专题：第二十五届中国股权投资年度大会 12月2日-5日，"第二十五届中国股权投资年度大会"在深圳举行。启明创投主管合伙人胡旭波出席并演 讲。 他也直言，"不管是人工智能领域，还是医疗创新领域，很多公司有泡沫，但是我不认为行业有泡沫"。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：梁斌 SF055 专题：第二十五届中国股权投资年度大会 12月2日-5日，"第二十五届中国股权投资年度大会"在深圳举行。启明创投主管合伙人胡旭波出席并演 讲。 谈及目前关于人工智能泡沫的争论，胡旭波介绍说，启明创投主要投科技和医疗创新行业。目前，科技 领域最大的机会是在人工智能的应用层面，这也是今年启明创投在该领域重点发力的投资方向。 而在医疗创新领域，启明创投投资的最大主题是中国医药创新能力的全球化，包括创新药、医疗器 械。"我们支持投资企业融入到全球医疗产业链中，包括研发创新、整个商业化体系的搭建等"。 他也直言，"不管是人工智能领域，还是医疗创新领域，很多公司有泡沫，但是我不认为行业有泡沫"。 谈及目前关于人工智能泡沫的争论，胡旭波 ...

Core Insights - The Medical Innovation ETF (516820) experienced a net financing purchase of 3.9261 million yuan on November 11, 2025, with a total financing balance of 62.306 million yuan, marking a continuous net purchase over the last three trading days totaling 5.1496 million yuan [1][2]. Financing Activity Summary - On November 11, 2025, the financing net purchase was 3.9261 million yuan, with a financing balance of 62.306 million yuan, reflecting a 6.73% increase from the previous day [2][3]. - The financing balance on November 10, 2025, was 58.3799 million yuan, with a net purchase of 0.6966 million yuan, indicating a 1.21% increase [2][3]. - On November 7, 2025, the financing balance was 57.6832 million yuan, with a net purchase of 0.5269 million yuan, showing a 0.92% increase [2][3]. - The financing balance on November 6, 2025, was 57.1564 million yuan, with a net decrease of 0.6613 million yuan, reflecting a -1.14% change [2][3]. - The financing balance on November 5, 2025, was 57.8177 million yuan, with a negligible net decrease of 0.00114 million yuan, indicating a -0.02% change [2][3].

Core Insights - The Medical Innovation ETF (516820) experienced a net financing purchase of 1.1512 million yuan on October 13, 2025, with a total financing balance of 50.8295 million yuan, indicating a positive market sentiment towards the ETF [1][3]. Financing Activity Summary - On October 13, 2025, the financing net purchase was 1.1512 million yuan, with a financing balance of 50.8295 million yuan, reflecting a 2.32% increase from the previous day [2][4]. - Over the past three trading days, the cumulative net financing purchase reached 2.8752 million yuan, with 13 out of the last 20 trading days showing net financing purchases [1]. - The financing balance increased by 1.1512 million yuan on October 13, 2025, compared to the previous trading day [4]. Market Sentiment Indicators - An increase in financing balance suggests a strengthening bullish sentiment in the market, while a decrease would indicate a more cautious or bearish outlook [5].

Core Viewpoint - The market is experiencing a rotation from high valuation sectors to reasonably valued sectors, with a notable rebound in core assets in the medical innovation space [1] Group 1: Market Performance - On August 21, the market showed a "high-low cut" trend, with medical devices, traditional Chinese medicine, and vaccines leading in gains [1] - The Medical Innovation ETF (516820.SH) rose by 1.28%, with key stocks such as Pizhou Pharmaceutical (600436) up 4.84%, Mindray Medical (300760) up 3.73%, and Yuyue Medical (002223) up 2.43% [1] Group 2: Investment Opportunities - Funds are shifting towards undervalued sectors, with core assets in medical innovation gradually rebounding [1] - The top ten component stocks in the Medical Innovation ETF are mostly valued below the historical 20th percentile, indicating a significant safety margin [1] - Investors who missed the first half of the medical sector rally can position themselves in the Medical Innovation ETF (516820) to capitalize on the recovery [1]

Group 1 - The core announcement is that the China Europe Medical Innovation Equity Fund will restrict subscription, conversion, and regular investment amounts starting from August 11, 2025, to ensure stable operation and protect the interests of fund shareholders [1][2]. - The maximum amount for a single or cumulative subscription, conversion, or regular investment for any category of fund shares is set at 100,000 yuan [1][2]. - The fund, established in February 2019 and managed by Ge Lan, primarily invests in stocks related to the medical innovation sector, aiming to achieve returns that exceed the performance benchmark while strictly controlling investment portfolio risks [2][3]. Group 2 - As of the end of the first half of the year, the fund's top ten holdings include companies such as Sangfor Technologies, Kelun-Botai Biotech, and WuXi Biologics [3]. - The fund's main code is 006228, and it has two sub-funds: China Europe Medical Innovation Stock A (006229) and China Europe Medical Innovation Stock C [2]. - The fund's management company is China Europe Fund Management Co., Ltd., which is responsible for the fund's operations and compliance with relevant regulations [2].

Core Insights - Strategic partnerships are essential for unlocking growth opportunities in the evolving global economy, with Dubai emerging as a key hub for Chinese enterprises seeking global expansion [1] - The economic complementarity between China and Dubai opens doors for mutual growth, supported by significant trade and investment figures [1][2] Group 1: Trade and Investment - China has been Dubai's largest trading partner for several consecutive years, with non-oil trade projected to exceed $80 billion in 2024, reflecting a 19% annual growth rate [1] - From 2015 to 2023, China's total investment in Dubai reached $5.4 billion, with over 6,000 Chinese companies registered as active members of the Dubai Chamber by mid-2025 [1] - Dubai's strategic location connects Asia, Africa, and Europe, making it a vital gateway for the Belt and Road Initiative [1] Group 2: Economic Agenda and Growth Sectors - Under the Dubai Economic Agenda (D33), the city aims to double its economy by 2033, focusing on high-growth sectors such as AI, fintech, healthcare innovation, clean energy, and advanced manufacturing [2] - China's expertise in these sectors aligns well with Dubai's development goals, creating vast opportunities for collaboration [2] Group 3: Technology and Innovation - Technology is a key area of cooperation, with Dubai building a vibrant innovation ecosystem that welcomes global tech leaders [2] - The D33 agenda sets a target of generating an additional $27 billion annually from digital transformation projects, presenting significant market opportunities for Chinese tech companies [2] Group 4: E-commerce and Logistics - The rapidly expanding consumer market in the Middle East aligns with China's strengths in e-commerce and logistics, with Dubai's advanced infrastructure providing an ideal platform for Chinese businesses to scale operations [3] - Long-term success in the region relies on relationship maintenance and compliance with local regulations, emphasizing the importance of trust and local integration [3] Group 5: Support and Networking - The Dubai Chamber serves as a critical gateway for Chinese enterprises, offering market insights, business connections, and support for regional expansion [4] - The Chamber has established a strong influence network in China, with offices in Shenzhen, Shanghai, and Hong Kong, highlighting the importance of the Chinese market in Dubai's global strategy [3][4] Group 6: Events and Engagement - The Dubai Chamber organizes significant events to deepen interactions with Chinese businesses, such as the Dubai Business Forum held in Beijing, which attracted 800 Chinese business leaders and investors [5] - These initiatives aim to facilitate practical dialogues and convert consensus into actionable cooperation, fostering a win-win partnership between Dubai and Chinese enterprises [5]