Group 1 - The core index, the CESHKB, increased by 2.22% to 9684.5 points with a trading volume of 19.513 billion [1] - The CESHKB index has risen by 21.28% over the past month, 67.37% over the past three months, and 111.44% year-to-date [1] - The index is designed to reflect the overall performance of biotechnology companies listed in Hong Kong, with a base date of December 12, 2014, and a base point of 2000.0 [1] Group 2 - The top ten holdings of the CESHKB index include: - CanSino Biologics (13.85%) - Innovent Biologics (9.49%) - WuXi Biologics (8.72%) - 3SBio (8.71%) - BeiGene (8.39%) - WuXi AppTec (7.03%) - Kintor Pharmaceutical (5.02%) - Zai Lab (4.33%) - Nuo Therapeutics (3.91%) - Kingstar Biotech (3.8%) [1] - The CESHKB index is fully composed of companies listed on the Hong Kong Stock Exchange, with 100% of its holdings in the healthcare sector [2]

Group 1 - The investment bank maintains a cautiously optimistic view on the Chinese pharmaceutical industry, noting a 137% average increase in Hong Kong biotech stocks since early 2025, driven by cash returns from innovative drug licensing deals [1] - Recent pullbacks in the industry are attributed to disappointing sales figures from major biotech companies and concerns over potential phased drug tariffs proposed by Trump, which could reach 150% within a year and ultimately 250% [1] - The bank's preferred focus is on innovative sectors with strong performance in the first half of 2025, highlighting BeiGene (06160) with a target price of HKD 230 and a rating of "outperform" due to its strong half-year results and improved gross margin guidance [1] Group 2 - The bank expects CanSino Biologics (09926) to report adjusted earnings of RMB 23 million in the first half of 2025, benefiting from revenue growth from its drugs AK104 and AK112, with a rating of "outperform" [1] - The target price for Innovent Biologics (01801) has been raised by 10% from HKD 100 to HKD 110, with a rating of "outperform," reflecting confidence in the company's projected 37% year-on-year growth in product revenue [1] - The bank continues to focus on licensing deals for innovative drugs in China, anticipating more subsidies for high-priced innovative drugs, which may drive sales growth for companies like Kintor Pharmaceutical (02171), Fosun Pharma (600196) (02196), WuXi AppTec (02126), and Kerenor Biotech (06990) [2]

Core Viewpoint - The investment bank maintains a cautiously optimistic outlook on the Chinese pharmaceutical industry, noting a significant average increase of 137% in Hong Kong biotech stocks since early 2025, driven by cash returns from innovative drug licensing deals and unaffected by upcoming U.S. tariffs [1] Group 1: Market Performance - The biotech sector has recently experienced some pullback due to disappointing sales figures from major companies in the first half of 2025, including Hutchison China MediTech [1] - Concerns have arisen regarding Trump's phased implementation of drug tariffs, which could escalate to 150% within a year and ultimately reach 250% [1] Group 2: Company Recommendations - The bank's top pick is BeiGene (06160), with a target price set at HKD 230 and a rating of "Outperform," citing strong performance in the first half of 2025 and an improved gross margin guidance despite U.S. tariff impacts [1] - CanSino Biologics (09926) is expected to report adjusted earnings of RMB 23 million for the first half of 2025, benefiting from revenue growth from its drugs AK104 and AK112, also rated "Outperform" [1] - The target price for Innovent Biologics (01801) has been raised by 10% from HKD 100 to HKD 110, with a rating of "Outperform," reflecting confidence in the company's projected 37% year-on-year revenue growth [1] Group 3: Focus on Innovative Drugs - The bank continues to pay attention to licensing deals for Chinese innovative drugs, with expectations of increased subsidies for high-priced innovative drugs, which may drive sales growth for companies such as Kintor Pharmaceutical (02171), Fosun Pharma (02196), WuXi AppTec (02126), and Kelun-Biotech (06990) [2]

Group 1 - The A-share market has shown strong momentum, rising for four consecutive months with trading volume returning to 2 trillion yuan, indicating heightened investor enthusiasm [1] - The current bull market is supported by a solid economic foundation, with China's GDP growth rate reaching 5.3% in the first half of 2025, surpassing the initial target of around 5% [1] - Technology stocks have significantly outperformed, with the STAR Market index rising 22% year-to-date as of August 11, driven by policy support and technological breakthroughs in emerging industries [1] Group 2 - As of August 5, the margin trading balance in A-shares exceeded 2 trillion yuan, but the overall risk remains manageable compared to the 2015 bull market, where the margin balance accounted for 4.73% of the A-share market's circulating value, while currently it is around 2.3% [2] - The current bull market is characterized by policy-driven growth, improved liquidity, and positive market sentiment, with emerging industries like communication equipment, electronic components, and biotechnology leading the gains [2] - Notable stocks in the top twenty by margin trading balance include Jianghuai Automobile and CATL in the new energy sector, as well as technology stocks like Xinyisheng and Zhongji Xuchuang, highlighting investor interest in technology and new energy industries [2] Group 3 - Market opinions on the sustainability of the current bull market vary, with some analysts suggesting it could resemble an "enhanced version of 2013," while others caution about potential obstacles such as weaker-than-expected PPI and completed valuation adjustments [3] - Attention should be paid to changes in policy, technical indicators, and market dynamics, as signs of market turning points may arise from policy statements, volume stagnation, and decreases in margin trading and new account openings [3] - Overall, the A-share market exhibits strong upward momentum, but the certainty of a long-term bull market remains uncertain, necessitating a rational approach from investors [3]

Group 1 - The third Asian Women Entrepreneurs Conference Trade Matching Event took place in Guiyang, attracting 155 companies from both domestic and international markets, covering various sectors such as education, health care, alcohol, real estate, and import-export trade [1] - The event featured participation from 9 Malaysian companies, 9 companies from outside the province, and 137 companies from Guizhou, aligning with the province's "six major industrial bases" development needs [1] - The event served as a significant platform for investment and trade cooperation, facilitating connections between businesses and promoting regional economic development [5] Group 2 - The event showcased a strong international exchange atmosphere, with over 40 Malaysian female entrepreneurs participating and engaging in exhibitions, business matching, and product sales [3] - Companies like Koyuan Future International Technology Co., Ltd. highlighted their global educational activities and upcoming events, indicating a positive reception and strong engagement from attendees [3] - Guizhou-based companies reported impressive sales, with Guizhou Guizhi Ai Biotechnology Co., Ltd. selling half of its products and establishing connections with Malaysian clients, while other companies also successfully engaged with potential partners [5]

Core Insights - The Nasdaq Biotechnology ETF (513290) experienced a net financing purchase of 2.31 million yuan on August 13, 2025, with a financing balance of 39.90 million yuan, marking a continuous net purchase over the last three trading days totaling 5.67 million yuan [1][2][3] Financing Activity Summary - On August 13, 2025, the net financing purchase was 2.31 million yuan, with a financing balance of 39.90 million yuan, reflecting a 6.15% increase from the previous day [2][3][4] - The financing balance increased by 231,280 yuan on August 13, 2025, compared to a smaller increase of 72,900 yuan on August 12, 2025 [4] - Over the last 20 trading days, there were 13 days with net financing purchases, indicating a positive trend in investor sentiment towards the ETF [1] Historical Financing Data - The financing balance on August 12, 2025, was 37.59 million yuan, which increased from 37.51 million yuan on August 11, 2025 [2][4] - The financing balance had previously decreased significantly on August 8, 2025, by 7.49 million yuan, indicating volatility in investor activity [4]

母乳低聚糖（HMOs）是母乳中第三大固体成分，其中2'-岩藻糖基乳糖（2'-FL）作为含量最丰富、科学 研究非常充分的HMOs，具有促进新生儿肠道和免疫系统发育的生理活性，能够支持婴儿生命初期的健 康成长。7月31日，工业和信息化部公示首批生物制造标志性产品名单，2'-FL成功入选，由嘉必优生物 技术（武汉）股份有限公司申报，标志着其生物制造实力和入选产品获国家高度认可。 此次公布的36项标志性产品涵盖生物材料、生物化工、生物医药等领域，旨在推动生物制造领域原创 性、颠覆性技术攻关和标志性产品推广应用，加速创新成果向现实生产力转化，提升生物制造"技术研 发——生产制造——市场推广"一体化发展能力。 嘉必优于2012年开始就开展了合成生物学技术合成HMOs项目，通过CRISPR联合转座等基因编辑策略 对底盘细胞进行遗传改良，将HMOs合成线路整合至底盘细胞基因组上，使得产物表达更加稳定，并通 过代谢流分析，找出关键限速步骤，进一步提升产量。为了实现高效的HMOs生物制造，嘉必优采用了 代谢工程改造、工程化技术集成等多种先进的技术工艺，加速HMOs产品产业化。嘉必优2'-FL通过大肠 杆菌工程菌株发酵生产，遗传操 ...

Core Viewpoint - The transformation of the Ciyao River in Wen Shui County, Shanxi Province, from a polluted waterway to a clean river has led to local industrial upgrades and increased income for residents [1][4]. Group 1: Environmental Improvement - The Ciyao River, once known for its polluted waters, has undergone significant restoration, resulting in clear waters and a thriving ecosystem, including the return of wildlife such as wild ducks [3][4]. - The "One River Clear Water into the Yellow River Project" was announced in 2023, with the agricultural non-point source pollution control project for the Ciyao River set to commence in 2024 [4]. Group 2: Economic Impact - The modernization of traditional cattle farming practices has occurred alongside the river's restoration, with livestock waste being converted into green, pollution-free biomass fuel, thus addressing environmental pollution and increasing farmers' incomes [5]. - Local farmers, such as Liang Jinzhu, have benefited from the establishment of a biotechnological company that processes livestock waste, allowing them to focus on cattle raising while improving their financial situation [5]. Group 3: Community Engagement - Local environmental officials, like Zhao Jianquan, have observed the river's transformation and emphasize the importance of maintaining its cleanliness for future generations, ensuring a sustainable environment [5].

Core Viewpoint - Lishang Guochao (600738) plans to invest 30 million yuan to acquire a 30% stake in Parmeido (Chengdu) Biotechnology Co., Ltd., raising concerns over the high valuation and performance commitments associated with the transaction [1][2]. Valuation Concerns - The transaction involves a 39-fold premium, with Lishang Guochao's subsidiary, Lishang Holdings, investing 30 million yuan for a 30% stake, implying a total valuation of Parmeido at 100 million yuan [2][3]. - The Shanghai Stock Exchange has requested Lishang Guochao to justify the fairness of the transaction price in comparison to industry peers and earnings multiples [3][4]. Performance Commitments - Parmeido has set ambitious performance commitments for the next three years, with projected revenues of 10 million yuan, 30 million yuan, and 50 million yuan, and corresponding net profits of 1.02 million yuan, 3.36 million yuan, and 6.04 million yuan [4]. - In contrast, Parmeido's actual revenue for 2020 was only 298.65 million yuan, raising questions about the feasibility of these commitments [4]. Company Background and Ownership Structure - Parmeido was established in July 2017, while its major shareholder, Yijimei, was founded in March 2018, leading to inquiries about the timing of the investment and the due diligence conducted [5][6]. - The ownership structure indicates that Yijimei's stake in Parmeido will decrease from 100% to 70% post-investment, with the legal representative being the same individual for both companies [5][6]. Financial Performance of Lishang Guochao - Lishang Guochao reported a significant decline in net profit for 2020, amounting to approximately 86.66 million yuan, a drop of 64.81% year-on-year, largely attributed to the impact of the COVID-19 pandemic [6].

8月13日，在深圳举行的粤港澳大湾区人工智能+投资交流研讨会上，香港特别行政区创新科技署署理 署长哈梦飞表示，过去10年，香港初创企业数量从约1000家上升至4694家，增长近5倍，雇员人数增幅 也超50%。值得一提的是，香港已有19家独角兽企业，其中约30%为非本土企业。 邱和松表示，芨影科技的系统可将早期癌症的筛查成本降低90%。公司已完成超1亿港元研发投入，并 获得香港创新科技署资助，目前正筹备上市融资计划。 （文章来源：21世纪经济报道） 黄锦辉认为，未来随着各项政策的深入实施与区域协同的深化，香港有望成为全球科创企业的重要孵化 地与连接内地与世界的创新枢纽。 在本次人工智能+投资交流研讨会上，香港科技园一批有代表性的科创企业也分享了人工智能方面的开 创性应用。 英矽智能大湾区负责人潘颖表示，团队利用AI发现靶点和设计的一款药物，目前已成为全球首款进入2 期临床试验的AI药物。在特发性肺纤维化治疗领域，公司从靶点发现到临床前候选药物确定仅用时18 个月，相关成果已发表在《Nature》等顶级期刊。 英矽智能是一家来自美国的生物科技公司，专注于利用人工智能技术加速新药发现，覆盖从靶点筛选到 临床试验设计 ...