随后几天，吕宇峰走访了当地的农业合作社、新兴的生物科技企业以及几个特色旅游村。他看到，传统的牡丹产业早已不局限于观赏和药用，而是衍生出了 精油、花茶、化妆品等一系列高附加值产品，产业链在不断延伸。在一個现代化的温室大棚里，他看到了利用无土栽培技术种植的果蔬，科技的力量正悄然 改变着这片土地的生产方式。他与乡镇干部座谈，听他们描绘发展规划时的激情与遇到的现实困境；他与返乡创业的年轻大学生交流，从他们身上看到了乡 土中国的新希望与新活力。吕宇峰发现，菏泽的转型并非一蹴而就的宏大叙事，而是由无数个具体的、微小的创新和努力汇聚而成，是自上而下的政策引导 与自下而上的民间智慧紧密结合的成果。 调研结束的前一晚，吕宇峰独自走在菏泽老城的街道上，夕阳的余晖为这座古城镀上了一层金色。他回想起这几天的所见所闻，心中感慨万千。他意识到， 中国广袤大地上的每一处变化，都如同这菏泽的牡丹，根植于深厚的土壤，经历寒冬的蛰伏，最终在时代的春风中绽放出独特的光彩。他的调研报告，不应 仅仅是数据的罗列和趋势的分析，更应传递出这种脚踏实地、充满生命力的发展温度。吕宇峰深吸一口气，感到肩上的责任又重了几分，但前行的方向却愈 发清晰。这次菏泽之行 ...

【活力中国调研行】中外企业青睐"投资海南"：看中政策和开放红利 营商环境优越 海南自贸港建设近年来广受企业关注，特别是封关运作临近，众多中外企业紧抓机遇加速"投资海南"。 9月24日，记者走进海南自贸港多家重点园区，一探中外企缘何青睐海南自贸港。 海南医朵云健康产业有限公司慢病负责人邱兴认为，海南自贸港是创新型企业发展的热土，愿意投入政 策与机会，为创新业务提供试点土壤。 海南元医康健医疗公司总经理马鹏飞表示，海南自贸港营商环境优越，有利于企业发展。 截至2025年8月底，海南有外资企业10690户，比去年同期增长13.61%，增速连续8个月居全国第一。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 作为今年新落地海南的外资企业，佰唯基因生物科技(海南)有限公司经营副总林梦竹介绍，该公司看中 海南自贸港"零关税"等政策及自贸港高水平对外开放红利，因此投资海南，并将海南作为链接海外市场 的核心枢纽。(陈英清 魏园) 来源：中国新闻网 编辑：徐世明 广告等商务合作，请点击这里 本文为转载内容， ...

Core Insights - Guardant Health is hosting its 2025 Investor Day, marking nearly 7 years since its IPO and 2 years since the last Investor Day, indicating significant progress and updates on the business direction [1]. Group 1 - The company is excited to share details about its current status and future plans during the Investor Day presentation [1]. - The presentation will include forward-looking statements, suggesting a focus on future growth and strategic initiatives [1]. Group 2 - A safe harbor agreement is in place, indicating that the company will be discussing certain forward-looking information that may involve risks [2]. - The presentation will review non-GAAP measures, which are important for understanding the company's financial performance beyond standard accounting practices [2].

Group 1 - The core viewpoint of the articles highlights a significant rise in high-risk tech stocks due to market expectations of continued interest rate cuts by the Federal Reserve, raising concerns about potential rapid declines if these expectations change [1][4][8] - A basket of unprofitable tech stocks tracked by UBS has surged 21% since the end of July, while profitable tech stocks only increased by 2.1%, and the Nasdaq 100 index rose by 5.9% during the same period [1] - The recent rally in unprofitable tech stocks is characterized as a "junk rebound," driven by speculative excess and the revival of "animal spirits," with warnings about the high risks involved [4][8] Group 2 - Goldman Sachs reports that a similar unprofitable investment portfolio has nearly doubled since its low in April, reaching its highest level since February 2022, with notable stock price increases for companies like OpenDoor Technologies Inc. and IonQ Inc. [5] - Despite the recent rebound, the current performance of unprofitable tech stocks remains about 50% lower than their peak in 2021, indicating a significant decline from previous highs [5] - Some investors view the recent surge as justified, citing higher earnings transparency in the tech sector and favorable macroeconomic conditions, although they caution that unprofitable tech stocks are vulnerable to reversals in the event of a broader economic downturn [8]

Summary of Key Points from the Conference Call Industry Overview: Hong Kong Biotech Sector - The Hong Kong biotech sector has shown significant growth, achieving a revenue increase of approximately 10% in the first half of the year, aligning with A-share innovative drug companies [3] - The sector has achieved its first half-year profitability, with a turnaround of nearly 150%, resulting in a net profit margin of 3.5% [1][3] - The sector's sales expense ratio peaked at around 25% in 2023 but has since been optimized, focusing on core pipelines and reducing non-core projects [4] Financial Performance and Trends - The cash and cash equivalents of the sector have shown double-digit growth in the first half of the year, despite a slight decline from over 40 billion RMB in 2022 [4] - Monthly financing activities have seen double-digit growth, reversing last year's downward trend, which has strengthened the innovative drug pipeline [5] - The sector is expected to maintain a positive growth trajectory over the next 3-5 years, driven by increased business volume and active financing activities [6] Competitive Landscape - China holds a significant position in the global oncology drug innovation field, with its oncology pipeline accounting for 35% of the global total [7] - Chinese companies have improved their delivery ratios in large business development (BD) transactions, with several projects exceeding 50 million USD [8] - The Hong Kong biotech industry has seen a mix of button and direct licensing transactions, with notable large deals such as a nearly 4.7 billion USD transaction between Heber and AZ [9] Company Highlights - **HaploMed**: Achieved a revenue of 100 million USD and a net profit of 70 million USD in the first half of the year, with a long-term partnership with AZ that highlights its MICE platform advantages [2][12] - **Deqi Pharma**: Experienced a nearly tenfold increase in market value, focusing on two core pipeline platforms, with promising data from clinical trials [10] - **Overall Market Sentiment**: Companies like Rongchang and Basestone have shown strong performance post-financing, receiving positive feedback from the capital market [5] Future Outlook - The Hong Kong biotech sector is expected to continue its growth, with increased financing activities and enhanced research efficiency anticipated to contribute positively to performance [6] - The competitive advantages of Chinese innovative drug companies in the international market include a large number of oncology pipelines, enhanced delivery capabilities in large BD projects, and the ability to refresh transaction limits in emerging fields like small nucleic acid drugs [13]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes various sectors in the financial and commodity markets, including financial derivatives, precious metals, shipping, and multiple commodity futures. It points out that market trends are influenced by a combination of factors, such as macro - economic policies, supply - demand balances, and geopolitical situations. Different sectors present different trends, with some in a state of shock, others showing signs of weakness or strength, and the overall market is complex and changeable. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market showed an overall correction on Tuesday, with the main stock indexes fluctuating downwards during the session and rebounding slightly at the end. The main contracts of the four major stock index futures had mixed performances. The banking and precious metals sectors among the cyclical sectors were strong, while technology stocks corrected. It is recommended to lightly sell put options on MO2511 near the strike price of 6600 when the index corrects to collect premiums [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and the yields of major inter - bank interest - rate bonds generally rose. The central bank's open - market operations led to a net withdrawal of funds, and the bond market sentiment was weak. It is recommended to operate within a range, lightly test long positions when the market sentiment stabilizes at low levels, and appropriately participate in the basis narrowing strategy for the TL contract [5][8]. Precious Metals - The US dollar index remained weak, and safe - haven sentiment drove funds to flow into gold, pushing up its price. The price of international gold reached a high and then narrowed its gains, while silver showed a slight decline. It is recommended to buy gold on dips or buy out - of - the - money call options, and sell out - of - the - money put options on silver when the price is above $41 [9][12][13]. Container Shipping Index (European Route) - The EC futures market oscillated. The spot freight rates showed a certain range of fluctuations, and the market had digested the impact of the previous spot decline. It is recommended to wait and see in a volatile market [14][15]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market oscillated. The spot price declined, and the downstream was less willing to buy at high prices. The supply side was affected by factors such as smelter maintenance, and the demand side improved after the price decline. It is expected to oscillate in the short term, with the main contract referring to the range of 79,000 - 81,000 yuan [15][17][20]. - **Alumina**: The alumina market was in a pattern of high supply, high inventory, and weak demand. The futures price was in a bottom - wide oscillation. It is expected to oscillate in the range of 2850 - 3150 yuan/ton, and it is necessary to pay attention to policy changes in Guinea and cost - profit changes [20][22][23]. - **Aluminum**: The aluminum price declined, and the market trading activity increased slightly. The supply was at a high level, the demand entered the peak season, and the inventory was still in a state of accumulation. It is expected to oscillate in the range of 20,600 - 21,000 yuan/ton, and it is necessary to pay attention to the double - festival stocking and inventory inflection points [23][25]. - **Aluminum Alloy**: The pre - holiday stocking demand provided phased support for the spot price. The supply was tight, the demand was gradually recovering, and the inventory was accumulating. It is expected to oscillate in the range of 20,200 - 20,600 yuan/ton, and attention should be paid to the supply of scrap aluminum and import policies [25][27][28]. - **Zinc**: The zinc market was in a state of supply - demand differentiation at home and abroad. The domestic supply was loose, and the demand was in the peak season. The short - term price was expected to oscillate, with the main contract referring to the range of 21,500 - 22,500 yuan [28][30][31]. - **Tin**: The import of tin ore in August remained at a low level, and the supply was tight. The demand was in a state of "weak supply and demand". It is expected to oscillate at a high level, with the price range of 265,000 - 285,000 yuan, and attention should be paid to the import situation of tin ore from Myanmar [31][33][34]. - **Nickel**: The nickel market oscillated weakly. The supply was at a high level, the demand was relatively stable in some areas and general in others. It is expected to oscillate in the range of 119,000 - 124,000 yuan, and attention should be paid to macro - expectations and ore - related news [34][35][36]. - **Stainless Steel**: The stainless - steel market oscillated narrowly. The raw material prices were firm, the supply was under pressure, and the demand had not significantly increased. It is expected to oscillate in the range of 12,800 - 13,200 yuan, and attention should be paid to steel - mill dynamics and pre - holiday stocking [37][40]. - **Lithium Carbonate**: The lithium - carbonate market oscillated. The supply and demand were in a tight balance during the peak season. It is expected to oscillate in the range of 70,000 - 75,000 yuan, and attention should be paid to the marginal changes in orders [41][44]. Black Metals - **Steel**: The steel market was affected by factors such as export support and seasonal demand changes. The price was expected to oscillate at a high level, with the thread referring to the range of 3100 - 3350 yuan and the hot - rolled coil referring to the range of 3300 - 3500 yuan. It is recommended to lightly try long positions and pay attention to the seasonal recovery of apparent demand [44][46]. - **Iron Ore**: The iron - ore market was supported by factors such as reduced shipments and increased iron - water production. The price was expected to oscillate upwards, with the range of 780 - 850 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long iron ore and short hot - rolled coil [47][48]. - **Coking Coal**: The coking - coal market was in a state of supply - demand balance and tightening. The price was expected to oscillate upwards, with the range of 1150 - 1300 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long coking coal and short coke [49][51]. - **Coke**: The coke market was in a process of price adjustment. The price was expected to rebound gradually, with the range of 1650 - 1800 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long coking coal and short coke [52][55]. Agricultural Products - **Meal**: Argentina's cancellation of the export tax on soybeans and their derivatives put pressure on the two - meal market. The domestic meal supply was abundant, and the market was expected to oscillate weakly [56][59]. - **Pigs**: The pig market had a large slaughter pressure, and the spot price was difficult to improve before the National Day. The market was expected to adjust weakly, and the previous reverse - spread strategy was recommended to be withdrawn and observed [60][61].

Core Viewpoint - The article highlights the advancements in synthetic biology and biomanufacturing, particularly focusing on the recognition of key projects and experts in the field by the Ministry of Science and Technology of the People's Republic of China for the 2025 National Science and Technology Awards [2][5]. Group 1: National Science and Technology Awards - A total of 60 projects for the National Natural Science Award, 51 for the National Technology Invention Award, and 134 for the National Science and Technology Progress Award passed the preliminary evaluation [2]. - Notable projects include research on catalysts, reactors, and processes for carbon dioxide conversion, and advanced manufacturing technologies for green chiral pesticides [2][5]. - Key contributors to these projects include professors and researchers from prestigious institutions such as the University of Science and Technology of China and Zhejiang University [2][5]. Group 2: Key Projects and Contributors - The project on catalysts and processes for carbon dioxide conversion is led by notable figures such as Professor Zeng Jie and Academician Yang Jinlong, with a preliminary evaluation suggestion of a second prize [3]. - The project on advanced manufacturing technologies for green chiral pesticides involves contributors like Academician Zheng Yuguo and Professor Xue Yaping, also suggested for a second prize [5]. - The involvement of multiple companies and institutions indicates a collaborative effort in advancing biomanufacturing technologies [2][5].

Core Viewpoint - Recently, Nantong Fuzhou Biotechnology Partnership (Limited Partnership) was established, focusing on the production, quality inspection, operation, and import-export of edible mushroom strains, with investment from China Baowu Steel Group's Huabao Trust [1] Company Summary - Nantong Fuzhou Biotechnology Partnership's business scope includes edible mushroom strain production, quality inspection, operation, and import-export activities [1] - The company is backed by investments from Huabao Trust, which is a subsidiary of China Baowu Steel Group [1]

Core Viewpoint - Tianyu Biotechnology Co., Ltd. has announced the early repayment of part of the idle raised funds temporarily used to supplement working capital, ensuring that the repayment does not affect the implementation of the fundraising investment projects [1][2]. Group 1 - The company’s board of directors approved the continued use of up to RMB 61.5 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding twelve months from the date of approval [1]. - As of September 23, 2025, the company has repaid RMB 2 million to the special account for raised funds, bringing the total amount repaid to RMB 2 million [2]. - The remaining raised funds used for temporary working capital will be fully repaid before the due date, and the company will fulfill its information disclosure obligations in a timely manner [2].

Group 1 - The 6th China Liaoning International Investment and Trade Fair will be held in Shenyang from September 25 for four days, focusing on "New Era of Northeast Revitalization and New Journey of Cooperation and Win-Win" [1] - The event aims to enhance Liaoning's level of open cooperation and establish it as a hub for open cooperation in Northeast Asia, promoting comprehensive revitalization [1] - Over 60 countries will participate, including representatives from Fortune 500 companies and private enterprises, engaging in discussions and cooperation with local businesses [1][2] Group 2 - A series of main activities will be held, including an opening ceremony and a key project signing ceremony on September 25 at the Shenyang New World Expo [1][2] - The fair will feature four "Invest in Liaoning" international economic and trade matching activities, and three exchange activities with Japan, Mongolia, and Uzbekistan [2] - Additional activities include a forum on modern service industry quality and a series of events promoting integrated development of domestic and foreign trade [2] Group 3 - The theme exhibition will showcase achievements in revitalization, innovation, and international cooperation, featuring various specialized pavilions [2] - The fair will also promote consumption through themed activities, including sports events and a consumption season in autumn 2025 [3]