Key Takeaways GSK's Specialty Medicines sales jumped 17% in Q1 2025, driven by HIV and oncology product strength. GSK expects low double-digit Specialty Medicines growth in 2025 despite IRA related headwinds. New approvals like Nucala for COPD and strong launches like Blujepa support the growth trajectory.GSK plc’s (GSK) Specialty Medicines segment includes medicines that prevent and treat diseases like HIV, cancer, asthma and immune-inflammation diseases like lupus. Specialty Medicines now represents clo ...

行 业 研 究 2025 年 07 月 08 日 投资评级：看好（维持） 行业走势图 -14% 0% 14% 29% 43% 58% 2024-07 2024-11 2025-03 通信 沪深300 数据来源：聚源 相关研究报告 《世纪互联上调业绩指引，看好 AIDC 产业链投资机会—行业点评报告》 -2025.6.30 《阿里夸克算力告急，火山引擎发布 全模态模型，坚定看好全球 AI 智算产 业链—行业周报》-2025.6.29 《首批 IDC REITs 获批，Marvell 上调 2028 年 AIDC 规模预期，全球 AIDC 迎共振—行业周报》-2025.6.22 AI 驱动光铜共进，AEC 等受益于高速短距连接需求 ——行业深度报告 蒋颖（分析师） jiangying@kysec.cn 证书编号：S0790523120003 在 AI 浪潮中，铜互连因其低成本和低功耗优势在短距离连接中份额提升 随着生成式人工智能（AIGC）技术的逐步成熟，基于"大数据+大计算量"模型的 新兴应用不断涌现，显著推动了算力需求的持续攀升。作为计算能力的核心载体， 数据中心在算力高需求的驱动下，其相关的服务器领域及上下 ...

Core Insights - ServiceNow (NOW) and Tyler Technologies (TYL) are key players in the cloud-based enterprise software market, focusing on different customer segments [1] - The digital transformation market is projected to reach approximately $4 trillion by 2027, with a CAGR of 16.2% from 2022 to 2027, benefiting both companies [2] ServiceNow Highlights - ServiceNow is experiencing increased adoption of its workflows, with 72 transactions exceeding $1 million in net new annual contract value (ACV) by Q1 2025 [3] - The company reported a 20% year-over-year growth in customers with over $5 million in ACV, totaling 508 customers [3] - The introduction of the Core Business Suite in May 2025 aims to enhance efficiency across various business operations [4] - ServiceNow's AI-driven solutions in Security and Risk are enhancing enterprise security and operational efficiency [5] - Expected subscription revenues for Q2 are between $3.03 billion and $3.035 billion, reflecting a year-over-year increase of 19% to 19.5% [6] Tyler Technologies Highlights - Tyler Technologies provides essential software for the public sector, focusing on stable revenue sources like property taxes [7] - The transition from outdated systems to cloud-based solutions is expected to increase Tyler's recurring revenues, which currently make up about 80% of total revenues [8] - Tyler has made 14 acquisitions in the last five years, with the acquisition of Computing System Innovations (CSI) enhancing its document processing capabilities [9][10] - The company projects full-year 2025 revenues between $2.31 billion and $2.35 billion, indicating an 8.94% year-over-year growth [11] Earnings and Valuation - The Zacks Consensus Estimate for ServiceNow's 2025 earnings is $16.54 per share, reflecting an 18.82% increase from fiscal 2024 [12] - Tyler's earnings estimate for 2025 has declined to $11.13 per share, suggesting a 16.54% growth over 2024 [12] - Both companies have consistently beaten earnings estimates, with ServiceNow showing a higher average surprise of 6.61% compared to Tyler's 3.82% [13] - Year-to-date, ServiceNow shares have declined by 4.4%, while Tyler shares have increased by 1.9% [14] - In terms of valuation, both companies are considered overvalued, with Tyler trading at a forward Price/Sales ratio of 10.48X, lower than ServiceNow's 14.99X [17] Conclusion - Both ServiceNow and Tyler Technologies are positioned to benefit from the demand for digital transformation despite macroeconomic challenges [19] - ServiceNow holds a competitive advantage with a stronger portfolio and partner base, while Tyler faces challenges from competition and economic conditions [19]

越南胡志明市, July 01, 2025 (GLOBE NEWSWIRE) -- CT Group 于其成立 33 周年（1992 年 6 月 29 日 – 2025 年 6 月 29 日）之际举办系列核心活动，并为其第二个 30 年征程的首个三年计划画上圆满句号。 更有多项重要计划与活动将于今年下半年开展。 其中一大关键活动是于 2025 年 6 月 29 日在胡志明市举行的物联网 (IoT) 芯片发布仪式，这款芯片完全由该集团的越南工程师采用 CMOS 及 III/V 半导体设计技术打造。 CT Group 正在建立芯片设计集群，专门用于研究与设计 AI、IoT，以及专为无人机 (UAV)、国防、5G/6G、传感器和 IoT 领域打造的专用芯片。 该集团还在开发用于 SoC（片上系统）设计的 IP（知识产权）内核和功能模块，确保芯片开发的自主性，这种 IP 技术可用于创建具有 FSK/LoRa/OFDM 调制功能的 ADC/DAC 以及 NPU、DSP 等。 此类 IP 内核具备可定制性与可扩展性，能够满足特定技术与应用需求。 CPV Central Committee 委员、胡志明市委副书记、胡志明 ...

夏清莹认为，高速铜缆连接可以覆盖数据中心的多个应用场景，如AI服务器、交换机、路由器等，中 短期内铜缆高速连接行业受益于AI算力基础设施建设的高需求，将维持在较好的景气度水平。长期来 看，随着带宽要求的提升，高速铜连接在体积、重量和传输距离方面可能遇到瓶颈，后续仍需要跟踪领 先厂商对于技术路径的选择和探索。 据悉，高速铜缆产业链涵盖了原材料供应链、生产制造和应用领域等多个环节。随着技术的进步和市场 的拓展，不少A股上市公司近日对外披露了自身在高速铜缆领域的业务布局情况。 公开资料显示，高速铜缆可通过铜线直接传输电信号，具有成本低、传输速率高、能耗低、可替代性强 等优势，主要用于数据中心内部服务器与交换机之间、存储器与交换机之间以及交换机与交换机之间的 短距离互联传输场景。 高速铜缆可以分为无源铜缆(DAC)、有源铜缆(ACC)与有源电缆(AEC)三大类。其中，AEC通过在线缆 两端加入相关芯片实现对信号的放大和再生，相比传统的DAC传输距离更长，还可以大幅优化信号质 量，未来有望大量应用于以太网接入侧(包括推理和训练架构)。 华西证券（002926）表示，2025年下半年，随着国内外云厂商加大资本开支，北美算 ...

近年来，凭借自身强劲的新药研发、完善的全球临床开发能力、高标准的质量管理体系、深耕国际市场的商业化能力等优势，百济神州(06160)在全球化 和"源头创新"的道路上越走越远。 在此过程中，百济神州不断强化和巩固自身在血液学领域的领导力，持续推进肿瘤学研发管线，并建立了多种潜在的同类最佳或同类首创资产和组合。百济 神州正处于发展的关键转折点，目前拥有40多款处于临床开发和商业化阶段的产品。未来18个月内，预计将迎来20项里程碑进展。如今，这些成果都集中体 现在近期百济神州召开的投资者研发日活动中。 会上，百济神州相关负责人介绍了其最新研发进展，包括具有显著临床潜力的BCL-2抑制剂索托克拉、BTK CDAC BGB-16673、CDK4抑制剂BGB-43395及 B7-H4 ADC等产品，彰显了百济神州的创新韧性和其以全球创新为核心的强劲内生增长力。 为了进一步巩固血液瘤治疗领导力，百济神州以泽布替尼为基石进行渐进式布局。目前公司潜在同类最佳BCL2抑制剂索托克拉以及靶向BTK的嵌合式降解 激活化合物(CDAC)BGB-16673正是其中的关键锚点。 以BTK CDAC BGB-16673为例，作为公司当前临床 ...

摘要 光模块市场景气度持续上修，受益于互联网云厂商规划新发展及乐观的 投关交流，预计 2026 年 800G 和 1.6T 光模块需求量将分别增至 4,000 万只和 600-800 万只，主要驱动力来自 CSB 厂商架构变化和市 场需求增加。 旭创保持市场领先地位，新易盛份额快速提升，与 Meta、亚马逊等合 作紧密，并积极拓展英伟达等客户。预计 2025 年龙头公司收入可达 360-370 亿人民币，2026 年达 440-450 亿人民币，净利润率提升潜 力巨大。 二线光模块厂商如索尔思、联特科技和剑桥科技有望分享市场份额，行 业贝塔不断上修。国内互联网音响加大投入，华工科技和光迅科技等国 内龙头企业受益，预计 2025 年下半年业绩强劲。 光模块跳线市场潜力巨大，800G 光模块跳线需求量约为 2000 万支， 市场空间达数百亿人民币。泰胜光博创、亨通光电、爱康得等厂商有望 受益，业绩弹性大。 Q&A 近期光模块行业的市场表现如何？ 近期光模块行业表现突出，尤其是在 6 月份通信行业中排名第一。头部公司如 旭创、新易盛、太辰光和博创的涨幅显著，达到百分之四五十。整个互联网云 场对 ASEC 的重视程度 ...

so $RDAC reaches over 17 million users but is at a 5.8m fdv and 800k market cap.make it make sense.reminder that seed investors (myself included) invested at 35m fdv. https://t.co/2N9YCYHLNjRedacted Coin (@redactedcoin):$RDAC is now part of a platform that reaches over 17 million registered users.We’re dissolving into Web2 through a live integration with Kumu, and we’re proving something most crypto teams can’t:People don’t need to understand crypto to use it. They just need a reason to ...

BeiGene (BGNE) Update / Briefing June 26, 2025 08:30 AM ET Speaker0 Hello, everyone. Welcome to b one medicine's twenty twenty five investor research and development day. My name is Liza Heaps. I'm senior director of investor relations at b one. We are very excited to host our investor event today, both in person in New York City and online for our global attendees. Thank you all very much for joining us. This is truly an exciting time at b one, and we are thrilled to walk you through recent progress to dat ...

BeOne's Innovative Pipeline Progress Investor R&D Day JUNE 26, 2025 Forward-looking Statements Certain statements contained in this presentation and in the accompanying oral presentation, other than statements of fact that are independently verifiable at the date hereof, constitute forward looking statements. Examples of such forward-looking statements include statements regarding the projected size of the oncology market and related sectors; BeOne's research, discovery, pre-clinical and early-stage clinica ...