作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 2025年以来，A股市场整体呈现震荡上行的慢牛态势，尤其下半年开始牛市行情加速向上，整个三季度，沪指、深成 指累计分别大涨了12.76%、29.25%，而创业板更是飙涨了50.4%，创出罕见单季度涨幅超50%的记录。 然而银行板块却走出了截然不同的行情，自 7月开启调整模式至今，38家上市银行 已 集体连跌 了 三月。其中，民 生银行、华夏银行、光大银行、北京银行等近十股期间累计回调超过 20%，中证银行指数累计回撤15%，与同期沪 深300指数等主要指数的亮眼表现形成鲜明反差。 01 实际上，银行股回调三个月的背后，藏着清晰的资金博弈逻辑 ——6月下旬起， 以 AI、机器人、生物医药、芯片半 导体等为代表的 科创、 TMT板块凭借"高弹性、高想象空间"的标签，成为增量资金的"吸金石"， 全 A指数 18.18%的涨幅中，TMT板块贡献度高达42%，这种"虹吸效应"直接冲击了此前 以银行为主代办 的资金密集区。 要知道，自 2022年"中特估"概念正式提出以来，银行板块凭借低估值、高股息的特性，迅速成为央国企价值重估的 排头兵。 ...

Core Insights - The conference emphasized that true internationalization involves deep integration and co-creation with local markets rather than mere replication [2] - The shift from competing on price and scale to focusing on innovation, value, and brand is essential for future growth [2][4] - Innovation is now a critical necessity for survival and development, rather than an optional strategy [4] Investment and Market Expansion - In 2024, Guangdong enterprises established over 1,900 non-financial companies abroad, with actual investments exceeding $21 billion [3] - Guangdong's foreign trade has ranked first in China for 36 consecutive years, with a record total import and export value in the first eight months of this year [3] Innovation as a Driving Force - Innovation is recognized as the core driver for Guangdong businesses transitioning from "going out" to "going in" [4] - Companies are encouraged to increase R&D investments in cutting-edge fields such as AI, new information technology, biomedicine, new materials, and high-end equipment [5] Collaborative Strategies for Internationalization - The transformation of Guangdong businesses includes moving from individual efforts to collaborative ecosystems, enhancing overall competitiveness in international markets [9] - Companies are advised to diversify supply chains and utilize financial tools to mitigate risks associated with international trade [8] Green and Digital Transformation - AI and digitalization are seen as essential tools for enhancing efficiency and restructuring global operations, while green and low-carbon initiatives are becoming the new standard in international markets [11] - The establishment of a mutual recognition mechanism for carbon footprint and ESG certification between Guangdong and Hong Kong is proposed to facilitate access to European markets [11][12]

Core Viewpoint - Kanghong Pharmaceutical has shown significant stock performance with a year-to-date increase of 95.79%, despite a recent decline over the past 20 days [1][2]. Financial Performance - For the first half of 2025, Kanghong Pharmaceutical reported a revenue of 2.454 billion yuan, representing a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 730 million yuan, up 5.41% year-on-year [2]. Stock Market Activity - As of September 30, the stock price of Kanghong Pharmaceutical was 37.20 yuan per share, with a market capitalization of 34.273 billion yuan. The stock experienced a trading volume of 163 million yuan and a turnover rate of 0.65% [1]. - The stock has seen a net outflow of 1.1269 million yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 19, the number of shareholders for Kanghong Pharmaceutical increased to 24,900, with an average of 27,573 circulating shares per person, a decrease of 0.74% [2]. - The company has distributed a total of 2.038 billion yuan in dividends since its A-share listing, with 1.04 billion yuan distributed in the last three years [3]. Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and several mutual funds, with notable changes in their holdings [3].

Company Overview - Star Lake Technology, established on April 18, 1992, and listed on August 18, 1994, is located in Zhaoqing, Guangdong Province. The company specializes in the research, production, and sales of food additives, feed additives, chemical raw materials, and pharmaceutical intermediates [1]. Financial Performance - For the first half of 2025, Star Lake Technology reported a revenue of 8.16 billion yuan, a year-on-year decrease of 3.85%. However, the net profit attributable to shareholders increased by 65.22% to 836 million yuan [2]. - The company has cumulatively distributed 1.57 billion yuan in dividends since its A-share listing, with 1.26 billion yuan distributed over the past three years [3]. Stock Performance - As of September 30, Star Lake Technology's stock price increased by 2.01% to 7.61 yuan per share, with a total market capitalization of 12.644 billion yuan. The stock has risen by 24.96% year-to-date [1]. - The stock's trading volume on September 30 was 124 million yuan, with a turnover rate of 1.31% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 7% to 44,800, while the average circulating shares per person increased by 7.53% to 24,754 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 36.2164 million shares, an increase of 25.2508 million shares from the previous period [3].

Core Viewpoint - As of September 30, 2023, Aosaikang's stock price increased by 2.03% to 20.57 CNY per share, with a market capitalization of 19.092 billion CNY, despite a net outflow of main funds amounting to 14.2823 million CNY [1] Group 1: Stock Performance - Aosaikang's stock has risen by 63.38% year-to-date, but has seen a decline of 1.20% over the last five trading days and 11.83% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on July 16 [1] Group 2: Financial Performance - For the first half of 2025, Aosaikang reported a revenue of 1.007 billion CNY, representing a year-on-year growth of 9.20%, and a net profit attributable to shareholders of 160 million CNY, which is a significant increase of 111.64% [2] - Cumulatively, Aosaikang has distributed 721 million CNY in dividends since its A-share listing, with 111 million CNY distributed over the past three years [3] Group 3: Shareholder Structure - As of September 20, 2023, Aosaikang had 20,000 shareholders, an increase of 2.46% from the previous period, with an average of 46,298 circulating shares per shareholder, down by 2.40% [2] - Notable changes in institutional holdings include the entry of Yongying Medical Innovation Mixed Fund as the sixth largest shareholder, holding 11.6856 million shares, and the exit of several funds from the top ten shareholders list [3]

Core Viewpoint - Benda Pharmaceutical's stock has shown a mixed performance in recent months, with a year-to-date increase of 24.99% but a decline of 10.42% over the past 20 days, indicating volatility in its market position [1][2]. Financial Performance - For the first half of 2025, Benda Pharmaceutical reported a revenue of 1.731 billion yuan, reflecting a year-on-year growth of 15.37%. However, the net profit attributable to shareholders decreased by 37.53% to 140 million yuan [2]. - The company has distributed a total of 669 million yuan in dividends since its A-share listing, with 184 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 9.97% to 32,100, while the average number of circulating shares per person decreased by 9.08% to 13,064 shares [2]. - The stock's trading activity on September 30, 2023, showed a net inflow of 6.5472 million yuan from major funds, with significant buying and selling activity [1]. Company Overview - Benda Pharmaceutical, established on January 7, 2003, and listed on November 7, 2016, is primarily engaged in the research, production, and sales of pharmaceuticals, with 99.10% of its revenue coming from drug sales [1]. - The company operates within the pharmaceutical and biotechnology sector, focusing on cancer treatment drugs and innovative medicines [1].

Core Viewpoint - Shuyou Shen's stock price has shown significant volatility, with a year-to-date increase of 364.51%, but recent declines in the short term indicate potential market concerns [1][2]. Company Overview - Shuyou Shen (Beijing) Biopharmaceutical Co., Ltd. was established on August 16, 2002, and listed on April 15, 2011. The company primarily engages in the research, production, and sales of biological products and some chemical drugs [1]. - The main revenue sources are: 59.17% from injectable mouse nerve growth factor (Sutai), 33.19% from compound polyethylene glycol electrolyte powder, and 7.63% from other products [1]. Financial Performance - For the first half of 2025, Shuyou Shen reported revenue of 126 million yuan, a year-on-year decrease of 31.14%, and a net profit attributable to shareholders of -24.64 million yuan, a decline of 619.70% [2]. - The company has distributed a total of 771 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.20% to 31,700, with an average of 14,327 circulating shares per person, a decrease of 22.60% [2]. - New institutional shareholders include several funds, with notable holdings such as 15.72 million shares by Xingquan Helun Mixed A and 8.81 million shares by Xingquan Commercial Model Mixed A [3].

Group 1 - The 2025 Hangzhou International Talent Exchange and Project Cooperation Conference has officially commenced, featuring a high-level talent recruitment fair as a core segment, facilitating efficient connections between talent and industry [1] - Over 300 key enterprises and institutions from Hangzhou gathered, establishing multiple zones for talent recruitment, including a dedicated area for postdoctoral positions [1] - Major companies such as Hikvision and Geely, along with top research institutions like Westlake University, showcased over 6,000 job openings, with 93% of positions offering monthly salaries exceeding 10,000 [1] Group 2 - The postdoctoral recruitment zone attracted significant interest, with 80 postdoctoral workstations actively seeking talent, receiving numerous resumes within the first hour [2] - Hangzhou is enhancing its appeal as a global talent hub by providing a more open environment, superior conditions, and precise services, showcasing the city's charm and commitment to attracting talent [2]

9月28日，中国科协在中国科技会堂举办2025年"开放合作月"专题新闻发布会。据悉，中国科协2025 年"开放合作月"将于10月全面拉开帷幕，主题为"科技为舟载天下，人文作楫济未来"。 "开放合作月"活动内容主要分为四大板块。其中，民间科技外交主场会议活动主要包括世界新能源汽车 大会、世界工程组织联合会全体大会暨全球工程大会、世界青年科学家峰会和世界科技与发展论坛等中 国科协牵头主办的重要国际科技会议。科技引领未来发展交流活动主要包括全国学会开展的聚焦科学未 来、产业未来、绿色未来、共享未来国际交流活动。人文促进开放信任合作交流活动主要包括科协系统 组织的以科学家、工程师、青年科技人员等为主体的多双边科技人文交流活动。创新促进文明互鉴交流 活动主要包括在华发起设立的国际科技组织、科学计划所举办的各类交流活动。 "以上四个板块从'高端的凝聚共识'到'专业的攻坚克难'，从'增进互信'到'文明互鉴'，预计汇聚近百个 国家的科技力量，聚焦人工智能、集成电路、新能源、高端装备、生物医药、精准医学等领域发布《数 字地球可持续发展倡议》《建模仿真塑造世界数字化宣言》《全球青年科技人才携手成长倡议》等数十 项重要成果，为全球 ...

Core Viewpoint - The stock of TEBIO has shown a positive trend with a year-to-date increase of 15.02% and a recent rise of 5.63% over the last five trading days, indicating strong market interest and performance [1]. Financial Performance - For the first half of 2025, TEBIO reported a revenue of 1.511 billion yuan, representing a year-on-year growth of 26.96% [2]. - The net profit attributable to shareholders for the same period was 428 million yuan, reflecting a year-on-year increase of 40.60% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 8,439, up by 13 compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.51% to 48,204 shares [2]. Dividend Distribution - TEBIO has distributed a total of 577 million yuan in dividends since its A-share listing, with 506 million yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, major institutional shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, with both increasing their holdings [3].