Core Viewpoint - Crystal Technology and Hangzhou Baicheng Pharmaceutical Technology Co., Ltd. have signed a letter of intent for collaboration in drug development using AI and robotics [1] Group 1 - Baicheng Pharmaceutical will entrust Crystal Technology to utilize its "AI + Robotics" platform for new drug research [1] - Crystal Technology will delegate Baicheng Pharmaceutical to conduct pharmaceutical research and other R&D activities [1]

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]

Company Overview - Bid Pharma is located in Yangpu District, Shanghai, and was established on April 27, 2007. The company went public on October 11, 2022. Its main business focuses on the front end of new drug research and development, providing innovative drug molecular building blocks and scientific reagents [1]. Business Composition - The revenue composition of Bid Pharma includes: - 43.26% from molecular building block heterocyclic compounds - 23.32% from molecular building block aromatic compounds - 16.36% from molecular building block aliphatic compounds - 10.57% from catalysts and ligands - 6.49% from life science reagents [1]. Market Performance - On September 23, Bid Pharma's stock fell by 5.08%, closing at 70.03 CNY per share, with a trading volume of 36.31 million CNY and a turnover rate of 1.17%. The total market capitalization is 6.365 billion CNY [1]. Fund Holdings - Morgan Stanley's fund holds a significant position in Bid Pharma, with the "Morgan Stanley Youyue Anhe Mixed A" fund (009893) owning 68,300 shares, representing 5.92% of the fund's net value, making it the second-largest holding. The estimated floating loss today is approximately 256,300 CNY [2]. Fund Performance - The "Morgan Stanley Youyue Anhe Mixed A" fund was established on September 24, 2020, with a current size of 28.9066 million CNY. Year-to-date, it has returned 22.41%, ranking 4046 out of 8172 in its category. Over the past year, it has returned 41.52%, ranking 4017 out of 7995. Since inception, it has incurred a loss of 27.95% [2]. Fund Management - The fund manager of "Morgan Stanley Youyue Anhe Mixed A" is Zhao Weijie, who has been in the position for 4 years and 205 days. The total asset size of the fund is 305 million CNY, with the best return during his tenure being 28.14% and the worst being -30% [3].

Group 1: Gold Price Surge - International gold prices reached new historical highs, with London gold peaking at $3728.4 per ounce and COMEX gold reaching $3763.1 per ounce [1] - Major financial institutions like JPMorgan and UBS have raised their gold price forecasts, with JPMorgan predicting a spot gold price of $3800 per ounce by Q4 2025 and UBS forecasting $3800 per ounce by the end of 2025 [3] Group 2: Federal Reserve's Monetary Policy - The Federal Reserve announced a 25 basis point rate cut and indicated further cuts may occur by the end of the year, with a 91.9% probability of another cut in October and a 78.6% probability in December [3] - Some Federal Reserve officials expressed hawkish views, suggesting limited room for further rate cuts, with expectations of only one cut in 2025 [4] Group 3: Stock Market Performance - U.S. stock indices showed mixed performance, with the Dow Jones down 0.15%, while the Nasdaq and S&P 500 saw slight increases [5] - Notable stock movements included Metsera, which surged over 60% following Pfizer's announcement of a potential acquisition valued at up to $7.3 billion [6]

Market Performance - US stock market showed positive performance last Friday, with the Dow Jones rising by 0.38%, S&P 500 increasing by 0.49%, and Nasdaq up by 0.72% [3] - The Hang Seng Index rose by 159 points or 0.6% to close at 26,545 points, while the tech index saw a significant increase of 5.1%, closing at 6,294 points [3] - A-shares experienced mixed results, with the Shanghai Composite Index declining by 1.3%, while the Shenzhen Component Index increased by 1.12% [3] Notable Stocks - Baidu (09888.HK) was the best-performing stock among constituents, with a rise of over 14%, followed by SMIC (00981.HK) and Meituan (03690.HK), both rising by over 10% [3] - Automotive stocks performed well, with BYD (01211.HK) and Li Auto (02015.HK) increasing by 8.6% and 7.9%, respectively [3] - The worst-performing stocks included Ping An (02318.HK), China Overseas (00688.HK), Alibaba Health (00241.HK), and AIA (01299.HK), all experiencing declines of over 5% [3] Trading Volume and Market Dynamics - The trading volume reached 376.8 billion due to adjustments in the FTSE Russell Index [3] - The stock of Jiayuan Health (02617.HK) experienced significant volatility, with a weekly high of 679.5 and a low of 148.8, ultimately declining by 22% to close at 149.9 [3] Technical Analysis - The Hang Seng Index is expected to maintain a pattern of significant gains with minor pullbacks, facing resistance at the 27,000-point level [4] - The market is anticipated to consolidate at high levels, with a critical support level around the 10-day moving average (approximately 26,300 points) to sustain the upward trend [4]

IPO Review and Registration Progress - Three companies were reviewed last week, with two IPO registrations approved and one company facing a delay in review [2][3] - Yuan Chuang Co., Ltd. and Xin Guang Yi both received approval for their IPOs, targeting the Shenzhen Main Board and the ChiNext Board respectively [2] - Yuan Chuang's main business involves the research, production, and sales of rubber tracks, with projected revenue of 1.349 billion yuan in 2024, an 18.19% increase year-on-year, but a 12.94% decline in net profit [2] - Xin Guang Yi focuses on high-performance special functional materials, with its performance closely tied to the FPC industry and consumer electronics [3] Upcoming IPOs - Four companies are scheduled for IPO reviews this week, including Bai Ao Sai Tu, Heng Dong Guang, Nan Wang Digital, and Mo Er Thread [4][5] - Bai Ao Sai Tu, a clinical pre-CRO and biotechnology firm, aims to raise 8 billion yuan, with projected revenues increasing from 534 million yuan in 2022 to 980 million yuan in 2024 [5] - Heng Dong Guang specializes in passive optical devices, reporting a 105.84% revenue increase to 1.021 billion yuan in the first half of 2025 [5] - Mo Er Thread, a GPU chip design company, plans to raise 8 billion yuan for various chip development projects, with a revenue of 702 million yuan in the first half of 2025 [6] New Stock Listings and Subscription Dynamics - One new stock, Shi Chang Co., Ltd., was listed last week, with a first-day increase of 271.56% [9] - Shi Chang specializes in automotive fuel systems, with a focus on lightweight and low-emission products, targeting major automotive manufacturers [10] - This week, You Sheng Co., Ltd. is set to be listed, focusing on lightweight components for new energy vehicles, reporting a 30.76% revenue growth in the first half of 2025 [11] - One new stock subscription is scheduled for Ao Mei Sen, with an issue price of 8.25 yuan per share, focusing on intelligent equipment manufacturing [12] New Applications and Approvals - Three new IPO applications were accepted last week at the Beijing Stock Exchange, including Jiu Mu Chemical, Bai Nuo Pharmaceutical, and Shen Lan Hua [7] - Jiu Mu Chemical, a subsidiary of Wanrun Co., focuses on OLED materials, reporting a revenue decline of 23.1% in the first half of 2025 [7] - Bai Nuo Pharmaceutical aims to raise 800 million yuan for drug development and digital platform projects, with a revenue of 287 million yuan in the first half of 2025 [8] - Shen Lan Hua, specializing in high-end organic pigments, reported a 25.04% revenue increase to 388 million yuan in the first half of 2025 [8]

Group 1 - Leading photovoltaic company GCL-Poly announced a strategic investment of approximately $700 million from international investment firm Wujin Capital, backed by a Middle Eastern sovereign fund [1] - Weimob Group also secured a $200 million subscription from Wujin Capital shortly after GCL-Poly's announcement, indicating a trend of international capital targeting Chinese industry leaders [1] - The participation of international capital in refinancing through methods like private placements and rights issues reflects a long-term investment perspective, emphasizing confidence in the fundamentals and growth potential of Chinese companies [1] Group 2 - The continuously optimized foreign investment policy environment in China supports international capital's participation in domestic company refinancing [2] - Recent policies, including the "Management Measures for Strategic Investment by Foreign Investors in Listed Companies," encourage long-term and value investments from foreign capital [2] - The State Administration of Foreign Exchange has issued guidelines to enhance the convenience of cross-border investment and financing, further facilitating foreign investment in China [2][3] Group 3 - The rapid development of China's technological innovation is reshaping international capital's perception of the Chinese economy, moving beyond the view of China as merely a "world factory" [4] - China's R&D investment is projected to exceed 3.6 trillion yuan in 2024, a 48% increase from 2020, with a research intensity surpassing the average of EU countries [4] - The number of high-tech enterprises in China has increased by 83% since 2020, indicating a robust growth in innovation capabilities [4] Group 4 - Significant achievements in various fields such as quantum technology and life sciences have positioned China as a global leader in innovation, with the country ranking 10th in comprehensive innovation capability by 2024 [4] - The pharmaceutical sector has seen substantial growth, with nearly $66 billion in licensing deals for innovative drugs in the first half of 2025, showcasing the potential for revenue generation [5] - In the humanoid robotics sector, over 83 projects have been disclosed in the first half of 2025, with contract amounts totaling nearly 330 million yuan, indicating a strong market demand and performance [5] Group 5 - International capital is transitioning from being mere financial investors to strategic partners, actively engaging in governance, technology collaboration, and market expansion for Chinese companies [5] - As China's capital market continues to open up, international capital is expected to increasingly invest in innovative technology firms, sharing in the growth and development benefits [5]

新华社北京9月21日电 题：约100种罕见病用药进医保！生命与希望在集结 新华社记者李恒、彭韵佳 这是一场关乎生命与希望的对话，一次科学与温情的交融。 9月20日至21日，2025年中国罕见病大会在京举行。大会传递的数据温暖且令人振奋：目前全国罕见病 诊疗协作网医院达419家，罕见病直报系统现有626家医院参加登记，罕见病目录扩展至207种病种，已 有约100种罕见病用药被纳入国家医保药品目录。 医者与患者、科研人员与药企代表……这不仅仅是一场探讨罕见病诊疗与关爱的会议，更如同一束光， 穿透"罕见"的迷雾，照亮一个国家正以制度之善、科技之新、人文之暖守护"罕见病群体"。 保障更全！多层次保障体系为患者点亮生命之光—— 最新数据显示，国家医保药品目录内罕见病用药覆盖42个罕见疾病种类。2024年医保基金为协议期内罕 见病药品支付86亿元，约占协议期药品总支付的7.7%。 "医保基金坚持'尽力而为、量力而行'，但罕见病用药保障不能仅靠基本医保。"国家医保局医药服务管 理司司长黄心宇说，我国正构建基本医保、大病保险、医疗救助三重保障体系，并积极探索商业健康保 险、社会慈善等多元保障路径。 从药物研发、快速审评、纳入 ...

Mergers and Acquisitions - Anhui Heli plans to acquire 51% stake in Jianghuai Heavy Industry [1] Share Buybacks and Equity Transfers - Gansu Guotou will receive 90% stake in Lanshi Group for free, becoming the indirect controlling shareholder [2] - Jian Sheng Group intends to repurchase shares worth between 150 million to 300 million RMB, with a maximum repurchase price of 14.69 RMB per share [3] - Goodway adjusts the maximum repurchase price from 53 RMB per share to 70 RMB per share [4] - Shareholder Lu Tichao plans to transfer 1.7 million shares, accounting for 2.0038% of the total share capital [5] - Zhengqiang shares' controlling shareholder will transfer 8.9% of shares [6] - Heyuan Gas plans to repurchase and cancel 45,000 restricted shares [7] External Investments and Daily Operations - Neusoft Group received a notification for a project involving a total amount of approximately 5.6 billion RMB for supplying intelligent cockpit domain controllers [8] - Fulian Precision's subsidiary received a 1.5 billion RMB advance payment from CATL to secure the supply of lithium iron phosphate [9] - Jian Sheng Group plans to invest 180 million RMB in a project to produce 60 million pairs of mid-to-high-end cotton socks and 30 million pieces of clothing in Vietnam [10] - Fengshan Group signed a technology development contract with Tsinghua University for the development of sodium-ion battery electrolytes and solid-state lithium-ion battery electrolytes [11] - Palm Holdings won a bid for a high-standard farmland construction project worth 433 million RMB [12] - Heng Rui Medicine's subsidiary received clinical trial approval for SHR-1139 injection [11] - Huaxiang plans to issue convertible bonds to raise no more than 1.308 billion RMB for core component capacity enhancement and industrial chain extension projects [12] - Shentong Express reported August express service revenue of 4.434 billion RMB, a year-on-year increase of 14.47%, with a business volume of 2.147 billion tickets, up 10.92% year-on-year [12] - YTO Express reported August express product revenue of 5.39 billion RMB, a year-on-year increase of 9.82%, with a business volume of 2.511 billion tickets, up 11.08% year-on-year [12]

Core Viewpoint - The theme of this year's World Patient Safety Day is "Safe Care for Every Newborn and Child," emphasizing the importance of patient-centered research in the medical industry [1] Group 1: Patient-Centric Approach - The company prioritizes patient needs by integrating safety and effectiveness into clinical research processes, asking critical questions about treatment efficacy and trial safety [2] - The company has completed over 1,500 clinical studies across more than 20 indications, including solid tumors and cardiovascular diseases, with a focus on critical phases II and III [2] - AI technology has facilitated the recruitment of patients for over 1,200 projects, making patient-centered services more accessible [2] Group 2: Safety Measures - The company has developed a "6S Safety Defense Line," which encompasses standards and a commitment to scientific rigor and respect for life throughout the research process [2] - Safety is prioritized from study design to risk management, data monitoring, and result output, ensuring it remains the foundational principle [2] Group 3: Focus on Pediatric Medication - An online event was held to discuss the "6S Safety Defense Line" in pediatric drug development, highlighting insights and practical experiences from industry experts [3] - The complexity and importance of pediatric drug development were emphasized, including regulatory requirements and research strategies [5] - Ethical standards must be followed in pediatric drug development to maximize benefits and minimize risks, with a focus on dosage selection and child-specific endpoints [6] Group 4: Pharmacovigilance - Special attention is required for safety risks in pediatric clinical trials, including unique adverse reactions and pharmacokinetic differences in children [7] - Innovative monitoring technologies and long-term safety tracking strategies are being developed to ensure the safety and efficacy of pediatric medications [7] Group 5: Future Commitment - The company is committed to patient safety year-round, aiming to integrate technological innovation with professional services to create comprehensive solutions that meet clinical needs [8] - The mission to safeguard lives and ensure patient safety remains a collective effort within the organization [8]