2 | | 2025 | | 7 | | | | --- | --- | --- | --- | --- | --- | | 日期 | | 年 | | | | | | | | 月 | | | | | | | | 12 | | | | | | | | 日 | 3 1 编号：2025-011 投资者关 系活动类 别 ◻️特定对象调研◻️分析师会议 ☑媒体采访◻️业绩说明会 ◻️新闻发布会◻️路演活动 ◻️现场参观☑电话会议 ◻️其他（请文字说明其他活动内容） 参与单位 财联社任健、黄立 长城证券：金瑞、陈逸同 浙江大学：李佳 紫杰基金：张醒 汉泽基金：胡玮 华安证券：来祚豪 中金公司：童宇琴 格隆汇：庞明明 垒土投资：葛晨曦 海峡资本：王干义 千日红私募：汤琎哲 开源证券：罗悦 中银资管：李倩倩 乐苍投资：谢桂 嘉世基金：周盘奇、李其东 中泰证券：王欣悦 鸿竹资产：费征帅 明澄投资：张宇博、侯子骄 千习资本：斯志坚 长城基金：储雯玉 赛维投资：吕政和 银河证券：石金漫、张渌荻 民生证券：周晓萌 东北证券：刘云坤、刘俊奇 高竹基金：李心宇 国海证券：张钰莹 善成投资：卫芳 安禅私募：钱曙和 诚通证券：沈燕萍 橡果资 ...

Skydance CEO David Ellison has reportedly held talks with Bari Weiss to buy her online news site The Free Press — fueling growing speculation that he is wooing the right-of-center voice to join CBS News once his company’s long-stalled merger with Paramount is approved. The discussions are in the early stages, a source close to the situation told The Post on Friday.Ellison and Weiss — an opinion writer who started The Free Press in 2021 after a public falling out with the left-leaning New York Times — were b ...

Hong Kong, July 11, 2025 (GLOBE NEWSWIRE) -- NFT Limited (“MI” or the “Company”) (NYSE: MI) today announced that on April 30, 2025, the Company filed its annual report on Form 20-F for the year ended December 31, 2024 (the “Form 20-F”) with the U.S. Securities and Exchange Commission (the “SEC”). In compliance with the New York Stock Exchange rules, the Form 20-F is available on the Company’s website at www.nftoeo.com. In addition, all shareholders of the Company may request, free of charge, a hard copy of ...

Core Insights - Merck (MRK) has received FDA acceptance for the new drug application (NDA) for its investigational two-drug regimen doravirine/islatravir (DOR/ISL) aimed at treating virologically suppressed adults with HIV-1 infection, with a decision expected by April 28, 2026 [1][7] Drug Efficacy and Studies - If approved, DOR/ISL would be the first non-integrase inhibitor-based two-drug regimen demonstrating comparable efficacy and safety to the current three-drug standard, BIC/FTC/TAF, in phase III studies [2] - The NDA is supported by data from two pivotal phase III studies (MK-8591A-051 and MK-8591A-052), which showed that DOR/ISL (100 mg/0.25 mg) was non-inferior to comparator antiretroviral therapies in adults with virologically suppressed HIV-1 [3] Ongoing Research and Collaborations - Merck is continuing its HIV research with additional trials, including MK-8591A-053 and MK-8591A-054, which evaluate DOR/ISL in treatment-naïve individuals and those from earlier studies, respectively [9][10] - The company is collaborating with Gilead Sciences (GILD) to evaluate islatravir in combination with GILD's lenacapavir in a phase II study for HIV treatment [10] Stock Performance - Year to date, Merck's shares have decreased by 15.5%, contrasting with a 0.2% rise in the industry [4]

2025 is shaping up to be a good year for the ecommerce industry, as it continues to take away slices of the total retail pie. Commerce Department numbers are proof of this trend: ecommerce sales in the first quarter of 2025 grew 6.1% over 1Q24 (virtually unchanged sequentially), with total retail sales increasing 4.5% (0.4% sequentially). Ecommerce accounted for around 16.2% of total U.S. retail sales.The first quarter follows the seasonally stronger holiday quarter, so growth rates usually moderate at arou ...

Nanchang, China, July 11, 2025 (GLOBE NEWSWIRE) -- Ruanyun Edai Technology Inc. (“Ruanyun” or the “Company”) (NASDAQ: RYET), a leading AI-powered education technology company in China, today announced the signing of a strategic cooperation agreement (the “Agreement”) with the Confucius Institute at Prince Sultan University (“PSU”). The Agreement advances HanLink, the Company’s innovative Chinese language learning platform, from its initial market entry to the core digital infrastructure of Saudi Arabia’s fi ...

Group 1: Amazon - Amazon's e-commerce business is a significant revenue generator, but its largest operating profits come from Amazon Web Services (AWS) and its advertising platform [3][4] - The advertising business's annual run rate has more than doubled in the past four years, reaching $69 billion by the end of 2024 [5] - AWS remains a leader in cloud computing, with growth driven by a suite of artificial intelligence offerings, contributing billions to sales [5][6] - Amazon has a culture of innovation, significant cash flow, and over 200 million Prime members, providing various monetization opportunities [6] - Despite competitive threats, Amazon's wide moat from switching costs and network effects positions it well for long-term success [7][8] Group 2: Shopify - Shopify enables merchants to create sophisticated online storefronts, essential for both online and traditional businesses [9] - The company has captured over 12% of the U.S. market by gross merchandise volume, making it a leading player in its niche [10] - There is significant potential for growth as retail transactions continue to shift online, with analysts predicting rapid market expansion [11] - Shopify benefits from switching costs, as merchants are less likely to switch providers after investing in their Shopify-built websites [12] - Although Shopify is not consistently profitable, it has improved margins and free cash flow, with expectations of profitability in the coming years [13][15]

Core Viewpoint - Bitcoin has reached a new historical high, surpassing $118,000, driven by institutional demand and positive market sentiment, with significant increases in other cryptocurrencies as well [1][2][4]. Group 1: Bitcoin and Cryptocurrency Market Performance - On July 11, Bitcoin's price surged, breaking the $118,000 mark, with a 24-hour increase of over 6% [2]. - Other cryptocurrencies also saw substantial gains, with Ethereum rising by 8.8% to over $3,000, and Cardano and Dogecoin increasing by over 11% [2][3]. - The total market liquidation in the past 24 hours reached over $1.24 billion, with more than 263,000 traders liquidated, predominantly from short positions [3][4]. Group 2: Institutional Interest and Market Sentiment - The rise in Bitcoin's price is partly attributed to increased institutional interest, as evidenced by the growing number of call options at higher strike prices on derivatives exchanges [4]. - Recent comments from former President Trump have positively influenced market sentiment, suggesting a strong economic recovery and advocating for interest rate cuts [5]. - The establishment of new cryptocurrency asset management firms is expected to further drive demand for Bitcoin [5]. Group 3: Regulatory Developments and Market Dynamics - The U.S. House of Representatives has designated the week of July 14 as "Cryptocurrency Week," during which several key legislative proposals will be reviewed [4]. - Shanghai's municipal government is actively exploring the development of digital currencies and stablecoins, indicating a growing interest in regulatory frameworks [6]. - Chinese securities firms are expanding into the virtual asset space, with several firms obtaining licenses to offer cryptocurrency trading services, which may enhance their competitive edge [7].

Investment Rating - The report maintains a positive outlook on the eCommerce industry, highlighting several "Buy" rated stocks as secular winners, including Amazon.com (AMZN), JD.com (JD), Coupang (CPNG), Sea Ltd. (SE), MercadoLibre (MELI), Zalando (ZAL), and Eternal (ETEA) [7]. Core Insights - Global eCommerce sales are projected to grow at a +6% CAGR from 2025 to 2030, reaching approximately $6.4 trillion by 2030, driven by modest increases in online penetration rates and significant growth in regions with lower current penetration [5][16]. - The report identifies the Food and Beverage category as a key driver of eCommerce growth, with expectations of a +10% CAGR in this segment from 2025 to 2030 [33]. - The eCommerce market is expected to continue consolidating, with the largest platforms gaining market share, particularly in the global ex-China market where the top five platforms accounted for 50% of total online sales in 2024 [38]. Summary by Sections Global eCommerce Opportunity - The report estimates global eCommerce sales at $4.3 trillion in 2024, growing to $4.7 trillion in 2025, with a long-term growth forecast of +6% CAGR through 2030 [16]. - Global eCommerce penetration is expected to rise from 23% in 2025 to 26% by 2030, indicating a gradual shift towards online shopping [16]. Economic Outlook - The report anticipates a slowdown in global real GDP growth in 2025, particularly in the US and Asia, which may impact eCommerce sales [10]. - Tariffs and the evolving global trade environment are highlighted as significant risk factors for the industry [10]. Valuation Insights - Current global eCommerce valuation multiples are below long-term averages, reflecting a slower growth profile, although growth-adjusted multiples remain at historical norms [10]. - The report includes a refreshed DCF-based intrinsic value framework for GMV-based platforms [10]. Regional Insights - The report emphasizes that regions with lower online penetration, such as India, Latin America, and ASEAN, present the highest growth potential for eCommerce [10][16]. - In the US, eCommerce sales are projected to grow to nearly $1.7 trillion by 2030, with an average annual increase in online penetration of 70 basis points [50]. Market Dynamics - The report notes that the largest eCommerce platforms are capturing a majority of incremental sales, driven by competitive advantages such as low prices and fast delivery [100]. - Essential product categories are outperforming discretionary categories, with platforms focused on staples seeing stronger growth [100].

All-Cash Transaction Unlocks Significant, Unrealized Value for Boyd ShareholdersBoyd, FanDuel Extend Market-Access Agreements through 2038LAS VEGAS, July 10, 2025 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) ("the Company" or "Boyd") today announced it has entered into a definitive agreement to sell the Company's 5% equity interest in FanDuel Group ("FanDuel") to Flutter Entertainment plc (NYSE: FLUT) ("Flutter") for cash consideration of $1.755 billion.The transaction is expected to close in the thi ...