Group 1 - The core viewpoint of the news is the establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset Support Special Plan," which is the first industrial plant-based asset-backed security (ABS) in the inter-institutional REITs market in China, with a total issuance scale of 1.83 billion yuan [1] - This project expands the asset range of inter-institutional REITs and creates a new equity financing channel for local state-owned enterprises, demonstrating a significant effect [1] - The underlying assets consist of four standard factory projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [1] Group 2 - Inter-institutional REITs are positioned as equity-type listed products and are an important part of building a multi-tiered REITs market, serving as an innovative tool for revitalizing existing assets and expanding effective investment [2] - Since the launch of the first inter-institutional REITs in 2023, the Shanghai Stock Exchange has successfully issued 20 projects with a total issuance scale exceeding 45 billion yuan, with nearly 1,200 billion yuan in total application scale [2] - The Shanghai Stock Exchange is committed to developing the inter-institutional REITs market while ensuring safety and focusing on the authenticity and reliability of underlying assets, as well as accurate and complete information disclosure [3] Group 3 - The Shanghai Stock Exchange aims to stimulate market vitality and ensure the market's sustainable and healthy development by respecting market rules and enhancing the market mechanism [3] - Future efforts will focus on organizing and building the inter-institutional REITs market ecosystem, promoting project implementation, and improving relevant mechanisms and supporting rules [3]

（原标题：优瑞科生物科技CEO刘诚：让世界读懂中国对全球新药研发的贡献） 美国优瑞科生物科技公司创始人兼CEO刘诚在接受南方财经全媒体集团记者采访时，强调中国举办更多 科学及新药研发领域国际会议与专题研讨会的重要性。他认为，这类专业交流不仅能够帮助全球更全 面、更深入地了解中国在相关领域的最新进展，也能让国际社会充分理解与认可中国科学家在全球药物 研发方面的贡献。 策划：赵海建 监制：黄燕淑 南方财经 21世纪经济报道记者 黄子豪 庄欢 郑全怡 广州报道 11月30日至12月1日，2025年"读懂中国"国际会议在广州举行。大会以"新布局、新发展、新选择——中 国式现代化与全球治理新格局"为主题，汇聚全球知名政治家、学者、业界领袖及国际组织代表等重量 级嘉宾，聚焦"十五五"规划及其世界意义，就中国式现代化创新发展的新布局及其为世界现代化提供的 新机遇，携手践行全球治理倡议等相关议题展开研讨。 海外运营监制: 黄燕淑 海外运营内容统筹: 黄子豪 海外运营编辑：庄欢 吴婉婕 龙李华 郑全怡 出品：南方财经全媒体集团 内容：黄子豪 庄欢 郑全怡 ...

Core Viewpoint - SystImmune has received a milestone payment of $250 million from BMS as part of a collaboration agreement for the development and commercialization of the BL-B01D1 project, a dual-target ADC with significant clinical value and market potential [1][3]. Group 1 - SystImmune is focused on addressing unmet clinical needs in the field of biomedicine, particularly in tumor macromolecule therapies, and aims to establish global commercialization capabilities by 2029 [1]. - The collaboration agreement includes an upfront payment of $800 million from BMS, with potential additional payments reaching up to $5 billion based on specific milestones, and a total potential deal value of up to $8.4 billion [2]. - As of March 7, 2024, SystImmune has received an irrevocable and non-deductible upfront payment of $800 million from BMS [2]. Group 2 - SystImmune will be exclusively responsible for the development and commercialization of BL-B01D1 in mainland China, while BMS will handle the development and commercialization in other global regions [2]. - The agreement stipulates that SystImmune is eligible for additional payments of up to $250 million based on recent or contingent milestones, and up to $7.1 billion upon achieving specific development, registration, and sales milestones [3].

广州瑞安博医药科技有限公司，成立于2021年，位于广州市，是一家以从事研究和试验发展为主的企 业。企业注册资本8448万人民币，实缴资本8448万人民币。 11月30日消息，据CDE官网沟通交流公示，于11月30日收到广州瑞安博医药科技有限公司申请的"II类 会议"，当前状态"处理中"。 根据《药物研发与技术审评沟通交流管理办法》（2020年第48号通告），沟通交流会议分为Ⅰ类、Ⅱ类 和Ⅲ类会议，就关键阶段重大问题进行沟通交流。Ⅱ类会议一般安排在申请后60日内召开，系指为药物 在研发关键阶段而召开的会议，主要包括下列情形：新药临床试验申请前会议、药物Ⅱ期临床试验结 束/Ⅲ期临床试验启动前会议、新药上市许可申请前会议、风险评估和控制会议。 通过天眼查大数据分析，广州瑞安博医药科技有限公司专利信息10条，此外企业还拥有行政许可3个。 主要股东信息显示，广州瑞安博医药科技有限公司由广州瑞奥生物医药科技有限公司持股84.7508%、 ARTHROSI THERAPEUTICS,INC.持股15.2492%。 来源：市场资讯 ...

Core Viewpoint - The biotechnology company Baiaosaitu (688796.SH) has launched its IPO on the Shanghai Stock Exchange's STAR Market, with an issue price of 26.68 yuan per share, aiming to raise approximately 1.144 billion yuan through the issuance of 47.5 million new A-shares, representing 10.63% of the company's total share capital [1] Group 1: Company Overview - Baiaosaitu was established in 2009 and is headquartered in Beijing, with branches in China (Haimen, Shanghai), the United States (Boston, San Francisco, San Diego), and Germany (Heidelberg), showcasing strong global expansion capabilities [1] - The company has signed approximately 300 antibody collaboration agreements as of mid-2025, positioning itself as a significant enabler in global antibody drug development [1] - As of June 30, the company has obtained 195 authorized patents and submitted 496 patent applications, creating a solid competitive moat and providing bargaining power in international business development negotiations [1] Group 2: Financial Performance - For the first half of 2025, the company reported revenue of 621 million yuan, a year-on-year increase of 51.5%, and a net profit of 48 million yuan, surpassing the total for the previous year [2] - The operating cash flow has turned positive, demonstrating strong self-sustaining capabilities [2] - Revenue from the humanized mouse business reached 274 million yuan, up 56.1% year-on-year, with a gross margin of 79% [2] - Revenue from antibody molecule transfer and development business amounted to 163 million yuan, reflecting a year-on-year growth of 38% [2] - The company maintained high R&D investment, with R&D expenses reaching 209 million yuan in the first half of 2025, a 29% increase year-on-year [2]

Core Viewpoint - The establishment of a national university science and technology park and the biopharmaceutical industry investment conference in Nanjing's Gulou District aims to foster collaboration and innovation in the biopharmaceutical sector, with 20 industry projects signed on-site [1][2]. Group 1: Industry Development - The biopharmaceutical industry is a strategic emerging industry crucial for national economy and public health, serving as an important indicator of regional technological innovation capabilities [2]. - Gulou District has a robust foundation for biopharmaceutical development, featuring 7 medical universities, 11 registered clinical trial institutions, 12 tertiary hospitals, over 460 medical institutions, and more than 600 enterprises in the life and health industry [2]. - The life and health industry in Gulou District generated over 50.9 billion yuan in revenue last year, with large-scale enterprises contributing 17 billion yuan and medical institutions contributing 33.9 billion yuan [2]. Group 2: Collaborative Initiatives - The Nanjing Biopharmaceutical Innovation and Transformation Research Institute, led by China Pharmaceutical University, aims to create a top-tier domestic and international biopharmaceutical achievement transformation platform, with 7 new projects signed for incubation [3]. - The projects include the development of a universal tumor vaccine and an OTC mRNA-LNP nucleic acid drug for liver cancer and fibrosis [3]. Group 3: Infrastructure and Ecosystem - A new national university science and technology park is being established through a partnership between China Pharmaceutical University and Gulou District, focusing on organized research and regional collaboration [4]. - The park will integrate resources from surrounding research institutions, universities, and top-tier hospitals to promote research, technology transfer, industry incubation, financial investment, talent development, and public services [4]. Group 4: Funding and Support - A technology innovation and research transformation alliance has been launched, including major hospitals and institutions in Jiangsu Province [5]. - A biopharmaceutical research and transformation fund has been established, supported by Gulou District, China Pharmaceutical University, and investment firms, aimed at financing biopharmaceutical innovations [5]. - The "Yao Yuan Hui" platform will provide a full lifecycle service system to facilitate the transformation of innovative results [5].

山西现有海外华侨华人和归侨归眷60多万人，海外侨团约70个，是侨务资源小省。新时代侨务工作以什 么为抓手？山西另辟蹊径，将深厚的文化资源转化为侨务资源，写出侨务大文章。 "十四五"时期，山西深入贯彻落实习近平总书记关于侨务工作的重要论述，秉持"以文化人、以侨为 桥"理念，紧紧围绕"根、魂、梦"新时代侨务工作主线，在联络联谊、引资汇智、文化传承、基层治理 等领域深耕细作，打好新时代三晋大地新"侨牌"。 文化牵挂，"根"塑侨胞精神坐标 山西广泛织密海外联络网，不断扩大朋友圈，与30多个国家和地区的300多个侨团建立联系。 时隔6年，老挝中国总商会副会长姚勇与姐姐姚云终于了却一桩心愿。 2019年，姐弟二人受邀来到山西晋城高平市，参加"问祖炎帝寻根高平"海峡两岸同胞神农炎帝故里民间 交流活动，在炎帝陵前与9位当地老人合影，这成为萦绕他们心头的温暖记忆。 今年中秋节前夕，姚勇联系到高平市侨联，希望通过捐赠表达对老人们的牵挂。一场跨越山海的温情互 动随即上演——姚勇请高平市侨联转赠礼金与月饼，还通过视频与9位老人"云端相聚"。"没想到这么多 年了，你还惦记着我们！"老人们惊喜不已。"期待再回炎帝故里，与乡亲们团聚。"姚 ...

Core Viewpoint - The article discusses the recent trends and opportunities in the Hong Kong IPO market, highlighting the significant increase in IPO financing and the favorable conditions for companies considering listing in Hong Kong [3][4][5]. Group 1: Hong Kong IPO Market Performance - In 2023, Hong Kong's IPO financing exceeded 30 billion USD, with over 80 companies listed [4][5]. - The Hang Seng Index and Hang Seng Tech Index are expected to see substantial increases by 2025, although current valuations remain relatively low [4]. - The average daily trading volume in the Hong Kong market has nearly doubled, reaching approximately 130 billion HKD [4]. Group 2: Reasons for Companies to List in Hong Kong - Companies are increasingly choosing to list in Hong Kong as a step towards internationalization, allowing access to global capital and enhancing brand recognition [5]. - The Hong Kong Stock Exchange (HKEX) has introduced various rules, such as the 18A and 18C regulations, to accommodate companies at different stages, including those without commercial revenue [5][6]. Group 3: IPO Trends and Investor Participation - The top ten IPOs in Hong Kong accounted for over two-thirds of the total financing, indicating the importance of large projects in the market [8]. - The average first-day gain for IPOs was 38%, with a decrease in the IPO break-even rate from 34% last year to 23% this year [8][9]. - Over 85% of new IPOs included cornerstone investors, with a significant increase in the amount raised from these investors compared to the previous year [9]. Group 4: Challenges and Future Outlook - The article notes that while the market shows promise, it still faces uncertainties related to geopolitical factors and company valuations [9]. - The biopharmaceutical sector is highlighted as particularly capital-intensive, with the average cost to develop a new drug exceeding 2 billion USD [11]. - The HKEX's new measures are expected to facilitate the listing process for A-share companies, potentially increasing the number of firms opting for secondary listings in Hong Kong [6][12]. Group 5: Regulatory and Structural Considerations - The process for companies to list in Hong Kong typically involves either H-share or red-chip structures, with the latter requiring more complex arrangements [14]. - The China Securities Regulatory Commission (CSRC) has implemented a new overseas listing filing management system, which emphasizes legal compliance and data security [15][16]. - The average time for H-share projects to complete the CSRC filing is around 146 days, while more complex structures like VIE can take up to 287 days [16].

撰文丨王聪 编辑丨王多鱼 该研究发现，被趋化素激活后，GPR1 通过至少四种方式与 β-arrestin 1 结合，体现了两者从"预结合"到"稳定结合"状态的动态过程。这是首次在原子水平阐明 一种 GPCR 与 arrestin 相互作用的动态调控模式，为理解阻遏蛋白介导受体脱敏及内吞的分子机制提供了重要信息，同时也提出了靶向多种构象状态开展药物研 发的必要性，将促进开发特异性靶向阻遏蛋白信号通路的新型偏向性药物。 排版丨水成文 趋化素 （chemerin） 是一种重要的脂肪因子，参与调控脂质代谢和胰岛素敏感性，与肥胖、糖尿病等代谢性疾病的发生发展密切相关。同时，趋化素还能介导免 疫细胞定向迁移至炎症部位，参与机体抵御病原入侵、维持稳态和修复组织损伤等重要生理过程，在炎症与代谢之间发挥"桥梁"作用。 趋化素的生物学效应由其受体介导，包括 CMKLR1 和 GPR1 。其中，CMKLR1 作为一种典型的 G 蛋白偶联受体 （GPCR） ，通过 G 蛋白信号通路驱动脂质 代谢与炎症反应，而 GPR1 则是一种非典型的 GPCR，依赖于阻遏蛋白 （arrestin） 介导的信号通路和受体内吞，清除过量的趋化素。趋化 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 每经编辑｜万清澄 11月21日晚，辽宁成大股份有限公司（股票简称：辽宁成大，股票代码：600739.SH）发布公告，经董 事会审议通过，公司同意新疆宝明矿业有限公司（以下简称"新疆宝明"）长期停产。公司不再向新疆宝 明追加大额现金投入，将继续努力推动新疆宝明通过引入战略投资者的方式解决其自身的资金和发展问 题。 未来，公司将以稳健的金融资产为基础，主要聚焦生物医药等核心产业；同时，结合国家产业政策，积 极探索新质生产力相关产业投资机会，实现新的高质量发展。 2月28日，辽宁成大2025年第一次临时股东会会议审议通过董事会换届选举议案，同日，公司第十一届 董事会第一次会议选举徐飚先生为第十一届董事会董事长，聘任董事张善伟先生为公司总裁。 其中，董事长徐飚来自广东优秀民营企业设立的产业投资平台广东民营投资股份有限公司（以下简 称"粤民投"），粤民投首期创立股东包括美的集团、立白集团、海天等知名企业，平台背后具有丰富的 产业资源和资本实力。 自2020年开始，徐飚先生便担任辽宁成大第九届董事会董事，对辽宁成大的情况非常熟悉。徐飚先生现 任粤民投执行总裁，辽宁成大董事 ...