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 ...

澳大利亚著名投资机构Simply Wall St发布报告指，和铂医药的收益在过去一年里飙升了243%，超过了 整个行业4.1%的平均增速。尽管盈利表现令人印象深刻，但其23倍的市盈率仍低于生物科技行业52倍 的平均水平，未来增长潜力巨大。该公司近期通过配股筹集了5.17亿港元的资金，并回购了1.21亿港元 的股票。截至2025年6月，和铂医药的股东权益为正数，自由现金流为4900万美元，公司已准备好继续 保持财务稳定。 和铂医药此前公布的中期业绩显示，截至2025年6月30日，上半年总收入约7.25亿元，同比增长327%； 盈利约5.23亿元，同比增长51倍。基于创新产品的对外授权与合作，为公司的收入增长做出了重要贡 献，并逐步成为公司的常态化收入来源。依托行业领先的Harbour Mice®技术平台及由其延展的2.0版本 技术平台体系，和铂医药已建立了强大的全球合作生态，成为全球抗体药物开发的"新基建"。 ...

Group 1 - The core viewpoint is that the current market rally is driven by strong corporate earnings rather than liquidity, indicating a shift from a "liquidity bull market" to an "earnings bull market" [3][6][20] - Corporate earnings have stabilized for three consecutive quarters, with the "Earnings Revision Breadth" indicator turning positive for the MSCI China Index in August, signaling a recovery in companies' profit-generating capabilities [4][25] - The market is experiencing significant internal differentiation, with hot sectors like technology, internet, finance, and biotechnology showing strong earnings growth, while traditional sectors like consumer goods and real estate are facing downward revisions [7][11][29] Group 2 - AI is not a bubble; leading companies in China are significantly undervalued compared to their U.S. counterparts, with the potential for substantial profit contributions from AI integration into their existing businesses [12][13][25] - The market is witnessing a fundamental shift in foreign investment, with over 90% of U.S. investors expressing plans to increase exposure to Chinese stocks, particularly in sectors where China has established global leadership [14][30] - Key sectors attracting foreign investment include humanoid robotics, automation, and biotechnology, indicating a strategic shift in how foreign investors view China from a mere emerging market to a core asset in the global tech race [15][16][30]

Market Sentiment - Current market sentiment reflects a sense of euphoria, with discussions around a potential bubble in the market, although this sentiment may continue to grow before any downturn occurs [2][3][4] - The market is compared to late 1999, suggesting that there may still be significant upside potential before a correction happens [3][4] Investment Strategy - The investment strategy should focus on maintaining positions in winning stocks while diversifying into sectors that have not yet led the rally, particularly healthcare [8][9][10] - Smaller cap names and sectors like healthcare are expected to contribute to the next leg of the market rally, as they have recently started to show positive momentum [6][7][10] Sector Analysis - Healthcare is highlighted as a promising sector for growth, with potential for significant returns as it has not participated in the rally to the same extent as other sectors [9][12] - The current market environment favors growth over value, indicating that investors are likely to seek opportunities in growth sectors like healthcare [12]

Core Insights - MIRXES-B (02629) has entered into a joint venture agreement with Xeraya Opportunities Fund PCC Limited to establish MYRNA DIAGNOSTICS SDN.BHD, with Mirxes holding 40% and Xeraya 60% of the equity [1] - The joint venture aims to address the urgent need for early cancer detection and other nucleic acid-based testing in Malaysia, a country facing a significant cancer burden [1][2] Company Strategy - The joint venture will leverage Xeraya's regional expertise in life sciences and healthcare to create a leading cancer omics platform in Malaysia, focusing on advanced miRNA-based multi-omics technology and validated blood cancer early detection [3] - The company plans to establish a localized omics testing business to enhance turnaround time and cost-effectiveness for existing clinical operations, while expanding into new market segments, including public healthcare institutions [3] - The strategy includes utilizing Malaysia's thriving biotech ecosystem to accelerate the development of clinical pipelines for colorectal, breast, liver, and multi-cancer types [3] - The joint venture aims to integrate R&D and clinical operations across Singapore, China, and Malaysia to expedite regulatory approvals for in vitro diagnostics (IVDs) and laboratory-developed tests (LDTs) [3] - The company envisions establishing a scalable regional platform in Malaysia as a springboard for expansion into neighboring ASEAN countries and other Asian markets with similar epidemiological characteristics and unmet screening needs [3] Industry Context - Malaysia, with a population exceeding 35 million, is facing a rising cancer burden, with over 51,650 new cancer cases and 31,633 cancer deaths reported in 2022 [2] - More than 60% of cancer cases in Malaysia are diagnosed at advanced stages (Stage III or IV), which severely limits patient survival outcomes and places a heavy burden on the healthcare system [2] - The cancer incidence rate in Malaysia is projected to increase by over 70% by 2050, highlighting the critical unmet need for early detection, particularly for high-incidence cancers such as lung, colorectal, breast, liver, and stomach cancers, which together account for nearly 50% of total cases [2]

消息面上，帝国科技集团公布，配售最多7464.85万股新股，配售价0.845港元，较10月2日收市价折让 19.52%，配售事项所得净额6235万港元，拟将用于直接及/或间接投资于开发人工智能技术，以支援集 团的现有业务；潜在直接或间接投资于已识别的商业应用AI解决方案提供商，包括生物科技；用于集 团的一般营运资金及一般企业用途。 格隆汇10月6日｜帝国科技集团(0776.HK)今日盘中一度大涨49.1%至2.49港元，股价创今年3月6日以来 约7个月新高；该股近两个交易日股价实现翻倍。 来源：格隆汇APP ...

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted listing applications, those that have passed the hearing process, and new stocks that have been listed. Group 1: Companies Submitting Listing Applications - A total of 30 companies submitted listing applications to the Hong Kong Stock Exchange during the week from September 29 to October 5 [1] - Notable companies include: - Yantai Lannacheng Biotechnology Co., Ltd., a clinical-stage biotech company focused on radiopharmaceuticals for cancer treatment, reported revenues of approximately 1.027 million RMB for 2023 and a loss of about 112 million RMB [2][3] - XGIMI Technology Co., Ltd., the world's largest consumer-grade projector brand by revenue, reported revenues of approximately 4.22 billion RMB for 2022 and a profit of about 501 million RMB [2][3] - WeDoctor Holdings Limited, a leading digital health service provider in China, reported revenues of 1.368 billion RMB for 2022 and a loss of 909 million RMB [4][5] - Puyuan Precision Electronics Co., Ltd., the largest electronic measurement instrument supplier in China, reported revenues of approximately 631 million RMB for 2022 and a profit of about 92.5 million RMB [5][6] - Shenzhen Huanchuang Technology Co., Ltd., a leader in high-precision spatial perception solutions, reported a market share of over 50% in the laser radar products for robotic vacuum cleaners [6] Group 2: Companies Passing Hearing Process - Four companies passed the listing hearing this week: - Jushuitan Group Co., Ltd., the largest e-commerce SaaS ERP provider in China, reported revenues of approximately 523 million RMB for 2022 and a loss of about 507 million RMB [30][31] - Fujian Haixi New Drug Creation Co., Ltd., a commercial-stage pharmaceutical company, reported revenues of approximately 212 million RMB for 2022 and a profit of about 69 million RMB [30][31] - Beijing Tongrentang Medical Investment Co., Ltd., the largest non-public Chinese hospital group by market share, reported revenues of approximately 911 million RMB for 2022 and a loss of about 9.23 million RMB [32] - Beijing Yunji Technology Co., Ltd., a robotics service provider, reported revenues of approximately 161 million RMB for 2022 and a loss of about 365 million RMB [32][33] Group 3: New Stocks Listed - Three new stocks were listed on September 30: - Zijin Gold International, which saw a significant increase in market value, surpassing 350 billion HKD [35] - Xipuni, which had an oversubscription rate of 2505.9 times during its public offering [35] - Botai Che Lian, which also experienced a notable increase in stock price [35]

Group 1 - The Hong Kong IPO market has seen a significant surge in activity, with 286 new applications received by September 30, 2025, more than double that of the previous year [1][2] - In the first three quarters of this year, 66 new IPOs raised approximately 182.9 billion HKD (about 167.37 billion RMB), which is more than double the total raised in 2024 [1] - The popularity of the A+H listing model has driven this surge, with major companies like CATL raising around 41 billion HKD and Zijin Mining International raising 24.98 billion HKD [2][3] Group 2 - The regulatory environment has been favorable, with the China Securities Regulatory Commission encouraging leading domestic companies to list in Hong Kong and streamlining the approval process for eligible A-share companies [4] - The introduction of the "Specialized Technology Companies" listing channel by the Hong Kong Stock Exchange has attracted hard tech and biotech firms, allowing them to submit applications confidentially [5][6] Group 3 - The demand for IPOs has led to increased hiring in investment firms, particularly for teams focused on Hong Kong and AI investments, indicating a shift in market dynamics [7] - The participation of cornerstone investors has significantly increased, with an average of 5.35 cornerstone investors per IPO in 2025, compared to 1.37 in the previous year [8][9] - Local state-owned enterprises have become active cornerstone investors, with over 15 local state-owned platforms participating in IPOs this year [9][10]

Core Viewpoint - The article discusses the recent IPO activities in the Chinese stock market, highlighting the trends in the semiconductor and biotechnology sectors, as well as the regulatory environment supporting innovation and new technologies [3][4][5][6][7]. IPO Activities - In September, a total of 10 IPOs were accepted across various exchanges, including 2 on the ChiNext, 2 on the Sci-Tech Innovation Board, 1 on the Shanghai Main Board, and 5 on the Beijing Stock Exchange [3]. - The total amount to be raised from these IPOs is approximately 179.53 billion yuan, with the largest being China Electric Power Construction New Energy Group, aiming to raise 9 billion yuan [6][7]. Semiconductor Sector - Two semiconductor companies, LaiPu Technology and Yueya Semiconductor, have been accepted for IPOs. LaiPu Technology focuses on advanced laser processing equipment for semiconductor manufacturing, with a planned fundraising of 850 million yuan [4][5]. - Yueya Semiconductor specializes in advanced packaging materials and plans to raise 1.224 billion yuan for expansion projects related to AI [5]. Biotechnology Sector - An innovative biopharmaceutical company, Anshi Biotechnology, is pursuing an IPO on the Sci-Tech Innovation Board, aiming to raise 2.45 billion yuan for new drug development and operational funding [6]. - Anshi Biotechnology focuses on oncology and has several drugs in various stages of development, including one that has already been commercialized [6]. Regulatory Environment - The regulatory authorities have introduced policies to support technological innovation and the development of new production capabilities, including the reactivation of the fifth set of listing standards for the Sci-Tech Innovation Board [6].

Core Viewpoint - The interest of global investors, particularly from the United States, in Chinese stocks is increasing as corporate earnings stabilize and the technology sector shows potential for growth [1] Group 1: Investor Sentiment - Over 90% of U.S. investors plan to increase their exposure to Chinese stocks, indicating a growing confidence in Chinese companies' capabilities in technology innovation and research and development [1] - Investors are particularly excited about advancements in artificial intelligence, humanoid robotics, automation, and biotechnology [1] Group 2: Market Performance - From Q4 2024 to Q2 of the current year, quarterly performance of Chinese companies has generally met market expectations [1] - The increasing focus on technology innovation suggests a potential influx of capital into the Chinese stock market in the future [1] Group 3: Investment Strategy - It is recommended that investors underweight essential consumer goods and real estate sectors to better capture investment opportunities in the technology sector [1]