转自：新华财经 科济药业联合创始人、COO王华茂则从产业落地层面介绍了公司的产能建设与生产工艺优化战略。据其介绍，未来将进一步打造涵盖自体与异体CAR-T细 胞制造能力的一体化智能细胞制造中心，预计设计产能将提升至每年数万人份，大幅提升产品供应能力。 "未来我们将聚焦工艺自动化、管理信息化和产业链协同化三大方向，持续降低生产成本、提升产品质量，让CAR-T疗法更易被患者获得。"王华茂强调，科 济药业的最终目标是助力中国CAR-T产业实现"全球领跑"，为更多癌症患者带来治愈希望。 近年来，BD（商务合作与授权）交易数量迎来爆发式增长，此类交易已成为生物制药企业重要的收入来源，这一合作议题也因此成为投资机构关注的焦 点。科济药业回应投资机构表示，BD合作的核心取决于产品竞争力、企业实力及能否满足合作方需求，而非单纯的外部环境因素。科济药业深耕细胞治疗 领域11年，与多家跨国公司（MNC）保持良好合作关系，如今已具备硬核产品、优质平台和稳健现金流的优势。 对于BD策略，科济药业表示其更偏向长期价值导向。"得益于稳健的发展态势，我们无需'卖青苗'求生存，在BD决策上拥有充足的灵活空间。BD工作的核 心目的是为公司发展 ...

瑞财经 刘治颖 近日，瑞视星辰生物科技（杭州）有限公司（以下简称"瑞视生物"）完成数千万元天使 轮融资。 瑞视生物成立于2024年9月，聚焦细胞治疗药物研发和眼部疾病未满足的重大临床需求。公司法定代表 人为潘少辉，注册资本为148万元。 天眼查显示，瑞视生物实际控制人为潘少辉，总持股比例及表决权均为67.57%。目前，潘少辉担任公 司董事长、经理及财务负责人。 本轮融资由华方资本领投，杭州市科创集团（颠覆性技术成果转化基金）跟投，所募资金将用于公司 iPSC分化角膜内皮细胞治疗产品管线的推进和原创技术驱动的早研管线布局。 瑞视生物正依托自主研发的iPSC分化技术平台和AI+化合物重编程技术平台，专注开发角膜和视网膜等 眼部疾病临床迫切需求的突破性细胞疗法。 ...

Market Overview - A-shares experienced weak fluctuations with three major indices slightly declining, over 3,500 stocks in the red, and total trading volume at 1.9 trillion, down 485.5 billion from the previous day [1] - The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index by 0.36%, and the ChiNext Index by 0.39% [1] Market Analysis - The current market is characterized by a consolidation phase around the 4,000-point mark for the Shanghai Composite Index, requiring repeated fluctuations to stabilize [1] - The market is undergoing a style rebalancing phase, with funds switching between high and low sectors in search of new market leaders, leading to accelerated rotation among thematic sectors [1] - There is a lack of incremental policies to boost the market during this macro event vacuum, making the current consolidation phase reasonable, although the overall market trend remains positive [1] Sector Performance Oil and Gas Sector - The oil and gas sector showed strong performance, with stocks like Zhun Oil Co. hitting the daily limit and Tongyuan Petroleum leading the gains [4] - The Longqing Oilfield, China's largest shale oil production base, reported cumulative shale oil production exceeding 20 million tons, marking a significant achievement in the "shale revolution" [4] Banking Sector - The banking sector was strong, led by Agricultural Bank of China, with other banks like China Bank and Chongqing Bank also showing gains [11] - Institutional analysis suggests that insurance capital continues to increase holdings in the banking sector, indicating ongoing investment value [11] Pharmaceutical Sector - The pharmaceutical commercial sector saw a rise, with stocks like Renmin Tongtai and Yaoyigou hitting the daily limit [6] - The National Health Commission indicated a potential peak in flu cases in December, which may drive demand for pharmaceutical products [7] Cell Therapy Concept - The cell therapy sector experienced a surge, with stocks like Kaineng Health and Zhongyuan Hehe hitting the daily limit [9] - According to QYResearch, the global human stem cell product market is expected to reach 25.25 billion by 2031, with a CAGR of 9.3% from 2025 to 2031 [9] Institutional Insights - Dongfang Caifu noted that the market is experiencing structural differentiation, with some PPI price increases benefiting cyclical stocks, while AI remains a long-term focus [13] - Huaxi Securities observed that the market's micro liquidity remains relatively loose, with a sustained trading volume in margin financing [14] - Everbright Securities highlighted a clear shift from technology to cyclical stocks, suggesting a focus on sectors like photovoltaic and chemical industries [15]

Core Insights - The private equity and venture capital market in China is experiencing a decline in the number of new fund managers, with only 4 new registrations in September 2025, a 20% decrease from August and a 71.4% drop compared to September 2024 [1] - Despite the decline in new fund managers, the total number of newly registered private equity and venture capital funds increased to 557, representing a year-on-year growth of 83.8% and a month-on-month increase of 51.4% [1] - The total financing amount in the primary equity investment market reached approximately 44.34 billion yuan in September 2025, a 7.0% increase from 2024 and a 26.0% increase from August 2025 [1] Group 1: Fund Management and Investment Activity - Shenzhen Innovation Investment Group (深创投) registered 4 new funds by the end of September 2025, with a total registered capital of 7.34 billion yuan [2] - One of the new funds, the Shenzhen Semiconductor and Integrated Circuit Industry Fund, has a target size of 5 billion yuan and raised 3.6 billion yuan in its first closing [2] - The second fund, the Shenzhen SME Development Fund, has a registered capital of 2 billion yuan and focuses on high-tech sectors such as new information technology and advanced manufacturing [3] Group 2: Investment Trends and Preferences - In September 2025, 深创投 participated in 10 equity investment events, a 66.7% increase from August but below the 12 events recorded in September 2024 [3] - The majority of investments (70%) were in the A-round stage, indicating a preference for companies with validated business models and growth potential [5] - The investment focus is primarily on advanced manufacturing (30%), new materials, artificial intelligence, and enterprise services, aligning with national strategies for manufacturing and digital economy [8] Group 3: Geographic Distribution of Investments - Approximately 30% of 深创投's investments are in Shenzhen, with significant investments also in the Yangtze River Delta region, particularly in Zhejiang and Jiangsu [10] - This geographic strategy aims to maximize coverage of high-quality project clusters through a combination of local focus and regional opportunities [10] Group 4: Notable Investment Case - The company 恩瑞恺诺 completed over 200 million yuan in A-round financing, led by 深创投 and other investors, to advance its new drug clinical trials and expand its technology platform [12] - 恩瑞恺诺 specializes in cell therapy and has established partnerships with clinical centers to address unmet clinical needs in various disease areas [12]

Core Insights - Cell therapy is accelerating from laboratory research to clinical application, with a new specialized hospital in Shenzhen aiming for "three-tier" standards, marking a significant step in the integration of clinical services and industry in this field [1][2] Industry Developments - The "Zeyi Cell Drug Innovation and Clinical Transformation Conference" was held on October 26, where important industry achievements were announced, including the initiation of registration for two innovative class I cell drugs [1] - Shenzhen is focusing on building a leading area for cell and gene therapy, enhancing the entire chain from approval and regulation to clinical trials and application promotion [1][2] Company Initiatives - Zeyi Cell Therapy Group has formed strategic partnerships with Boji Pharmaceutical and Sai Jun Biotechnology to advance the registration and clinical research of cell drugs [1] - The company plans to establish a high-level cell therapy hospital in Dapeng New District, with 200 beds, aiming to create a platform that integrates specialized diagnosis, cutting-edge research, and standardized operations [2] - Zeyi Group's CEO stated the commitment to continue the development and registration of innovative class I cell drugs and to accelerate the construction of the three-tier hospital, contributing to the high-quality development of the cell therapy industry [2]

2025年9月20日，淮安市清江浦区迎来一场瞩目的生物大健康产业盛事——华夏源(淮安)细胞药研发生 产基地开工仪式隆重举行。随着第一锹热土培下，这项总投资10亿元、占地32.51亩的战略性项目正式 驶入建设快车道，为淮安乃至长三角注入澎湃的"细胞动能"。 △ 清江浦区领导与华夏源共同为新基地培土 华夏源细胞集团成立于2015年，拥有以科学家、临床学者、药品申报专家为核心的管理团队，和以三位 诺贝尔奖获得者为核心的世界级科学顾问委员会。集团已获得国家436项专利著作权审批，在细胞治 疗、细胞级生物资源存储、干细胞新药研发、肿瘤类器官药筛服务等多领域具备核心竞争力。 政企同心，运河畔崛起细胞科技地标 清江浦区委书记赵洪涛出席并宣布项目正式开工，区长印祺热情致辞，区领导王磊、张晓宇，华夏源细 胞集团相关负责人及建设单位代表共同为项目奠基培土。政企"双向奔赴"的合力，让项目从签约到开工 按下"加速键"，为淮安生物技术与大健康产业写下浓墨重彩的一笔，为区域经济高质量发展提供重要支 撑。 △ 清江浦区委书记赵洪涛(左)宣布项目正式开工，区长印祺(中)热情致辞 沃土之上，淮安基地产业生态欣欣向荣 江苏淮安市被誉为"运河之都 ...

Financing Transactions - Zero Gravity Aircraft Industry announced the completion of A+++ round financing with nearly 300 million RMB, led by CITIC Securities and Luoyang Cultural Tourism Group, focusing on eVTOL and electric fixed-wing aircraft development [1] - Natural堂 Group completed a new financing round with an investment of 300 million RMB from Jiahua Capital, with a valuation exceeding 7 billion RMB [2] - Chengdu Nureter Medical completed approximately 800 million RMB in D round financing, focusing on medical isotopes and radiopharmaceuticals [3] - CATL Intelligent, a subsidiary of CATL, completed its first external financing round exceeding 2 billion RMB, becoming the first "unicorn" in the smart chassis sector [4] - Changxin Storage received a strategic investment of 450 million RMB, with a valuation exceeding 140 billion RMB, as it approaches its IPO [5] - Didi Autonomous Driving announced the completion of 2 billion RMB in D round financing, with a post-investment valuation exceeding 5 billion USD [6] - Shimo Microelectronics completed over 100 million RMB in B round financing, focusing on high-performance analog signal chain chip design [7] - Huadao Biotechnology completed over 100 million RMB in D+2 round financing, aiming to accelerate the industrialization of affordable cell therapies [8] - Xijing Technology completed E+ round financing, with participation from Wuliangye Fund, focusing on AI solutions for logistics [9] - Expedition Therapeutics announced the completion of 165 million USD in A round financing, focusing on innovative therapies for autoimmune and respiratory diseases [10][11] Company Highlights - Zero Gravity Aircraft Industry aims to build a third transportation ecosystem, with its RX1E-A electric fixed-wing aircraft already in mass production [1] - Natural堂 Group is positioned as China's third-largest domestic cosmetics group, with Jiahua Capital providing comprehensive support for its future development [2] - Nureter Medical is focused on breaking the dependency on imported isotopes and advancing the domestic nuclear medicine industry [3] - CATL Intelligent is set to launch its first chassis model in 2024, leveraging CATL's battery technology [4] - Changxin Storage is advancing its 15nm technology and expanding production capacity, targeting a 50% increase in DRAM shipments by 2025 [5] - Didi Autonomous Driving is enhancing its AI algorithms and L4 autonomous driving applications, with plans for new vehicle deliveries by the end of 2025 [6] - Shimo Microelectronics aims to fill the domestic high-end market gap in analog signal chain chips [7] - Huadao Biotechnology is focused on making cell therapies affordable, with several products expected to launch by 2026 [8] - Xijing Technology has achieved commercial delivery of its AI solutions across multiple countries [9] - Expedition Therapeutics is advancing its clinical research for innovative treatments in autoimmune diseases [10][11]

Company Overview - Weifang Jitao Medical Technology Co., Ltd. is a technology-based enterprise founded by a postdoctoral researcher from the Chinese Academy of Sciences and a local government-owned enterprise, focusing on the development of immune cell and stem cell therapy technologies, as well as early diagnosis and intervention technologies for cancer [2] - The company has developed a tumor early diagnosis platform based on ctDNA methylation detection and a storage and preparation platform for immune cells and stem cells for precision treatment [2] - Jitao Medical is recognized as one of the first provincial-level new research and development institutions in Shandong Province and has received several accolades, including a national first prize in an innovation and entrepreneurship competition for its colorectal cancer early screening project [2] Investment and Infrastructure - The Weifang (Jitao) Regional Cell and Tissue Bank and Cell Preparation Center is located in a core area of Kuiwen District, with a total investment exceeding 20 million yuan, including a public life science popularization museum and a 1,200 square meter cell storage and preparation center [3] - The project incorporates cutting-edge international storage, preparation, and research and development equipment, adhering to national regulations and designed to meet international standards for clinical-grade and pharmaceutical-grade cell banks and preparation centers [3] - The company is focusing on the development of cell-based pharmaceuticals, with ongoing research on tumor-infiltrating lymphocyte (TIL) therapy for solid tumors, and is preparing to apply for national drug clinical trials [3]

Group 1 - The first CAR-T cell therapy raw material from Macau patients has successfully passed inspection and clearance at the Shanghai Zhangjiang Cross-Border Science and Technology Innovation Regulatory Service Center, marking an expansion of China's self-developed CAR-T treatment services to Macau [1][3] - CAR-T therapy, a cutting-edge cell immunotherapy technology, has seven approved CAR-T products in China, with most originating from Shanghai, highlighting the city's leading position and industry clustering effect in the cell therapy field [3] - The imported raw material is a special biological product with high requirements for transportation timeliness, temperature control, and clearance efficiency, indicating the complexity of logistics in this sector [3] Group 2 - Shanghai Customs has actively conducted tax policy research to address industry pain points, leading to a reduction in the import tariff rate for virus vectors, a key raw material for CAR-T cell therapies, from 3% to 0% starting January 1, 2025, which will lower production costs and enhance the international competitiveness of China's cell therapy industry [3][4] - The successful clearance of raw materials for Macau patients not only expands the service radius of CAR-T therapy but also provides replicable and promotable regulatory and operational experience for the cross-border flow of more special biological products [4]

Group 1: Investment Highlights - Shikong Daoyu completed a strategic investment round, raising 2 billion RMB, with funding from Zhejiang New Energy Vehicle Industry Fund, focusing on low-orbit satellite systems and global real-time data communication [1] - Xingji Hongyuan secured D+ round financing of 700 million RMB, backed by state-owned institutions, to enhance its capabilities in commercial aerospace launch systems [1] - Figure.ai successfully raised 1 billion USD in Series C funding, with participation from major tech investors like Intel and Nvidia, aimed at advancing humanoid robotics [2] Group 2: Company Developments - Shengshu Technology completed an A round financing of several hundred million RMB, with participation from top-tier investors, focusing on multimodal large models for natural language processing and computer vision [2] - Hejian Gongruan raised 500 million RMB in A+ round financing from the National New Technology Innovation Fund, aimed at enhancing EDA tools for integrated circuit design [3] - Groq received 750 million USD in strategic investment from international firms, focusing on AI chip development for data centers and cloud computing [4] Group 3: Sector Trends - Qingyun New Materials completed a C round financing of several hundred million RMB, led by Hillhouse Capital, to support the development and commercialization of new materials across various industries [5] - Weifen Zhifei raised 100 million RMB in Pre-A round financing, focusing on drone intelligence platforms for applications in agriculture, logistics, and security [6] - Huakan Biotech completed a B+ round financing of several hundred million RMB, with investments from state-owned and private equity firms, to advance cell therapy technologies in regenerative medicine and oncology [7]