2018年，诺贝尔物理学奖授予了激光物理学领域的三位科学家。其中，时年96岁的阿瑟·阿什金 (Arthur Ashkin)凭借"光学镊子及其在生物系统中的应用"荣 膺该奖，成为史上最年长的诺贝尔物理学奖得主。 "光学镊子"（Optical Tweezers，OT）简称光镊，顾名思义就是用光做成的镊子。光是它的材质，镊是它的作用。虽然光镊的名字里带"镊"，但与传统镊 子需通过物理接触夹持物体不同，光镊是一种非机械接触式操控技术。其通过高度聚焦的激光束产生的力，像无形的镊子一样，精准操控细胞、病毒、 DNA等微小物体。 光镊的操控原理在于激光束产生的梯度力和散射力。梯度力如同磁铁吸引铁屑，将微小物体拉向光束中光强最强的中心区域；而散射力则像水流推动浮 萍，将物体沿着光束传播方向轻微推移。正是这两种力的精妙配合，使得光镊能够隔空"抓取"并移动目标对象。 光镊的突破启发了更多创新。2005年，美国加州伯克利大学吴明教授团队受光镊启发，将光控电场引入微粒操控领域发明了光电镊技术（OET），并于 2011年创立Berkeley Lights公司开始光电镊技术的产业化，2020年7月在美国纳斯达克上市，后被仪器巨头布鲁克（ ...

赤子城科技 20250710 摘要 赤子城科技 91%的收入来自泛人群和多元人群社交，其中泛人群社交是 核心，产品包括 MICO、YOHO、TopTop 和搜狗。多元人群社交覆盖 LGBTQ 群体，产品包括 Blue D、Thinker 和 Hisi。 公司过去五年复合增长率达 67%，调整后 EBITDA 为 50%。2024 年 中东北非收入同比增长约 66%，搜狗营收增长约 200%，利润超 400%，TopTop 营收增长约 100%。 中东北非市场是赤子城科技的重要增长引擎，该地区未来五年复合增速 预计达 20.7%。公司所有泛区域社交产品均在此进行首次宣发，并复制 到其他地区。 创新业务方面，自研三合一手游 Alice Dream 在 2023 年 9 月月流水超 800 万美元，2024 年 5 月接近 1,000 万美元，中东北非地区收入同比 增长约 66%。 多元人群社交市场潜力巨大，预计到 2026 年 LGBTQ 人群将达 6.6 亿， 具有高学历、高收入特点。蓝城兄弟整体 MAU 达 750 万，DAU/MAU 为 50%，次月留存率长期保持在 75%。 Q&A 赤子城科技如何看待多元 ...

Core Insights - The concept of "emotional value" is becoming a significant investment theme in the Hong Kong stock market, driven by products like blind boxes, gold jewelry, and Chinese tea drinks [1] - The rise of "new conspicuous consumption" reflects a shift in consumer behavior towards identity expression and social recognition [1][3] - Labubu's success story illustrates how celebrity endorsements and high-fashion events can elevate a brand from niche to mainstream, emphasizing the importance of social status in consumer choices [2][3] Group 1: Emotional Value and Consumption Trends - Emotional value encompasses various aspects such as self-satisfaction, social recognition, and therapeutic consumption, with a focus on new forms of conspicuous consumption [1] - The historical context of conspicuous consumption shows its evolution from overt displays of wealth to more subtle forms of identity expression [1][11] - Labubu's transformation into a symbol of status is linked to its presence at Milan Fashion Week and endorsements from global celebrities, which sparked a buying frenzy among consumers [2][3] Group 2: Market Dynamics and Brand Positioning - Labubu's marketing strategies, including social media campaigns and collaborations, have significantly contributed to its brand recognition and sales growth [2][6] - The luxury market in China is evolving, with brands like Laopoo Gold leveraging cultural significance and craftsmanship to appeal to consumers seeking identity expression through luxury goods [7][11] - The rapid growth of Labubu's overseas market revenue, particularly in the Americas and Europe, indicates a strong demand for emotional and identity-driven products [6] Group 3: Cultural and Economic Context - China's economic development has led to a growing middle class with increasing disposable income, creating a fertile ground for luxury and identity-driven consumption [9][10] - The concept of "face economy" in the Middle East highlights a similar trend where consumers seek to express their status through virtual goods and social media engagement [12][16] - The interplay between cultural heritage and modern luxury consumption is evident in the success of brands that can effectively communicate their identity and value propositions [11][17]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 衰老的特征之一是整个生物体中干细胞的衰老、功能下降以及数量下降。全身性慢性低度炎症 （炎性衰老） 涉及循环促炎细胞因子和趋化因子水平升高，并导致 干细胞衰老。 异时性联体共生 （Heterochronic Parabiosis， 通过外科手术将两只不同年龄的动物的循环系统连接起来，使其共享血液和体液 ） 研究表明，来 自老年个体循环中的系统性因素可诱导过早衰老，而年轻个体的循环则能使老年组织恢复活力。然而，全身性炎症对肌肉干细胞 （MuSC） 衰老的具体影响，目 前仍不清楚。 威斯康星大学麦迪逊分校、 罗切斯特大学医学中心的研究人员在 Nature 子刊 Nature Aging 上发表了题为 ： Epigenetic erosion of H4K20me1 induced by inflammation drives aged stem cell ferroptosis 的研究论文。 该研究表明， 全身性炎症 通过诱导 表观遗传侵蚀 ，促进 肌肉 干细胞 发生 铁死亡 ，而长期抑制全身性炎症，能够 有效预防铁死亡，保持肌肉干细胞数量，并 促进肌肉再生和功能恢复。 衰老 ...

上 市 公 司 2025 年 06 月 30 日 赤子城科技 (09911) ——社交先锋，淘金中东 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 30 日 | | --- | --- | | 收盘价（港币） | 9.83 | | 恒生中国企业指数 | 8678.3 | | 52 周最高/最低（港币） | 11.50/2.50 | | H 股市值（亿港币） | 138.96 | | 流通 H 股（百万股） | 1,412.18 | | 汇率（人民币/港币） | 1.0966 | 一年内股价与基准指数对比走势： -43% 457% 07/02 08/02 09/02 10/02 11/02 12/02 01/02 02/02 03/02 04/02 05/02 06/02 资料来源：Bloomberg HSCEI 赤子城科技 公 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 联系人 赵航 (8621)23297818× zhaohan ...

In the fourth week of June 2025, an otherwise quiet corner of the NASDAQ witnessed a dramatic surge. Geospace Technologies NASDAQ: GEOS, a stock largely unknown to the general public, has seen a healthy uptick, climbing over 50% in just a handful of trading sessions and exceeding a 200% gain within the last month. Daily trading volume, which typically hovers below 100,000 shares, has exploded to more than 1.6 million. Geospace Technologies Today GEOS Geospace Technologies $17.81 -0.59 (-3.18%) 52-Week Range ...

机构：中金公司 研究员：肖俨衍/魏萌/白洋 投资亮点 首次覆盖赤子城科技（09911）给予跑赢行业评级，目标价11.30 港元，基于P/E 估值法，给予14 倍25e Non-IFRS P/E，隐含25e P/S 估值2 倍。公司在社交及游戏领域推出数十款应用及休闲游戏产品，累计服 务全球逾100 个国家和地区超10 亿用户，深耕中东北非市场，并积极拓展东南亚、欧美及日韩，致力于 发展成全球领先的社交娱乐企业。理由如下： 全球化扩张+体系化创新，形成长期增长动能。公司将中东北非市场定位为长期核心战略区域，文化洞 察、本地运营、技术生态壁垒深厚，在中东多次行业洗牌中屹立不倒，目前中东北非区域持续贡献公司 超50%的社交收入，公司预计将向欧美高ARPU 市场纵深发展。此外，公司估计多个尚处于起量阶段的 产品管线，24 年整体贡献约10%的泛人群社交收入，或有望支撑未来的业绩突破。考虑到市场拓展， 我们预计短期营销费用率或相对维持高位，但长期看，随着获客效率提升，经营杠杆有望逐步释放。 我们与市场的最大不同？ 市场认为TikTok 最终将在全球范围内形成垄断性优势，并占据市场主导地 位，我们认为垂直赛道仍有机遇，且 ...

机构：西牛证券 研究员：敖晓风 中東地緣政治升溫導致宏觀市場有所轉變 未能控制營銷費用 未能複製Alice's Dream 成功的經驗至其他精品遊戲 香港設立全球總部: 利用香港的國際化商業環境、成熟的資本市場和頂尖人才資源，赤子城科技 (09911.HK)在香港設立了全球總部和人工智能研究中心，旨在深化人工智能在業務運營中的應用，使公 司在行業中保持優勢。 有利的環境與強勁增長潛力帶來的重估: 赤子城科技(09911.HK)在收入和歸屬股東應佔溢利上都取得相 當穩健的成長。Sugo、TopTop、Blued 等產品以及精品遊戲有望繼續增長，為股東帶來可觀回報。集團 充裕現金儲備亦使其能夠收購如藍城兄弟般具潛力的企業。同時，鑑於中國企業的估值得到修復，無風 險利率達到峰值的預期亦有利於集團的估值獲得重估。我們相信，該等宏觀因素加上公司的強勁增長前 景將能夠提高其估值。因此，我們將目標價格修訂為每股12.90 港元，並維持買入評級。 風險因素 Sugo、TopTop 強勁的表現未能維持 社交業務表現亮眼: 2025 年第一季度，赤子城科技(09911.HK)的社交業務收入同比增長39.1%至44.3%。 得益於 ...

Core Viewpoint - So-Young International Inc. is postponing the effective date for the planned change in the American depositary shares (ADS) ratio, which was initially set for June 30, 2025 [2][3]. Group 1: ADS Ratio Change - The company intends to change the ADS ratio from thirteen ADSs representing ten Class A ordinary shares to one ADS representing fifteen Class A ordinary shares [2]. - The decision to delay the ADS ratio change is due to the need for additional time to finalize preparations [2]. - An updated timeline for the ADS ratio change will be announced in the future [2]. Group 2: Impact on ADS Holders - The ADS ratio change will function similarly to a proportional reverse ADS split, with no changes to the Class A ordinary shares [3]. - ADS holders will not need to take any action; the exchange of old ADSs for new ADSs will occur automatically [3]. - Fractional new ADSs will not be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [3]. Group 3: Price Expectations - Following the ADS ratio change, the ADS price is expected to increase proportionally, although there is no assurance that the post-change price will match or exceed the proportional price based on the pre-change price [4]. Group 4: Company Overview - So-Young International Inc. is a leading aesthetic treatment platform in China, connecting consumers with online services and offline treatments [5]. - The company offers access to aesthetic treatments through its online platform and branded aesthetic centers, providing curated treatment information and facilitating online reservations [5]. - With strong brand recognition and an efficient supply chain, So-Young is positioned for long-term growth in the medical aesthetic value chain [5].

Core Insights - Petrobras has awarded a multi-year contract to Geospace Technologies for the deployment of the OptoSeis Permanent Reservoir Monitoring system in the Mero Fields 3 and 4, emphasizing its commitment to advanced technology for improved oil recovery and production efficiency in the Santos Basin [1][9] Project Overview - The project will involve the installation of nearly 500 km of the OptoSeis PRM system over an area of 140 square kilometers on the Mero seabed, located 180 km off the coast of Rio de Janeiro [2][9] - The contract is set to commence in June 2025 and includes engineering, procurement, construction, and system operations, with Blue Marine Telecom managing the installation [3] Technology Details - The OptoSeis system, developed by PGS and now owned by Geospace, is designed to enhance oil production monitoring at the Mero field, having previously demonstrated its capabilities in the Jubarte field [4][8] - Equipped with multicomponent sensors, the OptoSeis system captures seismic energy with high fidelity and low noise levels, ensuring superior data quality compared to existing technologies [5] Mero Field Overview - The Mero field is situated in ultra-deep waters of the Santos Basin, with depths ranging from 1,800 to 2,100 meters, and has a total installed capacity of 770,000 barrels of oil per day across its FPSO units [6] - The field is operated by a consortium led by Petrobras, in collaboration with Shell Brasil, TotalEnergies, CNODC, CNOOC, and Pré-Sal Petróleo S.A. [7] Strategic Implications - The selection of the OptoSeis system highlights Petrobras' leadership in deploying innovative technologies for complex offshore environments, aiming to maximize asset value while ensuring environmental responsibility [8]