来源：视频滚动新闻 高盛最新研报以"2Q25 EPS更新"为主题，其中重点对Amylyx(AMLX.US)、CG Oncology(CGON.US)、 硕迪生物(GPCR.US)、Ideaya生物科学(IDYA.US)等生物科技公司进行逐一拆解，结论是：运营数据大 体符合预期，投资逻辑无需大改，但个别公司因现金流或临床节点微调目标价。 ...

Core Insights - Changjiang Life Science Technology (00775) reported a revenue of HKD 2.606 billion for the first half of 2025, representing a year-on-year decrease of 1.14% [1] - The company recorded a loss attributable to shareholders of HKD 150 million, compared to a profit of HKD 1.001 million in the same period last year [1] - The loss per share was HKD 0.0157 [1] Financial Performance - Revenue for the first half of 2025 was HKD 2.606 billion, down from the previous year [1] - The company shifted from profit to loss, primarily due to an increase in research and development investment [1] - R&D expenses rose significantly from HKD 72.9 million in 2024 to HKD 235.3 million in 2025, an increase of HKD 162.4 million [1]

Core Viewpoint - Changjiang Life Science Technology (00775) reported a revenue of HKD 2.606 billion for the first half of 2025, representing a year-on-year decrease of 1.14% [1] - The company recorded a loss attributable to shareholders of HKD 150 million, compared to a profit of HKD 1.001 million in the same period last year, resulting in a loss per share of HKD 0.0157 [1] Financial Performance - Revenue for the first half of 2025 was HKD 2.606 billion, down 1.14% from the previous year [1] - The company experienced a shift from profit to loss, with a loss of HKD 150 million compared to a profit of HKD 1.001 million in the same period last year [1] - Loss per share was reported at HKD 0.0157 [1] Research and Development Investment - The company increased its R&D investment from HKD 72.9 million in 2024 to HKD 235.3 million in 2025, an increase of HKD 162.4 million [1] - This increase in R&D spending is aimed at accelerating the company's research projects [1]

Core Viewpoint - The frequency of bank wealth management subsidiaries conducting research on listed companies has significantly increased in 2023, indicating a growing interest in equity investments and the development of their investment research capabilities [1][2]. Group 1: Research Activity - As of March 22, 2023, 15 bank wealth management subsidiaries conducted research on listed companies 374 times, compared to over 350 times in the first half of the previous year [1]. - Notable participants in the research include Zhuhai Wealth Management with 100 research instances covering 86 companies, followed by Xingyin Wealth Management with 93 instances [1]. - Other subsidiaries such as Huizhou Wealth Management, Hangzhou Wealth Management, and Ningbo Wealth Management also showed significant research activity, each exceeding 10 instances [1]. Group 2: Investment Preferences - The sectors attracting attention from bank wealth management subsidiaries include electronics, biotechnology, industrial machinery, healthcare, food, and regional banks, reflecting a broader interest in various industries [1][2]. - The preference for these sectors is attributed to their status as market hotspots or sectors with improved fundamentals, thus presenting high allocation value [2]. Group 3: Regulatory Environment - The China Banking and Insurance Regulatory Commission (CBIRC) has emphasized increasing the issuance of equity asset management products, supporting wealth management companies in enhancing their equity product ratios [2][3]. - Over the past two years, regulatory encouragement has led to a gradual maturation of bank wealth management subsidiaries in equity investments, although the number of equity products remains limited [2]. Group 4: Market Dynamics - In a declining interest rate environment, high-quality debt assets are becoming scarce, prompting bank wealth management subsidiaries to increase their allocation to equity assets to enhance product yield [3]. - The need for these subsidiaries to strengthen their compliance and risk management systems is highlighted, as they navigate the shift towards more equity-focused products while considering their clients' lower risk appetites [3].

Group 1 - Hong Kong's capital market demonstrated exceptional resilience and institutional strength in the first half of the year, leading the global IPO fundraising with a total of approximately HKD 127 billion, a year-on-year increase of over six times [1] - A total of 53 new listings were recorded in the first seven months, surpassing the total fundraising amounts of each of the past three years [1] - The global IPO market saw only a 10% year-on-year increase in fundraising, with a 5% decline in the number of transactions, highlighting Hong Kong's leading position [1] Group 2 - Among the new listings, four raised over HKD 50 billion, and seven were "A+H" shares, collectively raising about HKD 77 billion, indicating Hong Kong's role as a key bridge between domestic and international capital markets [2] - The IPO market in Hong Kong is characterized by a diverse industry distribution, including sectors such as industrial, financial, consumer, healthcare, technology, media, telecommunications (TMT), and renewable energy [2] - The healthcare sector stood out with 10 companies successfully listed, raising a total of HKD 16.3 billion, with significant interest in innovative drugs and advanced medical technologies [2] Group 3 - International companies from Thailand, Singapore, and Southeast Asia have listed on the Hong Kong stock market, reinforcing its status as a preferred listing venue for international enterprises [3] - The active participation of international investors, including long-term funds and private equity from North America, Europe, and the Middle East, has contributed to a vibrant IPO market [3] - The retail market also showed strong engagement, with some new stocks experiencing multiple times oversubscription, enhancing overall market liquidity [3] Group 4 - The robust performance of the Hong Kong IPO market is attributed to long-term institutional innovations and policy support, including the expansion of the Stock Connect program and reforms in the listing system [4] - Recent measures include requiring at least 40% of shares to be allocated to cornerstone and institutional placements during IPOs, and introducing new public subscription mechanisms to enhance pricing and allocation stability [4][5] - These reforms aim to improve institutional robustness and facilitate effective capital allocation, fostering a balanced and trustworthy market environment [5] Group 5 - The capital market is a core engine driving Hong Kong's economic growth, with a real GDP growth of 3.1% year-on-year in the second quarter, supported by strong performance in financial and related services [6][7] - The Hong Kong government aims to continuously optimize institutional design and promote regulatory innovation to enhance market efficiency and competitiveness [7]

Core Insights - The development of the Urumqi Ganquanpu Economic and Technological Development Zone is significantly driven by innovation, with a focus on integrating technological advancements with industrial growth [1][2] - The zone has seen a substantial increase in corporate R&D expenditures while simultaneously reducing overall energy consumption [1] Company Highlights - Xinjiang Green Sai Technology (Group) Co., Ltd. has established four production bases with an annual production capacity of 500,000 tons, creating the most comprehensive high-end pipeline manufacturing industry chain in Xinjiang [1] - The company holds 10 invention patents and over 100 utility model patents, supported by a robust regional enterprise technology center [1] - Xinjiang Fufeng Biotechnology Co., Ltd. has become a leader in the global small variety amino acid production sector, with over 100 products across five major categories [1] - The company has filed more than 140 patents and received five regional science and technology progress awards, showcasing its strong technological capabilities [1] Collaborative Efforts - The integration of industry, academia, and research is crucial for technological breakthroughs, with Fufeng establishing long-term partnerships with various universities and research institutions [1] - A notable project, developed in collaboration with Tianjin University of Science and Technology and Jilin University, achieved international leading standards in the key technology of branched-chain amino acid biosynthesis and industrialization, winning a first-class award for scientific progress in the region in 2021 [1] Future Outlook - The Ganquanpu Economic and Technological Development Zone aims to foster a more favorable innovation ecosystem through policy guidance, platform construction, and talent recruitment [2] - The focus will be on nurturing more technology-driven enterprises like Fufeng and Green Sai, positioning technological innovation as a key driver for high-quality development [2]

融券方面，当日融券卖出0.00万股，净买入0.05万股。 8月11日，沪深两融数据显示，华大基因获融资买入额0.39亿元，居两市第1197位，当日融资偿还额0.59 亿元，净卖出1994.48万元。 最近三个交易日，7日-11日，华大基因分别获融资买入0.93亿元、0.83亿元、0.39亿元。 ...

日本生育率暴跌，连科技都快被逼疯：大阪大学团队正在研发用皮肤或血液细胞制造精子和卵子的技 术，预计7年后女性生娃可能不需要男人。这究竟是怎么一回事？ ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 不同尺度的生物结构无缝整合以执行基本功能。尽管已开发出多种组织学方法来揭示这些复杂的结构，但在保持大体积架构完整性的同时以高分辨率揭示微观结 构，仍是一项重大挑战。 2025 年 8 月 11 日，清华大学生物医学工程学院 苑克鑫 教授团队在国际顶尖学术期刊 Cell 上发表了题为： VIVIT: Resolving trans-scale volumetric biological architectures via ionic glassy tissue 的研究论文。 该研究首次提出并验证了一种全新的生物组织处理方法—— VIVIT ， 实现了组织在玻璃态下的高保真三维成像 。VIVIT 同时突破了组织透明化领域的三个技术瓶 颈：透明与无形变不能同时实现、荧光信号衰减、不兼容无损冷冻保存与切片，为包括脑科学在内的基础研究、病理分析、AI 辅助诊断等应用打开了新的空间。 在这项最新研究中，研究团队开发了 基于玻璃态离子液体溶剂的全尺度生物结构三维成像技术 （VIVIT） ，这是一种利用离子液体化学特性的三维组织学方法， 首次实现了将不透光的生物 组织 在低温下转变为 ...

Group 1 - The company and its subsidiaries have recently obtained 25 overseas certifications and 2 authorized patents, enhancing its product offerings and intellectual property protection [1] - The acquisition of these qualifications responds to overseas market demands, improving the company's market expansion capabilities and core competitiveness [1] Group 2 - The company will continue to increase investment in product research and development, aiming to launch products that significantly contribute to human health and life [2]