Core Viewpoint - The article emphasizes the importance of establishing a stable and self-consistent valuation system for guiding investment decisions, despite the inherent subjectivity and variability in company valuations [1][2]. Group 1: Valuation Channel - In a relatively stable market, companies' valuations fluctuate within a defined "valuation channel," which varies by company quality [3][6]. - The theory suggests that buying excellent companies at a premium can yield higher returns over time compared to buying mediocre companies at a discount [3][7]. - The concept of valuation channels serves as a useful metric for assessing market sentiment and identifying discrepancies in expected valuations [8]. Group 2: Valuation Leap Triggered by Business Dynamics - Valuation channels are maintained under stable market expectations, but significant changes in business growth expectations can disrupt these channels, leading to valuation leaps [9][10]. - Valuation leaps can occur rapidly, often within months, due to substantial adjustments in market expectations rather than actual performance changes [10][12]. - Historical examples illustrate that companies previously undervalued can experience upward valuation leaps when market sentiment shifts positively [11][12]. Group 3: External Market Influences - Many valuation leaps are driven by macroeconomic factors rather than fundamental business changes, leading to significant price fluctuations in stocks [14][15]. - The article notes that during market downturns, companies with stable fundamentals can still experience drastic valuation declines due to negative market sentiment [15][17]. - The current market environment has created opportunities for identifying undervalued companies with strong growth potential amidst external pressures [18]. Group 4: Case Studies and Future Outlook - The article discusses specific case studies in the Hong Kong and U.S. biotech sectors, highlighting the potential for significant valuation recovery in undervalued companies [19][20]. - It emphasizes the importance of understanding the underlying business dynamics and market narratives that influence valuation trends [36][39]. - The article concludes that while the market may currently undervalue certain biotech companies, their long-term growth potential remains strong, suggesting future investment opportunities [42][43].

Core Viewpoint - The 25th Shanxi International Beauty, Hairdressing, and Cosmetics Expo has opened, marking the launch of the "Shanxi Beauty Consumption Season," which aims to invigorate the beauty industry market in Shanxi [3][18]. Industry Overview - The expo features an unprecedented scale with an exhibition area of 20,000 square meters, showcasing over 2,000 brands and more than 600 well-known exhibitors [6]. - The event covers various sectors of the beauty industry, including traditional beauty services, skincare, makeup, medical aesthetics, and health management products [6]. Consumer Engagement - The Shanxi Beauty Consumption Season is part of the national "Service Consumption Season" initiative, supported by multiple government departments [10]. - During the event, 5,000 vouchers worth 500 yuan each will be distributed, totaling a discount of 2.5 million yuan, which can be used at 60 brand member enterprises [10]. Media Coverage - The event has received extensive media attention, with live broadcasts and reports from various media outlets, enhancing its visibility and consumer engagement [14]. Future Outlook - The president of the Shanxi Beauty, Hairdressing, and Cosmetics Association expressed optimism about the future of the beauty industry in Shanxi, highlighting the potential for market vitality and consumer interest [18]. - The beauty industry in Shanxi is rapidly developing, becoming the fourth largest service industry after real estate, automotive, and tourism [18].

多细胞生物的生命活动需要成千上万的基因在空间上有序的各种细胞类型中协调运作。要理解组织功能的基础，就需要剖析体内各种细胞和组织表型的遗传控制 机制。然而，一直是个重大挑战，传统方法要么只能测量基因表达情况 （单细胞策略） ，要么只能观察细胞形态 （显微成像） ，始终无法同时捕捉多个维度的 信息。 2025 年 6 月 12 日， 哈佛大学 庄小威 教授团队在国际顶尖学术期刊 Cell 上发表了题为： Perturb-Multimodal: A platform for pooled genetic screens with imaging and sequencing in intact mammalian tissue 的研究论文。 撰文丨王聪 编辑丨王多鱼 排版丨水成文 该研究开发了一种名 为 Perturb-Multi 的新技术，将成像技术与测序技术结合，首次实现在哺乳动物整个组织中对数百个基因并行扰动，同步完成基因表达谱、 亚细胞形态和空间位置的三维解析。 通过成像技术，能够识别单个细胞中的扰动情况，同时测量其基因表达谱和亚细胞形态。利用单细胞测序技术，测量了对相同干扰的完整转录组反应。 研究团队应用 ...

Core Insights - A new computational tool named TWAVE has been developed by a team from Northwestern University, utilizing generative AI to extract key information from limited gene expression data and identify multi-gene combinations behind complex diseases [1][2] - The TWAVE model simulates gene expression under healthy and diseased states, linking changes in gene activity to phenotypic variations, and accurately pinpointing key gene changes that may trigger cellular state transitions [1][2] Group 1: Technology and Methodology - TWAVE focuses on gene expression levels rather than gene sequences, addressing the limitations of traditional genome-wide association studies (GWAS) that primarily identify single genes associated with specific traits [2] - The model was trained using clinical trial data to recognize expression profiles representing healthy or diseased states, enhancing its ability to identify disease-associated gene networks [2] - TWAVE circumvents privacy issues related to gene sequences and inherently incorporates environmental factors, allowing for a more comprehensive understanding of gene-environment interactions [2] Group 2: Applications and Implications - Testing of TWAVE on various complex diseases demonstrated its capability to identify known pathogenic genes and discover new genes overlooked by existing methods [2] - The findings indicate that the same disease may arise from different gene combinations in different populations, providing a theoretical basis for personalized treatment based on individual genetic drivers [2][3] - The advancements in AI within the life sciences are facilitating a deeper understanding of disease mechanisms and supporting early diagnosis and personalized treatment, accelerating the arrival of the precision medicine era [3]

Real Estate Industry - The real estate market is expected to stabilize gradually, divided into three phases: housing transaction volume, housing prices, and real estate investment [3] - The core point for entering a positive cycle is the upward shift in housing price expectations due to changes in supply and demand structure, which should be a key signal for market observation [3] - Policy measures need to be more decisive to facilitate stabilization, focusing on adjusting supply and demand structures and mitigating risks from enterprises [3] - The probability of a "medium policy" scenario for the real estate fundamentals in 2025 is high, with sales performance potentially exceeding expectations due to the prolonged effects of the 926 policy [3] - A recovery in total housing sales to historically reasonable levels could lead to significant upward potential, with new housing transaction volumes likely to see greater recovery [3] Strategy - The A-share market has shown signs of improvement in early 2025, but external uncertainties are rising, impacting market dynamics [8] - The expected market rhythm for the second half of 2025 is "steady first, then rise," with upward potential dependent on comprehensive policy support [9] - Investment focus should be on certainty in uncertain environments, including opportunities from capacity cycles, high-growth sectors with low correlation to economic cycles, and dividend-paying sectors [9] Macroeconomy - The GDP growth rate has improved while prices remain weak, indicating a widening demand gap due to restrained policy measures [18] - The real estate sector's drag on the economy is expected to continue narrowing, contributing to a "quasi-balance" recovery [18] - The core CPI inflation is anticipated to improve slightly in the second half of the year, but overall inflation is expected to remain weak [18] New Consumption Trends - Despite overall consumption being insufficient, new consumption trends are emerging, characterized by a shift towards quality and rational spending [23] - The Z generation is becoming a key driver of the new consumption wave, indicating a shift in consumer behavior [23] - The potential for consumption in lower-tier cities is increasing as the drag from real estate weakens [23]

Group 1 - The company has announced the cancellation of a special account for raised funds, transferring the remaining balance of RMB 3,962.27 to its general account for daily operational liquidity [4][6] - The total amount raised from the initial public offering (IPO) was RMB 186,463.34 million, with a net amount of RMB 159,551.73 million after deducting issuance costs [2][3] - The company had established a special account for the management and storage of raised funds, in compliance with regulatory requirements and signed a tripartite supervision agreement with the sponsor and the bank [3][4] Group 2 - The cancellation of the special account was conducted to streamline bank account management and reduce administrative costs [4] - The company has completed the necessary procedures for the cancellation of the special account, which also terminates the related supervision agreement [4][6] - The raised funds were subject to specific management protocols to protect investor interests, as outlined in various regulatory documents [3]

Core Viewpoint - The Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market) has successfully supported "hard technology" companies since its launch in June 2019, contributing positively to China's innovation-driven development strategy and the growth of enterprises [1][6]. Group 1: Performance and Growth - The number of listed companies on the STAR Market reached 588 by June 2025, showcasing its role in promoting high-level technological self-reliance and new productivity development [1]. - Revenue for STAR Market companies has shown a steady increase, with total revenues reaching 1,348.99 billion yuan in 2022, 1,420.46 billion yuan in 2023, and 1,426.07 billion yuan in 2024 [2]. - Notable companies like JinkoSolar and Trina Solar have reported significant revenue growth, with JinkoSolar's revenue increasing from 82.68 billion yuan in 2022 to 118.68 billion yuan in 2023, and Trina Solar's revenue rising from 85.05 billion yuan in 2022 to 113.39 billion yuan in 2023 [2][3]. Group 2: Research and Development Investment - STAR Market companies have demonstrated exceptional innovation vitality, with R&D investments of 137.40 billion yuan in 2022, 158.15 billion yuan in 2023, and 167.99 billion yuan in 2024 [4]. - In 2024, 315 companies had R&D expenses exceeding 100 million yuan, with 63 companies exceeding 500 million yuan, and 28 companies surpassing 1 billion yuan [4]. - BeiGene has shown a strong commitment to R&D, with expenditures of 11.15 billion yuan in 2022, 12.81 billion yuan in 2023, and 14.14 billion yuan in 2024 [4]. Group 3: Institutional Innovation and Market Reforms - The STAR Market has focused on institutional innovation, implementing a registration system and market-oriented pricing mechanisms to enhance liquidity and investor protection [3][5]. - The recent "STAR Market Eight Measures" introduced by the China Securities Regulatory Commission aims to strengthen the board's focus on "hard technology" and support high-quality, unprofitable tech companies in going public [6]. - Future reforms are suggested to include policy coordination with relevant ministries, product innovation through new financial instruments, and the establishment of innovation funds to support early-stage projects [7].

Core Viewpoint - Major industry ETFs in the US are mostly down, with global airline and regional banking ETFs dropping over 2%, and banking ETFs nearly down 2% [1] Group 1: Industry Performance - Global airline industry ETF is priced at $21.87, down by $0.55 (-2.45%), with a trading volume of 620,500 shares and a year-to-date decline of 13.73% [2] - Regional banking ETF is priced at $56.56, down by $1.22 (-2.11%), with a trading volume of 2,409,700 shares and a year-to-date decline of 5.66% [2] - Banking ETF is priced at $53.16, down by $1.05 (-1.94%), with a trading volume of 110,800 shares and a year-to-date decline of 3.48% [2] - Financial sector ETF is priced at $50.09, down by $0.92 (-1.79%), with a trading volume of 5,092,500 shares and a year-to-date increase of 4.01% [2] Group 2: Other Sector Performance - Semiconductor ETF is priced at $259.13, down by $4.02 (-1.53%), with a trading volume of 833,400 shares and a year-to-date increase of 7.00% [2] - Global technology stock ETF is priced at $87.17, down by $0.97 (-1.10%), with a trading volume of 7,682 shares and a year-to-date increase of 2.86% [2] - Biotechnology index ETF is priced at $127.94, down by $1.06 (-0.82%), with a trading volume of 248,700 shares and a year-to-date decline of 3.15% [2] - Consumer discretionary ETF is priced at $212.08, down by $1.63 (-0.76%), with a trading volume of 253,000 shares and a year-to-date decline of 5.21% [2] - Energy sector ETF is priced at $87.38, up by $0.79 (+0.91%), with a trading volume of 7,943,300 shares and a year-to-date increase of 2.80% [2]

Fundraising Overview - The company successfully raised a net amount of RMB 26,911.62 million after deducting issuance costs from the initial public offering of 21,666,668 shares [1] - The funds have been fully received and verified by Tianzhi International Accounting Firm [1] Fund Management and Usage - The company has established a special account for the management and storage of the raised funds, in compliance with relevant regulations and internal management policies [1] - A tripartite supervision agreement has been signed with the sponsoring institution and the bank to ensure proper management of the funds [1] Fund Account Status - The company has detailed the status of its fundraising special accounts, including various projects such as online marketing network construction, offline service network upgrades, and research center construction [1] - Specific accounts have been opened at banks like Ping An Bank and Industrial and Commercial Bank of China for different projects [1] Account Cancellation - The company has canceled a fundraising special account with a balance of RMB 3,962.27, transferring the remaining funds to its general account for daily operational liquidity [2] - The cancellation of the account has been completed, and the corresponding regulatory agreement has also been terminated [2]

Core Viewpoint - A research team from the University of Washington and the Brotman Baty Institute has developed a "claw machine"-like technology for the rapid and automated classification of embryoid bodies, providing critical support for studying individual differences in early embryonic development and the mechanisms of genetic diseases [1][2]. Group 1: Technology Development - The newly developed automated sorting system integrates microscopy, cameras, and robotic micro-manipulation technology, featuring a detachable micro-structure called "micro-raft" for the growth of embryoid bodies [2]. - The system operates like a high-precision "claw machine," autonomously scanning large arrays of "micro-rafts," identifying the characteristics of embryoid bodies, and physically sorting them based on preset criteria, enhancing precision and efficiency [2]. Group 2: Research Implications - The embryoid body model can reveal early developmental abnormalities similar to human diseases, previously clarifying how Huntington's disease manifests genetic traits in early embryos, even before traditional clinical symptoms appear [2]. - The new platform can sort unique embryoid bodies exhibiting subtle phenotypic differences, maintaining sample integrity and paving the way for subsequent live-cell imaging or genetic sequencing [2].