每经记者｜任飞 每经编辑｜叶峰 近期，A股市场缩量震荡，题材板块继续快速轮动，而北证50指数则持续走强，创出历史新高。 记者注意到，今年以来，生物医药、人工智能以及北交所等行业及主题基金的表现依然不俗，在年内的净值排行当中，居于前列的产品普遍有此类基金的身 影。 值得注意的是，基金公司也在调整部分产品的申赎政策，近期又有一些基金公告限购方案，如易方达北证50成分指数、东财北证50指数发起等多只基金近期 公告了相关内容。有分析指出，在关注热门行业投资机会的同时，仍需关注外部不确定性带来的风险，并控制加仓节奏。 北证50指数再创新高，基金公司调整限购措施 近期，A股市场板块轮动依然较快，尽管单日上涨家数高于下跌家数的情况多次出现，但个股的赚钱效应却不佳，各宽基指数呈现出震荡走势。然而，北证 50指数却在近期表现活跃。 5月21日，北证50指数低开高走，再次创出历史新高，截至收盘，报收1479.81点。从《每日经济新闻》记者同业内人士交流的情况来看，基于目前北交所个 股量化交易的程度较低，资金仍有继续博弈的可能，不过，这也使得北交所相关主题基金的净值又一次提升。 Wind统计显示，截至5月20日，年内基金的净值收益 ...

Core Insights - On May 20, stock ETFs experienced a net outflow of over 4 billion yuan, despite the overall market rising, indicating a trend of profit-taking among investors [1][2] - Since the beginning of May, stock ETFs have seen cumulative outflows exceeding 57 billion yuan, reflecting a broader market sentiment shift [1][6] Fund Flow Analysis - As of May 20, there are 1,091 stock ETFs in the market with a total scale of 3.53 trillion yuan [2] - On May 20, eight stock ETFs recorded net inflows exceeding 100 million yuan, with military, AI, and non-bank financial sectors leading the inflows [2] - The top three ETFs by net inflow on May 20 were military-themed ETFs, with net inflows of 7.1 billion yuan, 2.8 billion yuan, and 1.9 billion yuan respectively [2] Sector Performance - The sectors with significant net inflows included defense and military (7.1 billion yuan), non-bank financial (2.8 billion yuan), and artificial intelligence (1.6 billion yuan) [2] - Conversely, sectors experiencing the largest net outflows included innovative pharmaceuticals and Hong Kong internet ETFs, with the former losing nearly 10 billion yuan [5][7] ETF Rankings - The top three ETFs by net inflow on May 20 were: 1. Military Leading ETF: 86.57 billion yuan, net inflow of 2.37 billion yuan 2. Military ETF Leader: 44.51 billion yuan, net inflow of 1.92 billion yuan 3. Military ETF: 135.07 billion yuan, net inflow of 1.56 billion yuan [4] - The top three ETFs by net outflow were: 1. Hong Kong Innovative Pharmaceutical ETF: 101.76 billion yuan, net outflow of 5.14 billion yuan 2. Hang Seng Medical ETF: 98.59 billion yuan, net outflow of 4.30 billion yuan 3. Hong Kong Internet ETF: 472.57 billion yuan, net outflow of 3.41 billion yuan [7] Market Sentiment - Analysts suggest that the recent outflows may be influenced by a decrease in urgency for domestic policy support due to easing US-China trade tensions, leading to potential market volatility [6] - The focus for future investments is expected to shift towards sectors driven by technological growth, particularly in AI and biomedicine, which are seen as having strong investment value [6]

去年，上海市香港商会与香港贸发局携手举办了"创新无处不在"港商创新项目评选，包括"创新项 目辅导营""投资机构对接会"等系列活动，培养并选出在商业模式创新、设计创新、业务创新、服务创 新等领域的优秀项目，在创新的路上搭建了共同创新、合作与分享的平台。在这一标杆性活动的基础 上，今年活动全面升级为"沪港创新项目评选"，以更务实的姿态构建科创要素流动新通道。 5月20日，由上海市香港商会主办的"2025沪港创新项目评选"启动仪式暨媒体见面会在沪举行。本 届评选活动聚焦人工智能、生物医药两大领域，通过建立双城双向科创项目孵化机制，进一步加强沪港 两地在科创领域的联动，实现优势互补，共谋发展。 当日，上海市香港商会与上海外高桥集团、张江高科签署了战略合作备忘录，三方就推动沪港科创 项目落地达成重要共识，为后续深度合作奠定基础。 据悉，本次评选面向初创公司、大学生和创意个人/团体，采用"双赛道"模式，分为初创组（公司 或团队成员在10人以下，公司注册时间不超过2年，融资轮次为一次或以下）和成长组（公司人数不超 过50人，公司注册时间不超过三年，融资轮次为三次或以下），重点选拔人工智能与生物医药领域的优 质项目，通过"全 ...

Group 1 - The core viewpoint of the news is that Lidman Biochemical Co., Ltd. is experiencing a decline in revenue and profit, with a significant drop in stock performance and net outflow of funds [1] - As of May 20, Lidman’s stock closed at 5.04 yuan, up 1.61%, with a latest price-to-book ratio of 1.65, marking a 40-day low and a total market capitalization of 2.742 billion yuan [1] - In terms of fund flow, on May 20, Lidman saw a net outflow of 3.714 million yuan, with a total outflow of 7.288 million yuan over the past five days [1] Group 2 - The main business of Lidman includes research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials [1] - The company’s key products consist of biochemical diagnostic reagents, immunodiagnostic reagents, and automated chemiluminescence immunoassay analyzers [1] - Recent performance data shows that in Q1 2025, Lidman achieved operating revenue of 78.9087 million yuan, a year-on-year decrease of 16.61%, and a net profit of -1.25172554 million yuan, a year-on-year decline of 53.73%, with a gross profit margin of 53.56% [1] Group 3 - Lidman has received multiple accolades, including "National High-tech Enterprise," "Zhongguancun High-tech Enterprise," and recognition as a leading enterprise in the "G20 Project" for the Beijing biopharmaceutical industry [1] - The company was also recognized as a "Benchmark Enterprise in Intelligent Manufacturing" in Beijing for 2018 and received certification for "Digital Workshop" in 2022 [1]

突出弘扬科学家精神，将邀请院士和科学家通过科普报告形式讲述自己学术路上追求真理、勇攀高峰的 探索故事；以科学演讲的形式邀请院士、青年科学家就科学精神的延续和学术传统的发扬进行碰撞；举 办北京学生科技节，让青少年在科技探索中感悟科学家精神内核，在成长中厚植科学信仰。 突出可互动、可体验。全市科普联席会成员单位、各区，举办多场差异化活动，既有科技馆、科普基地 的科技小讲堂、人工智能编程等硬核科技体验活动，又有沉浸式体验森林漫游、"双碳"小卫士科技周游 览打卡等生活化科技互动活动。每场活动在展现人工智能、生物医药、绿色能源等前沿领域成果的同 时，还特别设置沉浸式体验区、互动实验站、科技生活模拟场景，打造"科技成果可见可触、科学原理 可感可悟"的科普盛宴。 新京报讯（记者张璐）5月20日，记者从北京市科委、中关村管委会获悉，2025年北京科技周将于5月24 日至31日举行。今年科技周活动展现人工智能、生物医药、绿色能源等前沿领域成果，同时突出可互 动、可体验。 "北京科技周成功举办了30届，已成为北京科技创新成果的重要展示窗口。"据北京市科委、中关村管委 会二级巡视员李志磊介绍，2025年北京科技周设置启动活动和"讲 ...

Group 1 - The core viewpoint is that China's new productive forces are emerging on the global stage, presenting unlimited investment potential, with the venture capital industry playing a crucial role in this process [1] - DeepSeek's advancements in AI, including the release of its flagship model V3 and reasoning model R1, demonstrate China's rapid progress in AI capabilities, now comparable to global leaders like OpenAI, with costs significantly lower at one-thirtieth [1] - The rise of Chinese AI startups, as highlighted by the mention of DeepSeek and others, indicates that China's AI capabilities have entered the world's top tier, with a narrowing gap of only two to three months behind global standards [1] Group 2 - The biopharmaceutical sector in China is experiencing a similar transformation, with 30% of global big pharma's license-in activities coming from Chinese biotech startups in 2024, up from 0% in 2019, marking a shift from being a major recipient to a leading source of licenses [2] - China's export structure has significantly changed over the past 20 years, with machinery, electrical equipment, and consumer electronics now accounting for 42% of total exports, indicating a strong global competitiveness in new energy vehicles [2] - Numerous Chinese tech companies, both large and small, are expanding their international presence, showcasing their competitive strength and potential to develop into world-class enterprises [2] Group 3 - Venture capital is closely linked to technological development, characterized by high-risk tolerance and a long-term value focus, supporting innovation and participating in the growth of companies [3] - Despite challenges in recent years, the global venture capital landscape shows that six out of seven companies founded after 2010 and valued over $100 billion are from China, highlighting significant investment opportunities [3] - Key investment areas identified include artificial intelligence, biopharmaceuticals, renewable energy, and robotics, with AI expected to create substantial opportunities starting in 2025 [3]

Core Viewpoint - The article emphasizes the significant investment opportunities in China's new productive forces, particularly in the context of the global market and technological advancements [2][19]. Group 1: New Productive Forces in China - China's new productive forces are gaining global recognition, with immense investment potential [2]. - The emergence of companies like DeepSeek showcases China's advancements in AI, reducing costs significantly compared to international counterparts [4][5]. - The gap between China's AI capabilities and international standards has narrowed to just two to three months, indicating rapid progress [6]. Group 2: Investment Opportunities - The biopharmaceutical sector in China is experiencing a transformation, with 30% of global license-ins coming from Chinese startups in 2024, up from 0% in 2019 [8]. - The shift from being a major recipient of foreign technology to a leading source of innovation (license-out) highlights China's growing influence in the global market [8]. - The export composition of China has evolved, with machinery and electronics now accounting for 42% of total exports, reflecting a shift towards high-tech products [9]. Group 3: Globalization of Chinese Companies - Chinese tech companies are increasingly expanding their international presence, although none have yet surpassed 50% of revenue from overseas [10]. - Emerging companies like Stone Technology and Insta360 are leading in their respective fields globally, with significant portions of their revenue coming from international markets [11]. - The recognition of Chinese technology firms is growing, paralleling the country's manufacturing capabilities established over the past decades [12]. Group 4: Role of Venture Capital - The venture capital industry in China plays a crucial role in supporting technological innovation, focusing on high-risk, long-term investments [15]. - Despite facing challenges in recent years, the potential for investment in Chinese startups remains strong, with six out of seven companies valued over $100 billion globally being from China [16]. - Key investment areas identified include AI, biopharmaceuticals, and renewable energy, which are expected to yield significant returns in the coming years [18].

Core Insights - China's new productive forces are gaining global recognition, presenting significant investment potential, particularly in the venture capital sector [1][5] - The internationalization of Chinese tech companies is increasing, with notable examples like BYD, CATL, ByteDance, Alibaba, and Xiaomi, which are gradually raising their overseas revenue proportions [3][4] - Smaller Chinese tech firms are also accelerating their global expansion, with companies like Roborock and Insta360 leading in their respective markets [4] Investment Opportunities - The venture capital industry plays a crucial role in supporting technological innovation, focusing on high-risk tolerance and long-term value [5] - Key sectors for investment include artificial intelligence, biomedicine, renewable energy, and robotics, with expectations of substantial returns as these fields evolve [6] - The shift in AI from being merely usable to being user-friendly and cost-effective is anticipated to create significant investment opportunities starting in 2025 [6] Role of Venture Capital - Venture capital is essential in identifying promising entrepreneurs and innovative directions, particularly in technology sectors such as AI, advanced manufacturing, healthcare, and new energy [5] - The venture capital industry aims to enhance the quality of listed companies in China by continuously supplying high-quality firms to exchanges and participating in corporate governance [6]

Group 1 - The core theme of the 2025 Global Investor Conference is "New Quality Productivity and Investment Opportunities in China," focusing on the open and innovative Shenzhen market [1] - The keynote speech by the founding partner of Qiming Venture Partners highlighted the significant transformation in China's export categories over the past 20 years, with machinery, electrical equipment, and consumer electronics now accounting for 42% of total exports [2][9] - The rapid growth of China's new energy electric vehicles demonstrates strong global competitiveness, with various companies expanding their international presence [2][10] Group 2 - The emergence of DeepSeek as a leading AI company signifies China's capability in AI, with its models showing performance comparable to OpenAI's at a fraction of the cost, indicating a shift in global perceptions of Chinese AI capabilities [5][6][7] - The biopharmaceutical sector in China is also experiencing rapid advancements, with 30% of global big pharma's license-in deals coming from Chinese biotech startups in 2024, up from 0% in 2019 [8][9] - The internationalization of Chinese tech companies is increasing, with notable examples like BYD and Xiaomi showing significant growth in overseas revenue [9][10] Group 3 - The venture capital industry in China plays a crucial role in supporting technological innovation, with a focus on high-risk tolerance and long-term value [12] - Despite facing challenges in recent years, the Chinese venture capital sector has produced a significant number of companies with valuations exceeding $100 billion, with six out of seven such companies globally founded after 2010 being Chinese [13] - Key investment opportunities are identified in sectors such as artificial intelligence, biomedicine, and renewable energy, with expectations for substantial growth and innovation in these areas [14]

Core Viewpoint - The 2025 Global Investor Conference emphasizes the new productive forces in China and the investment opportunities in Shenzhen's open innovation market, particularly in the biopharmaceutical sector and technology advancements [1][4]. Biopharmaceutical Industry - China's biopharmaceutical sector is rapidly advancing, producing world-class products at lower costs. By 2024, 30% of global big pharma's License-in deals will come from Chinese biotech startups, a significant increase from 0% in 2019 [1][7]. - The shift from being a License-in country to a License-out origin indicates China's growing influence in the global pharmaceutical landscape [7]. Technology and AI Development - The emergence of DeepSeek, a leading AI company, showcases China's capabilities in AI, with its models achieving results comparable to international counterparts at a fraction of the cost [5][6]. - The global perception of China's AI capabilities has shifted, with reports indicating that the gap between Chinese and leading international AI technologies has narrowed to just a few months [6]. Globalization of Chinese Tech Companies - Chinese tech companies are increasingly expanding their international presence, with notable examples including BYD, CATL, ByteDance, Alibaba, and Xiaomi, all showing rising overseas revenue proportions [8][9]. - Smaller tech firms, such as Stone Technology and Insta360, are also achieving significant global market shares, demonstrating the competitive strength of Chinese innovation [10]. Investment Opportunities - The venture capital industry in China plays a crucial role in supporting technological innovation, with a focus on sectors like AI, advanced manufacturing, healthcare, and renewable energy [11][12]. - The potential for investment in Chinese technology is underscored by the fact that six out of seven companies founded after 2010 that have reached a market value of over $100 billion are from China [12]. Future Growth Areas - Key areas for future investment include artificial intelligence, biopharmaceuticals, and renewable energy, driven by demographic changes and technological advancements [13]. - The expectation is that by 2025, AI will significantly empower various industries, creating substantial investment opportunities [13].