Xuan Gu Bao·2025-07-28 14:30Group 1: Innovative Pharmaceuticals - Heng Rui Medicine announced a potential $12.5 billion License-out collaboration with GlaxoSmithKline (GSK) covering a clinical-stage respiratory drug and up to 11 preclinical candidates [1] - In 2024, Chinese pharmaceutical companies completed 94 overseas licensing transactions totaling $51.9 billion, a 36% increase from 2023; in the first half of this year, the License-out amount exceeded $60.8 billion, surpassing the total for last year [1] - Analysts predict that 2025 will be a significant year for domestic innovative drug licensing, with many companies transitioning from generic to innovative drugs since the "4+7" procurement policy in 2018 [1] Group 2: PCB Market - According to Prismark, the global PCB market is expected to grow by 6.8% year-on-year in Q1 2025, with high-end HDI boards and multilayer boards seeing demand growth of 14.2% and 18.5% respectively [2] - The global PCB output value is projected to reach $78.6 billion in 2025, with output and shipment growth rates of 6.8% and 7.0% [2] - The AI server PCB market is expected to have a compound annual growth rate of over 30% from 2023 to 2028, with the value of a single AI server PCB being 5 to 7 times that of traditional servers [2] Group 3: Solid-State Batteries - Several companies have outlined timelines for solid-state battery production, with Honeycomb Energy planning to trial its first-generation semi-solid-state battery in Q4 2025 [3] - Changan Automobile aims to achieve solid-state battery vehicle validation by 2026 and gradually ramp up full solid-state battery production by 2027, targeting an energy density of 400 Wh/kg [3] - Analysts indicate that solid-state batteries, which significantly outperform liquid batteries in safety, energy density, and lifespan, are entering an industrialization phase, with mass production expected by 2027 [3] Group 4: Childcare Subsidies - The Chinese government will implement a childcare subsidy program starting January 1, 2025, providing annual subsidies of 3,600 yuan per child for those under three years old [4] - The program aims to alleviate the financial burden of childcare on families and is part of broader measures to encourage childbirth [4] - Various local governments are also introducing supportive policies related to childbirth, education, and housing to further reduce economic pressures on families [4] Group 5: Semiconductor Industry - Samsung Electronics signed a $16.5 billion semiconductor supply contract with Tesla, which will be used for the production of Tesla's next-generation AI6 chip [5] - This contract is expected to boost Samsung's foundry sales by 10% annually from 2025 to 2033 and is seen as a sign of recovery in Samsung's foundry business [5] - TSMC holds a dominant 67.6% share of the global foundry market, while Samsung's share decreased from 8.1% to 7.7% in the previous quarter [5] Group 6: AI and Technology Initiatives - The Shanghai Municipal Economic and Information Commission issued measures to expand AI applications, supporting innovations in general AI, smart chips, and brain-computer interfaces [7] - The initiative includes the issuance of 600 million yuan in computing power vouchers and additional funding for model and data resources [7]