证券日报网讯8月25日晚间，凯普生物（300639）发布公告称，公司将于2025年9月10日召开2025年第一 次临时股东大会。本次股东大会将审议《关于修订 <广东凯普生物科技股份有限公司章程> 的议案》等 多项议案。 ...

钢铁之"手"，能有多温柔？ 捏起草莓，放进餐盘，草莓表面完好无损——凭借上千个高精度多维触觉传感器，帕西尼感知科技（深 圳）有限公司自研的机器人仿生灵巧手能精确感知温度、压力等15个维度的信息。 "深圳良好的科创环境，让我们的成果迅速产业化。不仅打破了国外技术垄断，还参与了行业标准制 定。"帕西尼联合创始人聂相如介绍，成立仅4年，公司的触觉传感器全球出货量就达到行业领先水平。 2024年，深圳国家高新技术企业数量突破2.5万家，平均每平方公里拥有12家。 建强平台载体，开展关键核心技术攻关—— 从贻贝粘蛋白中提取的活性材料，能快速修复伤口，应用前景广泛，但以往贻贝粘蛋白的制备效率较 低。 2023年4月，习近平总书记在广东考察时强调："要强化企业主体地位，推进创新链产业链资金链人才链 深度融合，不断提高科技成果转化和产业化水平，打造具有全球影响力的产业科技创新中心。" 深入贯彻落实习近平总书记重要指示精神，广东深圳加快构建以企业为主体、产学研高效协同深度融合 的创新体系。近年来，深圳全社会研发投入持续增加；2024年全市战略性新兴产业增加值达1.56万亿 元，占地区生产总值比重达42.3%，连续3年每年跨越一 ...

Core Insights - The article highlights the significant transformation occurring in China's biotech industry, driven by increased international investor interest and the competitive advantages of Chinese biotech companies [3][10]. Group 1: Investment Trends - Morgan Stanley has sponsored notable IPO projects in Hong Kong, including projects for companies like Hengrui Medicine and WuXi AppTec, raising substantial funds [2][3]. - The Hong Kong Stock Exchange has become the second-largest biotech financing center globally, with 12 healthcare companies raising a total of $2.5 billion in the first half of 2025 [5]. - New listings have shown strong market performance, with an average first-day increase of 23.1% for the 12 healthcare companies [5]. Group 2: Financing Activities - Morgan Stanley has assisted Chinese issuers in raising over $5 billion in financing by the end of July, with WuXi AppTec's $980 million being the largest new share issuance in the Hong Kong medical sector in four years [6]. - The financing activities reflect a strong market demand, as evidenced by the oversubscription of offerings like Innovent Biologics' $550 million issuance [6]. Group 3: Global Market Dynamics - Chinese biotech companies are increasingly recognized as significant players in the global market, driven by enhanced innovation capabilities, cost advantages, and supportive policies [10][14]. - The trend of "License-out" agreements is growing, allowing Chinese companies to leverage their innovations in international markets [10][11]. Group 4: Innovation and R&D - Chinese companies have made notable advancements in areas like antibody-drug conjugates (ADC), with total transaction values reaching approximately $44 billion since 2021 [11]. - The approval of innovative drugs like Zepzelca by BeiGene marks a significant milestone for Chinese companies in the international market [12]. Group 5: Challenges and Recommendations - Despite the progress, challenges remain, including complex international regulations and market entry barriers [15]. - Recommendations for Chinese biotech companies include building international talent teams, enhancing communication with regulatory bodies, and improving global brand influence [15].

Core Insights - The international investment community is increasingly focused on Chinese biotech companies, driven by innovation, cost advantages, and supportive policies [1][4] - Morgan Stanley has played a significant role in facilitating major IPOs and refinancing projects in the biotech sector, highlighting the growing interest and investment in this area [1][3] Group 1: IPO and Market Performance - Hong Kong has become the world's second-largest biotech financing center, with 12 healthcare companies successfully listed in the first half of 2025, raising a total of $2.5 billion [2] - Among these, 8 biotech companies raised a total of $890 million through the Hong Kong Stock Exchange's Chapter 18A, designed to attract innovative biotech firms [2] - The average first-day gain for these newly listed companies was 23.1%, indicating strong market performance and investor interest [2] Group 2: Refinancing Activities - Morgan Stanley has assisted Chinese issuers in raising over $5 billion by the end of July, with notable projects including WuXi AppTec's $980 million share placement, the largest in the Hong Kong medical sector in four years [3] - The refinancing activities reflect a robust demand for biotech stocks, with the issuance scale for Innovent Biologics being increased by 10% due to market demand [3] Group 3: Global Expansion of Chinese Biotech - Chinese biotech companies are increasingly pursuing international clinical registrations and market entries, with a notable rise in overseas clinical trial registrations [4][5] - The gap in innovation capabilities between Chinese and U.S. biotech firms has narrowed significantly, with research indicating a reduction from 10 years to 3.7 years [5] - The cost advantages in clinical trials, particularly in Phase III trials, allow Chinese companies to maintain high investment returns [5] Group 4: Strategic Collaborations and Licensing - Chinese biotech firms are forming strategic partnerships with international giants, exemplified by the $12.5 billion deal between Hengrui Medicine and GlaxoSmithKline [6] - The licensing-out model is becoming more prevalent, with significant transactions such as the $1.25 billion upfront payment for a PD-1/VEGF bispecific antibody deal [6] Group 5: Future Outlook and Challenges - The Chinese biotech sector is expected to continue its growth trajectory, with a focus on innovative technologies such as mRNA, ADC, and gene editing [7] - However, challenges remain, including complex international regulations, intellectual property issues, and cultural differences in global operations [8] - Recommendations for overcoming these challenges include building international talent teams, enhancing communication with regulatory bodies, and optimizing government support for innovation [8]

以下文章来源于赛业生物订阅号 ，作者小赛 赛业生物订阅号 . 分享生命科学领域的前沿资讯、解读行业动态、讲解实用的学科知识、实验方法和技巧。 近日， Nature 期刊 发表了一项关于阿尔茨海默病的研究论文，哈佛医学院的研究团队通过阿尔茨海默病小 鼠模型和人类脑组织分析等， 首次揭示了锂在大脑正常功能中扮演关键角色，并可能抵抗脑衰老与阿尔茨海 默病 [1] 。这一突破性研究再次凸显了 可靠的疾病模型 于神经疾病研究中的重要价值。 包括阿尔茨海默病在内的神经退行性疾病机制复杂，想要深入理解疾病发生过程仍是一场漫长攻坚战。如何 使不同层次的模型——从细胞模型到动物实验——有效衔接、相互验证，从而更可靠地揭示疾病机制？ 在这一过程中研究人员仍面临着严峻挑战： 模型代表性有限： 传统细胞系难以模拟神经元特异性通路和慢性退行过程； 动物模型表型不稳定： 遗传背景、环境因素导致表型异质性，增加体内验证变数； 体外-体内相关性不足： 病理指标不匹配，阻碍研究成果向临床转化； 模型构建与验证周期长： 基因编辑、表型鉴定等技术流程复杂，延缓研发进程。 新一期线上课程 「神经退行性疾病的机制研究与模型应用——从体外筛选到体内验证 ...

Core Insights - The article highlights the significant transformation occurring in China's biotechnology sector, driven by international investor interest and the competitive advantages of Chinese biotech companies [2][5]. Group 1: Investment Trends - Morgan Stanley has sponsored notable IPOs in the Hong Kong market, including projects from companies like Heng Rui Medicine and Ying En Biology, and has facilitated multiple refinancing projects totaling billions [1][3]. - The Hong Kong Stock Exchange has emerged as the world's second-largest biotechnology financing center, with 12 healthcare companies raising a total of $2.5 billion in the first half of 2025 [3]. - New listings have shown strong market performance, with an average first-day increase of 23.1% for the 12 healthcare companies [3]. Group 2: Financing Activities - Morgan Stanley has assisted Chinese issuers in raising over $5 billion in financing by the end of July, with notable projects including WuXi AppTec's $980 million share placement [4]. - The financing activities reflect a growing demand for biotech stocks, with significant oversubscription and reduced discount rates for recent offerings [4]. Group 3: Global Expansion of Chinese Biotech - Chinese biotech companies are increasingly pursuing international clinical registrations and market entries, with a notable rise in "License-out" agreements [5][6]. - The gap in innovation capabilities between Chinese and U.S. biotech firms has narrowed, with Chinese companies demonstrating significant advancements in drug development efficiency and cost [5][6]. - The total value of transactions related to antibody-drug conjugates (ADCs) has reached approximately $44 billion, indicating robust international collaboration [6]. Group 4: Strategic Collaborations - Chinese biotech firms are forming strategic partnerships with international giants, exemplified by Heng Rui Medicine's $12.5 billion deal with GlaxoSmithKline [6][7]. - The collaboration models are evolving from simple licensing to joint development and new company formations, showcasing increased confidence in Chinese biotech capabilities [6][7]. Group 5: Future Outlook and Challenges - The article emphasizes the need for Chinese biotech companies to overcome regulatory complexities and market entry barriers to enhance their global presence [8][9]. - Recommendations include building international talent teams, improving communication with regulatory bodies, and optimizing government support for innovation [9].

Core Viewpoint - Tibet is pursuing a unique economic development path that leverages its high-altitude advantages and distinctive resources, focusing on sustainable development while protecting its ecological environment [2][3]. Group 1: Economic Development Strategies - The geographical and ecological uniqueness of Tibet makes it impractical to replicate Eastern development models, necessitating a focus on its specific advantages [2]. - The local government has implemented various measures to optimize the business environment, including the introduction of regulations to protect enterprise rights and reduce compliance burdens for small businesses [3]. - Companies like Linzhi Himalaya Third Pole Biotechnology Co., Ltd. are innovating by transforming tea waste into high-value products, while the tourism sector is integrating local cultural elements to create differentiated experiences [3]. Group 2: Talent Acquisition and Development - To address talent shortages, Tibet is attracting various skilled individuals, including government officials and graduates from other regions, to support local industry development [4]. - Local companies are focusing on hiring and training local talent, such as Tibetan university graduates, to build a sustainable workforce [4]. Group 3: Long-term Vision and Commitment - Major projects like the Dubu Hydropower Station are characterized by significant short-term investments with gradual long-term benefits, emphasizing the importance of balancing economic, political, and ecological considerations [5]. - Companies are adopting a long-term perspective, focusing on talent cultivation and technology transfer to enhance Tibet's self-sufficiency and development capacity [5]. - The development practices in Tibet highlight that there is no standard answer for growth; instead, success lies in leveraging local strengths and maintaining a long-term vision [5].

从党政干部到上市公司掌门人，对西藏之"高"均了然于心，并致力于在"特"上挖掘潜力、力图破局。 在优化营商环境的探索中，西藏立足高原实际打出"组合拳"：出台《西藏自治区优化营商环境条例》 等，明确要求政府诚信履约、保护企业产权、规范监管；发布《市场监管领域轻微违法行为依法不予行 政处罚清单》，对初次违法且未造成危害的行为免予处罚，代之以教育、约谈等柔性措施，切实减轻小 微企业合规压力；制定《西藏自治区综合执法事项清单》，统筹各部门联合执法，解决"重复检查、多 头执法"问题。就在近日，西藏98名营商环境特邀监督员正式获聘"上岗"。一系列措施层层发力，有效 减少了政府部门对企业正常经营的干扰，让经营主体活力持续释放。 地理环境的特殊性、生态系统的脆弱性，叠加自然资源的独特性，决定了西藏复制东部发展模式行不 通。唯有跳出路径依赖，立足高原禀赋择"高"处立，聚焦特色优势向"特"处行，方能在守护生态底线前 提下，走出一条适配雪域高原的可持续发展之路。 西藏之"高"，在于资源、产业和资本等维度呈现出独特的高原特色。西藏蕴藏着丰富的矿产，拥有清洁 能源、自然风光等资源，构成发展的核心禀赋，而高海拔、广地域、氧气稀薄等特征，也 ...

市场行情不断升温，硬科技成为强势主线之一。嗅觉灵敏的机构，自然不会放过这样的机会。数据显 示，截至8月23日，8月以来，集成电路、电子元件、应用软件、生物科技等硬科技行业的上市公司，频 频迎来机构的组团调研。 8月19日，纳芯微的业绩说明会获得了135家机构组团参与。参与调研的机构，包括IDG资本、博时基 金、财通证券（601108）、东方基金、东方证券、东海证券、东吴证券、东兴基金、方正证券等。机构 的提问"硬气十足"："目前公司在AI服务器相关领域的产品和客户进展""请分享一下在机器人等新兴领 域公司产品布局和客户拓展情况"等，都是机构关注的重点。 同样，紫光国微（002049）的业绩说明会，也有100多家机构组团参与。公募基金、证券公司、私募基 金、外资机构等在提问环节踊跃且专业："高端AI＋视觉感知芯片现在应用场景如何""公司今年在宇航 业务有什么新的进展，未来有什么推进""在特种集成电路领域，公司FPGA、新一代FPGA、RF-SOC芯 片等产品的业务布局和市占率情况如何，未来是如何进行推广"…… 上海一家科创板上市公司董事会秘书告诉中国证券报记者，近年来，伴随着机构对科技行业投资的力度 加大，其专 ...

Group 1 - A-share listed companies are increasingly pursuing dual listings in Hong Kong, with Luxshare Precision recently submitting an application for H-share issuance [1][3] - Since 2025, 11 A-share companies have successfully listed in Hong Kong, with over 30 more planning to do so, indicating a growing trend [3] - Companies like Changchun High-tech aim to enhance their global strategy and international brand image through H-share issuance in Hong Kong [3] Group 2 - The IPO market in Hong Kong has been active, with 53 companies successfully listing on the main board in the first seven months, raising HKD 127 billion, a sixfold increase compared to the previous year [3] - The influx of international long-term capital is notable, with an average of 30 institutional investors participating in each IPO, and a significant increase in participation from sovereign funds in the Middle East and Northern Europe [3] - The recent launch of the "Special Line for Science and Technology Companies" by the Hong Kong Stock Exchange is expected to strengthen the ecosystem for innovative enterprises [3] - Deloitte China forecasts that there could be 80 new IPOs in Hong Kong this year, raising between HKD 130 billion to 150 billion [3]