12月4日上午，国家主席习近平在北京人民大会堂同来华进行国事访问的法国总统马克龙举行会谈。 习近平指出，中法都是有远见、有担当的独立自主大国，是推动世界多极化、促进人类团结合作的建设性力 量。当前，百年变局加速演进，人类又一次站在何去何从的十字路口。中法两国应当展现责任担当，高举多边 主义旗帜，坚定站在历史正确一边。中方愿同法方一道，始终从两国人民根本利益和国际社会长远利益出发， 坚持平等对话、开放合作，让中法全面战略伙伴关系在"新甲子"走得更稳更好，充分彰显其战略价值，为推动 平等有序的世界多极化、普惠包容的经济全球化作出新的贡献。 习近平强调，无论外部环境如何变化，中法两国都应当始终展现大国的战略眼光和独立自主，在彼此核心利益 和重大关切问题上相互理解和支持，维护好中法关系的政治基础。中共二十届四中全会审议通过"十五五"规划 建议，为未来5年中国发展擘画蓝图，也向世界提供了一份"机遇清单"。中法两国要抓住机遇，拓展合作空 间，巩固航空、航天、核能等传统领域合作，挖掘绿色经济、数字经济、生物医药、人工智能、新能源等领域 合作潜力。中方愿进口更多法国优质产品，欢迎更多法国企业来华发展，也希望法方为中国企业提供 ...

临近年末，港股IPO的活跃仍在继续，行业普遍预期这一活跃态势将至少延续至2026年。 Wind数据显示，今年前11个月，港股市场共有91家企业完成IPO，受益于大型IPO项目，合计募集资金 2598.89亿港元，不仅是港交所时隔四年，IPO筹资额再度突破2000亿港元大关，更是一举登顶全球交易 所募资额榜首，创下募资规模新高度。其中，宁德时代(03750)、紫金黄金国际(02259)、三一重工(06031) 和赛力斯(09927)均跻身今年全球十大IPO项目。 值得关注的是，中资券商在港股IPO承销市场的角色日益突出。今年以来，共有38家保荐机构参与香港新 股发行，其中超过半数为中资券商。中金、中信、华泰占据榜单前三，承销项目数量显著领先于传统外 资大行。 安永近期发布的《中国内地和香港IPO市场报告》指出，预计2026年港股IPO市场将保持稳健增长，结构 进一步深化。上市主体方面，除A+H模式继续受到追捧外，中概股回归与特专科技公司，尤其是人工智 能、生物医药等前沿领域企业将成为重要的上市来源。 港股IPO募资总额近2600亿港元，居全球第一 Wind数据显示，今年前11个月，香港交易所共迎来91家新上市公 ...

Wind数据显示，今年前11个月港股市场共有91家企业完成IPO。合计募集资金达到2598.89亿港元。这一数据不仅助推港交所时隔四年重回2000亿港元大 关，更使其登顶全球交易所募资额榜首。宁德时代、紫金黄金国际等大型项目跻身今年全球十大IPO之列。三一重工和赛力斯同样位列其中。 对于未来的市场走势，机构普遍持审慎乐观态度。安永发布的报告指出，预计2026年港股IPO市场将保持稳健增长。市场结构有望进一步深化。A+H模式将 继续受到追捧。人工智能、生物医药等前沿领域企业将成为重要上市来源。 多空因素将在明年交织影响市场。国际长线资金逐步回流是积极信号。内地政策支持符合条件企业赴港上市也增强了市场信心。吴鹏认为，"预计港股的强 劲表现将延续至2026年"。 中资券商重塑保荐市场格局 保荐机构的市场版图已清晰显现。头部机构的优势持续凸显。中资券商在其中占据了主导地位。Livereport数据统计显示，中金国际以34单保荐数量稳居行 业首位。中信证券（香港）位列第二，保荐项目为26单。华泰金融控股（香港）以18单排名第三。 前三大机构均为中资背景。这体现了本土券商对港股市场项目资源的深度覆盖。外资机构的活跃度相对 ...

记者 沈思怡 昨天，奉贤区举办2025贤商大会，近450名来自奉贤各行各业的企业家、商会代表在这场一年一度 的民营经济大会上齐聚一堂。现场，奉贤区对十大领航贤商、十大先锋贤商、十大青创贤商、优秀创新 创业案例等相关企业代表进行表彰。 奉贤是上海民营经济最活跃的区域之一。2024年，奉贤全区民营企业数量占企业总数近九成，贡献 了超六成规上工业产值、过半的税收以及超六成就业岗位。 这场大会上，既有在奉贤深耕多年、加码增资的"老朋友"，也有带着前沿技术与全球视野前来 的"新朋友"。他们的故事为解码奉贤民营经济的韧性与活力提供了鲜活样本。 生态引"新朋友"落子布局 耀速科技是一家专注于类器官芯片技术的公司，核心团队成员出自美国顶尖科研院所。2024年，团 队正式回国布局，将上海研发运营中心落子在奉贤临港南桥科技城。虽然企业成立时间不久，却已频频 受到行业巨头青睐。无论是跨国制药公司、国内头部药企，还是手握新药研发外包全球订单的CRO （合同研究组织）公司，都把合作的橄榄枝递向耀速的核心产品"器官芯片"。 通俗地说，器官芯片就是"在芯片上造器官"，它是一种含有活细胞和微流控芯片的生物工程装置， 可模拟真实器官的结构和功 ...

Core Insights - The 19th meeting of the Singapore-Jiangsu Cooperation Council was held in Nanjing, highlighting significant achievements in trade, investment, innovation, and cultural exchanges over the past year [1] - Future cooperation will focus on digital economy, biomedicine, service industry openness, and cultural tourism to deepen collaboration [1] - A memorandum of understanding was signed, and discussions were held on cooperation in modern services, biomedicine, and platform carriers, resulting in the signing of several key projects [1] Group 1 - The meeting was chaired by Liu Xiaotao, the Governor of Jiangsu, and attended by Singapore's Minister of State for Finance and National Development, Indranee Rajah [1] - The council aims to leverage the cooperation platform to enhance bilateral relations and achieve mutual benefits [1] - Key officials from both sides, including vice-chairpersons and ambassadors, participated in the meeting, indicating strong diplomatic engagement [1]

国乒混团世界杯三连胜 王曼昱：将全力以赴 12月2日，2025浙江省第六届"国际创客"创业创新大赛颁奖仪式在浙江义乌举行，澳门青年、某创业孵化机构负责人余茵华和澳门自媒体协会理事长黎翰澄 等人带队来此参赛、领奖，分享感受。 2019年至今，浙江省"国际创客"创业创新大赛连续举办六届，累计吸引海内外近6000名选手、1500余个项目参赛。本届大赛设置内地、港澳台侨、国际三大 赛道，共征集259个创业创新项目，内容覆盖人工智能、跨境电商、乡村振兴、生物医药等多个领域，旨在进一步整合全球创新资源、完善创业孵化链条、 强化政策支持力度，让更多创新理念在浙江落地生根、开花结果。(董易鑫 制作 侯诗蕊） ...

中国内地和香港首次公开募股（IPO）市场增长态势向好。安永近日发布的2025年《中国内地和香 港IPO市场回顾及展望》报告显示，A股和香港市场全年IPO数量和筹资额分别占全球总量的16%和 33%。其中，A股市场整体稳中有进，港交所以全年360亿美元的融资额跃居全球交易所榜首。 在稳监管与优结构背景下，今年A股IPO市场实现温和增长，筹资规模较去年明显提升。IPO平均筹 资额同比增幅超过50%，升至10亿元。同时，得益于超大型IPO带动，百亿元IPO筹资额占比大幅攀 升。其中，科技创新成为今年申报企业的显著特征。从行业结构看，工业、科技与材料行业位列IPO数 量前三位；能源行业跃升至融资规模前三。 安永大中华区上市服务主管合伙人何兆烽表示："当前，内地与香港资本市场已进入互补发展阶 段，两地市场协同发力，共同服务国家战略全局。上半年，国际资本持续涌入香港市场，南下资金加速 流入，推动港股投资者结构从'外资主导'转向'内外资双轮驱动'。" 行业结构上，新消费与硬科技成为推动港股上市活动的"双引擎"。"科企专线"等政策落地，为更多 高潜力科技企业提供快速上市通道。安永大中华区TMT行业联席主管合伙人李康表示："当 ...

Core Viewpoint - The stock price of Koyuan Pharmaceutical has experienced a decline of 4.68% year-to-date, with significant drops over various trading periods, indicating potential challenges in the company's market performance [2]. Company Overview - Koyuan Pharmaceutical, established on December 27, 2004, is located in Shandong, Jinan, and was listed on April 4, 2023. The company specializes in the research, production, and sales of chemical raw materials, finished pharmaceuticals, and pharmaceutical intermediates [2]. - The revenue composition of Koyuan Pharmaceutical is as follows: 44.77% from chemical raw materials, 41.41% from chemical drug formulations, 12.47% from intermediates, and 1.35% from other sources [2]. Stock Performance - As of December 3, Koyuan Pharmaceutical's stock price was 28.32 CNY per share, with a market capitalization of 3.067 billion CNY. The stock has seen a trading volume of 25.76 million CNY and a turnover rate of 1.31% [1]. - The stock has declined by 4.61% over the last five trading days, 10.38% over the last 20 days, and 19.09% over the last 60 days [2]. Financial Performance - For the period from January to September 2025, Koyuan Pharmaceutical reported a revenue of 303 million CNY, a year-on-year decrease of 8.52%. The net profit attributable to shareholders was 31.47 million CNY, down 20.69% year-on-year [2]. - The company has distributed a total of 85.085 million CNY in dividends since its A-share listing [3]. Shareholder Information - As of September 30, 2025, Koyuan Pharmaceutical had 11,100 shareholders, a decrease of 11.26% from the previous period. The average number of circulating shares per shareholder increased by 12.69% to 6,211 shares [2]. - Notably, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A has exited the list of the top ten circulating shareholders [3].

Core Viewpoint - The article discusses how Beijing Zhongguancun Bank, as the first private bank focused on serving technological innovation, has effectively supported early-stage tech companies lacking collateral over the past eight years [3][4]. Group 1: Strategic Positioning - Beijing Zhongguancun Bank has upgraded its strategic positioning from being a "provider of financial services" to a "builder of a technology financial ecosystem and a companion for innovative enterprises throughout their lifecycle" [3][4]. - The bank aims to contribute a "Zhongguancun sample" to the construction of the technology financial system [3][4]. Group 2: Key Focus Areas - The bank's service focus is summarized in eight characters: "grasp early, grasp small, grasp hard technology" [4]. - "Grasp early" refers to the ability to support emerging and future industries by providing financial assistance at the early stages of enterprise development [4]. - "Grasp small" indicates a focus on small and micro tech enterprises in their initial and growth stages, offering flexible and customized financial solutions [4]. - "Grasp hard technology" emphasizes investment in fields such as artificial intelligence, biomedicine, integrated circuits, new energy, new materials, and aerospace [4]. Group 3: Innovative Mechanisms - The bank has established a working mechanism that allows it to understand technology and entrepreneurship, ensuring effective matching of funds with projects [6]. - The bank has developed innovative financial products tailored to the unique needs of emerging industries, such as "Talent Benefit Plans," "Equity Rights Loans," and "Technology R&D Loans" [6]. - A case study illustrates how the bank provided crucial funding to a drone company during its early R&D phase, leading to significant growth and a valuation increase of 135% [7]. Group 4: Ecosystem Development - Beijing Zhongguancun Bank is building a more open innovation ecosystem by collaborating with venture capital institutions, industrial parks, incubators, accelerators, government funds, and research institutes [8]. - The bank has established partnerships with over 400 venture capital and industrial partners, facilitating shared customer resources, risk assessments, and project promotions [8]. - The bank is focusing on strategic emerging industries and aims to expand its ecosystem to promote collaborative development of technology finance across regions [8].

Financing Overview - A total of 27 financing events occurred in Shanghai this week, with 13 disclosing amounts totaling approximately 1.753 billion yuan [5][10] - The majority of financing events took place in the Pudong New Area, with 12 events, followed by Minhang District with 5 events [5] - The most common financing round was Series A, with 11 occurrences, followed by angel rounds with 8 [7] Company Dynamics - Weike Bio's patent for a detection method based on exogenous DNA insertion mutations was approved on November 5 [3] - DeYin Technology showcased at the Hong Kong Elderly Technology Expo on November 20 [3] - Hejian Technology and CAE Network partnered to establish a PCB design and digital chip simulation collaboration on December 1 [3] Hot Industry Focus - The National Medical Products Administration approved a disposable pressure monitoring cardiac pulsed electric field ablation catheter from Shanghai MicroPort on November 24 [4] - Novartis' innovative drug, Ripretinib tablets, received approval from the National Medical Products Administration on November 26 [4] - Anke Bio's Shanghai Innovation Research Institute and Shanghai Anke Huaze Pharmaceutical officially opened in Zhangjiang on November 27 [4][24] Notable Financing Events - Wunwen Qinqu completed nearly 500 million yuan in Series A+ financing on November 27, led by Zhuhai Technology Group and Futen Capital [13][14] - Hypershell completed 70 million USD in Pre-B and B round financing on November 27, with participation from various investors [16][17] - Kaisi Kedi completed 300 million yuan in Series B financing on November 28, led by Guotou Xiandao [18][19] - Aoyi Technology completed over 100 million yuan in B+++ round financing on November 28, exclusively invested by listed company Redik [20][21] - Kaiwuji completed a 100 million yuan angel round financing on November 26, led by IDG Capital and BlueRun Ventures [22][23] Policy and Regulatory Developments - The Shanghai government introduced 22 measures to support the high-quality development of the biopharmaceutical industry, focusing on innovation and regulatory reforms [25]