Group 1 - The Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (601727) surged by 15.72%, hitting the upper limit in A-shares, driven by recent positive developments in the controllable nuclear fusion sector [1] - Hua Hong Semiconductor (01347) climbed 6.75%, reaching a new high as local supply chain integration accelerates, with domestic foundry demand expected to expand rapidly [1] - Jiangxi Copper (600362) shares rose by 11%, as the company is a leading copper smelter in China, with First Quantum's copper mine expected to resume production [1] - Luoyang Molybdenum (603993) increased by 8%, following a significant rise in cobalt prices, which surged over 11% in the previous two days due to strict export controls from the Congo [1] Group 2 - Hang Seng Bank (00011) saw a 26% increase, following HSBC's recommendation for its privatization [2] - Solar energy stocks experienced gains, with upstream prices rising more than downstream prices in September; New Special Energy (01799) rose 4.52%, Flat Glass (601865) increased by 7.67%, and GCL-Poly Energy (03800) gained 3.73% [2] - High-speed rail infrastructure stocks led the gains, with record railway investment progress; China Railway (601390) rose 9%, China Metallurgical Group (601618) increased by 6%, and CRRC Corporation (601766) gained 4.17% [2] - ZTE Corporation (00763) saw both A and H shares rise, with the launch of Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market; H shares increased by 10.73% [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, as it made a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with notable declines in stocks such as Innovent Biologics (09969) down over 9%, I-Mab (01801) down over 6%, and China Biologic Products (01177) down over 6% [3] Group 4 - Smoore International (06969) dropped over 9%, having fallen more than 30% from its year-to-date high, with UBS projecting lower earnings than market consensus [4]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 酶 （ Enzyme ） 是生命的分子机器，其功能的一个关键特性是底物特异性——即酶能够识别并选择性地作用于特定底物的能力。这种特异性源自酶活性位点的三 维 （3D） 结构以及反应复杂的过渡态。实际上，许多酶并非传统认为的那样"专一"，它们可能具有多功能性，除了作用于其最初进化时涉及的底物，还能作用 于其他结构相似的底物，从而催化不同类型的反应。 此外，数以百万计的 已知的酶仍缺乏可靠的底物特异性信息，这阻碍了它们的实际应用以及我们对自然界生物催化多样性的全面理解。 2025 年 10 月 8 日， 伊利诺伊大学厄巴纳-香槟分校 （UIUC） 赵惠民 教授团队 （ 崔海洋 、 苏雨峰 为共同第一作者 ） 在国际顶尖学术期刊 Nature 上发表 了 题为： Enzyme specificity prediction using cross attention graph neural networks 的研究论文，论文第一作者 崔海洋 博士现为 南京师范大学教授。 该研究提出了一种结合 跨注意力机制 （Cross-Attention） 与 SE(3)-等变图神经网络 （ ...

Core Insights - The article discusses the development of an "artificial ocean carbon cycling system" that integrates electrocatalysis and biocatalysis to capture and convert CO2 from seawater into valuable chemical products, addressing both ocean acidification and carbon reduction goals [3][4][6]. Group 1: Research Overview - The research was conducted by a collaboration between the Shenzhen Institute of Advanced Technology and the University of Electronic Science and Technology of China, resulting in a system that captures CO2 from seawater and converts it into intermediates for biomanufacturing [3][4]. - The system demonstrates a complete chain from CO2 capture to the production of materials and molecules, showcasing a scalable platform for interdisciplinary integration [4]. Group 2: Key Technological Innovations - The electrocatalysis team developed a novel electrolytic device that operates continuously for over 500 hours in natural seawater, achieving a CO2 capture efficiency of over 70% and producing hydrogen as a byproduct [6]. - The cost of capturing one ton of CO2 is approximately $229.9, indicating a promising economic outlook for practical applications [6]. Group 3: Biocatalysis Development - The biocatalysis team created a "supercell" capable of efficiently utilizing formic acid, derived from captured CO2, to produce biodegradable plastic monomers [7][8]. - The engineered bacteria can convert formic acid into succinic acid and lactic acid, which are core monomers for biodegradable plastics [8]. Group 4: Industrial Applications and Future Plans - The research has led to the synthesis of fully biodegradable PBS and PLA, demonstrating the potential for industrial applications in converting seawater into green materials [9]. - Future plans include establishing integrated "green factories" along coastal areas to continuously capture CO2 and convert it into green plastic raw materials, contributing to sustainable production models and supporting the "blue economy" [9].

Core Viewpoint - The report from CITIC Securities indicates that abundant liquidity and ongoing investments in AI are the two main drivers behind the sustained rise of Hong Kong stocks since early September [1] Group 1: Market Dynamics - The "wealth effect" in Hong Kong stocks is expected to continue attracting southbound capital inflows [1] - The potential election of a new Japanese Prime Minister, if successful, could lead to arbitrage trading by Japanese investors benefiting Hong Kong stocks [1] - The ongoing capital expenditure by domestic and international companies in the AI sector, along with continuous iterations and innovations in large models and applications, may lead to performance realization in Hong Kong's complete AI and technology industry chain [1] Group 2: Valuation and Future Outlook - After six months of valuation expansion, the current absolute valuation of Hong Kong stocks is considered not cheap [1] - However, with fundamentals expected to bottom out and a significant increase in earnings projected for 2026, Hong Kong stocks still hold considerable attractiveness on a global scale [1] - The report predicts that the long bull market for Hong Kong stocks since early 2024 will continue, driven by liquidity spillover effects and sustained AI narratives [1] Group 3: Investment Recommendations - Investors are advised to focus on four key long-term directions: 1) Technology sector, including AI-related sub-sectors and consumer electronics [1] 2) Healthcare sector, particularly biotechnology [1] 3) Non-ferrous metals benefiting from rising overseas inflation expectations and de-dollarization [1] 4) Consumer sector, which is expected to see valuation recovery amid further domestic economic recovery [1]

Core Viewpoint - The Hong Kong stock market is expected to benefit from a complete domestic AI industry chain and the influx of quality A-share companies listing in Hong Kong, with a long-term bullish trend anticipated to continue into 2024 despite short-term geopolitical uncertainties [1] Group 1: Market Performance - During the National Day holiday from October 2-6, the Hang Seng Index and Hang Seng Tech Index rose by 0.4% and 1.3% respectively, continuing the upward trend since September 5 [2] - Historically, the Hang Seng Index has averaged a 2.2% increase during the National Day holidays from 2015 to 2024, with the AH premium index averaging a contraction of 2.6% [2] - The average decline of the Hang Seng Index on the first trading day after the holiday is 1.5%, while the CSI 300 has an average increase of 0.9%, indicating a potential for A-shares to catch up post-holiday [2] Group 2: Liquidity and Investment Trends - Despite a 19% month-on-month decline in net inflows for Hong Kong ETFs in September, the total net inflow reached 172.7 billion yuan, the second highest since January 2021 [4] - The expectation of continued inflows into Hong Kong stocks is supported by low yields on financial products and money market funds, alongside a persistent "profit-making effect" in the market [4] - The correlation between the Hang Seng Tech Index and the USD/JPY exchange rate has turned positive, indicating potential benefits for Hong Kong stocks from Japanese investors' arbitrage activities [4] Group 3: AI Innovation and Investment - Major Chinese companies like Alibaba and Baidu are increasingly using self-designed chips for AI model training, reducing reliance on Nvidia chips [5] - Tencent, Baidu, and Alibaba are significantly increasing their capital expenditures in AI, with Alibaba planning to invest 380 billion yuan over three years [5] - The ongoing capital investments by U.S. tech giants in AI may lead to negative free cash flow for some companies, reflecting a global demand for AI investments [5] Group 4: Earnings Expectations - The net profit growth forecast for the Hang Seng Index and Hang Seng Tech Index for 2026 is 8.4% and 28.1% respectively, indicating strong global attractiveness [7] - Recent weeks have shown signs of stabilization in profit expectations for various sectors, including gaming, biotech, and software, suggesting potential benefits from valuation adjustments in the fourth quarter [7] - The dynamic PE ratios for the Hang Seng Index and Hang Seng Tech Index are currently at 12.1x and 22.3x, indicating that while valuations may not appear cheap, there is still room for expansion due to liquidity and AI catalysts [8]

Core Viewpoint - The continuous rise of Hong Kong stocks since early September is driven by ample liquidity and ongoing investments and innovations in AI [1] Group 1: Market Dynamics - Southbound capital is expected to continue flowing into Hong Kong stocks due to the "wealth effect" [1] - The anticipated election of high-profile candidates, such as the potential new Japanese Prime Minister, could lead to arbitrage trading by Japanese investors benefiting Hong Kong stocks [1] Group 2: AI and Technology Sector - Increased capital expenditure by domestic and international companies in the AI sector, along with continuous iterations and innovations in large models and applications, may lead to performance realization in Hong Kong's complete AI and technology industry chain [1] - Despite a six-month valuation expansion, the current absolute valuation of Hong Kong stocks is not cheap [1] Group 3: Future Outlook - The fundamentals are expected to rebound, and with projected high growth in earnings by 2026, Hong Kong stocks remain significantly attractive on a global scale [1] - The report predicts that the long bull market for Hong Kong stocks since early 2024 will continue, driven by liquidity spillover effects and sustained AI narratives [1] Group 4: Investment Recommendations - Investors are advised to focus on four long-term directions: 1. Technology sector, including AI-related sub-sectors and consumer electronics [1] 2. Healthcare sector, particularly biotechnology [1] 3. Non-ferrous metals benefiting from rising overseas inflation expectations and de-dollarization [1] 4. Consumer sector, which may see valuation recovery amid further domestic economic recovery [1]

Core Viewpoint - The continuous rise of Hong Kong stocks since early September is driven by abundant liquidity and ongoing investments and innovations in AI [1] Group 1: Market Dynamics - Southbound capital is expected to continue flowing into Hong Kong stocks due to the "wealth effect" [1] - The potential election of a new Japanese Prime Minister, if successful, may lead to arbitrage trading by Japanese investors benefiting Hong Kong stocks [1] Group 2: Sector Analysis - Increased capital expenditure in the AI sector by domestic and international companies is anticipated to lead to performance realization in Hong Kong's complete AI and technology industry chain [1] - Despite a six-month valuation expansion, the current absolute valuation of Hong Kong stocks is not cheap, but the fundamentals are expected to rebound [1] Group 3: Investment Recommendations - Investors are advised to focus on four long-term directions: 1) Technology sector, including AI-related sub-sectors and consumer electronics [1] 2) Healthcare sector, particularly biotechnology [1] 3) Non-ferrous metals benefiting from rising overseas inflation expectations and de-dollarization [1] 4) Consumer sector, which may see valuation recovery with further domestic economic recovery [1]

Core Viewpoint - The company, Shanghai Youningwei Biotechnology Co., Ltd., has announced the use of idle self-owned funds for cash management, with a total limit of RMB 180 million, to enhance fund utilization efficiency and generate investment returns [1][6]. Group 1: Cash Management Plan - The company approved the use of up to RMB 30 million of idle raised funds and up to RMB 150 million of self-owned funds for cash management, effective for 12 months starting from March 9, 2025 [1]. - The cash management will involve low-risk investment products such as structured deposits and notice deposits [2][3]. Group 2: Risk Control Measures - The finance department will analyze and monitor the cash management products closely, maintaining communication with financial institutions to ensure fund safety [3]. - The internal audit department will conduct regular audits and verifications of the cash management fund usage [4]. Group 3: Impact on Daily Operations - The cash management initiative is designed to ensure the safety of the principal and will not affect the company's normal operations, aiming to improve fund efficiency and enhance company performance [6]. - The company has a history of using idle funds for cash management, with an outstanding balance of RMB 87.6 million in self-owned funds for structured deposits as of September 30, 2025 [7].

Market Overview - The global capital and financial markets have undergone a reshuffle during the extended National Day holiday, with significant events such as the U.S. government shutdown, Japan's stock market leading gains, and gold prices hitting historical highs [1] Stock Market Performance - Japanese stock market, particularly the Nikkei 225 index, reached a historical high by surpassing 48,000 points on October 6, driven by the election of a new party president [2] - The South Korean Composite Index rose by 3.6%, while the Australian S&P 200 Index increased by 1.12% [2] - The Hong Kong Hang Seng Index experienced a decline of 1.15% after initially rising during the holiday [2] - European markets also saw gains, with Germany's DAX index up by 2.11%, the UK's FTSE 100 up by 1.42%, and France's CAC40 up by 1.0% [2] U.S. Market Highlights - U.S. stock indices showed slight increases, with the Nasdaq up by 0.57%, the Dow Jones up by 0.44%, and the S&P 500 up by 0.39% [4] - The Philadelphia Semiconductor Index rose by 4.16% due to a significant agreement between AMD and OpenAI for a 6 GW chip supply, with AMD's stock experiencing a peak increase of over 30% [4] Gold Market Insights - Gold prices surged, with spot gold breaking the $4,000 mark for the first time, reflecting a year-to-date increase of nearly $1,400 per ounce, or over 52% [6] - UBS forecasts a bullish trend in the gold market, predicting prices could reach $4,200 per ounce by mid-2026, while Goldman Sachs raised its 2026 price estimate to $4,900 per ounce [6] Policy and Economic Measures - The People's Bank of China announced a significant liquidity injection of 1.1 trillion yuan through a buyout reverse repo operation, marking a high point in recent years [8] - The Chinese government introduced a policy to provide a 20% price evaluation discount for domestically produced products in government procurement, effective from January 1, 2026 [9] Automotive Industry Trends - The new energy vehicle sector saw a record high in charging volume during the holiday, with BYD reporting a decline in September sales to 396,300 units, while competitors like NIO and Xpeng achieved record deliveries [10] Technology Sector Developments - Meta's AI glasses have sold out in retail stores, indicating strong market demand, with plans for increased sales points and potential online ordering options [12] - Longfeng Pharmaceutical's stock surged over 230% on its debut, reflecting investor interest in the biotech sector amid a broader market downturn [13] Investment Outlook - Private equity firms maintain an optimistic outlook for the A-share market post-holiday, focusing on technology growth as a core investment theme [14] - October's "golden stocks" list from brokers highlights nearly 200 stocks, with a focus on technology growth and consumer recovery as key investment areas [15]

智通财经APP获悉，Global X中国生物科技ETF(02820) 8月份录得正回报。未来资产表示，在全球化主 题延续、国内政策支持、企业盈利改善及宏观环境向好的共同推动下，中国生物科技板块仍是年内表现 最佳的领域。近期重大对外授权交易彰显全球对中国企业创新质量的认可。我们发现过去两年对外授权 交易数量及首付款金额呈加速增长趋势，且创新药占比持续提升，表明中国原研资产进入美国/全球市 场正成为生物科技领域新常态。生物科技企业盈利改善和商业化进程加速，有望提振投资者对中国医疗 健康板块的情绪。 百济神州2025年第二季度业绩表现稳健：营收13亿美元（环比+18%），净利润9430万美元，双双超市 场预期。明星产品BRUKINSA（泽布替尼）的强劲销售势头（尤其在海外市场）推动当期利润率扩 张。公司同步上调了2025年营收指引下限和毛利率指引。（公司数据，2025 年 8 月） 江苏恒瑞医药（01276 ） 恒瑞医药8月公布的2025年第二季度业绩符合预期：当期营收86亿元人民币（同比+12.5%），药品销售 额约71亿元（同比+15%），较一季度11%的同比增速有所提升；净利润26亿元（同比+25%）。公司上 ...