Core Viewpoint - Hualan Biological's 2025 mid-year report shows positive growth in revenue and net profit, indicating improved profitability and operational efficiency [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.798 billion yuan, an increase of 8.8% year-on-year - Net profit attributable to shareholders was 516 million yuan, up 17.19% year-on-year - In Q2 2025, total revenue was 931 million yuan, a year-on-year increase of 7.53%, with net profit of 203 million yuan, up 13.62% year-on-year [1]. Profitability Metrics - Gross margin improved to 52.58%, an increase of 3.73% year-on-year - Net margin rose to 29.07%, up 7.05% year-on-year - Total selling, administrative, and financial expenses amounted to 278 million yuan, accounting for 15.44% of revenue, a decrease of 8.64% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.28 yuan, a rise of 17.37% year-on-year - Net asset value per share reached 6.57 yuan, up 6.86% year-on-year - Operating cash flow per share was 0.13 yuan, down 28.21% year-on-year [1]. Business Operations - The company reported a 5.23% increase in plasma collection volume, totaling 803.66 tons in the first half of 2025 - New plasma collection stations were established, contributing to the growth in collection volume [5]. Market Position and Investment Sentiment - The company has a Return on Invested Capital (ROIC) of 7.87%, indicating average capital returns - Analysts expect 2025 performance to reach 1.247 billion yuan, with an average EPS forecast of 0.68 yuan [3]. Fund Holdings - The largest fund holding Hualan Biological is the Harvest CSI Vaccine and Biotechnology ETF, which has reduced its holdings - Other funds have shown varied changes in their positions, with some increasing their stakes [4].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has introduced a new policy called "Tech Company Special Line," which provides a confidential listing channel and lowers the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1][2]. Group 1: Target Audience - Applicable to specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), especially those in early stages or with non-commercialized products [3]. Group 2: Eligibility Criteria - Core thresholds include: - Industry attributes: Must belong to HKEX-defined "specialized technology" (Chapter 18C) or "biotechnology" (Chapter 18A) fields. - R&D investment: For specialized technology, R&D spending must account for ≥15% of total costs over the past three years; for biotechnology, core products must have passed Phase I clinical trials. - Commercialization stage: Companies can be unprofitable and have no revenue but must demonstrate technical feasibility and market potential (e.g., patents, letters of intent) [5]. Group 3: Application Process - Step 1: Determine eligibility using the self-assessment tool available on the HKEX website [6]. - Step 2: Submit a confidential application, including signing a Non-Disclosure Agreement (NDA) with HKEX [8]. - Step 3: Provide a "confidential version" of materials, ensuring compliance with format requirements [10]. - Step 4: The HKEX team will provide feedback within 30 days, focusing on technical feasibility and compliance [11]. Group 4: Specialized Services - One-on-one guidance from HKEX experts is available for free, covering listing rules and fundraising strategies [13]. - Qualified companies can benefit from a fast-track review process, reducing the review period to 30 days [14]. - Flexible equity design allows founders to retain control without additional proof of "innovation" [15]. Group 5: Common Pitfalls - Avoid vague technical descriptions; provide third-party certifications and endorsements [17]. - Ensure transparency in related-party transactions; disclose fair pricing evidence [20]. - Strengthen investor relations by involving independent investors and disclosing key investment terms [22]. Group 6: Post-Listing Compliance - Continuous compliance includes mandatory disclosures on commercialization progress and R&D milestones [22]. - Companies can maintain market value by issuing quarterly R&D updates and engaging with analysts [23]. - A green channel for fundraising allows specialized companies to issue new shares through a simplified process [24]. Group 7: Market Comparison - The article compares the listing requirements and processes of Hong Kong (Tech Company Special Line), A-shares (Sci-Tech Innovation Board), and U.S. stocks (NASDAQ), highlighting differences in profitability requirements, review periods, valuation levels, and disclosure pressures [25].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) reported significant growth in the capital market, with a notable increase in fundraising activities and the development of the digital asset ecosystem [2][4]. Group 1: Capital Market Performance - In the first seven months of the year, Hong Kong's fundraising amount surged over 610% year-on-year to HKD 128 billion [2]. - In Q2, there were 27 IPOs raising a total of HKD 88 billion, marking an increase of over 900% compared to the previous year [4]. - The average daily trading volume increased by 85% year-on-year to HKD 243.7 billion [6]. Group 2: IPO Applications and Approvals - As of the end of July, there were over 220 IPO applications under review [2][4]. - The SFC processed 121 new listing applications in Q2, including 11 from unprofitable biotech companies and 11 from specialized technology companies [4]. - The SFC completed the review of 53 accepted listing applications within 40 business days [4]. Group 3: Asset and Wealth Management - The asset and wealth management sector in Hong Kong saw a robust growth, with assets under management for registered funds increasing by 39% year-on-year [6]. - The number of open-end fund companies rose by 56% year-on-year, and the average daily trading volume of ETFs surged by 135.5% [6]. Group 4: Digital Asset Ecosystem - The number of licensed virtual asset trading platforms in Hong Kong increased to 11, with 57 licensed entities allowed to provide virtual asset trading services [8]. - The first six Hong Kong SFC-approved virtual asset spot ETFs saw their market value and average daily trading volume rise by 73% and 13%, respectively [8]. - The SFC issued regulatory guidelines for licensed virtual asset trading platforms regarding collateral services and approved two platforms to offer such services [9].

Core Viewpoint - The integration of digital technology, biotechnology, and intelligent equipment is rapidly enhancing the development of the under-forest economy in China, transforming it into a key driver for high-quality growth in this green industry [1][2]. Group 1: Development of Under-Forest Economy - The under-forest economy is expanding in scale and becoming a crucial pillar for increasing income among mountain farmers, with various models such as ginseng, medicinal herbs, and edible fungi flourishing across different regions [1][2]. - The application of new technologies like remote sensing, intelligent environmental control, and blockchain traceability is increasing the added value of the under-forest economy, shifting it from scattered and extensive practices to intensive and efficient operations [1][2]. Group 2: Role of Technology - Technological advancements are significantly improving production efficiency and product quality, with modern breeding techniques and smart greenhouse technologies leading to substantial increases in yield and stability [2][3]. - Technology is facilitating the realization of multi-layered and composite operations, maximizing the utilization of forest resources while minimizing ecological disturbances [2][3]. Group 3: Challenges and Solutions - The under-forest economy faces challenges such as insufficient R&D investment, low efficiency in technology transfer, and a shortage of skilled professionals, which hinder the application of scientific advancements in practical production [2][3]. - Recommendations include increasing R&D funding, establishing mechanisms for technology transfer, and enhancing talent cultivation through training and incentives to attract professionals to the under-forest economy [3][4]. Group 4: Importance of High-Tech Integration - Enhancing the technological content of the under-forest economy is essential for achieving high-quality development, enabling the realization of both ecological and economic benefits, and contributing to rural revitalization and ecological civilization [4].

招商中证生物科技主题交易型开放式 指数证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中国银河证券股份有限公司 送出日期：2025 年 8 月 28 日 招商中证生物科技主题交易型开放式指数证券投资基金 2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中国银河证券股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核 了本报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容， 保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 45 页 招商中证生物科技 ...

Core Insights - The A-share market is experiencing a surge in high-priced and doubling stocks, with the number of stocks priced over 100 yuan nearly doubling since the beginning of the year, reaching 132 as of August 22 [1][4] - Sichuan stocks are showing a dual nature, with notable short-term movements in stocks like Leshan Electric Power and significant price increases in companies like Xinyi Technology [1][2] Sichuan Stocks - The number of Sichuan stocks priced over 100 yuan has increased from 6 to 7, with the addition of stocks in the hard technology sector, indicating a significant enhancement in their value [2] - Xinyi Technology has emerged as the "king of growth" among Sichuan stocks, with its share price soaring from 115.58 yuan to 273.81 yuan, benefiting from its early mass production of 800G optical modules [2][3] - Traditional high-priced stocks like Wuliangye and Luzhou Laojiao have shown stability, with price fluctuations remaining within 10% amid a generally subdued demand in the liquor industry [2] Doubling Stocks - Only two Sichuan stocks have seen price increases exceeding 200% this year: Xinyi Technology and vaccine developer Olin Bio, highlighting a clustering characteristic among Sichuan doubling stocks [3] - Doubling stocks are primarily concentrated in three core sectors: healthcare, information technology, and public utilities, with companies exhibiting both technological barriers and performance support [3] Market Dynamics - The rapid expansion of high-priced and doubling stocks in the A-share market is driven by macroeconomic recovery, supportive policies, and increased institutional and foreign investment [4][5] - The current market trend aligns with national strategic directions, focusing on sectors like technology (5G, AI) and healthcare, which are experiencing significant innovation and growth [5] Investment Considerations - There is a cautionary note regarding "pseudo-growth" stocks that lack substantial performance support, with a significant portion of low-priced doubling stocks showing negative net profits [6] - Identifying genuine growth stocks requires attention to high R&D conversion rates, clear commercialization paths, and operating in high-growth industries [6]

Group 1 - The "2025 Guizhou Business Launch Conference" will be held on September 7 in Guangzhou, aiming to create a high-end platform for deep collaboration in real estate, capital, talent, and technology between Guizhou and Guangdong [1] - The conference will focus on strategic emerging industries such as artificial intelligence, new energy, high-end equipment, next-generation communication technology, biotechnology, and new business models [1] - The "TOP20 Launch Roadshow Projects" will showcase breakthroughs in technological innovation, industrial transformation, and business models by Guizhou businesses in the Greater Bay Area, featuring globally launched projects like "Embodied Intelligent Robot Dexterous Hand" and "Drone Intelligent Applications" [1]

8月21日，"'一带一路'软件博览馆(香港)2025"在香港开幕，香港特区政府财政司司长陈茂波出席并致 辞。(香港特区政府新闻处供图) 当天，"'一带一路'软件博览馆(香港)2025"在香港开幕。陈茂波出席并致辞指出，香港依托"一国两 制"独特优势，一方面作为自由开放经济体，持续扮演"超级联系人"角色；另一方面，香港正联合粤港 澳大湾区其他城市加速建设全球领先的创科中心。香港作为内地与国际数据交汇点的区位条件，更为香 港发展人工智能、生物科技等产业提供显著优势。 中新网香港8月22日电 香港特区政府财政司司长陈茂波21日在香港的一个创科活动上表示，截至去年香 港初创企业约4700家，较2020年增长40%，其中近三成由非本地创业者创立，印证香港创科生态的全球 吸引力。 ...

A股上市公司2025年半年报正在陆续披露中，社保基金与公募基金作为资本市场重要力量，其持仓布局引人关注。据《证 券日报》记者梳理，截至8月21日发稿时，二者连续两个季度共同持有的个股为98只，集中分布于医药生物、化工等高成长领 域。上述98只个股截至二季度末的流通A股市值较一季度末整体增长3.64%。 本报记者 方凌晨 彭衍菘 在受访业内人士看来，社保基金与公募基金虽然投资思路并不完全相同，但都有价值投资倾向，二者连续两个季度同框个 股的市值实现增长，充分展现其独到的选股眼光与投资智慧。例如，在医药生物行业，生物科技的突破、健康生活需求的提高 等正成为机构一致看多的底层逻辑。 社保组合新进28只重仓股 近年来，政策持续鼓励中长期资金入市，推动资本市场高质量发展。Wind资讯数据显示，截至8月21日记者发稿，在已披 露2025年半年报的A股上市公司中，有129只个股的前十大流通股股东名单中出现了社保基金组合的身影。 按6月30日收盘价计算，社保基金合计持股市值达332.06亿元。常熟银行、鹏鼎控股、海大集团和万华化学等4只个股获社 保基金持股市值均超10亿元，分别为20.47亿元、13.78亿元、12.32亿元 ...

Group 1 - The index focuses on leading innovative drug companies in the A-share market, consisting of no more than 50 stocks primarily involved in innovative drug research and development [3] - As of the midday close, the index has increased by 0.5% with a rolling price-to-earnings ratio of 53.0 times, reflecting an 80.5% increase in valuation since its launch [4] Group 2 - The biotechnology ETF tracks the China Securities Biotechnology Theme Index, focusing on leading biotechnology companies in the A-share market, including those involved in gene diagnosis, biopharmaceuticals, and blood products [5] - As of the midday close, the biotechnology index has remained unchanged at 0.0% with a rolling price-to-earnings ratio of 55.6 times, indicating a 67.4% increase in valuation since its inception [5] Group 3 - The pharmaceutical ETF tracks the CSI 300 Healthcare Index, concentrating on leading companies in the A-share healthcare sector, covering segments such as chemical pharmaceuticals, medical services, and medical devices [6] - As of the midday close, the pharmaceutical index has increased by 0.2% with a rolling price-to-earnings ratio of 31.0 times, showing a 47.9% increase in valuation since its launch [7]