石药工人在医药胶囊生产线上工作新华社发 羊城晚报记者 詹淑真 中国创新药正在加速"出海"。今年以来，三生制药、荣昌生物、石药集团等企业密集达成对外授权交易 大单，展示出中国在创新药研发领域的竞争力。与此同时，一揽子政策接连落地，围绕审评审批提速、 医保准入优化、境外准入便利等环节，为创新药打开"走出去"的快车道。 从跟随模仿到自主创新，从单一产品出海到平台能力输出，中国创新药的影响力不断提升。新一轮出海 潮下，谁能率先构建全球化能力，赢得海外市场？ 半年交易额接近去年全年水平 7月3日，迪哲医药发布公告，旗下药物舒沃哲（通用名为舒沃替尼片）的新药上市申请正式获得美国食 品药品监督管理局（以下简称FDA）批准。舒沃哲此次通过优先审评程序获得批准上市，其在分子设计 的源头进行了创新，突破难治靶点，也成为中国首个独立研发在美获批的全球首创新药。 在融资环境趋紧、资本市场承压的背景下，"出海"正成为不少中国药企寻找新增量的重要策略。 值得一提的是，创新药的出海路径也日益多元化。根据弗若斯特沙利文等机构发布的《2025中国生物药 出海趋势蓝皮书》，当前中国创新药出海主要有以下四种模式：自主出海模式、对外授权模式、 Ne ...

Core Viewpoint - WanTai Biologics has officially launched its nine-valent HPV vaccine "Xinkening®9" at a price of 499 yuan per dose, significantly undercutting the imported vaccine price and marking the end of the "high-price era" for HPV vaccines in China [1][6]. Pricing and Market Impact - The imported nine-valent HPV vaccine "Gardasil 9" is priced at approximately 1318 yuan per dose, with a total cost of nearly 4000 yuan for three doses, while "Xinkening®9" costs about 1497 yuan for three doses [1]. - "Xinkening®9" is the only HPV vaccine approved for a two-dose regimen for ages 9-17, reducing the cost for this age group to 998 yuan, thereby enhancing accessibility and compliance [1]. Historical Context and Market Dynamics - Prior to the launch of "Xinkening®9", the nine-valent HPV vaccine market in China was monopolized by Merck's "Gardasil 9," which faced a dramatic shift from high demand and scarcity to excess inventory [2]. - In 2023, the batch issuance of "Gardasil 9" reached 36.55 million doses, a year-on-year increase of 136.16%, making Merck the highest-grossing multinational pharmaceutical company in China that year [2]. Sales Performance and Challenges - Merck's global sales of the HPV vaccine in 2024 were $8.583 billion, a 3% decline year-on-year, primarily due to weak performance in the Chinese market [3]. - To address high inventory levels, Merck announced a suspension of supply to China starting in early 2025, expected to last until at least mid-2025 [3]. Financial Performance of WanTai Biologics - WanTai Biologics reported a 59.25% year-on-year decline in revenue for 2024, totaling 2.245 billion yuan, with a net profit drop of 91.49% to 106 million yuan [3]. - The company faced significant challenges due to a price collapse in its two-valent vaccine, leading to a drastic reduction in government procurement prices [3]. Market Potential and Future Outlook - The potential market for HPV vaccines in China is substantial, with 70%-80% of the 300 million women aged 9-45 yet to be vaccinated [4]. - National Investment Securities predicts that WanTai's nine-valent HPV vaccine could reach a sales peak of 22.8 billion yuan, with projected revenues of 3.17 billion yuan, 11.4 billion yuan, and 28.63 billion yuan for 2025-2027 [4]. Competitive Landscape - Several domestic pharmaceutical companies are in the late clinical stages of developing their own nine-valent HPV vaccines, creating a competitive environment for WanTai [5]. - WanTai has initiated a Phase III clinical trial for a male indication, but competitors like Kanglaite have already started their trials earlier [5]. International Expansion - WanTai aims to become a leading global vaccine supplier by 2030, with plans to have 3 to 5 WHO pre-qualified products [5]. - Competitors are also pursuing international markets, with Kanglaite planning to submit for approval in Indonesia and Ruike Biologics exploring the Middle East [5]. Industry Trends - The World Health Organization has warned that global HPV vaccine supply may exceed demand from 2025 to 2030, potentially leading to a price war and industry reshuffling [5]. - The WHO's recommendation for a single-dose HPV vaccination regimen could further intensify market competition [5].

Core Insights - Chinese dining brands are rapidly expanding globally, transitioning from individual store trials to systematic and large-scale international operations, driven by domestic market competition and policy support [1][3][4] - The "going global" trend is not merely about store expansion but involves deep localization of supply chains and cultural integration [1][4] Industry Overview - The overseas Chinese community has historically contributed to the spread of Chinese cuisine, with brands like Quanjude and Donglaishun leading the way post-reform [2] - The hot pot segment is a pioneer in this expansion, with Haidilao operating over 120 international locations, while other brands focus on Southeast Asia with differentiated offerings [2] - The new tea beverage sector is emerging as a significant player, with Mixue Ice Cream and Tea opening over 5,000 stores across 12 countries since 2018 [2] Market Dynamics - The domestic restaurant market is experiencing intense competition, with 1.347 million new registrations and 1.056 million closures in the first half of 2024, indicating a saturated environment [3] - Policy support, including the "Belt and Road" initiative, is facilitating the internationalization of Chinese dining brands [3] Global Demand - The overseas market for Chinese cuisine is expanding, driven by a growing Chinese diaspora and a global trend towards culinary experience [4] - The demand for Chinese dining is supported by local supply chain innovations, such as the "central kitchen + local procurement" model [4] Challenges - Cultural differences, supply chain construction, and regulatory barriers remain significant challenges for Chinese dining brands venturing abroad [4][5] - Localizing flavors while maintaining core brand identity is crucial for success in foreign markets [5][6] Supply Chain Issues - The complexity of international supply chains poses challenges, with many brands relying on domestic sourcing for core ingredients while facing local procurement difficulties [6][7] - Regulatory compliance varies by country, complicating the entry process for Chinese dining brands [7] Strategic Recommendations - Building a robust supply chain and understanding local regulations are essential for successful international expansion [8][9] - Collaboration across the entire industry chain is necessary to achieve economies of scale and ensure consistent quality [9][10] Innovation and Adaptation - New tea brands are exploring innovative supply chain solutions, such as local partnerships and self-developed products, to address supply challenges [10] - Digital platforms are enhancing the international presence of Chinese dining brands, with initiatives like Meituan's global restaurant guide [10][11] Cultural Integration - Successful internationalization requires a deep understanding of local cultures and consumer preferences, transforming dining experiences into cultural exchanges [11][12] - The evolution from "water and soil incompatibility" to "local coexistence" reflects the ongoing adaptation of Chinese dining brands in global markets [12]

Core Insights - The office rental market in Shenzhen has entered a low-cost era, with significant reductions in rental prices and availability of government subsidies for entrepreneurs [1][2] - The average rent for Grade A office buildings in Shenzhen has decreased by 5.3% to 160.1 RMB per square meter as of Q2 2023, compared to the peak rent of 276.6 RMB per square meter in 2018, representing a decline of over 40% [1][2] Group 1: Market Dynamics - There is an abundance of office space available in Shenzhen, leading to lower rental costs for startups [1] - Property owners are adopting aggressive pricing strategies to retain tenants, as the cost of retaining a customer is lower than acquiring a new one [1][2] - The trend of moving from industrial parks to Grade A office buildings is driven by the expiration of preferential policies and the appeal of longer rent-free periods and subsidies [1] Group 2: Future Outlook - The Shenzhen office market is expected to see further rental declines of 2.7% and 3.1% in Q1 and Q2 of 2025, respectively, as owners respond to market pressures [2] - The local government is actively supporting the incubation and development of key industries, providing low-cost, high-quality office spaces [2] - Shenzhen's strong industrial foundation, particularly in hard technology sectors like AI, smart manufacturing, and semiconductors, is expected to drive structural growth in the office market, contributing to future market recovery [2]

高弟男则在发布会上表示，在过去10年，万咖壹联在智能手机时代把基于应用商店的游戏广告做到了中 国第一，市场占有率超过50%；展望未来10年，公司要在AI手机时代承载百亿营收的目标，成为新一代 的科技公司。 在此次战略发布会上，蒋宇表示，2024年中国自主研发游戏海外市场实际销售收入185.57亿美元，同比 增长13.39%。他同时预计，未来3年海外移动游戏市场规模将持续扩大，市场前景较为乐观。 "2024年公司迈出了出海的第一步，并取得了一定成绩。"蒋宇表示，在这一基础上，2025年公司将全面 加码出海力度，并将其升级为双轮驱动战略的一个重要环节；在具体操作上，公司将充分运用AI技术 赋能游戏企业，帮助企业在出海过程中实现精准触达和本土化运营，大幅提升效率；与此同时，公司也 将继续依托手机厂商的海外流量开展业务，并努力开拓其他的海外媒体渠道，扩大新的营收增长点。 2025年7月7日下午，港股上市公司万咖壹联有限公司(01762.HK，下称"万咖壹联")举办战略发布会，董 事会主席高弟男、首席执行官蒋宇、首席技术官石佳钦等多位高管出席，就该公司未来5年的战略规划 ——"AI+出海"双轮驱动战略进行了详细发布。 ...

21世纪经济报道记者季媛媛 上海报道 聚光灯下，生物医药的舞台正经历一场无声的巨变。当单克隆抗体、疫苗和重组蛋白——这些曾叱咤风 云的"老牌明星"——在2020至2025年间维持着8%至16%的稳健步伐时，舞台的另一侧，细胞与基因治 疗（CGT）、双特异性抗体（双抗）和抗体偶联药物（ADC）如同横空出世的"超级新秀"，以30%到 71%的惊人增速狂奔，将前者远远甩在身后。 这不仅是数字上的巨大差异，更是创新药领域一条严酷法则的直观体现：正确的方向选择，远比盲目冲 刺更能决定企业的命运。当传统生物医药的黄金时代逐渐沉淀为平稳的河流，新兴疗法的快车已轰鸣着 驶入指数增长的快车道，留下抉择失误者在扬尘中望尘莫及。 "几万个潜在靶点，散落如星河。最终能化作获批药物的，寥寥无几；而能成为'重磅炸弹'、真正改变 市场的，更是凤毛麟角。"信达生物制药集团创始人俞德超，在近日一场汇聚了行业顶尖头脑的"好望角 科学沙龙"上，声音沉稳却字字千钧。这位深谙创新药研发险滩暗礁的掌舵者，一语道破了行业的华丽 表象，直指其残酷内核。 俞德超的目光扫过台下凝神的面孔，继续剖析，"投入巨资，筛选一百个靶点？最终能跑出来的药物， 或许只有五六 ...

Core Insights - The report highlights investment opportunities in the media sector for the second half of 2025, focusing on AI applications, IP commercialization, cultural exports, and dividend-yielding assets [5][6]. AI Applications - The report emphasizes the continuous iteration of AI technology, particularly in education, film, and gaming, predicting strong commercial prospects in these areas due to enhanced input-output capabilities of large models [8]. - Companies leading in AI applications include DouShen Education, Rongxin Culture, and others, which are expected to benefit from the growing demand for AI-enhanced educational tools and content creation [5][6]. IP Commercialization - The IP industry is identified as a high-growth sector with significant potential for commercialization, particularly in empowering both the digital and real economies [9][10]. - The report notes that the retail sales of licensed products in China are projected to reach 1550.9 billion yuan by 2024, indicating a strong market for IP-related products [15][46]. Cultural Exports - The report points out that China's overseas market infrastructure is well-established, with platforms like TikTok and AliExpress facilitating cultural exports, particularly in short films and IP-based products [19][16]. - The growth of cultural exports is supported by the increasing number of overseas stores and the efficiency of logistics services, which are expected to enhance the pace of cultural content going abroad [19][16]. Dividend-Yielding Assets - In a low-interest-rate environment, the report suggests that assets with strong cash flow and high dividend yields, such as publishing and media companies, are becoming increasingly attractive for investors [20][21]. - Companies like Xinhua Wenhui and others are highlighted as having significant dividend advantages, making them appealing investment opportunities [6][20]. Gaming Industry - The gaming sector is projected to grow significantly, with a total market size of 141.1 billion yuan in early 2025, driven by mobile gaming [70][71]. - Government policies are increasingly supportive of the gaming industry, with initiatives aimed at promoting innovation and easing regulatory processes [71][72]. Short Video Market - The short video market is expected to reach a scale of 504.4 billion yuan by 2024, with a significant user base projected to exceed 6.62 billion [86][87]. - The report indicates that the growth of short video applications is being driven by both domestic and international demand, with notable increases in user engagement and revenue [89][90].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 一则低调的人事任命公告，揭示了这家PCB巨头技术升级与全球化的双重野心。 7月5日，胜宏科技（300476.SZ）一则公告引发行业关注：66岁的新西兰籍技术专家Victor J.Taveras正式 升任公司副总裁，全面执掌技术研发体系。 2024年11月26日，他接替离任的何连琪，兼任副总经理。此时，胜宏科技正加速推进泰国基地建设， Victor的跨国管理背景成为关键助力。 2025年7月5日，升任副总裁的公告同步披露2.5亿美元泰国增资计划。Victor的角色已从技术研发延伸至 全球产能落地。 这一路径与胜宏科技"技术出海"战略深度绑定。Victor在康奈尔大学奠定的学术基础，叠加40年跨国工 厂管理履历，恰是公司突破高端PCB制造瓶颈所需的"活水之源"。 高管团队"年轻化"与"国际化"并行 Victor的升迁并非孤例，而是胜宏科技高管团队迭代的缩影： 年轻化与国际化并行不悖，在创新与经验间求得平衡。 2024年8月17日，董事长陈涛卸任总经理，交棒49岁的赵启祥。赵启祥从基层生管课长一路崛起，香港 身份证 ...

7月4日，格隆汇2025中期策略峰会在深圳重磅召开。 会上，东方财富证券研究所副所长、首席策略官陈果发表题为《2025下半年中国资本市场展 望：更上一层楼》的主题演讲，分享了下半年值得关注的利好事件及投资方向，为峰会注入专 业洞察与前瞻视角。 下半年的市场：更上一层楼 01 陈果认为，"更上一层楼"简单来说有两层含义： 第一，今年上半年中国股市表现还算不错，从指数来看，下半年主要指数有望创出新高。 第二，要在市场中获取较好收益，视野需要"更上一层楼"。不仅需要考虑当前的盈利，也要具 备全球宏观视野，才能更好把握中国股市的重估牛。 若要真正把握投资机会，需要围绕变革展开。有些慢变量对市场来说并不是主要变量。 他表示， 看待中国市场 ，总体上应该循着这样一个排序来看：港股-A股-经济-地产。 他认为，在本轮布局中更应具备全球化视野，关注全球资金流向与市场比较，全球产业趋势以 及中国企业的国际化。至于下半年走势，站在全球的角度来讲，包括港股市场与A股市场在 内，依然还是价廉物美的——同样的盈利增速下，其估值水平更低，其中港股市场优势更为明 显。 陈果强调， 更重要的是，估值 环境仍 将保持有利 。 我们才刚刚进入弱 ...

7月8日，比亚迪"深圳号"汽车运输船将搭载超6800辆比亚迪新能源汽车，经宁波舟山港和深圳小漠国际物流港（以下简称"小漠港"）驶向欧洲。证券时报记 者在小漠港了解到，有1105辆在比亚迪深汕基地生产的宋系列出口车型首次地跑集港，从工厂抵达小漠港装船仅需5分钟时间，实现了"港厂联动"。 2025年7月8日，满载车型包含宋Plus、海鸥、元Plus、海狮、海豹等国产车共计6800多辆的"深圳号"将从小漠国际物流港出发，去往欧洲。宋春雨/摄 如今，比亚迪等头部车企正以"自建船队"方式掀起出海新篇章。比亚迪已投放运营"开拓者1号""常州号""合肥号""深圳号""西安号""长沙号"6艘汽车运输 船，累计运输超7万辆新能源汽车。比亚迪第七艘"郑州号"已经完成试航，将在本月交付运营，第八艘"济南号"汽车运输船即将出坞。届时，比亚迪汽车运 输船总装载量将跃升至6.7万辆。 深圳市也为汽车出口企业"自建船队"提供了大力支持。去年印发的《深圳市2024年促进汽车出口工作方案》就提到"支持企业购置滚装船，建设自有外贸滚 装运输船队"以及"鼓励汽车出口企业集中货源，与船企签订长期协议，稳定外贸滚装船班次"等内容。 中国数实融合50人 ...