Core Insights - The number of approved innovative drugs in China has surged, with 43 new approvals in the first half of the year, indicating a significant growth in the innovative drug industry [1][7] - Chinese companies are increasingly engaging in licensing agreements with international partners, with transaction values exceeding $40 billion in the first half of the year [1][9] - Key areas of focus for innovative drug licensing include GLP-1 weight loss drugs, bispecific antibodies, antibody-drug conjugates (ADCs), and AI-driven drug development [1][3][6] Licensing Agreements - Hansoh Pharma granted Regeneron global exclusive rights for its GLP-1/GIP dual receptor agonist HS-20094 outside Greater China [3] - A $2 billion licensing deal was made between United Biomedical and Novo Nordisk for the GLP-1/GIP/GCG triple receptor agonist UBT251 [4] - Pfizer entered a licensing agreement with 3SBio for the PD-1/VEGF bispecific antibody SSGJ-707, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [4] - HBM7020, a bispecific T cell engager, was licensed to Otsuka Pharmaceutical for a total of $670 million [4] - A strategic collaboration between Hansoh Pharma and AstraZeneca was established for two preclinical immunology projects, with a total upfront payment of $175 million and potential milestone payments of up to $4.4 billion [5] - A new ADC, XNW27011, was licensed to Astellas for over $1.5 billion [5] Market Trends - The DeepSeek effect in China's biopharmaceutical sector is highlighted by significant transactions, such as BioNTech's acquisition of a drug from a Chinese company for over $10 billion [7] - AstraZeneca is in talks to acquire Summit's lung cancer drug, Ivorisumab, which was previously acquired from a Chinese company for up to $5 billion [8] - Goldman Sachs predicts that Ivorisumab could reshape the $90 billion immuno-oncology market, with peak sales projected at $53 billion by 2041 [8] - The expiration of patents for major drugs presents a significant opportunity for Chinese innovative drugs to fill the gap in the market [9] Investment Climate - Chinese biopharmaceutical companies are increasingly prioritizing licensing as a strategic goal, with nearly 30% of global drug development attributed to China [9][10] - The rapid pace and lower costs of drug development in China have attracted attention from multinational pharmaceutical companies [10] - The first half of 2025 is expected to see a surge in IPOs in the Hong Kong biopharmaceutical market, with 10 companies successfully listed in the first half of the year [11] - The biopharmaceutical sector raised HKD 15.6 billion in IPOs, making it the second-highest fundraising industry on the Hong Kong Stock Exchange [11]

集邦咨询：英伟达(NVDA.US)GB300芯片多项设计 规格将提升 预估3Q25后整柜系统将逐步扩大出货 规模 在TDP(热设计功耗)部分，2024年NVIDIA主流机种为HGX AI Server，TDP落在60KW与80KW间，目前 主推的GB200 NVL72机柜因运算密度大幅提升，每柜TDP达125KW至130KW。TrendForce集邦咨询预 估，GB300机柜系统功耗将再提升至135KW与140KW间，多数业者将持续采用Liquid-to-Air(液冷散热) 方式，确保散热效果。 至于散热零部件设计，目前GB200的Cold Plate(水冷板)是搭配一颗CPU和两颗GPU的整合模块型态，到 GB300将由整合模块改为各芯片独立搭载Cold Plate，将提高Cold Plate在Compute Tray(运算匣)的价值。 而QD(水冷快接头)部分，由于Cold Plate模块改为各自独立，将大量增加QD用量。而GB200的QD供应 商以欧美业者为主，预期至GB300后将有更多厂商加入供应行列。 TrendForce集邦咨询指出，预期今年GB200和GB300 Rack方案放量情形将受几项因素 ...

Core Insights - NVIDIA is expected to launch the GB300 chip ahead of schedule in Q2 2025, with improvements in computing performance, memory capacity, network connectivity, and power management compared to the GB200 chip [1] - The GB300 chip and Compute Tray are projected to begin production in May 2025, with ODMs starting initial engineering sample designs [1] - The demand for specialized products in the Chinese market has significantly increased due to the DeepSeek effect [1] Summary by Sections GB300 Specifications - The GB300 NVL72 features upgraded networking specifications to meet higher bandwidth requirements, enhancing overall computing performance [2] - The TDP for the GB300 system is expected to rise to between 135KW and 140KW, with most manufacturers continuing to use liquid cooling methods to ensure effective heat dissipation [2] Cooling Component Design - The cooling plate design for the GB300 will shift from an integrated module to individual chip installations, increasing the value of the cooling plates in the Compute Tray [3] - The change in design will lead to a significant increase in the usage of quick disconnects (QDs), with more suppliers expected to join the market for GB300 [3] Market Dynamics - The GB200 and GB300 Rack solutions' market performance will be influenced by several factors, including the ongoing impact of the DeepSeek effect and potential shifts in customer preferences towards self-developed ASICs or simpler, cost-effective AI server solutions [3]