Group 1 - Xianruida Medical - B (06669) surged over 18% after receiving registration approval from the National Medical Products Administration for its Armoni-HP® balloon dilation catheter [1] - Meili Tianyuan Medical Health (02373) rose nearly 3% as it announced plans to further acquire a 20% stake in Guangzhou Nairier [1] - Kingdee International (00268) increased over 3% due to adjustments in service fees expected to drive subscription ARR growth by 3% to 5% next year [1] - Sasa International (00178) fell over 5%, with its stock price dropping nearly 20% since its earnings report, as all mainland stores are set to close by the end of June [1] - Jingji Financial International (01468) dropped over 7% after issuing a profit warning, expecting a net loss of no more than HKD 125 million [1] - Kuaishou - W (01024) rose over 3%, with its AI subsidiary achieving an annualized revenue run rate exceeding USD 100 million [1] - Hengyue Holdings (01723) fell over 6% after a profit warning, anticipating a 90% decrease in annual profit attributable to shareholders [1] Group 2 - Military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 7.27%, Aerospace Holdings (00031) up 2.44%, and AVIC (02357) up 1.68% [2] - Victory Securities (08540) soared over 61% as it actively expands into the virtual asset business [2] - Luoyang Molybdenum (03993) increased over 4% amid expectations that a new round of cobalt export bans from the Democratic Republic of Congo may exceed market expectations [2] - China Financial Leasing (02312) surged 229% yesterday and rose another 43% today after a premium acquisition of approximately 35% equity by Meitu's founder [2] - Guotai Junan International (01788) rose over 11% with a trading range of 104%, becoming the first Chinese broker to offer comprehensive virtual asset services [2] - Ganfeng Lithium (01772) increased over 3% as its new battery research institute and Pack integration project is set to begin trial production [2] Group 3 - Innovent Biologics (01801) fell over 4% after announcing a placement of 55 million shares at HKD 78.36 each, a discount of about 4.9% from the closing price on June 25, aiming to raise approximately HKD 4.265 billion [3] - Zhouliufu (06168) opened 11.25% higher on its debut, ranking fifth among jewelry brands in China by store count [3] - Rongchang Biologics (09995) opened nearly 15% lower after licensing its Taitasip to US Vor Bio for an upfront payment of USD 45 million [3] - Western Cement (02233) opened over 5% higher as it plans to sell its Xinjiang company and assets to release operational cash flow for expansion projects [3] - Yingtong Holdings (06883) opened 10.42% lower on its debut, being the largest non-branded perfume group in China [3] Group 4 - BP (BP.US) rose nearly 2% as Shell entered preliminary talks to acquire the company [4] - General Mills (GIS.US) saw its stock price drop over 5.1%, reaching a five-year low [4] - Brain Regen Technologies (RGC.US) fell over 5%, with a market cap shrinking to USD 10.7 billion [4] - Blackberry (BB.US) increased over 12% [4] - Google (GOOGL.US) rose over 2% after launching its first device robot model, Gemini Robotics On-Device [4] - Nvidia (NVDA.US) increased over 4% ahead of its online shareholder meeting, with Loop Capital noting that the AI trend driving Nvidia's stock price remains strong [4] - Chip stocks generally rose, with Supermicro (SMCI.US) up over 8%, Nvidia (NVDA.US) up over 4%, and AMD (AMD.US) up over 3% [4] - Novo Nordisk (NVO.US) fell over 4% as Spain's health ministry investigates whether it violated advertising laws for prescription drugs [4] Group 5 - Therapeutics (NKTR.US) surged nearly 30% after positive results from clinical trials for its eczema treatment [5] - Tesla (TSLA.US) dropped over 5.3% as new car registrations in the EU fell 40.5% year-on-year in May, marking the fifth consecutive month of significant decline [5] Group 6 - US cryptocurrency stocks collectively surged, with Sharplink Gaming (SBET.US) up nearly 6%, Coinbase (COIN.US) up over 3%, and Robinhood (HOOD.US) up over 0.9% [6] - Circle (CRCL.US), a stablecoin giant, continued its downward trend, falling over 10% [6] - Tiger Brokers (TIGR.US) surged nearly 22% as traditional financial institutions explore virtual assets, igniting market enthusiasm [6]

Group 1: Credit Market Insights - In May, the credit market showed strong performance with credit spreads narrowing significantly, particularly in city investment bonds and long-duration products, which saw yields decline by over 10 basis points [1][23] - Public funds were the main buyers in the secondary market, especially in the first two weeks of May, indicating a high buying intensity for long-duration credit [1][23] - The outlook for credit remains cautious, with limited room for further compression in spreads, but opportunities still exist in medium to long-duration products [1][23] Group 2: Robovan and Autonomous Logistics - Robovan, an autonomous logistics vehicle supporting L4 level automation, addresses key logistics pain points such as unmanned transportation and unloading [3][30] - Companies using Robovan have reported significant cost reductions, with one company achieving a 30% decrease in per-package costs and another transporting 1,200 packages daily [3][30] - Major manufacturers of Robovan include New Stone Technology, which has developed modular designs for various applications, and White Rhino, which collaborates with major logistics firms [3][31] Group 3: Breakthrough Therapy in Pharmaceuticals - As of June 4, 2025, 126 domestic innovative drugs have been approved as breakthrough therapies, expanding from traditional targets to new ones [4][6] - Companies like Kolun Biotechnology and Legend Biotech have made significant strides in international markets, indicating a growing global competitiveness of domestic molecules [4][6] - The potential for breakthrough therapies to enter overseas markets is increasing, with several products already recognized as having breakthrough potential [4][6] Group 4: Apple WWDC 2025 Expectations - The upcoming WWDC 2025 is expected to showcase significant upgrades in AI and software, with a focus on new operating system designs and enhanced developer support [8][33] - Anticipated hardware releases include the new MacPro with M4Ultra chip and upgraded accessories, indicating a strong push towards AI integration in consumer products [8][33] - The event is seen as a catalyst for innovation in the tech sector, particularly in AI applications and consumer electronics [8][33] Group 5: Industry Performance Metrics - Various industries are experiencing different trends, with sectors like oil and petrochemicals, machinery, and electronics showing upward momentum, while pharmaceuticals and real estate are on a downward trend [7][20] - Specific metrics include a 6.67% increase in liquid oxygen prices and a 26.44% rise in agricultural machinery engine sales, indicating sector-specific growth [7][20] - The automotive sector is witnessing a significant increase in sales for certain brands, with NIO's sales growing by 82.28% [7][20]

智能驾驶方面，近期将迎来有 tesla、robotaxi 和理想小鹏 vla/华为 ads 4.0 落地拐点，未来或在高阶智驾层面仍有政策引导和激励。 新车发布周期（小鹏 g7，理想 i8，小米 y u7）有望驱动市场预期升温。目前主流主机厂标配激光雷达的趋势已基本确定，持续看好头 部主机厂【小鹏汽车】【理想汽车】【小米集团】建议关注激光雷达【禾赛科技】【大众速腾】和芯片提供商【地平线】。 IP 方面，下周布鲁可调入港股通；卡游港股 IPO 进入关键阶段；资金开始布局消费复苏与 I P 经济主线。叠加恒生指数成分股调整， 增量资金配置需求提升。当前时点港股 IP 经济板块兼具高景气、强催化与估值性价比，建议把握卡游 I PO、暑期消费旺季及财报窗口 期的结构性机会。建议关注，高景气度潮玩赛道核心标的【泡泡玛特】【布鲁可】【名创优品】，全链条变现 的 IP 运营与内容方，I P 代运营【羚邦集团】、IP 运营【巨星传奇】【乐华娱乐】、IP 方【哔哩哔哩】、【腾讯】、【网易】、【阅文集团】、【阿里影业】、 【中国儒意】、【猫眼娱乐】、【创梦天地】、【中手游】、【小黄鸭德盈】等。 海外行业报告 | 行业动态研究 港 ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20250605 6 月港股金股：风偏或延续修复 2025 年 06 月 05 日 [Table_Tag] [观点Table_Summary] ◼ 我们对港股整体持谨慎乐观态度，港股外部风险仍在。 1、关税谈判仍有诸多变数。5 月 28 日美国国际贸易法院(CIT)宣布特朗普 "越权"，要求立即停止关税加征，次日美国联邦上诉法院暂时驳回 CIT 裁决。关税政策从全球普征逐步转向行业。短期内，关税政策料将反复。 2、美股重回 AI 叙事。美国科技股一季度财报相对乐观，市场重新关注美 国科技股。美国科技股一季度财报相对乐观，Mag7 中一半以上超过市场 预期，尤其是英伟达一季度财报超预期，市场重新关注美国科技股。目前 看，美股仍在震荡反弹过程中。 3、港股反弹还需增量资金和持续政策刺激。当前香港市场流动性充裕，利 于股市，但向上空间仍需新动能。 ◼ 我们相对看好 AI 科技、消费，同时建议配置部分高股息用作防御： 1、看好 AI 科技：一是，美股重回 AI 叙事，一定程度上对港股科技叙事 有所提振；二是，数据真空期，利好主题行情。 2、消费仍是全年主线。扩大消费 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 06 月 03 日 [Table_Title] 4 月游戏市场高增长，关注暑期档影片定档 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.5.24-2025.5.30）：传媒行业（申万）上涨 1.74%， 排名行业第 6 名，同期沪深 300 跌 1.08%，上证指数跌 0.03%，深证 成指跌 0.91%，创业板指跌 1.40%，恒生科技指数跌 1.46%。元隆雅 图、时代出版、游族网络、*ST 返利和*ST 大晟表现较优，恒生科技 成分股中快手-W（周涨幅 9.33%）、网易-S（周涨幅 1.11%）表现较 好。 行业重点数据及动态更新 AI 应用：海外方面，Claude 聊天机器人推出语音模式；国内方面， 昆仑万维上线天工超级智能体 APP，通义千问团队发布 QwenLong- L1-32B 模型，腾讯开源混元语音数字人模型，DeepSeek R1 模型完 成小版本试升级，快手可灵 AI 上线 2.1 系列模型。5 月 27 日，快 手公布 Q1 业绩， ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 06 月 03 日 [Table_Title] 4 月游戏市场高增长，关注暑期档影片定档 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.5.24-2025.5.30）：传媒行业（申万）上涨 1.74%， 排名行业第 6 名，同期沪深 300 跌 1.08%，上证指数跌 0.03%，深证 成指跌 0.91%，创业板指跌 1.40%，恒生科技指数跌 1.46%。元隆雅 图、时代出版、游族网络、*ST 返利和*ST 大晟表现较优，恒生科技 成分股中快手-W（周涨幅 9.33%）、网易-S（周涨幅 1.11%）表现较 好。 行业重点数据及动态更新 AI 应用：海外方面，Claude 聊天机器人推出语音模式；国内方面， 昆仑万维上线天工超级智能体 APP，通义千问团队发布 QwenLong- L1-32B 模型，腾讯开源混元语音数字人模型，DeepSeek R1 模型完 成小版本试升级，快手可灵 AI 上线 2.1 系列模型。5 月 27 日，快 手公布 Q1 业绩， ...

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-05-28 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250430 | 2025/04 | 制造业 PMI | % | 49.00 | 50.50 | 50.40 | | 20250430 | 2025/04 | 非制造业 PMI:商务活 | % | 50.40 | 50.80 | 51.20 | | | | 动 | | | | | | 20250430 | 2025/04 | 财新 PMI:制造业 | % | 50.40 | 51.20 | 51.40 | | 20250506 | 2025/04 | 财新 PMI:服务业经营 活动指数 | % | 50.70 | 51.90 | 52.50 | | 20250514 | 2025/ ...

环球市场动态 内 地 财 政 政 策 仍 存 进 一 步 发 力 空 间 股 票 中国市场周五表现不佳，大金融板 块连续下滑拖累指数；欧洲股市情 绪向好，欧洲与美国正式交换谈判 稳健，关税谈判终于正式开启，投 资者期待协议能尽快达成；美股继 续走强，大型科技股普遍上涨，医 疗保健板块出现反弹，标指创下今 年第二好的单周表现。 外 汇 / 商 品 伊朗强调与美国在核武谈判上未达 成正式协议，支持上周五油价终止 两连跌。随着贸易紧张局势降温， 避险资金流出金市，金价表现持续 疲软，创六个月来最大的单周跌幅。 美元指数连涨四周。 固 定 收 益 上周五通胀预期上升、股市反弹， 美国国债小幅下跌，全天波动不大。 因政府债务水平较高，穆迪将美国 信用下评级调至 Aa1。众议院预算 委员会将于周日深夜再次召开会 议，表决特朗普总统的 "大美丽" 法案。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 5 月 19 日 中 ▪ 2025 年以来中国财政政策显著加码，赤字率升至历史高位，并通过两本账联动加大逆周期调节力度。一季度， 全国财政支出同比 ...

可灵的下一步：优先保证模型效果、聚焦专业生产者做渗透。 文 丨 高洪浩 《晚点 LatePost》独家了解到，快手在今日成立了可灵 AI 事业部。该事业部下设可灵 AI 产品 部、运营部和技术部，负责可灵、可图等系列大模型业务，快手高级副总裁盖坤担任可灵 AI 事业部负责人，继续兼任社区科学线负责人。 与此同时，社区科学线下成立基础大模型与应用部，负责 LLM 大模型、多模态理解大模型以 及应用技术研发。 调整后， 可灵 AI 将作为与主站、商业化、电商、国际化、本地生活并列的一级业务部门，向 快手董事长兼 CEO 程一笑汇报。这也是近 3 年时间里，快手唯一成立的独立事业部。 可灵与可图分别是快手自研的视频生成大模型与图片生成大模型。2025 年 3 月 25 日的快手财报电话 会上，快手 CEO 程一笑称，目前可灵 AI"图生视频" 功能的综合效果处于全球第一。 根据官方数据，自商业化以来至今年 2 月，可灵 AI 累计营业收入已超过 1 亿元。我们了解到，可灵 AI 今年前三个月的营收，已超过 2024 年下半年的总和。 一位快手人士称，AI 一直是快手的公司级战略，此次组织升级，意味着可灵 AI 在快 ...