Core Insights - The "2025 Sensor Conference" opened in Zhengzhou, focusing on the theme "Perceiving the World, Creating the Future," gathering representatives from various international organizations, universities, research institutions, and enterprises to discuss industry trends and application scenarios [1] Industry Growth - The sensor market is rapidly expanding, with a projected market size of 406.12 billion yuan in 2024 and an expected growth to 470 billion yuan in 2025, reflecting an annual growth rate of approximately 15%. By 2030, the market is anticipated to exceed 1 trillion yuan [2] - China has significant market potential and diverse application scenarios, positioning itself as a leader in the sensor industry despite some technological shortcomings. The country is particularly strong in areas like embodied intelligent robots and new energy vehicles, which require extensive sensor technology [2] Technological Development - The gap between Chinese sensor manufacturers and international leaders is narrowing, although challenges remain in advanced functional materials and manufacturing processes [3] - The integration of sensors with the semiconductor industry is a key focus for future development, with potential applications in low-altitude economy, embodied intelligence, quantum information, and biotechnology [3] Regional Development Trends - Various regions in China are actively developing their sensor industries, with cities like Zhengzhou, Wuhan, and Xi'an focusing on gas and infrared sensors, while the Beijing-Tianjin-Hebei region is enhancing MEMS technology and chip manufacturing [4] - Zhengzhou has become a hub for sensor-related enterprises, with over 2,900 companies and a market share exceeding 70% in gas sensors and 15% in gas detection instruments, leading the nation [4]

医药板块本周集体上行，创新药、生物科技等细分板块涨幅靠前。指数层面，恒生港股通创新药指数上涨5.7%，中证港股 通医药卫生综合指数上涨3.9%，中证创新药产业指数上涨2.5%，中证生物科技主题指数上涨2.3%，沪深300医药卫生指数 上涨1.3%。 中信建投证券表示，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造能力构成核 心支撑，企业积极探索多元化的出海路径。展望2026年，可以重点关注创新商业化、全球化突破、政策优化带来的新增量 及行业并购整合的机遇。 | | 恒生港股通 | 中证落股通 | 中证创新 | 中证生物 | 沪深300 | | --- | --- | --- | --- | --- | --- | | | 创新药指数 | 医药卫生综 | 药产业指 | 科技主题 | 矢药卫生 | | | | 合指数 | 257 | 指数 | 指数 | | 本周涨跌幅 | 5.7% | 3.9% | 2.5% | 2. 3% | 1.3% | | 指数估值 | 滚动市盈率 59.5倍 | 滚动市盈率 28. 2倍 | 滚动市盈率 50. 1倍 | 滚动市盈率 54. 4倍 | 滚 ...

安永香港科技、媒体与电讯行业审计服务主管陈日辉指出，当前，内地与香港资本市场已进入互补发展 阶段，两地市场协同发力、共同服务国家战略。上半年国际资本持续涌入香港市场，南下资金加速流 入，推动港股投资者结构从"外资主导"转向"内外资双轮驱动"。虽然面临阶段性震荡，但港股整体呈现 上行趋势，并在龙头企业、市场政策、外部环境多重作用下实现规模增长与结构升级。 针对拟上市企业，赖耘峯建议，企业主动拥抱科技，构建面向未来的业财治理体系。面对企业财务数据 收集繁琐、外部监管审核趋严等风险，企业应考虑业财一体化系统建设，将打通业务与财务数据流作为 IPO筹备的优先事项，从根本上确保数据同源、同步与流程透明。并且构建可追溯的数据证据链，加强 数字化转型和智能财务建设，主动向投资者展示数智化治理能力。 （文章来源：新华财经） 安永香港资本巿场服务发言人赖耘峯表示，2025年香港IPO市场不仅在规模上强势反弹，更在结构上呈 现多元化与高质量特征。大型项目稳定市场信心，中小型企业补充活力，形成良性互动。随着政策优化 及国际资金回流，香港作为国际金融中心的地位将进一步巩固。 数据显示，截至2025年11月26日，港股活跃申报企业达3 ...

Core Insights - The approval of 16 technology-themed funds, including AI and chip ETFs, signals regulatory support for "hard technology" companies to access long-term capital [1][2] Group 1: Regulatory Support for Technology - Regulatory bodies are actively facilitating long-term capital support for "hard technology" enterprises, which is crucial for the development of new productive forces [2] - The capital market is enhancing its inclusivity and adaptability to provide a more flexible financing environment for enterprises related to new productive forces [3] - The economic value added from "three new" sectors (new industries, new business formats, new business models) is projected to reach 242.908 billion yuan in 2024, growing by 6.7% year-on-year, accounting for 18.01% of GDP [3] Group 2: Multi-Layered Market System - The multi-tiered market system effectively expands coverage for technology innovation, providing full-cycle capital support for different types of enterprises [4] - The Science and Technology Innovation Board focuses on "hard technology," while other boards serve various segments of innovative enterprises, ensuring comprehensive support for technology companies [4] Group 3: Financial Tools and Services - Innovative financial tools and services are being developed to offer diverse financing options, aiding enterprise growth [5] - The bond market is innovating to support strategic sectors, with the introduction of a "technology board" to guide funds towards early-stage, small, long-term investments in hard technology [5] - From May 7 to November 25, 2025, the technology innovation bond market issued 1,317 bonds, with a total issuance scale of 1.5 trillion yuan [5] Group 4: Patient Capital - The growth of patient capital is essential for providing stable funding sources for technology innovation [6] - Regulatory bodies are broadening channels for medium- and long-term capital to enter the market, creating an attractive environment for long-term investments [6] - Future efforts will focus on nurturing patient and long-term capital to support technological and industrial innovation [6]

Core Viewpoint - The pharmaceutical sector continues its upward trend, achieving a "three consecutive days of gains" with various indices showing positive growth, indicating a robust market performance in the industry [1]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 1.7% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 1.2% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.1% [1]. - The CSI Biotechnology Theme Index and the CSI 300 Pharmaceutical and Health Index both grew by 0.6% [1]. Group 2: Industry Insights - CITIC Securities states that the Chinese pharmaceutical industry has entered a critical phase characterized by "innovation realization and global layout" [1]. - Key supports for the industry include population and domestic demand base, as well as comprehensive manufacturing capabilities across the entire industry chain [1]. - Companies are actively exploring diversified overseas paths [1]. - Looking ahead to 2026, opportunities are expected in innovative commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [1].

陈茂波当地时间11月26日会继续在英国伦敦的访问，随后转往意大利米兰。 另外，他又提到北部都会区将成为推动创科发展的关键平台，特区政府正加快该区建设，包括放宽规划 限制，采用更具弹性的发展模式，例如片区开发，实现土地绑定产业的融合发展。特区政府也会推出优 惠政策，吸引企业进驻。 而深圳河套地区将成为跨境的创新走廊，推动创新政策，包括资金、人才、货物、数据，以至生物样本 的自由流动，这些都对从事人工智能和生物科技的国际公司具相当吸引力。 陈茂波总结称，香港的发展前景亮丽，欢迎更多英国企业及专业人士来港投资兴业和发展事业，共享庞 大的发展机遇。 智通财经APP获悉，香港财政司司长陈茂波当地时间11月25日抵达英国伦敦并展开访问，与多家来自欧 洲、中东和亚洲的家族办公室的代表会面，向他们介绍香港在金融和创科方面的投资机遇、慈善和影响 力投资的生态，以及优质的生活环境等，欢迎他们来港设立办公室；此外，陈茂波也与一家有意在港来 港设点营运的金融机构会面。 陈茂波之后出席由香港贸发局举办的"香港晚宴"并发表主题演讲，向英国的政商界介绍香港的最新情况 和发展机遇。他强调，"一国两制"继续是香港繁荣稳定的基石，法治和普通法制 ...

Group 1 - Heptagon Pharma announced an update to deepen its global strategic cooperation with AstraZeneca, focusing on discovering and developing next-generation biotherapies, including antibody-drug conjugates (ADC) and T cell engagers (TCE) [1] - AstraZeneca will nominate research projects to Heptagon Pharma annually for the next four years, granting them licensing options for these projects [1] - The partnership reflects the strengthening relationship between Heptagon Pharma and AstraZeneca, showcasing the integration of Chinese biotech companies into the global pharmaceutical ecosystem [1] Group 2 - Prolog Pharma's subsidiary received a drug registration certificate for Cefdinir dry suspension, marking it as the first approved generic antibiotic in China that meets quality and efficacy consistency evaluation [2] - This approval allows the product to participate in national medical insurance negotiations, enhancing its market competitiveness [2] Group 3 - Sinovac's recombinant shingles vaccine has received clinical trial approval from the National Medical Products Administration, targeting individuals aged 40 and above [3] - There are currently two approved shingles vaccines in China, but both have faced poor sales performance, raising concerns about public willingness to vaccinate and the commercialization of high-priced self-funded vaccines [3] Group 4 - AstraZeneca announced a $2 billion investment to expand its manufacturing operations in Maryland, marking its fourth major manufacturing investment in the U.S. this year [4] - The company plans to invest $50 billion by 2030 to enhance its manufacturing and R&D capabilities in the U.S., which is expected to create tens of thousands of jobs [4] Group 5 - Mandi International has submitted its application to the Hong Kong Stock Exchange, focusing on skin health and weight management solutions, with its core brand being the hair loss treatment product Mandi [5] - Mandi has ranked first in the Chinese hair loss medication market for ten consecutive years, with a projected market share of 57% in 2024 [5] - The company faces revenue dependency on a single product, making its IPO progress a point of interest for investors [5]

陈茂波将于当地时间11月28日中午从米兰启程回港，香港时间11月29日早上返抵香港。(完) 来源：中国新闻网 香港财政司司长将前往英国和意大利访问 中新网香港11月24日电 据香港特区政府新闻处24日消息，香港特区政府财政司司长陈茂波24日深夜将 启程前往欧洲，先后到英国伦敦和意大利米兰访问。 11月25日至26日访问伦敦期间，陈茂波会出席一系列活动，包括由香港贸易发展局(简称"贸发局")举办 的"香港晚宴"、由香港工商协会举办的午餐会，并与当地工商界、金融界、家族办公室代表等会面，介 绍香港的最新情况和优势。 11月27日至28日访问米兰期间，陈茂波将率领一个约80人的代表团，出席由贸发局举办的"成就机遇·首 选香港"推广活动和"香港晚宴"。代表团成员包括香港金融管理局、引进重点企业办公室、投资推广署 等政府机构的代表；香港交易及结算所有限公司、香港科技园公司、香港旅游发展局、西九文化区管理 局等公营机构的代表；从事金融、人工智能、资讯科技、生物科技、物流、设计、专业服务等领域的业 界组织和企业。 在米兰期间，陈茂波也会与当地工商界领袖和企业负责人会面。 广告等商务合作，请点击这里 本文为转载内容，授权事宜 ...

- The China Securities Biotechnology Theme Index was launched on August 26, 2015, by China Securities Index Co., Ltd. The index selects listed company securities involved in gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology as index samples to reflect the overall performance of biotechnology listed company securities[3][38] - The index sample space is the same as the China Securities All Index sample space, consisting of A-shares and depository receipts issued by red-chip companies that meet the following conditions: "(1) Non-ST, *ST securities; (2) Other securities: listed for more than one quarter, unless the average daily market value ranks in the top 30 since listing; (3) STAR Market and Beijing Stock Exchange securities: listed for more than one year and two years, respectively"[39] - The index sample selection method includes: (1) Ranking the securities in the sample space by average daily turnover over the past year and removing the bottom 20%; (2) Selecting biotechnology-related companies from the remaining securities as biotechnology theme candidates; (3) Ranking the candidates by average daily market value over the past year and selecting the top 50 securities as index samples[39] - The index's top ten constituent stocks are highly concentrated, focusing on the pharmaceutical industry. As of November 19, 2025, the top ten constituent stocks accounted for 55.26% of the total weight, forming a "CXO + innovative drugs + medical devices" golden triangle combination[40][41] - The index constituent stocks are evenly distributed across different market value ranges, with weights of 35.79% for stocks with a market value of over 100 billion, 44.24% for stocks with a market value between 200-1000 billion, and the rest distributed among other ranges[42][43] - The index constituent stocks are mainly concentrated in the biological medicine III, medical services, chemical preparations, and medical devices industries, with weights of 42.33%, 20.99%, 17.33%, and 11.97%, respectively[44][46] - The index constituent stocks have high exposure to concepts such as industry leaders, comprehensive private enterprises, main trading forces, dual circulation, fund heavy positions, and innovative drugs, with exposure rates of 70.56%, 64.78%, 64.58%, 62.60%, 62.48%, and 62.16%, respectively[47][48] - The index's current style is characterized by small market value, high liquidity, and high momentum. As of October 31, 2025, the index's market value style is significantly negatively exposed compared to the China Securities 800 Index, with higher liquidity and trading activity[48][51][52] - The index's PE valuation is near the historical average, and the PB valuation is near the historical -1 standard deviation, indicating a high safety margin and potential for upward valuation[53][54] - The index's profitability is outstanding, with expected revenue growth rates of 6.54%, 6.00%, and 13.76% for 2025, 2026, and 2027, respectively, and expected net profit growth rates of 52.09%, 18.58%, and 24.11% for the same years[55][56][57][58]

格隆汇11月21日｜百亿大佬林园近日称：对于人工智能、生物科技、等新行业，我承认它们的方向肯定没问题，未来也会产生机会。但从投资角度，我更关 注这些企业能否真正跑出确定性的盈利和生存能力。新行业的不确定性比传统行业大得多，而我们做投资，最看重的是企业的确定性——盈利确定、经营确 定、活得下去。基于这一点，我现在不会重仓这些赛道。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com | 涨幅榜 | 资金净流入 | ５日 涨幅 * | | --- | --- | --- | | 文化传媒 | 软饮料 | 酒茶 | | +0.10% | -0.29% | -0.579 | | 农业 | 家用电器 | 银行 | | -0.65% | -0.74% | -1.019 | 林园还表示，传统行业过去几年确实低迷，但头部公司凭借规模、资金和管理优势仍然能撑住。这在股价中已经充分反映。我们用统计的方法去看，会发现 很多传统行业的 ...