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CHINA WATER (00855) successfully issued a 1 billion RMB AA investment-grade blue bond, with unconditional and irrevocable guarantee provided by the supranational institution CGIF. The market had a strong subscription.

On January 22, CHINA WATER (00855) happily announced that the company issued RMB 1 billion AA-rated secured blue bonds to several institutional investors, with a maturity of 5 years and a coupon rate of 3.45%. The proceeds from the fundraising will be used for refinancing purposes. The bonds are unconditionally and irrevocably guaranteed by the credit enhancement provider "Credit Guarantee and Investment Facility" (CGIF), a supranational organization. The bond issuance was significantly oversubscribed by the market, with subscriptions from well-known market investors including sovereign wealth funds, insurance funds, fund investors, and bank investors, with sovereign wealth funds accounting for 40%. The lead joint global coordinators for the bond issuance were Morgan Stanley, CICC, and Barclays, while the joint global coordinators, joint bookrunners, and joint lead managers were HSBC and CITIC Bank (International). The company has applied to list the bonds on the Singapore Exchange. The proceeds from the issuance of bonds under the green and blue financing framework by CHINA WATER will be used for refinancing eligible green projects. The guarantor for the bonds, CGIF, is a trust fund under the Asian Development Bank, which is a supranational organization. CGIF has been awarded an AA credit rating with a stable outlook by the international rating agency Standard & Poor's. Over the years, CHINA WATER has earned the trust and support of the Asian Development Bank, which not only provides financing support for the company's business development but also awarded the company the "Water Resilience Award" at the inaugural "Asian Development Bank Impact Awards" in 2022. CGIF's unconditional and irrevocable guarantee for the blue bonds issued by the company further demonstrates their high recognition and approval of the company's business, management team, and past performance. The issuance of RMB-denominated blue bonds by CHINA WATER, with an AA investment grade rating, marks the company's first issuance of dim sum bonds overseas. In addition to reducing financing costs and preventing currency mismatches, this issuance helps overcome the constraints of sovereign ratings in cross-border financing, broadens the company's financing channels, and expands its investor base.
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"Gods of Honour Part II" and "Nezha: The Devil Boy Causes Havoc in the Sea" and other explosive classics are coming, will the film and television sector usher in the opportunity of the "Spring Festival box office storm"?

The strongest Chinese New Year box office is coming? According to the Lighthouse Professional Edition, the 2025 movie market Chinese New Year box office started pre-sale on January 19th, taking only 40 minutes, and the total pre-sale box office exceeded 10 million RMB, breaking the record for the fastest pre-sale over 10 million RMB in Chinese film history. At 14:27 on the same day, the total pre-sale box office exceeded 100 million RMB, breaking the record for the fastest pre-sale over 100 million RMB in Chinese New Year box office history! By 16:25 on January 21, the pre-sale box office had reached 2151.97 million RMB. As of the time of the report, "The Legend of the Condor Heroes: The Great Xia" "Nezha: Demon Child Making Waves" and "Detective Tang 1900" ranked in the top three of the Chinese New Year box office pre-sale rankings. (Underlying data source: Lighthouse Professional Edition) Undoubtedly, the enthusiasm of the audience has clearly spread to the secondary marketrecently, the Hong Kong stock film and television sector has been continuously strong, recording an increase of over 8% in 7 trading days. In terms of individual stocks, from January 13 to 21, MAOYAN ENT (01896)'s stock price increased by over 10%, while ALI PICTURES (01060)'s stock price increased by over 9%. Since 2024, the sector market performance has shown an overall trend of correction. Currently, the media sector is in the bottom range of valuation. With the arrival of the strongest Chinese New Year box office, what development opportunities will it bring to the film sector? Multiple hot-selling films gather in the Chinese New Year box office, and box office may reach a historical high Looking back at the 2024 film market, although the box office performance of important periods in the first half of the year, such as the Chinese New Year and May Day periods, was decent, the box office performance of the film was weak in the second half of the year possibly due to a lack of popular films and low audience willingness to watch, which in turn dragged down the overall performance of the film box office to an unsatisfactory level. According to industry data, the total box office of the national film market in 2024 was 42.502 billion RMB, a year-on-year decrease of 22.6%, with 1.01 billion admissions, a year-on-year decrease of 22.3%. Specifically, the market's dependence on holiday periods has further increased. Apart from the holiday periods, both non-holiday period and non-period box office saw a significant decline year-on-year: the holiday period box office in 2024 was 13.5 billion RMB, a year-on-year increase of 5.5%. Among them, the Chinese New Year box office, Qingming Festival box office, and May Day box office all achieved good market performance. Non-holiday period box office was 14.14 billion RMB, a sharp year-on-year decline of 38.0%. Both the summer vacation period and the Spring Festival period saw a year-on-year drop of over 43% in box office, performing poorly. In addition, the box office in non-periods was 14.85 billion RMB, a year-on-year decrease of 23.0%, also showing a tepid performance. Now, as the 2025 Chinese New Year box office approaches, this holiday period lasts longer, with a strong family atmosphere, making it one of the most important periods in the film market. Therefore, this will be a major milestone for the total annual box office in 2025. Looking at the box office dimension, the Chinese New Year box office can account for over 10% of the total annual box office (the proportion of the box office in 21/22/23 was 13%/23%/15% respectively); looking at individual films, the Chinese New Year box office is a gathering place for high-grossing films, with 50% of films generating over 3 billion RMB in cumulative box office coming from the Chinese New Year box office. In terms of content, the 2025 Chinese New Year box office will feature several top new films in myth, animation, martial arts, comedy, and other genres, with the box office possibly reaching a historic high. According to the Maoyan professional edition, the 2025 Chinese New Year box office will run from January 28 to February 4, lasting 8 days. Currently, 6 works have been scheduled: the sequel "Nezha: The Demon Child Making Waves" of "Nezha: The Demon Child Making Waves" (Enlight Media), "The Second Part of Fengshen: War in the West" (Alibaba, etc.), "Detective Tang 1900" (Wanda, Ruyi, China Films, Maoyan, etc.), "Boar Bear Rushing into the Future" (Huayi Brothers, etc.), and the military action film "Dragon Operation" which is a continuation of the previous film "Operation Red Sea" (Bona, Huaxia, Guizhou Radio and Television, etc.). This lineup includes many highly acclaimed films from previous years, with diverse content to meet audience demands and great anticipation. Among them, it is worth mentioning that behind the lineup of these popular films, many listed companies actually hold long-standing "killer moves". For example, "Nezha: The Demon Child Making Waves" is primarily funded and controlled by Beijing Enlight Media (300251.SZ), the sequel to the 2019 box office champion "Nezha: The Demon Child Making Waves," which created a box office miracle of 5 billion RMB. "The Second Part of Fengshen: War in the West" continues the production team of the first part "Fengshen: Wind and Clouds of Chaoge," highly anticipated by the market, produced by Beijing Jingxi Culture & Tourism (000802.SZ), ALI PICTURES (01060), etc. "Detective Tang 1900" is a prequel to the "Detective Chinatown" series, with Wanda Film Holding majorly funding and MAOYAN ENT (01896) participating, also enjoying great popularity. In addition, "The Legend of the Condor Heroes: The Great Xia" is produced by China Film Co., Ltd., Hengdian Entertainment, etc., with a martial arts theme and a large audience base. "Boar Bear Rushing into the Future" is produced by Huayi Brothers, a family-friendly franchise film that has landed in the Chinese New Year box office for multiple years. "Dragon Operation" is produced by Bona Film Group, known for its high critical and box office success in the "action series," being the only main theme genre film in the Chinese New Year box office. In terms of audience preferences, the storyline and word-of-mouth are still the core factors influencing ticket purchases and movie-watching. Good word-of-mouth is an important determinant of high box office earnings. It is easy to see that many of the previous works in the 2025 Chinese New Year box office were blockbusters in their respective years. With the dual drive of big IP and high-quality content, these films are expected to empower the development of the film and television industry at the beginning of the year and significantly increase the number of viewers, leading to a rise in box office revenue and achieving a "good start" for the Chinese New Year box office. In the era of "Content is King," high-quality content is the key to breaking through the current challenges in the film industry. After the good start of the 2024 Chinese New Year box office, China Film Co., Ltd. market seemed to lack momentum due to consumer tightening. Behind the industry's "inadequate momentum" lies the inevitable hidden concerns of the current film industry development. In terms of market competition, under the impact of multiple entertainment options and online viewing, it is difficult for the willingness to watch movies to be effectively improved.Rise.Specifically, short videos and short dramas, with their fragmented and convenient characteristics, cater to the fast-paced life, capturing a large amount of audience's time and attention. By 2024, the market size of micro-dramas has surpassed the mainland film market. Live performances have been booming, with a significant increase in box office revenue in the third quarter of 2024, posing competition to the film market. Additionally, home entertainment equipment upgrades, such as hundred-inch TVs and projectors becoming popular, along with rich content on online video platforms, allow audiences to enjoy high-quality viewing at home, reducing the willingness to go to theaters. At the content creation level, the lack of high-quality content and severe homogenization of themes make it difficult to stimulate audience interest. It is observed that in 2024, there is a decrease in small and medium-budget films that support the market's high box office and reputation, making it difficult to meet the demand for high-quality films from the audience. Furthermore, severe homogenization of themes, such as domestic romantic films and films with strong female leads, often fall into the dilemma of homogenization of themes and formulaic plots, making it challenging to stimulate audience interest. Generally speaking, increasing the number of viewers requires frequency and ticket prices, and looking at ticket prices relatively stable, the core of increasing the number of viewers lies in attracting users to the cinema, which cannot be separated from the supply of high-quality content. Therefore, in this era where "content is king," high-quality content remains a scarce resource. So, how can film companies seize the development opportunities of "content is king"? On the one hand, it is necessary to encourage innovation and integration of themes. Exploring new thematic areas: daring to try new themes, such as artificial intelligence, virtual reality, or focusing on niche cultures and marginalized groups, broadening the audience's perspective. For example, the "Black Mirror" series explores the relationship between technology and humanity and is highly popular among audiences. Promoting theme integration: integrating different thematic elements with each other to create new film genres, such as the film "Monster Hunt," which blends elements of fantasy, comedy, and adventure, giving audiences a new viewing experience. On the other hand, it is essential to enhance production quality. Firstly, increase investment in technology, film production companies need to invest more in shooting equipment, special effects technology, post-production, etc., to enhance the visual and auditory effects of films and provide audiences with a high-quality viewing experience. For example, "Avatar" created a new era of visual effects in films with its stunning special effects technology. Furthermore, as AI technology continues to catalyze, the productivity revolution is undergoing innovation. The combination of AI technology and content creation will enter a substantial stage, leading the content market into a long-term recovery trend, and the prosperity of the content ecosystem is also the basic foundation for consumption growth. At the same time, with the improvement of content production efficiency and the decrease in production difficulty, AI technology is expected to unlock new business models and innovative ways, helping more high-quality content to be better presented and monetized. In conclusion, the record-breaking pre-sale box office for this year's Spring Festival movie lineup has driven the film sector to strengthen in the secondary market. This is not without reason, as the strong appeal of high-quality content and its enduring appeal is the key to effectively increasing the willingness to watch movies. Along with the orderly supply of high-quality film content, from beta to alpha, the long-term value of high-quality content production companies remains unchanged.
21/01/2025

Jilin's intelligent water conservancy construction has achieved new results, and the verification of the Shenqi digital security monitoring system construction project has been approved.

Recently, the fourth section of the construction project of the large and medium-sized reservoir dam safety monitoring system in Jilin Province, undertaken by DC HOLDINGS (00861), was successfully accepted and delivered. Through the construction of the "computing power, data, algorithms" three dimensions of the Jilin provincial reservoir safety monitoring platform, Shendian Digital further strengthened the ability of key water conservancy facilities in flood prevention in terms of "forecast, warning, rehearsal, and plan". It is reported that the project includes the construction of software and hardware facilities, equipment, and communication systems of 94 large and medium-sized reservoirs and provincial central stations in Jilin Province, as well as the informationization pilot project of the Shahe Reservoir. In terms of computing power, the hardware facilities, equipment, and communication systems of 94 large and medium-sized reservoirs were upgraded and constructed; in terms of data, the basic, monitoring, and geospatial data of 94 large and medium-sized reservoirs were improved and shared, with a focus on the construction of high-precision underwater terrain data, real-life 3D model data, and 3D model data of the Shahe Reservoir; in terms of algorithms, a water resources professional model for the Shahe Reservoir was established: flood forecasting model, engineering safety monitoring and analysis model, and visualization model. Based on the simulation rehearsal system established by the above project, flood forecasting can be made timely based on rainfall, realizing high-fidelity simulations of flood inflow, reservoir water level changes, reservoir scheduling, river flood evolution, inundation situations, etc., to grasp the flood inflow process and flood prevention situation in real-time. Based on historical real flood situations, a replica inversion evaluation system is constructed with a digital model to build a closed-loop capability enhancement from "practice" to "replay", and then to "improve", instantly formulate reasonable scheduling plans, provide technical support for flood prevention decision-making, and achieve a comprehensive intelligent upgrade of "forecast, warning, rehearsal, plan". The foundation of intelligent water conservancy construction is comprehensive mastering and fully utilizing water conservancy-related data, and Shendian Digital has formed an industry-leading smart water conservancy solution based on its core capabilities in data. According to relevant personnel of Shendian Digital, the company has established products and technical capabilities covering the entire life cycle of data collection, management, analysis, and application, driving decision-making and operations with digital intelligence capabilities, maximizing the release of data value. At the same time, the company, combined with its rich ecological resources, has formed a strong competitive advantage in the fields of computing power infrastructure, data power construction, and algorithm model application, committed to building a leading "data integrator" brand. Not only in the field of intelligent water conservancy, Shendian Digital has also formed leading data intelligence solutions in industries such as intelligent manufacturing, electric power energy, supply chain, and hotels. The successful delivery of the Jilin Smart Water Conservancy Project provides a typical case demonstration for Shendian Digital to promote its solutions nationwide, and also provides sample support for the rapid development and iteration of the smart water conservancy construction industry. According to statistics from the Ministry of Water Resources, by 2024, the water resources sector will accelerate the construction of a national water network, with investment in water conservancy reaching a historical high. There will be 47,000 water conservancy projects implemented throughout the year, with an investment of 1.35 trillion yuan. With the accelerated development of the national digital twin river basin construction, Shendian Digital will also play a greater role in this field.
21/01/2025

TONGCHENGTRAVEL (00780) releases the 2025 Spring Festival travel trend: Domestic and foreign tourists experience the "intangible cultural heritage" Spring Festival, with related search popularity increasing by 87%

As the Spring Festival of 2025 approaches, the cultural and tourism consumption market continues to heat up. On January 21st, TONGCHENGTRAVEL released the 2025 Spring Festival travel trend report ("Report"). The report shows that after "Spring Festival" was listed in the representative list of human intangible cultural heritage, the first Spring Festival holiday, many domestic destinations have launched a variety of theme cultural activities such as markets, performances, exhibitions, and intangible cultural heritage experiences centered around intangible cultural heritage, providing tourists with a rich selection of holiday cultural and tourism consumption options. Since January, the search popularity for "intangible cultural heritage" related attractions and products on the TONGCHENGTRAVEL platform has increased by 87% compared to the same period last year. The implementation of various transit visa-free and entry visa-free policies has provided convenient conditions for more global travel enthusiasts to experience Chinese intangible cultural heritage. Driven by the "China Travel" trend, it is expected that a large number of foreign tourists will come to China to deeply experience the "Chinese New Year" during the Spring Festival. Beijing, Shanghai, Guangzhou, Shenzhen will be the first stops for foreign tourists entering China, while historical and cultural cities such as Xi'an, Chengdu, Hangzhou, Nanjing, Suzhou, and Luoyang are also popular inbound tourist destinations. During the Spring Festival, Beijing not only launched more than 5,600 cultural and tourism activities, but also distributed intangible cultural heritage roaming maps, temple fair maps, etc., allowing citizens and tourists to deeply experience the beauty of Beijing's intangible cultural heritage. Suzhou has gathered over 200 intangible cultural heritage projects and inheritors nationwide, and hosted the first "Gusu Year Market and Chinese New Year Intangible Cultural Heritage Garden Fair." These activities have not only attracted a large number of tourists, but also boosted local hotel bookings. According to TONGCHENGTRAVEL data, Beijing, Shanghai, Guangzhou, Chongqing, Xi'an, Shenzhen, Chengdu, Harbin, Hangzhou, and Suzhou are the popular domestic hotel booking destinations during the Spring Festival holiday period. Going north to enjoy the snow and south to see the sea, has been a popular choice for domestic tourists in winter. In 2025, the popularity of domestic ice and snow tourism continues to rise, with activities such as skiing, chasing the aurora, and staying in traditional Kang beds attracting many tourists from the south. TONGCHENGTRAVEL data shows that during the 2025 Spring Festival period, traditional popular ice and snow destinations such as Harbin, Changchun, and Yanbian have attracted attention from tourists, with Harbin Ice and Snow World and Changbai Mountain Tourism Area entering the top ten list of popular destinations during the Spring Festival. The tourism popularity of many emerging ice and snow destinations is also rapidly increasing. Cities such as Hami, Altay, Zhongwei, and Siping have entered the top ten list of popular destinations during the Spring Festival, with tourism popularity increasing by over 50%. During the Spring Festival holiday period, the two major consumer groups of returning home and traveling have become the main force of cultural and tourism consumption in county-level regions. The popularity of cultural and tourism consumption in small-scale destinations, especially in third- and fourth-tier cities and county-level cities, is expected to grow significantly. TONGCHENGTRAVEL data shows that niche destinations such as Xinzhou, Shanxi and Lincang, Yunnan have entered the top ten list of popular destinations during the 2025 Spring Festival. Popular county-level tourism destinations represented by Yangshuo County, Changsha County, Fenghuang County, Wuyuan County, and Pingyao County have seen significant growth in the tourism market during the Spring Festival. Data also shows that during the Spring Festival holiday period, the hotel booking volume in county cities in many cities in the central and western regions has increased significantly, with nearly 80% of ticket bookings for major local attractions coming from local residents, closely related to the consumption driven by the return home crowd. In 2025, Chinese tourists have an 8-day long Spring Festival holiday, and working people can also choose the "work 2 days, rest 11 days" or "work 4 days, rest 13 days" and other holiday arrangements to travel to more distant places. In terms of outbound travel, TONGCHENGTRAVEL data shows that overall international flight prices during the 2025 Spring Festival have slightly decreased compared to the same period last year, leading to more cost-effective flight prices driving outbound travel consumption. As of now, the popularity of international flight bookings during the Spring Festival holiday has increased by more than 60%. China's Macau, Hong Kong, Japan, Malaysia, and Singapore are popular outbound destinations for the Spring Festival holiday. The trend of consuming niche destinations has spread from the domestic market to the outbound travel market. TONGCHENGTRAVEL data shows that during the 2025 Spring Festival holiday, users have traveled to thousands of cities in nearly 200 countries and regions around the world through the TONGCHENGTRAVEL platform, with a significant increase in flight bookings to niche destinations in Japan such as Fukuoka, Hokkaido, Shizuoka, and Sapporo. In addition, countries and regions such as East Timor and Suriname have also entered people's travel plans. TONGCHENGTRAVEL integrates route resources from different airlines, providing users with a diverse range of product combinations and transfer services, such as overseas connecting flights and transfer hotels for passengers on related routes, to facilitate user travel.
21/01/2025

2024 lithium iron phosphate power battery shipment rankings announced! REPT BATTERO (00666) ranks in the top six.

Recently, the China Automotive Power Battery Industry Innovation Alliance released data showing that in the period from January to December 2024, the installed capacity of REPT BATTERO (00666) lithium iron phosphate power batteries was 12.14GWh, ranking among the top 6 in the industry with a market share of 2.97%, an increase of 1.17 percentage points compared to the previous year, and ranking among the top 3 in terms of market share growth among the top 10 lithium iron phosphate power battery companies in terms of installed capacity. Since its establishment, REPT BATTERO has continuously carried out technological innovations to improve battery capacity and functionality. With strong R&D capabilities, REPT BATTERO's product range covers a wide range of products including battery cells, battery modules, battery packs, and systems. In recent years, the global acceleration of clean energy transformation has brought huge growth opportunities to the power battery and energy storage battery fields where REPT BATTERO operates. According to statistics, over 40 models of heavy-duty trucks from leading truck companies such as XCMG Group, Sany Group, FAW Jiefang Group, Sinotruk Jinan Truck Group, and Shaanxi Automobile Group are equipped with REPT BATTERO power batteries. In the field of energy storage, as the industry leader, REPT BATTERO provides customized high-quality energy storage products and solutions for various large projects worldwide, covering a wide range of energy storage applications in sectors such as electricity, transportation, and industry. Dr. Cao Huibo, Chairman of REPT BATTERO, previously stated that in the future, the focus of REPT BATTERO's development will be to continue to implement the "Power and Storage Integration" strategy, increase investment in research and development, especially in core technologies such as "topping up", to further promote the development of high-tech, high-efficiency, and high-quality new production capacity.
21/01/2025

BEIGENE (06160) JPM2025 releases good news, multiple international investment banks continue to be optimistic about the company's prospects.

Recently, many investment banks such as Goldman Sachs Group, Inc., CMB International, Pu Yin International, and Nomura Securities have released their latest research reports, successively raising the target price of BEIGENE (ONC.US, 06160, 688235.SH) and giving a "buy" rating, continuing to be optimistic about the company's prospects, stating that it has reached a key turning point where annual operational profit has turned positive and innovative products have emerged in batches in the FIC/BIC Potential. Among them, Goldman Sachs Group, Inc. has raised BEIGENE's 12-month target price for its US shares from the previous 308.82 US dollars to 319.76 US dollars, and the A-share target price from 244.59 RMB to 256.76 RMB, reflecting a high recognition of BEIGENE's global market layout, research and development strength, and commercialization potential of its products. In their latest research report, institutions pointed out that BEIGENE continues to make significant progress across its product portfolio, with improved financial conditions and broad prospects in early-stage research pipelines, with Zebutinib performing well as a leading asset in the market. Many institutions are optimistic about BEIGENE's outstanding performance in the industry and future growth space, raising the company's target price and maintaining optimistic expectations for its product value enhancement and future profit growth. Public information shows that from January 13th to January 16th, at the 43rd J.P. Morgan Healthcare Conference (referred to as the "JPM Conference"), BEIGENE presented its main directions for its 2025 strategic planning to the global industry, with the company continuing to strengthen and consolidate its leadership in the field of hematology and advance a series of oncology research pipelines. By 2025, aiming to break even, in-depth layout in the field of hematologic tumors At the 2025 JPM Conference, BEIGENE's management team provided guidance on WINOX for the first time, expecting to achieve GAAP break-even operating profit by 2025, one year ahead of market expectations. BEFORE, BEIGENE had achieved Non-GAAP operating profits for two consecutive quarters (profits of 65.63 million/48.46 million USD in 3Q24/2Q24 respectively). Institutions pointed out that in the $12 billion CLL market, the company's core product, Zebutinib, has ranked first in new patient prescriptions in the United States. In the first three quarters of 2024, Zebutinib's global sales exceeded 12.9 billion RMB, totaling approximately 1.8 billion USD, continuing to surpass the company's milestone of achieving the "billion-dollar molecule" in a single ye...Realize the stability and gradual decrease of the sales cost rate. With the core product consistently contributing revenue and clear sales expectations for the backup pipeline, the sustainable profit path of the company has become clear.Hola, cmo ests?
21/01/2025

Newborntown's high-quality gaming business has entered a profitable period and has started contributing revenue.

On January 20, NEWBORNTOWN (09911) released unaudited operating data for the year 2024, disclosing for the first time the contribution of the boutique game business to the revenue of the listed company, indicating that this business has begun to turn profitable. The announcement revealed that boutique games such as Alice's Dream: Merge Games were independently developed by the company and delivered to external distributors, with profits shared with the company in proportion after the release. The boutique games of the company generated approximately 705 million RMB in revenue in 2024, an increase of about 80.4% compared to 2023. The revenue contribution from the game business suggests that the company's investments in boutique games are beginning to pay off, with a second growth curve expected to erupt.
20/01/2025

SINO-OCEAN SERV (06677) started off strong in 2025, with the launch of two major projects in Jinan and the addition of a new landmark in Shanghai!

1. High-quality residential expansion Focusing on the expansion of high-quality residential properties, new projects in Xiaoliangzhuang in Jinan and Minghu Lijingyuan in Jinan have been added. The Xiaoliangzhuang project is located in the central area of Jinan, in the core area of the central city's harmonious commercial district. The client is Jinan Urban Investment Group, a first-class state-owned enterprise in the city. The Minghu Lijingyuan project is located in Tianqiao District of Jinan, and will be managed in coordination with several other projects in the area to improve management density. 2. Deep cultivation of first-tier core areas, new high-quality commercial projects added Deeply cultivating first-tier core areas, SINO-OCEAN SERV has added a high-end office building projectShanghai Bund NEO. The building is located in the core area of the Bund financial district, facing iconic buildings such as the Oriental Pearl Tower across the river. With over twenty years of experience in high-end commercial services, SINO-OCEAN SERV will work with client requirements to help create a new landmark in Shanghai. 3. Cooperating with state-owned enterprises in multiple formats By 2025, SINO-OCEAN SERV will further deepen cooperation with state-owned enterprises, adding projects such as the Zhengzhou Customs Office Area, the National Grid Research Institute Tianjin Office Area, and the State Power Investment Group Inner Mongolia Ximeng New Energy Office Project. Collaborating with large state-owned enterprises will help improve office environments. A new service project for the Tianjin Binhai New Area Sewage Treatment Plant has been added, providing comprehensive logistical services such as conference services, security, cleaning, and canteen services. Further deepening in the core area of Tianjin, enriching the service formats in the Binhai New Area Eco-city sector, will lay a foundation for the expansion of multiple formats such as public buildings and industrial parks. In the first month of 2025, SINO-OCEAN SERV has diversified into multiple formats, marking the beginning of a year of expansion. In 2025, SINO-OCEAN SERV will continue to adhere to steady and high-quality development, creating value through service.
20/01/2025

JP Morgan annual meeting sparks hot topic on innovative drugs, with AIM VACCINE (06660) leading the way in technological innovation for mRNA rabies vaccines.

Entering 2025, the pharmaceutical sector, which is currently at its performance bottom, valuation bottom, and allocation bottom, is quietly welcoming a recovery spring. Recently, Guoyuan published a research report pointing out that the pharmaceutical sector's performance was greatly affected by anti-corruption measures in 2023, and performance growth has gradually stabilized in 2024. In 2025, the focus is on innovative pharmaceutical companies in major sectors with advanced research and development progress. It is recommended to pay attention to individual stocks in areas such as mergers and acquisitions, group procurement clearance, and undervalued sectors. From January 13th to 16th, at the 43rd Annual J.P. Morgan Global Healthcare Conference, the investment heat of China Meheco Group companies is gradually rising, with innovative drugs and technologies becoming the focus of attention for various pharmaceutical companies. At the conference, Roche announced the deployment of billions of dollars annually for mergers and acquisitions and will continue to search for high-quality assets in China. Pfizer is betting heavily on weight-loss drugs and ramping up merger transactions. Looking ahead, innovation will undoubtedly be the long-term development trend of the pharmaceutical sector. mRNA technology platform demonstrates innovation prowess mRNA rabies vaccine performs exceptionally In recent years, mRNA vaccine technology has shown great market potential due to its rapidity, cost-effectiveness, and flexible design for immunogenicity. Companies that are developing mRNA technology platforms are undoubtedly favored by the investment community. AIM VACCINE (06660) is one of the earliest domestic pharmaceutical companies to develop mRNA vaccine products and possesses an independently developed mRNA vaccine technology platform. This platform has good safety and efficacy clinical data in tens of thousands of people, verifying the reliability of the technology platform. On the mRNA platform, AIM has developed heavyweight vaccines such as mRNA iterative rabies vaccine, mRNA herpes zoster vaccine, mRNA respiratory syncytial virus RSV vaccine, mRNA influenza vaccine, and others. The mRNA herpes zoster vaccine has already submitted a clinical pre-application, and the mRNA respiratory syncytial virus RSV vaccine has received domestic clinical approval and submitted a clinical pre-application to the U.S. FDA. The mRNA rabies vaccine LVRNA001 is undoubtedly one of AIM's most focused heavyweight products. Compared to traditional rabies vaccines (which require four or five doses), the mRNA rabies vaccine only requires two doses to provide 100% safe and effective immune protection, with multiple advantages including rapid production, cost-effectiveness, fewer impurities, and better batch-to-batch consistency. AIM VACCINE Vice President and Chief Research Officer Zhang Fan and AIMVACCINE General Manager Peng Yucai published pre-clinical research data on the mRNA rabies vaccine LVRNA001 in the international academic journal, "npj Vaccines": Just two doses are needed to provide 100% safe and effective immune protection. In terms of effectiveness, protection efficacy tests before and after exposure to dogs and mice showed that LVRNA001 one or two doses of immunization can stimulate the production of protective neutralizing antibodies at a faster rate and with higher levels as compared to the five-dose inactivated vaccine, demonstrating higher protective efficacy against high doses of rabies virus challenge. In terms of safety, repeated dose toxicity studies on crab-eating macaques showed good tolerance for both low and high doses. Additionally, reproductive toxicity studies in rats showed that LVRNA001 administration does not affect pregnancy in rats or their offspring, nor does it produce reproductive or developmental toxicity. Some analysts believe that receiving 1 to 2 doses, as opposed to the current market rabies vaccine that requires 4 to 5 doses, is a leap forward. Furthermore, the faster and higher antibody effectiveness is crucial for preventing the 100% fatality rate rabies virus. Public information shows that multiple companies and research institutions, including AIM VACCINE and CureVac, have developed new mRNA rabies vaccines. Recently, a research team from China Pharmaceutical University published a study in the journal "Molecular Therapy" indicating that mRNA vaccines can induce high levels of virus neutralizing antibodies (VNA), sustained humoral and cellular responses, and immunological memory in cynomolgus monkeys at a low dose. This research once again proves the value of using mRNA technology in the field of rabies prevention. With the new growth cycle of the pharmaceutical sector coming quietly in 2025, AIM VACCINE, a leading old vaccine company with deep commercialization capabilities and a series of new products landing, will also see positive stock price catalysis, forming a dual resonance of fundamental and market valuation upward. According to a recent research report released by Guojing International, AIM is expected to launch 1-2 products annually in the next three years. If the research products are successfully approved for market launch one after another, and if the product's international progress progresses smoothly, it is expected to bring new performance growth points for the company and break through the market ceiling. Using the PS valuation method, the company is given a 3.6 times PS valuation for 2026 and a "buy" rating.
20/01/2025

More than 1 billion Hong Kong dollars excess allocation, XTALPI-P(02228) long-term investment value once again validated by the market.

XTALPI-P (02228) is a global leader in the "AI for Science" ("AI4S") industry and the first specialized technology company listed under the Hong Kong Stock Exchange's Chapter 18C rules. Since its listing on June 13th of this year, XTALPI-P has received widespread attention from the industry and the market, with investor interest reflected in the recent fundraising information of Crystal Tai Holdings. The fundraising received a positive response from the market, highlighting long-term value On January 19th, Crystal Tai Technology announced that on January 18th of this year, the company sold a total of 264 million shares at a subscription price of HK$4.28 per share (a discount of approximately 4.93% to the average closing price of HK$4.502 for the five trading days immediately preceding the last trading day). After the fundraising, the company is expected to raise approximately HK$1.13 billion. Crystal Tai Holdings' fundraising this time received a positive response from investors in the issuing market, achieving oversubscription. It is understood that the initial planned issuance amount was ultimately raised to approximately 150 million US dollars from 100 million US dollars (with some investors reporting only receiving 1/10 of the planned subscription amount). It is reported that this fundraising has gained unanimous favor from strategic investors and international long-term funds, with over 80% being long-term investors, including industry players, sovereign wealth funds, and well-known investors and family offices in Hong Kong and Taiwan. Since being included in the Hong Kong Stock Connect on September 10th, 2024, the proportion of Crystal Tai Holdings' shares held by Hong Kong Stock Connect investors has reached approximately 15%, with a net purchase amount of over 2.5 billion yuan. The successful completion of this international placement further proves that the company, in addition to funds from the south, has also gained full recognition from the international market. Statistical data shows that there were a total of 466 investment events in the domestic AI industry in 2024, a decrease of 27% compared to the previous year. Against this backdrop, the oversubscription of this fundraising reflects the continued confidence of domestic and foreign investors in Crystal Tai Holdings and highlights the company's high long-term investment value as the first listed company under Hong Kong Stock Exchange's Chapter 18C and visionary move. The AI for Science race is booming According to research firm IDC, the market size of generative artificial intelligence worldwide is expected to reach nearly 150 billion US dollars by 2027, with a compound annual growth rate of 85.7%. In this AI revolution, AI for Science is undoubtedly one of the most promising fields. Over the past five years, as model accuracy and generalization have gradually improved, AI for Science companies in different technological paths and application scenes have emerged continuously on a global scale, with the fastest and most abundant developments seen in biomedicine, materials chemistry, and other fields. In 2024, there were significant achievements in AI for Science: two Nobel Prizes once again focused on the pioneering combination of artificial intelligence and science. In China, the 2024 Government Work Report mentioned the "AI+" initiative for the first time. "AI+" becoming an action indicates that China is strengthening top-level design and accelerating the formation of a new productivity driven by artificial intelligence. In terms of investment projects, several global companies reached significant milestones, such as Alphabet's subsidiary Isomorphic Labs, Terray Therapeutics in the field of AI drug development, Genesis Therapeutics, Lambic Therapeutics, and Recursion, as well as Evolutionary Scale, a company focused on AI protein structure prediction, all announced fundraising last year. NVIDIA also announced collaborations with Illumina, Mayo Clinic, IQVIA, and other companies in advancing AI in the healthcare domain. Meanwhile, in the fields of chemistry and materials science, startup companies like Radical AI, Deep Principle, CuspAI, and Entalpic successfully completed fundraising. On January 16, 2025, the Chief Research and Development Manager of Microsoft Research Institute for AI for Science, Xie Tian, and colleagues showcased a diffusion-based AI generative model called MatterGen in a nature paper, demonstrating its ability to generate stable and diverse inorganic materials. Microsoft CEO Satya Nadella also introduced this achievement during X, the company's presentation event. It is worth noting that on December 18th of last year, Crystal Tai announced a collaboration with Microsoft to explore innovative applications of artificial intelligence (AI), large models, Siasun Robot & Automation Lab, and other cutting-edge technologies in the fields of biomedicine and materials science. Coinciding with this, also from an MIT background, speculation about collaboration between the two companies has captured the market's imagination. Therefore, investors are eagerly awaiting Crystal Tai's continued breakthroughs in the AI4S field. Adequately equipped for continued growth It is clear that the global development of the AI for Science industry has reached a critical juncture. In this high-return and high-reinvestment sector, fundraising is vital for companies to maintain and expand their leading edge. For Crystal Tai Holdings, the completion of this round of fundraising will allow the company to continue to maintain its competitive advantage worldwide, demonstrating Hong Kong's crucial advantage as a hub for global capital markets. According to public information, as of June 30, 2024, the company had a total of 3.38 billion RMB in cash and cash equivalents, fixed deposits, restricted cash, and financial assets. After this placement, disregarding the company's expenses in the second half of 2024, the company's cash reserves will increase to nearly 4.5 billion RMB. Crystal Tai currently maintains a leading fundraising record in the AI for Science field since its inception, garnering continuous support from many long-term investors, with a total cumulative fundraising amount exceeding $1 billion. Tencent, GoogleSilver Lake, Orbimed, Sequoia Capital, Chinese Biopharmaceuticals, Wuyuan Capital, China Life Insurance, Ping An Insurance, China International Capital Corporation, CITIC and other domestic and foreign star investors are all betting on JingTai in both primary and secondary markets. This not only shows that leading technology investors have full consensus on AI and Siasun Robot&Automation technology as the underlying technology for the development of new drugs, new energy, and new materials, but also indicates that the value of top targets in the industry has been fully recognized by investors.Adequate capital reserves have always been a strong guarantee for the company to maintain its leading position in this field. In the era of rapid global development of artificial intelligence and cash being king, Crystal Tai Holdings has clearly stored enough ammunition for the continued growth of its market competitiveness.
20/01/2025
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