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].

中国商报（记者 马嘉）2025年，港交所医疗健康企业IPO热潮涌动：年初脑动极光鸣锣开市，年末AI制 药独角兽登场。数据显示，2025年超20家医疗健康企业在港交所上市，数量接近2022-2024年三年总 和。 多位业内人士告诉中国商报记者，2025年医疗健康行业资本化呈现新特征：年初企业争相递表，年中明 星企业募资近百亿港元，年末多家新股首日破发。这一系列现象标志着行业进入新阶段。从过去追求管 线数量的"粗放扩张"，转向如今深耕临床与商业价值的"精细化运营"。 2025年港股生物医药板块明显的估值修复与赚钱效应，吸引了更多企业寻求上市。图为某药企研发人员 在进行分析检测实验。（资料图，图片由CNSPHOTO提供） 资金向"头部"与"硬科技"集中 在2025年的港股医疗健康板块上，资本呈现"头部聚集"与"硬科技偏好"特征：头部企业与细分赛道龙头 受青睐，而部分企业则面临融资困境。 以年中上市的恒瑞医药为例，其募资额约为98.9亿港元，不仅是近5年港股医药板块的最大IPO，更吸引 了包括新加坡政府投资公司、高瓴资本在内的顶级基石投资者。弗若斯特沙利文大中华区生命科学事业 部咨询总监张辰阳直言，这充分证明了全球资 ...

Market Overview - The Hong Kong stock market showed a high open but low close, with cautious market sentiment. The Hang Seng Index rose by 0.9% to 26,848.47, while the Hang Seng Tech Index increased by 0.11% to 5,869.79, and the China Enterprises Index gained 0.71% to 9,285.41 [1][2]. Sector Performance - Technology stocks had mixed results, with Alibaba rising by 3.6% after previously increasing by 6.3%, while Kuaishou fell by 2.2%, and Xiaomi and Baidu dropped nearly 2% [2][4]. - Gold and precious metals surged, with spot gold reaching a new high of $4,630 per ounce and silver surpassing $86 per ounce, driven by geopolitical risks and concerns over the Federal Reserve's independence [6][7]. - Biopharmaceutical stocks were active, with WuXi AppTec rising over 8% following a positive earnings forecast, while other leading biopharma stocks also saw gains [7][8]. - Insurance stocks performed well, with China Pacific Insurance rising over 4% and China Life increasing by over 3% [11]. - Oil stocks generally rose, with CNOOC gaining over 2% and China Petroleum increasing by 1% [12]. - Automotive stocks saw broad increases, with Li Auto, Great Wall Motors, and Xpeng all rising over 2% [13]. Notable Stock Movements - WuXi AppTec projected a revenue of 45.456 billion yuan for 2025, a 15.84% increase year-on-year, with a net profit forecast of 19.151 billion yuan, reflecting a 102.65% increase [8]. - The AI healthcare sector saw significant gains, with Ark Health rising over 65% [9][10]. - Lithium battery stocks surged, with Zhongxin Innovation rising by 6.4% and Ganfeng Lithium increasing by nearly 4% [14][15]. - The commercial aerospace sector experienced a collective pullback, with Asia Pacific Satellite dropping over 9% [16]. - The brain-computer interface sector saw notable declines, with Nanjing Panda Electronics falling by 7.79% [18]. - The education sector faced widespread declines, with Minsheng Education dropping over 4% [22]. Capital Flows - Southbound funds recorded a net inflow of 1.296 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 149 million HKD and the Shenzhen-Hong Kong Stock Connect contributing 1.147 billion HKD [25]. Market Outlook - Analysts suggest that the Hong Kong stock market may continue to lag behind A-shares, with a need for time to restore investor sentiment. The market's future performance will likely be influenced by large financials, commodities, and internet sectors, with potential structural opportunities in undervalued stocks with resilient fundamentals [25].

Core Insights - The Fifth Guanghua Forum held at Fudan University focuses on the integration of cutting-edge technologies such as artificial intelligence and brain-machine interfaces with translational medicine, aiming to enhance innovation in drug development and therapies [1] Group 1: Forum Objectives and Themes - The forum aims to create a high-end platform for exchanging ideas and connecting resources, facilitating the integration of clinical medical applications, basic research, and industrial technological innovation in the life and health sector [1] - Key topics discussed include innovative drugs, translational medicine, smart medicine, and brain-machine interfaces, reflecting the rapid development and deep integration in the life health field [1] Group 2: Expert Insights and Future Directions - The Guanghua Life Health Association plans to focus on results transformation by organizing project showcases and facilitating direct communication to empower early-stage innovation projects from alumni [2] - Experts highlight that nucleic acid drugs represent a new wave in drug development, with significant recognition in the form of Nobel Prizes in 2023 and 2024, underscoring their importance in biomedical advancement [2] - Recommendations include establishing a regulatory science-based approval system to overcome challenges in the translation of synthetic biology technologies into the health industry, fostering a collaborative and competitive ecosystem [2] Group 3: Collaborative Initiatives - A cooperation intention agreement was signed between the Macau Translational Medicine Center and Fudan University Pudong Hospital to establish a research institute focused on micro-nano intelligent sensing medicine [3] - The research institute will prioritize clinical needs and focus on micro-nano sensing technology, microfluidics, and organ-on-chip research, aiming to develop platforms for drug screening and precision medicine diagnostics [3] - The institute will also leverage the strengths of the Macau Translational Medicine Center in traditional Chinese medicine technology and internationalization to create a cross-regional research and transformation hub [3]

Core Viewpoint - The A-share market experienced a decline on January 13, ending a continuous upward trend, but the trading volume reached a new historical high, indicating concentrated trading structures and potential sector rotation [2][11]. Market Performance - The Shanghai Composite Index fell by 0.64%, while the ChiNext Index dropped by 1.96%. Notably, commercial aerospace stocks faced significant declines, and the computing hardware industry chain, including servers and CPOs, led the downturn. In contrast, sectors such as AI applications, innovative pharmaceuticals, medical services, and ultra-high voltage concepts showed strength [7][10]. Trading Volume Insights - The A-share market's trading volume approached 3.7 trillion yuan, setting a new record. Analysts attribute this surge to several factors, including positive policy expectations, strong liquidity support from long-term funds, and heightened market sentiment [12][13][14]. Policy Expectations - As the first year of the "14th Five-Year Plan," market participants have a more proactive outlook on policy direction. Analysts expect the central economic work conference to focus on expanding domestic demand and stabilizing consumption, with a continuation of "loose fiscal + loose monetary" policies into 2026, providing strong confidence support for the market [12]. Liquidity Factors - The record trading volume is supported by significant inflows of new capital. Long-term funds, including public funds and newly issued ETFs, have contributed to market liquidity. The margin trading balance has increased to over 2.6 trillion yuan, reflecting a robust bullish sentiment among investors [13]. Market Sentiment - The previous widespread increase in individual stocks has led to positive feedback among investors, attracting more capital into the market. Analysts suggest that advanced manufacturing and technological self-reliance are becoming new growth engines, indicating further upward potential for the Chinese stock market [15].

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.9% to close at 26,877.42 points, the Hang Seng Tech Index up by 0.11%, and the State-Owned Enterprises Index rising by 0.71% [1][7]. Sector Performance - **Technology Stocks**: Mixed performance observed, with Alibaba and Bilibili both rising over 3%, while Kuaishou fell over 2%, and Xiaomi and Baidu dropped over 1% [1][7]. - **Biopharmaceutical Sector**: Strong performance noted, particularly with WuXi AppTec rising over 8%. The upcoming JPMorgan Healthcare Conference is expected to act as a catalyst for the innovative drug market, with expectations for updates on the operational progress of Chinese innovative drug companies [3][9]. - **Gold Stocks**: Continued upward trend, with China Gold International increasing over 7%. Citigroup has aggressively raised its short-term outlook for precious metals, predicting gold prices could reach $5,000 per ounce and silver $100 per ounce within the next three months, driven by geopolitical risks, physical shortages, and uncertainties in Federal Reserve policies [3][9]. - **Commercial Aerospace Sector**: A pullback was observed, with Goldwind Technology declining over 9%. Recent shareholder sell-offs have contributed to market volatility. However, significant breakthroughs in reusable rocket technology in China are expected to reshape the cost structure of the aerospace industry, benefiting upstream companies in aerospace manufacturing, new materials, and satellite applications [3][9]. New Listings - Three new stocks were listed today, with Zhaoyi Innovation rising over 37%, BBSB International up over 11%, and Hongxing Cold Chain increasing by 0.33% [4][9].

Core Insights - The Shanghai Municipal Government has released the "Three-Year Action Plan to Support the Transformation and Upgrading of Advanced Manufacturing (2026-2028)", aiming to build a modern industrial system centered on advanced manufacturing [1] - The plan targets the addition of 100 manufacturing enterprises with an annual output value exceeding 1 billion yuan by 2028, bringing the total to over 600 [1] - The initiative aims to drive the addition of 500 industrial enterprises above designated size in the supply chain and significantly increase the proportion of R&D expenses in revenue for manufacturing enterprises [1] Group 1: Structural Upgrading - The plan emphasizes a multi-dimensional industrial upgrade matrix, accelerating iterations in traditional advantageous industries [1] - Specific strategies include petrochemical companies shifting towards new functional materials, steel companies enhancing specialty steel production, and light industry companies creating trendy domestic products [1] - Leading industries will focus on breakthroughs in the integrated circuit industry chain, biomedicine innovation, and intelligent computing chip development, fostering international leading enterprises [1] Group 2: Emerging Industries - The plan promotes simultaneous development of key and emerging industries, including the growth of six major sectors such as next-generation electronic information and smart connected new energy vehicles [1] - New fields like low-altitude economy and commercial aerospace will be explored, with a focus on scaling products like eVTOL and humanoid robots [1] Group 3: Innovation and Incentives - The plan introduces significant incentive policies for core technology breakthroughs, focusing on frontier technologies such as laser manufacturing and quantum technology [2] - Key links in the industrial chain, including integrated circuits and large aircraft, will be prioritized for technological advancements [2] Group 4: Digital and Green Transformation - The "Action for Upgrading Capability and Quality" outlines a transformation path, implementing "AI + Manufacturing" initiatives for digital transformation [2] - By 2027, large enterprises are expected to achieve full coverage of digital applications, with the goal of establishing fully intelligent factories by 2028, achieving a robot density of 600 units per 10,000 people [2] - In terms of green transformation, the plan aims to add over 100 national-level green factories [2]

Group 1 - The core viewpoint emphasizes the importance of policy support and reform innovation in achieving economic stability and growth in 2025, with a GDP growth of 5.2% in the first three quarters and an expected annual growth rate of around 5% [1][2] - The economic structure is continuously optimizing, with emerging industries like artificial intelligence and biomedicine thriving, and significant sales driven by the "two new" policies, including over 2.5 trillion yuan in sales from consumer goods replacement [1][3] - Industrial enterprises have seen a profit increase of 1.9% from January to October 2025, indicating improved corporate performance despite ongoing challenges [1][3] Group 2 - Current economic challenges include insufficient effective demand, with investment showing negative growth and overall consumption remaining weak [2][3] - Price levels are low, with the Consumer Price Index (CPI) fluctuating around zero for two consecutive years and the Producer Price Index (PPI) experiencing negative growth for three years [3][4] - Employment and resident income growth face significant pressure, as highlighted in the "15th Five-Year Plan," indicating a need for focused policy measures [3][4] Group 3 - The central economic work conference has called for more proactive macroeconomic policies to address the ongoing economic downward pressure, including maintaining necessary fiscal deficits and increasing central budget investments [5][6] - A moderately loose monetary policy is to be implemented, focusing on stabilizing economic growth and ensuring reasonable price recovery, with tools like reserve requirement ratio cuts and interest rate reductions [6][7] - The conference outlined "eight persistences" for economic work, emphasizing the need for deep reforms alongside policy support to enhance domestic demand and improve income distribution [7][8]