首款创新药预计明年商业化落地 本报讯 （记者蒙婷婷）9月29日晚间，ADC（抗体偶联药物）龙头四川百利天恒药业股份有限公司（以 下简称"百利天恒"）发布公告称，公司于当日重新向香港联合交易所有限公司（以下简称"港交所"）递 交了H股发行上市的申请。此前，百利天恒已获得港股上市备案批复。此次百利天恒再度冲刺港交所， 致力于加速国际化战略布局，为港股生物科技板块注入新活力。 前不久，百利天恒刚刚对外宣布，公司已经成功完成向特定对象发行A股股票计划，成功募集资金总额 37.64亿元。该定增吸引了国内外18家知名机构踊跃参与，所募集资金将用于加速推进国内创新药管线 研发，拓展其在研产品布局的深度和广度，为实现更多产品的商业化奠定坚实基础。 其中，百利天恒核心产品BL-B01D1/iza-bren是其自主研发的全球首创（First-in-class）、新概念（New concept）且唯一进入Ⅲ期临床阶段的EGFR×HER3双抗ADC，目前用于治疗末线鼻咽癌Ⅲ期临床试验 （BL-B01D1-303）的期中分析达到主要研究终点。 百利天恒相关负责人表示，目前，公司已与CDE（国家药品监督管理局药品审评中心）完成了上述药物 ...

新京报贝壳财经讯 9月29日，领益智造发布公告称，公司正在筹划境外发行股份（H股）并在香港联合 交易所有限公司上市事项，以推动国际化战略落地，加强海外业务布局，拓宽海内外并购和融资渠道， 提高公司国际知名度和整体竞争力。截至目前，公司正在与相关中介机构就本次H股发行上市的相关工 作进行商讨，相关细节尚未确定。 编辑 杨娟娟 ...

Core Insights - Baillie Tianheng has re-submitted its application for H-share listing on the Hong Kong Stock Exchange, aiming to accelerate its internationalization strategy [1][3] - The company has completed a private placement of A-shares, raising a total of 3.764 billion yuan, which will be used to advance the development of its innovative drug pipeline [1] - The company’s drug BL-B01D1/iza-bren has reached the primary endpoint in a Phase III clinical trial for nasopharyngeal carcinoma and is expected to be commercialized in China next year [1] Funding and Development - The private placement attracted participation from 18 well-known domestic and international institutions, indicating strong investor interest [1] - Baillie Tianheng has established R&D centers in both the U.S. and China, focusing on early development and subsequent clinical research [2] - The company has developed a leading ADC/GNC/ARC platform, with 15 innovative drugs in clinical trials and nearly 90 clinical trials ongoing globally [2] Strategic Partnerships - In 2023, Baillie Tianheng entered into a collaboration agreement with BMS worth up to $8.4 billion, marking the largest single product transaction in the ADC field [2] - The collaboration includes five clinical studies in the U.S. for BL-B01D1/iza-bren, with three studies for triple-negative breast cancer, EGFR-mutant non-small cell lung cancer, and urothelial carcinoma [2] Internationalization Goals - The choice of Hong Kong as a secondary listing location aims to broaden the investor base and support the rapid advancement of global clinical trials [2][3] - The re-submission of the Hong Kong listing application is a key step in Baillie Tianheng's internationalization strategy, enhancing its influence in global capital markets [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3]. Core Viewpoints - The company is accelerating its digital transformation and internationalization strategy, with significant developments in its three main initiatives: "居然设计家" (Juran Design Home), "居然智慧家" (Juran Smart Home), and "洞窝" (Dongwo) [2][3]. - The company reported a revenue of 31.3 billion yuan in Q2 2025, a decrease of 2.4% year-on-year, and a net profit of 1.2 billion yuan, down 54.0% year-on-year [1]. - For the first half of 2025, the company achieved a revenue of 64.4 billion yuan, an increase of 1.5% year-on-year, while the net profit was 3.3 billion yuan, down 45.5% year-on-year [1]. - The decline in net profit is attributed to fluctuations in the domestic economy and cyclical impacts from the real estate market, leading to increased competition in the home improvement and building materials market [1]. - The company has implemented innovative store cooperation models and improved cost control, resulting in a decrease in fixed rental costs and significant improvements in management, sales, and financial expense ratios [1]. Financial Performance Summary - In the first half of 2025, the company's leasing and franchise management business revenue was 26 billion yuan, down 19.65% year-on-year; renovation service revenue was 1 billion yuan, down 14.94% year-on-year; while product sales revenue was 36 billion yuan, up 29.49% year-on-year [1]. - The company has adjusted its profit forecast, expecting net profits of 590 million yuan, 660 million yuan, and 750 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30X, 27X, and 24X [3].

Group 1: Investment Trends - Net purchases of Alibaba reached 35.57 billion, Tencent 14.94 billion, and Xiaomi 9.95 billion, while net sales included 57.83 billion from the Tracker Fund and 8.15 billion from China Mobile [1] - Southbound funds have continuously net purchased Alibaba for 27 days, totaling 753.5489 billion HKD, and Tencent for 4 days, totaling 60.4899 billion HKD [1] Group 2: Stock Performance - Alibaba's stock increased by 4.1% with a net purchase of 16.60 billion, while Xiaomi's stock decreased by 2.0% with a net purchase of 4.23 billion [4] - Tencent's stock rose by 2.5% with a net purchase of 12.64 billion, while Ideal Auto's stock fell by 1.6% with a net purchase of 6.05 billion [4] Group 3: Company Updates - Morgan Stanley reiterated an "Overweight" rating for Alibaba, raising the ADR target price from 165 USD to 200 USD, expecting growth in Alibaba Cloud and international strategy [6] - Goldman Sachs raised the target price for SMIC to 95 HKD and increased long-term profit forecasts [6] - Meituan announced the launch of its international food delivery brand Keeta in Dubai, marking its third market entry in the Middle East within 40 days [7]

Core Viewpoint - The article highlights the recognition of Yin Qi, chairman of Qianli Technology, by Li Shufu, chairman of Geely Holding Group, emphasizing the strategic transformation of Qianli Technology towards AI integration in the automotive industry [2][6]. Group 1: Company Transformation and Strategy - Qianli Technology, formerly known as Lifan Technology, has undergone a strategic transformation to focus on "AI + vehicle" since its renaming in early 2025 [9]. - Yin Qi has taken the lead in Qianli Technology since July 2024, steering the company towards an AI-centric strategy, which was publicly announced during the AI Chongqing Intelligent Driving Night event [6][9]. - The establishment of Chongqing Qianli Intelligent Driving Technology Co., Ltd. marks a significant step in building an ecosystem that integrates AI with the automotive industry [9][10]. Group 2: Collaboration with Geely - Geely is identified as a crucial foundation for Qianli Technology, with ongoing collaborations in intelligent driving and other fields [11][18]. - The "Qianli Haohan" intelligent driving solution, developed in partnership with Geely, has been implemented in Geely's economical vehicle models, showcasing the practical application of their joint efforts [16][18]. - Qianli Technology aims to leverage Geely's extensive AI ecosystem to enhance its capabilities in intelligent driving, intelligent cockpits, and smart mobility solutions [18]. Group 3: Internationalization and Future Plans - Qianli Technology has announced its new brand name "AFARI" and is pursuing an internationalization strategy, including plans for a Hong Kong IPO and collaboration with Mercedes-Benz [20][21]. - The company aims to serve not only Geely but also other leading automotive manufacturers globally, positioning itself as an empowering platform in the intelligent driving market [23]. - Yin Qi expressed optimism about the potential for Chinese companies to emerge as leaders in both OEM and supply chain sectors on the global stage [23].

Core Viewpoint - Wufangzhai is planning to expand its international market presence through a listing on the Hong Kong Stock Exchange, aiming to enhance brand recognition and financing capabilities, although some analysts believe this move may be premature given the current acceptance of traditional Chinese food in overseas markets [2][4]. Group 1: Company Overview - Founded in 1921, Wufangzhai specializes in the research, production, and sales of glutinous rice-based foods and is recognized as one of the first "Chinese Time-honored Brands" [4]. - The company operates two major production bases in Jiaxing and Chengdu and has established a comprehensive marketing network across China, including retail, chain stores, and e-commerce [4]. - Wufangzhai's product range includes seasonal foods like zongzi and mooncakes, as well as frozen foods and baked goods [4]. Group 2: Financial Performance - In the first half of 2025, Wufangzhai reported revenue of 1.592 billion yuan, a slight increase of 0.66% year-on-year, while net profit attributable to shareholders decreased by 16.7% to 195 million yuan [4][5]. - The company is focusing on optimizing its channel structure, with significant growth in direct high-end supermarket channels and steady expansion of chain stores [5]. Group 3: Production and Efficiency - For the first half of 2025, Wufangzhai produced 33,553.05 tons of zongzi, with an outsourcing production of 7,128.92 tons, resulting in a self-production ratio of 82.48% [6]. - The company has implemented cost reduction and efficiency enhancement strategies, leading to a decrease in sales and management expenses compared to the previous year [6]. Group 4: Market Expansion and Challenges - Wufangzhai has plans to accelerate its international market expansion, seeking new growth opportunities despite concerns about the readiness of overseas markets for traditional Chinese foods [2][5]. - The company has faced food safety issues, including a recall of products due to contamination concerns, highlighting the importance of stringent quality control in the food manufacturing industry [8]. Group 5: Store Network - As of June 30, 2025, Wufangzhai operated 106 direct stores and 27 cooperative stores, totaling 496 outlets across major cities in the Yangtze River Delta, Wuhan, and Macau [9].

阿里巴巴-W(09988)午后涨超4%，截至发稿，涨4.14%，报173.4港元，成交额167.84亿港元。 该行表示，在需求端，阿里管理层强调需求稳健，token每2至3个月即翻倍，公司在大会期间还宣布了 多项新进展，包括发布旗舰模型Qwen3-Max并升级Bailian Agent智能平台；与英伟达就物理AI领域展开 战略合作；加速国际化布局，于巴西、法国、荷兰等地首次设立数据中心。该行预计，这些措施加上增 加的资本开支，将进一步推动云业务增长，因此将2026及2027财年的云业务增长预测从原先的各年30% 增长，分别调升至32%及40%。 摩根士丹利发布研报称，预计阿里可受惠于阿里云业务增长加速、资本支出扩大及国际化战略推进。该 行指在云栖大会后，该行对阿里云的前景渐趋乐观，在供给端，该行将阿里2026至2028财年每年的资本 开支预测从原本的1,000亿至1,080亿元人民币，上调至1,300亿至1,350亿元人民币，同时预期到2032年将 新增10至15GW的数据中心容量，且未来三年的资本开支会更趋向于前倾分配。 ...

Core Viewpoint - Alibaba's stock price has increased by over 4%, driven by optimistic forecasts regarding its cloud business growth, capital expenditure expansion, and internationalization strategy [1] Group 1: Financial Performance - Morgan Stanley has raised its capital expenditure forecast for Alibaba from RMB 100 billion to 108 billion to a new range of RMB 130 billion to 135 billion for the fiscal years 2026 to 2028 [1] - The expected addition of 10 to 15 GW of data center capacity by 2032 indicates a significant investment in infrastructure [1] Group 2: Cloud Business Growth - The forecast for Alibaba's cloud business growth has been adjusted from 30% to 32% for fiscal year 2026 and from 30% to 40% for fiscal year 2027, reflecting increased optimism [1] - The management has highlighted robust demand, with tokens doubling every 2 to 3 months, indicating strong market interest [1] Group 3: Strategic Developments - Alibaba announced several new initiatives during the Cloud Summit, including the launch of the flagship model Qwen3-Max and upgrades to the Bailian Agent intelligent platform [1] - Strategic collaboration with NVIDIA in the field of physical AI and the establishment of data centers in Brazil, France, and the Netherlands mark significant steps in Alibaba's international expansion [1]

耐普矿机工作人员表示，在二期项目车间内，产线核心设备快锻压机重达2000吨，光是主体部分快锻液压机组上横梁就重达37吨。可想而知，让这些大设 备智能起来，并不容易。 走进耐普矿机位于江西上饶市经开区的二期扩建项目生产车间，一条全自动焊接柔性生产线正在有序运转，机械臂化身高效精准的焊接能手，集成多元功 能，从工件抓取起步，经表面激光清洗、感应加热，再到拼搭焊接，直至下料装卸，全程实现自动化生产。"焊接工序集成视觉识别系统与数字孪生技 术，大大提升焊接合格率，产能较传统人工焊接模式大幅提升。"耐普矿机总经理程胜在接受中国证券报记者专访时表示。 公司硫化车间 车间里"智"含量高的背后，正是耐普矿机"十四五"以来高质量发展的一个生动缩影。近日，中国上市公司协会联合中国证券报等媒体，开展"我在'十四 五'这五年 上市公司在行动"主题宣传活动。"'十四五'以来，耐普矿机走过了一段不平凡的发展历程，实现了国际化战略升级与主营业务的跨越式发 展。"程胜说。 自主创新动能足 耐普矿机是一家集研发、生产、销售和服务于一体的重型矿山选矿装备及其新材料耐磨备件的专业制造企业。选矿设备都是"大块头"，而其生产设备同样 也是"大家伙"。 ...