部分 第 01 行情回顾 02 板块观点和投资组合 03 行业和个股事件 本周行情回顾 =半创研究 本周中信一级行业指数涨跌幅 本周涨幅排名前/后十名的股票 ST未名 -18.51 前沿生物-U 41.43% 7% -13.36% 神州细胞 美迪西 38.92% 6% 舒泰伸 联环药业 38.58% -11.61% 5%6 一品红 康辰药业 27.28% 4%6 海辰药业 启迪药业 26.89% 3% 华海药业 2% 华纳药厂 24.44% 1% 美诺华 浩欧博 22.72% os 永安药业 塞力医疗 22.06% 新闻 48 14 18 1987 1989 荣昌生物 福瑞股份 20.83% 8.84% 创新医疗 20.76% 广生堂 -8.66% 30% -10% -596 -15% 10% 证监会审核华创证券投资咨询业务资格批文号:证监许可(2009) 1210 号 第二部分 01 行情回顾 板块观点和投资组合 02 03 行业和个股事件 整体观点和投资主线 =半创研究 · 整体观点：当前医药板块的估值处于低位，公募基金（剔除医药基金）对医药板块的配置处于低位，考虑到美债利率等宏观环境 因素的积极恢复、大 ...

Investment Ratings - Kuaishou: Buy rated, share price increased by 55% YTD and 28% post 1Q result [3] - Tencent Music: Buy rated, share price increased by 80% YTD and 37% post 1Q result [5] - NetEase: Buy rated, share price increased by 52% YTD and 25% post 1Q result [11] - Focus Media: Buy rated, share price increased by 11% YTD and 8% post 1Q result [14] - Bilibili: Buy rated, share price increased by 31% YTD and 22% post 1Q result [18] Core Insights - The report highlights a strong rally in major games and entertainment names post 1Q25 results, driven by resilient growth profiles, disciplined competition, AI applications potential, and rising expectations on game pipelines [1] - Key focus areas for the upcoming earnings season include advertising outlook, game momentum into the summer peak season, AI applications monetization, and pricing strategies [2] - The report anticipates that further upside in share prices will require continued earnings delivery or new growth engines contributing to revenue growth in future years [1] Kuaishou - Kuaishou is expected to deliver in-line results for 2Q25 with a 12% year-over-year growth in ads and a 13% growth in GMV, with a 3Q25 outlook of 14% ads growth [3][4] - The company is positioned to improve sequential ads from 2Q onwards due to higher monetization efforts, despite competition from peers [4] - The revenue target for Kling AI has been raised from US$100 million to over US$140 million for FY25 [4] Tencent Music - Tencent Music is projected to achieve a 17% year-over-year growth in music revenue for 2Q25, with an ARPU increase of 9% [8] - The company is expected to maintain good momentum in ARPU due to lower discounts on SVIP subscriptions and new content initiatives [9] - Long-term growth visibility remains strong, with expectations of mid-teen year-over-year music revenue growth [10] NetEase - NetEase is expected to report a 15% year-over-year growth in game revenue for 2Q25, with operating profit increasing by 20% [11][12] - The company is focusing on updates for its 2026 game pipeline, with expectations of stable performance from legacy titles [13] - The stock is trading at 16X 2025E PE, with potential for further EPS upgrades [13] Focus Media - Focus Media's revenue is expected to increase by 1% year-over-year in 2Q25, with operating profit up by 3% [14] - The company anticipates a 6% year-over-year sales increase in 2H25 due to rising ad demand from internet and selective consumer players [15] - The collaboration with Alipay aims to target 400K devices across tier 1/2 locations [17] Bilibili - Bilibili's game sales are projected to increase by 58% year-over-year in 2Q25, with ads up by 18% [18] - The company is expected to face a high comparison in 2H24 but has reset market expectations lower, with potential catalysts from new game approvals [19] - Despite valuation concerns, Bilibili is expected to deliver faster than industry growth in ads and livestreaming [20] Price Targets and Estimates - For NetEase, revenue estimates for 2025-27E have been slightly adjusted downwards, while net profit estimates have been raised [21] - Focus Media's revenue estimates have been trimmed slightly, but the price target has been revised up to Rmb8.3 [21] - Across game coverage, price targets and estimates for XD have been raised due to solid new game releases and better profit margins [21]

Core Viewpoint - Jazz Pharmaceuticals has announced the appointment of Renee Gala as the new President and CEO, effective August 11, 2025, succeeding co-founder Bruce Cozadd, who will remain as Chairperson of the Board [1][3]. Company Leadership Transition - The Board of Directors conducted a thorough search for the new CEO, focusing on both internal and external candidates, ultimately selecting Renee Gala due to her exceptional leadership qualities and experience [3]. - Bruce Cozadd, who has been with the company for 22 years, expressed pride in the company's journey and confidence in Gala's ability to lead Jazz into its next growth phase [3][4]. Renee Gala's Background - Renee Gala has over 30 years of experience in finance, strategy, corporate development, and commercialization, having served as CFO and COO at Jazz Pharmaceuticals since 2020 and 2023, respectively [2][4]. - Prior to joining Jazz, Gala held leadership roles at GRAIL Inc. and Theravance Biopharma, showcasing a strong background in the life sciences sector [4][5]. Company Strategy and Vision - Gala emphasized the company's commitment to transforming patient lives through innovative medicines and highlighted the potential for growth within Jazz's market-leading portfolio and promising pipeline [3][6]. - The company aims to continue its focus on corporate development and external innovation to drive value for patients and shareholders [3][6].

盯盘神器·积存金：当前已站稳最强支撑区 金十VIP盯盘神器·积存金可实时查看积存金报价的黄金最新支撑阻力参考位。当前最新的指标共振点汇总图（1小时）显示，积 存金价格已经站稳768.3的最强支撑位，此处存在多周期均线共振。当前距离上方最强阻力位尚远，在触及此处前仍存在部分上 行空间。具体的支撑参考可以点击金十VIP页面-盯盘神器，选择"积存金"分类实时查看。 注：本报价为国际金价换算参考的虚拟报价，不代表实际买卖成交数据，仅供参考。 现货黄金 ...

在此逻辑下，即时零售可以强化入口之争，也可以补充商品和服务。而如何把即时零售与既有业务串联起来，除了需要流量协同、组织协同，以及漫长的 涉及到商品供给、履约的业务打通，同样需要人群运营上的协同——很大程度上，一个统一的大会员系统，扮演的就是人群协同这个层面的作用。 比如，三家都会在大促时发放大额券，都有越来越多的生活服务权益，但是88VIP逐渐将大额券日常化，以及随着淘宝拓展到即时零售，新增了许多动态 的小额补贴，未来将更强调权益分层；京东PLUS则更聚焦优质商品和刚需服务权益的扩充。 与前两者都差异较大的，是一直聚焦本地生活的美团会员。美团会员最突出的特征是可以非常灵活地对用户进行动态补贴，7月5日临时给消费者发放多张 0元奶茶、咖啡券，就是具体体现。以及，它对包括酒旅在内的其他本地权益的拆分是最细致的。 在即时零售成为互联网平台最显性的竞争焦点的时候，我们还是要注意到，即时零售只是各平台业务的其中一部分，应该用更全局的视角理解阿里、京 东、美团三家在做和想要做什么，与即时零售同期发生的是什么，即时零售与他们在产生什么关联。 如我们在《争夺大消费入口：阿里、京东、美团越来越像》里提到的，三家会逐渐进化为一个 ...

积存金·盯盘神器显示，反弹之路难一帆风顺 金十VIP盯盘神器·积存金可实时查看积存金报价的黄金最新支撑阻力参考位。当前最新的指标共振点汇总图（1小时）显示，最 强阻力参考768.45-769.22元，而结合挂单数据来看，上方空单堆积较为明显，暗示反弹之路恐不会一帆风顺。更多积存金价格 参考可以点击金十VIP页面-盯盘神器，选择"积存金"分类即可实时查看。注：本报价为国际金价换算参考的虚拟报价，不代表 实际买卖成交数据，仅供参考。 盯盘神器使用指南 现货黄金 ...

会员订阅方面，爱奇艺推出了力度空前的"买一赠七"联合会员套餐。7月11日至7月17日，用户能以138 元、249元的特惠价，分别订阅爱奇艺黄金VIP、白金VIP连包年卡。更为诱人的是，购买年卡即可同时 获赠网易严选、酷狗音乐、美图、同程、Keep、蜻蜓FM、奇妙星空AI七大平台会员权益，实现"买一 得八"！今年上半年，爱奇艺先后推出了《临江仙》《漂白》《无忧渡》《白月梵星》《北上》《无所 畏惧之永不放弃》《爱你》等兼具口碑和热度的内容，《书卷一梦》《新说唱2025》《种地吧3》等内 容正在热播，备受期待的《朝雪录》《喜剧之王单口季2》以及迷雾剧场新作《正当防卫》等内容即将 上线。对于希望无缝衔接追看爱奇艺更多精品内容的观众而言，现在开通会员是非常合适的时机。 此外，本届会员节的核心福利还包括了颇具吸引力的抽奖环节。所有爱奇艺VIP会员均可参与，福利池 包含了极具稀缺性的"爱奇艺尖叫之夜"活动入场券，让粉丝有机会亲临年度娱乐盛典，还有机会赢取独 家限量版的"爱奇艺内容热度值破万剧收藏卡"以及爱奇艺VIP会员年卡等重磅奖品。爱奇艺会员每日拥 有免费抽奖机会，也可消耗积分增加次数。 爱奇艺表示，本届会员节延续了首届 ...

伴随着中国经济的持续增长与金融市场的深化改革，个性化的理财需求日益成为投资者关注的焦点。理财师作为连接投资者与金融市场的 重要桥梁，其专业素养和服务质量直接影响客户的财富管理和风险控制。在这个财富管理大时代，金融市场的快速发展对理财从业者提出 了更高的要求，理财师们不仅要具备更强的专业能力，还要具备更全面的服务技能和客户洞察力。 基于此，新浪财经与银华基金联合主办的2025第九届"银华基金杯"新浪理财师大赛再度启动。大赛旨在为理财精英提供一个展示风采、 提升能力的专业舞台，搭建优秀理财师与投资者之间的沟通桥梁。今年的赛事规模相比往届进行了全面升级，力求挖掘并表彰更多优秀的 理财人才，助力中国理财事业向更加繁荣的未来发展。 2025年第九届"银华基金杯"新浪理财师大赛坚持初心，继续为广大理财师及所在机构提供展示专业形象、提升综合价值的平台。大赛将 选拔符合市场需求、具有较强业务水平和良好职业道德的优秀理财师，并通过这一赛事普及国民理财知识，推动中国理财事业的健康发 展。与此同时，赛事将紧跟市场发展变化，通过创新的赛制和内容，为参赛选手提供更具挑战性和专业性的竞赛环境。大赛不仅仅是展示 理财技能的舞台，更是为广大 ...

POLAND - 2025/02/22: In this photo illustration, the Jazz Pharmaceuticals company logo is seen ... More displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesJazz Pharmaceuticals (NASDAQ: JAZZ) is currently trading at approximately $110, having decreased by 11% year-to-date, even after a significant positive development with the conditional European Commission Marketing Authorization for Ziihera (zanidatamab) aime ...

盯盘神器使用说明 现货黄金 积存金·盯盘神器显示，破位往下支撑较为稀疏 金十VIP盯盘神器·积存金可实时查看积存金报价的黄金最新支撑阻力参考位。当前最新的挂单数据（截至13:20分）显示，在 766.27元多空订单几乎相当，但空单略占上风，此处既是回落目标，也有一定的支撑作用。如若下破，下方最强支撑在764.04 元，且往下支撑较为稀疏。更多积存金价格参考可以点击金十VIP页面-盯盘神器，选择"积存金"分类即可实时查看。注：本报 价为国际金价换算参考的虚拟报价，不代表实际买卖成交数据，仅供参考。 ...