Core Viewpoint - Recent stock transfer activities and refinancing arrangements indicate significant financial maneuvers by the company, reflecting its strategic focus on capital management and operational funding [1] Group 1: Stock Transfer Activities - On October 9, shareholders of 信铭生命科技 (00474) transferred shares from Haitong International Securities to Imagi Brokerage Limited, with a transfer value of HKD 124 million, accounting for 26.56% of the total [1] - On October 8, another transfer occurred, moving shares valued at HKD 67.98 million from Haitong International Securities to Imagi Brokerage Limited, representing 13.95% of the total [1] Group 2: Refinancing Arrangements - The company announced a refinancing arrangement related to a 2018 financing agreement, with all conditions for the 2025 loan agreement met and completed on September 26, 2025 [1] - The total financing provided amounts to approximately GBP 87.3 million, of which about GBP 70.3 million has been withdrawn to fully repay UK loans and associated transaction costs [1] - The remaining GBP 17 million is earmarked for capital expenditures on UK properties over the next one to two years [1]

Group 1 - The core point of the article highlights significant shareholder activity in Ximing Life Technology, with a total of HKD 1.24 billion worth of shares transferred to lmagi Brokerage Limited on October 9, representing 26.56% of the company's shares [1] - On October 8, another transfer occurred, with shares worth HKD 67.98 million moved from Haitong International Securities to lmagi Brokerage Limited, accounting for 13.95% of the shares [1] - The company announced a refinancing arrangement related to a 2018 financing agreement, with all conditions for a loan agreement due in 2025 met and completed on September 26, 2025 [1] Group 2 - Following the completion of the refinancing, the company secured a total financing amount of approximately GBP 87.3 million, with GBP 70.3 million withdrawn for repaying UK loans and associated transaction costs [1] - The remaining GBP 17 million is earmarked for capital expenditures on UK properties over the next one to two years [1]

Core Viewpoint - The article discusses the announcement by the Beijing Municipal Science and Technology Commission and the Zhongguancun Science Park Management Committee regarding the 2025 technical tackling projects for the construction of biological sample libraries, focusing on three main areas: gene sequencing platforms, proteomics detection platforms, and artificial intelligence follow-up systems [2][23]. Gene Sequencing Platform - The goal is to establish a high-throughput gene sequencing platform that achieves full-process automation from sample to data [4]. - Key indicators include: - Automation level: complete automation of sample preprocessing and library construction systems [4]. - Throughput requirements: sequencing read length of at least 150 bp, compatible with targeted sequencing, whole genome sequencing, and whole genome methylation sequencing [5]. - Data quality: effective sequencing average depth of 30-35X for human whole genome sequencing, with average sequencing quality Q30 ≥ 85% and genome alignment rate ≥ 99% [6]. - Bioinformatics analysis capability: daily processing capacity of at least 120 human whole genome sequencing data [7]. - Cost control: exploring the limit cost of single sample gene sequencing based on 50,000 samples [8]. - Assessment indicators include establishing a complete gene sequencing system and providing data quality reports from third-party testing institutions, along with conducting gene testing services for no less than 5,000 samples [9]. Proteomics Detection Platform - The aim is to create a large-scale targeted proteomics detection platform with the following key indicators: - Automation level: full-process operation automation [10]. - Sample volume: capable of detecting samples as low as 5 µl [11]. - Throughput requirements: single detection throughput of no less than 300 samples per day, with an annual detection volume of no less than 70,000 [12]. - Concentration detection: achieving dynamic range detection of no less than five orders of magnitude [13]. - Data quality: capable of detecting at least 2,000 types of proteins in common clinical samples, with average CV ≤ 15% [14]. - Cost control: exploring the limit cost of single sample proteomics detection based on 50,000 samples [15]. - Assessment indicators include forming reagents and detection prototypes, providing testing reports to application units, and conducting proteomics detection services for no less than 1,000 samples [16]. Artificial Intelligence Follow-up System - The objective is to build a multi-channel follow-up system with the following key indicators: - Multi-channel follow-up: supporting intelligent outbound calls, SMS/WeChat, video, and wearable devices [17]. - High-fidelity multi-concurrent natural dialogue: voice recognition accuracy ≥ 97% and semantic understanding accuracy ≥ 97% [18]. - Support for smart wearable devices: integration of at least two types of wearable smart hardware with Class II medical device certification [19]. - System management capability: supporting management of at least 100 research cohorts, with a total patient capacity of no less than 100,000 [20]. - Patient services: precise push of relevant knowledge and support for closed-loop management of abnormal follow-ups [21]. - Assessment indicators include completing one set of the AI follow-up system, providing an operation manual and system testing report, and validating in real-world usage [22].

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% and the Hang Seng Tech Index decreasing by 0.66% [1] Market Performance - The Hong Kong stock market closed with the Hang Seng Index down by 0.29% and the Hang Seng Tech Index down by 0.66% [1] - The Hong Kong Technology ETF (159751) decreased by 0.08%, while the Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.41% [1] Sector Performance - Passenger airlines and the metals and mining sectors showed positive performance, while the biotechnology and pharmaceutical sectors faced declines [1] Individual Stock Movements - Notable gainers included: - Hang Seng Bank up by 25.88% - ZTE Corporation up by 12.4% - China Railway up by 10.08% - Jiangxi Copper up by 8.18% - Luoyang Molybdenum up by 7.86% - Lenovo Group up by 7.26% - Mixue Group up by 6.99% - China Aluminum up by 5.48% - Zijin Mining up by 5.43% - CRRC Corporation up by 5.17% - China General Nuclear Power up by 4.76% - ZTO Express up by 4.2% - China Coal Energy up by 4.15% [1] - Significant decliners included: - Crystal International Holdings down by 13.91% - Shandong Hi-Speed down by 19.7% - Shanghai Electric up by 17.4% [1]

Core Viewpoint - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.04% and the Hang Seng Tech Index increasing by 0.63% [1] Sector Performance - The passenger airline and metals & mining sectors experienced notable gains, while the biotechnology and pharmaceutical sectors faced significant declines [1] Individual Stock Movements - Notable gainers included: - Hang Seng Bank up by 26.3% - Jiangxi Copper (600362) up by 11.19% - ZTE Corporation (000063) up by 10.73% - China Railway (601390) up by 9.04% - Mixue Group up by 8.96% - Luoyang Molybdenum (603993) up by 8.04% - Hua Hong Semiconductor up by 6.75% - Lenovo Group up by 6.41% - Zijin Mining up by 5.48% - China General Nuclear Power (601766) up by 5.44% - China CRRC (601766) up by 4.17% [1] - Significant decliners included: - Innovent Biologics down by 9.68% - Shandong Hi-Speed down by 12.55% [1] - Shanghai Electric (601727) saw a substantial increase of 15.72% [1]

Group 1 - The Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (601727) surged by 15.72%, hitting the upper limit in A-shares, driven by recent positive developments in the controllable nuclear fusion sector [1] - Hua Hong Semiconductor (01347) climbed 6.75%, reaching a new high as local supply chain integration accelerates, with domestic foundry demand expected to expand rapidly [1] - Jiangxi Copper (600362) shares rose by 11%, as the company is a leading copper smelter in China, with First Quantum's copper mine expected to resume production [1] - Luoyang Molybdenum (603993) increased by 8%, following a significant rise in cobalt prices, which surged over 11% in the previous two days due to strict export controls from the Congo [1] Group 2 - Hang Seng Bank (00011) saw a 26% increase, following HSBC's recommendation for its privatization [2] - Solar energy stocks experienced gains, with upstream prices rising more than downstream prices in September; New Special Energy (01799) rose 4.52%, Flat Glass (601865) increased by 7.67%, and GCL-Poly Energy (03800) gained 3.73% [2] - High-speed rail infrastructure stocks led the gains, with record railway investment progress; China Railway (601390) rose 9%, China Metallurgical Group (601618) increased by 6%, and CRRC Corporation (601766) gained 4.17% [2] - ZTE Corporation (00763) saw both A and H shares rise, with the launch of Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market; H shares increased by 10.73% [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, as it made a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with notable declines in stocks such as Innovent Biologics (09969) down over 9%, I-Mab (01801) down over 6%, and China Biologic Products (01177) down over 6% [3] Group 4 - Smoore International (06969) dropped over 9%, having fallen more than 30% from its year-to-date high, with UBS projecting lower earnings than market consensus [4]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 酶 （ Enzyme ） 是生命的分子机器，其功能的一个关键特性是底物特异性——即酶能够识别并选择性地作用于特定底物的能力。这种特异性源自酶活性位点的三 维 （3D） 结构以及反应复杂的过渡态。实际上，许多酶并非传统认为的那样"专一"，它们可能具有多功能性，除了作用于其最初进化时涉及的底物，还能作用 于其他结构相似的底物，从而催化不同类型的反应。 此外，数以百万计的 已知的酶仍缺乏可靠的底物特异性信息，这阻碍了它们的实际应用以及我们对自然界生物催化多样性的全面理解。 2025 年 10 月 8 日， 伊利诺伊大学厄巴纳-香槟分校 （UIUC） 赵惠民 教授团队 （ 崔海洋 、 苏雨峰 为共同第一作者 ） 在国际顶尖学术期刊 Nature 上发表 了 题为： Enzyme specificity prediction using cross attention graph neural networks 的研究论文，论文第一作者 崔海洋 博士现为 南京师范大学教授。 该研究提出了一种结合 跨注意力机制 （Cross-Attention） 与 SE(3)-等变图神经网络 （ ...

Core Insights - The article discusses the development of an "artificial ocean carbon cycling system" that integrates electrocatalysis and biocatalysis to capture and convert CO2 from seawater into valuable chemical products, addressing both ocean acidification and carbon reduction goals [3][4][6]. Group 1: Research Overview - The research was conducted by a collaboration between the Shenzhen Institute of Advanced Technology and the University of Electronic Science and Technology of China, resulting in a system that captures CO2 from seawater and converts it into intermediates for biomanufacturing [3][4]. - The system demonstrates a complete chain from CO2 capture to the production of materials and molecules, showcasing a scalable platform for interdisciplinary integration [4]. Group 2: Key Technological Innovations - The electrocatalysis team developed a novel electrolytic device that operates continuously for over 500 hours in natural seawater, achieving a CO2 capture efficiency of over 70% and producing hydrogen as a byproduct [6]. - The cost of capturing one ton of CO2 is approximately $229.9, indicating a promising economic outlook for practical applications [6]. Group 3: Biocatalysis Development - The biocatalysis team created a "supercell" capable of efficiently utilizing formic acid, derived from captured CO2, to produce biodegradable plastic monomers [7][8]. - The engineered bacteria can convert formic acid into succinic acid and lactic acid, which are core monomers for biodegradable plastics [8]. Group 4: Industrial Applications and Future Plans - The research has led to the synthesis of fully biodegradable PBS and PLA, demonstrating the potential for industrial applications in converting seawater into green materials [9]. - Future plans include establishing integrated "green factories" along coastal areas to continuously capture CO2 and convert it into green plastic raw materials, contributing to sustainable production models and supporting the "blue economy" [9].

Core Viewpoint - The report from CITIC Securities indicates that abundant liquidity and ongoing investments in AI are the two main drivers behind the sustained rise of Hong Kong stocks since early September [1] Group 1: Market Dynamics - The "wealth effect" in Hong Kong stocks is expected to continue attracting southbound capital inflows [1] - The potential election of a new Japanese Prime Minister, if successful, could lead to arbitrage trading by Japanese investors benefiting Hong Kong stocks [1] - The ongoing capital expenditure by domestic and international companies in the AI sector, along with continuous iterations and innovations in large models and applications, may lead to performance realization in Hong Kong's complete AI and technology industry chain [1] Group 2: Valuation and Future Outlook - After six months of valuation expansion, the current absolute valuation of Hong Kong stocks is considered not cheap [1] - However, with fundamentals expected to bottom out and a significant increase in earnings projected for 2026, Hong Kong stocks still hold considerable attractiveness on a global scale [1] - The report predicts that the long bull market for Hong Kong stocks since early 2024 will continue, driven by liquidity spillover effects and sustained AI narratives [1] Group 3: Investment Recommendations - Investors are advised to focus on four key long-term directions: 1) Technology sector, including AI-related sub-sectors and consumer electronics [1] 2) Healthcare sector, particularly biotechnology [1] 3) Non-ferrous metals benefiting from rising overseas inflation expectations and de-dollarization [1] 4) Consumer sector, which is expected to see valuation recovery amid further domestic economic recovery [1]

Core Viewpoint - The Hong Kong stock market is expected to benefit from a complete domestic AI industry chain and the influx of quality A-share companies listing in Hong Kong, with a long-term bullish trend anticipated to continue into 2024 despite short-term geopolitical uncertainties [1] Group 1: Market Performance - During the National Day holiday from October 2-6, the Hang Seng Index and Hang Seng Tech Index rose by 0.4% and 1.3% respectively, continuing the upward trend since September 5 [2] - Historically, the Hang Seng Index has averaged a 2.2% increase during the National Day holidays from 2015 to 2024, with the AH premium index averaging a contraction of 2.6% [2] - The average decline of the Hang Seng Index on the first trading day after the holiday is 1.5%, while the CSI 300 has an average increase of 0.9%, indicating a potential for A-shares to catch up post-holiday [2] Group 2: Liquidity and Investment Trends - Despite a 19% month-on-month decline in net inflows for Hong Kong ETFs in September, the total net inflow reached 172.7 billion yuan, the second highest since January 2021 [4] - The expectation of continued inflows into Hong Kong stocks is supported by low yields on financial products and money market funds, alongside a persistent "profit-making effect" in the market [4] - The correlation between the Hang Seng Tech Index and the USD/JPY exchange rate has turned positive, indicating potential benefits for Hong Kong stocks from Japanese investors' arbitrage activities [4] Group 3: AI Innovation and Investment - Major Chinese companies like Alibaba and Baidu are increasingly using self-designed chips for AI model training, reducing reliance on Nvidia chips [5] - Tencent, Baidu, and Alibaba are significantly increasing their capital expenditures in AI, with Alibaba planning to invest 380 billion yuan over three years [5] - The ongoing capital investments by U.S. tech giants in AI may lead to negative free cash flow for some companies, reflecting a global demand for AI investments [5] Group 4: Earnings Expectations - The net profit growth forecast for the Hang Seng Index and Hang Seng Tech Index for 2026 is 8.4% and 28.1% respectively, indicating strong global attractiveness [7] - Recent weeks have shown signs of stabilization in profit expectations for various sectors, including gaming, biotech, and software, suggesting potential benefits from valuation adjustments in the fourth quarter [7] - The dynamic PE ratios for the Hang Seng Index and Hang Seng Tech Index are currently at 12.1x and 22.3x, indicating that while valuations may not appear cheap, there is still room for expansion due to liquidity and AI catalysts [8]