深圳市发展和改革委员会等部门近日印发《深圳市全链条支持医药和医疗器械发展若干措施》。其中提 出，支持建设人工智能（AI）辅助研发重大公共服务平台和重大产业项目。支持人工智能技术赋能生 物制造全链条、全场景应用，围绕底盘细胞改造、酶制剂开发、精准发酵等环节，布局建设人工智能生 物制造相关重大公共服务平台。 点评：深圳以政策推动AI与生物制造深度融合，或将重塑医药研发效率标准。此举凸显"AI+生命科 学"产业升级方向，吸引资本关注合成生物学及AI制药赛道。但技术落地需跨学科协同与数据合规支 撑。 NO.2 均普智能与智元机器人成立合资公司 每经记者 杨煜 每经编辑 文多 丨 2025年4月8日 星期二丨 NO.1 深圳支持AI赋能生物制造全链条应用 点评：Kimi通过技术优化实现服务降价，反映大模型推理成本控制能力提升，可能加速AI应用渗透。 降价策略或刺激开发者生态扩张，但需平衡商业可持续性与普惠价值。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 均普智能旗下的均普人工智能与人形机器人研究院有限公司和上海智元新创技术有限公司（简称智元机 器人）共同成立了合资公司宁波普 ...

Core Viewpoint - The article highlights the rapid development of the biomanufacturing industry in Wuhan, Hubei, focusing on innovative technologies such as ultrasound contrast agents derived from algae and genetically engineered rice that can produce human serum albumin, showcasing the potential of biomanufacturing to revolutionize healthcare and address supply shortages [1][6][7]. Group 1: Biomanufacturing Innovations - The production of novel nano ultrasound contrast agents is achieved through the extraction of gas-filled sacs from floating algae, which can be engineered to enhance imaging capabilities in medical diagnostics [3][5]. - Genetically engineered rice has been developed to produce human serum albumin, with a single batch capable of yielding the equivalent of 5 liters of blood plasma, demonstrating the scalability and efficiency of plant-based biomanufacturing [6][7]. Group 2: Technological Advancements - Biomanufacturing leverages cutting-edge technologies such as gene editing, DNA synthesis, and metabolic pathway reconstruction to create a variety of products, including pharmaceuticals and materials, addressing global challenges in food, energy, and environmental sectors [5]. - A plant gene design company in Wuhan has adopted a streamlined, assembly-line approach to develop hundreds of new plant varieties annually, significantly increasing the efficiency of genetic modifications by 20-50 times [9]. Group 3: Industry Ecosystem and Collaboration - Hubei is fostering a collaborative innovation ecosystem by integrating research, education, and industry to accelerate the commercialization of biomanufacturing technologies, exemplified by the transformation of agricultural waste into aviation fuel [10][12]. - Hubei University has established a comprehensive innovation chain for biomanufacturing, resulting in over 200 technology transfer projects and the incubation of nearly 16 related tech companies in the past three years [12][14].

编辑 胡萌 校对 杨利 新京报贝壳财经讯（记者朱玥怡）4月4日，贝壳财经记者自大公国际获悉，大公国际评定中华人民共和 国（"中国"）本、外币主权信用等级均为iAAAsc，评级展望稳定。 据大公国际介绍，评定中国主权信用等级的主要理由来自多个方面。例如政府将采取措施激发国企、民 企、外资等各类经营主体活力和内生创新动力。2024年中国新产业、新业态、新商业模式"三新"经济增 加值占GDP比重超过18%，高技术制造业增加值同比增长8.9%。中国在数字经济、人工智能等前沿科技 领域持续取得突破，已重点部署如商业航天、低空经济、生物制造、量子科技、具身智能、6G等新兴 产业和未来产业发展方向。此外，政府持续深化金融体制改革以强化资本市场韧性，加之以DeepSeek 等为代表的科技突破带动中国资产价值重估，多家国际金融机构看多中国资产，这将进一步推动中国资 本市场的国际化进程。综合来看，短期内中国经济企稳回升的态势将进一步巩固，并将继续积聚新动 能、塑造新优势。 大公国际表示，短期内，复杂严峻的外部环境可能对中国贸易、科技等领域造成冲击，更加积极的财政 政策推动政府财政赤字率和债务负担率适度走高，但中国经济将在政策"组 ...

文 ｜ 明明 余经纬 秦楚媛 彭阳 周昀锋 王楠茜 王淦 耶鲁研究 表明若美国平均关税税率提升1%，则PCE会提升0 . 1% 。我们测算对等关税若全部落地（不考虑反制措施），美国加权平均关税税 率将提升1 7 . 9%，对应推升美国PCE 1 . 8%左右，会对美国经济产生较大的负面冲击。对等关税落地的时间差或为各个国家与美国谈判的窗 口，并且白宫公告表明"如果贸易伙伴采取重大措施补救非互惠贸易安排并在经济和国家安全事务上与美国保持一致，则降低关税"。当前泰 国、韩国等国家已表示将与美国就关税问题进行谈判。因而最后对等关税最终是否会全部落地还需观察等待，存在部分国家积极谈判后关税税 率下降或被豁免的可能性。 市场避险情绪浓厚，美联储降息预期升温。 特朗普对等关税落地推动1 0年期美债利率大幅下行，美股期货集体跳水，纳指期货跌幅至4%，市 场预期年内美联储降息次数升至3次。考虑特朗普关税落地后将在一季度后的美国通胀中显现，并且市场通胀预期已经在今年一季度明显上 升，因而此轮美联储降息或将较为被动，或会在就业等经济数据明显恶化后才重启降息。 ▍ 大类资产后续如何演绎？ 北京时间4月3日凌晨，美国总统特朗普在白宫 ...

Core Viewpoint - The article reviews the transition patterns of six cyclical growth industries: new energy vehicles, photovoltaics, semiconductors, smartphones, mobile internet, and optical modules, proposing an investment framework of "cash flow improvement → capacity construction → profit release" to identify the conversion nodes from thematic consensus to performance realization [1][2]. Group 1: Investment Framework - Thematic investment focuses on the period from "concept germination" to "narrative consensus," relying on market imagination of long-term prospects to drive valuation increases, emphasizing unrefuted growth expectations [2]. - Cyclical growth investment captures "industry transition momentum" by identifying mismatches between cash flow improvement and low ROE during periods of unclear narrative consensus, establishing an odds advantage [2]. - The article utilizes the Geske option model to quantify the non-linear value of technological generational differences, anchoring the pricing boundaries of thematic investments [2]. Group 2: Industry Review - New Energy Vehicles: The evolution of China's new energy vehicle industry shows a clear three-stage path: feasibility verification starting in 2008, product breakthrough with mass production and battery technology iteration, and penetration explosion leading to a valuation system reconstruction [5][6]. - Photovoltaics: The Chinese photovoltaic industry has experienced three cycles characterized by policy-driven global installation surges, domestic policy support leading to grid parity, and a current phase of high growth driven by carbon neutrality and structural overcapacity [12][19]. - Semiconductors: The Chinese semiconductor industry has undergone three transitions, starting with basic production line construction, followed by accelerated policy-driven autonomy, and currently focusing on advanced process research and development amid US-China tensions [23][24]. Group 3: Future Investment Opportunities - The article suggests focusing on long-term investment opportunities in technology manufacturing fields such as AI+, intelligent driving, humanoid robots, low-altitude economy, commercial aerospace, biomanufacturing, future energy, and advanced semiconductor processes [1][2].

Core Viewpoint - Shanghai Cathay Biotech Co., Ltd. is conducting a private placement of A-shares, which will significantly increase the control of its major shareholder, Shanghai Yaoxiu, from 20.00% to 35.29% after the issuance, thereby consolidating the actual control of the company by Xiucai Liu's family [2][20]. Group 1: Issuance Details - The total number of shares to be issued is 137,911,755, which does not exceed 30% of the total share capital before the issuance [12][19]. - The issuance price is set at 42.97 CNY per share, adjusted from an initial price of 43.34 CNY due to previous dividend distributions [14][13]. - The total funds raised from this issuance amount to 5,926,068,112.35 CNY, with a net amount of 5,914,724,993.63 CNY after deducting issuance costs [12][26]. Group 2: Shareholder Structure - Post-issuance, the actual control of the company by Xiucai Liu's family and controlled enterprises will increase to 44.04% [20]. - The major shareholder, Shanghai Yaoxiu, will have its shareholding increased significantly, enhancing its control over the company [2][20]. - The shareholding structure complies with the listing conditions as per the relevant regulations [2][20]. Group 3: Lock-up Period and Trading - The shares issued will be subject to a lock-up period of 60 months, during which they cannot be transferred [15][27]. - After the lock-up period, the shares will be listed and traded on the Shanghai Stock Exchange's Sci-Tech Innovation Board [27]. Group 4: Company Overview - Shanghai Cathay Biotech Co., Ltd. specializes in the research, production, and sales of new bio-based materials, primarily focusing on bio-based long-chain dicarboxylic acids and bio-based polyamide products [6][7]. - The company has established long-term partnerships with international firms such as DuPont and Evonik, leveraging its leading position in the global market for bio-based long-chain dicarboxylic acids [7][20].

凭借着超前的策略与强大的实力，九牧集团继续夯实行业市场地位，并在智能马桶、卫浴五金、卫生陶瓷等多品类销量遥遥领先。九牧家装渠道在过去的 2024年度保持强劲的增长势头，"单聚焦、多渠道、多品牌、新场景、国际化"的集团发展战略再一次显现出强大的优越性。 在智能家居革命的时代浪潮中，九牧集团再度携手顶尖学府开启深度赋能计划。继成功举办北京大学场后，近日，九牧正式委托清华大学开办《人居环境与 生活方式创新设计 —— 未来住居空间设计管理课程》，通过产学研深度融合，为家装合作伙伴注入前沿设计思维与科技赋能方法论。 活动邀请到清华大学多位教授分别带来《人居环境空间设计概论》《领导人与领导力》《宏观经济形势分析与展望》《传统文化下的城市人居环境演变》 《中国古典园林中的审美空间》等专题课程，内容涵盖宏观经济、战略管理、人居环境设计、传统文化与科技融合等多维度，从学术视角赋能专业发展。同 时，九牧集团品牌副总裁张彬到场做《科技卫浴引领的未来家居时代》主题分享，展现九牧在数智卫浴领域的创新实践。 当前，随着人工智能、生物制造、量子科技等新技术的不断赋能，全球家居与卫浴市场迎来数智化、绿色化转型的关键期。九牧洞察趋势，构建起A ...

Core Viewpoint - The article discusses a significant merger and acquisition in the semiconductor sector, highlighting the potential for a new wave of technological growth and investment opportunities in the A-share market, particularly in the context of increasing domestic demand for semiconductor equipment due to Western restrictions [4][6]. Group 1: Market Context - The combined market capitalization of the companies involved in the merger exceeds 250 billion [4]. - The urgency for domestic semiconductor replacement is increasing due to Western restrictions, leading to a rise in the sector's overall market sentiment [4]. - A national venture capital fund with a lifespan of 20 years and a target size of 1 trillion yuan will be established to support strategic areas such as AI, quantum technology, and 6G [4]. Group 2: M&A Dynamics - Mergers and acquisitions have historically been a breeding ground for significant stock price increases, with examples like Giant Network's acquisition of Century Cruise leading to over a 10-fold increase [7][8]. - Since the introduction of the "M&A Six Guidelines" in 2024, there has been a noticeable acceleration in M&A activities, resulting in substantial stock price increases for companies like Shuangcheng Pharmaceutical and Zhiguang Technology [9]. Group 3: Company Profiles - The target company specializes in providing comprehensive semiconductor equipment and process solutions, holding a leading position in the domestic photoresist coating and developing machine sector, with a market capitalization of approximately 18 billion [9]. - The acquiring company is a leading domestic semiconductor manufacturing equipment enterprise, recognized by major players like SMIC and Huawei, and aims to fill product gaps in areas such as coating and advanced packaging through this acquisition [12][13].

Core Viewpoint - Shandong Lukang Pharmaceutical Co., Ltd. reported a revenue of 6.233 billion yuan for 2024, marking a year-on-year increase of 1.41%, while net profit attributable to shareholders surged by 60.30% to 395 million yuan [2][4]. Financial Performance - Revenue for 2024 reached 6.233 billion yuan, up from 6.147 billion yuan in 2023, reflecting a growth of 1.41% [4]. - Net profit attributable to shareholders was 395 million yuan, significantly increasing from 246 million yuan in 2023, representing a growth of 60.30% [4]. - The net profit after deducting non-recurring gains was 209 million yuan, which is a 19.32% increase from 175 million yuan in the previous year [4]. - The net cash flow from operating activities decreased by 33.31% to 403 million yuan compared to 604 million yuan in 2023 [4][5]. - The net assets attributable to shareholders increased by 8.49% to 3.918 billion yuan from 3.612 billion yuan at the end of 2023 [4]. Product and Market Performance - The growth in sales revenue was driven by the enhancement of the "two strongest and six characteristics" product structure, with rapid increases in revenue from diabetes and cardiovascular products [4]. - The company improved its market share, with 16 products ranking first in the domestic market [4]. - International trade also contributed to the overall performance improvement [4]. Non-Recurring Gains and R&D Investment - The increase in net profit was partly due to non-recurring gains from land compensation related to the South District's urban redevelopment, which contributed 152.2 million yuan to asset disposal income [5]. - The company increased its R&D investment to 402 million yuan, achieving technological breakthroughs in innovative drugs, biomanufacturing, and high-end formulations [5]. - The company aims to expand its product lines and strengthen its biomanufacturing sector in the future [5].

Core Viewpoint - The article discusses the current job market challenges and opportunities, highlighting the contrasting experiences of individuals in declining industries versus those in emerging sectors like AI. It emphasizes the importance of adaptability and leveraging new tools for job searching in a rapidly changing environment [21][22][25][39]. Group 1: Job Market Challenges - The job market is experiencing a downturn, particularly in industries like e-commerce and enterprise services, where profit margins are shrinking and job opportunities are limited [22]. - Individuals like Mi Lan and Wendy face difficulties in finding suitable positions, with many applications yielding little to no response, reflecting a saturated job market [8][12][22]. - The pressure of age and career gaps is influencing hiring decisions, with companies favoring younger candidates [14]. Group 2: Emerging Opportunities - Despite the challenges, sectors such as AI are witnessing a hiring boom, with high salaries being offered for positions like deep learning researchers, where annual salaries can reach 1.26 million [25]. - The government is focusing on nurturing emerging industries, including low-altitude economy, biomanufacturing, and AI, which are expected to replace traditional sectors and create new job opportunities [27]. - The article suggests that individuals should explore opportunities in less saturated markets, such as cross-border e-commerce, to find growth potential [23]. Group 3: Job Search Tools - The introduction of "Job Elevator AI" aims to assist job seekers in navigating the job market by providing access to a curated list of high-potential companies and roles [31][39]. - The platform includes a comprehensive database of over 10,000 companies, including unicorns and emerging startups, to help users find suitable job matches [35][41]. - Features like resume evaluation and personalized job recommendations are designed to enhance the job search experience, making it easier for candidates to identify their strengths and areas for improvement [46][52].