Core Viewpoint - The recent announcement of a private placement by a leading consumer electronics company has sparked significant interest, with institutions like social security funds and Hillhouse Capital investing tens of billions, leading to a rise in stock prices [1] Group 1: Characteristics of "Smart Money" - "Smart money" refers to long-term, stable institutional investors in the capital market, including social security funds, insurance funds, foreign capital, and public funds [4] - These institutions typically have large scales and strong risk resistance capabilities, with over 70% of social security fund investments allocated to low-volatility sectors like banking and public utilities [4] - Institutions possess significant information advantages, often leveraging industry research and policy analysis to make informed investment decisions [5] Group 2: Long-term Investment Strategies - Institutional investors adopt a long-term perspective, with insurance funds averaging a holding period of over three years, and social security funds holding core assets like Moutai for over ten years [6] - Companies are increasingly engaging with institutional funds through methods such as targeted private placements, which can lead to significant stock price increases, as seen with WuXi AppTec's 45% rise after a strategic investment from Sequoia China [7] Group 3: Market Confidence and New Opportunities - Share buybacks have exceeded 200 billion yuan in the A-share market in 2025, with companies like Midea Group investing 5 billion yuan to buy back shares, signaling confidence to the market [8] - Companies are also participating in industry fund formations to secure capital and resources, exemplified by LONGi Green Energy's partnership with IDG Capital to establish a photovoltaic industry fund [9] Group 4: Investment Strategies for Individuals - Individuals can learn from institutional logic by focusing on "certainty" sectors, such as areas benefiting from policy incentives like AI computing and low-altitude economy, which are priorities for social security funds in 2025 [9] - The strategy of regular investment, such as monthly contributions to the CSI 300 ETF, can help mitigate timing pressures, while diversifying holdings can follow the "core + satellite" approach used by public funds [10] Group 5: Investment Tools and Cautions - Investment tools like ETF index funds and REITs can lower entry barriers for individual investors, allowing them to invest in major tech companies or share in stable infrastructure dividends [11] - Caution is advised against "pseudo-institutional stocks" that may be subject to speculative trading, and individuals should set stop-loss limits to manage risks effectively [12] Group 6: Conclusion on "Smart Money" - The essence of "smart money" lies in using professionalism and patience to counter market uncertainties, encouraging individuals to cultivate a long-term investment mindset rather than merely envying institutional resources [13]

值得注意的是，据报道，9月24日，晶泰科技董事长温书豪、首席执行官马健一行到访招商深圳总部， 与招商局集团董事长缪建民、总经理石岱进行深入会晤。此次拜访旨在寻求战略协同，晶泰科技期待以 此次到访为契机、以产业应用为导向，与招商局集团及招商创科在加速新药研发、新材料发现以及化学 自动化等领域加强交流合作，发挥资源优势、实现共赢发展。 消息面上，晶泰科技近日与杭州百诚医药（301096）科技股份有限公司宣布签订合作意向书。根据合作 意向书，百诚医药委托晶泰科技，利用其"AI+机器人"平台开展新药研发工作；晶泰科技将委托百诚医 药开展药学研究等研发工作。双方还计划针对疼痛、嗜睡、肿瘤、自免、眼科等多个疾病领域尚未满足 的临床需求，借助晶泰科技的AI药物研发平台，共同推进创新药管线的研发与孵化，并择机成立合资 公司，探索更广领域的商业合作。 晶泰控股(02228)再涨超8%，截至发稿，涨6.66%，报12.97港元，成交额12.23亿港元。 ...

智通财经APP获悉，晶泰控股(02228)再涨超8%，截至发稿，涨6.66%，报12.97港元，成交额12.23亿港 元。 值得注意的是，据报道，9月24日，晶泰科技董事长温书豪、首席执行官马健一行到访招商深圳总部， 与招商局集团董事长缪建民、总经理石岱进行深入会晤。此次拜访旨在寻求战略协同，晶泰科技期待以 此次到访为契机、以产业应用为导向，与招商局集团及招商创科在加速新药研发、新材料发现以及化学 自动化等领域加强交流合作，发挥资源优势、实现共赢发展。 消息面上，晶泰科技近日与杭州百诚医药科技股份有限公司宣布签订合作意向书。根据合作意向书，百 诚医药委托晶泰科技，利用其 "AI+机器人" 平台开展新药研发工作；晶泰科技将委托百诚医药开展药 学研究等研发工作。双方还计划针对疼痛、嗜睡、肿瘤、自免、眼科等多个疾病领域尚未满足的临床需 求，借助晶泰科技的 AI 药物研发平台，共同推进创新药管线的研发与孵化，并择机成立合资公司，探 索更广领域的商业合作。 ...

（原标题：中英医疗科创高峰论坛在京举行，BMJ推动两国医疗创新与协作） 21世纪经济报道 韩利明 9月13日，2025首都国际医学大会的平行论坛——中英医疗科创高峰论坛在北京举行。此次论坛由中国 医院协会主办、BMJ集团协办，聚焦中英医疗科创领域的合作与发展，展开深度对话交流。中英两国政 府、学者，专家齐聚一堂，通过经验分享与深度对话，为中英医疗体系的高质量发展注入新动能，携手 助力全球公共卫生事业高质量发展。 图：中英医疗科创高峰论坛 医疗科技创新是国家科技创新体系关键支柱，也是推动健康中国战略落地、提升全民健康福祉的核心引 擎。中国医院协会常务副会长毛群安表示："中英两国在医疗科创领域各具特色优势，合作互补性强。 期待此次中英医疗科创论坛为我们带来思想的碰撞与启发，推动中英医疗科技合作走向更务实、更深 入、更广阔的新阶段。" 图：中国医院协会常务副会长毛群安 北京市卫生健康委员会党委书记钟东波就中英医疗科创合作提出三点具体倡议，一是把握先机与战略方 向，聚焦重大健康问题及未满足的医学需求，推进医工交叉、医研融合，强化基础研究、人才培养等协 作互鉴；二是推动高校、医院、企业等共同参与，以产学研融合提升健康产 ...

公开资料显示，利虔，1981年11月出生于江西，北京医科大学（现北京大学医学部）大专肄业，原因不 明。 截至本报告书签署之日，上市公司总股本为 11,200.00 万股，利虔持有公司股份 3,089.73 万股，占公司 总股本的 27.59%，为上市公司的控股股东、实际控制人。 9月25日晚间，北京阳光诺和药物研究股份有限公司（以下简称"阳光诺和"）发布发行股份及可转换公 司债券购买资产并募集配套资金暨关联交易报告书（草案）摘要，拟通过发行股份及可转换公司债券的 方式，向利虔等38名交易对方购买江苏朗研生命科技控股有限公司（以下简称"朗研生命"）100%股 权，并向不超过35名特定投资者发行股份募集配套资金，交易作价高达12亿元。 这是阳光诺和继2023年终止首次并购后，时隔两年再度推进同一标的的并购交易。阳光诺和及朗研生命 两家公司的实控人均为利虔。2022年10月，阳光诺和就宣布收购朗研生命并停牌。在披露重组方案后， 阳光诺和于2023年5月收到了上交所下发的审核问询函，就业绩补偿和业绩奖励、交易目的及协同效应 等问题展开问询。尚未回复问询函，同年8月，阳光诺和就宣布终止重组。 交易对方利虔、朗颐投资承诺 ...

阳光诺和公告，北京阳光诺和药物研究股份有限公司拟通过发行股份及可转换公司债券购买江苏朗研生 命科技控股有限公司100%股权，并向不超过35名特定投资者发行股份募集配套资金。本次交易首次公 告前20个交易日期间，上市公司股票价格累计涨幅为9.82%。剔除大盘因素和同行业板块因素影响，公 司股价在本次交易相关事项信息公告前20个交易日内累计涨跌幅未超过20%，未达到《上海证券交易所 上市公司自律1监管指引第6号——重大资产重组》中规定的累计涨跌幅相关标准，公司股票交易未出现 异常波动情形。 ...

Group 1 - China National Petroleum Engineering announced that its wholly-owned subsidiary signed an EPC contract worth $2.524 billion for a seawater pipeline project in Iraq, with a duration of 54 months, expected to positively impact revenue and profit over the next 4-5 years [1] - Pingmei Shenma Group is undergoing a strategic restructuring as directed by the Henan provincial government, which will not significantly affect the company's operations or control [2] - Saisir has received approval from the China Securities Regulatory Commission for the issuance of H-shares, with plans to issue up to 331,477,235 shares [3] Group 2 - Baili Tianheng's drug, iza-bren, has been included in the list of breakthrough therapies for treating advanced or metastatic urothelial carcinoma, marking a significant milestone in its clinical development [4] - Tainkang's subsidiary has received approval for clinical trials of CKBA cream for treating rosacea, a first-class innovative drug in China, addressing an unmet clinical need [6] - Xinnowei's subsidiary has received approval for clinical trials of a biosimilar drug for Alzheimer's disease, being the first of its kind in China to obtain such approval [7][8] Group 3 - Jihong Co. expects a net profit of between 209 million to 222 million yuan for the first three quarters, representing a year-on-year increase of 55% to 65% [9] - Various companies, including Borui Pharmaceutical and Qibin Group, have announced share buyback plans for employee stock ownership or incentive programs [10]

齐鲁晚报·齐鲁壹点 李楠楠 通讯员 常静 近日，山东省药学会公布了2025年度科学技术奖获奖名单。经专家评选，共有37项成果获奖入选，其中一等 奖3项、二等奖8项、三等奖26项。滨医中医学院药食同源中药生物转化研究团队联合山东省食品药品检验研 究院和烟台新时代健康产业日化有限公司申报的"中药活性物质的绿色高效生物转化制备关键技术创新及产业 化应用"项目荣获一等奖。 附件: 2025 年度山东省药学会科学技术奖评审结果明细 一等奖 1. 与呼吸系统接触医疗器械产品质量评价体系的建立及应用 山东省食品药品审 评查验中心 完成人:肖杰、刘风林、柴谦,夏文龙、杜旭、董丹丹、郝建立 2. 中药活性物质的绿色高效生物转化制备关键技术创新及产业化应用 滨州医学 院 完成人:张加余、安天悦,汪冰、魏霞、王国丽、仲绍静、牛天梅 3. 抗肿瘤蛋白 TRAIL 的改性及其纳米脂质体制剂开发 聊城市人民医院 完成人: 袁风娇、贾殿隆、李军、王菲菲、樊庆、贾光伟、肖以磊 另外，滨医附院申报的"基于VEGFR2信号通路的新型异吲哚酮生物碱抗肿瘤血管生成活性及作用机制研 究""苯丁酮苷类化合物Lindleyin神经保护活性及对GluN2B ...

9月24日，晶泰科技与杭州百诚医药科技股份有限公司宣布签订合作意向书。根据合作意向书，百诚医 药将委托晶泰科技，利用其"AI+机器人"平台开展新药研发工作；晶泰科技将委托百诚医药开展药学研 究等研发工作。 ...

Core Viewpoint - Bid Pharma experienced a decline of 5.08% on September 23, with a stock price of 70.03 CNY per share and a total market capitalization of 6.365 billion CNY [1] Company Overview - Shanghai Bid Pharma Technology Co., Ltd. was established on April 27, 2007, and went public on October 11, 2022. The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - The main business revenue composition includes: - Heterocyclic compounds: 43.26% - Aromatic compounds: 23.32% - Aliphatic compounds: 16.36% - Catalysts and ligands: 10.57% - Life science reagents: 6.49% [1] Shareholder Information - Among the top ten circulating shareholders of Bid Pharma, a fund under China Europe Fund holds a significant position. The China Europe Medical Health Mixed A Fund (003095) reduced its holdings by 193,100 shares in Q2, now holding 4.2526 million shares, which is 9.84% of the circulating shares. The estimated floating loss today is approximately 15.9471 million CNY [2] - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, with a latest scale of 15.638 billion CNY. Year-to-date return is 31.45%, ranking 2835 out of 8172 in its category; the one-year return is 50.82%, ranking 3170 out of 7995; and since inception, the return is 126.87% [2] Fund Manager Performance - The fund manager of the China Europe Medical Health Mixed A Fund is Ge Lan, who has been in the position for 10 years and 241 days, managing assets totaling 39.908 billion CNY. The best fund return during her tenure is 125.52%, while the worst is -35.13% [3] - Another fund, China Europe Jiaxuan Mixed A (010947), holds 328,600 shares of Bid Pharma, accounting for 2% of the fund's net value, ranking as the fifth-largest holding. The estimated floating loss today is about 1.2322 million CNY [4] - The fund manager of China Europe Jiaxuan Mixed A is Wang Jian, who has been in the role for 15 years and 335 days, managing assets of 6.565 billion CNY. The best return during his tenure is 200.87%, while the worst is -22.48% [5]