（来源：药研网） 1月13日，中国生物制药宣布全资收购赫吉亚，扩展布局siRNA赛道。 根据买卖协议，卖方有条件地同意出售，而买方有条件地同意收购赫吉亚100%的股权，最高基础代价为人民币12亿元（可下调）， 部分以现金支付，部分以代价股份支付。于交割时届时，赫吉亚将成为中国生物制药的间接全资附属公司。 赫吉亚是一家专注于小干扰核酸（siRNA）创新药研发的先锋生物医药企业，已构建从靶点发现到临床概念验证（POC）的一体化创 新药物开发体系，重点布局减重代谢、心脑血管、神经系统三大慢性病领域。 2025年siRNA领域全球披露交易总额将超350亿美元，同比增长率超过40%。作为siRNA创新药研发的先锋企业，赫吉亚成功攻克了多 个组织的递送突破技术瓶颈，实现对肝脏（单靶点/双靶点）、神经、肺部、肾脏、脂肪等多组织的精准靶向，达成单次给药即可实 现长效沉默靶基因的效果，其显著优异的疗效、长效性及安全性已在临床前研经过研究与临床试验的双重验证。通过此次收购，本集 团将构建下一代心血管治疗创新产品线，完善减重新布局代谢领域，拓展万亿级慢性病管理市场新版图。 | | 赫吉亞的股東 | 概約所有權 | 各名賣方應佔基 ...

Core Viewpoint - China Biopharmaceutical (01177) announced the acquisition of Hejiya, a pioneer in siRNA innovative drug development, for a maximum consideration of RMB 120 million, aiming to enhance its innovation in chronic disease management and clinical advancement [1][2]. Group 1: Acquisition Details - The acquisition involves a full purchase of Hejiya's 100% equity by China Biopharmaceutical's wholly-owned subsidiary, with part of the payment in cash and part in shares [1]. - Hejiya will become an indirect wholly-owned subsidiary of China Biopharmaceutical upon completion of the transaction [1]. Group 2: Hejiya's Technology and Market Potential - Hejiya specializes in siRNA technology, addressing limitations in existing chronic disease therapies, with a projected global transaction volume in the siRNA field exceeding USD 35 billion by 2025, reflecting a growth rate of over 40% [2]. - Hejiya has developed a differentiated delivery platform with proprietary technology, including the MVIP platform for long-acting liver-targeted delivery, which addresses patient compliance issues in chronic disease treatment [3]. Group 3: Clinical Assets and Pipeline - Hejiya possesses four clinical-stage assets and over ten preclinical assets, all with first-in-class or best-in-class potential [4]. - Kylo-11, a long-acting Lp(a) siRNA, is in Phase II clinical trials, showing promising efficacy and safety for treating elevated Lp(a) levels, which affect over 1.4 billion people globally [4]. - Kylo-12, an APOC3 siRNA, aims for a biannual dosing regimen and is set to begin Phase II trials in 2026, targeting high triglyceride levels and familial chylomicronemia syndrome [5]. Group 4: Future Development Plans - Hejiya plans to advance multiple innovative projects into clinical stages by 2026, including products targeting obesity and Alzheimer's disease [6].

Core Viewpoint - Binhai Investment (02886) announced the acquisition of Hegia, a pioneer in siRNA drug development, for a maximum base price of RMB 12 million, which will enhance the company's innovation in chronic disease management and clinical advancement [1][2]. Group 1: Acquisition Details - The acquisition involves Binhai Investment's wholly-owned subsidiary, Chengda Pharmaceutical Investment (Beijing) Co., Ltd., purchasing 100% of Hegia's shares, with part of the payment in cash and part in shares [1]. - Hegia will become an indirect wholly-owned subsidiary of Binhai Investment upon completion of the acquisition [1]. Group 2: Hegia's Technology and Market Potential - Hegia specializes in siRNA technology, which addresses limitations in existing chronic disease therapies, with a projected global transaction volume in the siRNA field exceeding USD 35 billion by 2025, reflecting a growth rate of over 40% [2]. - Hegia has developed a differentiated delivery platform with proprietary technology, including the MVIP platform for long-acting liver-targeted delivery, which addresses patient compliance issues in chronic disease treatment [3]. Group 3: Clinical Assets and Pipeline - Hegia possesses four clinical-stage assets and over ten preclinical assets, all with first-in-class and best-in-class potential [4]. - Key clinical assets include Kylo-11, a long-acting siRNA for treating elevated lipoprotein(a) levels, currently in Phase II trials, and Kylo-12, targeting high triglycerides, expected to start Phase II trials in mid-2026 [5][6].

Core Insights - Shunyi District is focusing on the transformation and upgrading of town-level industrial parks, aiming to create a batch of characteristic industrial parks centered around five high-end manufacturing sectors during the 14th Five-Year Plan period [1] Group 1: High-End Manufacturing Development - Shunyi has established a "5+4" industrial system, achieving significant progress in key industries [1] - In the new energy smart vehicle sector, the launch of the Li Auto i series has been stable, with Beijing Hyundai's exports increasing by 45% year-on-year, and the production value of BAIC off-road vehicles rising by 110% [1] - The third-generation semiconductor sector is expected to grow by 18% by 2025, marking the highest growth rate in three years, with notable projects like Zhanxin Electronics and Qichip Micro being introduced [1] - In the aerospace sector, 14 key projects with a total investment of 9.9 billion yuan are progressing, including the completion of the Beijing Aircraft Engine Maintenance project [1] - The intelligent equipment sector has 24 key projects in reserve, with significant projects like Tianma Zhikong's high-pressure efficient plunger pump and the Green Smart Industrial Park under construction [1] - In the biopharmaceutical sector, key projects such as Hanmi Phase II and New Jietek are advancing, with the Airport Biopharmaceutical Park hosting 112 enterprises and the medical device industrial park in Nancai Town accelerating construction, expected to achieve an output value of 11.3 billion yuan for the year [1] Group 2: Industrial Ecosystem and Collaboration - The Beijing-Tianjin-Hebei Intelligent Connected New Energy Vehicle Technology Ecological Port is a key project for Shunyi, with construction and investment promotion progressing simultaneously [2] - The core component manufacturing plant and R&D service center have completed their main structures, with 105 quality projects in areas like steer-by-wire and air suspension being reserved [2] - Shunyi District aims to strengthen its automotive industry base by providing comprehensive service support for key enterprises like Li Auto, Mercedes-Benz, Hyundai, and BAIC off-road vehicles [2] - The district is focusing on enhancing the quality and quantity of key industries such as third-generation semiconductors, aerospace, biopharmaceuticals, and intelligent equipment, aiming to create a multi-point support industrial development pattern [2] - Shunyi will leverage city and district-level funds and policies to attract investments in popular sectors like new energy vehicles, biopharmaceuticals, intelligent equipment, and integrated circuits, promoting industrial chain and capital investment [2]

Core Viewpoint - UBS reaffirms a "Buy" rating for WuXi AppTec (02268) based on its leading bioconjugate CRDMO platform, ongoing capacity expansion, and manageable geopolitical risks, setting a target price of HKD 89.5 [1] Group 1: Company Performance - WuXi AppTec's parent company, WuXi Biologics (02269), is expected to add over 70 projects from WuXi AppTec in 2025, significantly exceeding the previous guidance of over 60 [1] - The company anticipates a compound annual growth rate (CAGR) of approximately 30% in revenue over the next five years, outpacing the industry average [1] Group 2: Capacity Expansion - The construction of the Singapore production base was completed last year, with plans to achieve GMP certification in the first half of this year, and 200 employees have been recruited [1] - From 2026 to 2029, the company plans to invest approximately RMB 7 billion for domestic and overseas capacity expansion, including potential expansions in Europe and the U.S. and market development in the Middle East [1] Group 3: Regulatory Environment - In response to the U.S. Biodefense Act, WuXi Biologics is actively communicating with clients and the U.S. government, indicating a low likelihood of WuXi AppTec being included in related lists, with limited client concerns [1] - The expansion of in-house capacity by multinational pharmaceutical companies in the bioconjugate field is limited, and the outsourcing ratio is expected to remain high [1] - With a strong business track record, WuXi AppTec is likely to continue securing new orders globally, including in North America [1]

Core Viewpoint - UBS reaffirms a "Buy" rating for WuXi AppTec (02268) based on its leading bioconjugate CRDMO platform, ongoing capacity expansion, and manageable geopolitical risks, setting a target price of HKD 89.5 [1] Group 1: Company Performance - WuXi Biologics (02269), the parent company of WuXi AppTec, is expected to add over 70 projects from WuXi AppTec in 2025, significantly higher than the previous guidance of over 60 [1] - The company anticipates a compound annual growth rate (CAGR) of approximately 30% in revenue over the next five years, outpacing the industry average [1] Group 2: Capacity Expansion - The construction of the Singapore production facility was completed last year, with plans to achieve GMP certification in the first half of this year, and 200 employees have been recruited [1] - From 2026 to 2029, the company plans to invest approximately RMB 7 billion for domestic and overseas capacity expansion, including potential expansions in Europe and the U.S. and market development in the Middle East [1] Group 3: Regulatory Environment - In response to the U.S. Biodefense Act, WuXi Biologics is actively communicating with clients and the U.S. government, indicating a low likelihood of WuXi AppTec being included in related lists, with limited client concerns [1] - The expansion of in-house capacity by multinational pharmaceutical companies in the bioconjugate field is limited, and the outsourcing ratio is expected to remain high [1] - With a strong business track record, WuXi AppTec is well-positioned to continue securing new orders globally, including in North America [1]

此外，报告指，药明生物2025年已完成28个PPQ(工艺性能确认)项目，同比增长75%，而2026年已排程 的PPQ项目达到34个。公司表示，2025年营收及利润增长均按计划进行，对2026年前景保持乐观，并预 期2026年将实现同比加速增长。 该行认为公司有能力在2026年实现更高的同比增长率，预估营收将同比增长17%，此增长将获得新签订 项目及排程中的PPQ项目的支持。 瑞银发布研报称，药明生物(02269)即将于1月14日发表业务营运简报，可能会提供更详细的指引。该行 对公司2025年全年新增项目数达到209个感到正面，净项目增加数为128个，高于2024年的119个。瑞银 维持药明生物目标价46.9港元，评级"买入"。 ...

1月13日，光谷商学院揭牌仪式暨首期"卓越班"开班典礼在武汉举行。华工科技董事长马新强担任院长，蔚来创始人李斌、联影集团薛敏、长江存储董事长 陈南翔等来自新能源汽车、生物医药、集成电路等领域的产业领军人物为学院提供战略指导。 不只是武汉，第一财经记者注意到，国内不少地区都在面向企业家开设商学平台。接受采访的专家表示，地方政府开设企业家商学院，是政府从"管理者"转 向"服务者"的重要体现。 目标3年培育500名科技企业家 叶青在接受第一财经记者采访时提到，光谷商学院还应补齐光谷企业家的两个短板。一是重技术、轻经营的短板，要培养一批"懂技术、懂产业、懂经营、 懂创新"的领军人才，解决科技创业者普遍存在的"技术强、经营弱"的问题。二是"企二代"不够强的短板，光谷企业家也面临着"交班"问题，一些"企二代"在 研究能力、经营能力上还有所欠缺，甚至对接管企业不感兴趣，因此商学院要把培育二代作为重点。 政府为何面向企业家办学 早在2022年8月，河南郑州高新区就在中部地区率先成立企业家学院，通过组织"名企参访-对标学习"等系列活动，开展线上线下相结合、理论实操相结合、 长期短期相结合、请进来走出去相结合、坐下来转起来相结合 ...

地方政府牵头成立的企业家商学院仍需采取市场化运作，若完全依赖政府拨款，易陷入"办活动、发补贴"的行政化模式。 1月13日，光谷商学院揭牌仪式暨首期"卓越班"开班典礼在武汉举行。华工科技董事长马新强担任院长，蔚来创始人李斌、联影集团薛敏、长江存储董事长 陈南翔等来自新能源汽车、生物医药、集成电路等领域的产业领军人物为学院提供战略指导。 但在建设"世界光谷"的征程中，光谷企业家队伍还存在一些迫切需要解决的问题。沈悦指出，从企业层面看，企业总体上数量可观但有高原缺高峰，不少企 业存在规模小、成长慢、抗风险能力不强、发展后劲不足等问题，参与国际竞争的能力不够、底气不足，缺少总部在本地的"明星企业"。从企业家层面看， 很多企业创始人是科学家、教授出身，但普遍存在重科研轻市场、重技术轻管理等问题，尤其不善于战略规划，不善于市场拓展，不善于资本运作，缺少能 够挑大梁、带动一个行业上下游一起发展的优秀企业家。 为加速培育一支能够引领光谷走向世界的企业家队伍、打造一批世界一流的领军企业，东湖高新区设立光谷商学院。其定位为科技企业的"认知升维引擎、 团队加速基地、资源链接枢纽"，构建"领航班""卓越班""初创班"三层精准培育体系 ...

Core Viewpoint - The article discusses the complex interactions between cancer cells and the tumor microenvironment (TME), emphasizing the potential of targeted cancer immunotherapies to disrupt immunosuppressive interactions, although many therapies show limited durability due to a lack of understanding of these interactions [2][3]. Group 1: Research Findings - A study published by a team from the University of Chicago reveals that tumor-initiating stem cells (tSC) regulate the plasticity of neutrophils through metabolic reprogramming, creating a protective niche that allows them to survive cancer immunotherapy, leading to cancer recurrence [4]. - The research indicates that targeting the SOX2-FADS1-PGE2 signaling axis could serve as a novel combination therapy strategy to prevent immunotherapy resistance and tumor recurrence [4]. Group 2: Mechanisms of Immune Evasion - The study highlights the heterogeneity of tumor-associated neutrophils (TAN) and how different states of TAN arise and evolve, impacting the effectiveness of cancer immunotherapy [8]. - It was found that anti-PDL1 + CD40 agonist immunotherapy can induce TAN to regain anti-tumor activity in squamous cell carcinoma (SCC), while TAN at the tumor-stroma interface maintain their immunosuppressive state [8]. Group 3: Key Pathways and Implications - The SOX2 high-expressing tSCs enhance PGE2 signaling in TAN, which may disrupt interferon responses and inhibit the anti-tumor functions of TAN [9]. - Specific knockout of PGE2 receptors in neutrophils or using COX-2 inhibitors to block PGE2 synthesis can effectively restore the anti-tumor functions of neutrophils, enhancing the efficacy of immunotherapy and significantly reducing tumor recurrence rates [9]. Group 4: Overall Conclusions - The research explores how effective immunotherapies influence the plasticity of TAN, revealing how tSCs evade TAN-mediated anti-tumor immunity, allowing them to survive cancer immunotherapy and promote recurrence [12].