华泰证券认为，谷歌凭借TPU v7p自研芯片至Gemini模型的全栈AI生态，正强势反击。TPU推动云业务增速达34%，仅次于Azure；Gemini月活达6.5 亿用户，AI Overviews服务超20亿用户。搜索市占率重回90%以上，充沛广告现金流支撑高强度资本开支。 硬科技护城河：TPU v7p对标B300，云业务增速超越AWS 市场长期低估了谷歌的"全栈式"AI反击能力。 近日，华泰证券在最新研报中称，不同于OpenAI严重依赖外部算力（英伟达）和云设施（微软）， 谷歌正在构建从芯片（TPU v7p）到模型（Gemini 3.0）再到应用（搜索+Waymo）的完全自给自足的生态闭环。 看好谷歌 自给自足"全栈式"AI 生态和能力，抢回主导权正当时 。 报告指出，这一闭环正在转化为实打实的财务回报： TPU部署大幅降低推理成本，搜索市场份额企稳回升至90%以上，充沛的广告现金流为高强度的 资本开支（Capex）提供了充足弹药。 华泰证券认为，谷歌的云端大规模自研 TPU 及配套软件生态，带动云业务增速及份额提升；广告业务在 Gemini 赋能下具备变现弹性，充沛现金流反 哺 AI 投入与应用落地。 反 ...

东阳光药董事长张英俊 证券时报记者 安宇飞 当前，中国医药行业正走在从"仿制跟跑"到"创新领跑"的转型之路上。据医药魔方数据，2024年中国企业原研创 新药数量达704款，位居全球首位。 张英俊认为，中国医药行业自"7·22"临床数据核查新政以来，步入了"黄金十年"。政策持续赋能，从加入ICH（人 用药品技术要求国际协调理事会）到创新药连续多年写入政府工作报告，医药行业的全链条支持体系正在形成。 在第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会上，东阳光药董事长张英俊表示，中 国药企正迎来以"创新"与"国际化"为核心驱动力的战略机遇期。 在这一背景下，东阳光药坚定布局源头创新，研发管线覆盖小分子、抗体、小核酸、ADC、细胞治疗等多种技术 路径。张英俊表示，公司的研发策略已从早期的"Me-too（跟随）""Fast-follow（快速跟进）"转向追求"BIC（同类 最优）"与"FIC（同类第一）"。 创新，是为了增强药企在全球的竞争力。张英俊认为："国际化不是选择题，而是中国创新药企发展的必由之 路。" 从出海路径来看，东阳光药的国际化战略呈现多元化态势：一方面通过"License-out ...

Core Insights - The Chinese pharmaceutical industry is transitioning from "generic following" to "innovation leading," with 704 original innovative drugs expected from Chinese companies in 2024, ranking first globally [2] - The chairman of Dongyang Sunshine Pharmaceutical, Zhang Yingjun, emphasizes that the industry is entering a "golden decade" driven by innovation and internationalization, supported by favorable policies [2][3] - Dongyang Sunshine is focusing on source innovation, with a diverse R&D pipeline that includes small molecules, antibodies, small nucleic acids, ADCs, and cell therapies [2][3] Industry Trends - The Chinese pharmaceutical sector is experiencing a strategic opportunity period centered on innovation and internationalization, as highlighted by Zhang Yingjun at the 2025 Greater Bay Area Technology and Financial Innovation Development Conference [2] - The industry is benefiting from a supportive policy environment, including integration into ICH and continuous inclusion of innovative drugs in government work reports [2] Company Strategy - Dongyang Sunshine has shifted its R&D strategy from "Me-too" and "Fast-follow" to pursuing "BIC" (Best-in-Class) and "FIC" (First-in-Class) drugs [2] - The company currently has nearly 50 projects in the pipeline, with over 10 in registration or key clinical stages, showcasing differentiated advantages and international competitiveness [2] Technological Innovation - The company is leveraging AI technology, having developed six AI models for drug discovery, with its first AI-driven small molecule drug, HEC169584, entering clinical trials [3] - Dongyang Sunshine has established multiple core technology platforms to address significant unmet clinical needs, such as solid tumor treatment and hepatitis B cure [3] Internationalization Efforts - The internationalization strategy of Dongyang Sunshine is multifaceted, involving "License-out" agreements and plans for self-marketing products in Europe and the U.S. [3] - The company aims to have its insulin product approved in the U.S. by Q1 2026, potentially becoming the first domestically produced insulin to enter the U.S. market [3] Future Goals - Dongyang Sunshine aims to become a leading comprehensive pharmaceutical company focused on "innovation + internationalization + sustainability," targeting over 20 billion yuan in revenue and 5 billion yuan in profit within five years [4] - The company plans to launch over 10 new products and achieve more than five global collaborations in the same timeframe [4] Industry Perspective - Zhang Yingjun states that the advancement of Chinese pharmaceutical companies is fundamentally about the global recognition and validation of innovative value [5] - The company is actively participating in and leading this historic process through its dual focus on innovation and internationalization [5]

创新，是为了增强药企在全球的竞争力。张英俊认为："国际化不是选择题，而是中国创新药企发展的 必由之路。" 从出海路径来看，东阳光药的国际化战略呈现多元化态势：一方面通过"License-out（对外授权）"出 海，如将部分新药的海外权益授权给外国公司；另一方面推动自主产品在欧美上市，其中甘精胰岛素预 计将于2026年第一季度在美国获批，有望成为国产首个在美上市的甘精胰岛素产品。 张英俊表示，东阳光药已建立起覆盖全球的销售网络，海外制剂60多个品种获批，阿奇霉素片在德国市 场占有率排名第一。 在第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会上，东阳光（600673）药董 事长张英俊表示，中国药企正迎来以"创新"与"国际化"为核心驱动力的战略机遇期。 张英俊认为，中国医药行业自"7·22"临床数据核查新政以来，步入了"黄金十年"。政策持续赋能，从加 入ICH（人用药品技术要求国际协调理事会）到创新药连续多年写入政府工作报告，医药行业的全链条 支持体系正在形成。 在这一背景下，东阳光药坚定布局源头创新，研发管线覆盖小分子、抗体、小核酸、ADC、细胞治疗 等多种技术路径。张英俊表示，公司的研发策 ...

和铂医药 20251117 摘要 诺纳生物定位为提供一站式或整合式交付的创新 CRO，区别于传统 CRO 的碎片化服务，通过科学家自主想法和全球竞争力平台，为客户创 造价值，交付 License out 产品，如 binder、PCC 或 IND。 诺纳生物拥有四大关键技术平台，包括 HMI 人源化转基因小鼠平台、 ADC/RDC/AOC 递送系统、新型体内 CAR 体系和 AI 研发平台，这些平 台不仅支持内部管线，也为全球企业提供服务。 诺纳生物计划未来三年从 Discovery 阶段扩展到 CMC 和临床概念验证 阶段，通过与 GLP 和 CDMO 公司合作，提升 GLP 延展能力和高端制剂 研发能力，并在上海建立 AI 创新中心。 诺纳生物通过 Humanetics 平台形成数字化合作小组，结合干湿实验提 升药物研发成功率，并在临床后端与顶级医院合作，构建"数字人"以 提高数字化临床试验效率。 和铂医药的 4,003 项目是一种 Treg 细胞清除疗法，在临床前研究中显 示出显著效果，清除肿瘤微环境中的 Treg 细胞的效力是对照组的 100 倍，并在多个适应症中展现出潜力。 Q&A 诺纳生物的创新战 ...

Group 1: IPO Developments - Moer Technology has officially launched its IPO process on the Sci-Tech Innovation Board, with plans to issue shares on November 24, 2023, marking the emergence of China's first domestic GPU stock [2] - The company focuses on the independent research and development of full-function GPUs and has achieved significant technological breakthroughs in AI computing acceleration and graphics rendering [2][3] - Yushu Technology has completed its domestic listing guidance and will soon submit its prospectus, specializing in high-performance robots and robotic components [4][5] Group 2: Company Performance and Market Position - Moer Technology has released four generations of GPU architecture chips since 2021, with products achieving performance levels comparable to international standards, such as the MTT S80 graphics card nearing the performance of NVIDIA's RTX 3060 [3] - Yushu Technology's revenue structure indicates that approximately 65% of sales come from quadruped robots, with a strong focus on research and education applications [5] - Tuda Technology has become the first global supplier to achieve mass production of automotive-grade LiDAR solutions, delivering over 181,131 units in the first three quarters of the year, reflecting a 7.7% year-on-year growth [6] Group 3: Financial Data and Growth - Insilico Medicine has reported revenue growth from $30.15 million in 2022 to an estimated $85.83 million in 2024, with a significant improvement in gross margin from 63.4% to 90.4% over the same period [8] - The company has narrowed its net loss from $222 million in 2022 to $17.1 million in 2024, indicating a dual-engine business model's effectiveness [8] - Tuda Technology has achieved a gross margin of 12.9% in the first five months of the year, with expectations of positive gross margins for four consecutive quarters starting from Q4 2024 [6]

中新网深圳11月16日电 (记者索有为)正在举行的第二十七届中国国际高新技术成果交易会(简称"高交 会")上，高交会院士论坛——深圳创新药发展论坛暨重大项目签约活动举办，汇聚多位海内外院士、产 业领袖及创投精英等家热议生物医药创新浪潮。 此次论坛以"AI赋能向新而行"为主题，由深圳理工大学主办。深圳理工大学党委书记朱迪俭表示，作为 一所新型研究型大学，深圳理工大学正打通从基础研究到产业转化的全链条，也让拔尖创新人才加速成 长，该校将持续以科学家精神与特区精神为引领，在学科交叉中突破创新，在产教融合中赋能产业，为 大湾区国际科技创新中心建设与人类健康事业贡献坚实力量。 深圳市发展和改革委员会党组书记、主任郭子平表示，深圳持续推动生物医药产业高质量发展，不仅成 立市级药械产业办公室、出台系列支持政策，还建设了深圳医学科学院，布局多个国家级平台，设立超 百亿元产业基金，发力AI药物研发等新赛道。 论坛上，深圳理工大学围绕科研协作、人才培养等方面与深圳层次智慧生物、宁波酶赛生物、南京汉卫 公共卫生研究院、内蒙古自治区第四医院、深圳市百盈慈善基金会等企业、医疗机构、基金会完成8个 重大项目签约，以城校共融、开放办学等举 ...

Recursion Pharmaceuticals FY Conference Summary Company Overview - **Company**: Recursion Pharmaceuticals (NasdaqGS:RXRX) - **Event**: Second annual Guggenheim Healthcare Innovation Conference - **Date**: November 11, 2025 - **Key Speakers**: Najat Khan (incoming CEO), Ben Taylor (CFO) Key Points Leadership Transition - Najat Khan will take over as CEO starting January 1, 2026, marking a planned transition to enhance company leadership continuity [2][3] - Chris, the outgoing CEO, will remain on the board as chair and serve as an executive advisor [2] Strategic Focus and Evolution - The company is transitioning from exploring AI's potential in drug discovery to demonstrating proof of impact [2][4] - Emphasis on increasing shareholder value and patient impact through a strengthened pipeline and strategic partnerships [5][6] Partnerships and Collaborations - Significant partnerships with Roche and Sanofi, with milestones worth approximately $300 million per program [5][6] - Collaboration with MIT and use of advanced supercomputing capabilities to enhance data analysis [9][10] - Over $500 million in partnership inflows, indicating strong investor interest and validation of the platform [12][13] Pipeline and Therapeutic Areas - Focus on four therapeutic areas: oncology, rare diseases, neuroscience, and gastrointestinal oncology [24] - Intentional targeting of novel and challenging drug targets in oncology, including RBM39 and CDK7 [25][26] - Development of a comprehensive clinical development platform for patient selection and trial acceleration [27] CDK7 Inhibitor Development - CDK7 inhibitors show manageable gastrointestinal toxicity with a 7% discontinuation rate and no severe adverse events [29] - Early signs of efficacy observed in monotherapy, with ongoing combination studies in ovarian cancer [31] Financial Position and Future Outlook - Cash position reported at nearly $800 million, sufficient to fund operations through year-end 2027 without additional financing [41] - Anticipation of at least $100 million in partner inflows by year-end 2026, with multiple clinical milestones expected [42][43] Integration with Exscientia - Successful integration of technology platforms with a focus on operational efficiency, achieving a 35% reduction in expenses [17][18] - Retention of cultural and operational capabilities from both legacy companies [19][20] Upcoming Milestones - Key upcoming events include data readouts for the FAP program, which has shown significant polyp burden reduction in trials [36][43] - Continued focus on rapid decision-making regarding pipeline programs to optimize capital allocation [43] Conclusion Recursion Pharmaceuticals is positioned for growth with a strong leadership transition, strategic partnerships, and a robust pipeline focused on innovative therapeutic areas. The company aims to leverage its AI-driven platform to deliver differentiated therapeutics while maintaining a solid financial foundation.

Core Viewpoint - Jingtai Holdings (02228) has successfully developed and validated two innovative topical active ingredients for hair loss prevention and growth, leveraging its industry-leading AI molecular discovery platform, marking its entry into the consumer health sector [1] Group 1: Product Development - The two active ingredients developed are small molecule Remeanagen (XTP-118) and peptide AquaKine (XTP-016), both of which have successfully passed the INCI registration in the United States [1] - The combined formulation product Groland has also received FDA registration, indicating regulatory approval for market entry [1] Group 2: Strategic Partnerships - Jingtai's wholly-owned subsidiary Ailux has entered into a multi-target strategic cooperation and platform licensing agreement with Eli Lilly, with a total agreement value of up to $345 million, including several million dollars in upfront payments and milestone payments [1] - This partnership aims to accelerate the discovery and development of bispecific antibodies across multiple therapeutic areas, utilizing Ailux's proprietary platform and AI antibody research capabilities [1] - This collaboration follows a previous $250 million agreement between Jingtai Technology and Eli Lilly for AI small molecule drug development [1]

Core Viewpoint - The company's performance is driven by the high-quality growth from innovative drug releases and accelerated overseas expansion, achieving a revenue of 23.188 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.85%, and a net profit attributable to the parent company of 5.751 billion yuan, up 24.50% year-on-year [1] Group 1: Financial Performance - In Q3 alone, the company achieved a revenue of 7.427 billion yuan, a year-on-year increase of 12.72%, with a net profit of 1.301 billion yuan, up 9.53% year-on-year [1] - The high-speed growth in performance is attributed to two main factors: continuous realization of innovative drug research results and accelerated external licensing cooperation, contributing to upfront payments and milestone revenues [1] Group 2: Innovation Pipeline - The company continues to strengthen growth driven by innovation, with the approval of the first domestic EZH2 inhibitor and the first self-developed oral triple compound for diabetes in Q3, which will accelerate sales potential as these products are launched [1] - A total of 13 new drug applications were accepted by NMPA in the first three quarters, with 8 applications in Q3, including significant progress on the GLP-1/GIP dual-target weight loss drug HRS9531 [1] - The company is enhancing its research pipeline across various therapeutic areas, including oncology, metabolic and cardiovascular diseases, immune and respiratory diseases, and neuroscience [1] Group 3: Business Development and Collaborations - The company is accelerating its global presence through business development (BD) transactions and self-research overseas, with over 800 million USD in overseas licensing upfront payments in the first three quarters [2] - In Q3, the company secured three external licensing agreements, including a 500 million USD upfront payment with GSK for 12 innovative drugs, and additional agreements with Glenmark and BraveheartBio totaling 180 million and 65 million USD upfront payments, respectively [2] - The strong independent research and development capabilities position the company to lead the wave of domestic innovative drugs going overseas [2] Group 4: Earnings Forecast and Investment Recommendations - Due to the continuous overseas expansion of innovative drugs and exceeding expectations in licensing income, the company's EPS forecasts for 2025-2027 have been raised to 1.32, 1.51, and 1.72 yuan, respectively [3] - Based on the PE valuation method and comparable company valuation levels, a target price of 78.52 yuan is set for 2026, maintaining a "buy" rating [3]