Group 1 - Since July, multiple technology-themed funds have ended their fundraising early, indicating a growing enthusiasm for subscriptions and a shift towards technology sectors [1] - The early closure of funds reflects a preference for growth assets and highlights the technology innovation sector as a core direction for medium to long-term capital allocation [1] - In July, the China Ocean Fund announced the early closure of its technology innovation mixed fund, marking it as the seventh technology-related fund to end fundraising early this month [1] Group 2 - Experts attribute the "lightning fundraising" phenomenon to several driving factors, including significant policy support and industry trends that enhance long-term confidence in hard technology sectors [2] - Many technology-themed funds have preset fundraising caps, which, in the context of high subscription enthusiasm and rapid capital inflow, leads to early achievement of target sizes [2] - The valuation attractiveness of technology stocks has improved after prior adjustments, prompting some fund companies to accelerate their investment through early fundraising closures [2] Group 3 - The liquidity environment has been improving, with the People's Bank of China releasing liquidity through significant reverse repurchase operations [3] - Regulatory support for the funding environment and changes in macro fundamentals are expected to enhance investor risk appetite [3] - The technology innovation sector is seen as having significant investment value, particularly in rapidly growing areas like artificial intelligence and advancements in biomedicine [3]

Group 1 - The core focus of the news is on Tianjin Binhai New Area's strategy to drive high-quality development through talent innovation, highlighting the importance of talent as a core engine for growth [1][2] - Binhai New Area has attracted a total of 1,604 leading talents and over 19,000 overseas talents, with the total talent pool exceeding 931,000 [1] - The "Zhihui Binhai" talent festival has been upgraded to include a comprehensive talent introduction model, covering over 30 countries and nearly 100 cities, attracting more than 13,000 domestic and international talents to participate [1] Group 2 - The area has pioneered the "enterprise self-evaluation of talent" model, delegating talent recognition rights to over 4,000 innovative entities, allowing companies like Feiteng and Kirin to identify key talents based on market contributions rather than traditional academic metrics [2] - Binhai New Area is collaborating with local universities to promote the transformation of patent results in high-end manufacturing and biomedicine, creating a virtuous cycle of innovation and application [2] - Future plans include replicating policies from Beijing's Zhongguancun to establish a regional center for the industrialization of scientific and technological achievements, enhancing talent cooperation with Beijing and building a collaborative talent ecosystem [2]

Group 1: IPO Information - The company, Vailizhibo-B (09887.HK), is in the biopharmaceutical industry and is conducting an IPO from July 17 to July 22, with a total of 32.0544 million shares being offered, 10% for public sale and 90% for international placement [1] - The offering price is set between 31.6 to 35 HKD, with a market capitalization estimated between 59.58 billion to 65.99 billion HKD [1][12] - The company has a loss-making P/E ratio and the minimum subscription amount is 3536 HKD, with the listing date scheduled for July 25 [1] Group 2: Company Overview - Founded in 2012, Vailizhibo focuses on innovative antibody drug development for oncology and autoimmune diseases, led by founder Kang Xiaoqiang, a former chief scientist at Eli Lilly [2] - The company has a strong pipeline with 14 drugs in development, 6 of which are in clinical stages, utilizing advanced technologies such as bispecific antibodies and T-cell engagers [3] Group 3: Financial Performance - For the year ending December 31, 2023, the company reported revenue of 8.865 million RMB, with a net loss of 362.249 million RMB [5] - The R&D expenses for the same period were 230.858 million RMB, indicating a significant investment in drug development [5] - As of March 31, 2025, the company had cash reserves of 431 million RMB but faced liquidity issues with current liabilities of 462 million RMB [7] Group 4: Product Pipeline and Market Potential - The core product, LBL-024, is the first PD-L1/4-1BB bispecific antibody entering critical clinical trials, targeting a rare cancer with no approved treatments, showing an objective response rate of 36.7% and a median survival of over 18 months [3][10] - The global market for 4-1BB antibody drugs is projected to reach 2.9 billion USD by 2030, with China expected to grow over 120% [10] Group 5: Investment and Market Sentiment - The IPO is expected to raise approximately 1.122 billion HKD, with cornerstone investors committing 542 million HKD, indicating strong market interest [12][11] - The stock has seen significant interest, with a subscription rate of 295 times on the first day, and expectations of oversubscription reaching 2000 times [13]

根据安排，深圳北芯生命科技股份有限公司（以下简称"北芯生命"）科创板IPO将于7月18日上会接受大考。这是近期第二家上会的选用科创板第五套标准上 市的IPO药企。上交所官网显示，北芯生命刚于7月8日披露了二轮问询回复意见，随即不久后就获得上会机会，这也体现了科创板审核速度的加快。除了北 芯生命外，目前还有四家选用第五套上市标准的医药企业正在排队科创板IPO。其中，禾元生物成为科创板重启第五套标准后第一家上会并通过的企业，目 前，禾元生物已提交注册。此外，思哲睿于近期更新提交相关财务资料，同样处于提交注册阶段。恒润达生进度靠后，目前处于已问询阶段。必贝特则排队 时间最长，已超三年。 北芯生命7月18日上会 上交所官网显示，上交所上市审核委员会定于7月18日召开2025年第23次上市审核委员会审议会议，审议北芯生命的首发事项。 招股书显示，北芯生命是一家专注于心血管疾病精准诊疗创新医疗器械研发、生产和销售的国家高新技术企业，致力于开发为心血管疾病诊疗带来变革的精 准解决方案。 经北京商报记者统计，目前正在排队科创板IPO的企业中，包括北芯生命在内，共有5家企业系选用第五套标准申报上市的医药企业。 禾元生物系科创板 ...

益)扣除相关费用和信用减值损失后的余额，本期利润为本期已实现收益加上本期公允价值 变动收益； 第 2 页 共 13 页 招商国证生物医药指数证券投资基金 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 7 月 18 日 招商国证生物医药指数证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核了本 报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误 导性陈述或者重大遗漏。 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。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细 阅读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 基金简称 招商国证生物医药指数 场内简称 ...

| 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 03690 | 美团-W | 284102.50 | 60573.58 | 1.13 | | 00939 | 建设银行 | 170296.95 | 59085.07 | -0.95 | | 01810 | 小米集团-W | 648807.54 | 31548.18 | -2.01 | | 00354 | 中国软件国际 | 225381.97 | 12733.82 | 12.75 | | 01788 | 国泰君安国际 | 502477.84 | 11952.65 | -0.16 | | 02015 | 理想汽车-W | 371693.95 | 8664.30 | 9.73 | | 09988 | 阿里巴巴-W | 520295.10 | 8153.49 | -1.14 | | 00981 | 中芯国际 | 250990.66 | 5384.85 | 1.98 | | 01349 | 复旦张江 | 179142.01 | 323.15 | 14.29 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The innovation chain in China's pharmaceutical industry is gradually improving, with a new cycle of investment in innovative drug research and development expected to begin [10][44] - The financing amount for China's biopharmaceutical sector is likely to rebound from its lowest point, supported by government policies and the establishment of regional investment funds [6][23] - The IPO channels for innovative drugs are widening, with significant fundraising for research and development from both Hong Kong and A-share markets [7][30][32] - The trend of increasing capital increases for pharmaceutical companies is evident, particularly among Hong Kong-listed firms [33] Summary by Sections Innovation Chain Improvement - The research indicates that the innovative drug R&D environment in China is becoming more favorable, with supportive policies leading to a rebound in investment [6][23] Financing and IPO Trends - The report highlights a resurgence in IPOs for innovative drug companies, with 62 companies listed in Hong Kong since 2019 and a significant increase in fundraising [26][30] - The reopening of the listing channel for unprofitable companies on the Sci-Tech Innovation Board is expected to provide additional funding sources for innovative drug firms [28][30] BD Payments as a Funding Source - The report notes that upfront payments from business development (BD) have become a major source of funding for R&D, with a significant amount of $1.73 billion in Q2 2025, surpassing the total biopharmaceutical financing amount [9][40] Increased Capital Increases - Pharmaceutical companies are increasingly raising capital through share issuances, particularly in the Hong Kong market, to strengthen their cash positions [33] Investment Opportunities - The report suggests focusing on companies with healthy cash flows and innovative capabilities, particularly in breakthrough therapies and technologies [49]

Core Insights - China is making significant progress in becoming a strong nation in intellectual property (IP) during the 14th Five-Year Plan period, focusing on enhancing innovation capabilities and the effective utilization of IP [1][2]. Group 1: Innovation Strength - China is transitioning from being a major importer of IP to a creator of IP, with a notable increase in high-value core patents in strategic emerging sectors such as 5G, AI, aerospace, and new energy vehicles [2]. - As of June 2023, the number of high-value invention patents per 10,000 people reached 15.3, surpassing the 12 target set for the 14th Five-Year Plan [2]. - There are 524,000 domestic enterprises holding effective invention patents, totaling 3.727 million patents, which accounts for 74.4% of the national total, reflecting a 6.1 percentage point increase from the end of the 13th Five-Year Plan [2]. Group 2: Patent Growth by Sector - The top three sectors for growth in effective invention patents are information technology management methods, computer technology, and medical technology, with year-on-year growth rates of 34.1%, 22.7%, and 19.8% respectively, significantly outpacing the average growth rate [3]. - Patent-intensive industries contributed 16.87 trillion yuan in added value in 2023, representing 13.04% of China's GDP [3]. Group 3: Utilization and Commercialization - The transformation of IP into productive forces is emphasized, with initiatives to promote patent commercialization leading to a rise in the industrialization rate of enterprise invention patents from 44.9% in 2020 to 53.3% by 2024 [4]. - The annual import and export total of IP usage fees is projected to increase from 319.44 billion yuan in 2020 to 398.71 billion yuan by 2024 [4]. - The value of Chinese brands among the global top 5,000 reached 1.76 trillion USD, ranking second worldwide [4]. Group 4: International Cooperation - China has established IP cooperation with over 80 countries and regions, with a patent examination highway covering 84 countries, enhancing the innovation environment for foreign enterprises in China [5]. - The country has provided extensive guidance and consultation services to outbound enterprises, helping to reduce litigation costs by 1.32 billion yuan and recover economic losses of 38.04 billion yuan [5]. - China is also promoting green innovation through international cooperation, contributing 12,000 green technologies to the World Intellectual Property Organization [5].

Market Performance - On July 17, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index rising by 0.37% to close at 3516.83 points, the Shenzhen Component Index increasing by 1.43% to 10873.62 points, and the ChiNext Index up by 1.76% to 2269.33 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 15.394 trillion yuan, an increase of 973 billion yuan compared to July 16 [1] - A total of 3536 stocks rose, with 66 hitting the daily limit up, while 1611 stocks declined, with 6 hitting the daily limit down [1] Sector Performance - Most industry sectors experienced gains, with aerospace, biopharmaceuticals, electronic components, medical services, communication equipment, consumer electronics, energy metals, and chemical pharmaceuticals leading the increases, while precious metals saw the largest declines [1] - The technology sector showed strong performance, driven by Nvidia's easing of chip restrictions, which has opened up market opportunities and is expected to lead to a systematic restructuring of the entire AI-related industry chain [1] Military Industry Insights - The military sector experienced a strong rally, attributed to two main factors: a significant arms purchase order from a Middle Eastern country and the overlap of military concepts with the low-altitude economy, which is being actively developed as a new economic growth point [2] - The military sector has rebounded for two consecutive days, but caution is advised for those considering chasing prices, suggesting waiting for a pullback for better opportunities [2] Local Stock Performance - In Hunan stocks, 96 out of 146 stocks rose, with Guangxin Technology, Huarui Precision, and Wuxin Tunnel Equipment all increasing by over 8% [3] - Guangxin Technology's half-year earnings forecast indicates a net profit attributable to shareholders of 90 million to 100 million yuan, representing a year-on-year growth of 78.65% to 98.50%, driven by sustained demand in the downstream market [3] - Huarui Precision reported a net profit of 29.224 million yuan for Q1 2025, with a year-on-year growth rate of 70% [3] - Wuxin Tunnel Equipment announced a major asset restructuring plan to acquire 100% equity of two companies, with efforts underway to complete audits and respond to inquiries from intermediaries [3]

今日，港股三大指数整体呈现窄幅震荡行情，尾盘短线跳水。 影视股表现活跃，比高集团涨超10%，大麦娱乐涨超8%，丰德丽控股、IMAX中国涨超2%，猫眼娱乐、 欢喜传媒涨超1%。 恒生指数、国企指数分别微幅下跌0.08%、0.09%，恒生科技指数表现相对较强，最终收涨0.56%。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | (0) | 24498.95 | -18.81 | -0.08% | | CONSULT DOGES BY 800100 | 国企指数 | | 8853.10 | -8.29 | -0.09% | | 800700 | 恒生科技指数 | | 5448.85 | +30.45 | 0.56% | 盘面上，大型科技股涨跌不一，美团涨超1%，网易、腾讯飘红，百度跌超3%，小米跌2%，阿里巴巴跌 超1%。 生物医药股大肆走高，创新药午后涨幅进一步扩大，康诺亚大涨14.5%，康方生物、百济神州涨超10%， 泰格医药、金斯瑞生物科技、科伦博泰生物涨超8%。 半导体芯片股、军工 ...