[Table_Title] 研究报告 Research Report 23 Jul 2025 中国电子 China Technology 上海市经信委印发行动方案，政策指引下一代显示产业加速发展 Shanghai Releases Action Plan to Accelerate Next-Generation Display Sector Development 张晓飞 Xiaofei Zhang xf.zhang@htisec.com [Table_summary] (Please see APPENDIX 1 for English summary) 事件 7 月 22 日，上海市经信委印发《上海市下一代显示产业高质量发展行动方案（2026-2030 年）》，提出以终端需求 作为龙头牵引，发展两大技术路线，布局三大未来方向，攻关四大核心环节，加快构建全市以 Micro LED、硅基 OLED、柔性显示等为代表的下一代显示产业体系。到 2028 年，锻造一批长板环节；到 2030 年，达到国际先进水 平。 点评 《方案》技术路线清晰且导向明确：依托上海半导体产业优势，在光波导、驱动芯片、核心装备、关键材 ...

【今日新股】 今日2只新股上市，无新股申购。 新股上市： 【隔夜行情】 •周二（2025年7月22日），A股三大指数今日集体上涨，截至收盘，上证指数涨0.62%，深证成指涨 0.84%，创业板指涨0.61%；北证50涨0.45%。沪深两市成交额约18930.38亿元，较前一个交易日放量约 1930.58亿元。 •周二（2025年7月22日），港股今早冲高回落，恒指成功站上两万五大关。截止收盘，恒生指数涨 0.54%或135.89点，报25130.03点，全日成交额为2660.73亿港元；恒生国企指数涨0.39%，报9075.6点； 恒生科技指数涨0.38%，报5606.83点。 •周二（当地时间2025年7月22日），美股三大指数收盘涨跌不一，截至收盘，道指涨179.37点，涨幅为 0.40%，报44502.44点；纳指跌81.49点，跌幅为0.39%，报20892.69点；标普500指数涨4.02点，涨幅为 0.06%，报6309.62点。 【上海：发展AI+AR、AI+MR等多形态眼镜产品】7月22日，上海市经济和信息化委员会印发《上海市 下一代显示产业高质量发展行动方案（2026-2030年）》。其中指 ...

4、市场监管总局暂停对杜邦中国集团有限公司的反垄断调查程序。 2、中国聚变能源有限公司挂牌成立大会7月22日在沪举行。此次挂牌成立的中国聚变公司是中核集团直 属二级单位。 3、《上海市下一代显示产业高质量发展行动方案（2026-2030年）》印发，发展AI+AR、AI+MR等多 形态眼镜产品。 智通财经7月22日晚间新闻精选 1、李强签署国务院令，公布《农村公路条例》，明确农村公路建设以提升路网质量为重点，与国道、 省道建设衔接协调，促进城乡交通运输一体化。 5、花旗发布2025下半年国内宏观经济展望，如果增长保持韧劲、物价出现改善，中国资产的吸引力会 进一步增加。 6、2连板江南化工：能否参与雅下水电工程项目尚存在不确定性。3连板华建集团：公司相关业务承接 暂不涉及雅鲁藏布江下游水电工程项目。广晟有色：全资子公司拟公开挂牌转让珠江稀土3%股权。 20CM两连板筑博设计：不具备水电站相关项目设计的资质和能力。2连板浙富控股：子公司浙富水电 主要从事大中型成套水轮发电机组的研发、设计、制造与服务。 ...

2025年来，mRNA领域颇有"复苏"的迹象。6月底，艾伯维宣布斥资21亿美元收购体内CAR-T疗法公司 Capstan Therapeutics；而BioNTech、Moderna等更早入局的企业，也已布局了成熟的mRNA疫苗的药物 设计和递送技术等研发平台，探索肿瘤疫苗等产品的研发，进展快者已进入二期临床阶段。 近两年，BD几乎成为国内创新药企的重要"KPI"。相关数据统计，今年以来，全球肿瘤领域授权交易的 首付款中，来自中国的资产贡献了将近50%的份额。"这说明不同于过去，跨国药企现在已经非常认可 中国创新的价值；第二，也证明了中国的自主创新、成本和效率都达到了一定程度。" 具体到mRNA技术领域，该技术集合了软件式平台、通用型生产平台的优势，具备覆盖从肿瘤到自免、 代谢性疾病、传染病等多种难治性疾病的药物开发能力。作为基因技术，mRNA技术可将药物开发 从"分子筛选"转变为"信息设计"，实现了"信息即药物"，可利用人体自身生成药物，使人体成为为自身 生产药物的"智能工厂。 从过往的案例看，在个性化肿瘤疫苗产品领域，国际大药企之间有过很多交易，比较有代表性的是 Moderna和BioNTech两家的对外 ...

麦高证券在最新研报中指出，mRNA肿瘤疫苗有潜力成为泛癌种、高可及性、现货化与个性化兼具的新 型肿瘤免疫疗法。其可凭借广泛的联用，以辅助疗法切入临床，逐步释放数百亿美元市场潜力。泛癌种 是肿瘤免疫疗法的特质，mRNA肿瘤疫苗可从联用免疫检查点抑制剂开始，进入目前肿瘤免疫疗法覆盖 的适应症并拓宽应用边界，成为下一个爆款频出的技术领域。 7月15日，港股创新药企云顶新耀（1952.HK）宣布，其通用型的现货肿瘤治疗性疫苗EVM14注射液的 新药临床试验申请（IND）获国家药品监督管理局药品审评中心（CDE）的正式受理。这是该产品继 2025年3月获美国食品药品监督管理局（FDA）批准开展临床后，在全球监管路径上的又一关键进展， 该产品由此成为云顶新耀mRNA平台首个实现"中美双报"的产品，标志着公司在全球创新布局上又迈出 了关键一步。 在业内看来，EVM14成功实现"中美双报"，有力印证了云顶新耀自研mRNA平台已构建起覆盖抗原设 计、LNP递送系统、CMC工艺开发直至产业化生产的端到端全产业链能力。这不仅为后续管线临床推 进与商业化奠定了坚实基础，也将加速其mRNA平台潜力的释放及海外授权合作潜力，推动创新价值 ...

Core Insights - The mRNA technology, initially recognized for its role in COVID-19 vaccines, is now being explored for broader therapeutic applications, particularly in oncology and autoimmune diseases [2][3] - The mRNA vaccine pipeline has seen a decline post-pandemic, with significant revenue drops reported by major players like Moderna and BioNTech [3][4] - Cloud-based innovations in mRNA technology, such as personalized cancer vaccines, are emerging as potential game-changers in the pharmaceutical industry [4][5] Industry Overview - The mRNA vaccine and therapy market is projected to grow at a compound annual growth rate (CAGR) of 16.8%, increasing from $46.83 billion in 2023 to $101.8 billion by 2028 [13] - The industry is witnessing a shift from pandemic-driven demand to a focus on personalized medicine and innovative treatment solutions [4][5] Company Developments - Cloud-based pharmaceutical company, CloudTop New Horizon, has developed an AI+mRNA platform and is advancing its pipeline in personalized cancer vaccines, with EVM16 showing promising clinical results [5][6] - The company has established a GMP production facility in China, enabling localized production of mRNA drugs and addressing scalability challenges in the industry [11] - CloudTop's dual strategy of "License In" and "License Out" is enhancing its revenue streams and positioning it for international collaborations with top pharmaceutical companies [12] Competitive Landscape - The mRNA technology race is intensifying, with various companies, including CloudTop, competing to establish their platforms and pipelines [5][6] - CloudTop's differentiation lies in its focus on personalized vaccines and a universal design for broader applicability, aiming to reduce costs and production times [7][8] - The integration of AI in mRNA development is seen as a critical factor for success, with CloudTop's proprietary algorithms enhancing its capabilities in identifying tumor antigens [10]

Group 1 - BioNTech's research on mRNA neoantigen vaccines shows potential in treating pancreatic cancer by inducing long-lived CD8+ T cell responses, offering new hope for cancer immunotherapy [1] - The challenge of tumor recurrence and metastasis remains significant in clinical treatment, highlighting the importance of mRNA technology in immune response [1] - Cloud Health's CEO discusses how mRNA technology stimulates T and B cells to create specific immune responses against tumor cells, forming immune memory to reduce recurrence risk [1] Group 2 - mRNA technology shifts drug development from "molecular screening" to "information design," transforming the human body into a smart factory for protein drug production [2] - Despite its advantages, the delivery system poses a major barrier for mRNA technology, as synthesized mRNA is prone to degradation when entering the human body [2] - Cloud Health has made breakthroughs in delivery technology, establishing a proprietary LNP (lipid nanoparticle) delivery platform with patents in ionizable and stealth lipids [2] Group 3 - The third-generation AI algorithm significantly enhances target protein expression levels, enabling Cloud Health to advance mRNA tumor drug development [3] - EVM16 is Cloud Health's first personalized mRNA tumor vaccine entering clinical stages, with the first patient dosing completed in March 2025 [3] - EVM14 is a universal therapeutic vaccine targeting five tumor-related antigens, intended for the treatment of squamous cell carcinoma [3]

Group 1: Northern Huachuang (北方华创) - The company is positioned as a leading domestic semiconductor equipment manufacturer, showcasing both growth potential and resilience [1] - The domestic semiconductor equipment market share in China has increased from 13% in 2015 to an estimated 42% in 2024, with Northern Huachuang expected to double its market share by 2025 compared to 2020 [2] - The company’s current valuation at 27 times NTM P/E is close to historical lows, suggesting an attractive investment opportunity with a target price of RMB 530, indicating a potential upside of 19.6% [2] Group 2: Genscript Biotech (云顶新耀) - The company is advancing its platform for reversible mRNA therapies, with promising data from multiple drug candidates [3] - The EVM16 candidate has shown efficacy in mouse models and demonstrated synergy with PD-1 antibodies, while EVM14 is progressing through preclinical studies with potential for inducing immune memory [4] - The EVER001 study for treating membranous nephropathy has reported significant immunological responses, with antibody levels dropping by over 60% after 8-12 weeks [4][7] Group 3: Photovoltaic Industry - Recent policy discussions indicate a shift towards addressing the challenges faced by the photovoltaic industry, with expectations for substantive policies to emerge [8] - The report highlights opportunities for leading photovoltaic manufacturers, particularly in glass and silicon production, as the industry seeks to overcome competitive pressures [8] Group 4: Automotive Industry - The report notes a slowdown in the month-on-month growth of new energy vehicle deliveries, with a 17.7% year-on-year increase across 11 manufacturers [9] - BYD's June sales reached 377,628 units, reflecting an 11% year-on-year growth, while Xiaomi's deliveries exceeded 25,000 units despite slight month-on-month declines [10][11] - The overall market is expected to continue its growth trajectory in July, driven by new model launches from various manufacturers [11]

Core Insights - The article highlights the advancements of CloudTop New Medicine (1952.HK) in the mRNA technology platform, showcasing its dual-driven strategy that combines cash flow from licensed products with long-term value creation through self-developed mRNA platforms [1][7]. AI Empowerment and Global Competitive Barriers - The latest research indicates that mRNA vaccines have the potential to induce immune memory, effectively preventing tumor recurrence and metastasis [2]. - CloudTop has developed an AI-driven system, EVER-NEO-1, which outperforms international peers in identifying tumor neoantigens, demonstrating superior predictive capabilities [3]. - The company has established a proprietary LNP (lipid nanoparticle) delivery technology platform, with over 500 proprietary lipids, ensuring effective and safe delivery of mRNA therapies [3]. Tumor Treatment Matrix - CloudTop has created a comprehensive tumor treatment matrix that includes personalized mRNA vaccines, off-the-shelf vaccines, and autologous CAR-T therapies [4]. - The EVM16 personalized mRNA vaccine has shown efficacy in preclinical models and is currently in clinical trials, with promising initial results [4]. - The EVM14 off-the-shelf vaccine targets five tumor-associated antigens and is set to begin a global multi-center Phase I clinical trial [5]. Strategic Transformation and Dual-Driven Strategy - The mRNA breakthroughs signify a strategic transformation for CloudTop, moving from a drug commercialization entity to a technology-driven innovative pharmaceutical company [7]. - The company has established a commercial matrix with three key licensed products, expected to generate peak sales of 1.5 billion, 5 billion, and 5 billion respectively, providing a stable cash flow for long-term investments in mRNA technology [7]. - CloudTop's mRNA platform has attracted interest from top global pharmaceutical companies, enhancing its international collaboration and commercialization prospects [8].