这份由腾讯研究院发布的《塑造自己的下一个版本 2026 前沿科技趋势》报告，以生命力、体力、脑力、创造力、追求五大维度为核心，眺望 2030 年前沿 科技对人类自身与社会的重塑，提出科技进步应以人为本，核心是通过技术助力人类塑造更好的 "下一个版本"，同时直面技术发展带来的机遇与挑战， 明确个人、企业和社会的应对方向。以下是核心内容总结： 生命力 2030：从 "活得更久" 到 "活得更好"，开启生命第三次转型 转型背景：人类预期寿命增长速度大幅放缓，单纯延长寿命的 "果实" 已被耗尽，全球转向追求健康寿命（无严重慢性病、维持良好生活质量的年限）， 这一转型对全球经济影响深远，延长 1 年健康寿命将产生 38 万亿美元全球经济价值。 核心技术 基因疗法：进入 "生命代码优化" 时代，CRISPR 技术 2.0、体内递送系统完善推动预防性基因疗法实现临床突破（如一次性治疗高血脂、高血压），RNA 疗法实现慢性病长效控制和重症治疗，表观遗传重编程更开启逆转衰老的曙光，2026 年初将有相关人体临床试验启动。 人工智能：成为医疗的 "操作系统"，生成式 AI 大幅压缩药物研发周期，AI 与多组学结合实现 75 种癌 ...

Group 1: Yuanji Food - Yuanji Food Group submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese and global fast-food enterprise, focusing on handmade dumplings and wontons, with 4,266 stores across China and Southeast Asia as of September 30, 2025 [3] - The gross merchandise value (GMV) for Yuanji Food's stores was 4.772 billion yuan in 2023 and 6.247 billion yuan in 2024, representing a year-on-year growth of 30.9% [3] - Revenue for Yuanji Food was 2.026 billion yuan in 2023 and 2.561 billion yuan in 2024, with a year-on-year growth of 26.4% [4] Group 2: Qian Dama - Qian Dama International Holdings submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [5] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and a convenient shopping experience, leading the community fresh retail market in South China with a GMV of approximately 9.8 billion yuan in 2024 [5][6] - As of September 30, 2025, Qian Dama operated 2,938 community stores across 14 provinces and municipalities in China [6] - Revenue for Qian Dama was 11.744 billion yuan in 2023 and 11.787 billion yuan in 2024, with a gross margin of 10.2% in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [8] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [8][9] - The GMV for Big Pizza was 1.7 billion yuan in the first three quarters of 2025, ranking first among local pizza restaurants in China [9] - Revenue for Big Pizza was 944 million yuan in 2023 and 1.147 billion yuan in 2024, with a significant increase of 66.6% to 1.389 billion yuan in the first three quarters of 2025 [10] Group 4: Zeling Bio - Chengdu Zeling Biomedical Technology submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [12] - Founded in 2019, Zeling Bio focuses on developing differentiated small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [12] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase III clinical trials [12][13] Group 5: Exegenesis Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with CCB International as the sole sponsor [15] - Founded in 2019, Exegenesis Bio specializes in gene therapy and oligonucleotide drugs, with a focus on innovative delivery systems [15][16] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [16] Group 6: Yuyuantang - Harbin Yuyuantang Traditional Chinese Medicine Clinic Group submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [17] - Established in 2018, Yuyuantang provides a full lifecycle treatment model for traditional Chinese medicine, operating 48 licensed medical institutions in Northern China as of January 6, 2026 [17][18] - Revenue for Yuyuantang was 150 million yuan in 2023 and 215 million yuan in 2024, with a significant increase of 96.6% to 284 million yuan in the first three quarters of 2025 [18] Group 7: Laoxiangji - LXJ International Holdings updated its prospectus for the Hong Kong Stock Exchange, continuing its listing process with CICC and Guotai Junan as joint sponsors [19] - Founded in 2003, Laoxiangji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [19][20] - Revenue for Laoxiangji was 4.528 billion yuan in 2022, 5.651 billion yuan in 2023, and 6.288 billion yuan in 2024, with a 10.9% increase to 4.578 billion yuan in the first eight months of 2025 [20][21] Group 8: Immvira Bioscience - Immvira Bioscience updated its prospectus for the Hong Kong Stock Exchange on January 14, 2026, with Citigroup and CICC as joint sponsors [22] - Immvira is a biotechnology company with a focus on oncolytic immunotherapy candidates and innovative engineered exosome therapeutic products [22] - The core product MVR-T3011 targets a wide range of solid tumors, including bladder cancer and head and neck squamous cell carcinoma [22]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting several companies that have submitted their prospectuses for listing on the Hong Kong Stock Exchange. Group 1: Yuanji Food - Yuanji Food Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese fast-food enterprise globally and the largest dumpling and wonton company in China, focusing on "handmade, freshly wrapped and cooked" products [3] - As of September 30, 2025, Yuanji Food operated 4,266 stores across China and Southeast Asia, with a GMV of 47.72 billion yuan in 2023 and 62.47 billion yuan in 2024, representing a year-on-year growth of 30.9% [4] Group 2: Qian Dama - Qian Dama International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [6] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and has pioneered the "discount day clearance" sales model, becoming the absolute leader in the community fresh food retail market in South China [6] - As of September 30, 2025, Qian Dama had 2,938 community stores across 14 provinces, with a GMV of 148 billion yuan in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [10] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [10] - In the first three quarters of 2025, Big Pizza achieved a GMV of 17 billion yuan, ranking first among domestic pizza restaurants [10] Group 4: Zeling Bio - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [14] - Founded in 2019, Zeling Bio focuses on developing innovative small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [14] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase 3 clinical trials [14] Group 5: Jia Yin Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with Jianyin International as the sole sponsor [18] - Founded in 2019, Jia Yin Bio specializes in gene therapy and oligonucleotide drugs, with a focus on developing a diverse and scalable product pipeline [18] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [19] Group 6: Yu Yan Tang - Harbin Yu Yan Tang Traditional Chinese Medicine Clinic Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [21] - Established in 2018, Yu Yan Tang provides a full lifecycle of TCM medical services, operating a network of 48 licensed medical institutions in northern China [21] - The company ranked fifth among private chain TCM service providers in China by total revenue in 2024, with a customer repurchase rate of 81.1% in the first three quarters of 2025 [22] Group 7: Lao Xiang Ji - LXJ International Holdings Limited updated its prospectus to continue the listing process on the Hong Kong Stock Exchange, with CICC and Guotai Junan as joint sponsors [24] - Founded in 2003, Lao Xiang Ji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [24] - The company reported revenues of 45.28 billion yuan in 2022, 56.51 billion yuan in 2023, and 62.88 billion yuan in 2024, with a 10.9% increase in revenue in the first eight months of 2025 [26]

Core Insights - The report from DBS highlights that the Longevity Economy is at a critical turning point, driven by breakthroughs in key technologies, accelerated capital flows, and demographic changes [1] Group 1: Drivers of Longevity Economy - The rise of the Longevity Economy is primarily driven by three factors: significant advancements in medical technology, substantial capital inflow, and the inevitable trend of population aging [1] - Medical technology advancements include the clinical application of gene editing tools like CRISPR [1] - According to Pitchbook, venture capital investment in the longevity sector has increased over 20 times from 2013 to 2024 [1] - Global life expectancy has risen from approximately 40 years in 1900 to over 74 years currently [1] Group 2: Investment Strategy - DBS's Chief Investment Officer team recommends a "Barbell Strategy" for investing in the Longevity Economy, focusing on both mature therapies and innovative technologies [1] - On the conservative end, the report favors GLP-1 drugs and the eldercare industry, noting the rising demand for housing and services for the elderly, particularly in the U.S. [2] - GLP-1 drugs have transitioned from diabetes treatment to a significant therapy for obesity and show potential for treating neurodegenerative diseases [2] Group 3: Performance Metrics - The Longevity Economy theme has shown strong investment performance, with the related index outperforming the global stock index by approximately 135 percentage points since the end of 2019 [2] - Companies within this theme have a mixed return on equity (ROE) of 28.7%, significantly higher than the market average of 14.5% [2]

Group 1: Renewable Energy Development - Global renewable energy, led by China, is rapidly growing, with solar and wind energy dominating the increase in power generation [2] - China's large-scale development of solar panels, wind turbines, and lithium battery storage systems has solidified its leading position in the global renewable energy market [2] - The proliferation of low-cost rooftop photovoltaic systems in China is providing reliable and economical energy solutions for millions of households in Europe, South Asia, and the Global South [2] Group 2: Genetic Research and Medical Advances - Customized gene editing has been successfully applied in clinical settings for the first time, paving the way for treatments of other rare diseases [3] - Two new drugs for gonorrhea have been approved by the FDA, marking the first new treatments for the disease in decades, with significant efficacy and safety profiles [4] - Research has shown that neurons can transfer mitochondria to cancer cells, enhancing their energy metabolism and promoting cancer metastasis, particularly in brain metastases [5] Group 3: Archaeological and Scientific Discoveries - The discovery of the Harbin ancient human remains has confirmed that they belong to the Denisovans, solving a long-standing mystery regarding their appearance [7] - The Vera C. Rubin Observatory in Chile will revolutionize astronomical observations by scanning the entire sky every three days for ten years, potentially discovering new celestial bodies and studying cosmic phenomena [6] Group 4: Advances in AI and Computational Research - Large language models (LLMs) have demonstrated remarkable capabilities in scientific research, achieving significant breakthroughs in mathematics and chemistry [8][9] - AI systems have rapidly identified new drug candidates for liver fibrosis and replicated complex biological mechanisms, showcasing the potential of AI in accelerating scientific discovery [9] Group 5: Transplantation Innovations - Key breakthroughs in xenotransplantation have been achieved, with genetically modified pig organs showing extended viability in human patients, bringing the field closer to clinical application [11] Group 6: Agricultural Biotechnology - Chinese researchers have identified the QT12 gene, which helps rice withstand high nighttime temperatures, leading to significant improvements in yield and quality under heat stress conditions [12]

Core Insights - The emergence of AI in aging research, particularly through the ClockBase Agent, is revolutionizing the approach to identifying methods for reversing biological aging [3][10][26] - This new paradigm shifts the focus from hypothesis-driven research to data-driven analysis, utilizing extensive historical experimental data to uncover potential interventions [18][29] Group 1: AI and Aging Research - ClockBase Agent integrates over 40 aging clock models and analyzes more than 2 million molecular data sets from humans and mice to identify patterns and potential interventions [4][6] - The AI's ability to autonomously analyze past experiments marks a significant departure from traditional modeling approaches, allowing for the discovery of over 500 potential anti-aging interventions, including the compound Ouabain [6][8] - This approach enables a systematic analysis of aging research, which has historically been fragmented and difficult to interpret [11][20] Group 2: Impact on the Biotechnology Industry - The introduction of ClockBase Agent is expected to alter the valuation framework of the biotechnology sector, particularly in the U.S. stock market [10][26] - Companies focused on AI-assisted drug development, such as RXRX, EXAI, and SDGR, may see enhanced credibility and market confidence as AI provides more reliable predictions based on real-world data [27] - Gene editing companies like CRSP, EDIT, and NTLA could benefit from more targeted approaches to selecting molecular targets, reducing the costs and risks associated with their research [27][28] Group 3: Long-term Implications - The shift towards data-driven methodologies in aging research is likely to create a structural change in the biotechnology industry, leading to increased efficiency and success rates in drug development [29] - The demand for computational power and AI infrastructure providers, such as NVIDIA, Google, and Amazon, is expected to grow as these technologies become integral to the drug development process [28][29] - Overall, the integration of AI in biological research is anticipated to enhance the capital efficiency and success probabilities of biotechnology firms, leading to a long-term transformation in the industry [29]

Summary of Rocket Pharmaceuticals FY Conference Call Company Overview - **Company**: Rocket Pharmaceuticals (NasdaqGM:RCKT) - **Industry**: Gene Therapy - **Focus**: Two platforms - AAV-based therapies for cardiovascular diseases and ex vivo Lenti-based therapies for hematology [2][3] Core Points and Arguments Clinical Programs - **Clinical Programs**: Three hematology programs (LAD-I, Fanconi anemia, pyruvate kinase deficiency) and three cardiovascular programs (Danon disease, PKP2, BAG3) [2] - **AAV Portfolio Focus**: Increased focus on AAV programs due to high unmet need and potential for value creation [2][3] Danon Disease Program - **Trial Resumption**: The hold on the Danon program was lifted rapidly; trial will restart in the first half of 2026 with a staggered dosing approach [5][6] - **Patient Safety**: Previous safety events led to the removal of complement inhibitors from the trial design [5][6] - **Regulatory Alignment**: Ongoing positive interactions with the FDA regarding trial design and patient count [12][13] PKP2 Program - **Trial Design Discussions**: Ongoing discussions with the FDA about trial design; emphasis on a robust design that demonstrates clear benefit-risk [19][20] - **Endpoints Consideration**: Potential for composite endpoints due to the heterogeneity of the disease [21][22] BAG3 Program - **Clinical Entry**: The BAG3 program is set to enter the clinic next year, focusing on dilated cardiomyopathy (DCM) with traditional endpoints [25][26] - **Predictability**: DCM is better characterized, allowing for more predictable outcomes [25] Lenti-based Therapies - **Focus Shift**: A strategic decision to focus on AAV programs while seeking partnerships for Lenti-based therapies like Fanconi anemia [30][31] - **PRV Eligibility**: All Lenti programs (LAD, Fanconi, PKD, Danon) are eligible for Priority Review Vouchers (PRV), providing potential non-dilutive cash sources [34] CMC and Regulatory Updates - **CMC Findings**: Previous CMC findings have been addressed, and a resubmission to the FDA has been made, with hopes for approval by the PDUFA date of March 28 [35] Other Important Insights - **Community Engagement**: Strong commitment to patient advocacy and community engagement, especially following safety events [16][17] - **Market Opportunity**: The company is preparing for a comprehensive update on trial progress and market opportunity once clarity is achieved [10][15] This summary encapsulates the key points discussed during the conference call, highlighting Rocket Pharmaceuticals' strategic focus, clinical program updates, regulatory interactions, and community engagement efforts.

Core Insights - UBS's latest report identifies five key long-term investment themes as the most attractive entry points, emphasizing the importance of understanding both "what to invest in" and "why to invest now" [5][6]. Group 1: Key Long-term Investment Themes - The five long-term investment themes identified are: 1. Digital Consumers 2. Diversity and Equality 3. Enabling Technologies 4. Fintech 5. Identifying the Next Frontier [6][8]. - "Identifying the Next Frontier" is a new entry into the top five, while "Fintech" has improved from fifth place [6]. Group 2: Investment Logic and Rationale - **Digital Consumers**: The younger generation, particularly Gen Z, is reshaping consumption patterns, focusing on shared experiences rather than ownership. AI plays a crucial role in this transformation, making it a top investment theme due to strong quality metrics and robust balance sheets [8]. - **Diversity and Equality**: Regulatory pressures and economic incentives are driving companies to enhance diversity, which is expected to contribute to GDP growth over the next decade. This theme is characterized by reasonable valuations and strong quality scores [10]. - **Enabling Technologies**: The integration of AI and other technologies is projected to create a market worth $2.6 trillion by 2030, with significant growth driven by sectors like AI, AR/VR, and 5G [11]. - **Fintech**: The sector is expected to grow from $310 billion in 2024 to $580 billion by 2030, driven by urbanization, demand from younger demographics, and supportive policies [12]. - **Identifying the Next Frontier**: Emerging markets are anticipated to be the main drivers of global GDP growth, with favorable demographics and productivity advantages [13]. Group 3: Short-term Cautions - **Genetic Therapies and Healthtech**: These themes are currently ranked low due to a lack of positive short-term catalysts and face significant capital constraints. Investors are advised to avoid these areas for the time being [15]. - **Smart Mobility**: This theme has shown improvement in valuation and momentum, making it a potential area for renewed interest [16]. Group 4: Long-term Investment Trends - Three irreversible trends are highlighted: 1. Population growth, with projections indicating an increase from 8.1 billion in 2024 to over 10 billion by 2100, primarily in low- and middle-income countries [19]. 2. Urbanization, with the urban population expected to rise from 55% in 2018 to 68% by 2050 [19]. 3. Aging population, with a significant increase in the proportion of individuals aged 65 and older, particularly in developed countries [19]. Group 5: Recommendations for Investors - Diversification across multiple themes is recommended to mitigate risks [26]. - A long-term investment approach is encouraged, focusing on core drivers like AI and emerging market growth [26]. - Investors should remain vigilant about risks and consider consulting professionals if unfamiliar with specific themes [26].

Core Conclusion - UBS identifies five key long-term investment themes as the best entry points: Digital Consumers, Diversity and Equality, Enabling Technologies, Fintech, and Identifying the Next Frontier [1][2] Investment Themes 1. Digital Consumers - Investment Logic: The younger generation, particularly Gen Z, is reshaping consumption patterns, prioritizing shared experiences over ownership. AI plays a crucial role in transforming traditional sectors like travel and entertainment, alongside emerging areas such as the metaverse and social media [2] - Current Investment Rationale: Ranked first this month due to strong quality metrics, with companies showing robust balance sheets and high returns on invested capital. However, valuations are relatively high due to a focus on growth sectors [2] 2. Diversity and Equality - Investment Logic: Global regulations are increasingly pushing companies to disclose diversity data and reduce disparities. Enhanced diversity is expected to narrow the wealth gap and potentially drive GDP growth over the next decade [3] - Current Investment Rationale: Valuations are reasonable, and quality scores are high. This theme is cross-industry, offering defensive, value, and growth attributes, with strong risk resilience [3] 3. Enabling Technologies - Investment Logic: Generative AI is accelerating technological convergence, with UBS focusing on five categories: AI, AR/VR, big data, 5G, and breakthrough technologies. These technologies are expected to reshape multiple industries, with a high proportion of hardware and software, particularly semiconductors [4] - Current Investment Rationale: Strong momentum and attractive valuations, with a focus on the IT sector, which is currently performing well. The AI market is projected to reach $2.6 trillion by 2030, with a compound annual growth rate (CAGR) of 41% from 2024 [5] 4. Fintech - Investment Logic: Urbanization, demand from younger demographics, and policy support are driving the fintech sector, with revenues expected to grow from $310 billion in 2024 to $580 billion by 2030. Key areas include leading payment companies and emerging technologies like distributed ledgers and AI [6] - Current Investment Rationale: Continuous improvement in momentum aligns with UBS's positive outlook on the U.S. financial sector. After a period of valuation decline, fintech companies are shifting focus from scale to profitability, supported by advancements in AI and a favorable regulatory environment [6] 5. Identifying the Next Frontier - Investment Logic: Emerging and frontier economies are projected to be the main drivers of global GDP growth over the next decade, with over 50% of the population in the top 10 developing economies by 2024. These markets can convert economic growth into corporate profitability [7] - Current Investment Rationale: The appeal of emerging markets is increasing due to the expanding U.S. fiscal deficit and a weakening dollar. Investors are likely to favor these markets for diversification, especially with potential interest rate declines in the second half of the year [7] Short-term Cautions - Gene Therapy & Medical Technology: Currently ranked low in quantitative models, lacking short-term catalysts. The biotech sector faces significant capital constraints, and medical technology companies need to demonstrate profitability and scalability [8] - Smart Mobility: Due to improved valuations and momentum, this theme has been removed from the caution list, with positive developments expected from upcoming industry events [9]

Core Insights - The article highlights a decrease in financing events and amounts in the primary market, with a total of 137 financing events this week, down by 4 from last week, and a total financing amount of approximately 4.185 billion yuan, down by 5.33 billion yuan from the previous week [4][5]. Financing Overview - This week, 74 financing events disclosed amounts, an increase of 26 from last week, with significant changes in the financing amount distribution across different ranges [5]. - Notable financing events include: 1. Industrial-grade drones: Kewaitai completed a strategic financing round aimed at enhancing cooperation in smart transportation and public safety applications [7]. 2. High polymer materials: Zhongke Kele raised over 300 million yuan in Series A financing to promote EPOE technology and catalyst development [7]. 3. Industrial robots: Meikaman completed nearly 500 million yuan in financing to optimize its technology and expand product lines [8]. 4. Gene therapy: Ruizheng Gene raised 75 million USD in Series A financing to accelerate its technology platform and product pipeline [8]. Industry Distribution - The financing events this week spanned 12 industries, with the top five being Information Technology, Equipment Manufacturing, Electronics, Healthcare, and Materials, accounting for 80.29% of total events [12]. - In terms of financing amount, Healthcare led with 3.47 billion yuan, influenced by significant events like Ruizheng Gene's financing [14]. Regional Distribution - The top five regions for financing events were Jiangsu, Guangdong, Shanghai, Beijing, and Sichuan, accounting for 77.37% of total events [21][22]. - In terms of financing amounts, Jiangsu and Guangdong were the leading regions, with Jiangsu alone contributing 25.55% of the total financing amount [23]. Financing Rounds - Angel and Series A rounds were the most active, totaling 103 events, indicating a trend towards early-stage investments [25]. - Series A financing accounted for nearly 40% of the total financing amount, driven by significant events in the healthcare and technology sectors [25]. Investment Institutions - A total of 170 investment institutions participated this week, with a slight decrease in activity. Notable active investors included Hefei Innovation Investment and Hillhouse Capital [28]. Exit Situation - There were 28 public exit cases this week, an increase of 10 from last week, with the top industries for exits being Power Equipment & New Energy, Electronics, and Information Technology [30].