（来源同花顺，以上信息为南都·湾财社AI大数据自动生成） 今天（15日）上午，以"赋能大湾区共拓新机遇"为主题的第三届粤港澳大湾区发展工商大会在广州举 行。来自粤港澳三地和国外商协会，以及业内专家和企业代表等约1200人参加会议，共商粤港澳大湾区 的发展。本次大会聚焦国际供应链协同创新与全球贸易风险应对。着眼粤港澳大湾区跨境金融合作、商 事法律合作促进、人工智能和生物医药大健康产业对接等国际工商界关注的问题进行深入交流。随着粤 港澳三地工商融合与经贸合作不断深化发展，三地合作迈上了新台阶。截至目前，广东累计吸引港资、 澳资企业超过26万家。2024年，广东9市对港澳进出口规模超1万亿元人民币。广东与香港、澳门携手制 造了全球70%的消费型无人机、40%的智能手机、全国1/4的新能源汽车和1/5的集成电路，区域一体化 发展实现新的跨越。在第三届粤港澳大湾区发展工商大会上，还首次发布了《粤港澳大湾区供应链促进 报告》。报告共有四个章节，立足工商界视角，系统梳理近年来大湾区供应链促进情况。首次绘制了大 湾区智能汽车、创新药供应链图谱，揭示了供应链促进体系为湾区产业合作、企业创新带来的新机遇。 报告还从打造高质量基础 ...

MACD金叉信号形成，这些股涨势不错！ 近期，市场短期分歧有所加大，行业轮动节奏明显加快。科技主线虽有阶段性调整，但长期向上的产业 逻辑或未改。在政策支持持续强化与市场情绪逐步回暖的背景下，科技类资产估值中枢有望稳步上移。 值得注意的是，9月步入消费电子旺季，头部手机品牌将集中发布新品，Meta Celeste智能眼镜也即将亮 相，多重利好推动下，消费电子产业链热度持续攀升。 在此背景下，后续科技创新浪潮中的投资机遇该如何挖掘？投资者可重点关注哪些细分领域？对此，长 城基金研究部副总经理、基金经理储雯玉表示，9月阅兵仪式落地，考虑到前期积累的涨幅过大过快， 市场有内生调整的需要。储雯玉进一步分析称，如果市场走势温和，可能是算力龙头滞涨，其他赛道如 消费电子、机器人、军工、创新药等可能走出机会；如果市场走势较差，可能需要经历两三周的调整消 化后再决定方向。"考虑到场外资金依旧庞大，即便有调整，幅度可能也不会太深，但需警惕海外的扰 动。"储雯玉总结道。 随着三季报临近，储雯玉表示，市场可能会关注有边际变化的消费电子和端侧AI设计公司，同时10月 重要会议可能会提前传递一些产业支持信号，值得关注。 免责声明：本通讯 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report focuses on investment opportunities in the dual-antibody treatments in the autoimmune sector, highlighting the unmet needs in existing therapies and the potential for blockbuster drugs [5][15] - The report emphasizes the long-term trends in innovative drugs, the recovery of the CRO industry, and the potential for growth in various sub-sectors of the pharmaceutical industry [8][22][28] Summary by Relevant Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9157.77, with a 52-week high of 9323.49 and a low of 6070.89 [2] Recent Market Performance - During the week of September 8 to September 12, 2025, the A-share pharmaceutical and biotechnology sector fell by 0.36%, underperforming the CSI 300 index by 1.75 percentage points and the ChiNext index by 2.47 percentage points [7][19][36] Investment Recommendations 1. **Innovative Drugs**: The report suggests that domestic innovative drugs are poised for global competition, with significant potential for growth in the oncology and respiratory sectors. Beneficiaries include companies like Innovent Biologics and Junshi Biosciences [8][22] 2. **CRO Sector**: The report indicates that the CRO industry is expected to see a recovery in profitability due to stable competition and increasing demand from innovative drug development [22][24] 3. **Biological Products**: Focus on core product volume opportunities and potential valuation re-evaluations based on product data or business development expectations. Key companies include TianTan Bio and Anke Bio [9][28] 4. **Medical Devices**: The report anticipates a turning point in the medical device sector due to improved procurement processes and funding availability [29] 5. **Traditional Chinese Medicine**: The report highlights opportunities in innovative research and policies benefiting traditional Chinese medicine companies [32][34] Market Trends - The report notes that the overall valuation of the pharmaceutical sector (TTM) is 31.72, with a relative valuation premium of 136.86% over the CSI 300 index, indicating a slight decrease from the previous week [42]

Market Overview - The market experienced narrow fluctuations in the first half of the week, followed by a rebound attempt, but faced a pullback on Friday. The average daily trading volume was approximately 23.264 billion yuan. Growth stocks outperformed value stocks, with a balanced performance between large and small caps. The electronics, real estate, and agriculture sectors saw the highest gains, while banking, oil and petrochemicals, and pharmaceuticals faced declines [1] Macroeconomic Analysis - Domestic macro data released last week indicated resilient domestic demand. However, August exports showed signs of weakening compared to July, primarily due to declining U.S. import demand. The "export rush" effect is expected to weaken, posing risks to exports in the coming months. Inflation showed positive changes, with the core CPI rising for four consecutive months, while PPI's decline narrowed. Nonetheless, CPI has remained below 1% for 30 months, and PPI has been negative for 35 months, indicating ongoing pressure on domestic demand. The social financing growth rate fell to around 8.8% in August, suggesting limited upward potential for financing in the future [2] U.S. Economic Indicators - The U.S. CPI met expectations, but PPI significantly underperformed. Initial jobless claims unexpectedly surged, reinforcing rate cut expectations. The upcoming September FOMC meeting has already priced in rate cuts, with expectations of 2 to 3 cuts by the end of the year. Unlike last year, the market may price in more medium-term rate cuts following the September meeting [3] Investment Strategy - The market is currently in a medium-term oscillation phase, aligning with previous expectations for this month's market behavior. The AI-related sectors continue to attract investment, but there is a need for consolidation due to significant gains. Some funds are shifting towards sectors benefiting from anticipated rate cuts, such as non-ferrous metals and new energy. The trading volume remains strong, and while external shocks may occur, the market's bullish sentiment could keep indices in an upward trend. A narrow range of oscillation is expected until late October, with potential for further upward movement post the 20th National Congress [4][5] Sector Focus - Key sectors to focus on include PCB and optical modules in overseas computing power, GPU and ASIC in domestic computing power, and innovative drugs and medical devices in the pharmaceutical sector. There is a notable adjustment and rotation among leading sectors, suggesting opportunities for positioning at the bottom of significant oscillations [6]

Core Viewpoint - The article discusses the emergence of a new investment paradigm in China's innovative pharmaceutical sector, exemplified by the first "Fusion NewCo" model, which emphasizes the importance of small, efficient teams in driving innovation and the role of local capital in accelerating development [2][3]. Group 1: NewCo Model - The "NewCo" model is designed to facilitate rapid market entry for innovative drugs by involving investment institutions from the outset, focusing on value verification and global transactions [3][5]. - The recent establishment of the first domestic "Fusion NewCo" by Hongyi Investment and Aikou Lian Bio signifies a shift where local capital begins to dominate the value release pathway for Chinese innovative drugs [3][5]. Group 2: Market Dynamics - The Chinese innovative drug sector is transitioning from an "introduction" phase to a "leadership" phase in global markets, driven by unique advantages in research efficiency and cost [5][9]. - Data indicates that Phase I clinical trials in China can be completed 25% to 55% faster than in overseas companies, with costs only 30% to 50% of multinational corporations (MNCs) [5][9]. Group 3: Investment Strategy - Hongyi Investment's strategy focuses on leveraging local resources and optimizing asset allocation to capture investment opportunities in innovative drugs [9][10]. - The company aims to establish a "NewCo Plus platform + fund" model, which integrates top scientists, efficient clinical operations, and international business development channels to create a robust ecosystem for innovation [10][11]. Group 4: Future Outlook - The "NewCo Plus" model is expected to evolve into a Hub-and-Spoke structure, allowing for centralized resource management and enabling multiple NewCos to focus on technological breakthroughs [11][12]. - This approach is anticipated to significantly reduce the time required for innovative drugs to reach market readiness, enhancing capital turnover rates for investors [11][12].

打 工 人 的 财 富 分 配 大 幕 拉 开 。 A股上市公司世纪华通发布公告称，20 2 2年员工持股计划第二个锁定期已于9月14日届满 —— 27名核心员工将会解锁价值约6亿元的股票，算下来人均超2 0 00万元。 造 富 潮 。 作者 I 冯雨晨 周佳丽 报道 I 投资界PEdaily 这一幕令人艳羡。说来也颇为戏剧性，世纪华通成立于20 05年，原本以汽车零配件业务 起步，后来密集跨界并购做起了游戏，意外靠着游戏出海翻身。20 2 4年因历史问题，公 司股票被"ST （实施其他风险警示） "，但今年以来股价大涨，最新市值 近1 5 00 亿。 眼前A股站在400 0点门前，赚钱效应愈发显现。此时此刻，一批上市公司宣布解锁员工持 股，一场关乎无数打工人的财富兑现悄然开启。 财富盛宴 人均获2000万激励 这场造富盛宴在三年前就埋下了种子。 2 0 2 2年9月，世纪华通为了激励员工，将总计97 43 . 41万股过户至"浙江世纪华通集团股份 有限公司－2 022年员工持股计划"证券专用账户，受让对象包括公司的核心骨干员工、高 管等。 作为激励，员工受让该等股份自然是" 0元购"，但真正落到手里需要达成 ...

风险提示：基金有风险，投资需谨慎。以上内容仅供参考，仅代表撰文时市场表现，基于市场环境的不 确定性和多变性，不作为任何投资建议，所涉观点后续可能发生调整或变化。本文引用数据仅供参考， 不作为投资建议和收益承诺。基金投资人在做出投资决策之前，请仔细阅读基金合同、基金招募说明书 和基金产品资料概要及其更新等产品法律文件，充分认识基金的风险收益特征和产品特性,并请提前进 行风险承受能力测评，选择与自身风险承受能力相匹配的基金产品进行投资。基金管理人承诺以诚实信 用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利或本金不受损失。基金管理人、基金 托管人、基金销售机构及相关机构不对基金投资收益做出任何承诺或保证。 此外，还有一个利好政策的规格更高一点：国常会审议通过《生物医学新技术临床研究和临床转化应用 管理条例（草案）》。在政策支持下，中国创新药已进入全面开花的加速发展期。根据官方最新统计， 我国在研新药数量占全球数量比例超过20%，跃居全球新药研发的第二位。 中国创新药的核心竞争力有二，一是显著的工程师红利，二是在ADC、细胞治疗、基因治疗、双抗/多 抗等领域"从1到100"的高效落地能力。大摩最新研报指出 ...

近期，我国创新药领域政策利好频出，从新药研发成果涌现到审评审批效率提升，多重积极因素共同推 动行业进入高质量发展新阶段。在此背景下，恒生创新药ETF（520500）作为目前全市场唯一一只跟踪 恒生创新药指数的ETF，展现出较强劲的资金吸引力和市场表现，规模与份额双双创下自2024/12/16成 立以来历史新高，成为投资者布局创新药板块的重要工具。 交易所数据显示，截至2025年9月12日，恒生创新药ETF（520500）规模达15.78亿元，份额达7.71亿 份，自8月以来增幅分别达46%和49%，双双再创历史新高。该ETF进入9月以来日均成交额达12.54亿 元，展现出较好的流动性，反映出资金对创新药板块的持续看好。（份额、规模数据来源：交易所，8 月初规模和份额分别为10.81亿元和5.46亿份；其他数据来源：Wind） 政策层面近期连续释放利好。2025年9月11日，国新办发布会披露，"十四五"期间我国在研新药数量占 全球超20%，跃居全球第二位，舒格利单抗、恩沙替尼等多款国产创新药陆续获批上市。国家药监局数 据显示，"十四五"期间共批准创新药210个、创新医疗器械269个，2025年上半年创新药对外授 ...

人民财讯9月15日电，今天（15日）上午，以"赋能大湾区 共拓新机遇"为主题的第三届粤港澳大湾区发 展工商大会在广州举行。来自粤港澳三地和国外商协会，以及业内专家和企业代表等约1200人参加会 议，共商粤港澳大湾区的发展。本次大会聚焦国际供应链协同创新与全球贸易风险应对。着眼粤港澳大 湾区跨境金融合作、商事法律合作促进、人工智能和生物医药大健康产业对接等国际工商界关注的问题 进行深入交流。 在第三届粤港澳大湾区发展工商大会上，还首次发布了《粤港澳大湾区供应链促进报告》。报告共有四 个章节，立足工商界视角，系统梳理近年来大湾区供应链促进情况。首次绘制了大湾区智能汽车、创新 药供应链图谱，揭示了供应链促进体系为湾区产业合作、企业创新带来的新机遇。 （原标题：绘制大湾区发展新图谱 《粤港澳大湾区供应链促进报告》发布） 转自：证券时报 ...

流动性方面，港股创新药精选ETF盘中换手27.79%，成交1.05亿元，市场交投活跃。拉长时间看，截至9月12日，港股创新药精选ETF近1周日均成交1.80亿 元。 【事件/资讯】 截至2025年9月15日 13:03，恒生医疗保健指数上涨0.76%，成分股佰泽医疗上涨54.41%，脑动极光-B上涨34.40%，MIRXES-B上涨28.86%，映恩生物-B上涨 9.23%，药明生物上涨6.74%。恒生医疗ETF(513060)上涨1.08%，最新价报0.75元。拉长时间看，截至2025年9月12日，恒生医疗ETF近2周累计上涨4.96%， 涨幅排名可比基金1/3。 流动性方面，恒生医疗ETF盘中换手21.64%，成交15.86亿元，市场交投活跃。拉长时间看，截至9月12日，恒生医疗ETF近1周日均成交27.35亿元，排名可 比基金第一。 截至2025年9月15日 13:03，恒生港股通创新药精选指数上涨0.26%，成分股药捷安康-B上涨42.96%，MIRXES-B上涨28.86%，映恩生物-B上涨9.23%，复星 医药上涨5.65%，联邦制药上涨3.78%。港股创新药精选ETF(520690)上涨0.76 ...