Core Viewpoint - The establishment of the Hong Kong High Talent Venture Capital Fund aims to attract and support innovative talents and projects in key sectors such as technology, healthcare, and consumer goods, with an initial fund size of HKD 1 billion [2][5][6]. Fund Overview - The fund has a first-phase target size of HKD 1 billion, with HKD 300 million already confirmed for investment [4][5]. - It is initiated by the High Talent Service Association, led by its founder Shang Hailong, to provide entrepreneurial support for talents coming to Hong Kong [5][6]. Government Support and Expectations - The Financial Secretary of Hong Kong, Paul Chan, emphasized the need for both financial capital and technological innovation to drive Hong Kong's high-quality development [5][6]. - Chan expressed two expectations for the fund: to effectively utilize venture capital functions and to leverage its professional network to attract top global tech talents and startups [6]. Talent Attraction Initiatives - The fund is part of a broader strategy initiated by the Hong Kong government, including the "High-end Talent Pass Scheme," which has approved nearly 99,000 applications as of February 2025 [6][8]. - Various policies are in place to attract high-end talents, including the "General Employment Policy" and "Outstanding Talent Admission Scheme" [8]. Investment Ecosystem Development - The establishment of the fund reflects Hong Kong's active venture capital ecosystem, with the Hong Kong Investment Corporation managing multiple funds totaling HKD 62 billion [8][9]. - The Hong Kong Investment Corporation has invested in over 100 projects in the past year, focusing on empowering local industries and fostering talent development [9]. Innovation and Economic Growth - The integration of talent and enterprises is crucial for forming a sustainable innovation ecosystem, which is essential for Hong Kong's industrial upgrade and competitiveness [10]. - The Hong Kong government is actively pursuing both talent and enterprise attraction to establish itself as an international innovation and technology hub [10].

Group 1 - The 2025 Summer Davos Forum focuses on "New Era Entrepreneurship" as a theme to assess the global economy amidst significant changes [1] - Entrepreneurs from sectors like cloud computing, autonomous driving, and AI are showcasing how to break boundaries and find solutions in the new era [1] - The concept of "breaking boundaries" is highlighted through deep industry integration, where entrepreneurs recognize the limitations of single-industry growth and seek cross-industry resource sharing [1] Group 2 - International cooperation is emphasized as entrepreneurs actively seek cross-border collaboration despite challenges in economic globalization [2] - The need for multinational companies to reassess their development strategies and build localized supply chains is underscored by industry leaders [2] - Innovation is identified as a crucial tool for navigating challenges and seizing opportunities in a slowing global economy, with examples of user-centric and technology-driven approaches from Chinese entrepreneurs [2]

脑再生科技周三跌逾6%，报21.43美元，总市值缩水至107亿美元。据悉，脑再生科技是一家专注于中 医治疗神经认知障碍和退行性变，特别是多动症和ASD的研发和商业化的早期生物科技公司。5月9日， 脑再生科技宣布，公司新一代神经调控芯片通过FDA临床试验审批，公司将与顶尖医疗机构梅奥诊所合 作研究帕金森病治疗。(智通财经) ...

Core Viewpoint - Changcheng Fund has lowered the valuation of Nohow Health to HKD 1.20 per share, representing a 91.51% decrease from the price before suspension [1] Group 1: Valuation Adjustments - This is the second time Changcheng Fund has adjusted its valuation for Nohow Health, following a previous adjustment to HKD 7.48 per share in July of last year [1] - Multiple fund companies have adjusted their valuations for Nohow Health since mid-last year, indicating a pessimistic outlook on its resumption prospects [1] Group 2: Industry Context - Nohow Health, once known as the "first stock for cancer early screening," has seen its valuation approach zero recently, highlighting potential compliance risks hidden beneath the high growth narrative of biotech companies [1]

Core Viewpoint - Hong Kong aims to increase the manufacturing sector's contribution to GDP from 1% in 2023 to 5% by 2032 through new industrialization initiatives and funding programs [3] Group 1: New Industrialization Funding Programs - The Hong Kong government has introduced a new industrialization funding program with a budget of HKD 10 billion to promote smart manufacturing and diversify the economy [1] - The new industrialization funding program offers a matching grant of 1:2 for companies investing at least HKD 200 million in establishing smart production facilities in strategic industries [1][2] - The maximum funding for each project under the new industrialization funding program is HKD 15 million or one-third of the total project cost, whichever is lower, with a cap of HKD 45 million for each company [2] Group 2: Recent Projects and Developments - The first project approved under the new industrial acceleration program involves a pharmaceutical company establishing a smart production line for sterile eye drops and oral medications, with a total budget of approximately HKD 600 million and expected funding of about HKD 200 million [2] - The second project involves the establishment of a medical superconducting cyclotron and radiopharmaceutical production line, with a total budget exceeding HKD 400 million and expected funding of around HKD 140 million [2] - The third project, submitted by Jeli Semiconductor (Hong Kong) Co., aims to establish a third-generation semiconductor silicon carbide wafer production facility, with a total budget exceeding HKD 700 million and expected funding of HKD 200 million [2] Group 3: Long-term Goals and Challenges - The short-term goals of the new industrialization plan include the production of various smart production lines, the transformation of research results, and the establishment of a talent pool [3] - The mid-term goals focus on developing emerging industries such as new energy and life sciences, contributing to the manufacturing sector's GDP [3] - Long-term goals aim for basic achievement of new industrialization by 2035, aligning industries with smart, high-end, and green standards, despite challenges such as limited land resources and high labor costs [3]

金融界6月25日消息，上证指数低开高走，中证沪深港生物科技主题指数 (沪深港生物科技主题， 932245)报1352.64点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。当特殊情况下将对指数进行临时调整。当样本退市时，将其从指数 样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当沪股通、深 股通和港股通证券范围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证沪深港生物科技主题指数十大权重分别为：恒瑞医药（12.02%）、百济神州 （10.82%）、药明康德（8.63%）、迈瑞医疗（7.04%）、信达生物（6.24%）、药明生物（4.88%）、 康方生物（3.31%）、石药集团（3.04%）、中国生物制药（2.78%）、三生制药（2.05%）。 从中证沪深港生物科技主题指数持仓的市场板块来看，香港证券交易所占比45.80%、上海证券交易所 占比33 ...

Core Viewpoint - The introduction of a professional institutional investor system aims to enhance the identification and evaluation of high-quality technology enterprises in China's Sci-Tech Innovation Board, addressing the challenges of assessing the innovation attributes and commercial prospects of tech companies [1][2]. Group 1: Introduction of Professional Institutional Investors - The China Securities Regulatory Commission (CSRC) has proposed a pilot program to introduce professional institutional investors for companies meeting the fifth set of listing standards on the Sci-Tech Innovation Board [2][4]. - This initiative is designed to provide a new pathway for investors to discover the investment value of enterprises while improving the market mechanism for identifying quality tech firms [2][4]. Group 2: Characteristics of Tech Enterprises - Early-stage, unprofitable tech companies often face high R&D costs, long application cycles, and significant commercialization risks, leading to uncertainty in their ongoing operations and profitability [2][3]. - Successful identification of these companies can lead to exponential growth, making the assessment of investment risks and values challenging [2][3]. Group 3: Advantages of Professional Institutional Investors - Professional institutional investors possess specialized judgment capabilities regarding the innovation attributes and future development potential of tech companies, particularly those with core technologies [3][5]. - The backing of professional investors can reduce risks and provide market validation for a company's technological strength and commercial prospects [5]. Group 4: Market Practices and Statistics - The Hong Kong Stock Exchange has successfully implemented a similar system since 2018, with significant growth in revenue and net profit for companies listed under specific rules [4]. - As of the end of 2024, 67 companies were listed under the relevant rules, with an average of 3 professional investors per company, holding an average of 21% of shares collectively [4]. Group 5: Industry Implications - The introduction of this system may reshape the competitive landscape of the VC/PE industry, favoring capital-rich and technically adept leading institutions [6]. - There is a need for clear standards and regulatory oversight regarding the identification and behavior of professional institutional investors to ensure effective implementation [6].

Core Viewpoint - The announcement of a ceasefire between Israel and Iran may serve as a significant turning point, leading to a reduction in global market risk aversion and a subsequent rise in asset prices, particularly in global stock markets while oil and gold prices decline [1][2]. Direct Impact - The geopolitical risk premium in oil prices has been eliminated, resulting in a decrease in international oil prices due to reduced fears of supply disruptions from escalating conflicts in the Middle East [2]. - As risk aversion diminishes, funds are flowing back from safe-haven assets like gold into higher-growth risk assets such as global equities, indicating a lower level of market uncertainty [2]. Transmission Effects - The easing of tensions in the Middle East may trigger a transmission chain in the global macroeconomic landscape [3]. - The transmission chain can be summarized as follows: 1. Easing Middle East tensions → Oil price decline [4] 2. Oil price decline → Reduced inflationary pressures in the U.S., as oil prices significantly influence U.S. inflation metrics [5]. 3. Reduced inflation → Increased likelihood of interest rate cuts by the Federal Reserve, as persistent inflation has been a barrier to rate cuts [6]. 4. Enhanced rate cut expectations → Improved global liquidity, particularly benefiting emerging markets, with Hong Kong stocks potentially attracting more international capital due to their low valuation [6]. Market Opportunities - In light of improved liquidity and rising risk appetite, Hong Kong stocks are expected to enter a significant "allocation window" [6]. - The technology sector in Hong Kong, which includes leading companies in internet, consumer electronics, and biotechnology, is likely to benefit from the anticipated global liquidity improvement and represents higher growth potential [6][8]. - The CSI Hong Kong Stock Connect Technology Index has shown strong growth, with a total return of 227% since the end of 2014, indicating its potential as a tool for capturing structural opportunities in the Hong Kong technology sector [8].

● 本报记者魏昭宇 随着2025年上半年接近尾声，瑞士百达、高盛、路博迈基金、摩根士丹利等多家外资资管机构相继发 声，看好中国市场结构性机遇。其中，人工智能、生物科技、消费等板块成为外资机构热议的话题。 有外资人士称，中国政府的政策立场明确且得当，有助于形成稳定、可预期的政策环境，降低股市风险 溢价。同时，支持资本市场、鼓励分红回购、推动中长期资金入市的政策，对降低股市无风险利率至关 重要。 中国资产表现可圈可点 展望全球市场，瑞士百达在2025年下半年全球宏观经济与金融市场展望中表示，全球经济格局正发生结 构性变化：中国科技创新力量崛起；美国政策不确定性削弱市场信心；欧洲市场或因相对宽松的融资环 境和货币政策而获得新的发展机遇。在此背景下，投资者面临风险资产波动加剧的挑战，分散化投资策 略重要性日益凸显。 路博迈基金表示，2025年即将过去二分之一，中国资产的表现可圈可点。"中国制造业在2025年展现出 其难以替代的优势。从DeepSeek等高科技企业到机器人技术的突破，这些领域不仅体现了中国制造业 的技术实力，也彰显出其在全球供应链中的关键地位。此外，中国出口的韧性也表明，中国制造业在全 球市场上具有强大 ...

今天市场不太需要解释了吧，涨的人头晕目眩，标题里暴涨两个字，应该没用错吧？ 上证指数重新回到3400点以上，还没突破3月中旬的高点，但事实上，由于A股年内创纪录的高分红， 包含了分红的上证收益指数，下图，已经 创下年内新高了 ，这才是更公允的指标。 所以，这的确是一个扬眉吐气的日子，那些平日里天天说A股没有投资价值，港股即将A股化的小黑子，我都不知道今天还能找到什么吐槽的 点。 当然，上证只涨了1%，属于是涨的最差的宽基了，今天最火热的，还是成长板块，而成长板块的大涨，还有两个"副作用"。 而今天大涨的原因，有几个，可以依次盘一盘。 第一，当然是中东局势缓和，伊以停火的消息 ，今天不仅是A股H股大涨，韩国股市也涨近3%，日本、欧洲都涨超1%，美股期货也继续上涨， 虽然下午开始，停火的消息反反复复，但从原油、黄金、风险资产的价格来看，市场还是定价，整体朝缓和的方向发展，只不过涉及的三方，有 些需要面子，有些需要梯子。 第二，外围这边，美国降息的预期在抬升 ，而今天日中，还有国内7月降息的小作文，这两天，美联储的鲍师傅要去国会接受质询，主要课题就 是回答一个问题，为什么不降息？ 而川宝这边，也煽风点火，下图 ，希 ...