9月21日上午，2025浦江创新论坛主论坛在上海举行。科技部部长阴和俊、白俄罗斯国家科委主席谢尔 盖.什雷奇科夫出席并作主旨演讲。 阴和俊表示，中国政府高度重视科技创新，深入实施科教兴国战略、人才强国战略、创新驱动发展战 略，加强科技创新全链条部署、全领域布局，全面增强科技实力和创新能力，培育壮大新质生产力，为 中国式现代化建设提供更加有力科技支撑。 谢尔盖.什雷奇科夫表示，白俄罗斯将创新发展作为国家政策优先事项，制定并不断完善国家立法，明 确2026-2030年国家科学、科技与创新活动的优先方向，积极发展科学、科技与创新活动领域的基础设 施，吸引有才华的青年进入科技创新领域，完善成果商业化体系，促进国际科技合作，不断提高国家创 新体系整体效能。 白俄罗斯国家科学院院士阿列克谢.特鲁哈诺夫、上海交通大学李政道研究所所长张杰等10名科学家、 企业家及创新青年专家，围绕人工智能、生命科学、生物医药等前沿领域发表了主题演讲，德国国家科 学院院士罗兰德.艾尔斯等5名科学家围绕"共塑创新生态：全球科技共同体的挑战与应对"展开了圆桌对 话。 与会嘉宾普遍表示，论坛聚焦前沿科技和创新生态重要议题，提出了前瞻性见解，凝聚了发 ...

Core Viewpoint - The article discusses the positive impact of the Federal Reserve's interest rate cut on the innovative pharmaceutical industry, highlighting the potential for increased investment and growth in the sector [1]. Market Performance - On September 22, the Shanghai Composite Index opened up by 0.05%, while the ChiNext Index rose by 0.1% [1]. - The cobalt sector saw a strong performance, and the IPO of Moer Thread is set to take place this week, leading to a collective surge in related stocks [1]. - Conversely, the robotics sector experienced a continuous pullback, with declines in the optical chip and oil and gas sectors [1]. Federal Reserve's Interest Rate Cut - The Federal Reserve announced a 25 basis point interest rate cut on September 2025, marking its first cut of the year [1]. - Historical trends indicate that interest rate cuts typically benefit the innovative pharmaceutical sector [1]. Investment Environment - The long development cycles and significant funding needs of innovative drug research suggest that a recovering global financing environment may enhance investment activity in the pharmaceutical industry [1]. - Past interest rate cut cycles have shown a general upward trend in the global biopharmaceutical sector, indicating significant elasticity [1]. - The biopharmaceutical sector in the A-share market has historically performed well during bull market conditions [1]. Recent Developments - Jinfang Pharmaceutical was listed on the Hong Kong Stock Exchange on September 19, 2025, becoming a focal point in the Hong Kong 18A sector [1]. - The company raised $268 million, setting a new high for the sector since 2022, with cornerstone investors subscribing for $100 million, also the highest since 2022 [1]. Future Outlook - In the short term, improved liquidity and market sentiment may drive a valuation recovery in the innovative pharmaceutical sector [1]. - In the long term, lower financing costs are expected to support corporate research and international collaboration, fostering innovation and high-quality development in the industry [1]. - The biopharmaceutical sector has historically performed exceptionally well in environments characterized by interest rate cuts and bull markets [1].

Market Overview - A-shares experienced a mixed performance last week, with the Shanghai Composite Index declining by 1.30% to close at 3820.09 points, while the Shenzhen Component Index rose by 1.14% and the ChiNext Index increased by 2.34% [2] - The market showed overall volatility in the first half of the week, but retreated towards the end as investors reacted to the Federal Reserve's interest rate cut [2][3] Federal Reserve Impact - The Federal Reserve's decision to cut interest rates by 25 basis points was in line with market expectations, leading to a temporary cooling of investor sentiment and risk appetite [3][4] - Despite short-term fluctuations, the long-term outlook remains positive for A-shares, with expectations of a stronger RMB and improved market risk appetite [3][4] Calendar Effects - Historical data indicates that A-shares typically exhibit a calendar effect around the National Day holiday, with a tendency for the market to perform poorly before the holiday and rebound afterward [5][6] - Over the past decade, indices such as the Shanghai Composite and CSI 300 have shown over 60% probability of rising in the week following the National Day holiday [5] Sector Performance - Certain sectors, particularly technology-related industries such as computers, communications, and electronics, have a higher probability of rising in the five trading days following the holiday [6] - Financial sectors, including banks and non-bank financials, are also expected to perform well in the weeks following the holiday [6] Investment Strategy - The fourth quarter is anticipated to see a shift in investment styles, with a potential rotation from previously high-performing sectors to more defensive ones [7] - Investors are encouraged to focus on sectors driven by economic recovery and industry trends, such as AI, innovative pharmaceuticals, new energy, and consumer sectors [7]

Group 1 - The A-share market is experiencing short-term fluctuations due to the recent Federal Reserve interest rate cut, which has led to a temporary decline in market sentiment [1][3][4] - Historically, the A-share market shows a calendar effect around the National Day holiday, with trading volume typically decreasing before the holiday and improving afterward, leading to a rebound in major indices [2][4] - The current market adjustment is viewed as a short-term phenomenon, with long-term upward momentum still expected for the indices [1][3][6] Group 2 - The probability of major indices such as the Shanghai Composite Index and CSI 300 rising after the National Day holiday exceeds 60%, indicating a strong likelihood of recovery [2] - A shift in market style is anticipated in the fourth quarter, with a potential rotation towards defensive sectors as investors take profits from previously outperforming sectors [8] - The long-term growth narrative for A-shares remains intact, driven by improvements in corporate profitability and supportive domestic policies [7][11] Group 3 - The current market environment is characterized by increased volatility, with a focus on sectors that align with policy expectations and emerging trends in technology and consumption [4][10][12] - The trend of Chinese manufacturing companies expanding their global presence is expected to enhance their market capitalization and profitability [9] - Investment opportunities are emerging in sectors such as AI, innovative pharmaceuticals, and new energy, as well as in cyclical industries benefiting from improved supply-demand dynamics [10][11]

Group 1 - The core viewpoint of the report indicates that the Chinese capital market has become the best-performing equity asset globally, with the Shanghai Composite Index rising from 2700 points to around 3900 points, an increase of nearly 40% over the past year [1] - The market outlook suggests that only a "slow bull" can lead to a "long bull," with the A-share market experiencing accelerated growth since August, despite weak economic data [1][3] - The report highlights that the valuation uplift is the main contributor to the index's rise, with the CSI 300 index increasing by 40% over the past year, where the contribution from valuation was 88% and EPS contribution was 12% [3] Group 2 - The report notes a significant recovery in risk appetite for A-shares, with daily trading volume increasing from below 800 billion yuan to a peak of 3.48 trillion yuan after the "924" policy package [3] - The technology growth sector has led the market style, with the STAR 50 index rising by 112% and the ChiNext index by 102% since the "924" event [3] - The report indicates that private equity funds and margin financing have become more active, with private equity stock positions reaching 63.82% in August, the highest level in two years [3] Group 3 - The report emphasizes that passive investment products are driving the trend towards indexation, with the scale of index funds reaching 4.2 trillion yuan, a 63% increase year-on-year [3] - It highlights that long-term funds entering the market are forming the basis for a slow bull market, with significant purchases of ETFs by state-owned funds since 2024 [3] - The report also mentions that the overall PE ratio of A-shares has reached above the 87th percentile since 2010, indicating a high valuation level [3]

Core Insights - The 2025 InnoMatch Technology Transfer Conference opened in Shanghai, focusing on demand-driven innovation, talent discovery, and capital empowerment, with over 10,000 technology demands and total investment exceeding 20 billion yuan [1] - The conference showcased 2,000 talent demand positions, 1,728 technology achievements ready for transfer, 847 innovative products from SMEs, and over 80 cutting-edge technology products and experience scenarios [1] Group 1: Technology Demands and Investment - The conference highlighted technology demands across more than 20 frontier fields, including artificial intelligence, quantum technology, and biomedicine [1] - Notable demands included projects from Kazakhstan, such as the construction of an ecological resort seeking partners for green technologies and a national network for electric vehicle charging stations [1] Group 2: Innovation Achievements and Case Studies - Shanghai Jiao Tong University presented internationally leading technologies, including brain-machine interface chips and high-precision measurement technologies [2] - Huashan Hospital showcased an innovative DC vaccine for brain glioma treatment, demonstrating the hospital's innovation capabilities [2] - East China Normal University displayed a new high-end enzyme preparation that reduced production costs of related chemical products by over 90% through technology transfer empowerment [2] Group 3: Concept Verification and Support Platforms - Shanghai is advancing the integration of concept verification platforms with future industry clusters and high-quality incubators to enhance the initial stage of technology transfer [2] - Six concept verification centers focusing on future industries, such as brain-machine interfaces and gene editing, made their debut at the conference, providing comprehensive services to reduce innovation risks and R&D costs [2]

Core Insights - Shanghai's import and export value reached 387.43 billion yuan in August, marking seven consecutive months of growth since February this year [1] - In August, Shanghai's export value hit 183.08 billion yuan, a year-on-year increase of 17.1%, achieving a historical milestone of exceeding 180 billion yuan in a single month [1] - For the first eight months of this year, Shanghai's foreign trade value totaled 2.94 trillion yuan, reflecting a growth of 4.5%, with notable activity from private enterprises and significant increases in exports to emerging markets [1] Export Performance - Exports to emerging markets such as Africa, ASEAN, the Middle East, and India totaled 53.74 billion yuan in August, representing a year-on-year growth of 45%, with shipbuilding and marine engineering equipment, as well as construction machinery, showing remarkable growth of 1060% and 72.8% respectively [1] - The green product sector in Shanghai has seen significant demand, with exports of electric vehicles, lithium batteries, and photovoltaic products growing by 37.1%, 112.1%, and 39% respectively in August [2] - High-end manufacturing products, including high-end machine tools and equipment, have also maintained double-digit growth [2] Government Support - The Shanghai government has actively supported foreign trade growth, organizing 245 enterprises to participate in 38 overseas trade exhibitions since the second half of this year, with an intended contract value of 23.68 million USD [2] - These exhibitions focus on key industries such as high-end manufacturing, digital economy, biomedicine, and green energy, with the municipal commerce department providing support for exhibition fees [2]

这种"主动"不仅体现在毕业生主动走进企业，更反映在地方政府主动梳理产业需求、优化服务安 排。9月20日，南京举办了今年下半年当地最大规模的青年人才线下交流招聘会，长三角地区20个城市 的113家企业参会，省内"沿江八市"也纷纷加入。区域协同招聘、"辐射圈"引才的格局正在形成。 央广网北京9月21日消息（记者车丽 杨静 钱成）据中央广播电视总台中国之声《新闻和报纸摘要》 报道，当前，全国城市联合招聘高校毕业生秋季专场活动正在进行。多地联动推出企业开放日、精准岗 位对接等招聘模式，让人才与产业对接更加高效，多样化就业服务助力毕业生精准入职。 秋季招聘活动正在进行，多辆"就业专巴"载着高校毕业生驶入产业园，企业的研发实验室和生产车 间纷纷向年轻人开放。江西省新余市就业创业服务中心人力资源市场与公共服务部门负责人谢敏表示， 当地已组织3批420余名毕业生走进12家重点企业，意向岗位匹配率达85%。 谢敏：企业参观活动打破了传统招聘"单向输出"的模式，让毕业生从"被动选择"转向"主动匹配"。 目前我市累计已有89名毕业生在活动现场提交就业意向书。 南京市人力资源和社会保障局一级调研员马书婷：立足人工智能、机器人、生物医 ...

2025浦江创新论坛现场。新华社记者方喆 摄 此次发布的技术需求涵盖人工智能、量子科技、生物医药等20多个前沿领域。例如，哈萨克斯坦电动汽 车充电站的网络建设项目相关需求，将促进电动汽车产业链、数字技术等领域的技术合作与跨境投资； 沿沪宁产业创新带发布技术、人才、创新平台等系列需求，加速长三角地区融合发展。 2025浦江创新论坛9月20日在上海开幕，论坛的InnoMatch技术转移大会面向全球发布10000余项技术需 求、2000余个人才需求岗位，企业投入资金超200亿元。 上海市科委介绍，2025浦江创新论坛策划了AI for Science、量子智能、可控核聚变等30余场前沿领域专 题论坛，邀请国内外政府主管部门、科学家、企业家等代表共同探讨基础研究与未来产业的发展方向， 为全球科技创新建言献策。 近年来，论坛为企业和人才搭建了InnoMatch技术转移大会和WeStart创业投资大会两个国际交流平台。 其中，InnoMatch技术转移大会致力于打造企业与科研团队之间的技术供需"快车道"，此前五年已累计 释放技术需求21000余项，达成意向合作金额近180亿元。 WeStart创业投资大会则"为项目找资本 ...

Core Insights - The merger and acquisition (M&A) market in China is facing historic opportunities as the macroeconomic environment enters a new cycle, with significant changes in the logic of overseas acquisitions by Chinese companies [1][3]. Group 1: Market Conditions - The current international political and economic environment is turbulent, creating both opportunities and challenges in the primary and secondary markets, which in turn generates substantial opportunities in the M&A market [3]. - Challenges in investment, fundraising, management, and exit strategies are prevalent, with factors such as a scarcity of quality targets, significant valuation gaps, fundraising difficulties, a slowdown in IPOs, and the macroeconomic environment affecting the market [3]. Group 2: Strategic Importance of M&A - M&A not only aids in the development of individual companies but also positively impacts the entire industrial ecosystem by accelerating industry extension, achieving resource integration and synergy, reducing operational costs, and expanding market share [3][4]. - The Chinese M&A market is still in its early development stage, with significant growth potential, as both transaction volume and value remain far below that of the mature U.S. market [3]. Group 3: Future Outlook - Factors such as the Belt and Road Initiative will drive M&A and investment in sectors like energy, infrastructure, and mining; the development of high-tech industries will promote innovation and upgrades in strategic emerging industries like digital economy, artificial intelligence, biomedicine, and new energy; the demand for global supply chain optimization will assist companies in achieving localized production and building diversified supply chain systems; and policy facilitation will continue to improve the cross-border investment environment [4].