撰文丨王聪 编辑丨王多鱼 排版丨水成文 胚胎发育 包含一系列错综复杂且分层次的细胞命运转变，包括胚层形成以及随后的器官发生。在哺乳动物胚胎发育过程中，由原肠胚形成而来的三个胚层——外 胚层、中胚层和内胚层相互协作，启动器官原基的形成。早期器官发生阶段尤为关键，它为器官的形成奠定了基础蓝图。这一阶段具有广泛的细胞命运程序化指 定事件，并且对发育干扰的高度敏感性，使其成为研究正常胚胎发育和先天性畸形潜在机制的关键窗口。 2025 年 6 月 18 日 ， 东南大学 林承棋 教授 、 华大生命科学研究院 方晓东 研究员、东南大学/南通 大学 罗卓娟 教授、福建医科大学 曹华 教授 、 香港中文 大学 （深圳） 刘瑾 副教授作为共同通讯作者，在国际顶尖学术期刊 Cell 上发表了题为 ： Digital reconstruction of full embryos during early mouse organogenesis 的研究论文。 该研究在 器官发生早期 （E7.5-E8.0） 以 单细胞分辨率 重建了完整的 3D " 数字胚胎 " ，为早期器官形成提供了重要见解，也为研究 发育和疾病提供了一个独 特的空 ...

赴港上市潮 。 作者 I 周佳丽 报道 I 投资界PEdaily 酱油一哥又IPO敲钟了。 投资界获悉，今日海天味业正式在港交所挂牌上市。此次IPO发行价每股36 .3港元，筹资 1 0 1亿港元，成为年内港股最大规模IPO之一。 这一次，海天味业H股发行认购火爆，超额认购逾9 3 0倍，引入高瓴、新加坡政府投资公 司GIC、瑞银资管、加拿大皇家银行、CPE源峰、 博裕资本 、 红杉中国、佛山发展等8 家基石投资者，阵容豪华。 今日开盘， 海天味业港股 一度 涨3%，总市值超2 100亿港元 ， 董事长程雪现身敲钟。 来自佛山 女掌门带队IPO敲钟 酱油传奇始于3 0 0年前。 自清代中叶，传统酿造业的佛山古酱园就已经颇有名声，海天便溯源于"佛山古酱园"， 得 名 于 " 海 天 （ 古 ） 酱 园 " 。 195 5 年 ， 佛 山 2 5 家 古 酱 园 谋 略 合 并 重 组 ， 组 建 " 海 天 酱 油 厂"，便是现在海天的前身。过去几十年里，海天味业一步步由小到大，背后离不开灵魂 人物——庞康。 出生于1 9 5 6年，庞康是地地道道的广东佛山人。1 9 82年，庞康大学毕业被分配到海天酱 油 厂 ...

6月18日上午，中国证监会主席吴清在2025陆家嘴论坛上宣布，将在科创板推出深化改革的"1+6"政策措 施，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。 风险资本在我国过去数十年的科技产业发展中起到重要的作用。但在2023~2024年期间，由于美联储提 高利率以及全球经济衰退风险加剧，流入我国的美元风险资本减少。与此同时，国内IPO节奏阶段性收 紧，一些企业赴美上市定价过低，港股市场中小股票流动性不足，在一定程度上影响了部分创投机构通 过IPO退出与资金回流，国内风险投资活动有所减少。 但是，在我国当前经济发展阶段，以人工智能、生物科技、商业航天、低空经济等为代表的前沿技术与 新兴产业蓬勃发展，技术突破正向市场应用加快转化，这对加快构建与之相适配的金融服务体系提出了 新的更高要求。因此，及时重启第五套上市标准并扩大适用范围，积极吸引包括社保基金、保险资金、 产业资本等在内的各类社会资本参与私募股权投资，才能更好促进科技创新和产业创新融合发展，实现 科技、资本、产业良性循环。 我国诸多初创企业在互联网革命期间最终成长为巨头，比如高盛最近推出的中国十大民营上市公司中有 一半是互联网公司 ...

美股三大指数小幅高开 脑再生科技跌超29% 智通财经6月18日电，美股三大指数小幅高开，纳指涨0.04%，道指涨0.01%，标普500指数涨0.08%。脑 再生科技跌超29%，此前2个交易日累涨近400%。 ...

今天上午，陆家嘴论坛2天议程里，最重要的部分结束了，各大监管机构的负责人分别进行了发言，有些人会觉得略失望，因为没有听到自己想 听到的信息——那些 巨大的数字，性感的举措，积极的展望 。 不过，理性来看，这其实也可以理解，5月7日，刚刚召开了"一揽子金融政策"发布会，大家可以回顾下《 为什么我对今天的发布会很乐观 》， 卖方洋洋洒洒整理出来的具体政策，就有接近30条，而短短40天之后，要再憋出30条新的重磅来，这既不现实，也无必要。 实际上，这次陆家嘴论坛召开的背景和主题，听下来很明确，就两个。 一是加大对外开放，这主要是说给外资们听的，背景就是在贸易摩擦加剧、美元信用走弱的宏观背景下，怎么样，把朋友搞得多多的。 二是加大对上海金融中心的支持。 所以， 我个人依然对论坛传递的信息和信号，"很乐观" ，即使没有比较浅白的，那些巨大的数字、性感的举措、积极的展望，有几个点，也值得展开简 单聊聊。 一共9条。 ...... 1、股民最关心的，当然还是科创成长层的设立。 很多人一看到这条信息，就条件反射般地开始阴阳——又要加速圈钱了。 其实，我们在《 腾讯回A股上市？ 》里，明确说过观点： 不应该把IPO当做洪水猛兽 ...

Core Viewpoint - The new round of reforms for the Sci-Tech Innovation Board (STAR Market) aims to enhance the inclusiveness and adaptability of the system, focusing on deepening reforms to better support comprehensive innovation in the capital market ecosystem [1] Group 1: Reform Measures - The first reform measure involves introducing a system for seasoned professional institutional investors for companies applying under the fifth set of listing standards [1][2] - This reform is inspired by practices in overseas markets, where seasoned professional institutional investors' participation is considered a reference factor in the review and registration process for companies [2] Group 2: Market Practices and Success Stories - Successful experiences from mature overseas markets show that private equity (PE) and venture capital (VC) have played crucial roles in the commercialization of advanced technologies [3] - For instance, companies listed under the Hong Kong Stock Exchange's specific rules for biotech and specialized technology firms have seen significant growth in revenue and reduction in losses after attracting seasoned investors [3] Group 3: Challenges in Identifying Quality Enterprises - Identifying and assessing the technological attributes and commercial prospects of innovative enterprises remains a challenge, particularly for unprofitable companies with high R&D costs and long commercialization cycles [4] - The market mechanism, particularly through seasoned professional institutional investors, offers unique advantages in accurately identifying quality technology firms [5] Group 4: Investment Ecosystem and Future Steps - The investment ecosystem has evolved with diverse participants, including government investment funds and private equity firms, providing substantial funding support to technology companies at various stages [6] - Approximately 90% of companies listed on the STAR Market received private equity investment prior to their listing, indicating a solid foundation for the pilot program of the seasoned professional institutional investor system [6]

Group 1 - June is typically a month of consolidation across various asset classes, including currencies, commodities, and stocks [1] - Historically, the S&P 500 index shows a slight increase of 0.2% in June since 1950 [2] - The first week of June tends to perform strongly, stabilizing in the middle of the month, and then declining towards the end [4] Group 2 - June has been identified as a month with significant factor rotation, with quality, momentum, and size factors performing well, while value factors lag [8] - If seasonal patterns hold, June is expected to favor high-quality large-cap growth stocks, which are positioned at the intersection of all factor tilts [10] Group 3 - The European quality factor may rebound in June, as seasonal factors support long/short quality factor strategies [11] - The healthcare sector has historically performed well in June, with an average increase of 0.8% relative to the S&P 500 index [13] Group 4 - The biotechnology sector is particularly strong seasonally, suggesting that going long on the biotechnology index (XBI) may be the best strategy for the healthcare sector in June [15] - Historically, gold performs poorly in June but marks the end of a seasonal downturn, with significant improvement expected in July [15][17]

Group 1 - The first "doubling fund" in the public fund market for 2025 is the Huatai-PineBridge Hong Kong Advantage Selection A, which has achieved a 99.5% year-to-date return as of June 13, 2025, leading the entire market [1][2] - Among the top 10 funds for year-to-date returns in 2025, 8 are heavily invested in pharmaceutical companies, particularly in the innovative drug sector [1][2] - The innovative drug sector has seen significant growth, with the Wind Innovative Drug Concept Index rising over 25% and the Hang Seng Innovative Drug Index increasing over 53% since April 9, 2025 [2][3] Group 2 - Notable stocks in the innovative drug sector have experienced substantial price increases, with Shuyou Pharmaceutical leading at a 478.84% increase, followed by Sanofi Health at 129.81% [3][4] - The top-performing funds have a high concentration of investments in innovative drug companies, with the most frequently held stock being Kelong Biotechnology-B, which has also doubled in price [4][5] - Fund managers of the top-performing funds are predominantly new faces, with half of them having less than two years of investment experience [5][6] Group 3 - Zhang Wei, the manager of Huatai-PineBridge Hong Kong Advantage Selection A, has maintained a strong focus on the pharmaceutical sector, with the fund's top holdings consistently being in the biopharmaceutical industry [7][8] - The fund has shown resilience despite previous years of losses, with a significant recovery in 2025 attributed to the performance of its long-held innovative drug stocks [9][10] - Zhang Wei's investment strategy emphasizes long-term perspectives and stability in holdings, focusing on companies with global competitiveness and growth potential in the pharmaceutical and biotech sectors [10][11] Group 4 - The performance disparity among active equity funds in 2025 is notable, with 12 funds experiencing declines of over 20%, including several managed by Jin Zicai [13][14] - Jin Zicai's aggressive investment style has led to high turnover rates and concentrated positions, which can result in significant volatility [15][16] - The overall market sentiment towards innovative drugs remains positive, with expectations for continued growth driven by domestic medical demand recovery and supportive policies [10][11]

文 ｜ 张钰铮 编辑 ｜ 方婷 封面来源 ｜ bryanjohnson.com 为了返老还童，跟儿子换血，当过两年摩门教传教士，每天吃上百片补剂，被称为"姨化吸血鬼"。和这位追求永生的硅谷狂人比，各位是更信他，还是更信 秦始皇？ 但当我们采访到这位布莱恩·约翰逊时，他却说， 他想要的，既不是长生不老，也不是青春永驻。 请观看36氪原创视频 也欢迎关注36氪视频号 追求抗衰的目的是什么？"不要死" 在采访中，布莱恩·约翰逊问过这样一个问题，未来的人类会如何评价本世纪？对此他的答案是： 1、人类孕育出了超级人工智能；2、人类意识到自己将不 再死亡。 虽然"不再死亡"并不意味着"永生"，但人类如今能看到一个非常清晰的前景：通过先进技术，尤其是人工智能，我们不用再去设想自己只能活到70岁、80 岁、90岁或100岁，我们甚至不知道生命的终点会在哪里。 每日100片补剂、三代换血治疗、 姨化吸血鬼，永生狂徒究竟咋想的？ "在这个由AI引领的新世界中，我决定成为第一个试图不死的人。" 换句话说，即便我们这代地球人注定无法永生，布莱恩也想率先进行一些探索。 追求"永生"，其实一直是硅谷的优良传统，比如世界上最有钱的这几位。 ...

General Principles - The external guarantee management system of Beijing Hotgen Biotech Co., Ltd. aims to standardize external guarantee behavior, effectively control risks, and ensure asset safety for the company's stable development [1][2] - The system is established based on various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [2] Basic Requirements - External guarantees must adhere to principles of legality, prudence, mutual benefit, and safety, with strict risk control [3] - Any external guarantee provided by the company must be approved by the board of directors or shareholders [3][6] Approval Procedures - The company can provide external guarantees to entities with independent legal status and sufficient repayment ability, including subsidiaries under actual control [4][5] - The approval process involves a thorough review of the financial status and creditworthiness of the guaranteed party [5][6] Contract Signing - All external guarantees must be formalized in written contracts that comply with relevant laws and regulations [8][9] - The contracts should clearly define the rights and obligations of both parties, including the type and amount of the principal debt [8][9] Management of Guarantees - The company’s board of directors, shareholders, and finance department are responsible for decision-making and management of guarantee activities [9][10] - Continuous monitoring of the guaranteed party's financial health and compliance with the guarantee contract is required [10][11] Responsibilities - The company must strictly follow the established system for providing guarantees, with accountability for any violations leading to losses [12][13] - Individuals who exceed their authority in signing guarantee contracts without proper approval may face legal consequences [12][13]