Core Insights - The article emphasizes the importance of timely macroeconomic intelligence and micro trading data in driving sell-side research and investment decisions. LSEG and XTech have developed a predictive model that utilizes leading indicators to provide actionable market signals for research institutions and investors [1] - LSEG's solutions combine macroeconomic forecasting with microstructure analysis, enabling sell-side researchers and investment professionals to identify signals amidst vast information, thereby enhancing research efficiency and investment returns [1] Group 1: Event Details - The event titled "From Micro Trading to Macro Economy: LSEG Quantitative Insights Shanghai Exchange" is organized by LSEG, inviting professionals from funds, quantitative research, and consulting firms to discuss data-driven investment futures [1] - The agenda includes a keynote presentation by Dr. Arman Sahovic, LSEG's Director of Front Office Solutions for the Asia-Pacific region, followed by a panel discussion featuring industry experts [2][5] - The event is scheduled for November 6, 2025, from 16:30 to 19:00 in Lujiazui, Shanghai, with a registration and approval process for attendees [2][6] Group 2: Analytical Solutions - LSEG's text analysis solutions convert unstructured data into actionable insights, identifying new alpha opportunities through advanced natural language processing and machine learning techniques [8] - The global macro forecasting service, developed in collaboration with Exponential Technology, provides institutional investors with practical insights into global economic trends, analyzing key indicators such as the U.S. Consumer Price Index (CPI) and retail sales data [10] - LSEG's news analysis service quantifies corporate sentiment and provides valuable metadata to enhance quantitative investment strategies, covering over 40,000 companies since 2003 [12]

Core Viewpoint - Tot (Sanya) Private Fund is a technology-driven quantitative private fund company that has achieved significant performance in the quantitative investment field, utilizing deep learning techniques for trading strategies [2][3]. Group 1: Company Overview - Tot (Sanya) Private Fund was founded in September 2021 and obtained its private fund license in March 2022, with its first product registered in April 2022. The company has grown from 1.8 billion yuan in assets under management in 2022 to 5 billion yuan by August 2025 [6][7]. - The core strategy team consists of graduates from Peking University, specializing in computer science and intelligent science, with a strong background in machine learning and software engineering [2][10]. Group 2: Performance Metrics - As of August 2025, the average return of Tot (Sanya) Private Fund's products reached ***%, ranking in the top 10 of quantitative private funds for the year [2]. - The product "Tot CSI 300 Index Enhanced 2" achieved a return of ***% in 2025, placing it among the top 10 for excess returns in the category of private funds with over 500 million yuan in scale [2]. Group 3: Core Strategies - The company employs a quantitative stock selection strategy, focusing on market neutrality and commodity CTA, with a strong emphasis on risk control and sustainable excess returns [5][19]. - The multi-cycle and multi-frequency return prediction model allows for decision-making across various time frames, from intraday to quarterly [15][19]. Group 4: Competitive Advantages - The company has a rich experience in machine learning, particularly in developing multi-modal factors, which provides a technical barrier compared to traditional multi-factor models [14][16]. - Strict risk exposure control is maintained, ensuring that the strategy effectively manages market volatility without significant drawdowns [17][19]. - The stability of the research and investment team is high, with a zero turnover rate among core members, who have been collaborating since 2016 [18].

为验证"HPV-DeepSeek"能否在癌症确诊前多年实现早期识别，研究团队对来自马萨诸塞州布莱根生物 银行的56份样本进行了测试，其中28份来自被确诊为HPV相关头颈癌的患者，另外28份来自健康对照 者。 结果显示，"HPV-DeepSeek"在28例癌症患者中的22例血液样本中检测到了HPV肿瘤DNA，其中最早一 例阳性样本采集于确诊前7.8年，而所有对照样本的检测结果均为阴性，显示出高度特异性。通过引入 机器学习技术，研究团队进一步将检测灵敏度提高至可识别28例癌症中的27例，包括确诊前10年采集的 样本。 目前，研究团队正基于美国国家癌症研究所"前列腺癌、肺癌、结直肠癌和卵巢癌筛查试验"中收集的数 百份样本开展进一步研究，以验证这一成果。 美国麻省总医院百瀚医疗系统科学家开展的一项最新研究发现，他们研制的血液检测工具"HPV- DeepSeek"能在症状出现前10年识别出与人乳头瘤病毒（HPV）相关的头颈癌，从而为患者提供更早的 治疗干预，改善其预后和生活质量。相关研究成果发表于新一期《国家癌症研究所杂志》。 在美国，70%的头颈癌由HPV引起，且发病率逐年上升。与HPV引起的宫颈癌不同，目前尚无针对 ...

证券研究报告 | 公司动态点评 2025 年 09 月 17 日 广立微（301095.SZ） 25H1 营收实现同比高增，收购 LUCEDA 深化硅光芯片布局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 478 | 547 | 745 | 970 | 1,236 | | 增长率 yoy（%） | 34.3 | 14.5 | 36.3 | 30.2 | 27.4 | | 归母净利润（百万元） | 129 | 80 | 137 | 184 | 265 | | 增长率 yoy（%） | 5.3 | -37.7 | 70.2 | 34.5 | 43.9 | | ROE（%） | 4.0 | 2.7 | 4.3 | 5.6 | 7.6 | | EPS 最新摊薄（元） | 0.64 | 0.40 | 0.68 | 0.92 | 1.32 | | P/E（倍） | 121.5 | 195.0 | 114.6 | 85.2 | 59.2 | | P/B（倍） | 4. ...

Core Insights - A research team from the University of California, Davis has developed a small imaging system called "DeepInMiniscope" that allows for high-resolution, non-invasive real-time observation of brain activity in mice [1][2] - The system is expected to open new pathways for neuroscience research and facilitate the development of new therapies for brain diseases [1] Group 1: Technology and Innovation - The DeepInMiniscope utilizes a novel mask design that integrates over 100 micro high-resolution lenses, employing neural networks to combine images from these lenses to reconstruct high-quality 3D images [1] - The neural network incorporates various machine learning methods to quickly and accurately restore fine structures in a larger 3D space [2] Group 2: Size and Usability - The new microscope measures only 3 square centimeters, approximately the size of a grape, and weighs about 10 grams, making it significantly smaller than previous devices [2] - Its ergonomic design allows for comfortable and safe use by mice during free movement, enhancing usability in behavioral studies [2] Group 3: Future Goals - The ultimate goal of the research is to develop a wireless device that is only 2 square centimeters in size, aimed at deepening the understanding of brain information processing and behavior mechanisms, as well as advancing the recognition and treatment strategies for brain diseases [2]

Core Insights - The article discusses the challenges and advancements in red tide monitoring and forecasting in the North Sea region, highlighting the establishment of a comprehensive intelligent support system for red tide disaster monitoring and early warning [1][5][10] Group 1: Red Tide Overview - Red tide, also known as "red ghost," is an ecological anomaly caused by the explosive proliferation of certain microalgae, leading to water discoloration and harm to marine life [1] - In 2024, China experienced 66 instances of red tide, with nearly 60% being toxic, covering an area exceeding 11,000 square kilometers [1] Group 2: Technological Advancements - The North Sea Bureau has developed an intelligent red tide recognition network using satellite remote sensing data, significantly improving the efficiency and accuracy of identifying water color anomalies compared to traditional methods [3] - A machine learning-based early warning model for red tide has been created, along with a three-dimensional migration and diffusion prediction model, enhancing the forecasting capabilities for different time scales [5] Group 3: Monitoring and Response Framework - A scientific decision-making model for on-site verification of water color anomalies has been established, facilitating efficient coordination between remote sensing monitoring and on-site responses [7] - The North Sea Bureau has integrated the latest technological achievements into an intelligent prediction and monitoring auxiliary system, supporting a dual-loop management approach for red tide monitoring and emergency response [7] Group 4: Focused Services and Future Directions - The North Sea Bureau is implementing a comprehensive forecasting system that combines satellite remote sensing, real-time sensors, and laboratory analysis to predict chlorophyll concentration and red tide risks in specific coastal areas [9] - Future plans include the integration of artificial intelligence and digital twin technologies to enhance early warning accuracy and establish a multi-dimensional monitoring network [10]

Core Viewpoint - The article emphasizes the trend of intelligent, automated, and green development in microbial fermentation technology, highlighting the integration of advanced technologies for efficient fermentation process control and optimization [4]. Group 1: Intelligent Fermentation Equipment - The current trend in intelligent research-grade microbial fermentation tanks is towards automation and real-time monitoring of parameters such as temperature, pressure, pH, and dissolved oxygen, enabling remote monitoring and operation [4]. - The fermentation tanks are equipped with features like automatic feeding, pH adjustment, and data recording and analysis, providing a comprehensive solution for fermentation processes [4]. - IoT technology is utilized for remote data transmission and cloud storage analysis, while machine learning and big data analytics are employed to predict potential issues during fermentation [4]. Group 2: Features of Xierman Research-grade Fermentation Systems - The systems integrate sterile automatic sampling pathways for online biochemical detection and intelligent closed-loop control [8]. - New optical technology is used for online optical density (OD) detection, allowing dynamic adjustment of feeding strategies [8]. - High-performance ARM chip design enables precise cultivation control [8]. - Wireless mobile platforms allow for flexible spatial control [8]. - Self-developed digital sensors work in deep intelligent collaboration with the reactor [8]. - The systems feature a flexible PID intelligent control algorithm, customizable parameters, and the ability to save configuration templates for easy operation [8]. - Data curves can be selected for multiple parameters and batch comparisons, with export capabilities [8]. - The systems support four-level user management and audit tracking, compliant with FDA 21CFR Part11 [8]. - Connectivity to mobile apps and Xierman software platform facilitates remote control and experimental design [8]. - The equipment is domestically produced, ensuring quick after-sales service and comes with all necessary components for immediate use [8]. Group 3: Xierman Technology's Commitment - Xierman is dedicated to providing high-quality biological cultivation solutions for the life sciences sector, aiming to accelerate research progress and product market entry [7]. - The company focuses on understanding the importance of biological cultivation and strives to offer stable and reliable biological cultivation instruments and equipment [7].

Group 1 - The book challenges the Eurocentric view of the origins of modern science, suggesting that significant moments in the development of modern science should be understood within a global historical context [2] - It emphasizes that the scientific revolution of the 16th century was a process that integrated knowledge from various cultures around the world, rather than being solely a European phenomenon [2] - The exploration journeys sponsored by European states in the 18th century led to advancements in various scientific disciplines, relying heavily on indigenous knowledge from the regions they explored [2] Group 2 - The book discusses the impact of the publication of "Compendium of Materia Medica" by Li Shizhen in the late 16th century, which categorized natural phenomena and influenced European scientific thought [3] - It highlights the significance of Charles Darwin's "On the Origin of Species," which was shaped by global discoveries and discussions on evolution that began in the late 18th century [3] - The translation and dissemination of Darwin's work into at least 15 languages by the time of World War I illustrates its global impact [3] Group 3 - The book explores the relationship between physics and international politics in the early 20th century, noting that international cooperation and conflict have continuously shaped the development of modern science [4] - It mentions the collaborative efforts of scientists from various countries, including China, in advancing modern physics, particularly in the context of relativity and quantum mechanics [4] - The current trends in research fields such as artificial intelligence, space exploration, and climate science highlight the necessity for international cooperation and knowledge sharing in addressing global challenges [4]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $14 million, rebounding from $12.4 million in Q4 of fiscal 2025, indicating a return to growth after a challenging previous quarter [3][8] - Year-over-year revenue comparison appears flat, but the company views this quarter as a stabilization point and the beginning of renewed momentum [8] - The operating loss for Q1 was $0.5 million compared to an income of $1.3 million in the same quarter last year, with adjusted EBITDA slightly positive at $60,000 [9][12] Business Line Data and Key Metrics Changes - The research services business contributed $13.7 million to the total revenue, while the data business provided the remaining amount [8] - Gross margin decreased to 43% from 50% year-over-year, primarily due to increased outsourced lab service costs [9] - Operating expenses rose to $6 million, with intentional increases in R&D and sales and marketing to support the data business [10] Market Data and Key Metrics Changes - Customer cancellations have decreased, and bookings to revenue conversion has improved, indicating stronger customer relationships [4] - The macro environment remains challenging, but there are signs of improvement in biotech funding and R&D budgets [3][21] Company Strategy and Development Direction - The company is focused on expanding its core TOS platform and driving value opportunities in Corellia and its data business [2][3] - The radiopharmaceutical services platform is being enhanced with new infrastructure and capabilities, aiming to reduce costs and improve gross margins [4] - The company sees significant long-term opportunities in AI and machine learning for drug discovery [5] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improving market conditions, although they do not expect a rapid recovery [21] - The company anticipates sequential revenue growth and margin expansion as they bring more work in-house [12] - Management is confident in the ability to execute and deliver value for shareholders, supported by a strong balance sheet and no debt [11][12] Other Important Information - The company ended Q1 with $10.3 million in cash, reflecting a slight increase from the previous year [11] - The management team is committed to maintaining a disciplined approach to cost management while investing in growth [12] Q&A Session Summary Question: Any changes in the strategy on the data licensing business? - Management confirmed there are no changes to the strategy, emphasizing early wins and potential in the data licensing business [14][15] Question: How would you characterize the size of the opportunity in the data business? - Management stated it is still early to predict the exact size and success of the opportunity, but there is significant interest and potential [16] Question: What frameworks are being considered for Corellia? - Management indicated they are looking for external partners and funding to support Corellia's advancement [17] Question: Can you provide insights on the broader investment landscape? - Management described the environment as tough but cautiously optimistic about improving conditions and budget constraints easing [20][21] Question: Will the stabilization period extend into the second half of the year? - Management suggested that Q1 might be the low point for the fiscal year, with expectations for gradual revenue growth [24] Question: Any color on Q2 revenue compared to last year? - Management refrained from providing specific guidance but anticipates revenue will increase on a quarterly basis [28]

2025 年 09 月 15 日 中欧基金旗下两只沪深 300 指数增 强基金的配置价值分析 ——基金经理研究系列报告之八十 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 邓虎 (8621)23297818× denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 模型信号：多维度提示关注沪深 300 的配置价值。（1）沪深 300 指数的成交额占比近 期有所提升；（2）沪深 300 在高质量、高股息性价比与成分股待涨占比突出的三大特征。 基本面特征——高质量的宽基指数、性价比特征——股息性价比逐渐突出、成分股细拆 维度——年内高涨幅股票占比偏低，部分高质量个股仍"待涨"；（3）从市场短期价量 指标入手，模型维持提示大盘风格占优信号，短期内 5 日 RSI 相对 20 日 RSI 大幅下滑， 信号提示强烈，此时具备强大盘属性的沪深 300 指 ...