Group 1 - The Pengbo (Hainan) Boron Neutron Hospital is set to open by the end of this year, with equipment testing currently underway [1] - The Hainan Free Trade Port is expected to enhance cooperation between Hainan and Hong Kong, with a promotional event scheduled in Hong Kong to attract investment [3] - Hainan has become the largest source of foreign investment from Hong Kong, with over 700 new Hong Kong-funded enterprises expected to be established in 2024, and direct investment exceeding 15 billion RMB [3] Group 2 - The Hainan Sigmas International Diving Center project is under construction and aims to open by June 2026, benefiting from policies like duty-free shopping and visa exemptions [4] - Economic cooperation between Hainan and Hong Kong is expanding across various sectors, including tourism, finance, and professional services [5] - The two regions are working on aligning regulations and institutional frameworks to facilitate economic collaboration, including optimizing mechanisms for arbitration recognition [5]

Core Viewpoint - Ant Group's CEO, Han Xinyi, emphasized that AI will not replace doctors in the foreseeable future but should serve as an assistant to enhance their capabilities [1] Group 1: AI in Healthcare - Ant Group is committed to using AI to support doctors, helping specialists expand their capabilities towards becoming general practitioners [1] - The company has established a medical health laboratory to explore AI-enabled multidisciplinary team (MDT) consultations [1] - Han stated that the only viable path for AI in healthcare is through human-machine collaboration [1] Group 2: Challenges in AI Medical Implementation - Han identified three core challenges in the implementation of AI in healthcare: high-quality data, suppressing hallucinations, and medical ethics [1] - High-quality data is fundamental, with costs for data labeling and training potentially exceeding hundreds of dollars per data point, requiring involvement from senior medical experts [1] - Suppressing hallucinations while maintaining model performance is a significant challenge, necessitating a balance between reducing errors and preserving service capability [1] - Ant Group has established a medical ethics advisory committee to explore regulations in this previously unaddressed area [1] Group 3: Market Focus and Strategy - Despite the healthcare market being valued at trillions, Ant Group is not in a rush to commercialize its AI healthcare solutions in the coming years [1] - The company aims to focus on accumulating professional data, suppressing model hallucinations, and building medical ethics frameworks [1] - Han believes that as long as the services are professional and trustworthy, users will naturally engage with them [1]

Core Viewpoint - The company primarily operates in the domestic market, providing AI-enabled medical solutions, with business lines including primary healthcare services, hospital services, patient services, and regional management platform solutions [5] Revenue and Profit Growth - Historical revenue and net profit growth rates show fluctuations, with a notable increase in revenue growth rate in 2023 compared to previous years [7][10] - The company's revenue for the first half of 2025 is composed of various segments: hospital solutions (0.529 billion), patient management services (1.043 billion), regional solutions (0.576 billion), and primary healthcare solutions (0.838 billion) [9] Financial Performance Metrics - In the first half of 2025, the average return on equity was -8.2%, an increase of 20.62 percentage points from the same period last year [14] - The company's total asset turnover ratio has shown a consistent trend, with a notable value of 0.44 times in 2025H1 [17] Asset and Liability Changes - As of the first half of 2025, significant changes in assets include a 7.7% increase in receivables, a 44.97% increase in long-term receivables, a 28.7% increase in inventory, and a 77.75% increase in contract assets [23] - On the liabilities side, long-term borrowings increased by 224.07%, and short-term borrowings increased by 68.61%, indicating a rise in the proportion of total assets [26] Liquidity Ratios - The company reported a current ratio of 1.60 and a quick ratio of 1.49 in the first half of 2025, indicating a stable liquidity position [29]

Group 1 - The "Baoqi Jinfeng" investment and financing conference in Bao'an District attracted 426 companies and 132 financial institutions, creating a positive interaction between enterprises and capital [1] - The conference provided a platform for companies to directly connect with investors, reducing the need for intermediaries, which is particularly beneficial for small and medium-sized enterprises [3] - The event featured various sub-forums and listing guidance services, addressing the financing needs of small and medium-sized enterprises [3] Group 2 - Pure Jun New Materials, a company focused on liquid cooling servers, plans to use funds from upcoming financing rounds for product research and expansion, aiming for domestic substitution in the industry [4] - Shenzhen Tengjinda Information Technology expressed the need for banks to promote research and development loans, particularly for intangible assets like intellectual property [5] - Cloud Venture Capital, which has been in Bao'an for ten years, reported a high refinancing rate of over 80% among incubated companies, highlighting the strong manufacturing base and efficient business environment in Bao'an [6] - Shenzhen Rongxin Medical Technology secured a 100 million yuan research and development loan from China Bank, emphasizing the high efficiency of financing processes in Bao'an [6]

Core Insights - UBS's latest report identifies five key long-term investment themes as the most attractive entry points, emphasizing the importance of understanding both "what to invest in" and "why to invest now" [5][6]. Group 1: Key Long-term Investment Themes - The five long-term investment themes identified are: 1. Digital Consumers 2. Diversity and Equality 3. Enabling Technologies 4. Fintech 5. Identifying the Next Frontier [6][8]. - "Identifying the Next Frontier" is a new entry into the top five, while "Fintech" has improved from fifth place [6]. Group 2: Investment Logic and Rationale - **Digital Consumers**: The younger generation, particularly Gen Z, is reshaping consumption patterns, focusing on shared experiences rather than ownership. AI plays a crucial role in this transformation, making it a top investment theme due to strong quality metrics and robust balance sheets [8]. - **Diversity and Equality**: Regulatory pressures and economic incentives are driving companies to enhance diversity, which is expected to contribute to GDP growth over the next decade. This theme is characterized by reasonable valuations and strong quality scores [10]. - **Enabling Technologies**: The integration of AI and other technologies is projected to create a market worth $2.6 trillion by 2030, with significant growth driven by sectors like AI, AR/VR, and 5G [11]. - **Fintech**: The sector is expected to grow from $310 billion in 2024 to $580 billion by 2030, driven by urbanization, demand from younger demographics, and supportive policies [12]. - **Identifying the Next Frontier**: Emerging markets are anticipated to be the main drivers of global GDP growth, with favorable demographics and productivity advantages [13]. Group 3: Short-term Cautions - **Genetic Therapies and Healthtech**: These themes are currently ranked low due to a lack of positive short-term catalysts and face significant capital constraints. Investors are advised to avoid these areas for the time being [15]. - **Smart Mobility**: This theme has shown improvement in valuation and momentum, making it a potential area for renewed interest [16]. Group 4: Long-term Investment Trends - Three irreversible trends are highlighted: 1. Population growth, with projections indicating an increase from 8.1 billion in 2024 to over 10 billion by 2100, primarily in low- and middle-income countries [19]. 2. Urbanization, with the urban population expected to rise from 55% in 2018 to 68% by 2050 [19]. 3. Aging population, with a significant increase in the proportion of individuals aged 65 and older, particularly in developed countries [19]. Group 5: Recommendations for Investors - Diversification across multiple themes is recommended to mitigate risks [26]. - A long-term investment approach is encouraged, focusing on core drivers like AI and emerging market growth [26]. - Investors should remain vigilant about risks and consider consulting professionals if unfamiliar with specific themes [26].

Core Viewpoint - China Biotechnology Services (08037) has announced a loan agreement to support the construction of a boron neutron capture therapy center, aiming to provide cancer treatment services by the end of 2025 [1] Group 1: Loan Agreement - The company has entered into a loan contract with Hainan Rural Commercial Bank, with a maximum principal amount of RMB 180 million [1] - The loan will assist in the establishment of the boron neutron capture therapy center [1] Group 2: Future Plans - The center is expected to open and commence operations by the end of 2025, targeting cancer patients in need of boron neutron therapy [1] - The company aims to develop a network of boron neutron capture therapy centers across China, leveraging the supportive policies of the Boao Lecheng Pilot Zone [1] - Plans include the development of franchised hospitals to generate additional revenue [1]

CHINA BIOTECH SERVICES HOLDINGS LIMITED 中國生物科技服務控股有限公司 （於開曼群島註冊成立並在百慕達繼續營業之有限公司） （股份代號：8037） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 保證 ： (1) 抵押鵬博（海南）名下位於博鰲樂城先行區的土地使用權、 地上在建工程，以及硼中子治療的醫療設備； 反擔保 ： 鑑於第三方擔保人為該貸款提供保證擔保，本公司將向第三 方擔保人提供連帶責任保證，且鵬博（海南）的直接控股公司 將質押鵬博（海南）的100%股權予第三方擔保人，作為反擔保。 自願公告 銀行向本公司附屬公司授出貸款 本公告乃由中國生物科技服務控股有限公司（「本公司」，連同其附屬公司，統稱 為「本集團」）作出之自願公告。 本公司之董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年九月九日，鵬博（海 南）硼中子醫療科技有限公司（「鵬博（海南）」）（於中華人民共和國（「中國」）成立 之有限公司，並於本公告 ...

Core Viewpoint - The development of a new fluorescent molecular palette named "Lanthanide Rainbow" by a research team from Fudan University enhances surgical precision and safety by enabling high-resolution imaging of complex organ structures during operations [1][2]. Group 1: Technology and Innovation - The "Lanthanide Rainbow" molecular palette overcomes light-tissue interaction challenges, achieving high-resolution nine-color imaging in deep tissues [1]. - The research team utilized the unique optical properties of the rare earth element erbium and introduced an innovative "excitation coding, single emission" strategy to improve photon utilization efficiency and image fidelity across different wavelengths [2]. - The new method ensures consistent high contrast across all imaging channels, allowing for precise differentiation of nine high-fidelity signals even in deep tissues [2]. Group 2: Application and Impact - The AI-assisted "Lanthanide Rainbow" molecular palette successfully guided surgeries in a colorectal cancer mouse model using five-color fluorescence [2]. - The system can simultaneously visualize tumor primary sites, metastatic nodules, blood vessels, and intestinal movements, providing real-time anatomical and functional information during surgery [2]. - Future applications may enable surgeons to view dynamic images of tumors, blood vessels, lymph nodes, and intestines in real-time, significantly enhancing the ability for precise excision and intraoperative decision-making [2].

Core Conclusion - UBS identifies five key long-term investment themes as the best entry points: Digital Consumers, Diversity and Equality, Enabling Technologies, Fintech, and Identifying the Next Frontier [1][2] Investment Themes 1. Digital Consumers - Investment Logic: The younger generation, particularly Gen Z, is reshaping consumption patterns, prioritizing shared experiences over ownership. AI plays a crucial role in transforming traditional sectors like travel and entertainment, alongside emerging areas such as the metaverse and social media [2] - Current Investment Rationale: Ranked first this month due to strong quality metrics, with companies showing robust balance sheets and high returns on invested capital. However, valuations are relatively high due to a focus on growth sectors [2] 2. Diversity and Equality - Investment Logic: Global regulations are increasingly pushing companies to disclose diversity data and reduce disparities. Enhanced diversity is expected to narrow the wealth gap and potentially drive GDP growth over the next decade [3] - Current Investment Rationale: Valuations are reasonable, and quality scores are high. This theme is cross-industry, offering defensive, value, and growth attributes, with strong risk resilience [3] 3. Enabling Technologies - Investment Logic: Generative AI is accelerating technological convergence, with UBS focusing on five categories: AI, AR/VR, big data, 5G, and breakthrough technologies. These technologies are expected to reshape multiple industries, with a high proportion of hardware and software, particularly semiconductors [4] - Current Investment Rationale: Strong momentum and attractive valuations, with a focus on the IT sector, which is currently performing well. The AI market is projected to reach $2.6 trillion by 2030, with a compound annual growth rate (CAGR) of 41% from 2024 [5] 4. Fintech - Investment Logic: Urbanization, demand from younger demographics, and policy support are driving the fintech sector, with revenues expected to grow from $310 billion in 2024 to $580 billion by 2030. Key areas include leading payment companies and emerging technologies like distributed ledgers and AI [6] - Current Investment Rationale: Continuous improvement in momentum aligns with UBS's positive outlook on the U.S. financial sector. After a period of valuation decline, fintech companies are shifting focus from scale to profitability, supported by advancements in AI and a favorable regulatory environment [6] 5. Identifying the Next Frontier - Investment Logic: Emerging and frontier economies are projected to be the main drivers of global GDP growth over the next decade, with over 50% of the population in the top 10 developing economies by 2024. These markets can convert economic growth into corporate profitability [7] - Current Investment Rationale: The appeal of emerging markets is increasing due to the expanding U.S. fiscal deficit and a weakening dollar. Investors are likely to favor these markets for diversification, especially with potential interest rate declines in the second half of the year [7] Short-term Cautions - Gene Therapy & Medical Technology: Currently ranked low in quantitative models, lacking short-term catalysts. The biotech sector faces significant capital constraints, and medical technology companies need to demonstrate profitability and scalability [8] - Smart Mobility: Due to improved valuations and momentum, this theme has been removed from the caution list, with positive developments expected from upcoming industry events [9]

Core Viewpoint - The announcement details a share reduction plan by a major shareholder of Jiahe Meikang (Beijing) Technology Co., Ltd., due to liquidity needs, involving the potential sale of up to 2,672,492 shares, representing 1.94% of the company's total shares [2][3]. Shareholder Holding Situation - As of the announcement date, the shareholder Suzhou Saifu Puxin Medical Health Industry Investment Center (Limited Partnership) holds 2,672,492 shares, accounting for 1.94% of the total shares of Jiahe Meikang [2]. Reduction Plan Details - The shareholder plans to reduce their holdings through centralized bidding, with a maximum of 2,672,492 shares to be sold within 90 days after the announcement, starting from the third trading day [3]. - The reduction will be subject to market conditions, and the selling price will be determined based on market prices. Adjustments will be made if there are any corporate actions affecting share value during the reduction period [3]. Basic Information of the Reducing Entity - The reducing entity does not have any concerted actions with other parties [4]. Past Share Reduction Activities - The announcement does not indicate any prior share reduction activities by the shareholder within the last 12 months [5]. Compliance with Regulations - The reduction plan complies with relevant regulations, including the special provisions for venture capital fund shareholders and the Shanghai Stock Exchange's guidelines [3][10].