire five profit-making medical institutions by the end of 2029, focusing on economically active regions such as Beijing and the Yangtze River Delta [5][8] - Tongrentang Medical has increased its total number of medical visits from 1.3 million in 2022 to 3 million in 2024, with a compound annual growth rate of 51.9% [4] Debt and Financial Risks - The company's debt ratio has risen significantly from less than 10% in 2021 to 45.2% in 2024, raising concerns about the sustainability of its growth [2][7] - As of April 30, 2024, the total outstanding bank loans amounted to 142 million yuan, with a significant portion of its equity pledged to secure financing [7] Market Position and Competition - The number of participants in China's private traditional Chinese medicine medical service industry has increased from 2,525 in 2019 to 3,614 in 2024, indicating intensified competition [9] - Despite the competitive landscape, Tongrentang Medical benefits from the strong brand recognition of the "Tongrentang" name and has a well-established business model that includes medical services, management services, and health product sales [9] IPO Objectives - The funds raised from the IPO are intended for expanding the company's medical service network, enhancing service capabilities, repaying bank loans, and general corporate purposes [8] - The repeated submissions of the IPO application may indicate challenges in meeting market expectations or regulatory requirements [8]