Core Viewpoint - The article emphasizes the need for more focus on original innovation in technology and the importance of supporting core technology innovation enterprises in the context of the Science and Technology Innovation Board (STAR Market) and the evolving capital market environment [1][5][14]. Group 1: Development of the STAR Market - The STAR Market has seen significant development over the past six years, with a comprehensive registration system implemented for over two years, creating a more favorable environment for hard technology investments [1][5]. - The support for hard technology enterprises from the capital market is increasing, with a clearer positioning of hard technology on the STAR Market [6][9]. - Recent reforms, including the introduction of the "1+6" measures by the China Securities Regulatory Commission, aim to enhance the financial ecosystem for technology innovation [9][10]. Group 2: Investment Trends and Opportunities - The rise of hard technology investment has been driven by policy support and the active role of private equity and venture capital (PE/VC) firms [6][7]. - In 2024, over 80 projects related to optoelectronic chips, new energy materials, and biomedicine are being pursued by investment firms like Zhongke Chuangxing [7]. - The issuance of technology innovation bonds (科创债) has provided additional funding channels for investment institutions, helping them navigate the current fundraising challenges [17][19]. Group 3: Focus on Original Innovation - Investment firms are encouraged to focus on enterprises with original innovation capabilities that are willing to engage with technology and core technological innovation [6][14]. - The distinction between incremental innovation and disruptive innovation is highlighted, with a call for more support for disruptive innovation projects [14][15]. - The establishment of the Zhongke Chuangxing Pioneer Venture Capital Fund aims to assist core technology enterprises facing early-stage financing difficulties [15][16]. Group 4: Market Dynamics and Future Outlook - The market for unprofitable enterprises is expected to stabilize, with new regulations facilitating their listing on the STAR Market and the ChiNext [10][11]. - The overall investment ecosystem is anticipated to improve gradually, with a positive outlook for the primary market as conditions begin to warm up [18]. - The issuance of科创债 is seen as a crucial step in promoting a healthy cycle of fundraising, investment, management, and exit for venture capital institutions [19].

Core Insights - Chinese innovative pharmaceuticals are becoming a significant force in the global pharmaceutical innovation landscape, with a total external authorization transaction amount of $45.5 billion from January to May this year, surpassing the total for the first half of 2024 [1] - Major Chinese innovative pharmaceutical companies like 3SBio and CSPC Pharmaceutical Group have achieved substantial transactions, highlighting the "going global" trend of Chinese innovative drugs [1] - The high entry barriers and significant R&D risks in the innovative drug industry lead international pharmaceutical giants to seek promising innovative drug pipelines in China to reduce R&D costs and enhance investment returns [1] - Chinese innovative drug companies are transitioning from "imitative innovation" to "original innovation," with business development (BD) transactions being a crucial strategy to address financing challenges [1] - The domestic financing environment for innovative drug companies is gradually improving, with the re-launch of the fifth set of standards for the Sci-Tech Innovation Board and the establishment of local industrial merger funds [2] Group 1 - The total external authorization transaction amount for Chinese innovative drug companies reached $45.5 billion from January to May this year [1] - Major companies like 3SBio and CSPC Pharmaceutical Group have set records in transaction amounts, showcasing the success of Chinese innovative drugs in international markets [1] - The transition from "imitative innovation" to "original innovation" is evident in Chinese pharmaceutical companies, with BD transactions helping to alleviate financing difficulties [1] Group 2 - Concerns have been raised by the China Pharmaceutical Innovation Promotion Association regarding the potential long-term loss of quality domestic innovative results if too many high-quality R&D pipelines are authorized to foreign companies [2] - The capital market for Chinese innovative drugs is gradually recovering, supported by improved exit mechanisms in the primary market [2] - The expectation is that Chinese innovative drugs will shine even brighter on the international stage in the future [2]

Core Insights - Chinese innovative pharmaceuticals are emerging as a significant force in the global pharmaceutical innovation landscape, with a total transaction amount of $45.5 billion for external licensing deals from January to May this year, surpassing the total for the first half of 2024 [1] - Major Chinese companies like 3SBio and CSPC Pharmaceutical Group have achieved substantial transactions, highlighting the "going global" trend of Chinese innovative drugs [1] - The shift from "imitative innovation" to "original innovation" among Chinese pharmaceutical companies is driven by the need to address financing challenges, with companies opting for business development (BD) transactions to monetize part of their pipelines [1] Industry Trends - The high entry barriers and significant R&D risks in the innovative drug industry have led international pharmaceutical giants to seek promising pipelines from Chinese companies to reduce R&D costs and enhance investment returns [1] - The Chinese innovative drug sector is experiencing a gradual recovery in financing within the primary and secondary markets, aided by the reintroduction of the fifth set of standards for the Sci-Tech Innovation Board and improved liquidity in the Hong Kong stock market [2] - Concerns have been raised by the China Pharmaceutical Innovation and Research Development Association regarding the potential long-term loss of quality domestic innovative results if too many high-quality R&D pipelines are licensed out [2]

其中包括，成立由一线高水平科学家组成的重大非共识项目专家委员会，在项目识别和遴选中切实发挥 高水平专家的学术判断力；建立专家推荐和自然科学基金委主动发现"双轨并行"的项目征集渠道；采 用"按需-分段-长期"的资助模式，分阶段支持、逐步增加资助强度；构建不问出处、不设门槛、不唯过 往业绩等打破常规的评价导向；在项目实施和考核评估中，采取"动态调整、审慎包容"的管理理念等。 自然科学基金委希望通过实施重大非共识项目、原创探索计划项目，以及加强对面上项目、青年科学基 金项目（C类）等项目中非共识创新研究的识别，构建多层次、体系化的非共识项目资助机制，努力探 索一条支持非共识创新的有效路径，支持我国科研人员在国际科技竞争"无人区"开辟重要研究方向，引 导和鼓励科研人员大胆探索、不做"跟班式"科研，构建有利于原始创新的良好生态，从而推动我国基础 研究高质量发展。（完） 新华社北京7月7日电（记者温竞华）随着我国科技创新能力不断提升，如何在科技竞争"无人区"开辟并 引领发展方向，已成为摆在我国科技工作者面前的必答题。国家自然科学基金委员会7日发布消息，自 然科学基金委近日制定重大非共识项目试点实施方案，将在2025年启动 ...

Core Viewpoint - Beijing is accelerating the construction of an international science and technology innovation center, which is a significant strategic task assigned by the central government, with notable achievements in innovation-driven development during the 14th Five-Year Plan period [1] Group 1: Innovation Capability Enhancement - Major scientific infrastructure is crucial for advancing basic research and original innovation, with four out of six large facilities in the Huairou Science Center already completed and open to global access [2] - Beijing has maintained a research and development investment intensity of over 6% for six consecutive years, ranking among the top global innovative cities [3] - The city has established a robust policy framework to support the transformation of scientific achievements and intellectual property protection, contributing to its rising original innovation capabilities [3] Group 2: New Quality Productivity - Beijing is promoting the transformation of scientific achievements, exemplified by the air delivery of an autonomous delivery vehicle to Dubai [4] - The city has established a significant number of intelligent connected vehicle enterprises, with over 120 companies in the Beijing Economic-Technological Development Area [4] - Beijing is focusing on key areas such as artificial intelligence, digital economy, and new energy vehicles to accelerate technological breakthroughs and the transformation of results [4] Group 3: Future Industry Development - The city is enhancing the integration of advanced manufacturing and modern service industries, with several demonstration parks and enterprises established to promote a full industrial chain development model [6] - Beijing is actively fostering new industries, new models, and new driving forces through technological innovation, with significant achievements in element aggregation and technological breakthroughs [6] Group 4: Innovation Ecosystem Improvement - Beijing is continuously optimizing its innovation ecosystem, integrating technology innovation into urban operation mechanisms and economic development logic [7] - The city has implemented various supportive policies for foreign-funded R&D centers and unicorn enterprises, enhancing the innovation and entrepreneurial environment [7] - The establishment of government investment funds targeting artificial intelligence and biomedicine is part of the efforts to strengthen the innovation ecosystem [7] Group 5: Financial Support for Innovation - Beijing has established several government industry investment funds to channel capital into high-growth sectors such as hard technology and green economy [8] - The financial environment in the Changping District has improved significantly, with government investment funds exceeding 42 billion yuan and nearly 40 listed companies [8] Group 6: Regional Collaboration and Output - The collaboration between Beijing and the surrounding regions has led to a significant increase in technology contract transaction amounts, growing from over 7 billion yuan in 2013 to over 84 billion yuan in 2024 [9] - The number of branches established by Beijing enterprises in the Tianjin and Hebei regions has more than doubled from 3,500 to over 10,000 between 2013 and 2024 [9] - The establishment of a financing service mechanism among the three regions has facilitated deeper integration of capital, innovation, and industry chains [9]

Core Viewpoint - The Chinese innovative drug sector has experienced significant volatility in a short period, raising questions about its future trajectory after a recent market correction [2][3]. Group 1: Market Dynamics - After a period of rapid stock price increases, both Hong Kong and A-share innovative drug sectors faced a correction in mid-June, leading investors to speculate on the sustainability of the current market trend [2]. - The innovative drug sector in China has only been active in the secondary market for about seven years, yet it has undergone fluctuations that typically take decades in other industries [2]. - The market saw explosive growth from 2020 to 2021, with many companies doubling their stock prices, but this was followed by a sharp decline, reaching historical lows by July 2024, with most companies trading below their initial offering prices [2]. Group 2: Investor Sentiment and Industry Response - The extreme volatility has negatively impacted investor confidence, prompting some companies to scale back their pipelines, lay off employees, and abandon long-term research projects [3]. - Following the downturn, the innovative drug market began to recover in early 2025, with significant business development transactions stimulating growth in A-shares, leading to renewed optimism about a potential "bull market" [3][4]. Group 3: Future Outlook - The innovative drug industry is characterized by a long development timeline, typically requiring ten years and one billion dollars to bring a new drug to market, indicating that the sector is still in its growth phase [4]. - The next decade is crucial for the industry, as it seeks to achieve rational valuations and longer growth cycles, emphasizing the need for a "slow bull" market rather than extreme volatility [4]. - The industry must focus on enhancing original innovation capabilities while supporting more companies dedicated to groundbreaking research, despite the higher risks associated with original innovation compared to fast-follow strategies [4]. Group 4: Policy Environment - A stable policy environment is essential for fostering a "slow bull" market, with recent initiatives from the National Healthcare Security Administration exploring new payment models for innovative drugs [5]. - The reduction in clinical trial review times from 60 to 30 working days is expected to accelerate the market entry of innovative drugs, which could further enhance investor confidence [5]. - A collaborative approach among companies, investors, and regulators, grounded in long-term thinking, is necessary to develop more internationally competitive innovative drugs [5].

Group 1 - The core viewpoint of the news is the establishment of Huairou Science City as a world-class original innovation hub, featuring 37 major scientific infrastructure projects and platforms for interdisciplinary research, with significant global sharing capabilities [1][2] - Huairou Science City covers an area of 100.9 square kilometers, with 68.2 square kilometers in Huairou and 32.7 square kilometers in Miyun, aiming to match national strategic needs and enhance global scientific competition and cooperation [2] - The city has successfully opened 16 scientific facility platforms, providing over 1.23 million hours of service to more than 600 domestic and international users [2] Group 2 - The High Energy Photon Source (HEPS) is highlighted as a significant scientific facility, capable of emitting light 10 trillion times brighter than the sun, and is designed to serve various fields including aerospace, energy, and life sciences [4] - HEPS has successfully emitted its "first light," demonstrating superior penetration and resolution compared to conventional light sources, which enhances its capability to detect micro-cracks in materials [5][6] - The multi-modal cross-scale biomedical imaging facility has been recognized as a major technological infrastructure, providing a comprehensive research platform that spans multiple scales and modalities in biomedical imaging [7][8] Group 3 - The facility has produced notable early research outcomes, including advancements in non-invasive brain imaging technologies that significantly improve signal strength and reduce costs, making them more accessible for hospitals [8] - Innovations such as the ultra-high-resolution full-body PET-CT and miniaturized two-photon and three-photon microscopes are being developed to enhance early disease diagnosis and observe neural activities in small animals [8][9]

Core Points - The fourth Shanghai Cooperation Organization (SCO) Youth Innovation and Entrepreneurship Competition was held in Qingdao, Shandong, showcasing 12 outstanding projects from 8 countries out of over 200 entries, highlighting the organization's commitment to promoting technological innovation cooperation [1][2] - The competition emphasized youth-led projects with both technological advancement and market potential, with over 35% of the projects being international collaborations [2] - The establishment of two overseas collaborative centers in Malaysia and Mongolia, along with two domestic centers in Xi'an and Yan'an, expanded the SCO's global innovation cooperation network to 10 members, covering major innovation regions of SCO countries [2][3] Group 1: Event Highlights - The competition served as a platform for participants to gain funding and connect with China's industrial resources, accelerating product commercialization [1][2] - Projects included AI-based decision support systems from Russia, a probiotic research project from China, and a nano-calcium technology from Mongolia aimed at osteoporosis prevention [1] - The event also resulted in the signing of 6 cross-border cooperation agreements, fostering collaboration among domestic and international enterprises, universities, and research institutions [2] Group 2: Technological Cooperation - The SCO has been actively promoting technological innovation cooperation, characterized by mechanisms that are institutionalized, platform-based, diverse, and sustainable [3][6] - The establishment of the China-SCO Ecological and Environmental Innovation Base in Qingdao aims to enhance ecological technology innovation and industry cooperation among SCO and Belt and Road Initiative countries [3][4] - The SCO's agricultural technology exchange training base has conducted over 120 training sessions, benefiting more than 2,400 agricultural officials and technicians from SCO countries [3] Group 3: Future Directions - The SCO plans to deepen cooperation in digital economy and artificial intelligence, with a focus on expanding the "SCO+" model [7][8] - The organization aims to facilitate original innovation in countries with strong research foundations while promoting integrated innovation and secondary innovation in countries with weaker foundations [7] - The ongoing commitment to the "Shanghai Spirit" emphasizes mutual trust, mutual benefit, equality, consultation, respect for diverse civilizations, and common development [8]

把握好"快"与"慢"、"一域"与"全局"、"加法"与"减法"等关系，统筹谋划、科学布局，未来产业会更加 生机勃发、加快茁壮成长 行走北京海淀区，我们看到了未来：机器人当起收银员，独自看店；CAR—T细胞精准消灭癌细胞，守 护人体健康；通信卫星加速组网，天地一体化通信走入日常；氢能汽车批量开跑，实现零排放……未来 已来，动能澎湃。当前，科技创新进入密集活跃期，新兴技术快速产业化，未来产业进入加快形成期。 如何抢抓机遇、把握主动？从海淀区的实践中，我们看到了对三组关系的科学把握。 第一组，是对"快"与"慢"的兼顾。 当前，技术浪潮奔涌而来，未来产业每天都有新突破。同时，创新从来都是"九死一生"，原始创新更是 周期长，不是一时半会儿的事情。 这意味着，发展未来产业要"快"，看准了就抓紧干。早在人工智能大模型浪潮到来之前，海淀就建设了 多个全国重点实验室。此后又出台人工智能专项政策、成立人工智能数据训练基地，为人工智能发展提 供算力、数据、融资等全方位支持。 第三组，是对"加法"与"减法"的把握。 未来产业，往往由前沿技术驱动，而技术突破具有显著的不确定性，时常会"有心栽花花不开，无心插 柳柳成荫"。要想"开花结果" ...

Core Viewpoint - The Chinese government is intensifying efforts to reform state-owned enterprises (SOEs) by focusing on enhancing technological innovation and integrating it with industrial innovation, aiming for a completion rate of over 80% for key reform tasks by the end of Q1 2025 [1][2]. Group 1: Technological Innovation and Reform - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of improving the quality of technological innovation supply and establishing mechanisms that accommodate the uncertainties and disruptive nature of original innovations [3][4]. - A series of targeted reforms will be implemented to enhance the overall effectiveness of the innovation system, including improving the quality of technological innovation supply and establishing a modern industrial system [1][5]. Group 2: Investment and Development Mechanisms - In Q1 of this year, central enterprises expanded effective investments, with fixed asset investments reaching 851.3 billion yuan, and investments in strategic emerging industries growing by 6.6% year-on-year [5]. - The SASAC plans to refine the development mechanisms for strategic emerging industries and future industries, focusing on identifying key strategic directions for nurturing these sectors [5][6]. Group 3: Talent and Innovation Evaluation - The meeting highlighted the need to establish a multi-dimensional and diversified innovation evaluation mechanism, including long-cycle and precise evaluation methods for different types of research [7][8]. - It is proposed that SOEs implement targeted evaluation indicators for various research areas, such as setting up a virtual quantitative evaluation system for major scientific research tasks [8][9]. Group 4: Integration and Collaboration - The SASAC encourages SOEs to deepen collaboration between industry, academia, and research institutions, leveraging their advantages in demand scale and application scenarios to accelerate the transformation of technologies into productive forces [4][5]. - There is a focus on enhancing the integration of newly acquired businesses post-merger and acquisition, ensuring that governance structures and operational mechanisms align with the development of strategic emerging industries [6][7].