A 31% surge in scale! Mixed fortunes for securities firms' asset management: 37 products gained over 20% year-to-date, while 20 incurred losses exceeding 5%.

① Since the beginning of this year, 37 non-placement broker asset management products have achieved returns exceeding 20%, with flexible allocation mixed products becoming the mainstay; ② 20 broker asset management products have seen their returns fall by more than 5% since the beginning of this year, with industry-themed and broad-based index equity products being the hardest hit.

cls.cnMay 12 21:06

Another deal! Hengrui Pharma partners with BMS in strategic collaboration with a potential transaction value of $15.2 billion | Flash Report

① Hengrui and BMS have signed an agreement to jointly advance 13 early-stage projects covering oncology, hematology, and immunology; ② BMS will pay an upfront fee of $600 million and an anniversary payment of $350 million, with milestone payments reaching approximately $15.2 billion. Hengrui is also entitled to receive sales royalties; ③ This represents a two-way licensing collaboration, with Hengrui obtaining the rights to four of BMS's immunology projects in China. The agreement is expected to close in the third quarter of 2026.

cls.cnMay 12 14:49

Market sentiment for going long has fully warmed up, with a focus on rotation and catch-up opportunities within the technology supply chain.

Track the entire lifecycle of the mainline sector.

cls.cnMay 12 09:18

Why did last year's performance decline, how to confirm revenue, and will agency sales be scaled back? Guizhou Maotai responds to investor concerns | Earnings Meeting Coverage

① Last year, Maotai's performance declined for the first time due to an active strategic contraction. In the first quarter of this year, net profit growth lagged behind revenue growth, caused by price reductions of high-end liquor and structural adjustments. ② Regarding the consignment sales model, Maotai will comprehensively coordinate and dynamically adjust product distribution to maintain a stable and orderly market. ③ Maotai emphasized that its financial reports are true, accurate, and complete. Dividends and buybacks will be strictly executed according to plan, and no exclusive purchase channels for shareholders will be established.

cls.cnMay 11 21:27

Investment demand surged by nearly 50% in the first quarter! A nationwide gold-buying frenzy amid supply contraction may lead to the emergence of more high-end investment products, according to industry insiders.

① If expectations and purchasing power continue to grow, the supply volume will have a more pronounced impact on the next phase of gold prices. ② As core distribution channels, commercial banks such as ICBC and ABC, among other major state-owned banks, have frequently reported sell-outs of investment gold products and shortages of certain items earlier this year. ③ In the future, banks and gold institutions are expected to jointly develop more high value-added investment-oriented gold products.

cls.cnMay 11 20:46

Little K Quick Review: The STAR 50 Index hits a new high, highlighting the strong growth resilience of the hard tech sector.

① From a longer-term perspective, the STAR 50 Index has surged over 25% cumulatively in the past month and more than 70% in the past year, highlighting its growth momentum; ② As a concentrated representation of China's core hard-tech assets, the STAR 50 will continue to benefit from both internal and external drivers. Meanwhile, enterprises should rationally view short-term market fluctuations and focus on core technological capabilities and sustained profitability.

cls.cnMay 11 18:01