Group 1 - The core viewpoint emphasizes the importance of China-Korea economic cooperation, highlighting that bilateral trade is projected to reach $328.08 billion in 2024, reflecting a growth of 5.6% [1] - China has been Korea's largest trading partner for 21 consecutive years, while Korea has regained its position as China's second-largest trading partner [1] - The integration of industrial and supply chains between China and Korea has created a cooperative framework characterized by mutual dependence and shared destiny [1] Group 2 - Korean companies are encouraged to adopt a rational perspective on the Chinese market, moving away from outdated notions of quick profits and recognizing the opportunities presented by China's ongoing economic reforms and consumption upgrades [2] - There is a call for both countries to explore new areas of cooperation, leveraging their respective advantages in sectors such as artificial intelligence, green development, high-end manufacturing, biomedicine, low-altitude economy, and digital economy [2] - The stability of the industrial and supply chains between China and Korea is crucial, with a need to promote trade and investment liberalization while addressing emerging challenges [2] Group 3 - Progress in the negotiations for the China-Korea Free Trade Agreement (FTA) is being pursued, with a focus on investment and services in the second phase of discussions [3] - The historical contributions of Korean entrepreneurs to the economic development of both countries are acknowledged, with an emphasis on the need for a long-term, global perspective on China-Korea cooperation [3] - The Korea-China Economic Association is recognized for its role in fostering friendly relations and facilitating practical cooperation between businesses in both countries [3]

Core Viewpoint - The innovation drug sector in A-shares and Hong Kong stocks is experiencing significant growth, driven by strong performance in related ETFs and positive market sentiment towards Chinese pharmaceutical companies [1][2][3] Group 1: Market Performance - The innovation drug ETF Tianhong (517380) saw an increase of over 2.5% at one point, closing with a nearly 1.7% rise, with key stocks like Ascentage Pharma-B rising over 6% [1] - Other related ETFs, such as the medical device ETF (159873) and the biopharmaceutical ETF (159859), also showed positive performance, with the latter achieving a trading volume exceeding 55 million yuan [1][2] Group 2: Company Developments - Heng Rui Pharmaceutical plans to issue 225 million shares in Hong Kong, with its stock price surging over 33% during trading [2] - The innovation drug ETF Tianhong (517380) closely tracks the Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug 50 Index, which selects 50 leading innovative drug companies, including Heng Rui Pharmaceutical and BeiGene [2] Group 3: Industry Insights - Current market conditions suggest that the Hong Kong innovation drug sector is poised for excess returns due to the global competitive advantages of Chinese pharmaceutical companies [3] - The rise of the NewCo model has helped original drug companies address challenges related to financing, monetization, and research and development risks [3] - Recent policy shifts indicate a favorable regulatory environment for the sector, with signs of support for innovative drugs and optimization of procurement rules [3] - Financially, leading Hong Kong innovative drug companies are benefiting from increased license-out transactions, resulting in steady revenue and profit growth, while valuations remain at relatively safe levels compared to other growth sectors [3]

21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道 日前由21世纪经济报道、21世纪资本研究院主办、鹏华基金战略支持的机构资产配置研讨会在北京成功举办！本次策 略会以"共话共启·机构视野·投资新局——全球秩序裂变与重构"为题，汇聚60余位来自私募、公募、券商、保险、智库 及媒体的优秀行业代表，聚焦全球秩序重构下的投资变局，通过主旨演讲与圆桌对话，共同探讨如何把握政策红利、 优化资产配置以及践行责任投资。 21世纪经济报道相关负责人对系列活动的组织工作进行了介绍，围绕资本市场稳定与健康发展，21世纪经济报道、21 世纪资本研究院依托系列报道、智库研究、研讨和走访活动等形式，致力于搭建内容生态、资源生态和服务生态，聚 焦"耐心资本"，凝聚市场共识。 作为国内头公募基金代表，鹏华基金副总裁兼首席市场官刘嵚表示，当前，全球经济格局深度重构，单边主义和保护 主义持续升温，美国关税政策对全球供应链持续带来冲击，中国经济发展面临更加严峻的外部不确定性。在此背景 下，ETF凭借着高效、透明、低成本的优势，有望成为穿越牛熊周期的重要资产类别，以及资产配置的"关键基础设 施"，其配置价值将进一步凸显。 作为成立近27年的头 ...

每经记者｜任飞 每经编辑｜叶峰 近期，A股市场缩量震荡，题材板块继续快速轮动，而北证50指数则持续走强，创出历史新高。 记者注意到，今年以来，生物医药、人工智能以及北交所等行业及主题基金的表现依然不俗，在年内的净值排行当中，居于前列的产品普遍有此类基金的身 影。 值得注意的是，基金公司也在调整部分产品的申赎政策，近期又有一些基金公告限购方案，如易方达北证50成分指数、东财北证50指数发起等多只基金近期 公告了相关内容。有分析指出，在关注热门行业投资机会的同时，仍需关注外部不确定性带来的风险，并控制加仓节奏。 北证50指数再创新高，基金公司调整限购措施 近期，A股市场板块轮动依然较快，尽管单日上涨家数高于下跌家数的情况多次出现，但个股的赚钱效应却不佳，各宽基指数呈现出震荡走势。然而，北证 50指数却在近期表现活跃。 5月21日，北证50指数低开高走，再次创出历史新高，截至收盘，报收1479.81点。从《每日经济新闻》记者同业内人士交流的情况来看，基于目前北交所个 股量化交易的程度较低，资金仍有继续博弈的可能，不过，这也使得北交所相关主题基金的净值又一次提升。 Wind统计显示，截至5月20日，年内基金的净值收益 ...

Core Insights - On May 20, stock ETFs experienced a net outflow of over 4 billion yuan, despite the overall market rising, indicating a trend of profit-taking among investors [1][2] - Since the beginning of May, stock ETFs have seen cumulative outflows exceeding 57 billion yuan, reflecting a broader market sentiment shift [1][6] Fund Flow Analysis - As of May 20, there are 1,091 stock ETFs in the market with a total scale of 3.53 trillion yuan [2] - On May 20, eight stock ETFs recorded net inflows exceeding 100 million yuan, with military, AI, and non-bank financial sectors leading the inflows [2] - The top three ETFs by net inflow on May 20 were military-themed ETFs, with net inflows of 7.1 billion yuan, 2.8 billion yuan, and 1.9 billion yuan respectively [2] Sector Performance - The sectors with significant net inflows included defense and military (7.1 billion yuan), non-bank financial (2.8 billion yuan), and artificial intelligence (1.6 billion yuan) [2] - Conversely, sectors experiencing the largest net outflows included innovative pharmaceuticals and Hong Kong internet ETFs, with the former losing nearly 10 billion yuan [5][7] ETF Rankings - The top three ETFs by net inflow on May 20 were: 1. Military Leading ETF: 86.57 billion yuan, net inflow of 2.37 billion yuan 2. Military ETF Leader: 44.51 billion yuan, net inflow of 1.92 billion yuan 3. Military ETF: 135.07 billion yuan, net inflow of 1.56 billion yuan [4] - The top three ETFs by net outflow were: 1. Hong Kong Innovative Pharmaceutical ETF: 101.76 billion yuan, net outflow of 5.14 billion yuan 2. Hang Seng Medical ETF: 98.59 billion yuan, net outflow of 4.30 billion yuan 3. Hong Kong Internet ETF: 472.57 billion yuan, net outflow of 3.41 billion yuan [7] Market Sentiment - Analysts suggest that the recent outflows may be influenced by a decrease in urgency for domestic policy support due to easing US-China trade tensions, leading to potential market volatility [6] - The focus for future investments is expected to shift towards sectors driven by technological growth, particularly in AI and biomedicine, which are seen as having strong investment value [6]

去年，上海市香港商会与香港贸发局携手举办了"创新无处不在"港商创新项目评选，包括"创新项 目辅导营""投资机构对接会"等系列活动，培养并选出在商业模式创新、设计创新、业务创新、服务创 新等领域的优秀项目，在创新的路上搭建了共同创新、合作与分享的平台。在这一标杆性活动的基础 上，今年活动全面升级为"沪港创新项目评选"，以更务实的姿态构建科创要素流动新通道。 5月20日，由上海市香港商会主办的"2025沪港创新项目评选"启动仪式暨媒体见面会在沪举行。本 届评选活动聚焦人工智能、生物医药两大领域，通过建立双城双向科创项目孵化机制，进一步加强沪港 两地在科创领域的联动，实现优势互补，共谋发展。 当日，上海市香港商会与上海外高桥集团、张江高科签署了战略合作备忘录，三方就推动沪港科创 项目落地达成重要共识，为后续深度合作奠定基础。 据悉，本次评选面向初创公司、大学生和创意个人/团体，采用"双赛道"模式，分为初创组（公司 或团队成员在10人以下，公司注册时间不超过2年，融资轮次为一次或以下）和成长组（公司人数不超 过50人，公司注册时间不超过三年，融资轮次为三次或以下），重点选拔人工智能与生物医药领域的优 质项目，通过"全 ...

Group 1 - The core viewpoint of the news is that Lidman Biochemical Co., Ltd. is experiencing a decline in revenue and profit, with a significant drop in stock performance and net outflow of funds [1] - As of May 20, Lidman’s stock closed at 5.04 yuan, up 1.61%, with a latest price-to-book ratio of 1.65, marking a 40-day low and a total market capitalization of 2.742 billion yuan [1] - In terms of fund flow, on May 20, Lidman saw a net outflow of 3.714 million yuan, with a total outflow of 7.288 million yuan over the past five days [1] Group 2 - The main business of Lidman includes research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials [1] - The company’s key products consist of biochemical diagnostic reagents, immunodiagnostic reagents, and automated chemiluminescence immunoassay analyzers [1] - Recent performance data shows that in Q1 2025, Lidman achieved operating revenue of 78.9087 million yuan, a year-on-year decrease of 16.61%, and a net profit of -1.25172554 million yuan, a year-on-year decline of 53.73%, with a gross profit margin of 53.56% [1] Group 3 - Lidman has received multiple accolades, including "National High-tech Enterprise," "Zhongguancun High-tech Enterprise," and recognition as a leading enterprise in the "G20 Project" for the Beijing biopharmaceutical industry [1] - The company was also recognized as a "Benchmark Enterprise in Intelligent Manufacturing" in Beijing for 2018 and received certification for "Digital Workshop" in 2022 [1]

Group 1 - The 2025 Beijing Science and Technology Week will take place from May 24 to May 31, showcasing achievements in artificial intelligence, biomedicine, and green energy, with an emphasis on interactive and experiential activities [1] - The event will feature five main sections, including storytelling about Beijing's technological innovations, promoting the spirit of scientists, building cutting-edge technology brands, enhancing science education, and conducting mass practical activities [1] - Three key characteristics of the 2025 event include showcasing the new achievements of Beijing's international innovation center, promoting the spirit of scientists through reports and discussions, and hosting a student science festival to instill scientific beliefs in youth [1] Group 2 - The event will include various differentiated activities organized by the city's science popularization joint conference members, featuring both hard technology experiences like AI programming and immersive lifestyle technology interactions [2] - Each activity will present achievements in cutting-edge fields while incorporating immersive experience zones, interactive experiment stations, and simulated technology life scenarios, creating a feast of science popularization [2]

Group 1 - The core viewpoint is that China's new productive forces are emerging on the global stage, presenting unlimited investment potential, with the venture capital industry playing a crucial role in this process [1] - DeepSeek's advancements in AI, including the release of its flagship model V3 and reasoning model R1, demonstrate China's rapid progress in AI capabilities, now comparable to global leaders like OpenAI, with costs significantly lower at one-thirtieth [1] - The rise of Chinese AI startups, as highlighted by the mention of DeepSeek and others, indicates that China's AI capabilities have entered the world's top tier, with a narrowing gap of only two to three months behind global standards [1] Group 2 - The biopharmaceutical sector in China is experiencing a similar transformation, with 30% of global big pharma's license-in activities coming from Chinese biotech startups in 2024, up from 0% in 2019, marking a shift from being a major recipient to a leading source of licenses [2] - China's export structure has significantly changed over the past 20 years, with machinery, electrical equipment, and consumer electronics now accounting for 42% of total exports, indicating a strong global competitiveness in new energy vehicles [2] - Numerous Chinese tech companies, both large and small, are expanding their international presence, showcasing their competitive strength and potential to develop into world-class enterprises [2] Group 3 - Venture capital is closely linked to technological development, characterized by high-risk tolerance and a long-term value focus, supporting innovation and participating in the growth of companies [3] - Despite challenges in recent years, the global venture capital landscape shows that six out of seven companies founded after 2010 and valued over $100 billion are from China, highlighting significant investment opportunities [3] - Key investment areas identified include artificial intelligence, biopharmaceuticals, renewable energy, and robotics, with AI expected to create substantial opportunities starting in 2025 [3]

Core Viewpoint - The article emphasizes the significant investment opportunities in China's new productive forces, particularly in the context of the global market and technological advancements [2][19]. Group 1: New Productive Forces in China - China's new productive forces are gaining global recognition, with immense investment potential [2]. - The emergence of companies like DeepSeek showcases China's advancements in AI, reducing costs significantly compared to international counterparts [4][5]. - The gap between China's AI capabilities and international standards has narrowed to just two to three months, indicating rapid progress [6]. Group 2: Investment Opportunities - The biopharmaceutical sector in China is experiencing a transformation, with 30% of global license-ins coming from Chinese startups in 2024, up from 0% in 2019 [8]. - The shift from being a major recipient of foreign technology to a leading source of innovation (license-out) highlights China's growing influence in the global market [8]. - The export composition of China has evolved, with machinery and electronics now accounting for 42% of total exports, reflecting a shift towards high-tech products [9]. Group 3: Globalization of Chinese Companies - Chinese tech companies are increasingly expanding their international presence, although none have yet surpassed 50% of revenue from overseas [10]. - Emerging companies like Stone Technology and Insta360 are leading in their respective fields globally, with significant portions of their revenue coming from international markets [11]. - The recognition of Chinese technology firms is growing, paralleling the country's manufacturing capabilities established over the past decades [12]. Group 4: Role of Venture Capital - The venture capital industry in China plays a crucial role in supporting technological innovation, focusing on high-risk, long-term investments [15]. - Despite facing challenges in recent years, the potential for investment in Chinese startups remains strong, with six out of seven companies valued over $100 billion globally being from China [16]. - Key investment areas identified include AI, biopharmaceuticals, and renewable energy, which are expected to yield significant returns in the coming years [18].