11月24日-11月28日新股申购一览 | 公司发行市盈率 | 行业平均市盈率 39.7 | | --- | --- | | 同业可比公司 | 药康生物、南模生物、昭衍新药 | | 一句话亮点 | 公司是一家临床前CRO以及生物技术企业。公司 自主开发的基因编辑技术提供各类创新模式动物 | | | 临床前阶段的医药研发服务。 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 未来一周有2只新股分别干周一、周五申购,重点公司方面,摩尔 是公司是国内极少数具备全功能GPU研发能力的企业 | 摩尔线程 (科创板，688795) | | | | | --- | --- | --- | --- | | 申购日期 11月24日 周一 | | 申购代码 | 7877 | | 计算机、通信和其 所属行业 他电子设备制造业 | | 总市值 | 457.2 | | 公司发行市盈率 27.06 | | 行业平均市盈率 | 60.1 | | 同业可比公司 | 海光信息、寒武纪、风神股份 | | | | 句话亮点 | 公司是国内极少数具备全功能GPU研发能力的企 公司MTT S80显卡的单精度浮点算 ...

日前公布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》中，首次将生物制造与 量子科技、具身智能等并列为六大未来产业。近十年来，中国从过去以仿制药为主的产业结构，逐步转 向以创新药为核心的研发模式，引起全球市场前所未有的关注。 华大集团CEO尹烨长期活跃在生物医学科普领域，在接受《环球时报》记者专访时，他用通俗的语言从 生物制造本身讲起，延伸到全球生物医药领域的竞争，在他看来万物皆是"生物制造"。 而面对发达国家领先的技术优势、多变的地缘政治等诸多困难，尹烨表示要相信"中国在1到100的本事 全球最强，从0到1的原始创新正在快速赶上，而且下一代人会更优秀"。 生物制造产业前景不可估量 环球时报：今年的《政府工作报告》首次将生物制造作为未来产业正式提出。您怎么理解生物制造在中 国产业板块中的地位？ 尹烨：生物制造领域中有很多"奇迹"在发生。最近在上海证券交易所科创板上市的一家生物科技企业禾 元生物，核心技术是"稻米造血"。据介绍，一棵水稻就可以产出人类血浆中的重要成分"人血清白蛋 白"，有望解决我国人血清白蛋白长期依赖进口的局面。听起来不可思议，但这就是生物制造的魅力。 中美站在同一起跑线上 环球 ...

我国地中海贫血症基因携带者超3000万，重型患者估计为数万人。 "地中海贫血症"是一种因珠蛋白基因缺陷引发的遗传性溶血性贫血疾病，由于最早发现于地中海沿岸， 因此得名。其核心特征是珠蛋白基因突变导致血红蛋白（hemoglobin,Hb）合成障碍，进而出现无效红 细胞生成，最终表现为轻重不等的慢性贫血。 从地域分布来看，地中海贫血高发于地中海沿岸、中东、东南亚等地区。在我国呈现"南高北低"的特 点，患者多分布于广东、广西、海南、福建、云南、贵州、四川、湖南、江西和重庆等南方省份，北方 地区较为少见。 绝非简单的贫血：全国有3000多万携带者 "'地中海贫血'和'缺铁性贫血'名称相近、症状表现相似，非专业人士极易将二者混淆，但它们的致病原 因存在本质区别。"复旦大学附属儿科医院副院长、血液科学科带头人翟晓文教授在接受第一财经采访 时表示，"缺铁性贫血"是后天性疾病，主要因身体缺铁导致血红蛋白合成不足，比如饮食中缺铁、铁元 素吸收不良、慢性失血等；而"地中海贫血"是遗传性疾病，由基因缺陷导致组成血红蛋白的珠蛋白链合 成失衡。 在血液科领域，根据受累珠蛋白链的不同，地中海贫血症主要分为α地中海贫血症和β地中海贫血症两 ...

Group 1: Beidou Navigation Industry - The Beijing-Tianjin-Hebei region aims to promote the application of over 800,000 new Beidou independent positioning terminal products by 2027, with a total application scale reaching 5 million units [1] - The action plan targets the cultivation of 10 leading enterprises and 50 "specialized, refined, distinctive, and innovative" companies, aiming to create an industry cluster worth over 200 billion yuan [1] - Huatai Securities believes that the Beidou navigation application industry has broad prospects, driven by demand from smartphones, consumer electronics, and specialized industries [1] Group 2: Robotaxi Development - Alibaba's Gaode announced a partnership with XPeng to integrate Robotaxi services into its platform, marking a significant step in the autonomous driving sector [2] - Morgan Stanley predicts that the global Robotaxi and fully autonomous driving market could reach approximately $300 billion by 2035 [2] - CITIC Securities highlights that the smart vehicle sector is a key growth area, with expectations for a critical transition in smart driving chips by 2025 [2] Group 3: Robotics Industry - XPeng aims to achieve mass production of advanced humanoid robots by the end of 2026 and plans to open its robot SDK to global developers [3] - The humanoid robot industry is entering a phase of rapid development, with significant applications expected in industrial settings [3][5] - ByteDance's recruitment for a senior algorithm expert in humanoid robotics indicates a strong commitment to advancing in this cutting-edge field [5] Group 4: Energy Storage Market - As of September 2023, China's new energy storage installed capacity has surpassed 100 million kilowatts, growing over 30 times since the end of the 13th Five-Year Plan [4] - The global energy storage market is expanding rapidly, with domestic bidding for storage projects increasing by 30% year-on-year [4] - The transition of energy storage from a policy-driven option to a market-driven necessity is expected to drive significant growth in the sector [4] Group 5: Gene Editing and Biotechnology - United Therapeutics has initiated the first clinical trial for gene-edited pig kidney transplants in humans, marking a significant advancement in this field [6] - The FDA's approval for this trial indicates a shift from individual cases to larger-scale clinical studies, reflecting technological maturity [6] Group 6: Macro and Industry News - Beijing's municipal government is supporting the development of the brain-computer interface industry with a dedicated incubation fund [6] - Shanghai's action plan aims to enhance efficiency in logistics through the application of drones in commercial settings [6] - The eighth Hongqiao International Economic Forum highlighted the importance of collaboration in humanoid robot technology development [6]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company leverages gene editing technology to create a comprehensive antibody drug development platform, focusing on innovative solutions [2][16]. - The company has shown significant revenue growth, with a projected revenue CAGR of over 40% from 2021 to 2024, and is expected to turn profitable in 2024 [28][30]. - The antibody development business is a key driver of growth, with a revenue CAGR of 53% from 2021 to 2024 [5][34]. Summary by Sections Company Overview - Established in 2009, the company has developed a full human antibody library using its proprietary RenMice® platform, launching the "Thousand Mice, Ten Thousand Antibodies" initiative in 2020 [3][17]. - The company has created over 1 million full human antibody sequences targeting more than 1,000 potential drug targets [3][17]. Financial Performance - In the first half of 2025, the company achieved revenue of 621 million yuan, a year-on-year increase of 51.3%, with a gross margin of 74.4% [3][30]. - The company is expected to achieve revenues of 14.2 billion yuan, 19.3 billion yuan, and 26.1 billion yuan from 2025 to 2027, with net profit growth rates of 323%, 103%, and 75% respectively [6][8]. Business Segments - The preclinical animal products and pharmacological services provide a stable foundation, with model animal sales reaching 274 million yuan in the first half of 2025, a 56% increase year-on-year [4][34]. - The antibody development business has become the core driver of performance, with 163 million yuan in revenue in the first half of 2025, a 38% increase year-on-year [5][34]. Market Position - The company has established partnerships with the top ten global pharmaceutical companies, leveraging its expertise in gene editing and model animals [4][21]. - The antibody drug market is experiencing rapid growth, with the global antibody drug market projected to reach 2.704 trillion USD in 2024, growing to 4.634 trillion USD by 2031 [47][49].

Group 1 - The core viewpoint of the news is the initiation of large-scale clinical trials for gene-edited pig kidneys for human transplantation, marking a significant advancement in biotechnology and organ transplantation [1] - The first clinical trial was completed at NYU Langone Medical Center, approved by the FDA, aiming to evaluate the safety and efficacy of gene-edited pig kidneys for patients with end-stage kidney disease [1] - Global advancements in gene editing technology have been reported, including successful transplantation of gene-edited pig lungs in China and new treatment approaches for Down syndrome in Japan [1] Group 2 - Huazhong Securities highlights that breakthroughs in gene editing technology have significantly lowered the technical barriers for genetic modification, enabling large-scale industrial production of drugs [2] - In the A-share market, there are 22 listed companies with gene editing technology reserves, with mixed performance in stock prices; only 7 out of 22 companies saw gains on November 5 [4] - Among gene editing concept stocks, Shuanglu Pharmaceutical reported the highest net profit of 141 million yuan in the first three quarters, while Mengcao Ecological achieved a year-on-year profit increase of 48.73% [5][6] Group 3 - Eight gene editing concept stocks received attention from five or more institutions, with companies like Sturdy Medical and Huaxi Biological leading in institutional ratings [7] - Sturdy Medical announced a collaboration with Huazhong Agricultural University to establish a cotton research institute, focusing on gene editing and hybridization techniques for cotton seed improvement [7]

Group 1 - The core point of the news is the initiation of large-scale clinical trials for gene-edited pig kidneys for human transplantation, marking a significant breakthrough in gene editing technology [1] - The trials are approved by the FDA and aim to systematically evaluate the safety and efficacy of gene-edited pig kidneys for patients with end-stage kidney disease [1] - There have been multiple advancements in gene editing technology globally, including successful transplants of gene-edited organs and new treatment approaches for genetic disorders [1] Group 2 - Huazhong Securities notes that breakthroughs in gene editing technology have significantly lowered the technical barriers for genetic modification, enabling large-scale industrial production and reducing drug production costs [2] - A total of 22 listed companies in the A-share market have gene editing technology reserves, with several companies reporting profitability in their third-quarter results [3] - Notable companies include Shuanglu Pharmaceutical, which reported a net profit of 141 million yuan, and Mengcao Ecological, which saw a 48.73% year-on-year increase in net profit [3][4] Group 3 - Companies like Wanjian Medical are collaborating with research institutions to develop cotton varieties using gene editing technology, indicating the application of gene editing beyond human health [5] - The number of institutional ratings for gene editing concept stocks shows significant interest, with companies like Wanjian Medical and Huaxi Biological receiving the highest number of ratings [6]

Core Viewpoint - The article discusses the controversial emergence of companies focusing on gene editing technologies, particularly in relation to human embryos, highlighting the recent activities of Cathy Tie and her company Manhattan Genomics, as well as the ethical and safety concerns surrounding such advancements [2][10][11]. Company Overview - Cathy Tie, a Canadian entrepreneur, has founded multiple biotechnology companies over the past 11 years, including her latest venture, Manhattan Genomics, which aims to edit human embryo genes to prevent genetic diseases [4][8]. - Manhattan Genomics was co-founded by Cathy Tie and Eriona Hysolli, who previously worked at Colossal Biosciences, a company focused on resurrecting extinct species through gene editing [9][10]. Industry Developments - On October 30, 2025, Manhattan Genomics announced key employee hires, including a bioethicist and experts in non-human primate reproductive biology, as part of their preparation for potential CRISPR baby projects [10]. - Preventive, another company exploring gene editing in human embryos, recently secured nearly $30 million in funding, indicating a growing interest and investment in this controversial area [10]. Ethical and Safety Concerns - The scientific community largely agrees that commercializing gene editing in human embryos is premature, given the significant safety risks and ethical dilemmas compared to existing CRISPR therapies approved for conditions like sickle cell disease and β-thalassemia [11][12]. - Editing embryos poses unique challenges, as changes would affect nearly every cell in the body and could be passed on to future generations, raising unpredictable consequences [13]. Technological Context - CRISPR technology, recognized as a groundbreaking biotechnological advancement, received the Nobel Prize in Chemistry in 2020, yet its application in human embryos remains heavily restricted in many countries, including the U.S. [12]. - Recent advancements in gene editing for non-reproductive cells have progressed rapidly, with the first CRISPR-Cas9 therapy approved in 2023 for genetic blood disorders, showcasing the potential of gene editing outside of embryo manipulation [12].

Core Viewpoint - Intellia Therapeutics is facing significant challenges due to safety concerns regarding its lead drug candidate, nex-z, which has led to a substantial drop in its stock price, despite optimistic projections for its potential market opportunities [2][6][7]. Company Overview - Intellia Therapeutics is a small-cap biotech company focused on developing gene-editing therapies for rare diseases, with two main products in clinical trials: Lonvo-z for hereditary angioedema (HAE) and nex-z for transthyretin (ATTR) amyloidosis [3][5]. Product Development - Lonvo-z is in phase 3 clinical trials and is expected to be a one-time cure for HAE, with potential regulatory submission anticipated next year [4]. - Nex-z is undergoing two phase 3 studies but has been paused due to a significant liver damage incident in a patient, raising concerns about its safety and regulatory approval [6]. Market Potential - Intellia estimates that Lonvo-z could generate $5 billion in sales by 2028, targeting approximately 150,000 patients with HAE [9]. - For nex-z, the company projects a market opportunity of $12 billion by 2028, with a potential patient population of 250,000 to 500,000 for ATTR amyloidosis [10]. Financial Metrics - The current average price target for Intellia Therapeutics is $32.3, indicating a potential upside of 131% from its current price of $12.62 [2][11]. - The company has a market capitalization of $1 billion and a gross margin of 80.76% [11]. Investment Considerations - While there is potential for significant returns if the therapies are approved and achieve projected sales, there are concerns that the sales forecasts may be overly optimistic due to high costs and insurance coverage issues for gene-editing therapies [13]. - The recent safety issues with nex-z could hinder its approval and market entry, posing risks for investors considering the stock [14][15].

Core Viewpoint - Nanjing Agricultural University is leveraging genetic engineering and gene editing technologies to develop new chrysanthemum varieties, including potential "blue chrysanthemums" and "fluorescent chrysanthemums" that can glow in the dark [1][7][8] Group 1: New Varieties - The newly developed chrysanthemum varieties include "Nannong Danxin," "Nannong Fenying," and "Nannong Hongrui," which have unique flower shapes and colors, with some individual varieties achieving annual sales of millions of stems [3][5] - "Nannong Danxin" features a peach-pink flower color, while "Nannong Hongrui" has pink petals with a deep pink center, both noted for their excellent ornamental qualities [5][7] Group 2: Research and Development - The research team at Nanjing Agricultural University is addressing key issues in chrysanthemum cultivation, such as unclear mechanisms of important traits, limited commercial varieties, and poor resistance [7] - The team has made breakthroughs in gene editing and whole-genome selection, focusing on creating new varieties that are resistant, have longer blooming periods, and feature unique colors and shapes [7][8] Group 3: Genetic Resources - The Lake Shushu Chrysanthemum Base at Nanjing Agricultural University is home to the largest collection of chrysanthemum genetic resources globally, preserving over 5,300 resources, including wild species and various cultivated types [8] - This extensive genetic resource collection supports the breeding of new chrysanthemum varieties and innovation across the entire industry chain, reinforcing the foundation for a robust chrysanthemum industry in China [8]