中国上市公司网/文 指数表现 上证指数：开盘3380.08点，最高3423.78点，最低3380.08点，收盘3419.06点，上涨38.98点，涨幅 1.15%，成交金额5448.82亿元。 深证成指：开盘10074.27点，最高10224.12点，最低10074.27点，收盘10217.63点，上涨169.23点，涨幅 1.68%，成交金额3069.48亿元。 创业板指：开盘2024.70点，最高2065.84点，最低2024.70点，收盘2066.43点，上涨46.50点，涨幅 2.30%，成交金额996.84亿元。 沪深300：开盘3862.39点，最高3914.16点，最低3862.39点，收盘3908.52点，上涨46.13点，涨幅 1.19%。 中证500：开盘5683.46点，最高5766.02点，最低5683.46点，收盘5744.54点，上涨91.67点，涨幅 1.61%。 上证50：开盘2685.85点，最高2731.18点，最低2685.85点，收盘2717.00点，上涨31.15点，涨幅1.16%。 资金流向 北向资金：6月以来北向资金累计净流入A股627.30亿元，截至24日，当月 ...

Market Overview - The equity market experienced a collective decline last week, with the North Certificate 50 index dropping the most at 2.55% [5][6] - The bond market saw a collective decline in both short and long-term interest rates, with the 1-year government bond rate decreasing by 4.50 basis points to 1.355% [9][13] - The fund market reflected the equity market's downturn, with the偏股基金指数 down 1.65% and the二级债基指数 down 0.07% [15][16] Event-Driven Strategy - The National Medical Products Administration has initiated support for the innovation of high-end medical devices, highlighting investment opportunities in funds such as 南方医药保健 A (000452), 鹏华品牌传承 (000431), and 信澳健康中国 A (003291) [17] - Xiaomi's first SUV is set to launch, presenting potential investment in 工银新能源汽车 A (005939), 嘉实港股互联网产业核心资产 A (011924), and 鹏华新能源汽车 A (016067) [17][18] - The World Mobile Communications Conference held in Shanghai showcased advancements in robotics, indicating investment potential in 华夏智造升级 A (016075), 嘉实制造升级 A (018240), and 鹏华碳中和主题 A (016530) [19] Asset Allocation Strategy - The report suggests a balanced core and barbell strategy, focusing on dividend and technology sectors, with recommended funds including 安信红利精选 A (018381) and 嘉实港股互联网核心资产 (011924) [20][21] - The report emphasizes the value of high-dividend assets due to the low interest rate environment and government policies encouraging dividends [20] - The technology growth sector is highlighted for its investment value, driven by national policy support and the global trend towards artificial intelligence [21] Stable Product Allocation Strategy - The central bank's recent actions indicate a net injection of 102.1 billion yuan, maintaining a balanced and loose funding environment [24] - The report notes that the LPR remained unchanged at 3.0% for the 1-year rate, aligning with market expectations [25] - Economic data from May showed better-than-expected performance, with industrial value-added growth at 5.8% year-on-year [25] Key Focus Products - Recommended funds include 诺德短债 A (005350) for short-term strategies and 安信新价值 A (003026) for a bond-equity hybrid approach [30][29]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3359.90, down 0.07%, while the Shenzhen Component Index fell by 0.47% to 10005.03 [2][3] - The overall market capitalization of the Shanghai Composite Index is 6531.38 billion, with a price-to-earnings (PE) ratio of 12.03 and a price-to-book (PB) ratio of 1.25 [3] Financial Insights - The report indicates that the overall A-share market is experiencing a downward trend, with the total market turnover reaching 1091.74 billion, a decrease of 189.15 billion from the previous trading day [7] - The TTM PE ratio for the Shanghai Composite Index is 14.64, which is in the 31.7% historical percentile, while the TTM PE for the ChiNext Index is significantly higher at 30.38, in the 10.15% historical percentile [7] Industry Dynamics - The pet food export value in May increased by 12.81% month-on-month, indicating a positive trend in the pet food sector [48] - The Chinese gaming market saw a recovery in May, with a total revenue of 28.051 billion, reflecting a year-on-year growth of 9.86% [41] - The engineering machinery export maintained a robust growth rate, with a total export value of 50.24 billion in May, up 8.51% year-on-year [44] Company Highlights - Petty Co. reported a GMV of over 38 million during the 618 shopping festival, marking a 52% increase year-on-year, with significant growth in both new and returning customer segments [55] - Chongde Technology has entered a strategic partnership with GE Vernova, securing an order worth 7 million for synchronous phase camera bearings, which will be delivered by February 2026 [57] - Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion for the production of high-temperature superconducting materials [54]

联合行业力量攻克首个国产自主知识产权"人工心肺机"，研发国内首款超声模拟芯片……国家高性能医 疗器械创新中心（下称"国创中心"）自2020年成立以来，在攻克"卡脖子"领域可谓"硕果累累"。 作为医疗器械领域唯一一家国家级制造业创新平台，国创中心在运营上有哪些特色？如何让一个个创新 成果走出实验室，走上生产线？日前，证券时报记者走进国创中心寻找答案。 从实验室到生产线 走进位于深圳龙华的国创中心实验室，记者看到，身着实验服、佩戴防护手套的研究人员穿梭于仪器之 间，整洁明亮的空间内，偶尔听见设备发出低沉的声响。 过去几年，从国创中心实验室里诞生的成果，是一项项填补国内空白的新技术、多款进入临床试验的新 型医疗器械，以及面向诸多企业提供的技术解决方案。 以生物材料与植介入器械平台实验室为例，该平台瞄准相关领域的前沿与共性技术攻关，实验室拥有材 料检测、分析、测试、评估等各类仪器设备，可进行医用材料及相关技术和产品研发，还可以对外提供 技术咨询、分析检测评估等方面服务。 过去几年，该实验室在生物医用钛合金、生物降解材料等材料与工艺领域取得了不少成果，被用于心脑 血管植介入器械、骨科植入材料、重症急救设备等领域。该实验 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched a new policy called "Tech Company Special Line" to provide a confidential listing channel and lower the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1]. Group 1: Eligibility Criteria - Applicable entities include specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), particularly those in early stages or with non-commercialized products [1]. - Core thresholds include industry attributes defined by HKEX under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A), with specific focus on sectors like AI, quantum computing, and innovative drug development [3]. - R&D investment must account for at least 15% of total costs over the past three years for specialized technology, or core products must have passed Phase I clinical trials for biotechnology [3]. Group 2: Self-Assessment Tools - Companies can assess their eligibility by downloading the "18A/18C Qualification Self-Assessment Form" from the HKEX website [4]. Group 3: Confidential Submission Process - The first step involves signing a Non-Disclosure Agreement (NDA) with HKEX to ensure confidentiality of submitted materials [6]. - Companies must submit a "confidential version" of materials, including company profile, financial data, and legal documents, while sensitive details like technology specifics and client lists do not need to be disclosed [7]. - The review phase by HKEX's specialized team will provide feedback within 30 days, focusing on technical feasibility and compliance [8]. Group 4: Exclusive Services of "Tech Company Special Line" - Companies can receive one-on-one guidance from HKEX experts, including interpretations of listing rules and fundraising strategies [9]. - Eligible companies may benefit from a shortened review period of 30 days if they indicate "fast track" during application submission [10]. - Flexible equity design allows founders to retain control through weighted voting rights (WVR) without needing to prove "innovation" [11]. Group 5: Common Pitfalls to Avoid - Companies should avoid vague technical descriptions and instead provide third-party certifications or endorsements [13]. - Transparency in related party transactions is crucial; companies should disclose fair pricing or cut off related business beforehand [15]. - Establishing a robust investor relationship is important, with at least two independent investors managing over 1 billion HKD [18]. Group 6: Post-Listing Compliance - Companies must disclose significant developments in technology commercialization and R&D milestones, while certain national security-related details may be exempted [19]. - Maintaining market capitalization can be supported by quarterly R&D updates and regular communication with analysts [19]. - Companies can utilize a "green channel" for issuing new shares, allowing for expedited approval processes [20]. Group 7: Comparison with Other Markets - The article compares the listing requirements and processes of HKEX with those of A-shares and US markets, highlighting differences in profitability requirements, review periods, valuation levels, and information disclosure pressures [21][23].

Core Insights - In May, Tianhu Technology recorded 21 investment and financing events related to technology innovation and entrepreneurship in Chengdu, indicating a vibrant investment landscape in the region [1][3]. Group 1: Investment Events - Chengdu Hailong Aerospace Technology Co., Ltd. completed angel round financing, focusing on the development of star sensors and magnetic moment devices [2][10]. - Chengdu Zhongke Xingchen Information Technology Co., Ltd. secured equity financing, specializing in satellite mobile communication terminals [2][11]. - Chengdu Xinglu Aerospace Technology Co., Ltd. completed equity financing, engaged in satellite technology integration [2][12]. - Sichuan Jushen Humanoid Robot Technology Co., Ltd. raised tens of millions in angel round financing, focusing on humanoid robots [2][13]. - Chengdu Jiuzhang Zhifang Technology Co., Ltd. completed equity financing, providing technology promotion services [2][14]. - Chengdu Annu Intelligent Technology Co., Ltd. raised tens of millions in seed round financing, focusing on humanoid robot applications [2][15]. - Chengdu Chengfa Kenen Power Engineering Co., Ltd. completed A round financing, specializing in industrial power equipment [4]. - Chengdu Chuangyi Micro-Nano Technology Co., Ltd. completed angel round financing, focusing on specialized instrument manufacturing [6]. - Sichuan Blue Ocean Intelligent Equipment Manufacturing Co., Ltd. completed A round financing, specializing in intelligent equipment for underground engineering [7]. - Chengdu Jingzhan Electronic Technology Co., Ltd. completed A round financing, focusing on power semiconductor chip design [8]. - Sichuan Jinlong Microelectronics Technology Co., Ltd. completed A round financing, specializing in MEMS silicon oscillators [9]. - Chengdu Weikang Biotechnology Co., Ltd. completed equity financing, focusing on biotechnology research [17]. - Chengdu Kerry Medical Technology Co., Ltd. completed tens of millions in Pre-A round financing, focusing on intelligent blood collection robots [18]. - Sichuan Tiannuo Juneng New Energy Development Co., Ltd. completed equity financing, focusing on lithium-silicon anode materials [19]. - Chengdu Hangxin Aviation Equipment Technology Co., Ltd. completed equity financing, specializing in aviation parts manufacturing [21]. - Chengdu Xinghan Aerospace Technology Co., Ltd. completed equity financing, focusing on rocket control systems [22]. Group 2: Market Trends - The majority of financing events were in the seed and angel round stages, indicating a focus on early-stage investments [3]. - The digital economy and electronic information sectors were the hottest investment areas in Chengdu, with nearly 30% of projects related to the digital economy and about 25% related to electronic information [3].

Core Viewpoint - The report from Zhonghang Securities indicates that the pharmaceutical and biotechnology industry is expected to benefit in the long term from ongoing bulk procurement of drugs and medical supplies, with a focus on innovative drugs and high-end medical devices [1][6]. Industry Overview - In 2024, the pharmaceutical and biotechnology industry is projected to achieve operating revenue of 24,657.41 billion yuan, a year-on-year decline of 0.97% [1]. - The net profit attributable to the parent company is expected to be 1,405.71 billion yuan, down 12.97% year-on-year, showing improvement compared to the 2023 growth rate of -18.90% [1]. - The largest revenue segments in 2024 are expected to be pharmaceutical commerce (10,179.60 billion yuan), chemical preparations (4,472.88 billion yuan), and traditional Chinese medicine (3,539.45 billion yuan) [1]. Subsector Performance - In 2024, the chemical pharmaceutical, medical device, and pharmaceutical commerce sectors are expected to see positive revenue growth rates of 4.20%, 1.41%, and 0.78% respectively [2]. - The chemical preparation segment is projected to grow by 4.43%, while the medical device segment is expected to see an 8.40% increase in medical consumables [2]. - Conversely, the vaccine sector is anticipated to decline by 37.77% due to high base effects from previous public health events [2]. Profitability Metrics - The gross margin for the pharmaceutical and biotechnology industry in 2024 is expected to be 32.58%, a decrease of 0.53 percentage points from 2023 [4]. - The net profit margin is projected to be 5.99%, down 0.77 percentage points from the previous year [4]. - The sales expense ratio has been steadily declining, from 17.07% in 2018 to 13.33% in 2024, influenced by centralized procurement and medical insurance negotiations [4][5]. Innovation and Policy Support - The government has reinforced the strategic importance of innovative drugs through various policy measures, including the "Implementation of Innovative Drug Industry Promotion Project" and the establishment of an innovative drug catalog system [6][7]. - The domestic innovative drug sector is becoming increasingly competitive, with the highest number of innovative drug research pipelines globally and a rapid increase in clinical trial numbers [6][7]. - The report highlights that high-quality innovative drug companies are entering a profitability cycle, supported by improved research and development capabilities [7].

Group 1 - The Bay Area Future Technology Park and AI + Life Health Industry Park in Longgang officially opened on May 8, with a planned area of approximately 190,000 square meters and a construction area of about 1,010,000 square meters, expected to be fully completed by 2026 [1] - The park aims to attract high-tech industries such as biomedicine, high-end medical devices, optical information, artificial intelligence and robotics, and next-generation electronic information technology [1] - The AI + Life Health Industry Park focuses on four core areas: AI + biomedicine, AI + medical devices, AI + emergency medical services, and innovation transformation, with a comprehensive development plan covering the entire chain from technology research and development to clinical trials and application [1] Group 2 - A signing ceremony for the first batch of 36 intended enterprises was held, with 13 companies confirmed to settle in the AI + Life Health Industry Park, promoting strong industrial agglomeration effects and efficient resource sharing [1] - The "Longgang Family Doctor" initiative was launched, providing residents with a digital health management service that includes health data queries and AI health consultations, aiming to build a comprehensive health protection network [2] - The Longgang District Health Bureau plans to leverage the park platform to enhance enterprise recruitment and cultivation, driving medical innovation through technological advancements to provide smarter and higher-quality healthcare services [2]

Group 1 - In April, Tianhu Technology recorded 29 investment events related to technology innovation and entrepreneurship in Chengdu, sourced from public financing disclosures and business registration changes [3] - The majority of the investment events occurred in the High-tech Zone, with 19 events, followed by Tianfu New Area and Wuhou District [4] - The healthcare and digital economy sectors were the hottest investment areas, with nearly 31% of projects related to the digital economy and about 27% related to electronic information [5] Group 2 - Chengdu Fenyue Electronic Technology Co., Ltd. received investment from the first national pilot venture capital fund, with the amount undisclosed [6] - Chengdu Xunling Technology Co., Ltd. completed A-round financing, with the amount undisclosed, focusing on electromagnetic protection and special power products [7] - Chengdu Miji Technology Co., Ltd. completed a new round of equity financing, with the amount undisclosed, specializing in terahertz near-field technology [8] Group 3 - Chengdu Xingyuan Zhike Communication Technology Co., Ltd. completed seed round financing, with the amount undisclosed, focusing on wireless communication and security equipment [9] - Sichuan Heweisi Technology Co., Ltd. completed seed round financing, with the amount undisclosed, focusing on power supply products [10] - Chengdu Dongkai Semiconductor Materials Co., Ltd. completed A-round financing of 27 million RMB, focusing on high-end photoresist materials [11] Group 4 - Chengdu Leyun Interactive Network Technology Co., Ltd. completed a new round of financing, with the amount undisclosed, providing enterprise-level SaaS solutions [12] - Chengdu Ideal Realm Technology Co., Ltd. completed a new round of equity financing, with the amount undisclosed, focusing on humanoid robot technology [13] - Chengdu Sanyun Biotechnology Co., Ltd. completed tens of millions in angel round financing, focusing on innovative drug development [14] Group 5 - Chengdu Keren Biotechnology Co., Ltd. completed a new round of equity financing, with the amount undisclosed, focusing on vaccine development [15] - Chengdu Ruijian Yilian Pharmaceutical Technology Co., Ltd. completed B+ round financing of approximately 100 million RMB, focusing on Parkinson's disease treatment products [16] - Chengdu Sifang Drug Research Co., Ltd. completed equity financing, with the amount undisclosed, focusing on innovative drug development for resistant tumors [17] Group 6 - Chengdu Gen Directory Biotechnology Co., Ltd. completed tens of millions in equity financing, focusing on gene synthesis technology [18] - Chengdu Lijiu New Materials Technology Co., Ltd. completed seed round financing, with the amount undisclosed, focusing on new materials [20] - Sichuan Shanshang Catering Management Co., Ltd. completed A-round financing of 30 million RMB, focusing on Western fast food [21] Group 7 - Sichuan Aosi Technology Co., Ltd. completed nearly 200 million RMB in C-round financing, focusing on drone products [22] - Chengdu Zhongchan Aerospace Power Technology Co., Ltd. was established with a registered capital of approximately 1.2 billion RMB, focusing on technology services [23] - Jiebeitong Petroleum Technology Group Co., Ltd. received approval for listing on the New Third Board, focusing on oil and gas reservoir enhancement technology [24] Group 8 - Dongfang Electric Corporation completed a targeted issuance of shares, raising approximately 4.12 billion RMB [25] - Chengdu Chengfeng Fluid Technology Group Co., Ltd. plans to raise up to 129.38 million RMB through a private placement [26] - Zhixing Goodwill Industrial Co., Ltd. completed a targeted issuance of 30 million RMB, focusing on smart road materials [27] Group 9 - Fenzi Media plans to acquire Chengdu New Wave Media Group for 8.3 billion RMB [28] - Jinli Technology announced the acquisition of Chengdu Chelu Technology Co., Ltd. for 74.42 million RMB [29] - Yueda International Holdings plans to acquire Chengdu Nuoyide Medical Laboratory for approximately 30 million RMB [30] Group 10 - Jingfeng Mingyuan plans to acquire Sichuan Yichong Technology Co., Ltd. for 3.283 billion RMB [31] - Jiulian Technology signed an acquisition framework agreement with Chengdu Nengtong Technology Co., Ltd. [32] - As of March 31, 2024, there were 178 listed companies in Sichuan with a total market value of 2.699 trillion RMB [33]

Group 1 - Taiwanese youth are actively engaging in various sectors in mainland China, including high-tech medical technology and rural revitalization, showcasing a spirit of innovation and collaboration [2][3] - Xu Boling, a Taiwanese scientist, has developed a magnetic levitation artificial heart, which has been clinically applied in about 30 hospitals after receiving market approval [3] - The company founded by Xu Boling, HeartQing Medical, has applied for over 350 domestic and international patents, reflecting significant growth and innovation in the high-end medical device sector [3] Group 2 - The butterfly orchid industry in Yunnan, led by Taiwanese entrepreneur Chen Jiayong, has seen substantial growth, with over 2 million butterfly orchids sold annually and more than 100 varieties developed [4] - The company, Kunming Unified Biotechnology Co., Ltd., exports over 80% of its products, indicating a strong international market presence [4] - Chen Yufan, the second-generation Taiwanese businessman, aims to expand the market potential of butterfly orchids, leveraging the supportive policies for Taiwanese farmers in mainland China [4] Group 3 - The architectural design company, Fuzhou Suiping Yili, is composed of a team of young people from both sides of the Taiwan Strait, focusing on rural cultural revitalization and community engagement [5][6] - The team has successfully transformed local cultural products and enhanced the visibility of rural specialties, contributing to local economic development [5][6] - The company’s initiatives are supported by favorable policies, allowing for significant improvements in rural infrastructure and cultural heritage [6] Group 4 - The job market in mainland China is perceived as equitable for Taiwanese youth, providing ample opportunities for internships and career advancement [7] - Wang Linfan, a student from Taiwan, has successfully integrated into the job market in mainland China, receiving multiple job offers and actively sharing career advice with peers [7] - The emphasis on rural revitalization in career planning reflects a growing trend among Taiwanese youth to contribute to the development of rural areas in mainland China [7]