"我们致力于在产业发展的早期阶段识别出具备核心竞争力和持续创新能力的公司，并通过深度跟踪与 动态评估，把握企业成长的关键节点。"吴刚表示，在具体投研实践中，南土资产注重从宏观趋势、产 业逻辑与公司治理三个维度构建投资框架。公司不仅关注技术的前沿性，更注重技术的商业化落地与产 业链协同效应。 据了解，南土资产重点布局人工智能、机器人、创新药三大赛道，形成了系统的投资研究框架。在人工 智能方面，公司重点关注海外产业链与国产化率提升的领域；在机器人方面，公司看好中国制造能力与 AI技术的深度融合；在创新药方面，公司重点关注中国企业在全球研发体系中日益提升的竞争力。 吴刚表示，南土资产的投资方法论建立在深度产业研究的基础上，公司不仅关注企业的当前价值，更看 重其未来的成长空间。从早期关注传统价值股，到近年来重点布局科技创新领域，对成长性的追求始终 是公司投资进化的核心驱动力。通过深入的产业链研究和企业调研，南土资产力求在科技创新领域实现 从1到N的价值发现。 打造协同发展新范式 在谈及私募机构与科创企业的关系时，吴刚用"共同成长"来概括其中的双向赋能价值。作为科技创新企 业的重要资金支持方，南土资产在提供资本支持的同 ...

Core Insights - The company emphasizes the importance of technology innovation as a core driver for China's economic transformation, focusing on sectors such as artificial intelligence, robotics, and innovative pharmaceuticals [3][4][8] Group 1: Investment Focus - The company maintains a long-term holding ratio of 50%-70% in technology innovation enterprises since the establishment of the Sci-Tech Innovation Board in 2019 [3] - The investment strategy is built on identifying companies with core competitiveness and continuous innovation capabilities at early stages of industry development [4] - The company is particularly focused on enhancing the domestic supply chain and increasing the localization rate in the artificial intelligence sector [3][4] Group 2: Investment Methodology - The investment methodology is based on deep industry research, focusing not only on current value but also on future growth potential [4] - The company constructs its investment framework from three dimensions: macro trends, industry logic, and corporate governance [3] Group 3: Collaborative Development - The company adopts a "co-growth" approach, providing not only capital support but also strategic value and resource empowerment to the companies it invests in [5] - A notable case involved the company increasing its investment in a Sci-Tech Innovation Board enterprise during a downturn, helping the company recover and achieve significant stock price growth [5] Group 4: Social Responsibility - The company integrates social responsibility into its business model, donating performance-related earnings to the Tiger Action Public Welfare Fund, benefiting nearly 100,000 left-behind children [7] - The company believes that social responsibility is a crucial support for healthy organizational development, enhancing its stability and competitive edge [7] Group 5: Future Outlook - The company plans to continue exploring investment opportunities in cutting-edge fields such as artificial intelligence and biomedicine, while also focusing on innovative public welfare models [8]

在人工智能方面，公司重点关注海外产业链与国产化率提升的领域；在机器人方面，公司看好中国制造 能力与AI技术的深度融合；在创新药方面，公司重点关注中国企业在全球研发体系中日益提升的竞争 力。 ● 本报记者 刘英杰 近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进知名私募机构南土资产，围绕 科技创新投资逻辑、私募与科创企业双向赋能、行业责任担当等议题展开深入交流，共同探索主观多头 私募在支持科技创新与实体经济中的独特价值。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投 资能力与合规治理水平的私募管理机构。本次调研旨在推动优秀投资理念的行业共享，助力构建科技、 资本与实体经济良性循环的生态体系。 构建科创投资生态圈 南土资产创始人吴刚在接受中国证券报记者专访时表示，公司始终坚信，科技创新是引领中国经济转型 的核心驱动力。自2019年科创板设立以来，南土资产就将科创企业作为重点投资方向，持仓比例长期保 持在50%-70%。国内私募行业最初多以传统行业为主要投资方向，但南土资产在科技创新领域逐渐形成 了独特的投资理念和研究框架。 "我们致力于在产业发展的 ...

Core Viewpoint - Luo Xin Pharmaceutical (002793) is experiencing fluctuations in stock performance and investor sentiment, with recent developments indicating a mixed outlook for the company and the pharmaceutical industry as a whole. Group 1: Stock Performance - As of October 21, 2025, Luo Xin Pharmaceutical's stock closed at 5.47 yuan, down 0.18%, with a turnover rate of 3.84% and a trading volume of 416,500 shares, amounting to a transaction value of 227 million yuan [1]. - On October 21, 2025, the net outflow of funds from major investors was 21.91 million yuan, while retail investors saw a net inflow of 25.77 million yuan [4]. Group 2: Shareholder Information - The total number of shareholders as of October 20, 2025, was 48,304, with 30,338,341 shares held by deep stock connect investors as of September 30, 2025 [2][3]. - The total number of shareholders as of September 30, 2025, was 38,267 [3]. Group 3: Company Operations and Financials - The company reported significant improvement in performance driven by the innovative drug Tegoprazan, with net profit turning positive in the first half of 2025 [3]. - The company maintains a complete industrial chain from raw materials to formulations, producing over 150 varieties of products across various forms, including tablets and injections [3]. - The company emphasizes that its operations are ongoing and that there has been no disruption in business activities despite market challenges [3].

Core Viewpoint - The A-share market shows a positive long-term outlook, with significant interest in sectors such as technology, robotics, and innovative pharmaceuticals, despite some short-term caution from certain institutions [1][3][5]. Market Performance - As of October 21, the Shanghai Composite Index returned to 3900 points, with the three major A-share indices closing up by 1.36%, 2.06%, and 3.02% respectively [2]. - Year-to-date, the A-share indices have seen substantial increases of 16.84%, 25.57%, and 43.99% [2]. - New account openings in September reached 2.9372 million, a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, marking the second-highest monthly figure of the year [2]. Investment Strategies - Various public funds have released their fourth-quarter strategies, indicating a preference for sectors like AI, innovative pharmaceuticals, and technology [4][5]. - Institutions such as Ping An Fund and HSBC Jintrust have highlighted opportunities in the AI industry chain, humanoid robots, and solid-state batteries [4][5]. Sector Focus - The technology sector, particularly AI and innovative pharmaceuticals, has shown remarkable performance, with indices like the Sci-Tech Innovation Index and the Shanghai Medical Theme Index rising by 44.65% and 13.14% respectively year-to-date [4]. - Funds focusing on technology have reported impressive returns, with some achieving over 175% year-to-date [4]. Bond Market Outlook - The bond market is expected to remain stable, with the ten-year government bond yield rising to 1.8552% as of October 21, up nearly 20 basis points since June 30 [7]. - Institutions like China Merchants Fund suggest that the bond market will not enter a prolonged bearish phase, but caution that credit bonds may lack independent trends due to market fluctuations [7][8].

Core Viewpoint - The article discusses the recent advancements in the approval process for innovative drugs in Beijing, highlighting the efforts made to optimize clinical trial reviews and approvals, thereby accelerating the availability of new medications to patients. Group 1: Clinical Trial Approval Process - The approval time for clinical trials in Beijing has been reduced from 60 working days to 30 working days, with some projects receiving approval in as little as 18 working days [1][4][5] - In the first half of this year, the overall pre-approval rate for clinical trials was 34.8%, with a parallel review rate of 23.5% for ethical and project approvals [1] - The average review time for clinical trial applications during the pilot program was 24.6 working days, with the fastest approval taking only 18 working days [5] Group 2: Innovative Drug Fast-Track Approval - A "dual-channel" mechanism has been implemented for drug approvals, allowing certain innovative drugs to enter a 30-day fast-track approval process based on clinical need [6] - The focus is on drugs for rare diseases, pediatric use, and those requiring global synchronized development [6] - The approval speed for innovative drugs has improved significantly, with some applications being processed in as little as 21 days [5] Group 3: Import Drug Inspection and Approval - Since the beginning of 2024, Beijing has attracted 67 new imported drug varieties, with a total value of $7.9 billion, and has implemented measures to expedite the inspection process [11] - The inspection time for certain targeted drugs has been reduced to as little as 7 to 19 days, significantly speeding up the time from approval to patient access [12] - The introduction of segmented production for imported drugs allows for more flexible resource allocation and faster market entry [13]

Core Viewpoint - The A-share market shows a positive long-term outlook, with significant interest in sectors such as technology, robotics, and innovative pharmaceuticals, despite some short-term caution from certain institutions [4][6]. Market Performance - As of October 21, the Shanghai Composite Index returned to 3900 points, with the three major A-share indices closing up by 1.36%, 2.06%, and 3.02% respectively. Year-to-date, these indices have increased by 16.84%, 25.57%, and 43.99% [3][4]. - New account openings in the A-share market reached 2.9372 million in September, a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, marking the second-highest monthly figure of the year [3][4]. Institutional Strategies - Multiple public funds have released their strategies for the fourth quarter, indicating a generally optimistic view on the long-term performance of the Chinese stock market, while some express caution regarding short-term valuations [4][6]. - Specific sectors highlighted for investment include AI, human-shaped robots, innovative pharmaceuticals, solid-state batteries/storage, and cyclical manufacturing benefiting from economic recovery [6][8]. Sector Performance - The AI, innovative pharmaceuticals, and technology sectors have shown remarkable performance this year, with the STAR Market Index and STAR 50 Index rising by 44.65% and 42.21% respectively [5][6]. - Funds focusing on these sectors have also reported impressive returns, with some achieving annual yields exceeding 175% [5]. Bond Market Outlook - The bond market is currently experiencing fluctuations, with the ten-year government bond yield rising to 1.8552% as of October 21, up nearly 20 basis points since June 30 [7]. - Institutions suggest that the bond market will not enter a prolonged bearish phase, but caution that credit bonds may lack a clear trend due to market adjustments [7][8].

Investment Rating - The report maintains a positive outlook on the innovative drug and medical device industry, highlighting key targets for investment [5][24]. Core Insights - The innovative drug sector is experiencing high growth, with a focus on companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. The report emphasizes the potential for value re-evaluation in these firms [5][24]. - Recent business development (BD) deals in the innovative drug sector are expected to catalyze market activity, with notable transactions including Jiangsu Heng Rui Medicine's agreement with Kite for a $1.20 billion upfront payment, potentially reaching $15.20 billion in total [5][24]. - The A-share pharmaceutical sector underperformed the broader market in the third week of October 2025, with the Shanghai Composite Index falling by 1.5% and the SW Biopharma index declining by 2.5% [7][18]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Medical Devices - The report emphasizes the high growth potential in innovative drugs, with key investment targets including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. Related targets include CSPC Innovation Pharmaceutical [5][24]. 2. A-Share Pharmaceutical Sector Performance - In the third week of October 2025, the A-share pharmaceutical sector saw a decline of 2.5%, underperforming the Shanghai Composite Index, which fell by 1.5%. The report notes that the sector's premium relative to all A-shares is currently at a normal level, with a relative premium rate of 74.5% [7][14][21]. 3. Hong Kong and U.S. Pharmaceutical Sector Performance - The report indicates that the Hong Kong and U.S. pharmaceutical sectors also underperformed, with the Hang Seng Healthcare index dropping by 5.8% and the S&P 500 Healthcare index increasing by only 0.7% during the same period [18][24].

来源：新浪基金 10月21日，港股通创新药板块震荡回暖，100%创新药研发标的——港股通创新药ETF（520880）午后 稳定涨势，场内收涨1.21%终结两连跌。成份股荣昌生物、云顶新耀涨超4%，权重股石药集团、翰森制 药跌1%有所拖累。 【创新药"新势力"——港股通创新药ETF（520880）：纯正创新药，聚焦真龙头，港股高弹性】 港股通创新药ETF（520880）被动跟踪恒生港股通创新药精选指数，该指数完全不含CXO，100%布局 创新药研发类公司，超7成仓位押注大市值创新药龙头，是精准表征创新药硬核力量的纯正创新药指 数。场外投资者可关注其联接基金：025221。 | | | 港股通创新药ETF (520880)标的指数 前十成份股权重高达71.63%,龙头优势显著 | | | --- | --- | --- | --- | | 代码 | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 三济神州 | 10.47 | 3.304 | | 1177.HK | 中国生物制药 | 10.01 | 1,527 | | 1093.HK | 石药集团 | 9.58 | 1,080 | | 18 ...

10月21日，港股通创新药板块震荡回暖，100%创新药研发标的——港股通创新药ETF（520880）午后 稳定涨势，场内收涨1.21%终结两连跌。成份股荣昌生物、云顶新耀涨超4%，权重股石药集团、翰森制 药跌1%有所拖累。 值得关注的是，520880早尾盘震荡区间均涌现溢价，收盘溢价率更是超过1%，显示买盘尤为强劲。资 金面上，昨日3945万元逢跌净申购，近10日维度，累计超1.58亿元进场。 9月中旬以来，港股通创新药震荡走低，而创新药产业的态度和动作，成为波动行情中的"定心丸"。一 方面，美国第一药企辉瑞公司首席执行官直言，中国的生物医药生态系统"令人瞩目"，美国应少关注如 何拖慢中国，而更多思考如何适应新的竞争。另一方面，上周行业出现久违的BD"小高潮"，一天内三 个中国药企BD落地。 当下创新药怎么投？港股通创新药ETF（520880）基金经理丰晨成认为，创新药行情已经从"鸡犬升 天"的普涨行情，逐步过渡到关注"质量因子"的第二阶段。只有真正能落地、临床数据优异并具有商业 化能力的创新药龙头，才能取得财务的成功，并实现对于海外业务的"戴维斯双击"。 【创新药"新势力"——港股通创新药ETF（52088 ...