今日，上海国产GPU企业天数智芯正式登陆港股，成为继沐曦股份、壁仞科技之后第三家叩开资本市场大门的上海GPU芯片龙头。随着燧原科技也已完成 IPO辅导，上海GPU"四小龙"有望在资本市场齐聚。 上海GPU"四小龙"背后，是上海已布局几十年的集成电路产业。在世界集成电路协会《全球集成电路产业综合竞争力百强城市》最新排名中，上海位列全 球第四、中国（大陆）第一。 《科创板日报》记者从上海市经信委获悉，2025年1-11月上海集成电路产业营收规模3912亿元，同比增长23.72%，2025年全年产业规模预计超4600亿元， 同比增长24%，五年间产业规模翻了一番多，超额完成"十四五"发展目标。 国产AI芯片战略阵队成型 当前，上海AI芯片赛道掀起上市热潮。不到一个月时间里，壁仞科技登陆港交所，成为"港股国产GPU第一股"。沐曦股份科创板上市首日涨幅近7倍；燧 原科技完成IPO辅导冲刺科创板；天数智芯也于1月8日挂牌港股。 从数据来看，沐曦股份营收增长最快，2024年营收突破7亿元，2025年上半年达9.15亿元，增速迅猛。而壁仞科技、天数智芯也保持较快增长，2024年营 收分别为3.37亿元、5.40亿元。 在研发 ...

21世纪经济报道记者 韩利明 2025年，中国创新药行业的成绩单已跃然纸上：生物医药市场规模居全球第二，在研创新药约占全球比 重达30%；创新资产的全球吸引力持续攀升，截至11月18日，国产创新药对外授权总金额突破千亿美 元，较2024年实现翻倍式增长。 权威期刊《经济学人》直言，中国创新药正处于全球化的临界点，"从中国临床试验到对外授权许可， 中国药企的全球占比都显著上升，过去一年中国生物科技企业的股价涨幅甚至远超美国同类企业，这都 说明过去一个世纪中全球生物医药创新的'西方主导'格局已经生变。" 这一跨越式发展的背后，是过去十年药监改革、创新创业生态培育与资本通道畅通的多重共振，更依托 于中国庞大的人口基数、高效的产业制造能力与突出的成本效益优势。 亮眼成绩之下，行业发展的挑战亦不容忽视。一方面，中国上市的生物科技企业（Biotech）总市值不 足美国同类企业的15%，授权预付款通常比全球同类交易低2/3，交易总金额约为全球平均水平的1/2； 另一方面，部分药企商业化能力薄弱，已成为制约其价值释放的重要因素。 在此背景下，价值重塑的序曲已然奏响，一批头部创新药企已率先蹚出进阶之路，向着全球价值链顶端 全速 ...

Core Insights - The Hong Kong stock market has seen a significant increase in the number of unprofitable biotech companies listed under Chapter 18A, with 11 companies listed this year compared to 4 last year, indicating a growing trend in this sector [1][2] - Many of these companies have performed exceptionally well post-listing, with 7 companies seeing stock price increases of over 100%, and some, like Yaokang-B and Yingen-B, experiencing price surges exceeding 200% [1][2] - The ability of these companies to transition from unprofitable to profitable status is crucial for market perception and valuation of the entire 18A sector [1][3] Expansion of the 18A Sector - As of October 13, 2023, the 18A sector has added 11 new companies this year, with notable listings such as Jinfang-B, which raised $268 million, marking the largest fundraising since 2022 [2] - Companies like Yingen-B and Paige Biopharma-B are focusing on the lucrative GLP-1 drug development area, while Yingen-B leads in the antibody-drug conjugate (ADC) field, showcasing the sector's diverse and innovative directions [2] - The stock performance of many 18A companies has been impressive, with Yingen-B seeing a first-day surge of 116.7% and a total increase of 229% since listing [2] Commercialization and Profitability - The transition from being marked as "B" to achieving profitability is a primary goal for 18A companies, indicating a higher standard in market valuation [3][4] - Successful companies like Junshi Bioscience and BeiGene have removed the "B" designation by meeting profitability and market capitalization tests, reflecting their commercial success [3] - The commercial success of biotech firms hinges on effective clinical testing and market sales of approved drugs, with a focus on resource allocation for sales expansion being critical for sustained profitability [5] Market Dynamics and Future Outlook - The increasing number of 18A companies achieving profitability is shifting investor focus from mere concepts to actual performance, indicating a maturation in investment strategies [5][6] - Analysts suggest that the 18A sector's valuation logic is transitioning from research pipeline expectations to validated commercial capabilities, supported by advancements in technologies like ADC and bispecific antibodies [6] - The Hong Kong Stock Exchange's introduction of the "Tech Company Fast Track" aims to streamline the listing process for biotech firms, potentially leading to more listings in the near future [6]

Core Insights - Douyu's Q2 revenue reached 1.054 billion yuan, showing steady growth compared to the same period last year [2] - Gross profit was 142 million yuan, a year-on-year increase of 68.5%, with a gross margin of 13.5% [2] - The company achieved a net profit of 37.83 million yuan, with an adjusted net profit of 25.28 million yuan [2] Group 1: Innovation Business Performance - Douyu's innovative business line has seen continuous growth for ten consecutive quarters, with Q2 revenue from innovation, advertising, and other sources reaching 476 million yuan, a year-on-year increase of 96.8% [3] - The growth in innovative business revenue is primarily driven by game membership and voice service contributions [3] - The company launched themed activities like "Island Journey" and "Peace Elite" to enhance user engagement and increase viewership [3] Group 2: Revenue Structure Optimization - The proportion of revenue from innovative business, advertising, and other sources increased to 45.2%, marking a significant improvement compared to the previous year [4] - Douyu's mobile MAU reached 36.4 million, with 2.8 million paying users and an average ARPPU of 255 yuan [4] - The company has shifted from a single revenue model to a diversified income approach, including customized marketing activities and enhanced advertising services [4] Group 3: Future Outlook - Douyu's Q2 performance highlights its commercial capabilities, with expectations for continued value creation for shareholders [5] - The company plans to maintain its strategic focus on cost efficiency and prepare for the complexities of the live streaming market in the second half of the year [5]