近期，国际货币基金组织(IMF)、世界银行及多家全球顶尖金融机构接连发布报告，上调对中国经济增长的预期。 尽管面临复杂内外环境，中国经济的韧性与政策成效获得广泛认可，海外资金对中国市场的关注度与配置兴趣正 显著回升。 12月10日，IMF总裁格奥尔基耶娃在北京宣布，将2025年中国经济增速预期上调0.2个百分点至5%。她指出，中国 推出的一系列宏观政策举措是上调预期的关键，并预计未来几年中国对全球经济增长的贡献率将保持在30%左右。 11日，世界银行发布最新中国经济简报，将2025年中国经济增长预测上调0.4个百分点至4.9%。世行认为，中国更 积极的财政政策、适度宽松的货币政策以及出口市场的多元化，共同支撑了国内消费、投资与出口的韧性。 世界银行中国、蒙古和韩国局局长华玛雅表示："未来几年，中国经济增长将更多依靠内需。除短期财政刺激外， 推进社会保障体系的结构性改革，为企业营造更可预期的营商环境，将有助于提振信心，为实现有韧性、可持续 的增长奠定基础。" 无独有偶，各大外资机构也纷纷为中国经济投上"信任票"。 2025年即将结束，中国经济在这一年积极应对内外挑战，整体保持平稳。 摩根士丹利中国首席经济学家邢 ...

据港交所12月10日披露，石药创新制药股份有限公司(简称：石药创新，300765.SZ)向港交所主板递交 上市申请，中信证券为其独家保荐人。据招股书，该公司专注于生物制药、功能性原料及保健食品的研 发、生产与商业化。根据弗若斯特沙利文的资料，自2020年至2024年，按收入和出货量计，该公司始终 保持着全球最大化学合成咖啡因生产商地位。 | [編纂]項下的[編纂]數目 | : [编纂]股H股(視乎[編纂]) | | --- | --- | | [編纂]數目 | :「編纂]股H股(可予[編纂]) | | [編纂]數目 | : [編纂]股H股(可予[編纂]及[編纂]) | | 最高[編纂] | : 每股H股[編纂]港元,另加[編纂] | | | (「編纂]港元,多繳款項可予退還) | | 面值 | 每股H股人民幣1.00元 | | [編纂] | : [編纂] | 自2006年成立以来，该公司始终专注于高质量咖啡因的研发与生产。该公司主要生产用作功能性饮料中 的食品添加剂的咖啡因。根据弗若斯特沙利文的资料，自2020年至2024年，按收入和出货量计，该公司 始终保持着全球最大化学合成咖啡因生产商地位。截至最后实际可 ...

Financial Data and Key Metrics Changes - The company reported a strong third quarter with core industrial business growing 10% organically, exceeding previous guidance of high single digits [5][6] - The overall guidance for 2026 indicates low- to mid-single-digit growth for both core industrial and product inspection segments, with organic growth potentially closer to low single digits [15][17] - Gross margins are expected to decline by about 200 basis points in Q4 due to tariffs, with operating margins down approximately 130 basis points [56][57] Business Line Data and Key Metrics Changes - The core industrial segment comprises 25% of global business, with 60% of that sold into core end markets like pharma and food manufacturing [4][5] - Product inspection, which accounts for about 15% of global business, has shown strong performance, particularly in food manufacturing, which constitutes 70% of that segment [7][9] - The lab segment experienced 4% growth in Q3, with bioproduction and bioprocessing performing well, while liquid handling faced challenges [26][29] Market Data and Key Metrics Changes - Strong double-digit growth was observed in the Americas and Europe, with China showing its first growth in the industrial business in two years [6][12] - The company noted that emerging markets now account for 17% of sales, slightly larger than China, indicating a shift in market dynamics [72] Company Strategy and Development Direction - The company is focusing on enhancing solutions through automation and digitalization, which aligns with customer needs for improved processes [5][12] - Recent acquisitions are aimed at strengthening the franchise and expanding service offerings, particularly in product inspection [19][20] - The company is cautiously optimistic about onshoring trends benefiting its pharma and biopharma segments, with a significant portion of exposure in QA/QC labs [45][49] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, acknowledging ongoing uncertainties but expecting gradual improvement throughout the year [17][41] - The company is preparing for potential benefits from reshoring trends, although actual purchasing may take time to materialize [53][70] - Management highlighted the importance of agility and adaptability in navigating challenges, particularly in response to tariffs and currency fluctuations [60][62] Other Important Information - The service business is seen as a growth opportunity, with a significant installed base that could yield higher service revenues [37][39] - The company is investing in R&D and growth initiatives while maintaining a balanced approach to cost management [75] Q&A Session Summary Question: What is the outlook for the industrial piece going into 2026? - Management expects low- to mid-single-digit growth for both core industrial and product inspection segments, with cautious positioning due to market uncertainties [15][17] Question: Can you elaborate on the recent acquisitions? - The acquisitions are strategic bolt-ons aimed at enhancing market access and service offerings, particularly in product inspection [19][20] Question: How is the company addressing the impact of tariffs? - The company has implemented measures to mitigate tariff impacts, with expectations of a modest benefit from potential tariff reductions in Switzerland [62][64] Question: What is the outlook for the biopharma market? - Management is cautiously optimistic, noting that while some customers are ready to invest, others remain in a wait-and-see mode due to ongoing uncertainties [41][43] Question: How does the company view the academic and government markets? - The company expects soft conditions in the academic and government sectors but anticipates easier comparisons in the coming year [55]

来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 邢自强说，其一，政策适时调整，让市场信心更足。中国通过扩大财政赤字、加大消费支持力度、发放 补贴等刺激国内需求。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 其二，中国产业竞争力、科技创新能力上了一个台阶。以DeepSeek(深度求索)为代表的人工智能、正在 崛起的人形机器人、走向全球市场的智能驾驶汽车，以及下一代电池和生物制药等，邢自强说，这些都 是投资者能够在中国找到的投资亮点。 在邢自强看来，投资者对美国的移民政策、关税政策、美联储独立性等因素的担忧加深，这会促使他们 在全球更多元化地配置资产，对中国资产的需求有所提升。摩根士丹利判断，2026年，外资对中国股票 资产会逐渐表现出总体稳健加仓的趋势。(完) 摩根士丹利：外资对中国资产兴趣提升 本文为转载内容，授权事宜请联系原著作权人 中新网北京12月3日电 (陶思阅)摩根士丹利中国首席经济学家邢自强日前接受中新网采访时表示，中国 经济有两大亮点吸引外资关注。 ...

此外，深圳出海e站通积极联动专业服务资源，促成深圳市前海"一带一路"法律服务联合会联合新加坡、泰国等7 家国际律所共建"粤港澳大湾区—东盟法律服务协作中心"，有效破解企业跨境贸易中的合规风险、法律争议等痛 点，为大湾区与东盟企业的合作往来提供专业、高效的法律服务保障，进一步完善跨境合作生态链。 11月27日至28日，以"智联未来·产业共赢"为主题的2025大湾区—东盟经济合作（前海）论坛在深圳前海国际会议 中心隆重举行。本次论坛由中国—东盟中心与深圳市政府共同主办，深圳市前海管理局、深圳大学、广东高科技 产业商会承办。中国—东盟中心秘书长史忠俊，柬埔寨商务部国务秘书林宗颖，马来西亚驻华大使诺曼等副部级 高官，以及来自老挝、缅甸、菲律宾、新加坡、泰国、越南等东盟国家使领馆官员，外交部亚洲司参赞雷震，深 圳市委常委、前海合作区党工委书记王守睿，中国工程院院士、深圳大学党委书记李清泉以及来自中国和东盟国 家政府部门、商协会、智库和企业家代表共1000多人出席论坛开幕式及相关活动。 作为服务大湾区与东盟深度合作的重要平台，论坛创新打造"1+3+1"活动架构（1场开幕式暨主论坛+3场专题论坛 +1个特色展陈），构建"开 ...

Core Viewpoint - The new South Korean ambassador to China, Lu Zai Xian, emphasizes the importance of strengthening strategic communication and mutual cooperation between South Korea and China, aiming to enhance the welfare of both nations' citizens [2][3]. Group 1: Bilateral Relations - The meeting between the leaders of South Korea and China is significant as it marks the first official talks since the new South Korean president took office, highlighting the enduring cooperative relationship despite changing external conditions [2][3]. - Lu Zai Xian recalls the friendly and candid atmosphere during the leaders' discussions, which resulted in several positive outcomes [2][3]. Group 2: Economic Cooperation - The two countries have agreed to explore cooperation in emerging fields such as artificial intelligence, biopharmaceuticals, green industries, and the silver economy, which are seen as future economic growth drivers [3][4]. - This collaboration is expected to enhance the quality of economic and trade relations, bringing substantial social and livelihood benefits [3][4]. Group 3: Cultural Exchange - The ambassador highlights the importance of youth exchanges in fostering mutual understanding and friendship between the two nations, as young people are in a critical period of cognitive development [4]. - Initiatives like the popularity of the giant panda "Fu Bao" and the trend of "weekend trips to Shanghai" among South Korean youth are seen as positive cultural ties that can strengthen bilateral relations [4]. Group 4: Regional Cooperation - Lu Zai Xian advocates for cooperation beyond bilateral levels, suggesting that South Korea and China can work together to contribute positively to regional and global peace and development [4]. - The ambassador mentions the role of the Asia-Pacific Economic Cooperation (APEC) in promoting regional trade and investment liberalization, with China hosting the upcoming APEC meeting in Shenzhen [4].

Group 1 - The new South Korean ambassador to China, Lu Zaixian, aims to strengthen strategic communication and promote mutual cooperation between South Korea and China, enhancing the welfare of both nations [1] - The upcoming visit of President Xi Jinping to South Korea marks a significant moment in bilateral relations, being his first state visit in 11 years and the first meeting with the new South Korean president [1] - Both leaders agree that despite changing internal and external environments, the cooperative nature of South Korea-China relations remains unchanged, focusing on mutual benefits and exploring future development directions [1][2] Group 2 - The ambassador emphasizes the importance of deepening cooperation in emerging fields such as artificial intelligence, biopharmaceuticals, green industries, and the silver economy, which are seen as future economic growth drivers [2] - The future of South Korea-China relations is rooted in the friendship between the peoples of both countries, highlighting the significance of youth exchanges and mutual understanding [2] - The ambassador expresses a strong sense of responsibility and mission in his role, aiming to create meaningful outcomes in the development of South Korea-China relations [3]

Group 1 - The new South Korean ambassador to China, Lu Zaixian, aims to strengthen strategic communication between South Korea and China, promote mutual cooperation in business, and enhance emotional resonance among the people of both countries [2][3] - The upcoming visit of President Xi Jinping to South Korea from October 30 to November 1 is significant as it marks his first state visit to South Korea in 11 years and the first meeting between the two leaders since the inauguration of President Yoon Suk-yeol [2][3] - Both leaders agree that despite changing internal and external environments, the cooperative nature of South Korea-China relations remains unchanged, and they will explore future development directions together [2][3] Group 2 - The bilateral relationship has evolved from complementary vertical division of labor to closer horizontal cooperation, with a focus on emerging fields such as artificial intelligence, biopharmaceuticals, green industries, and the silver economy [3][4] - The ambassador emphasizes the importance of youth exchanges in fostering friendly relations, as young people from both countries are seen as a valuable asset for future cooperation [4][5] - The APEC framework is highlighted as a platform for regional cooperation, with South Korea expressing a commitment to collaborate on trade and investment liberalization, digital economy, and inclusive development [4][5]

Group 1: Business Strategy and Optimization - The company focuses on high-efficiency business development, actively abandoning low-efficiency operations to invest in high-yield sectors like medical devices and pharmaceuticals [3] - In 2025, the medical device segment generated approximately CNY 4.986 billion in revenue, establishing a stable scale and professional service barrier [4] - The company aims to enhance overall profitability by optimizing its business structure and improving the operational quality of its subsidiaries [3] Group 2: Market Trends and Opportunities - The pharmaceutical distribution industry is experiencing increasing concentration, with resources shifting towards leading enterprises, which creates favorable conditions for market resource integration [5] - The total sales of seven major categories of pharmaceutical products in China is projected to reach CNY 29.47 trillion in 2024, reflecting a year-on-year growth of 0.6% [5] - The company plans to leverage its scale advantages to actively integrate regional resources while focusing on core sectors of medical devices and pharmaceuticals [5] Group 3: Competitive Advantages - The company’s medical device segment benefits from a sales agency model, collaborating with renowned brands like Boston Scientific and Johnson & Johnson, which enhances its competitive edge [4] - Compared to pharmaceutical operations, the medical device business is less affected by centralized procurement, providing stronger risk resistance [5] - The company emphasizes a flexible decision-making mechanism and customer service orientation, allowing for rapid strategic adjustments in response to market changes [7] Group 4: Innovation and Future Planning - The company is actively exploring innovative business models, including the development of innovative drugs, biopharmaceuticals, and high-margin generic drugs [6] - The innovative drug HW130 has completed Phase I clinical trials and is currently in Phase II, with plans to utilize existing retail channel resources for effective product conversion [7] - The company is committed to enhancing its core competitiveness by optimizing product and service offerings in response to market demand changes [8] Group 5: Regulatory and Industry Position - The company ranks ninth among the top 100 pharmaceutical wholesale enterprises in terms of main business revenue, according to the 2024 report by the Ministry of Commerce [8] - The company adheres to legal regulations regarding information disclosure and actively engages with investors to protect their rights [4]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SOUTH CHINA FINANCIAL HOLDINGS LIMITED 南 華 金 融 控 股 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：00619） 董事會謹此強調，截至本公告日期，尚未就建議成立合營公司訂立任何具法律約 束力之協議。因此，建議成立合營公司之事宜未必會落實。本公司股東及潛在投 資者於買賣本公司證券時務請審慎行事。 承董事會命 South China Financial Holdings Limited 南華金融控股有限公司 執行董事 張賽娥 自願公告 有關建議成立合營公司 之諒解備忘錄 本公告由南華金融控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）自 願 發 佈 ， 旨 在 通 知 本 公 司 的 股 東 及 潛 在 投 資 者 本 集 團 最 新 的 經 營 策 略 及 發 展 方 向 ...