本报电（记者陈静文）近日，由中国技术创业协会留学人员创业园工作委员会主办的2025（第11届）中 国海归创业大赛在江苏苏州高新区落下帷幕。10年来，大赛已促成781家科技企业成立，参赛企业累计 取得国内有效专利1.5万余件，286家企业融资总额近275亿元。 作为科技部、工信部等部委指导的全国性赛事，中国海归创业大赛旨在服务国家和区域发展战略。本届 大赛在机制创新方面亮点纷呈：北京理工大学和南京大学首次加入联合主办，支持参赛人才项目与高校 开展产学研深度合作；北京、上海、山东济南、福建厦门等地20多家产业园区、科创载体协办，全国 300余家机构参与资源对接；组建专项基金，举办专场对接会、导师行等活动，支持项目落地，并为参 赛项目提供创业辅导和陪伴式服务；单独设立"雏鹰组"和相应赛制奖项，为早期项目提供定制化辅导和 培育支持。参赛团队中，85%拥有自主知识产权，23个项目尚未在国内注册企业。 颁奖仪式上，大赛发布了10周年TOP100优秀企业榜单，海柔创新、青禾晶元等历届参赛企业入选。数 据显示，前10届大赛累计吸引5096个海归项目团队参赛，有85%以上的团队拥有自主知识产权，国内外 专利授权超过2.3万件； ...

Core Viewpoint - The pharmaceutical industry has shown remarkable performance in the first half of the year, driven by innovation and a shift in market dynamics, with a significant number of funds achieving over 20% returns, particularly in the pharmaceutical sector [2][3][5]. Group 1: Industry Performance - In the first half of the year, the pharmaceutical sector outperformed other sectors, with indices such as the Guozheng Hong Kong Stock Connect Innovative Drug Index and the Shanghai Stock Connect Innovative Drug Index both rising over 60% by June 30 [5][6]. - A total of 49 ordinary equity funds (excluding Class C) achieved returns exceeding 20%, with 22 of these being pharmaceutical funds, indicating a strong interest in this sector [2]. Group 2: Market Dynamics - The current pharmaceutical market is characterized by a transition from imitation to innovation, with domestic companies increasingly becoming leaders in the global market [6]. - The industry has seen a recovery in profitability, particularly among innovative drug companies, which have started to see returns on previous investments [6]. - After four years of decline, the overall valuation of the pharmaceutical sector is at a historically low level, contributing to a shift in investor sentiment from pessimism to cautious optimism [6]. Group 3: Future Outlook - The long-term investment logic in the pharmaceutical sector remains intact, driven by factors such as an aging population and the resolution of previous market concerns regarding centralized procurement [6][9]. - Despite the recent surge, there are still opportunities for investment as the market has not fully reflected the potential growth from upcoming product launches and commercialization [9][10]. - The pharmaceutical sector is expected to continue to attract attention, with both active and passive investment strategies being viable options for investors [11]. Group 4: Investment Strategies - Investors are advised to consider pharmaceutical funds, which can be categorized into active and passive funds, to mitigate the complexities and risks associated with direct stock investments [9][10]. - Active fund managers, like those at Invesco, focus on identifying high-potential companies within the sector, while passive funds, such as ETFs, offer lower entry barriers and diversified exposure [10]. - The Invesco Hong Kong Innovative Drug ETF has reported a return of 60.64% year-to-date, reflecting the strong performance of the sector [10].

证券代码：688505 证券简称：复旦张江 公告编号：临2025-021 上海复旦张江生物医药股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利0.03元（含税） 本次利润分配方案经公司2025年6月26日召开的2024年度股东周年大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： ● 相关日期 ■ H股股东的现金分红有关情况详见本公司分别于2025年3月27日、2025年4月28日及2025年6月26日在香 港联交所网站（www.hkex.com.hk）发布的相关公告及通函。 一、通过分配方案的股东大会届次和日期 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体A股股东。 H股股东的现金分红有关情况详见本公司分别于2025年3月27日、2025年4月28日及2025年6月26日在香 港联交所网站（www.hkex.com.hk）发布的相关公告 ...

Core Viewpoint - Wuxi has transformed from a historical industrial city to a modern manufacturing powerhouse through the integration of industry and finance, supported by government policies and local investment institutions [9][10][17]. Group 1: Industrial Development - Wuxi has 211 listed companies, with 124 on the A-share market, contributing significantly to Jiangsu province's economy despite a population of less than 8 million [8]. - The city has developed a "465" modern industrial cluster focusing on IoT, integrated circuits, biomedicine, and software services, producing leading companies like WuXi AppTec and Changdian Technology [8][10]. - Wuxi's industrial evolution is marked by the establishment of key enterprises and the active role of state-owned investment institutions in nurturing these companies [10][11]. Group 2: Financial Integration - Local financial institutions have played a crucial role in supporting industrial growth, with Wuxi's state-owned investment firms actively participating in venture capital and equity investments [10][12]. - Wuxi Venture Capital Group, established in 2000, has invested in numerous companies, with 45 of its portfolio companies listed on domestic A-shares, including 13 on the Sci-Tech Innovation Board [11][12]. - The city has created a comprehensive financial ecosystem that includes various funding stages, from seed to private equity, facilitating the growth of over 110 listed companies [12][16]. Group 3: Policy Support - The local government has shifted from a leading role to a guiding one, providing essential support for companies navigating the capital market [17][18]. - Wuxi has implemented policies to promote mergers and acquisitions, with 15 projects completed in the first quarter of 2023, totaling 369.29 billion yuan [18][20]. - The city aims to become a hub for innovative mergers and acquisitions by 2027, with a target of completing at least 60 projects and achieving a total transaction volume exceeding 600 billion yuan [19][20].

Core Insights - Wuxi is transitioning from a traditional manufacturing hub to a model of integration between technology, industry, and finance, showcasing a significant evolution in its development dynamics and pathways [2][3][4] Industry Transformation - The industrial core of Wuxi has shifted from labor-intensive sectors like textiles and machinery to high-tech fields such as the Internet of Things, integrated circuits, and biomedicine, indicating a qualitative leap in industrial development driven by innovation [2][3] - The rise of industry clusters around leading enterprises highlights Wuxi's transformation from a "manufacturing city" to an "innovation-driven city" [2] Financial Services Evolution - Financial support in Wuxi has evolved from traditional credit-based systems to a comprehensive service model that includes demand discovery, resource matching, and problem-solving, enhancing the precision and adaptability of financial services [3] - The shift from focusing on mature enterprises to a full-cycle, differentiated approach in financial services reflects a significant improvement in meeting the needs of technology companies [3] Long-term Development Philosophy - Wuxi's commitment to long-term value and patient capital is evident in its support for long-cycle sectors like semiconductors, demonstrating a refusal to pursue short-term gains [3][4] - The enduring spirit of innovation and risk-taking, from the early days of developing township enterprises to the current comprehensive support ecosystem for technological innovation, remains a hallmark of Wuxi's development [3] Economic Growth Insights - The practice in Wuxi illustrates that sustainable regional economic development requires both the ability to seize opportunities and the commitment to core developmental principles, ensuring that successful elements thrive in new contexts [4] - The continuous operation of the "technology-industry-finance" ecosystem in Wuxi may lead to the emergence of the next economic miracle [4]

Core Viewpoint - The establishment of concept verification centers and pilot testing bases in Shenzhen is crucial for accelerating the transformation of scientific research achievements into practical applications, particularly in the biopharmaceutical industry [2][4][6]. Group 1: Concept Verification Centers - Shenzhen has established 61 concept verification centers since 2022, which serve as platforms to bridge the gap between basic research and industrial technology products [1]. - The Shenzhen Solid-State Research New Technology Concept Verification Center, established in September 2022, utilizes MicroED technology to provide a new channel for drug structure analysis, enhancing the efficiency of drug development [2][3]. - The center has provided solid-state research platform services to over 50 well-known pharmaceutical companies and research institutions, completing more than 100 projects related to microcrystalline electron diffraction [4]. Group 2: Pilot Testing Bases - Shenzhen has also set up 67 pilot testing bases to support the feasibility, stability, and safety verification of product development processes for industry enterprises [4][6]. - The Shenzhen Advanced Electronic Packaging Materials Pilot Testing Base, established in April 2023, has developed four pilot testing modules to support the research of critical materials in integrated circuit packaging [5]. - The Shenzhen Advanced Electronic Materials International Innovation Research Institute has obtained over 130 authorized patents in key technologies, significantly contributing to the added value of cooperating enterprises [5]. Group 3: Policy Support and Expansion - Shenzhen's government has created a favorable policy ecosystem for the growth of concept verification centers and pilot testing bases, providing post-construction funding and annual financial support for qualified centers [6]. - As of July 1, 2023, Shenzhen initiated evaluation funding for 20 concept verification centers and pilot testing bases, with top-rated projects eligible for funding up to 5 million yuan [6].

Core Viewpoint - MicuBio (688321.SH) announced the final top-line analysis data from its pivotal Phase III clinical trial (DEB study) for its self-developed drug, Sidanbamide, which significantly outperformed the control group in terms of event-free survival (EFS), achieving the primary endpoint of the study [2][4] Group 1: Product and Market Information - Sidanbamide is the world's first subtype-selective histone deacetylase (HDAC) inhibitor and belongs to the class of epigenetic regulators [4] - The drug received conditional approval for DLBCL indications from the National Medical Products Administration (NMPA) in April 2024 and is set to be included in the national medical insurance catalog by the end of 2024, making it the only oral innovative drug for first-line DLBCL within the insurance coverage [4] - DLBCL is the most common type of lymphoma in China, with approximately 60,000 to 80,000 new cases reported annually, and the incidence rate is gradually increasing [4] Group 2: Clinical Trial and Regulatory Information - The company previously received conditional approval based on interim analysis data, requiring completion of clinical trials within two years to obtain complete clinical data [4] - The announcement of the final results signifies an expansion of the existing indication range for the product, positively impacting the company [4] - Conditional approval allows for accelerated market entry of urgently needed drugs with significant clinical value, even before completing full clinical research [5] Group 3: Competitive Landscape - The treatment field for DLBCL has seen recent breakthroughs, including the approval of Tafasitamab, a CD19 monoclonal antibody for relapsed/refractory DLBCL, which does not directly compete with Sidanbamide as it is used for second-line or later treatments [5] Group 4: Financial Performance - The company reported a revenue of 658 million yuan for 2024, a year-on-year increase of 25.63%, but faced a net loss of 115 million yuan, a significant decline of 228.97% [6] - In the first quarter of 2025, revenue was 162 million yuan, up 24.24% year-on-year, but the net loss was 19 million yuan, a decrease of 4.64% compared to the previous year [6]

Core Viewpoint - The construction of an international science and technology innovation center in Beijing is a major strategic initiative personally planned, deployed, and promoted by General Secretary Xi Jinping, aimed at supporting high-quality development and achieving socialist modernization in the capital [1][2]. Group 1: Strategic Direction and Political Commitment - Since the 18th National Congress, Xi Jinping has emphasized the importance of Beijing's role in national strategy, including the establishment of the "Four Centers" and the promotion of coordinated development in the Beijing-Tianjin-Hebei region [2]. - Beijing is committed to integrating education, technology, and talent to build a national strategic science and technology force that reflects national will and meets national needs [2][3]. Group 2: Innovation and Industry Development - Beijing aims to establish a modern industrial system with self-control and strong competitiveness, focusing on ten high-tech industries, including new-generation information technology, and forming three trillion-level and seven hundred-billion-level industrial clusters [3][4]. - The city is actively promoting collaborative innovation in the Beijing-Tianjin-Hebei region and optimizing spatial layouts to enhance regional high-quality development [3][4]. Group 3: Policy Framework and Legal Support - A robust policy framework is being established to support comprehensive innovation, including the formulation of the "Beijing International Science and Technology Innovation Center Construction Regulations" to provide a legal basis for the initiative [4][5]. - The policy system includes strategic planning and specific action plans, with over 70 detailed industry support policies aimed at fostering innovation [5][6]. Group 4: Innovation Ecosystem and Collaborative Mechanisms - Beijing is enhancing its innovation ecosystem by integrating resources from research institutions, enterprises, and government, fostering a collaborative environment for innovation [7][8]. - The city is focusing on cultivating ten high-tech industrial clusters and supporting foreign investment in key sectors to strengthen its innovation network [7][8]. Group 5: Financial and Service Support - To address financing challenges for early-stage technology enterprises, Beijing is developing a specialized technology finance ecosystem and has established various financial support mechanisms [9][10]. - The city is also improving its innovation service system by integrating resources and enhancing the business environment to facilitate innovation [10][11]. Group 6: Regional and International Collaboration - Beijing is promoting collaborative innovation in the Beijing-Tianjin-Hebei region through the establishment of specialized working groups and innovation platforms [12]. - The city is enhancing international cooperation in technology innovation by leveraging high-profile platforms to attract global talent and resources [12].

Core Viewpoint - The surge of biopharmaceutical companies listing on the Hong Kong Stock Exchange (HKEX) is driven by the market's unique policy inclusiveness and significantly improved liquidity, attracting a record number of listings in 2023 [2][6]. Group 1: Listing Activity - As of July 9, 2023, 12 biopharmaceutical companies have successfully listed on the HKEX, surpassing the total number of listings for the entire previous year, with an additional 40 companies still in the queue [3][5]. - The actual fundraising amount for the biopharmaceutical sector has reached 18.319 billion HKD, ranking second in terms of IPO fundraising scale on the HKEX [4]. Group 2: Characteristics of Listed Companies - Most of the newly listed companies are innovative drug firms focusing on high-barrier and high-potential areas such as tumor immunotherapy and new vaccine development [5]. - A common characteristic among these companies is that they have not yet achieved profitability; except for 恒瑞医药 (Hengrui Medicine), the other 11 companies listed this year are in a state of net loss [5]. Group 3: Market Dynamics - The HKEX has introduced innovative listing rules since 2018, allowing unprofitable or revenue-less biotech companies to go public, which aligns with the high investment and long cycle nature of the biopharmaceutical industry [6]. - The liquidity of the HKEX has significantly improved, with the average daily trading volume reaching 240.2 billion HKD in the first half of 2023, a 118% increase compared to the same period last year [7][8]. Group 4: Future Outlook - The IPO trend for biopharmaceutical companies in Hong Kong is expected to continue, with at least 40 companies waiting to list, including innovative drug firms like 百利天恒 (Baili Tianheng) and 维立志博 (Weili Zhibo) [8][9]. - Recent policies from the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs, addressing structural contradictions in drug development and market application [9].

Group 1 - The core viewpoint of the article highlights the significant financial growth of Ascentage Pharma (AAPG), with a notable increase in revenue and net profit for the year ending December 31, 2024 [1][3] - Ascentage Pharma is a biopharmaceutical company based in China, focusing on developing innovative drugs for cancer, hepatitis B, and age-related diseases, and is listed on the Hong Kong Stock Exchange [2][3] - The company has a robust pipeline with nine clinical-stage first-class small molecule drugs targeting key proteins in the apoptosis pathway, positioning it at the forefront of global drug development in this area [2][3] Group 2 - Ascentage Pharma's core product, Olverembatinib (brand name: Nilotinib), has received priority review and breakthrough therapy designation from the Chinese National Medical Products Administration and is included in the National Basic Medical Insurance Drug List [2] - The company has achieved multiple designations from the FDA, including orphan drug status and fast track designation for four investigational new drugs, indicating strong regulatory support for its product pipeline [2] - Ascentage Pharma has established global collaborations with leading biotech and pharmaceutical companies and academic institutions, enhancing its research capabilities and market reach [2]