当地时间7月16日，美股三大指数上涨，纳斯达克指数收盘创历史新高。美国大型科技股涨跌不一，特 斯拉涨超3%，日内总市值增加350.77亿美元（折合人民币约为2518.5亿元）。大宗商品方面，国际黄金 上涨。 央视新闻消息，当地时间7月16日，美国总统特朗普在谈及美联储主席鲍威尔时表示，目前没有计划采 取任何行动。此外，美联储发布的经济状况"褐皮书"显示，从5月下旬到7月初，经济活动略有增加。不 确定性仍然很高，导致企业持续保持谨慎。 新华社消息，据美国地质调查局地震信息网消息，格林尼治时间16日20时37分（北京时间17日4时37 分），美国阿拉斯加州南部海域发生7.3级地震，震中位于阿拉斯加州桑德波因特以南87公里，震源深 度20.1公里。 纳斯达克指数收盘创历史新高 美股三大指数均小幅收涨。Wind数据显示，截至收盘，道琼斯工业指数、纳斯达克指数、标普500指数 分别上涨0.53%、0.25%、0.32%，其中，纳斯达克指数收盘创历史新高。 美国大型科技股涨跌不一。截至收盘，万得美国科技七巨头指数涨0.1%。成分股中，特斯拉涨超3%， 总市值增加350.77亿美元（折合人民币约为2518.5亿元）。 消息 ...

Company Overview - BlissBio Inc. (百力司康) submitted its listing application to the Hong Kong Stock Exchange on June 29, 2023 [1] - The company, founded in 2017, is a clinical-stage biopharmaceutical firm focused on developing next-generation antibody-drug conjugates (ADCs) to address unmet needs in cancer treatment [3] - The core product, BB-1701, targets HER2 and is aimed at treating breast cancer, non-small cell lung cancer, and other HER2-expressing cancers [3] Financial Performance - For the fiscal years ending December 31, 2023, and 2024, the company reported revenues of approximately RMB 180.2 million and RMB 22.6 million, respectively [2] - The net losses for the same periods were approximately RMB 206.4 million and RMB 556.6 million, indicating an increase in losses [2] - The gross profit for 2023 was RMB 179.5 million, while for 2024, it was RMB 0.3 million [2] Revenue Sources - The company's revenue primarily comes from providing clinical trial materials and R&D services, as well as milestone payments from collaborations with external companies [4] - Revenue from the top five customers accounted for 100% and 99.9% of total revenue for 2023 and 2024, respectively [4] R&D and Competitive Landscape - The company has a strong ADC candidate pipeline supported by a proprietary technology platform that integrates various advanced techniques for precise ADC design [3] - The internal R&D team consists of 95 members, with about 50% holding PhDs or master's degrees, and an average industry experience of over 10 years [7] - R&D costs for 2023 and 2024 were approximately RMB 144 million and RMB 120 million, respectively, with the core product BB-1701 accounting for 59.3% and 45% of total R&D costs in those years [7] Industry Competition - The ADC industry is characterized by intense competition, with numerous multinational companies and leading biotech firms developing similar ADC drugs [6] - Competitors may have more substantial financial, technical, and resource advantages, potentially allowing them to advance their candidates more rapidly [6] - The company faces procurement concentration risks, with purchases from the top five suppliers accounting for 56.5% and 41.3% of total procurement in 2023 and 2024, respectively [6]

Core Viewpoint - The company, Dize Pharmaceutical, emphasizes its commitment to "source innovation" and "global competition," successfully validating its capability in international multi-center clinical research and overseas approval for innovative drugs [1][3]. Group 1: Company Overview - Dize Pharmaceutical focuses on innovative therapies for malignant tumors and immune diseases, aiming to address unmet clinical needs globally [1][2]. - The company has established seven globally competitive product pipelines, with two leading products, Shuwozhe and Huiruozhe, having reached key clinical trial endpoints and received approvals in China and the U.S. [1][3]. Group 2: Product Development and Clinical Trials - Shuwozhe was included in the NCCN guidelines for treating EGFR exon20ins non-small cell lung cancer (NSCLC) and received FDA approval, filling a significant treatment gap [2][3]. - The company has conducted over 200 clinical trials across more than 20 countries, with ongoing global Phase III clinical studies for Shuwozhe and DZD8586 [4][5]. Group 3: Financial Performance - In 2024, Dize Pharmaceutical reported a revenue of 360 million yuan, a 294% increase year-on-year, and for Q1 2025, revenue reached 160 million yuan, reflecting a 96% growth [6]. Group 4: Strategic Insights - The company advocates for early international multi-center clinical trials to validate drugs and gain international recognition, suggesting that this approach is crucial for domestic pharmaceutical companies aiming for global markets [4][5]. - Dize Pharmaceutical's core strategy involves developing drugs for global competition while establishing technological barriers in familiar and advantageous fields [5][6].

● 本报记者 罗京 除了深厚的技术积淀外，政策与市场的双重积极信号更坚定了夏挺的判断。"具身智能"等新词首次写入 2025年政府工作报告，同时，头部厂商如特斯拉、比亚迪、小米、华为等加速布局人形机器人，推动核 心零部件需求激增。公司预判人形机器人产业正处于商业化爆发前夜。 "以特斯拉Optimus为例，单台机器人需14-16根行星滚柱丝杠及多台减速器，若年产量达500万台，对应 丝杠市场规模超668亿元，减速器市场超180亿元。"夏挺向记者表示，公司通过年产7.2万套工业机器人 减速器项目、"智能传动系统核心零部件产业化及装备协同开发建设项目"提前卡位，瞄准行业机遇。 技术客户协同共降成本 "机器人要走进工厂、家庭，成本必须从10万美元降到2万美元以内。"夏挺坦言，这是行业的共同课 题，而夏厦精密的解法藏在生产细节里。 设备与工艺创新是降本核心。"公司自主研发的内螺纹磨床、内螺纹铣磨一体机床等设备，大幅提升行 星滚柱丝杠螺母加工效率；滚齿、外圆磨等工艺的创新，直击传统工艺效率低、成本高的痛点，叠加规 模化生产后固定成本摊薄可超20%。"夏挺表示。 历经多年深耕，夏厦精密通过持续的工艺创新与产业链垂直整合，构建 ...

● 本报记者 吴杨 日前，如皋农商银行发布第26期上市辅导工作进展情况报告，将其股权质押冻结、股权代持等问题再次 置于聚光灯下。中国证券报记者梳理发现，今年以来，多家券商披露了银行上市辅导工作进展报告，持 股比例不合规、资产确权待加强等问题成为不少银行冲刺IPO过程中遇到的路障。 目前15家银行处于上市辅导备案期，有的银行已备案14年有余，发布61期辅导报告。业内人士表示，一 些银行谋求上市的意愿强烈，理清股权关系、跨越合规门槛，将成为决定其能否成功上市的关键环节。 如皋农商银行更新上市辅导进展 如皋农商银行披露的首次公开发行股票（A股）并上市辅导工作进展情况报告（第二十六期）显示，在 2025年4月14日至7月9日的辅导期内，东方证券会同其他中介机构对该行进行了持续的尽职调查，同时 通过组织自学和专业咨询等方式对其进行了上市辅导。 报告认为，如皋农商银行目前可能存在股权代持、股权质押冻结等问题。截至6月30日，该行存在质押 情况的股份数量为1.70亿股，占股份总额的15.15%，存在司法冻结情况的股份数量为1.35亿股，占股份 总额的12%。 5家银行候场A股IPO 今年1月，宜宾银行在港上市，成为继202 ...

Core Viewpoint - The real estate market in China is showing signs of stabilization, with a narrowing decline in housing prices and sales, driven by targeted policies implemented by local governments [1][2]. Policy Effectiveness - The macroeconomic policies aimed at regulating the real estate market have shown significant effects, with a reduction in the year-on-year decline of new residential sales prices across first, second, and third-tier cities [1]. - In June, the year-on-year decline in new residential sales prices for first, second, and third-tier cities narrowed by 0.3, 0.5, and 0.3 percentage points respectively compared to the previous month [1]. - The year-on-year decline in second-hand residential sales prices in second and third-tier cities also narrowed, with reductions of 0.3 and 0.2 percentage points respectively [1]. Market Trends - The overall trend indicates a stabilization in the real estate market, with new housing sales area and value experiencing a narrowing decline, suggesting a potential bottoming out [2]. - In the first half of the year, the national new residential sales area decreased by 3.5%, a reduction of 15.5 percentage points compared to the same period last year, while sales value fell by 5.5%, narrowing by 19.5 percentage points [2]. - The transaction volume in the real estate market has improved, particularly in the second-hand housing sector, which has seen an increase compared to the previous year [2]. Future Support Policies - It is anticipated that real estate support policies will be further intensified in the second half of the year, focusing on increasing the acquisition of affordable housing and expediting loan disbursements for key projects [3]. - There is an expectation for a potential reduction in mortgage rates in line with policy interest rate adjustments [3].

尽管近两日银行股股价有所震荡，但整体依然保持在强势区间。Wind数据显示，截至7月15日收盘，今 年以来，42只A股银行股全部飘红，其中有35只股价累计涨幅超10%。 随着银行股走高，"存银行不如买银行股"的观点引发热议。业内人士认为，尽管银行面临净息差收窄压 力，但整体发展韧性较强。此外，日前出台的政策促进险资强化长周期考核，将增厚银行股红利价值， 后续银行板块的良好表现有望延续。但也有不少业内人士表达了对银行股短期行情过热的担忧，认为随 着股价持续攀升，其估值潜力正在被快速消化，短期存在技术性调整的可能性。 ● 本报记者 石诗语 银行股涨势抢眼 截至7月15日收盘，Wind数据显示，今年以来，42只A股银行股均呈上涨趋势，其中有35只股价累计涨 幅超10%，厦门银行今年以来累计涨幅41.03%，浦发银行、青岛银行、兴业银行、浙商银行、民生银行 今年以来累计涨幅均超30%。 此外，王一峰认为，结合近期银行发布的公告，部分追求绝对收益的产业资本亦对高股息且基本面稳健 的优质银行股有投资诉求；公募基金考核机制改革持续发酵，市场对于推动主动型公募基金投资部分向 基准收敛抱有预期。 光大证券金融业首席分析师王一峰表 ...

Core Insights - The growth of new consumption sectors is driven by technological advancements and emotional value, with significant retail growth observed in sports goods (22.2% YoY) and gold and jewelry (11.3% YoY) [1] - New consumption trends are characterized by the rise of brands in the tea beverage sector, collectibles, and personalized products, indicating a shift towards consumer-centric offerings [2][3] Group 1: New Consumption Trends - New consumption sectors such as trendy toys, pet products, and new tea beverages are gaining traction, supported by favorable policies and consumer demand for personalized and diverse offerings [1][2] - The emergence of brands like Pop Mart, Lao Pu Gold, and Mixue Group highlights the potential of the trendy toy, gold jewelry, and new tea beverage industries [1] Group 2: Consumer Behavior and Demographics - The shift in consumer demographics, particularly the rise of Generation Z and the elderly population, is driving demand for personalized and quality products [3] - The elderly demographic is influencing growth in healthcare, wellness services, and companionship consumption, while the younger generation is increasingly focused on emotional value and self-expression [3] Group 3: Policy Support and Market Dynamics - Government policies, such as the "Consumption Promotion Action Plan," are aimed at supporting new consumption sectors, including digital and AI-driven consumption [3][4] - Continuous policy support is expected to enhance consumer spending power and stimulate demand across various sectors, including traditional categories like gold jewelry and snacks [4] Group 4: Future Outlook - Analysts predict that the overall consumption growth rate will align with nominal GDP growth in the second half of the year, with emotional value-driven consumption expected to withstand economic fluctuations [4]

Group 1 - The external environment has become increasingly complex and severe, with weakening global growth and rising trade protectionism, while domestic structural adjustments continue to deepen [1] - The national economy has shown resilience, with GDP growth of 5.3% year-on-year in the first half of the year, an increase of 0.3 percentage points compared to the same period last year and the full year [1] - Economic growth still faces certain pressures, with the need to further consolidate the foundation for improvement amid increasing instability and uncertainty in the international situation [1] Group 2 - Fiscal policy should be proactive, with increased spending in key areas such as technology innovation and support for export-to-domestic sales, as well as an increase in special bond issuance to promote infrastructure investment [2] - Monetary policy should include timely reductions in reserve requirements and interest rates to lower financing costs for the real economy and stimulate endogenous financing demand [2] - Strengthening policy coordination is essential to mitigate economic fluctuations and counter downward pressure, while also deepening reforms to enhance the flexibility of macro-control tools [2] Group 3 - There is a need to strengthen risk prevention measures as the number of uncertainties and instabilities increases, with a focus on improving the capacity for comprehensive and coordinated regulation [3] - The emphasis is on practical actions to consolidate the positive economic momentum through reforms and macro-control, transforming pressure into a driving force for optimizing economic structure and high-quality development [3] - Ensuring stability in the Chinese economy amid global changes requires a commitment to high-quality development in response to external uncertainties [3]

Group 1 - The A-share market has seen a significant increase in both volume and price, with the Shanghai Composite Index breaking new highs for the year, leading to a surge in bullish sentiment among investors [1] - Private equity firms are showing a divergence in their short-term outlook for the A-share market, with some institutions actively increasing their positions while others express caution [1][2] - The average position of domestic stock private equity firms has risen to 77.36%, marking a notable increase of 2.07 percentage points from the previous week, nearing the year's peak [1] Group 2 - The average position of large private equity firms has reached 83.26%, an increase of 3.3 percentage points, indicating a strong bullish sentiment among top institutions [1] - The financing balance of A-shares has remained stable above 1.8 trillion yuan, reaching a new high of 1.87 trillion yuan, reflecting increased market activity [2] - The influx of capital is driven by rising household savings and a downward trend in interest rates, making equity assets more attractive compared to long-term government bonds [2] Group 3 - There is a split in opinions regarding bank stocks, with some analysts remaining optimistic about the market's fundamentals while others express caution due to potential vulnerabilities in certain sectors [2][3] - Analysts suggest that the sustainability of the market rally depends on the overall recovery of listed companies' earnings and the effective transmission of policy impacts to the industry [3] Group 4 - Private equity firms are adopting differentiated position management and industry allocation strategies to balance their investment portfolios amid market fluctuations [4] - Long-term investment opportunities in sectors such as new consumption, innovative pharmaceuticals, and artificial intelligence are being highlighted by several private equity firms [5] - There is a focus on policy-driven sectors and opportunities related to domestic production and supply-side reforms, with an emphasis on avoiding impulsive trading behaviors [5]