医疗健康领域同样表现稳健，大额融资方面，益杰立科（上海）生物科技有限公司宣布完成 6000 万美 元 B 轮融资，由龙磐投资领投，启明创投和奥博资本持续投资，并引入港粤资本和行业知名投资机构 共同参与。消费服务领域，沉浸式主题乐园INS新乐园宣布完成近3亿元A轮融资，由BAI资本领投。 21创投不完全统计，9月8日—9月14日，报告日期内国内一级市场发生融资事件25起。其中，有22笔融 资披露了融资金额和币种信息，总规模约合人民币48.66亿元人民币。 | 6416 | 2025年9月8日-9月14日 国内一级市场投融资币种分布 | | | --- | --- | --- | | 市种 | 案例数(起) | 已披露金额 | | 人民币 | 20 | 39.3亿元 | | 美元 | 2 | 图1.3亿美元 | | | 注:教授曲21创投模播公开报道整理 | | 一句话趋势：人工智能和机器人赛道热度不减，医疗健康领域表现稳健。 过去一周披露的投融资交易信息显示，科技与制造行业依旧是资本关注的重点。机器人仍是一级市场融 资的热门赛道，人工智能同样热度不减。统计周期内，自变量机器人科技（济南）有限公司完成近10亿 元 ...

Core Viewpoint - The Ministry of Agriculture and Rural Affairs emphasizes the importance of not only ensuring food security but also improving the nutritional quality of food for the public [1] Group 1: Agricultural Development - The ministry is promoting the transition from traditional crops and livestock to a wider range of biological resources [1] - There is a focus on accelerating the development of biotechnology and the bio-industry, with successful breakthroughs in key core technologies [1] - New types of food are continuously emerging, with algae farming technology being at the forefront globally [1] Group 2: Nutritional Improvement - The nutritional health levels of food consumed by urban and rural residents are becoming more balanced and are approaching those of developed countries [1] - Residents are now not only able to eat enough but also enjoy better and more nutritious food [1]

Core Viewpoint - The Beijing Free Trade Zone is implementing innovative policies to attract foreign investment and align with international trade standards, focusing on sectors like information technology, health, and digital economy [1][2]. Group 1: Policy Innovations - The Beijing Free Trade Zone has introduced over 30 pilot measures to facilitate trade, including expedited customs processes and relaxed regulations for certain goods [2]. - Specific measures include allowing temporary importation of goods, rapid customs clearance for air freight within 6 hours, and leniency in origin certificate errors [2]. Group 2: Foreign Investment and Business Development - The zone has enabled foreign investment in advanced sectors such as stem cell research and gene diagnostics, as per a notification from the Ministry of Commerce and the National Health Commission [2]. - The establishment of the first foreign-owned securities firm and increased investment from global hedge funds indicate a positive response to the new policies [3]. Group 3: Economic Impact - The actual foreign investment in the Beijing Free Trade Zone has increased from less than 10% to nearly 30% of the city's total since its inception [3]. - A joint meeting mechanism for the Beijing-Tianjin-Hebei Free Trade Zone has been established, promoting policy sharing and streamlined government services [3].

Investment Rating - The report indicates a positive outlook for the life sciences industry, emphasizing the competitive advantage gained through artificial intelligence (AI) adoption [10][11]. Core Insights - The life sciences sector is leading in AI application, with 86% of companies believing they can embrace AI for competitive advantage, and 97% have already improved operations through AI [10][11]. - Despite the potential, many companies face challenges in achieving high returns on AI investments, with a significant portion only reaching break-even or low returns [7][8]. - The report outlines a structured framework for AI transformation in three phases: empowering employees, integrating AI into workflows, and evolving operational models [21][59]. Summary by Sections Introduction - The introduction highlights the transformative potential of AI in the life sciences industry, emphasizing the need for innovation in operations and value creation [16][17]. Overview - AI is recognized as a significant competitive advantage, with initial implementation results being encouraging [10][11]. - A well-adapted organizational structure is linked to higher investment returns [10]. Research Findings - The report reveals that 73% of companies have improved efficiency through AI, while 39% have enhanced financial performance [67]. - Data issues, including silos and quality concerns, are identified as major challenges in AI implementation [32][40]. Building Intelligent Life Sciences Enterprises - The report discusses the importance of integrating AI into daily operations and the need for a mixed organizational structure to drive innovation [24][41]. - Companies are encouraged to develop a culture that supports continuous learning and collaboration to maximize AI's potential [48]. Phase One: Empowering Employees - In this phase, companies focus on identifying areas where AI can automate tasks and improve workflows [66]. - Nearly three-quarters of respondents reported efficiency gains from AI, with a significant number also noting improvements in financial health [67]. Phase Two: Integrating AI into Workflows - Companies are advised to embed AI into various functions, enhancing operational efficiency and decision-making processes [61][64]. - The integration of AI should be aligned with business objectives to ensure strategic relevance [73]. Phase Three: Evolving Operational Models - The final phase emphasizes the need for companies to adapt their business models and ecosystems to leverage AI effectively [61][62]. - Organizations should focus on building trust in AI systems and ensuring compliance with ethical standards [48]. Key Recommendations - The report suggests that life sciences companies should prioritize developing a comprehensive AI strategy that aligns with business goals and stakeholder needs [48]. - Establishing a flexible and scalable technology infrastructure is crucial for maximizing AI's long-term value [48]. Conclusion - The life sciences industry is positioned to harness AI for significant advancements, but companies must address data challenges and cultivate a supportive culture to fully realize AI's benefits [42][43].

Core Viewpoint - Heilongjiang Province is undergoing a significant transformation, focusing on enhancing its agricultural productivity, embracing digital economy, and developing a modern industrial system, which includes smart agriculture and digital manufacturing, while also promoting cultural tourism. Agricultural Development - Heilongjiang Province has continuously improved its comprehensive grain production capacity, achieving a total grain output of 1,600.34 billion jin in 2024, marking a historical high and maintaining the top position in the country for 15 consecutive years [4] - The province is actively developing smart agriculture, integrating satellite remote sensing and drone technology to enhance agricultural productivity and efficiency, transitioning from traditional farming to a technology-driven model [7][9] Digital Economy - The digital economy has become the top priority for Heilongjiang, with major companies like Huawei, Baidu, and Tencent establishing operations in the region, indicating a shift from traditional agriculture and old industries to a modern industrial framework driven by digital, biological, and ice-snow economies [5] - By the first quarter of 2025, 51.1% of key business processes in the province are expected to be fully digitalized, showcasing a significant transition from "Heilongjiang Manufacturing" to "Heilongjiang Intelligent Manufacturing" [11] Industrial Transformation - The province is witnessing a digital transformation in its manufacturing sector, exemplified by the establishment of a digital assembly workshop for high-pressure motors, which has improved production efficiency by 20% and capacity by 50% [11] - As of June 2025, Heilongjiang has cultivated 335 provincial-level digital workshops and smart factories, indicating a robust growth in the digitalization of its manufacturing industry [13] Cultural Tourism - Heilongjiang is focusing on sustainable development in cultural tourism, with initiatives like the "Dream Ice and Snow Pavilion" attracting visitors year-round, thus enhancing the province's tourism appeal beyond seasonal limitations [14][16] - The province has implemented various policies to promote high-quality development in tourism, including innovative summer and winter tourism campaigns, which have significantly boosted visitor numbers and spending [15]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board," aimed at enhancing the inclusivity and adaptability of the system for technology-driven companies, allowing them to access capital without waiting for profitability [1] Group 1: Policy and Market Impact - The introduction of the growth tier is seen as a timely support for technology breakthrough companies that are in the R&D phase and not yet profitable, facilitating the connection between hard technology and capital markets [1] - The first batch of 32 unprofitable companies has been directly admitted to the growth tier, showing a significant revenue growth of 37.79% year-on-year in the first half of 2025, despite a substantial reduction in net losses by 71.23 billion yuan [1] - Since the launch of the "1+6" policy, 15 new IPO applications have been accepted on the Sci-Tech Innovation Board, including four from unprofitable companies [1] Group 2: Listing Standards - The second to fourth listing standards on the Sci-Tech Innovation Board do not set a profitability threshold but instead require a combination of revenue scale and other metrics such as R&D intensity, cash flow, or market capitalization [2] - The fifth listing standard, which has been reactivated, does not impose performance requirements but focuses on "hard power," assessing companies based on market capitalization and developmental achievements [2] - The first company to apply under the fifth standard, Wuhan Heyuan Biotechnology Co., has successfully passed the review, indicating the formal restoration of the listing channel for unprofitable tech companies [2] Group 3: Market Activity - The activity level of the Sci-Tech Innovation Board has significantly increased over the past three months, with trading volume rising by 339.56% year-on-year and an average turnover rate of 216.73%, up by 116.73 percentage points compared to the same period in 2024 [3] - The establishment of the growth tier is expected to enhance the structure of the capital market in China, leading to breakthroughs in areas such as refined tiered mechanisms, diversified listing standards, optimized investor structure, and the development of a technology finance ecosystem [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board," aimed at enhancing the inclusiveness and adaptability of the system for technology-driven companies [1] - The first batch of 32 unprofitable companies has directly entered the Sci-Tech Innovation Growth Tier, showcasing high technical barriers and market potential, with a combined revenue growth of 37.79% year-on-year in the first half of 2025 [1] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted on the Sci-Tech Innovation Board, including 4 from unprofitable companies [1] Group 2 - The second to fourth listing standards on the Sci-Tech Innovation Board do not set a "profit threshold," instead focusing on revenue scale combined with R&D intensity, cash flow, or market capitalization [2] - The first company to apply under the fifth listing standard, Wuhan Heyuan Biotechnology Co., Ltd., successfully passed the review, marking the official restoration of the listing channel for unprofitable tech companies [2] - The introduction of the growth tier is seen as a strong support for the national strategy of technological self-reliance and empowerment [2] Group 3 - The activity level of the Sci-Tech Innovation Board has significantly increased, with a 339.56% year-on-year growth in trading volume from June 18 to September 15, 2025 [3] - The average turnover rate reached 216.73%, an increase of 116.73 percentage points compared to the same period in 2024 [3] - The establishment of the growth tier is expected to lead to further improvements in the capital market's tiered structure and diversification of listing standards [3]

9月15日，依据香港交易所《主板上市规则》18A章上市的未盈利生物科技企业药捷安康平开高走，一度狂飙124.10%，全天收于415.00港元/股，涨 115.58%。 9月10日，药捷安康发布公告称，公司核心产品替恩戈替尼（TT-00420）联合氟维司群治疗HR+/HER2-复发或转移性乳腺癌的II期临床试验，于2025年9月 10日获中国国家药监局默示许可。试验为开放标签、多中心研究，旨在评估联合疗法的安全性、疗效及药代动力学。 消息公布后，药捷安康股价连续4个交易日大涨，累计涨幅近500%。 公司同时根据上市规则第18A.08（3）条，风险提示：无法保证产品最终成功开发及商业化。 -1051.59 1671 -16.76% 749.65 09:30 12:00/13:00 16:00 额:104.89亿 1.03亿 除药捷安康外，多只18A板块个股大涨，脑动极光涨34.93%，MIRXES涨25.91%，三叶草生物涨18.67%，映恩生物涨13.18%，百奥赛图涨11.04%。 | 代码 | 名称 | 现价 | 涨跌幅 | 涨跌 | 5日涨跌幅 | | --- | --- | --- | --- | -- ...

Core Viewpoint - The article discusses the remarkable market performance of Yaojie Ankang (药捷安康), a biotech company that has achieved a market capitalization exceeding HKD 100 billion shortly after its IPO, despite not having any products approved for sale and currently operating at a loss [3][4]. Company Overview - Yaojie Ankang is an innovative drug company focused on developing small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [5]. - The company's leading product, Tiengogatinib, is a selective multi-kinase inhibitor targeting key pathways including FGFR/VEGFR, JAK, and Aurora kinases, with potential applications in various difficult-to-treat solid tumors [5][6]. Clinical Development - As of June 30, 2025, Tiengogatinib is involved in nine clinical trials globally, with the fastest progress in cholangiocarcinoma, expected to complete its Phase II registration trial in China by the second half of 2025 [5][6]. - The global cholangiocarcinoma drug market is projected to grow from USD 2 billion in 2024 to USD 3.2 billion by 2027, with a compound annual growth rate (CAGR) of 16.2% from 2019 to 2024 [6]. Financial Performance - In the first half of the year, Yaojie Ankang reported zero revenue and a loss attributable to shareholders of HKD 123 million [8]. - In contrast, other biotech companies like Innovent Biologics and CanSino Biologics have reported significant profits and multiple approved products, highlighting a stark difference in financial health [8]. Market Sentiment - Investors express confusion over Yaojie Ankang's stock price surge, questioning the underlying logic behind the rapid increase in valuation without clear commercial prospects [9][10]. - Some investors speculate that the price movement may be driven more by speculative trading rather than fundamental company performance [10].

成交额突出个股方面，阿里巴巴成交226.05亿港元，上涨2.32%，云栖大会月底召开提振预期；腾讯控股成交105.36亿港元，股价持平；泡泡玛特成交 89.12亿港元，下跌6.43%。 恒生行业指数方面，非必需性消费行业指数上涨1.00%，能源业指数上涨0.83%，必需性消费行业指数上涨0.57%。跌幅方面，原材料业指数下跌1.08%， 综合企业指数下跌0.88%。 【导读】药捷安康狂飙近116%，近4个交易日累计涨近500%！带动18A板块大涨 9月15日，香港三大股指全线收涨，恒生指数涨0.22%，报26446.56点；恒生科技指数涨0.91%，报6043.61点；恒生中国企业指数涨0.21%，报9384.76点。 大市成交2901.95亿港元。南向资金净买入144.73亿港元。 泡泡玛特遭摩根大通下调评级至"中性"，股价逆市跌6.43%，收报259.00港元/股。 恒生指数成份股中33只上涨，52只下跌。药明生物涨6.47%，市场看好其创新药管线进展；理想汽车涨4.56%；农夫山泉涨4.11%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | ...