中经记者 孙汝祥 夏欣 实习生 周雨北京报道 （编辑：夏欣 审核：何莎莎 校对：翟军） 中证指数有限公司公告，将于9月24日正式发布20条指数，为市场提供多样化的业绩比较基准与投资标 的。 中证西部地区AAA信用债指数和中证成渝地区AAA信用债指数从交易所或银行间上市的债券中，分别 选取西部地区企业和成渝地区企业发行的信用评级为AAA且中证隐含评级为AA+及以上的信用债作为 指数样本，以反映相应地区相应信用等级信用债的整体表现。 中证A500交易所0—7年股债恒定比例指数系列、中证现金流交易所0—7年股债恒定比例指数系列和中 证红利低波交易所0—7年股债恒定比例指数系列均包含股债两类资产，其中股票资产分别选取中证 A500指数、中证800自由现金流指数和中证800红利低波动指数，债券资产选取中证交易所0—7年国债 及政策性金融债指数。每个系列均采用恒定比例进行股债资产配置，为投资者提供不同股债配置比例的 资产配置工具。 20条指数具体包括：中证全球算力主题指数、中证全球生物科技指数、中证沪深港算力主题指数、中证 西部地区AAA信用债指数、中证成渝地区AAA信用债指数、中证A500交易所0—7年股债恒定比例指数 ...

Core Viewpoint - The Hong Kong IPO market has experienced unprecedented subscription enthusiasm in 2023, with record oversubscription rates and significant increases in both the number of new listings and total fundraising amounts compared to the previous year [1][2]. Group 1: IPO Market Performance - In the first three quarters of 2023, Hong Kong is expected to see 66 new listings, raising a total of HKD 182.3 billion, a 47% increase in the number of new listings and a 228% increase in fundraising compared to the same period last year [1]. - The average first-day return for new IPOs in Hong Kong was 33% in the first half of 2023, significantly higher than the 9% recorded in the same period last year [4]. - The top five new IPOs in 2023 were all large-scale projects raising over HKD 10 billion, with total fundraising for these top five increasing by 135% year-on-year to HKD 98.7 billion [5]. Group 2: Market Dynamics and Trends - The Hong Kong IPO market is benefiting from dual support from policies and capital, with measures from the China Securities Regulatory Commission encouraging leading enterprises to list in Hong Kong [2]. - The average daily trading volume in the Hong Kong stock market has remained above HKD 200 billion, contributing to an overall increase in company valuations [2]. - The financing amounts in the Hong Kong IPO market are diversified across various sectors, with manufacturing leading at 37%, followed by consumer and energy/resource sectors at 20% and 16%, respectively [6]. Group 3: Future Outlook - Deloitte forecasts that the strong momentum in the Hong Kong IPO market will continue into the fourth quarter of 2023, with over 80 new listings expected in 2025, raising between HKD 250 billion and HKD 280 billion [1]. - The Hong Kong government is exploring ways to optimize the "same share, different rights" listing rules to attract more overseas companies for secondary listings [3]. - The market is expected to see continued inflow of overseas capital, particularly as the Federal Reserve enters a rate-cutting cycle, which will support large IPOs in Hong Kong [1][2].

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Kangfang Biotech (09926), which increased by nearly 5% to HKD 137.5, with a trading volume of HKD 1.212 billion [1] - Kangfang Biotech's innovative bispecific antibody drug, Ivosidenib (PD-1/VEGF bispecific), has been selected for a Late-Breaking Abstract presentation at the 2025 European Society for Medical Oncology (ESMO) annual meeting, scheduled for October 17-21 in Berlin [1] - The primary investigator, Professor Lu Shun from Shanghai Chest Hospital, will present the results of the pivotal Phase III clinical study (AK112-306/HARMONi-6) comparing Ivosidenib combined with chemotherapy against Tislelizumab combined with chemotherapy for first-line treatment of advanced squamous non-small cell lung cancer (sq-NSCLC) at the Presidential Symposium [1] Group 2 - Morgan Stanley's report indicates that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outpacing the Hang Seng Index's 34% rise, reflecting a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The report anticipates that the Federal Reserve's accelerated interest rate cuts will enhance risk appetite, directing funds towards growth sectors such as Chinese biotech [1] - However, Morgan Stanley notes that the performance of individual stocks will still depend on the companies' fundamentals, including commercialization execution and innovation research progress, expressing optimism for companies with short-term catalysts like Kangfang Biotech [1]

科技股的真正魅力，在于它永远在颠覆世人的想象边界。 从移动互联网的黄金时代开始，一部iPhone不仅重塑了人类的生活方式，更催生出一个横跨全球、滋养无数亿 万富豪的苹果产业链；在新能源的澎湃浪潮中，一家从福建小城走出的电池企业，以"锂"争天下，成长为市值 万亿、奠定中国新能源全球话语权的时代标杆；而当AI的号角吹响，老牌科技巨头亦能焕发新生——甲骨文 单日股价狂飙36%，其创始人拉里·埃里森以3930亿美元身家重登世界首富之巅，再次印证了这个行业永恒的 主题：没有永恒的王座，只有在技术的快速迭代中不断被重写的命运。 这轮由AI驱动的科技浪潮里，A股市场也在以前所未有的参与感，加入到这场跨越地域的合奏之中。截至9月 19日，科创综指年内上涨了45.03%，中证人工智能产业指数涨幅更是高达77.58%。 浪潮之上，众多聚焦科创的基金产品也迎来高光时刻。以浦银安盛旗下产品为例，Wind数据显示，9月初，浦 银安盛科技创新优选创下净值历史新高；其后在9月17日，浦银安盛高端装备净值攀升至2.2082元，创历史新 高，该产品近一年收益达138.83%； 9月19日，浦银安盛全球智能科技净值亦触及2.4073元，同步刷新 ...

Report Industry Investment Rating - The macro and financial sector of the global economy is rated as "Bullish" [1] Core View - The global economy maintains an upward trend, with China implementing the "Artificial Intelligence +" initiative, international capital actively increasing positions in China's technology sector, the US retail and manufacturing showing positive trends, the euro - zone manufacturing PMI breaking above the boom - bust line, and the global AI infrastructure accelerating [1] Summary by Related Catalogs Important Information - From a global perspective, Luobomei is more optimistic about non - US equity markets, especially China, Japan, and Europe. The weakening of the US dollar is expected to promote global capital re - balancing, and the demand for foreign capital to flow back to A - shares and Hong Kong stocks is expected to significantly increase [1] - A Goldman Sachs trader believes that the market is entering a liquidity - driven speculative stage, similar to the situation in 1999 in the US stock market, with the investment logic shifting from fundamentals to liquidity, market positions, and price trends [1] - Hong Kong - related ETFs have become the core carriers of capital inflows, with many products showing high scale and high net capital inflows. As of September 19, the latest scale of E Fund Hang Seng Tech ETF exceeded 20 billion yuan, reaching 20.45 billion yuan [1] - Huaxi Securities believes that Huawei has achieved TB - level ultra - large bandwidth through multi - port aggregation and high - sealing technology. The inter - connection bandwidth of Atlas 950 reaches 16.3PB/s, 62 times that of NVIDIA NVL144, and has achieved a 24% improvement in latency [1] - Samsung has significantly raised the prices of memory and flash products, with DRAM products increasing by up to 30% and NAND flash prices rising by 5 - 10%. Micron and SanDisk have also announced similar price increases [1] - Morgan Stanley says the humanoid robot industry is at a critical turning point, with the global market expected to reach $5 trillion by 2050. China leads the world in commercial orders, with a cumulative order amount of 975 million yuan, and Tesla Optimus V3 has become a global focus [1] Global Economic Logic - China implements the "Artificial Intelligence +" initiative, and international capital actively increases positions in China's technology sector. The US retail in August increased by 0.6% month - on - month, exceeding expectations. The US capital goods imports in July reached $95.8 billion, a new record. The euro - zone manufacturing PMI in August broke above the boom - bust line for the first time since June 2022. Huawei announced the evolution and goals of Ascend chips, and the global AI infrastructure is accelerating [1]

Core Insights - The Chinese hair care industry is experiencing steady growth, with market size projected to increase from 57.3 billion yuan in 2019 to 67.8 billion yuan in 2024, and expected to surpass 70 billion yuan due to the release of Z-generation scenario-based demands and technological advancements [1][6][7] - Online channels have become the dominant sales platform, with online transaction volume expected to exceed 34.037 billion yuan in the first half of 2025, reflecting a year-on-year growth of 20.67% [7][8] - The competitive landscape is characterized by international giants like Procter & Gamble, L'Oréal, and Unilever leading the market, while domestic brands are carving out niches through differentiated competition [1][6][9] Industry Overview - Hair care involves cleaning the scalp and hair while providing nutrition to maintain health and aesthetics, encompassing both washing and conditioning processes [2] - The industry is structured in three layers: upstream (raw materials and packaging), midstream (product manufacturing), and downstream (sales and consumption) [5][6] Market Dynamics - The market is driven by three main product categories: hair cleansing, care, and dyeing/perm, with men's hair care showing significant growth [1][8] - The market is witnessing a shift towards more precise consumer demands, with over 80% of consumers experiencing scalp health issues, leading to notable growth in functional segments like anti-hair loss and scalp care [8][9] Competitive Landscape - The market is dominated by international brands, which hold over 50% market share, while domestic brands are gradually increasing their presence through targeted strategies [9][10] - In the online market, domestic brands occupy 12 out of the top 20 positions, but international brands still account for 80% of market share, indicating a strong competitive edge for established players [10][11] Future Trends - The industry is expected to evolve around three main directions: technology-driven product upgrades, market segmentation, and the rise of domestic brands [12][13] - Technological advancements such as biotechnologies and AI will facilitate a shift from basic cleaning to precision care, enhancing product efficacy and customization [13] - The market will see further segmentation based on demographics and usage scenarios, with live-streaming e-commerce playing a crucial role in reaching consumers [14][15]

Core Viewpoint - The "14th Five-Year Plan" marks a significant milestone in China's technological development, with historical achievements and transformations in the sector under the strong leadership of the Party [1][3]. Group 1: Technological Innovation and Investment - China's comprehensive innovation capability ranking improved from 14th in 2020 to 10th in 2024, driven by increasing R&D investment [3]. - Total R&D investment in 2024 is projected to exceed 3.6 trillion yuan, a 48% increase from 2020, with an R&D intensity of 2.68%, surpassing the EU average [3]. - Basic research funding reached 249.7 billion yuan, growing over 70% since 2020, with significant achievements in quantum technology, life sciences, and other fields [3]. Group 2: Structural Reforms and Policy Enhancements - Continuous deepening of technological system reforms has released innovation vitality, with optimized talent evaluation and incentive policies [4]. - The national major technology task organization mechanism has been improved, emphasizing strategic demand orientation and exploring funding models [4]. - Coordination among technology, finance, industry, and education policies has been strengthened, with significant actions taken to support technology financing [4]. Group 3: International Cooperation and Global Competitiveness - China has established technological cooperation with over 160 countries and regions, signing 119 intergovernmental agreements [5]. - The implementation of the "Belt and Road" technology innovation action plan and the establishment of international laboratories are key initiatives [5]. Group 4: Industrial Growth and Economic Impact - The scale of high-tech industries has expanded, with the added value of high-tech manufacturing increasing by 42% since the end of the 13th Five-Year Plan [7]. - In 2024, 524 Chinese companies entered the global top 2000 for industrial R&D investment, representing 26.2% of the total, an increase of 4.8 percentage points since 2020 [7]. - Major technological achievements include the operational status of the "Tianhe" space station and the commercial flight of the C919 aircraft, showcasing China's innovation capabilities [7]. Group 5: Societal Benefits and Quality of Life - Technological innovations have significantly improved public welfare, supporting agricultural self-sufficiency and advancements in health care [8]. - Environmental improvements have been noted, with PM2.5 concentrations in the Beijing-Tianjin-Hebei region decreasing by 18% during the 14th Five-Year Plan [8]. - New technologies have enhanced safety in production and emergency response, contributing to societal governance [8].

Group 1: Economic Development and Reforms - The policy report emphasizes the importance of reform as a central theme, aiming to enhance government efficiency and address development challenges through the establishment of a "Department Head Responsibility System" and improved civil servant evaluation mechanisms [4][5] - The report outlines a series of short, medium, and long-term measures targeting industrial development, consolidating Hong Kong's international status, and promoting innovation and technology [6][7] - The establishment of the "Northern Metropolis Development Committee" and the introduction of flexible policies to attract new industries are highlighted as key strategies to boost economic growth and innovation [7] Group 2: Social Welfare and Public Services - The report includes a dedicated chapter on improving livelihoods, addressing nine key areas such as housing, transportation, and healthcare, with a focus on enhancing the quality of life for residents [10][11] - A target of supplying 189,000 public housing units over the next five years represents an 80% increase compared to the current government's tenure, directly addressing housing issues [11] - The report reflects a commitment to public healthcare reform, aiming to ensure that vulnerable populations receive adequate medical care while enhancing the sustainability of public health services [11]

9月18日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会。科技部部长阴和俊 在会上表示，5年来，我国科技事业取得历史性成就、发生历史性变革。 创新能力稳步提升 "'十四五'是我国科技事业发展历程中具有里程碑意义的5年。"阴和俊说，这5年，科技管理体制实现重 塑，新型举国体制优势充分彰显，中央科技委员会成立，央地协同、部门联动进一步加强，全国科技工 作"一盘棋"的基本格局已经形成。 转化水平上新台阶 科技成果转化一头连着科技创新，一头连着产业创新，是科技创新和产业创新深度融合的重要途 径。"十四五"以来，我国科技成果转化水平又上新台阶，全国技术合同成交额连续多年保持两位数增 长，2024年达到6.8万亿元。 重大科技成果加速涌现。"天宫"空间站转入常态化运营，新能源汽车产销量稳居世界首位，CR450动车 组巩固扩大高铁技术世界领跑优势，全球首座第四代核电站商运投产，特高压输变电世界领先，光伏、 风电装机容量居世界首位。 高新技术产业规模不断壮大。规上高技术制造业增加值较"十三五"末增长42%；"三新"经济增加值占 GDP的比重达18%；人工智能、生物科技等前沿领域正在形成新的经济增长点。 ...

9月18日，科技部部长阴和俊在"高质量完成'十四五'规划"系列主题新闻发布会上表示，"十四五"期间， 我国科技创新能力稳步提升，科技强国根基不断夯实；科技创新成果惠及广大群众，民生福祉持续改 善；科技体制改革持续深化，创新创造活力充分释放；国际科技合作广泛深入，具有全球竞争力的开放 创新生态加速构建。 在提升科技创新能力、夯实科技强国根基上，我国科技投入持续增加。2024年，全社会研发投入超3.6 万亿元，较2020年增长48%；研发投入强度达到2.68%，超过欧盟国家平均水平；研发人员总量世界第 一。 基础研究水平进一步提升。2024年基础研究经费2497亿元，较2020年增长超过70%；高水平国际期刊论 文数量和国际专利申请量连续5年世界第一。 五年间，我国科技创新和产业创新加速融合，新质生产力蓬勃发展。 高新技术产业规模不断壮大。规上高技术制造业增加值较"十三五"末增长42%，"三新"经济增加值占 GDP的比重达18%，人工智能、生物科技等前沿领域正在形成新的经济增长点。 企业创新能力显著增强。2024年，524家中国大陆企业进入全球工业研发投入2000强，占上榜企业比重 为26.2%，较2020年增加 ...