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脑卒中 （俗称"中风"，包括脑梗塞及脑出血） 作为全球造成残疾和社会负担排名首位的神经系统疾病，平均 约 50% 的幸存者在经过现有治疗和复健后，自我代偿和复健等治疗能带来的功能改善会达到极限，并在 6 个月以后进入稳定期，甚至终身伴随偏瘫、语言功能障碍等后遗症。 最新报告显示， 我国 包括缺血性脑卒中 （脑梗塞） 和脑出血在内的脑卒中患者高达 2800 万 人，每年 新 增 病例约 394 万 。 全球 现有偏瘫患者高达 1 亿 人，每年 新增 约 1500 万 人，其中约 67% 为 70 岁以 下人群，22% 甚至发生在 15-49 岁的青壮年群体，并且这一数字仍然在快速增长和继续年轻化。 目前 全球仅有一款 迷走神经刺激器 （VNS） 结合复健 的治疗手段，平均可改善患者的上肢运动功能评分 （FMA-UE） 约 5.8 分 ，并已作为 突破性 器械疗法在 2021 年被 FDA 批准针对 6 个月以上的稳定偏瘫患 者。由于脑卒中后遗症患者的大量功能神经元死亡和神经环路损伤，而成人脑内神经干细胞的数量和再生能力 有限，通过迷走神经刺激等带来的神经可塑性、传统药物与康复治疗对进入稳定期患者的 功能恢复促进 ...

Core Viewpoint - The emergence of "wimp" adventure activities like "wimp rafting" and "wimp bungee jumping" reflects a shift in the preferences of young Chinese consumers towards more relaxed and enjoyable travel experiences rather than extreme challenges [1][2][18]. Group 1: New Travel Trends - The "wimp rafting" project in Shandong offers a calm experience, contrasting with traditional thrilling rafting, appealing to young people who prefer a more laid-back approach [1]. - Similarly, the "wimp bungee jumping" in Zhejiang, with a height of only 20 meters and a slow descent, allows participants to feel a sense of achievement without the extreme fear associated with traditional bungee jumping [2][3]. - These new activities have sparked discussions about redefining adventure tourism, indicating a growing acceptance of less intense experiences among young travelers [4][18]. Group 2: Changing Consumer Behavior - A report by McKinsey highlights a significant shift in Chinese consumer behavior, with younger generations prioritizing personal fulfillment and experiences over traditional notions of success [20]. - Young consumers are increasingly reallocating their budgets from alcohol and electronics to travel, indicating a desire for meaningful experiences [21]. - The trend of "wimp" activities is part of a broader movement where young people seek to enjoy travel without the pressure of extreme challenges, reflecting a more relaxed attitude towards personal achievement [17][21]. Group 3: Economic Context - The current economic environment, characterized by job instability and rising living costs, has led young consumers to make more rational spending decisions based on their personal circumstances [26][27]. - The recent focus on wage increases by the government has been met with cautious optimism from young consumers, who are more concerned about tangible improvements in their income [29][30]. - This economic backdrop supports the rise of "wimp" activities, as young people look for affordable and enjoyable travel options that align with their current realities [30][31].

01：野人当白领 天天如沙丁鱼般被困于格子间内的打工牛马们，或许都曾有一个"野人梦"。 不用上班，不用通勤，不用租房，以天地为家，以山林为食，最重要的是，啥也不用多想，啥也不必多做，山野之间可劲儿撒野撒欢儿就完事了~ "野人岗不是山岗，是岗位的岗" 梦醒时分，坐在办公室电脑屏幕前的各路"精神野人们"，居然终于刷到了自己的"梦想工作"——当野人。 近日，神农架景区发布信息，公开招聘景区内的"野人NPC"，日薪500按天结算，不仅提供百万意外险，还包开实习证明，简直就差把"大学生优先"写在 脸上了，毫不夸张地说，这波热度直逼每年应届生最关心的春招秋招。 这哪里是让白领去当野人，简直就是让野人得到了白领般的待遇。 对此，神旅集团相关负责人表示，招聘信息发出后，当晚就接到2000多个报名，次日已经有近4000人报名，后续更是突破了万人，甚至很多刚高考完的学 生都跃跃欲试。 什么金三银四招聘季，这七八月的工作时间可不要太合适，避暑还有钱拿。 "野人"工作内容很简单，穿着野人服饰在景区巡游，发呆撒欢跳舞都可以，还能接受游客投喂，在"感谢大自然馈赠"的同时，又混到了一餐，这森林里刷 新的辣条烤串薯条可真好吃...... 所 ...

2025年7月31日，全球数字娱乐产业的焦点将再度汇聚上海新国际博览中心。作为ChinaJoy同期最具影 响力的行业盛会，中国国际数字娱乐产业大会（CDEC）高峰论坛以"聚新质动能·引全球共振"为主题， 正式拉开帷幕。这不仅是一场行业盛会，更是一次全球数字娱乐生态的深度共振。 在数字经济与全球化深度融合的当下，数字娱乐产业已成为驱动全球经济增长与文化传播的核心引擎。 据第三方数据显示，2024年全球游戏市场规模突破2200亿美元，中国数字内容出海规模同比增长超 35%。在此背景下，CDEC高峰论坛的召开不仅是对行业趋势的前瞻洞察，更是一次推动技术、内容与 全球化协同创新的实践宣言。 本届大会将围绕新质生产力驱动产业升级、全球化共振下的数字产业共融两大核心议题，汇聚全球顶尖 企业、技术领袖与内容创作者，共同探索数字娱乐产业高质量发展的新路径。 板块一 破界共生·构建全球娱乐新链路 全球化浪潮下，中国数字娱乐企业以"技术+内容"双引擎策略，在海外市场开疆拓土，同时探索文化共 融与合规运营的平衡之道。 成功出海15年的OPPO，依靠"全球本地化"战略进入了全球70多个国家和地区，海外出货量占比约 60%，在全球拥有 ...

Group 1 - The article highlights the vibrant tourism activities across various cities and counties in Hainan during the "May Day" holiday, attracting both domestic and international visitors [2][3][4] - Sanya reported a total of 887,500 visitors during the holiday, marking a 15.88% increase year-on-year, with total spending reaching 2.093 billion yuan, up 8.28% [3] - Danzhou's Haihua Island attracted over 130,000 visitors, showcasing unique volcanic coastal scenery and various engaging activities [4] Group 2 - Qionghai received 500,600 visitors, a 17.9% increase, with total tourism revenue of 325 million yuan, reflecting a strong performance in the one-day tour market [5] - Wanning welcomed 428,900 tourists, achieving a 13.11% growth, with total tourism revenue of 275 million yuan, emphasizing diverse tourism experiences [6] - Changjiang hosted 117,700 visitors, a 10.1% increase, with total spending of approximately 48.96 million yuan, driven by beach tourism and sports events [8] Group 3 - Qiongzhong attracted 68,800 visitors, a 19.94% increase, with total revenue of 33.46 million yuan, highlighting the success of rainforest activities and cultural events [9] - Baisha saw a total of 42,600 visitors, a significant 59% increase, with total spending reaching 18.59 million yuan, driven by eco-tourism and red tourism initiatives [10]

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 4.038 billion, a year-over-year increase of 56.25% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to shareholders was 762 million, reflecting a year-over-year increase of 48.11% and a quarter-over-quarter increase of 3.2% [1] - The gross margin was 32.75%, down 1.11 percentage points year-over-year but up 0.95 percentage points quarter-over-quarter [1] Group 2: Market Trends and Opportunities - The company benefits from strong demand for PCBs driven by high-performance computing servers and artificial intelligence, leading to significant revenue and profit growth [2] - The increasing complexity and performance requirements in the data communication field are pushing PCBs towards higher complexity, performance, and HDI development, which the company is well-positioned to capitalize on [3] Group 3: Research and Development - The company is actively investing in R&D, with GPU platform products already in mass production supporting rates of 112/224Gbps, and next-generation products under development [3] - In the automotive electronics sector, the company is focusing on high-reliability materials and advanced processing capabilities, with successful integration of low-voltage power chip technology [3] Group 4: Investment Outlook - The company is projected to achieve net profits of 3.559 billion, 4.589 billion, and 5.599 billion in 2025, 2026, and 2027 respectively, with a PE ratio of 15.8, 12.2, and 10 times based on the closing price on April 25, 2025 [4]

Core Viewpoint - The company achieved record high performance in Q1 2025, driven by structural demand from emerging computing scenarios such as AI and high-performance servers, despite a slight decline in revenue due to reduced production days during the Spring Festival [2] Financial Performance - In Q1 2025, the company reported revenue of 4.038 billion yuan, representing a year-over-year increase of 56.25% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to shareholders was 762 million yuan, showing a year-over-year increase of 48.11% and a quarter-over-quarter increase of 3.2% [1] - The non-recurring net profit was 745 million yuan, with a year-over-year increase of 50.07% and a quarter-over-quarter increase of 0.71% [1] - The gross margin was 32.75%, reflecting a year-over-year decrease of 1.11 percentage points and a quarter-over-quarter increase of 0.95 percentage points [1] Market and Product Insights - The company benefits from low direct exposure to the U.S. market, with less than 5% of revenue coming from direct exports to the U.S., primarily exporting to Southeast Asia [3] - The company is well-positioned to withstand potential tariff risks due to its technological and production capacity advantages in the PCB industry [3] - The company has ramped up investments in key processes and bottleneck processes, with fixed assets showing rapid growth since Q4 2024, and expects significant capacity improvements in H2 2025 [3] - The Thai production base has entered trial production, aiming for scalable mass production capabilities, which will strengthen the company's position with North American clients [3] Future Outlook - The company plans to invest 4.3 billion yuan to expand capacity to meet the long-term demand for high-end PCBs in the AI industry, reflecting confidence in AI sector growth [3] - The ongoing product iterations are expected to enhance average selling prices (ASP) and profitability, with monthly profits anticipated to continue breaking new highs [4] - The company maintains a profit forecast of 3.645 billion yuan, 4.201 billion yuan, and 4.559 billion yuan for 2025-2027, respectively, with a target valuation of 38 yuan for 2025 based on a 20X target multiple [4]

点击招商研究小程序查看PDF报告原文 事件：公司公告25年一季报，Q1收入 40.38亿同比+56.25%环比-6.77%，归母净利 7.62亿同比+48.11% 环比+3.20%，扣非归母净利 7.45 亿同比+50.07%环比+0.71%，毛利率32.75%同比-1.11pct 环比 +0.96pct，净利率18.82%同比-0.84pct环比+1.82pct。我们点评如下： AI算力需求驱动公司业绩保持高速增长。 Q1收入端同比继续提速增长趋势，显示下游AI高算力计 算场景对PCB的结构性需求持续旺盛，环比小幅下滑主因春节因素以及产能方面有一定的瓶颈限 制。利润端增速低于收入增速，盈利能力同比下滑主因：1）股权激励费用同比增加约 6,000 万； 2）汇兑收益同比减少约 4,900 万；3）公司泰国工厂仍处于爬坡期有一定的折旧拖累，亏损约 5,100 万；4）国内加速产能的扩充，期间费用同比有增加。 展望Q2：预计高阶交换机及AI服务器相关产品保持放量态势，驱动业务结构优化带动毛利率向上，且 国内外新增产能持续爬坡带来经营层面的改善。 尽管市场担忧关税对于算力方面需求将产生负面影 响，但据我们对产业链的 ...

Cyclo Therapeutics’ TransportNPC™ Phase 3 clinical trial for Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disease, is fully enrolled and results from the 48-week interim analysis are expected in the middle of 2025 NEWARK, N.J., April 24, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT) today announced that, following the merger with Cyclo Therapeutics, Bill Conkling will be stepping down as CEO and assuming an advisory role wit ...