中证报中证网讯（记者 马爽 王超）近日，2025年度"上海期货业服务实体经济专项立功竞赛"决赛在上 海期货大厦圆满落幕。海证期货及其风险管理子公司上海海证风险管理有限公司凭借其在服务实体经济 领域的卓越实践与创新成果，获得集体二等奖与个人二等奖双项荣誉。 海证期货相关人士表示，此次获奖是行业对公司坚持"服务实体经济"根本宗旨的充分肯定。未来，公司 将继续深化期现结合模式，促进竞赛成果与产业需求的精准转化，通过强化期货市场的风险管理和价格 发现功能，为产业客户提供全链条、综合性的风险管理服务，为服务国家战略、推进金融强国建设贡献 期货力量。 ...

Core Viewpoint - Changchun High-tech (000661) announced the approval of the clinical trial application for its subsidiary Jinsai Pharmaceutical's GS3-007a dry suspension, a novel oral growth hormone secretagogue aimed at treating pediatric growth hormone deficiency (PGHD) [1] Group 1: Product Development - GS3-007a is an innovative oral medication developed by Jinsai Pharmaceutical, classified as a Class 1 chemical drug [1] - The product is intended for the treatment of PGHD, a common endocrine disorder in pediatrics that leads to short stature and delayed development [1] - Currently, there are no similar products available in the domestic market for PGHD treatment [1] Group 2: Market Context - PGHD has an incidence rate of approximately 1 in 8,600 in China, with the most common cause being idiopathic growth hormone deficiency [1] - Existing treatments for GHD include daily injections of recombinant human growth hormone (rhGH) and weekly injections of long-acting growth hormone (LAGH) [1] - GS3-007a offers a new treatment option through daily oral administration, providing more choices for children in need of growth promotion [1]

Group 1 - The 2025 Hebei Manufacturing Top 100 and Hebei Manufacturing Innovation Leading 50 lists were announced at the Beijing-Tianjin-Hebei Industrial Chain Supply Chain Innovation Development Summit, with Shangda Co., Ltd. recognized in both categories [1] - Shangda Co., Ltd. specializes in the production and research of high-temperature alloys, high-performance alloys, and high-quality special stainless steels, and has been recognized as a key player in various national initiatives [1] - The company successfully went public on the ChiNext board on October 16, 2024, marking a significant milestone in its growth trajectory [1] Group 2 - The Shanghai Institute of Applied Physics of the Chinese Academy of Sciences has successfully built a thorium-based molten salt experimental reactor, marking a significant advancement in thorium fuel technology [2] - Shangda Co., Ltd. has won a procurement project for GH3535 alloy materials for the thorium-based molten salt reactor, establishing itself as a core supplier for critical materials in this advanced nuclear technology [2] - The successful industrialization of GH3535 alloy production positions the company as a key player in supporting China's fourth-generation nuclear energy technology [2]

Core Viewpoint - The 2025 China-Africa Innovation Cooperation and Development Forum will be held from November 19 to 22, focusing on "New Opportunities for Innovative Cooperation to Achieve Modernization Together" [1] Group 1: Forum Overview - The main venue for the forum will be the East Lake International Conference Center, featuring an opening ceremony and keynote forum, along with 12 parallel sessions [1] - The forum aims to gather representatives from various sectors in China and Africa to sign technology cooperation projects and release research reports [1] Group 2: Forum Features - The forum will highlight the achievements of the China-Africa Innovation Cooperation Center over the past five years and promote the "Belt and Road" technology innovation cooperation [1] - Key features of the forum include: 1. Gathering wisdom from China and Africa to build a cooperation platform 2. Focusing on partnership actions to create a platform for collaboration 3. Aggregating cutting-edge technologies to establish an innovation empowerment platform 4. Consolidating cooperation results to build a mutually beneficial sharing platform 5. Mobilizing youth power to create a vibrant platform [1]

Core Viewpoint - Industrial Bank has successfully launched its first VEP (Value of Ecosystem Products) pledge loan, providing a loan of 100 million yuan to the project operator of the Sichuan Xichang Qionghai Wetland Scenic Area, which is a national AAAA-level scenic spot [1] Group 1: VEP Pledge Loan Details - The VEP pledge loan is based on the ecological value of specific geographic areas, reflecting the total value of various ecological product revenues that can be generated within a certain development period [1] - The ecological value is quantified through metrics such as vegetation biomass, water conservation, climate regulation, oxygen release, carbon sequestration, and biodiversity maintenance [1] - The VEP for the Qionghai Wetland Scenic Area exceeds 400 million yuan, providing multiple ecological benefits including water conservation, urban climate regulation, water quality purification, and habitat provision for flora and fauna [1]

作为同标的产品中管理费率最低档的ETF，化工ETF嘉实（159129）的上市，进一步丰富了化工类ETF 产品矩阵，也为想要一键布局化工产业龙头的场内投资者提供了便捷利器。化工ETF嘉实（159129）该 指数跟踪覆盖新材料化工、有机硅、合成氨、盐湖提锂等高景气子行业。 截至 2025年10月31日，中证细分化工产业主题指数前十大权重股依次为万华化学、盐湖股份、天赐材 料、巨化股份、藏格矿业、金发科技、宝丰能源、华鲁恒升、恒力石化、云天化，前十大权重股合计占 比44.83 %。 转自：中国证券报·中证网 中证网讯 11月14日，开盘沪指小幅震荡。中证细分化工产业主题指数成分股天赐材料、联泓新科及新 凤鸣均上涨。密切跟踪中证细分化工产业主题指数的化工ETF嘉实（159129）今日上市。该产品管理费 仅为0.15%/年，处于同标的产品最低档水平。该指数开盘后交投活跃，截至10:00，涨幅已超3%。 在业界看来，随着国内反内卷持续加码，化工行业供需格局有望改善，迎来价值重估机遇。华泰证券指 出，伴随6月以来行业资本开支增速显著下降，叠加"反内卷"有望助力供给端协同及落后产能出清，而 内需有望进一步复苏及向"亚非拉"出 ...

Core Points - The 19th Shanghai Gold Fair's "Park Tour" event was held in Chongming District, focusing on the marine equipment industry [1] - Key participants included representatives from Pacific Insurance, local government officials, and over twenty enterprises from the Chongming Changxing Marine Equipment Industrial Park [1] - The event featured discussions on the role of insurance in supporting the marine equipment industry and optimizing the business environment in Chongming [1] Group 1 - The event was organized by Pacific Insurance's Marine Insurance Operations Center, highlighting the importance of insurance in the marine equipment sector [1] - Pacific Insurance's coverage includes most domestic ship types and offers services such as ship rescue, guarantee, and contract dispute support [1] - The event included a presentation on the operation of Shanghai's inclusive financial advisory system [1] Group 2 - Representatives from various technology companies discussed common financing challenges faced by tech firms during the debt financing process [2] - Financial institutions such as Guotai Junan Securities and several major banks provided specific advice to the participating companies [2] - The interaction aimed to bridge the gap between technology enterprises and financial institutions, addressing their mutual concerns [2]

Core Viewpoint - Ganli Pharmaceutical's insulin product has received a positive opinion from the European Medicines Agency (EMA), marking a significant step for Chinese biopharmaceuticals in the international market [1] Group 1: Company Developments - Ganli Pharmaceutical's insulin injection, Lantus® SoloStar® biosimilar, is recommended for approval by the EMA for treating diabetes in adults, adolescents, and children aged 2 and above [1] - This is the first time a Chinese-developed insulin has received positive recognition from a European regulatory body, indicating a major milestone for the company's internationalization strategy [1] - The positive opinion from the EMA is seen as a "golden passport" for entering international markets, enhancing the company's credibility and paving the way for future product launches in Europe [1][2] Group 2: Market Context - The European diabetes patient population aged 20 to 79 has surpassed 65.6 million, with related medical expenditures nearing $200 billion, highlighting a strong demand for effective and cost-efficient treatment options [2] - Currently, the European insulin market is dominated by Sanofi, with projected sales of €819 million in 2024, indicating a significant opportunity for Ganli Pharmaceutical to alter the market landscape [2] Group 3: Financial Performance - In the first three quarters of 2025, Ganli Pharmaceutical reported domestic formulation revenue of 2.624 billion yuan, a year-on-year increase of 45.6%, reflecting a robust recovery in the domestic market [2] - The company's international business also showed strong performance, with overseas sales revenue reaching 353 million yuan, up 45.5% year-on-year, indicating a growing order scale [2] - The company has achieved a 32.6% growth rate in agreement volume for six insulin products in the upcoming national procurement in 2024, laying a solid foundation for performance recovery [2]

Core Viewpoint - Rongbai Technology has disclosed its comprehensive research and development layout and technology commercialization timeline for all-solid-state battery materials, aiming for mass commercialization of its positive materials by 2027 [1][2] Group 1: All-Solid-State Battery Development - The all-solid-state battery is considered the ideal form of next-generation battery technology due to its high safety and comprehensive performance, with a projected global market size exceeding 156 GWh by 2030 [1] - The industrialization of sulfide all-solid-state batteries faces three core challenges: interface stability, cost, and manufacturing processes [1] - Industry efforts are focused on interface modification and multi-scale characterization technologies to guide structural optimization, with expectations that the cost of sulfide all-solid-state batteries could drop below 0.4 yuan/Wh by 2035 as production capacity expands and processes iterate [1] Group 2: Positive Material Strategy - Rongbai adopts a dual strategy of "ultra-high nickel" and "lithium-rich manganese-based" in the positive material sector, achieving 10-ton level shipments for 8-series high nickel and ton-level shipments for 9-series high nickel [2] - The lithium-rich manganese-based positive material has been recognized by leading cell manufacturers for its high capacity output under high voltage through structural adjustments [2] Group 3: Solid Electrolyte and Supply Chain - The company is advancing both sulfide and halide routes for solid electrolytes, with LPSC electrolytes showing uniform particle size distribution and air stability, suitable for high nickel positive materials to achieve energy density breakthroughs [2] - Halide electrolytes maintain a stable capacity retention rate after 1000 cycles and exhibit industry-leading ionic conductivity [2] - Key auxiliary materials such as binders and lithium sulfide have achieved independent mass production, ensuring supply chain support for industrialization [2] Group 4: Strategic Transformation and Innovation - Rongbai Technology has transformed from a single ternary material company to a platform provider of comprehensive positive material solutions, leveraging a "technology-process-market" closed-loop strategy [2] - The company is rapidly entering new markets such as sodium batteries, manganese iron phosphate, and lithium iron phosphate through continuous acquisitions and independent research and development [2] - In supply chain management, the company employs long-term procurement agreements and AI to optimize inventory, while also establishing a battery recycling system to create a resource recycling value chain [2] - The company emphasizes accelerating material design through a digital platform and strengthening collaborative innovation with global customers [2]

Core Insights - The AI edge market is in an acceleration phase with new applications emerging continuously, particularly in AI glasses, which are transitioning from a "hundred models" competition to a "hundred glasses" competition [1] - AI glasses are expected to revolutionize digital life and social interactions due to their natural human-computer interaction interfaces and enhanced local AI processing capabilities, showing significant potential in consumer electronics, industrial, and medical fields [1] - Current challenges for AI glasses include power consumption and efficiency, which are critical for achieving lightweight and long standby times, necessitating small model processing capabilities [1] Company Developments - The company is focusing on optimizing the technology platform and industrialization of AI glasses, collaborating with several leading global AI/AR/VR glasses clients [1] - On November 13, the company announced a partnership with Google to launch the Coral NPU IP, aimed at always-on, ultra-low power edge applications for large language models [1] - The company is developing verification chips based on Coral NPU IP for AI/AR glasses and smart home applications to accelerate the deployment of large language models at the edge [1]