创新药周报20250713： 证券研究报告 证券分析师刘浩 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 联系人段江瑶 邮箱：duanjiangyao@hcyjs.com @2021 华创版权所有 第一部分 本周创新药重点关注 国内创新药回顾 02 全球首个口服HAE急性发作按需治疗药物获批上市 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 2025-07-13 全球新药速递 03 01 遗传性血管性水肿（HAE） 证券研究报告 致。 ┃ HAE诊断流程 ┃ HAE分型及特征 | HAE 分型 | 发病机制 | C1-INH 浓度 | CI-INH 功能 | | --- | --- | --- | --- | | HAE-C1-INH 1 型 | C1-INH 基因突变 | 降低 | 降低 | | HAE-C1-INH2 型 | C1-INH 基因突变 | 正常或增高 | 障低 | | HAE-nC1-INH | FXII、 ANGPTI、PLG 基因突变 | ...

Airbnb not only wants to rent you a vacation home this summer—it also wants to help you add a private chef or massage session. The hosts who own the condos, cottages and houses aren’t so sure. https://t.co/cCSVFOJ3yL ...

Group 1 - The article provides a buy rating for Crexendo, Inc. (CXDO) due to its innovative concurrent-session pricing model, which is expected to help the company capture significant market share [1] - CXDO's platform is noted for its technical flexibility and deep integration, enhancing its competitive position in the market [1] - The author emphasizes a fundamental, valuation-driven investment approach, focusing on businesses with potential for scalability and long-term free cash flow generation [1] Group 2 - The author has a decade of experience in investment banking and is currently managing personal funds, indicating a strong background in financial analysis [1] - The motivation for writing is to share investment insights and receive feedback from the investment community, aiming to assist readers in identifying long-term equity value drivers [1] - The analysis is intended to be both analytical and accessible, targeting high-quality, long-term investment opportunities [1]

Core Insights - The article discusses the overseas expansion of Chinese fintech companies, particularly focusing on the digital financial services of Sea Limited, the parent company of Shopee, in Southeast Asia and Latin America [1][13][14]. Group 1: Market Overview - Key factors for Chinese fintech companies considering overseas expansion include population size, GDP, payment and internet infrastructure, and policy openness and stability [1]. - The popularity of e-commerce in a country indicates a well-developed payment and internet infrastructure [2]. Group 2: Sea Limited and Shopee - Shopee is part of Sea Limited, which also includes Garena (digital entertainment) and Monee (digital financial services) [5][6]. - Sea Limited went public on the New York Stock Exchange in October 2017 [7]. Group 3: Monee's Performance - Monee has become one of the largest unsecured consumer loan companies in Southeast Asia, with significant growth in its loan portfolio [8][15]. - As of Q4 2024, Monee achieved over 60% loan growth, with a loan balance exceeding $5 billion (approximately 35.8 billion RMB) [18]. - In Q1 2025, Monee's loan business grew over 75% year-on-year, reaching $5.8 billion (approximately 47.6 billion RMB) [19]. Group 4: User Growth and Loan Quality - Monee added over 4 million first-time borrowers in Q1 2025, with active users exceeding 28 million, a year-on-year increase of over 50% [22][23]. - The 90-day non-performing loan rate remained stable at 1.1%, down from 1.2% at the end of 2024 [24]. Group 5: Regional Insights - Monee's growth is driven by high demand for credit in regions with low credit card penetration, such as Indonesia and the Philippines [26]. - SPayLater, a buy now pay later (BNPL) product, is gaining traction, with significant loan amounts reported in Thailand and Malaysia [24][25]. Group 6: Revenue and Cost Structure - Sea's total revenue for Q1 2025 was $4.8 billion, a 29.6% year-on-year increase, with digital financial services growing the fastest at 57.6% [38]. - Marketing expenses for digital financial services increased significantly, reflecting the rising costs associated with customer acquisition [40][41]. Group 7: Business Model - The BNPL business primarily generates revenue from merchant fees rather than interest from consumers, with Shopee raising seller fees to 4.5% for SPayLater [35][36]. - Monee also engages in asset-backed securities (ABS) financing to support its lending operations [33][34]. Group 8: Ecosystem Synergy - The rapid growth of Monee is supported by the synergies between Sea's e-commerce, gaming, and financial services, creating a closed-loop ecosystem [37].

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

LAS VEGAS, July 11, 2025 (GLOBE NEWSWIRE) -- Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that it has successfully paid 36 consecutive monthly cash dividends for its 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”). Dividends on the Series D Preferred Stock are cumulative and are payable out of amounts legally available therefor at a rate equal to 13.00% per annum per $25.00 of ...

Company Overview - Suburban Propane Partners, L.P. is a publicly traded master limited partnership listed on the NYSE, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928 [5] - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products and services, and also markets natural gas and electricity, servicing approximately 1 million customers across 700 locations in 42 states [5] Community Engagement - Suburban Propane is the main sponsor of the Track to Table event, which merges NASCAR with fine dining and charitable giving, benefiting Speedway Children's Charities Sonoma [1][2] - The company emphasizes its commitment to community-focused initiatives through its SuburbanCares platform, aiming to support local organizations and programs that impact children and families in need [3][6] Event Highlights - The Track to Table event features a culinary experience with wine pairings from local wineries and an acoustic performance by country music artist Tim Dugger, along with a live charity auction [4] - The event is designed to celebrate the food and wine of Sonoma while supporting vulnerable children and families [4] Corporate Values - Suburban Propane operates under three core pillars: Suburban Commitment, SuburbanCares, and Go Green with Suburban Propane, focusing on customer service excellence, community support, and promoting renewable energy alternatives [6]

Core Points - Laurent-Perrier appointed three new Board Observers during the General Meeting on July 10, 2025, to enhance the understanding of the Group's strategic challenges [3][4] - The new appointees are Maximilien Meneux, Luana Meneux, and Léa Pereyre, representing the next generation of the family involved in the company [3][4] - Laurent-Perrier is a publicly listed family-owned champagne house focused on the high-end market, with a diverse product portfolio [8] Group Structure - The appointments were made under the supervision of Patrick Thomas, Chairman of the Supervisory Board [3] - Léa Pereyre, 33, has a background in Industrial Design and has worked on various interdisciplinary projects, including digital education initiatives [5] - Luana Meneux, 25, holds a Master's in Product Design and has experience in industrial design, along with a WSET Diploma [6] - Maximilien Meneux, 28, specializes in Neuroscience and has taken on a directorial role in a subsidiary of Laurent-Perrier [7] Company Overview - Laurent-Perrier is one of the few champagne houses listed on the stock market, exclusively dedicated to champagne and known for its high-quality products [8] - The company operates under several renowned brands, including Laurent-Perrier, Salon, Delamotte, and Champagne de Castellane [8] - It is included in the Euronext indices PEA-PME 150 and Euronext FAMILY BUSINESS, indicating its significance in the market [8]

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Core Insights - Rolls-Royce Holdings Plc (RYCEY) has faced significant supply-chain challenges, particularly with its Trent 1000 engine program, but proactive initiatives have helped mitigate disruptions and support near-term growth [1][2] Supply-Chain Disruption & Response - Persistent supply-chain bottlenecks due to raw material shortages, logistic issues, and delays in engine parts have significantly impacted Rolls-Royce's production and maintenance schedules, resulting in a charge of approximately $518 million (£382 million) [2][3] - The Trent 1000 engine program was notably affected, leading to flight cancellations by British Airways on key routes due to limited engine availability [3] Initiatives and Improvements - To address these challenges, Rolls-Royce established the Trent 1000 Task Force to streamline repairs, expedite part deliveries, and improve supplier coordination, resulting in a 20% increase in supply-chain output in 2024 [4][11] - The company embedded around 250 staff across key suppliers to enhance technical skills and enable more effective integrated planning [4] - In June 2025, Rolls-Royce launched a $1.28 billion durability enhancement program aimed at doubling the service intervals of Trent 1000 engines [5][11] Industry Impact - These initiatives are expected to enhance Rolls-Royce's operational resilience and support broader industry recovery, improving engine availability for manufacturers like Boeing and airline operators such as British Airways [6] Other Industry Initiatives - Other aerospace companies like Boeing and Airbus are also taking recovery initiatives, such as Boeing's new distribution center in Germany and Airbus's closed-loop recycling program for titanium [7][8][9] Stock Performance and Valuation - Rolls-Royce shares have surged 134.5% over the past year, outperforming the industry's growth of 48.9% [12] - The company is currently trading at a forward 12-month earnings multiple of 35.15X, which is approximately 27.5% lower than the industry average of 48.49X [13] - The bottom-line estimates for 2025 and 2026 have shown positive revisions over the past 60 days [14]