Group 1: IPO Performance Overview - Seven companies went public last week, including one small IPO and five SPACs submitting initial applications [1][7] - NIQ Global Intelligence priced its IPO below the midpoint, raising $1.1 billion at a market cap of $6.2 billion, but saw a 6% decline in stock price [1][5] - Accelerant's IPO was priced above the range, raising $724 million at a market cap of $4.7 billion, with a stock price increase of 42% [1][5] Group 2: Company Highlights - McGraw Hill's IPO was priced below the range, raising $415 million with a market cap of $3.3 billion, and experienced a 1% drop in stock price [2][5] - Carlsmed raised $101 million at a market cap of $430 million, with a 3% decline in stock price [2][5] - Dreamland's IPO was priced at the lower end, raising $8 million with a market cap of $124 million, and saw a 6% drop in stock price [3][5] Group 3: Emerging Companies - Cre8 Enterprise raised $96 million at a market cap of $6 million, with a 9% increase in stock price [3][5] - Linkhome Holdings raised $6 million at a market cap of $64 million, experiencing a significant stock price increase of 158% [4][5] - Hillhouse Frontier Holdings submitted an initial application for a small IPO, targeting $6 million with a market cap of $106 million [7] Group 4: Upcoming IPOs - Figma plans to raise $979 million with a projected market cap of $15.9 billion, focusing on browser-based design software [9][11] - Shoulder Innovations aims to raise $100 million with a market cap of $432 million, providing advanced implant systems for shoulder surgeries [10][11] - Ambiq Micro plans to raise $80 million with a market cap of $435 million, specializing in ultra-low power semiconductor solutions [10][11]

Summary of Key Points Group 1: Recent IPOs - Last week, 7 new stocks were listed, with 4 raising over $100 million [1] - NIQ Global Intelligence (NIQ) raised $1.05 billion by issuing 50 million shares at $21 each [1] - Accelerant (ARX) raised $724 million by issuing 34.46 million shares at $21 each [1] - McGraw Hill (MH) raised $415 million by issuing 24.39 million shares at $17 each [1] - Carlsmed (CARL) raised $101 million by issuing 6.7 million shares at $15 each [1] Group 2: Upcoming IPOs - Ambiq Micro, a semiconductor company, plans to go public on July 30, 2025, on NYSE under the ticker AMBQ, aiming to raise up to $85 million by issuing 3.4 million shares at $22 to $25 each [5][6] - Figma, a design tool company, plans to go public on July 31, 2025, on NYSE under the ticker FIG, aiming to raise up to $1.034 billion by issuing 36.94 million shares at $25 to $28 each [7][8] - Shoulder Innovations, a medical technology company, plans to go public on July 31, 2025, on NYSE under the ticker SI, aiming to raise up to $105 million by issuing 5 million shares at $19 to $21 each [10]

Trading Information Summary - On July 25, 2025, Sely Medical (603716) closed at 31.22 yuan, up 2.7%, with a turnover rate of 34.88% and a trading volume of 666,300 shares, amounting to a total transaction value of 2.147 billion yuan [1] - The net inflow of main funds was 70.7018 million yuan, accounting for 3.29% of the total transaction value, while retail investors had a net inflow of 665,500 yuan, representing 0.03% of the total [1][3] Company Announcement Summary - Sely Medical announced that its stock price had deviated by more than 20% over three consecutive trading days, indicating abnormal trading activity. The company confirmed that there were no undisclosed significant information from its controlling shareholder and actual controller [1] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between -55 million and -66 million yuan [1] - The controlling shareholder has a high cumulative pledge ratio, which investors should be aware of [1] - The joint venture, Huajiyuan Biotech's therapeutic vaccine project HJY-ATRQβ-001, received acceptance for clinical trial application from the National Medical Products Administration on June 6, 2025, but the success of subsequent clinical trials remains uncertain [1]

Group 1: Event Overview - The eighth China International Import Expo (CIIE) is set to take place in 100 days, with over 50 countries and international organizations confirming participation [1] - The exhibition area for commercial exhibits has exceeded 330,000 square meters, with 170 companies and 27 institutions confirmed as "full attendance" participants [1] - Notable countries such as Canada, Malaysia, New Zealand, Norway, and Peru are participating with record-scale enterprises [1] Group 2: Company Participation and Innovations - NYO3, a well-known brand from Norway, will showcase a new product line called "Salmon Triad" at the expo, focusing on weight management, skin care, and bone health [1] - NYO3 is also planning to open its first brand store in Shanghai and is exploring becoming an investor by establishing production, R&D, and marketing in China [2] - D商集团 will display nearly 200 products, including premium beef and lamb, and aims to create an efficient model of "overseas production + domestic distribution" [2] Group 3: Hong Kong Participation - The Hong Kong Trade Development Council (HKTDC) has organized nearly 400 Hong Kong companies to participate over the past seven years, with a total exhibition area of nearly 10,000 square meters [3] - HKTDC will set up "Hong Kong Products Pavilion" and "Hong Kong Services Pavilion," including live streaming capabilities for exhibitors [3] - Last year, HKTDC facilitated around 1,000 business matching meetings, leading to collaborations between Hong Kong businesses and e-commerce platforms [3] Group 4: Medical Technology Innovations - The medical exhibition area will feature 10 Fortune 500 pharmaceutical companies and major players in medical imaging and radiation therapy [3] - GE Healthcare will present over 10 innovative products, including the ViewPoint 6 ultrasound data management platform, which enhances data management efficiency [4][5] - Boston Scientific will showcase over 80 innovative products, including five new products targeting various medical conditions, and has successfully transitioned 22 products from exhibition to market approval in China [6]

Group 1 - Boston Scientific is confirmed as one of the first multinational medical companies to participate in the 9th China International Import Expo (CIIE) scheduled for 2026 [1] - The company aims to leverage the CIIE platform to better understand local clinical needs and accelerate the introduction of innovative products tailored to China's healthcare landscape [4][11] - Boston Scientific has a strong history of innovation, with over 10% of its revenue invested in R&D annually and multiple products recognized with prestigious awards [5] Group 2 - At the 8th CIIE, Boston Scientific will showcase over 80 innovative products, including five that will have their debut, addressing various clinical needs such as liver tumors and atrial fibrillation [7] - The company has successfully transitioned 22 products from exhibition to market approval in mainland China, demonstrating the effectiveness of the CIIE as a platform for commercialization [10] - The CIIE serves as a unique value proposition for connecting global innovations with China's clinical demands, acting as an accelerator for healthcare technology [11] Group 3 - The establishment of Boston Scientific's first manufacturing base in China, completed within a year, highlights the efficiency and speed of operations in the country, enhancing the company's local strategy [11] - The company emphasizes the importance of digitalization and precision in responding to the evolving healthcare needs in China, aligning with national health initiatives [11]

Market Overview - The A-share market faced resistance at 3600 points due to the rapid decline of the Yasha Hydropower Station, while the Hong Kong market dropped 1.09% amid uncertainties for the upcoming week [1] - Trump's visit to the Federal Reserve is seen as an attempt to pressure Powell for a quicker interest rate cut, although a rate cut in July seems unrealistic [1] - The upcoming US-China talks scheduled from July 27 to 30 in Sweden may influence market sentiment, particularly regarding TikTok's operations in the US [1] Technology Sector - The 2025 World Artificial Intelligence Conference in Shanghai is set to showcase over 800 companies and 3000 cutting-edge exhibits, indicating strong market interest in AI technologies [2] - Huawei's Ascend 384 super node is a focal point of attention, with significant advancements in the domestic lithography machine industry expected to accelerate the localization process [3] Southeast Asia Market Expansion - Companies like Jihong Holdings and Lion Group are focusing on Southeast Asia, with Jihong expected to achieve a net profit of approximately 130 to 137 million yuan in the first half of 2025, marking a year-on-year growth of 97.25% to 108.21% [4] - Lion Group's partnership with China Post Hong Kong aims to create an AI-driven digital trade platform for Chinese brands entering Southeast Asia [4] Shipping Industry - Derxiang Shipping reported a 38.5% increase in revenue to approximately $326 million in Q1, driven by a 39.1% rise in average freight rates [9] - The company is expanding its service network with new routes and has a strong focus on the Middle East and Indian subcontinent, which are expected to drive future growth [11] Insurance Sector - The insurance industry is experiencing a "lock-in wave" due to a decrease in the predetermined interest rate for life insurance products, which is expected to boost new policy premiums in Q3 [7] - Major beneficiaries in the Hong Kong market include Zhong An Online, China Life, and China Pacific Insurance [8]

Core Insights - AI is rapidly entering the healthcare sector, with various AI-assisted diagnostic technologies maturing and new AI products attempting to integrate into different medical processes [1] - The biggest opportunity AI presents in healthcare is the accessibility of personalized medical services, but the rapid pace of change poses challenges for regulatory bodies [1] - There is a need for a more flexible and democratic regulatory framework to keep pace with the advancements in AI technology [4][5] Group 1: AI Technology in Healthcare - Companies are developing AI products for treating diseases like stroke, with capabilities for AI robots to autonomously perform surgeries under human supervision [2] - AI's ability to integrate diverse data types, such as medical imaging and patient history, allows for the creation of individualized treatment plans, enhancing precision medicine [2] - Current AI technologies primarily serve as decision-support tools, with clinical decisions still needing to be made by human doctors [2][3] Group 2: Regulatory Challenges - The regulatory landscape for AI in healthcare is multi-layered, involving drug regulatory agencies, health systems, and individual physicians, which can slow down the adoption of new technologies [3] - There is a consensus among industry experts that the existing regulatory frameworks are inadequate to address the rapid development of AI technologies [3][4] - A call for a more collaborative approach between the industry and government to establish a robust regulatory framework that prioritizes public safety and ethical standards [4][5]

Group 1 - Online learning platform Coursera saw a pre-market increase of over 22% [1] - Sports brand ANTA Sports experienced a pre-market rise of over 5% [1] - Medical technology company Clover Health rose by more than 3% in pre-market trading [1]

编辑：胡之澜 会议强调， 要强化统筹协调 ，完善工作机制，推动各项工作落地落实。 要加强政策保 障 ，将医工交叉融合创新纳入全市"十五五"产业发展规划，持续优化产业政策，强化服务 保障。 要加强复合型人才培养 ，支持高校设置相关专业、采取校企共建等方式培养人才， 积极引进国内外高端人才，为医工交叉融合创新提供智力支撑。 要强化安全治理 ，加强技 术安全和伦理安全管理，引导研发人员合规开展原创技术研究，促进产业健康可持续发展。 7月24日，市委召开专题会议研究深化医工交叉融合创新工作。省委常委、市委书记郭 元强主持会议并强调，要深入学习贯彻习近平总书记关于健康中国建设的重要论述和考察湖 北重要讲话精神，认真落实省委、省政府部署要求，以科技创新引领产业创新，大力推进医 工交叉融合创新，加快打造国际医疗创新高地。市委副书记、市长盛阅春出席会议并讲话。 市领导杨玲、陈劲超、曾晟、张俊勇、沈悦、张忠军参加会议。 会议指出， 新一轮科技革命和产业变革加速演进，医工交叉融合已成为科技创新和产 业创新的重要方向。 我市科教人才优势突出，医疗机构实力雄厚，应用场景丰富，产业基 础扎实，近年来积极推动医工交叉融合创新，大力发展生 ...

Core Viewpoint - The article discusses the challenges of diagnosing rare diseases and introduces DeepRare, an innovative AI-driven diagnostic system designed to improve the accuracy and efficiency of rare disease diagnosis [1][4][40]. Group 1: Rare Disease Challenges - Over 350 million people globally are affected by rare diseases, with more than 7,000 types identified, 80% of which are genetic [1]. - Patients often face significant delays in diagnosis, averaging over 5 years, with more than 7 consultations and 3 misdiagnoses, leading to a misdiagnosis rate of 40%-50% [1]. - The high heterogeneity of symptoms and fragmented information complicates the diagnostic process, making traditional AI models inadequate [2]. Group 2: DeepRare System Overview - DeepRare is the world's first reasoning-based intelligent diagnostic system for rare diseases, developed by Shanghai Jiao Tong University in collaboration with several institutions [4][6]. - The system utilizes a multi-agent architecture combined with large language models to simulate the diagnostic reasoning process of clinical doctors [6]. - It supports multi-modal inputs, including free text, structured phenotype data, and genomic data, allowing for adaptive responses to various input scenarios [8]. Group 3: Diagnostic Workflow and Performance - The diagnostic process in DeepRare consists of two main stages: gene analysis and knowledge matching, utilizing over 40 medical tools and databases for comprehensive reasoning [11][13]. - The system has shown significant performance improvements, with an average Recall@1 of 57.18%, surpassing existing methods by 23.79 percentage points [23]. - In real clinical cases, DeepRare achieved a Recall@1 of 70.6%, significantly outperforming Exomiser [33]. Group 4: Case Study and Impact - A case study highlighted the successful diagnosis of a 20-month-old child with Prader-Willi syndrome using DeepRare, which had previously gone undiagnosed [18][19]. - The system's ability to provide accurate diagnostic suggestions not only aids in clinical decision-making but also offers hope to families facing undiagnosed conditions [20]. Group 5: Future Prospects - DeepRare represents a paradigm shift in rare disease diagnosis, with potential applications in research to accelerate the interpretation of ambiguous variants and expand treatable rare diseases [40][41]. - The online platform for DeepRare has been launched, facilitating structured input and diagnostic suggestions for clinical doctors [38].