■田鹏 上市公司年度报告堪称企业的"全景体检单"，这份展示全年经营脉络的重要文件，不仅全面复盘企业过去一年的经营得 失，更蕴藏着企业发展基因、战略布局与成长密码。梳理2024年A股市场年报时，一组数据格外引人关注：2024年度，研发强 度（研发投入总额占营业收入比例）超100%的公司有15家，而其中10家企业尚未实现盈利。 未盈利上市公司缘何坚持研发"上强度"？笔者认为，主要有三方面原因。 首先，从企业自身发展需求来看，研发是其实现"破局"的关键路径。研发投入与成果转化之间存在正相关关系，持续高强 度研发投入是企业技术突破的必要条件之一。有了技术的加持，企业有望在市场竞争中占据有利地位，进而实现盈利。 以迪哲医药为例，得益于长期高强度研发，截至2024年末，公司已有两款自主研发的创新药在中国实现商业化。凭借这两 款产品，公司2024年销售收入达3.60亿元，同比增长294.24%，展现出强劲的增长潜力。 其次，从资本市场价值发现视角来看，研发能力是企业吸引投资的核心"磁石"。5月7日，中国证监会主席吴清在国新办新 闻发布会上表示："A股市场'科技叙事'逻辑越来越清晰。"这一表态精准锚定了资本市场对科技创新企业 ...

医药生物 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 数据来源：聚源 -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 医药生物 沪深300 相关研究报告 《首选创新药，关注消费复苏—医药 行业 2025 年度中期投资策略 》 -2025.5.7 《关注左侧中药板块的结构性机会— 行业周报》-2025.4.27 《Orforglipron 产业链被低估，国内相 关公司有望长周期受益—行业点评报 告》-2025.4.26 TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 ——行业周报 | 余汝意（分析师） | 余克清（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525010002 | 证书编号：S0790125020004 | Janux 和 Vir ...

Core Points - The proposed budget cuts by President Trump for the fiscal year 2026 represent unprecedented reductions in federal science funding, which could have immeasurable impacts on American science [1][4][18] - The budget proposal suggests a disproportionate reduction in federal science funding, with significant cuts to key agencies such as NSF, NIH, and EPA [1][7][9][15] Federal Science Funding Cuts - The overall non-defense spending is set to decrease by 23%, with the National Science Foundation (NSF) facing a 56% budget cut, the National Institutes of Health (NIH) budget reduced by approximately 40%, and the Environmental Protection Agency (EPA) budget cut by 55% [1][7][9][15] - The NSF's budget will drop by about $5 billion compared to 2024, primarily affecting climate science and clean energy projects [7] - NIH's budget is proposed to decrease from $48 billion in 2025 to $27 billion in 2026, marking the most severe cut in its history [9] Impacts on Specific Agencies - The NIH will consolidate its 27 institutes and centers into five new focus areas, eliminating funding for minority health and international research [10] - The CDC's budget is expected to be reduced by one-third, impacting chronic disease prevention programs [11] - NASA's budget will decrease by 24.3% to $18.8 billion, with significant cuts to its science departments and climate monitoring projects [12][13] - The Department of Energy (DoE) will see a nearly $5 billion reduction, particularly affecting climate science and clean energy research [14] - The EPA's budget will drop to $4.2 billion, with major cuts to environmental research and the dissolution of its Office of Research and Development [15] Congressional Response - The final federal budget will be determined by Congress, but there are indications that many members may support Trump's proposals [3][18] - Concerns have been raised by scientific policy experts regarding the long-term implications of these cuts on the future of American science and the message it sends to young scientists [4][18]

医药生物 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 医药生物 沪深300 《首选创新药，关注消费复苏—医药 行业 2025 年度中期投资策略 》 -2025.5.7 《关注左侧中药板块的结构性机会— 行业周报》-2025.4.27 《Orforglipron 产业链被低估，国内相 关公司有望长周期受益—行业点评报 告》-2025.4.26 TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 ——行业周报 | 余汝意（分析师） | 余克清（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525010002 | 证书编号：S0790125020004 | TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 Janux 和 Vir 更新了其 T ...

Core Insights - The "Opportunities in the Bay Area" initiative has showcased the promising prospects of the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing that certainty is the most significant opportunity for investors and innovators [1][2]. Economic Performance - The nine cities in the Pearl River Delta reported a combined GDP exceeding 2.75 trillion yuan, an increase of nearly 180 billion yuan compared to the same period last year [1]. - Hong Kong's GDP grew by 3.1% year-on-year in Q1, marking a five-quarter high, with a quarterly growth of 2%, the largest increase in two years [1]. - Macao's GDP for Q1 was recorded at 997.8 million patacas, indicating a recovery trend [1]. Investment Landscape - Over 2,700 family offices have established a presence in Hong Kong, with more than half managing assets exceeding $50 million [2]. - By February 2024, the Hong Kong Investment Promotion Agency successfully attracted 160 global family offices [2]. - Actual foreign investment in Qianhai is projected to reach 26.65 billion yuan in 2024, reflecting a year-on-year growth of 7.4% [2]. - As of June 2024, Macao's financial sector total assets amounted to approximately 27.174 billion patacas, a 25% increase since 2019 [2]. Innovation Ecosystem - Guangdong has established 31 joint laboratories for technology cooperation with Hong Kong and Macao, promoting a collaborative development model [3]. - More than 130 technology incubation platforms have been set up in Guangdong, with nearly 1,100 Hong Kong and Macao enterprises and teams currently being incubated [3]. - Hong Kong is developing its third InnoHK innovation platform, focusing on advanced manufacturing, materials, energy, and sustainable development projects [3]. - Macao has established four national key laboratories, with increasing income from industry-university-research collaborations and patent projects [3]. Resilience Against Challenges - The Hong Kong government emphasizes a clear strategy of aligning closely with national development plans, leveraging its unique position to strengthen its economy [4]. - The Macao government is deepening exchanges with Portuguese-speaking countries while expanding connections with Spanish-speaking and Southeast Asian nations [4]. - Shenzhen is actively developing major platforms like Qianhai and He Tao, with clear construction goals set for 2025 [4]. - Cities in the Greater Bay Area are focused on steady progress and self-improvement, demonstrating confidence and resilience in the face of external challenges [4].

Core Points - The event celebrated the 75th anniversary of diplomatic relations between China and Sweden, highlighting the historical significance of the "Göteborg" ship in facilitating trade between the two nations [1][2] - The gathering included over 140 representatives from various sectors, emphasizing the importance of continued cooperation in trade, technology, education, and culture [1][2] Group 1: Historical Significance - The "Göteborg" ship symbolizes the beginning of economic and cultural exchanges between China and Sweden, dating back to 1739 [2] - Sweden was one of the first Western countries to establish diplomatic relations with China in 1950, marking the start of a long-standing friendship [2] Group 2: Economic Cooperation - The CEO of Geely's European Innovation Center highlighted the close economic ties between China and Sweden, particularly through Geely's acquisition of Volvo Cars, which represents a significant milestone in bilateral trade [9][10] - The former governor of Västra Götaland expressed that trade with China has contributed to Sweden's prosperity and development [7][8] Group 3: Educational and Cultural Collaboration - The President of the University of Gothenburg noted the rapid growth of cooperation between Swedish and Chinese universities, aiming for deeper mutual relationships based on openness [11][12] - The event included a commemorative video produced by the Chinese Consulate in Gothenburg, reflecting on past friendships and future aspirations [16]

Core Insights - The China National Space Administration announced the results of international applications for lunar sample borrowing from the Chang'e 5 mission, with 7 institutions from 6 countries approved to borrow samples [1] - The samples were received by Professor Mahesh Anand from the UK, who emphasized their immense value, stating they are "more precious than gold" [1][3] - The samples are currently stored in a high-security safe at the Open University in Milton Keynes, UK, and were personally transported by Anand to ensure their safety [1][3] Group 1 - The research team has implemented strict contamination prevention measures in the laboratory, requiring all personnel to undergo rigorous decontamination processes before entering the core testing area [3] - The lunar soil samples consist of three containers, each containing a small vial of lunar regolith, with a total sample weight not exceeding 60 milligrams [3][4] - Anand's team aims to conduct micro-level research to uncover significant scientific insights, believing that the small samples hold immense scientific value [3][6] Group 2 - The research will utilize a custom-built machine capable of heating lunar soil to 1400°C to extract carbon, nitrogen, and inert gas components, which is a key reason for the selection of Anand's laboratory [4][6] - The team has one year to complete their research, focusing on questions regarding the formation of the Moon and the early history of Earth [6] - The Chang'e 5 mission marked China as the third country to collect samples from the Moon, following the US and the former Soviet Union, and the Chang'e 6 mission made China the first to return samples from the far side of the Moon [6][7] Group 3 - The China National Space Administration emphasizes principles of equality, mutual benefit, peaceful use, and win-win cooperation in sharing lunar research samples with the international community [6][7] - Anand expressed hope that this collaboration will lead to long-term partnerships between China and the international scientific community, continuing the tradition of international cooperation established by the Apollo missions [7]

原标题：国防大学：打造"向战型"科研体系 连日来，中国人民解放军国防大学科研战线上捷报频传：他们推荐的"世界战争形态与战争样式问 题研究"等5项成果获军事科学技术奖一等奖，专著《中国共产党为什么自信》等7项成果获全军政治理 论研究优秀成果一等奖。这一系列奖项是该校以战领研，不断提高科研贡献率的缩影。 记者了解到，近年来，国防大学紧盯科技之变、战争之变、对手之变，扭住新的历史条件下战建备 重大问题研究，推进新时代国防大学军事理论体系建设，其中直接服务备战打仗的项目达到93%。 从单打独斗到团队攻坚，该校教研人员的科研模式也迎来重大变化。调整改革后，面对学科专业更 加多样、人才培养更加多元的新形势，该校遴选组建了基础研究、新兴领域、科技研发、专项咨询等类 别的37个重点科研团队，鼓励团队进行交叉研究和协同攻关。 国防大学某中心承担着研发战略战役兵棋的重任，国防大学在科研条件、项目培育等方面为该演训 中心团队提供有利条件，助推团队成体系创新攻关。后来，该团队入选全军高水平科技创新团队重点扶 持对象，获评全军科技工作先进单位，研发的系统获全军科技进步奖一等奖。 战场需要什么，科研工作就聚焦什么。作为全军最高军事学府， ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [1] Core Insights - The pharmaceutical industry is experiencing continuous differentiation, with innovative drugs, raw materials, and CXO services performing well [3][4] - In 2024, 453 pharmaceutical companies achieved revenue of 2.46 trillion yuan, a year-on-year decline of 0.55%, and a net profit of 148.65 billion yuan, down 8.8% [3][71] - The first quarter of 2025 saw revenues of 601.7 billion yuan, a year-on-year decrease of 5.3%, and a net profit of 50.5 billion yuan, down 6.4% [3][71] Summary by Sections Innovative Drugs - In 2024, innovative drug companies generated revenue of 47.53 billion yuan, a year-on-year increase of 68.4, indicating strong momentum [3] - Domestic biotech companies are transitioning from R&D to commercialization, leading to significant revenue growth [3] Chemical Drugs - Chemical drug companies achieved revenue of 399.64 billion yuan in 2024, a year-on-year increase of 0.73%, with net profit rising by 13.25% [3] - The first quarter of 2025 saw revenues of 98.12 billion yuan, a year-on-year decline of 4.47% [3] Medical Devices - In 2024, the medical device sector generated revenue of 221.51 billion yuan, a year-on-year increase of 1.32%, but net profit fell by 13.22% [3] - The first quarter of 2025 reported revenues of 51.7 billion yuan, down 4.89% year-on-year [3] Biological Products - Blood products in 2024 generated revenue of 24.18 billion yuan, down 1.4%, while net profit increased by 14.47% [3] - Vaccine companies faced significant declines, with revenues dropping 45.3% in 2024 [3] Traditional Chinese Medicine - Traditional Chinese medicine saw revenues of 343.75 billion yuan in 2024, a decline of 4.1%, with net profit down 18.8% [3] Raw Materials - The raw materials sector achieved revenue of 122.58 billion yuan in 2024, a year-on-year increase of 7.9%, with net profit rising by 38.33% [3] Pharmaceutical Commerce - In 2024, pharmaceutical commerce companies generated revenue of 1.02531 trillion yuan, a year-on-year increase of 0.8%, but net profit fell by 13% [6] Medical Services - Medical service companies reported revenue of 77.66 billion yuan in 2024, down 2.0%, with net profit declining by 39.5% [6] CXO & Research Services - The CXO and research services sector generated revenue of 96.62 billion yuan in 2024, a year-on-year decrease of 3.92%, with net profit down 25.6% [6]

调查人员设置不同耕地试验区，长期观测土壤有机碳变化。 在我国东北广袤的大地上，黑土地犹如大自然赐予的瑰宝，对保障国家粮食安全至关重要。然而，长期的高强度利用让黑土地面临严峻挑战，退化问题 日益凸显。为守护这片"耕地中的大熊猫"，中国地质调查局哈尔滨自然资源综合调查中心（以下简称哈尔滨中心）成立哈尔滨黑土地地球关键带野外科学观 测研究站（以下简称哈尔滨站），以科技创新为引擎，肩负起科技创新助力黑土地保护的重任。 锚定方向，精研关键议题 调查人员校准观测数据。 水循环演变规律与水土过程观测研究团队，如同探寻水之奥秘的先锋，在气候变化与人类活动的共同影响下，对大气降水、地下水、地表水展开全方位 观测。 地球化学元素迁移转化规律观测研究团队致力于探索黑土地中元素的迁移旅程。他们研究黑土地地球关键带垂向结构类型和分布特征，探索地球化学元 素在岩石－土壤－水－作物间的迁移转化规律。在黑河观测试验场，团队负责人带领团队对重金属和有益元素不同形态在多介质中的富集规律展开研究。他 们克服野外采样的重重困难，在严寒的冬季依然坚守试验场，采集土壤、水样等样品。经过多年努力，建立了黑土地地球关键带地球化学元素数据库，为黑 土地生态环 ...