Group 1 - The core viewpoint of the news is the introduction of 12 measures by the Shandong provincial government to promote patent industrialization and empower the construction of a modern industrial system [1][2] - Shandong province has conducted a special action for patent transformation and utilization, achieving significant results, including the identification of 62,600 invention patents, with 5,315 patents realizing industrialization and generating a sales output value of 947.74 billion yuan [1] - From January to March this year, the province recorded 16,000 patent transfers and licenses, marking a year-on-year increase of 24.7%, indicating an active transformation and utilization of patents by innovative entities [1] Group 2 - The measures focus on the entire chain of patent transformation and utilization, proposing 12 initiatives aimed at improving patent quality, streamlining supply-demand channels, optimizing service support, and enhancing protection [2] - The policy design emphasizes integration, innovation, and collaboration, reflecting a commitment to integrated reform, the dual-chain combination of patent industry, and coordinated efforts between government and market [2] - New policy measures include the establishment of high-value patent cultivation centers, industrial intellectual property operation centers, and key industry patent pools, aimed at deep integration of patent technology with industrial development [2] Group 3 - The government plans to strengthen financial coordination and provide substantial financial incentives to encourage various entities to actively participate in the entire process of patent industrialization [3] - The focus is on leveraging market mechanisms for resource allocation and constructing a market-oriented financial support system for patent industrialization, thereby facilitating enterprise patent technology research and industrial upgrades [3]

马鞍山奥特佳机电有限公司，成立于2014年，位于马鞍山市，是一家以从事有色金属冶炼和压延加工业 为主的企业。企业注册资本3000万人民币。通过天眼查大数据分析，马鞍山奥特佳机电有限公司参与招 投标项目16次，专利信息66条，此外企业还拥有行政许可20个。 专利摘要显示，本发明公开了一种汽车空调活塞变排量压缩机，包括离合器、前盖、缸体、后盖，前盖 与缸体之间具有斜盘腔，缸体内设有与离合器连接的主轴，主轴中心设有沿主轴轴向延伸的冷冻油通 道，主轴壁面上设有连通冷冻油通道和斜盘腔的横孔，冷冻油通道内靠近离合器的一端内设有开关阀， 开关阀包括弹簧和阀芯，阀芯的周向与冷冻油通道壁面滑动密封配合，弹簧的一端固定在冷冻油通道靠 近离合器的一端、另一端与阀芯连接，横孔内固定有挡止件，挡止件包括从横孔延伸至冷冻油通道内的 挡片，挡片边缘与冷冻油通道之间具有空隙，挡片与阀芯挡止配合。 天眼查资料显示，马鞍山奥特佳科技有限公司，成立于2017年，位于马鞍山市，是一家以从事汽车制造 业为主的企业。企业注册资本9000万人民币。通过天眼查大数据分析，马鞍山奥特佳科技有限公司参与 招投标项目7次，专利信息55条，此外企业还拥有行政许可7 ...

Core Viewpoint - Huaxi Securities initiates coverage on Blukoo (00325) with a "Buy" rating, highlighting the company's rapid market capture through pricing strategy and frequent product launches, alongside long-term growth potential from IP development and overseas market expansion [1] Company Overview - Blukoo is the largest building block character toy manufacturer in China, achieving explosive growth through product transformation and channel expansion [2] - In 2023, Blukoo's GMV reached approximately 1.8 billion yuan, capturing 30.3% of the Chinese building block character toy market and 7.4% of the overall building block toy market [2] - The company is projected to have a revenue CAGR of 89% from 2021 to 2024, with expected revenue of 2.24 billion yuan in 2024 and a gross margin of 52.9% [2] - The core revenue driver is building block character toys, which account for 98.2% of total revenue, with major IPs like Ultraman, Transformers, and Hero Infinite contributing over 90% of gross profit [2] Industry Opportunities - The Chinese building block character toy market is expected to grow at a CAGR of 41.3% from 2023 to 2028, with the market size projected to exceed 32.5 billion yuan by 2028 [2] - The share of building block character toys within the overall character toy market in China is anticipated to increase from 14.3% in 2023 to 35.6% in 2028 [2] Competitive Landscape - The domestic building block character toy market is highly concentrated, with the top five companies holding a combined market share of 77% in 2023, while Blukoo leads with a 30.3% share [3] - Globally, the market is dominated by Bandai (39.5%) and LEGO (35.9%), presenting challenges for local companies to overcome technical and IP barriers [3] Competitive Advantages - Blukoo's success with the Ultraman IP demonstrates its ability to replicate core advantages across other IPs [4] - The company's growth strategy is supported by a combination of high cost-performance, deep IP operations, technical patents, channel penetration, and user co-creation [4] - Blukoo has established an IP matrix with over 50 popular licensed IPs and its own IP "Hero Infinite," achieving broad age group coverage [4] - The company boasts over 500 patents that support a standardized parts system, reducing new product development cycles to 6-7 months, compared to the industry average of 10-12 months [4] - The distribution network includes 511 dealers covering second-tier cities and over 80% of third-tier and below cities, with offline revenue expected to account for 92% in 2024 [4] Financial Projections - Revenue projections for 2025-2027 are 3.907 billion, 5.606 billion, and 7.403 billion yuan, representing year-on-year growth rates of 74%, 43%, and 32% respectively [5] - Net profit attributable to the parent company is expected to be 963 million, 1.468 billion, and 1.986 billion yuan for the same years, with growth rates of 340%, 52%, and 35% respectively [5] - EPS estimates for 2025-2027 are 3.87, 5.89, and 7.97 yuan, with corresponding PE ratios of 39.2, 25.7, and 19.0 based on the latest stock price [5]

中国石油天然气集团有限公司，成立于1990年，位于北京市，是一家以从事燃气生产和供应业为主的企 业。企业注册资本48690000万人民币。通过天眼查大数据分析，中国石油天然气集团有限公司共对外投 资了105家企业，参与招投标项目5000次，财产线索方面有商标信息1446条，专利信息5000条，此外企 业还拥有行政许可28个。 中国石油天然气管道通信电力工程有限公司，成立于1983年，位于廊坊市，是一家以从事建筑安装业为 主的企业。企业注册资本13474.2万人民币。通过天眼查大数据分析，中国石油天然气管道通信电力工 程有限公司共对外投资了1家企业，参与招投标项目842次，财产线索方面有商标信息8条，专利信息65 条，此外企业还拥有行政许可86个。 专利摘要显示，本公开的实施例提供一种长输管线伴热电缆敷设机，长输管线伴热电缆敷设机包括：机 体；驱动组件，驱动组件设于机体；驱动轮，驱动轮以可转动的方式设于机体，驱动组件驱动连接于驱 动轮；压紧轮，压紧轮与驱动轮之间形成容纳管线的空间，压紧轮以可转动的方式设于机体，压紧轮以 可移动的方式设于机体。驱动组件、驱动轮和压紧轮均设置在机体上，并且驱动轮与压紧轮均以转动连 ...

Core Viewpoint - The establishment of the Shanxi Province New Energy Intellectual Property Operation Center aims to address the challenges of transforming innovative results in the new energy sector and to facilitate high-quality development of the new energy industry in Shanxi Province [1][3]. Group 1: Center Establishment and Objectives - The center is jointly built by Taiyuan University of Technology, Taiyuan Zhongbei High-tech Zone, Shanxi Provincial Trading Group, and Zhongzhi (Shanxi) Company, integrating resources from government, industry, academia, and finance to create a comprehensive service system [3]. - The center will form a new energy patent technology alliance, establish a patent sharing pool and cross-licensing mechanism, and conduct patent navigation for 14 industrial clusters including photovoltaics and hydrogen energy [3]. Group 2: Services and Innovations - The center aims to activate "dormant patents" from universities and research institutions, providing one-stop services for evaluation and financing, and innovatively introducing financial tools such as intellectual property securitization (ABS) [3]. - It will closely link with manufacturing pilot platforms to accelerate the industrialization of core technologies such as hydrogen storage and transportation, and perovskite photovoltaics, offering comprehensive support for risk prevention and financial empowerment [3]. Group 3: Launch and Technology Showcase - The "Intellectual Property Becomes Assets" initiative was launched, with the first intellectual property securitization project successfully signed [4]. - A technology roadshow showcased eight cutting-edge technologies from institutions like Meijin Energy, Tsinghua University Shanxi Research Institute, and Taiyuan University of Technology, highlighting the innovative vitality in Shanxi's new energy sector [4].

文/中国联合重型燃气轮机技术有限公司财务与资产部主任 杨龙 近年来，我国支持科技创新的金融政策不断完善，专利融资作为一 种创新融资方式，快速发展，为解决中小科技企业融资难提供了有 效途径。但我国专利市场发展历程较短，专利融资起步相对较晚， 相 较 科 技 创 新 的 巨 大 市 场 规 模 和 融 资 需 求 ， 专 利 融 资 作 用 发 挥 不 足，面临着一些问题和挑战，需要进一步深入研究和探索有效的对 策。 在知识经济时代，科技创新已成为一国参与全球竞争的核心能力。专利作为创新成果的重要体现，不仅 代表着企业的核心竞争能力，也是企业经济价值的重要载体，专利资源的经济价值开发与运用对促进和 支持科技创新具有重要作用。近年来，我国支持科技创新的金融政策不断完善，专利融资作为一种创新 融资方式，快速发展，为解决中小科技企业融资难提供了有效途径。但我国专利市场发展历程较短，专 利融资起步相对较晚，相较科技创新的巨大市场规模和融资需求，专利融资作用发挥不足，面临着一些 问题和挑战，需要进一步深入研究和探索有效的对策。 发展专利融资意义重大 专利融资是科技创新的有效支撑。知识经济时代，新技术、新业态不断涌现，专利等 ...

政策支持体系不断完善。2006年以来，国务院陆续印发相关文件，鼓励各类金融机构开展知识产权质押 业务试点。2008年发布了《国家知识产权战略纲要》，引导企业采取知识产权转让、许可、质押等方式 实现知识产权的市场价值。2008—2010年三年时间，分三批次进行全国知识产权质押融资试点。近年 来，中央多个部门密集出台了多项政策文件，对知识产权质押融资业务的规模目标、配套政策、支持措 施等做出多方面的要求。我国知识产权质押融资工作正在逐步走上规范化、系统化轨道。各地方政府也 先后发布了与当地经济发展及金融环境相适应的各种法规、政策、办法，明确规定专利权融资的各个程 序及条件。 能有效改善中小科技企业融资困境。我国中小科技企业专利创新活跃。知识产权在中小企业专精特新发 展中发挥了重要作用。作为创新的重要参与者，中小科技企业创新成果通常能够较快地实现产业化应 用，但融资难矛盾也十分突出。有数据显示，尽管近年来科技型中小企业获贷率从不到15%快速上升， 但仍不足50%，获贷企业需求资金满足率总体偏低。推进专利融资，对中小科技企业意义重大。 2015年以来，我国专利融资市场呈逐年快速增长态势，2023年我国专利商标质押融资 ...

Core Viewpoint - The pharmaceutical sector is experiencing a recovery, particularly in the innovative drug segment, which has shown significant growth and interest in recent months [5][6]. Group 1: Market Trends - The innovative drug index has increased by 4.44% over the past month, indicating a strong market rebound [5]. - The upcoming ASCO conference is expected to showcase a record number of Chinese companies and their achievements, highlighting the growing presence of Chinese innovative drugs in the global market [5]. Group 2: Industry Dynamics - The global pharmaceutical industry is characterized by a clear division of labor, where small companies focus on R&D while larger firms handle clinical development and commercialization [6]. - A "patent cliff" is anticipated in the next three years, with an estimated loss of $200 billion due to expiring patents, which may challenge multinational companies to compensate for these losses through internal product development [6]. Group 3: Chinese Innovative Drugs - Chinese innovative drug assets are increasingly being sought after by multinational companies, with Chinese drug licensing to the U.S. reaching 31% in 2024 and 50% in Q1 2025 [9]. - The clinical trial cycle for innovative drugs in China is expected to yield a significant number of new drug applications in the U.S., with 704 original innovative drugs entering clinical trials in 2024, the highest globally [10]. Group 4: Market Growth and Competition - The domestic innovative drug market is projected to grow from 137.4 billion yuan in 2015 to 257.6 billion yuan by 2024, with a compound annual growth rate of 8.8% [14]. - The market share of domestic companies has increased from 18.7% to 27.8%, with a notable contribution from drugs launched after 2015 [14]. Group 5: Regulatory and Policy Environment - The approval timeline for innovative drugs in China has significantly improved, with the time difference for U.S. drugs entering China shrinking from 12 years in 2005 to a negative 1.2 years by 2024 [14]. - Recent policy initiatives are aimed at encouraging the development of innovative drugs and improving industry efficiency, with expectations for further reforms in the payment system [16].

Core Viewpoint - The article discusses the competitive landscape of the injectable paclitaxel (albumin-bound) market in the U.S., highlighting the success of domestic companies like Double-Crane Pharmaceutical in overcoming patent barriers and achieving FDA approval for multiple indications, while also addressing the challenges faced by other companies in the same sector [1][2][5]. Group 1: U.S. Competitive Landscape - Double-Crane Pharmaceutical received FDA approval for its injectable paclitaxel (albumin-bound) in May 2025, marking it as one of the few Chinese anti-tumor generics to enter the U.S. market [2]. - The company successfully challenged the original patent of Abraxane, leading to a settlement that allowed it to bypass the patent barrier and secure approval for three indications: metastatic breast cancer, non-small cell lung cancer, and pancreatic cancer [2][6]. - Another domestic company faced challenges and only received approval for a single indication (metastatic breast cancer) due to differences in clinical data submission and patent challenge strategies [3]. Group 2: Industry Competition - The U.S. market for albumin-bound paclitaxel generics is characterized by high barriers to entry and low approval rates, with significant technical and patent challenges [5]. - Key factors contributing to the competitive landscape include complex manufacturing processes, stringent FDA requirements, and a dense patent network surrounding the original drug [5][12]. - Double-Crane's success is attributed to its robust R&D and registration strategies, effective GMP management, and a well-planned patent challenge approach [8][10]. Group 3: Market Impact - The case of Double-Crane serves as a reference for other Chinese pharmaceutical companies looking to enter international markets, emphasizing the need to balance patent risks with market opportunities [8]. - The U.S. market for albumin-bound paclitaxel is projected to grow, with estimates indicating a market size of $12.8 billion by 2025, driven by the entry of generics and expanded indications [8][10]. - The competitive landscape is expected to evolve, with a forecasted market size of $18.5 billion by 2030, influenced by the adoption of combination therapies [8]. Group 4: Domestic Competitive Landscape - The domestic market for albumin-bound paclitaxel is highly competitive, with multiple manufacturers and aggressive pricing strategies [12]. - Double-Crane's product has not yet received approval in China, indicating a potential gap in its domestic strategy [12]. - The pricing pressure in the domestic market is evident, with prices for competing products dropping significantly, raising questions about Double-Crane's willingness to engage in domestic competition [12].

在5个领域中，中国在除"利用"之外的4个领域和国别综合实力上均居首位。在上次调查(2011～2020年 的约14万件)中，日本综合实力排名第一，中国第二。自2020年9月中国提出在2030年前确保碳达峰的方 针之后，每年的申请数量增至日本的2倍。 中国优势明显的是制造领域。随着制造设备的大型化，在系统方面，效率也在提高。美国彭博新能源财 经(BloombergNEF)的数据显示，在利用可再生能源电力生产的"绿氢"制造工厂中，中国企业的设备成本 在2023年时仅为欧洲企业的四分之一。 英国调查公司伍德麦肯兹(Wood Mackenzie)的数据显示，中国企业供应的电解槽的制造能力达到全球的 60%，海外品牌的接单生产也在增加。日本大和综研的张晓光表示："目前，（中国企业）比起盈利更 重视市场份额和增长速度，正在扩大产能。着眼于拓展海外市场，正计划在欧洲和中东建立当地工 厂"。 数据分析企业对氢的"制造"、"储存"、"运输和供应"、"安全管理"、"利用"等5个领域的专利进行了统 计，中国在除"利用"之外的4个领域和国别综合实力上均居首位。 中国优势明显的是制造领域…… 中国在氢相关专利竞争力方面超越日本，首次跃居 ...