CXO 及上游行业观点更新 20250710 摘要 中国生物科技行业投融资在 2024 年经历低迷后，2025 年订单数量显 著增长，国内临床试验项目数量跃居全球第一，显示行业正快速复苏， 为相关股票交易策略提供积极信号。 尽管中国生物科技公司 BD 金额与默沙东等国际巨头相比仍有差距，但 对跨国公司而言，中国项目因交易金额相对较低而具有较高性价比，值 得关注。 药明康德在小分子 CDMO 赛道几乎没有竞争对手，业绩表现良好，但受 中美关系影响，其估值较欧美同行存在折价，艾伯维 BTK 抑制剂伊布替 尼和减肥药替尔泊泰等新项目表现超预期。 药明康德、凯莱英等公司港股折价正在缩小，但康龙化成、泰格医药等 公司折价仍较高。海外收入为主的公司新签订单和利润率恢复良好，但 受中美关系影响，估值存在折价。 CRO 行业利润率在 2021 年达到顶峰后，2023-2024 年下滑严重。临 床前 CRO 公司通过裁员和竞争出清迅速去产能，睿智医药和美迪西等公 司在 2025 年第一季度已实现利润率提升。 Q&A 今年以来中国证监会在支持未盈利企业上市方面有哪些举措？ 今年（2025 年）年初以来，中国证监会表示将更大力度支 ...

Group 1 - The core viewpoint emphasizes that traditional consumer goods can learn from the technology sector's mindset to achieve breakthrough growth through rapid iteration, quantitative expression, and organizational innovation [1][2] - The speed of information flow and changes in consumer demand are unprecedented, making the technology sector's high-frequency iteration and transparent communication essential to adapt to these changes [1] - Three key experiences from the technology industry that traditional sectors should adopt include establishing a high-frequency iteration mechanism, utilizing quantitative expression to enhance product transparency, and restructuring organizational frameworks for agile operations [1] Group 2 - The integration of technology industry efficiency into the century-old consumer goods sector can lead to explosive growth, even in traditional businesses [2]

Group 1 - The European Investment Bank plans to allocate €70 billion for the development of the EU technology sector from 2025 to 2027 [1]

你有没有想过，计算机科学专业可能不再是通往科技行业的黄金门票了？曾经，科技公司对应届毕业生张开怀抱，现在这扇门却在逐渐关闭。过去几年 里，我们目睹了一个令人震惊的现象：尽管科技行业整体上仍在增长，但新毕业生的就业机会却在大幅萎缩。根据 SignalFire 最新发布的 2025 年人才报 告，与疫情前相比，科技行业对新毕业生的招聘已经下降了 50%。这不是简单的经济周期调整，而是整个行业正在经历的根本性转变。 我深入研究了这份报告后发现，这背后的原因比表面看起来要复杂得多。SignalFire 通过其 Beacon AI 平台追踪了超过 6.5 亿专业人士和 8000 万个组织， 为我们提供了前所未有的行业洞察。他们揭示的不仅仅是招聘数字的下降，更是整个科技人才生态系统的重构。从 AI 实验室的人才争夺战，到地理中心 的重新洗牌，再到新兴职位的诞生，这份报告描绘出了一幅科技行业人才格局正在发生巨变的完整画面。 让我最震撼的是，即使是来自顶尖计算机科学项目的毕业生也无法幸免于这种变化。过去，一张名校计算机科学学位几乎就是进入 Google、Apple、 Microsoft 等大厂的通行证，但现在这些公司的新毕业 ...

Core Viewpoint - Eight Roads Capital is planning to sell its entire stake in approximately 40 Chinese technology companies at a significant discount, reflecting a strategic withdrawal from the Chinese tech market due to various challenges [2][11]. Group 1: Company Overview - Eight Roads Capital, a global venture capital firm, focuses on technology and healthcare sectors, managing over $11 billion in assets across 11 funds [5]. - The firm has made a total of 528 investments and 74 exits since its inception, with a notable history in the Chinese market dating back over 30 years [5]. - Currently, Eight Roads has around 30 employees in China, with only 4 dedicated to technology investments, indicating a shift in focus towards healthcare [5]. Group 2: Investment Strategy and Actions - The firm has initiated a process to liquidate its investments, which were valued at approximately $1 billion at their peak, now expected to be sold at a 60%-80% discount [2][11]. - Eight Roads has already laid off over 10 employees from its Chinese technology team, reflecting a downsizing in this sector [1][5]. - The firm’s recent investments include notable companies such as Alibaba and Pony.ai, but current geopolitical tensions and regulatory challenges have forced it to reconsider its strategy [9][11]. Group 3: Market Context - The decision to divest is influenced by increasing geopolitical tensions and a competitive landscape in the Chinese tech industry, which has altered risk and return expectations [11]. - In contrast, other investment giants like Blackstone and KKR are increasing their investments in China, highlighting a divergence in strategies among major players [10][11]. - The ongoing changes in the investment environment may present new opportunities for firms that can adapt to the evolving landscape [11].

野村东方国际证券：预计中国权益资产将在下半年跑赢海外市场 智通财经6月10日电，野村东方国际证券策略团队表示，考虑到国内强政策预期、亚太新兴市场在弱美 元及国际资金关注下更好的流动性环境，预计中国权益资产将在下半年跑赢海外市场。野村东方国际证 券认为，2025年下半年将是市场再度选择方向的重要节点。在此期间，市场的波动率可能出现放大。在 波动性上升的背景下，政策对成长行业的有力支持不容忽视，这可能促使市场将更多目光投向新兴高景 气成长领域。股息率稳定的红利股和细分科技成长行业将更适合下半年的市场环境。此外，内需消费和 科技行业可能仍有较大空间。 ...

科技投资策略的适用性与趋势性出现变革：首先，DeepSeek 的技术突破提振市 场对中国科技实力的信心，推动 A 股和港股 AI 产业链股票估值提升，重塑 相关 科技公司从"价值股"向"成长股"的叙事转变，促使科技投资逻辑从"讲故事"转向"看应用"，建议科技领域组合投资仍然需要重视自上而下和自下而上相 结 合策略。把握更多行业基本面变化和产业链上的大机会；其次，科创投资重视"硬 科技"，公募持仓结构出现变化，科创板成分股持仓占比从 2021年 H1 的 10.31% 持续提升至2023 年 H2的 41.78%；再者，市场情绪以融资余额为代表，投资逻 辑转向左侧布局趋势，人工智能指数融资余额一直呈现出较为稳定 的上升趋势， 在 2024年 Q4 单季度增加314.09 亿元，提升幅度高达48.03%；科技子赛道走 势分化，行业分散化程度有所提高，对过往以"重仓单一行业博得 弹性收益"为 投资策略的基金经理提出来更高的考验，未来科技投资的发展将"从单一领域到 多元新兴领域"，同时对于科技成长主动权益基金的选股能力提 出了更高的要求。 科技成长主动权益产品相较指数产品长期更具配置优势：从历史业绩看，相比于 被动科 ...

行业近况 本期（5.12-5.23）上证综指上涨0.19%，创业板指数上涨0.48%，国防军工指数（中信）下跌2.31%，跑 输上证指数2.5 个百分点，跑输创业板2.8个百分点，军工本期涨幅行业排名第27/29。 评论 我国首个国家安全白皮书发布，行业需求有望延续高景气。国务院新闻办公室12 日发布《新时代的中 国国家安全》白皮书，优化国防科技工业布局，建设先进国防科技工业体系。我们认为，1）短期看， 在"十四五"规划任务牵引下，航空航天科技行业下游需求正快速复苏，全年行业需求有望保持较高景 气，部分上游先验环节有望于1H25 迎来业绩拐点；2）长期看，航空航天科技行业是构筑国家安全的基 石行业之一，有望长期保持需求和成长的确定性，在当前环境下比较优势凸显。 中航技亮相关卡威，外贸持续推动板块价值重估。5 月20 日，第十七届兰卡威国际海事与航空展开幕， 中航技携全谱系多型航空装备，全方位展示中国航空创新成果，深化国际合作。当前国内航空主机厂出 口比例仍低于海外同业，我们认为，1）我国装备现已形成体系化输出能力，在全球贸易市场中的优势 逐步显现，潜在需求方对我国装备的认知有望重塑；2）随着我国装备竞争力提升 ...

近日，微软宣布了一项重大决策，计划将旗下办公通讯应用Teams与Office 365和Microsoft 365软件套件 进行拆分销售，以回应欧洲监管机构的反垄断调查。微软的这一应对措施不仅是为了避免高额罚款，以 及应对监管压力的策略调整，同时也标志着全球科技行业监管环境进入新阶段。 可以预见的是，未来的科技产业竞争，将不再是追求"谁的控制更强"，而是"谁的体验更好、谁的生态 更开放"。微软的调整或许只是开始，更多科技巨头将面临类似挑战，只有更加积极地适应监管要求， 在创新与合规之间找到平衡点，才能在激烈的市场竞争中取胜。 （文章来源：经济日报） 微软的案例并不是孤例，而是全球科技监管趋严的缩影。从谷歌被罚超40亿欧元，到苹果被迫开放iOS 侧载功能，再到亚马逊面临数字市场反垄断调查，科技巨头的"围墙花园"商业模式正被逐步打破。 微软此次拆分的直接原因是迫于欧盟反垄断机构的压力。2020年，工作协作应用Slack向欧盟投诉，指 控微软通过将Teams与Office捆绑销售，滥用其在办公软件市场的支配地位，从而获得在企业通讯市场 的竞争优势。这一诉讼引发了欧盟委员会对微软的反垄断调查，若被认定违反欧盟竞争规则， ...

Core Insights - Chegg announced a 22% workforce reduction, equating to 248 employees, to cut costs and streamline operations, signaling a significant shift in the education technology sector driven by AI tools like ChatGPT [1][2] - The company reported a 31% year-over-year decline in subscription users, down to 3.2 million, and a 30% drop in revenue to $121 million in Q1 2024, indicating a severe downturn in its core subscription service [2][3] - Chegg's traditional business model is being disrupted by generative AI tools that provide free, instant answers, undermining the value proposition of paid services [4][6] Company Challenges - Chegg's web traffic has been declining for several months, primarily due to competition from AI tools rather than traditional educational companies [2][4] - The company plans to cut marketing budgets, slow new product development, and reduce administrative expenses, aiming to save between $45 million and $55 million by 2025 and an additional $100 million to $110 million by 2026 [3][6] - Chegg is developing its own AI products but is lagging behind competitors, and it has filed a lawsuit against Google, accusing it of using its search engine dominance to suppress third-party content platforms [3][4] Industry Trends - The emergence of AI tools has fundamentally altered user behavior and expectations, with over 80% of surveyed students having used AI tools, and many finding AI-generated answers clearer than those from human tutors [5][6] - Other education technology companies, such as Quizlet and Byju's, are facing similar challenges, with some attempting to integrate AI into their offerings to remain competitive [5][6] - The future of education technology may involve a redefinition of value, focusing on personalized learning, certification, and hybrid services that combine AI with human support [6][7]