（原标题：英中贸易协会：粤港大湾区已成为"全球湾区"） （英国驻华大使魏磊在2025英国—粤港澳大湾区大会上致辞，主办方供图） 此外，英国还担任了2025年第五届中国国际消费品博览会和第二十五届中国国际投资贸易洽谈会（投洽 会）的主宾国。在投洽会上，英国有超过100家企业和机构参展，举办了一系列经贸对接活动。 英国驻华大使魏磊在发言中表示，中英经济具有高度的互补性。他强调，英国不仅在金融服务、生命科 学和清洁能源等领域拥有显著优势，在人工智能领域已孕育出168家估值超十亿美元的"独角兽"企业， 对整体经济的贡献率位居全球第三。 为此，他期待中英双方能充分利用这些顶尖的专业资源来深化联系，并通过增强高层互访，特别是让英 国决策者来到粤港澳大湾区，亲身感受这一区域的发展活力，共同开拓合作前景。 商务部最新数据显示，截至2025年7月，英国累计对华实际投资已超过350亿美元，中国对英国的直接投 资存量也超过了320亿美元。目前，有超过1.3万家英国企业在华设立。 南方财经 21世纪经济报道记者 袁思杰 实习生周家礼 深圳报道 11月20日，由英中贸易协会主办的英国—粤港澳大湾区大会连续第三年在深圳前海举行。此次活动 ...

在位于西部科学城重庆高新区（简称"重庆高新区"）的重庆天怡美生命科学有限公司，某博士带领科研 团队潜心研究推动诱导多能干细胞分化免细胞治疗项目产业化。受重庆高新区良好的人才生态吸引，该 博士于2024年底正式加入重庆天怡美生命科学有限公司，并担任该项目的负责人。这样的故事在重庆高 新区不胜枚举，众多人才在重庆高新区拥有了独立的科研空间，也让他们看到了成果转化的无限可能。 政策引领：构建开放流动、共享共用的汇智用才机制 功以才成，业由才广。 走进中子科学（重庆）研究院，由中国工程院院士领衔的团队正紧张调试着超高流强稳态氘氚中子源大 型科学装置。这一国际领先的大型科学装置，是重庆高新区实施"人才引领、项目驱动"政策结出的硕 果。 人才是产业发展的重要支撑。通过整合科创、产业、人才、金融政策资源，重庆高新区对在区内领衔开 展重大平台建设、重要技术攻关、硬核成果转化的国内外战略科技人才，给予同权共享的政策体系支 持。"十四五"时期，33个市外院士团队、107名高层次人才通过项目纽带汇聚于此，攻克关键技术87 项，转化科技成果173项，形成"引进一个团队、攻克一批关键技术、带动一个产业"的裂变效应。 为让人才突破身份、 ...

Core Insights - The eighth China International Import Expo (CIIE) highlighted the shift of Chinese enterprises from "product export" to "model export" in their internationalization efforts [1][4] - The transformation signifies a new phase of deep integration into local economies, moving from "going out" to "rooting in" [4][5] - The main driving forces behind this transition include technology-driven innovation, new business models, and upgrades in the industrial chain [5][6] Group 1: Trends in Chinese Enterprises Going Global - Chinese enterprises are increasingly focusing on greenfield investments rather than mergers and acquisitions, allowing them to build supply chains and enhance market proximity [4][5] - The primary sectors for outbound investment have shifted from traditional manufacturing to high-value industries such as TMT (Technology, Media, and Telecommunications), advanced manufacturing, and life sciences [4][5] - High-tech companies face unique challenges compared to traditional industries, including stringent compliance with data security and privacy regulations, as well as complex intellectual property competition [5][6] Group 2: Supply Chain Resilience and Market Selection - Establishing resilient supply chains (China + N) has become a key driver for enterprises, necessitating a comprehensive evaluation framework that balances efficiency and risk [6][7] - Companies should assess geopolitical stability, labor force, infrastructure, and local regulations to prepare for deep localization [6][7] - ASEAN and Middle Eastern countries are emerging as attractive destinations for Chinese enterprises due to their market potential and supportive policies [7][8] Group 3: Role of CIIE in Facilitating Global Expansion - The CIIE has evolved into a strategic hub for both "bringing in" and "going out," facilitating cross-border financial services and global resource connections [8][9] - The expo enables enterprises to showcase innovative technologies and expand international partnerships, thereby linking them to global industry networks [8][9] - Successful internationalization requires companies to assess market compatibility, understand local laws, and establish a global compliance management system [9]

Core Insights - The report highlights the resilience and vitality of the Chinese economy amidst external risks and challenges, with 88% of Chinese CEOs expressing confidence in the country's economic development over the next three years, marking a recent high [8][18][20]. Group 1: Economic Outlook - Despite escalating external risks, Chinese CEOs show a rebound in confidence regarding short-term economic growth, with 54% expressing optimism for the next year, an increase of 9 percentage points from the previous year [9][11]. - The long-term economic outlook remains positive, with 58% of Chinese CEOs confident in global economic growth over the next three years, although this is a decrease of 13 percentage points from the previous year [18][20]. Group 2: Business Challenges - The report identifies "involution" competition as the primary challenge for businesses, with 51% of CEOs acknowledging intensified market competition as a significant impact on current business development [15]. - There is a notable decline in revenue growth expectations, with only 73% of CEOs anticipating positive revenue growth this year, down from 81% last year [11][12]. Group 3: Strategic Initiatives - 52% of Chinese CEOs prioritize research and innovation to develop new productivity as a key short-term strategy to combat "involution" competition [12][15]. - The focus on digital transformation and compliance investments is increasing, with a significant emphasis on enhancing supply chain security [12][15]. Group 4: Leadership and Management - 54% of Chinese CEOs believe their roles and responsibilities have significantly changed in the past five years, necessitating a multifaceted leadership approach that includes strategic foresight and adaptability [26]. - The importance of agility and rapid decision-making under pressure is emphasized, with 26% of CEOs identifying these as critical leadership capabilities [26]. Group 5: International Expansion - Chinese companies are shifting their overseas strategies from aggressive expansion to rational deepening, with 77% of CEOs citing strategic resource allocation as a primary driver for international ventures [29]. - The choice of overseas markets is increasingly focused on Southeast Asia and the Middle East, reflecting a strategic move to mitigate geopolitical risks [29][31]. Group 6: Technology and AI - The application of artificial intelligence (AI) is becoming more prevalent, with 86% of Chinese CEOs expecting a return on AI investments within three years, a significant increase from the previous year [33]. - Over 60% of CEOs view the competition for AI talent and skills enhancement as a key challenge for future development [36]. Group 7: ESG Investments - There is a growing proactive attitude towards Environmental, Social, and Governance (ESG) investments, with 76% of CEOs believing that ESG investments contribute to corporate transformation and demand enhancement [38]. - 49% of companies have initiated practices in low-carbon transformation, a notable increase from 35% the previous year [38].

Core Insights - The 2025 Haidian District "Two Zones" construction promotion event was held during the 8th China International Import Expo, showcasing the latest achievements of Haidian's development [1] - Haidian District is recognized as a core area of Beijing's international science and technology innovation center, ranking first in the "2024 Annual China Most Valuable Venture Capital District List" [1] - The district's GDP is projected to reach 1.29 trillion yuan in 2024, contributing the highest to Beijing's economy for nine consecutive years [1] Economic and Innovation Environment - Haidian boasts a robust economic foundation with a global-leading innovation ecosystem, housing 37 top universities and 2 national laboratories [1] - The district has approximately 46.9 million square meters of industrial space and has introduced over 10 billion yuan in new policies to support industries and finance [1] - In 2024, 372 foreign-funded enterprises chose to establish operations in Haidian, maintaining the highest actual foreign investment in the city for seven years [1] Policy Support and Development Strategies - Haidian continuously improves its policy framework to support the entire lifecycle of technology enterprises, focusing on innovation-driven development and key industry pain points [2] - The district offers up to 20 million yuan in support for leading incubators and up to 100 million yuan for "challenge-based" initiatives [2] - Specific policies have been implemented for core industries such as artificial intelligence, healthcare, and integrated circuits, optimizing the industrial ecosystem [2] Regional Collaboration and Future Prospects - The promotion event featured presentations from various towns and companies within Haidian, highlighting significant technology parks and industry clusters [3] - A 10 billion yuan industrial fund pool has been established in Dongsheng Town to support enterprise growth, alongside rent reductions and international entrepreneurship competitions [3] - Six quality enterprises from the Yangtze River Delta signed cooperation memorandums with Haidian, injecting new vitality into the "Two Zones" construction [3]

Core Insights - The 8th China International Import Expo (CIIE) is taking place in Shanghai from November 5 to 10, showcasing a positive shift in CEO confidence regarding China's economic growth for the upcoming year [1] Summary by Categories Economic Outlook - 54% of Chinese CEOs express confidence in China's economic growth over the next year, an increase of 9 percentage points from the previous year, and significantly higher than their confidence in the global economy [1] - 73% of Chinese CEOs anticipate positive revenue growth for their companies this year, down from 81% last year; 20% expect negative revenue growth, up from 15% last year [1] Industry Performance - There is a notable divergence in revenue growth expectations between emerging and traditional industries; the life sciences and technology sectors show the most optimistic revenue growth outlook [1] - Traditional industries such as industrial manufacturing, consumer retail, and real estate face pressure on revenue growth due to supply-demand imbalances and weak demand [1] Competitive Challenges - "Involution" competition is identified as a significant short-term challenge for Chinese companies; 52% of CEOs prioritize R&D and innovation to develop new productive capabilities to overcome this competition [1]

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for China to expand high-level openness and share market opportunities with the world, with the UAE expressing a willingness to deepen practical cooperation with China for mutual benefit and common development [1] Group 1: UAE Participation in CIIE - The UAE is the guest country of honor at this year's CIIE, showcasing its commitment to knowledge-driven and environmentally friendly economic growth under the theme of "Innovation, Sustainability, and Partnership" [1] - UAE companies participating in the expo span various sectors, including infrastructure, renewable energy, and life sciences, focusing on innovative solutions such as smart energy, AI-driven financial services, and sustainable building technologies [1] Group 2: Trade Relations and Economic Potential - The UAE has increasingly introduced renewable energy technologies, advanced building materials, fintech solutions, and high-quality consumer goods into the Chinese market, recognizing the vast investment and consumption potential in China [1] - In 2024, bilateral trade between China and the UAE is projected to exceed $100 billion for the first time, reflecting a year-on-year growth of 7.2%, driven by shared visions in open trade and technological innovation [1] Group 3: Investment and Business Environment - The first UAE International Investment Summit's China session will be held in Shanghai, highlighting the strategic cooperation between China and the UAE, with Shanghai being a global financial and trade hub [1] - As of mid-2025, 772 Chinese companies are registered in Dubai, marking a 3.8% increase, indicating a growing trend of Chinese enterprises using Dubai as a regional operational base [1] Group 4: Global Trade and Cooperation - The rise of unilateralism and protectionism poses challenges to multilateralism and free trade, with both China and the UAE advocating for a resilient global supply chain and enhanced trade facilitation [1] - The two countries aim to promote green and sustainable investment practices, contributing to the sustainable development of the global economy [1]

Financial Data and Key Metrics Changes - Consolidated gross profit for Q3 2025 was $19.4 million, an increase of 8.8% compared to Q3 2024 [13] - Adjusted EBITDA for Q3 2025 was $5.5 million, slightly down by 1.4% from $5.6 million in Q3 2024 [13] - Adjusted EPS remained stable at $0.42 for both Q3 2025 and Q3 2024 [13] Business Line Data and Key Metrics Changes - In healthcare, gross profit for Q3 2025 was $9.0 million, up 8.5% from $8.3 million in Q3 2024, with school revenue growing 20.7% to $24.4 million [13][14] - Engineering gross profit for Q3 2025 reached $6.9 million, a 17.3% increase from $5.9 million in Q3 2024, marking the best engineering gross profit quarter in company history [15] - IT, life sciences, and data solutions group gross profit for Q3 2025 was $3.5 million, down 4.2% from $3.7 million in Q3 2024 [16] Market Data and Key Metrics Changes - The company reported a record engineering backlog for 2026, exceeding $70 million, compared to $21 million for 2025 at the same time last year [15] - Billable hours for the first four weeks of October 2025 increased by 18% compared to the same period in 2024, indicating strong momentum heading into Q4 [15] Company Strategy and Development Direction - The company is focusing on expanding its healthcare services and enhancing its brand awareness, which has led to increased traction and a stronger talent pool [2][3] - In life sciences, the company is capitalizing on industry shifts by partnering with AI-driven companies to streamline compliance and reduce turnaround times [5] - The engineering segment is emphasizing its integrated model and strategic partnerships to enhance procurement agility and mitigate resource bottlenecks [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Q4 2025, expecting it to yield the highest quarterly gross profit and adjusted EBITDA of the fiscal year [17] - The company anticipates continued growth in the aerospace and defense sectors, with many programs still in their infancy [12] - Management acknowledged challenges with medical costs but indicated that measures are being taken to address these long-term [20][44] Other Important Information - The company experienced excess medical costs of approximately $1.8 million year-to-date, with Q3 particularly impacted [3] - SG&A expenses included $800,000 in medical claims over budget for Q3 alone [16] Q&A Session Summary Question: Impact of foreign candidates in the healthcare group - Management indicated that they have a pipeline of at least 300 nurses ready to come over if visa issues are resolved, with potential for 50-60 nurses in the near term [18][19] Question: Predictability of excess medical costs - Management suggested that the current level of excess medical costs is likely to continue into Q4, with long-term measures being implemented to reduce these costs [20] Question: Performance of the industrial process segment - Management noted that while the industrial process segment is stable, it requires a different trajectory for growth, with potential upside expected in 2026 [25][27] Question: Growth opportunities in energy services - Management confirmed that energy services are a significant growth area, focusing on tier-one utility clients and exploring new partnerships [30][32] Question: Capital allocation and share buyback program - Management discussed the balance between available debt and the share buyback program, emphasizing the undervaluation of their stock and the potential for future dividends [56][58]

Core Insights - The article discusses the recent angel round financing of "Zhiyuan Shenlan," which raised several million yuan, led by Woyan Capital, with participation from Tianfeng Capital and other angel investors. The funds will be used for building a generative AI platform for biomolecules and a self-driving molecular function evolution platform, as well as for market expansion [3][4]. Group 1: Company Overview - Zhiyuan Shenlan was established in 2024, incubated by Megia Technology, focusing on data-driven biomolecule design and manufacturing. The founder, Dr. Wang Chengzhi, has over 20 years of experience in the life sciences field [3][4]. - The company aims to leverage generative AI to transform the research paradigm in life sciences from "large-scale trial and error" to "precise design and creation" [3][5]. Group 2: Technological Advancements - The emergence of AlphaFold 2 has predicted over 200 million protein structures, covering most known proteins on Earth, but the industry is more focused on protein functions rather than just structures [3][4]. - Zhiyuan Shenlan is optimizing for "function" by exploring functional needs in practical applications, utilizing a self-driving automated experimental platform to efficiently generate functional data [4][5]. Group 3: Future Vision - The company is working towards a data-driven bioengineering and molecular design platform, evolving AI for Science from a 2.0 "navigation design engine" to a 3.0 "scientific intelligent autonomous platform" [5][6]. - In the future, AI is expected to autonomously design, execute, and iterate entire research experiment loops, with human scientists focusing on key questions and strategic directions [5][6]. Group 4: Key Breakthroughs - Three key breakthroughs are necessary for the autonomous intelligent evolution platform: a unified coordinate system for AI understanding, an autonomous decision-making AI agent, and an automated intelligent experimental platform [6]. - Zhiyuan Shenlan proposes a "ten-step" roadmap for AI4S 3.0, aiming to learn existing human knowledge, propose hypotheses, validate experiments, and ultimately make scientific discoveries that surpass human intuition across multiple scientific fields [6].

Financial Data and Key Metrics Changes - Ashland's Q4 sales were $478 million, down 8% year over year, primarily due to portfolio optimization initiatives, with adjusted EBITDA at $119 million, down 4% year over year [4][10] - Adjusted EBITDA margin expanded to 24.9%, up 110 basis points from last year, marking the most profitable quarter of the year [10] - Adjusted earnings per share was $1.08, down 14% from the prior year, impacted by a higher effective tax rate [10] Business Line Data and Key Metrics Changes - Life Sciences sales were $173 million, down 10% year over year, primarily due to the divestiture of the nutraceuticals business, but adjusted EBITDA was $55 million, representing a 32% margin [12][14] - Personal Care sales were $151 million, down 7% year-over-year, but on a comparable basis, delivered 5% sales growth with strong volume gains [17] - Specialty Additives sales were $131 million, down 9% year-over-year, but adjusted EBITDA was $29 million, consistent with the prior year, achieving the strongest margin of the year at 22.1% [18][20] - Intermediates faced pricing and volume pressure, with sales at $33 million, down 8% year over year, and adjusted EBITDA of $5 million, representing a 15.2% margin [15][16] Market Data and Key Metrics Changes - Life Sciences showed resilience in pharma demand, achieving low single-digit sales growth year over year, while nutrition end markets were softer [12][13] - Personal Care experienced broad-based gains across end markets and regions, particularly in biofunctional actives and microbial protection [17] - Specialty Additives faced challenges in coatings, particularly in China, India, and the Middle East, but other markets improved [6][20] Company Strategy and Development Direction - Ashland's strategic focus includes portfolio optimization and restructuring, with approximately 85% of its portfolio serving consumer-facing end markets [7][8] - The company aims to deliver resilient long-term value through disciplined execution and clear focus on priorities, with a $60 million manufacturing optimization program underway [9][22] - Future growth is expected to come from globalized sales and innovation-driven growth, targeting $20 million and $15 million respectively for fiscal 2026 [25][29] Management's Comments on Operating Environment and Future Outlook - Management highlighted ongoing macroeconomic challenges but noted strong margins and consistent performance in Q4 [4][9] - The company expects full-year sales for fiscal 2026 to be between $1,835 million and $1,905 million, representing organic growth of 1%-5% [27][28] - Management remains cautious about macro factors like interest rates and housing turnover but believes in the potential for share gains and innovation to drive growth [28][29] Other Important Information - The company completed a $30 million restructuring program, realizing $20 million in savings this year, with another $12 million expected in fiscal 2026 [21] - Total liquidity stood at just over $800 million, with net leverage at 2.9 times, improving to mid-twos after a $103 million tax refund [11] Q&A Session Summary Question: What were volumes in Q4, and what are your volume assumptions for next year? - Management noted a nice pickup in volumes in Life Sciences and Personal Care, with mixed results in coatings, particularly in China [32] Question: Can you elaborate on the weakness in the nutrition side of Life Sciences? - The weakness was primarily in North America and Europe, but recent share gains are expected to support a return to growth [36] Question: How much of the $100 million CapEx is growth CapEx? - Approximately $55 million is for stay-in-business, with the remainder allocated to growth projects supporting globalized initiatives [36][38] Question: How is the competitive intensity from Chinese competitors affecting the business? - Competitive intensity remains a key factor, particularly in the coatings segment, with variations depending on the region [57] Question: What is the expected contribution from the innovation pipeline in 2026? - The company targets $15 million in innovation-driven growth for 2026, with a focus on core technologies [52][53]