不久前，人力资源和社会保障部印发通知，确定北京、天津、唐山等39个人力资源服务业与制造业融合 发展试点城市。这些城市将聚焦智能制造、电子信息、新材料、新能源、生物技术等制造业重点领域， 差异化探索产业升级与就业促进高效协同的创新路径，助力破解制约制造业发展的人力资源要素供给短 板，提升制造业人力资源开发利用水平。 新华社音视频部制作 近年来，我国人力资源服务业实现长足发展。"十四五"以来，全行业年均为3亿人次劳动者提供就业、 择业和流动服务，为5000多万家次用人单位提供专业支持。 截至2024年底，全国拥有人力资源服务机构7.4万家，从业人员达109.3万人。制造业领域占人力资源服 务全行业服务总量近40%，人力资源服务业与制造业融合发展水平不断提升。 ...

《越通社》11月27日报道，据北宁省工业园区管理委员会消息，从现在到2030年，该省将大力吸引 投资，发展高新技术产业、绿色产业和数字技术产业，目标是在2026—2030年阶段继续发挥高新技术工 业中心的作用，实现可持续、绿色的发展；力争保持地区生产总值（GRDP）增速高于全国平均水平； 进出口总额达到1.12万亿美元；人均GRDP超过9000美元。 为实现上述目标，北宁省建议中央尽快颁布《工业园区与经济区法》，以实现管理上的统一和同 步，克服现行各法律（投资、土地、建设、环境、房地产经营等）之间重叠的问题。 （原标题：越南工业重镇北宁省拟大力吸引高新技术、绿色发展和数字技术产业投资） 未来，北宁将要求工业园区基础设施投资方增加绿地与水面面积，改善生态景观；同步发展社会基 础设施，如建设工人宿舍、幼儿园、医疗中心、文化体育活动区、超市和必要服务设施。与此同时，北 宁将从"被动解决投资商需求"转变为"主动服务投资商、企业"，积极支持与同行企业发展人力资源，连 接各大学与职业培训机构，制定高技能劳动者培训计划；鼓励培训机构与企业合作开展培训，以满足工 业园区企业的实际需求。 截至目前，北宁省已有35个工业园区获批 ...

来源：企业上市 核心就一句话：被冻了7个月的中企去美国上市的大门，现在又重新开了一条缝。 下面帮你拆解一下这到底是怎么回事： 之前为什么"冻上"了？ 中美闹别扭：主要原因是美国要查中概股的"审计底稿"（相当于公司最机密的财务病历），我们觉得涉及国家安全，不太愿意给。 国内要备案：同时，我们国内自己也有新规，企业去国外上市得先在中国证监会备案拿到"出门条"。 结果：两边一卡，从今年4月开始，这个备案就基本停摆了，想去美国上市的企业全堵在门口干着急。 现在为什么又"开窗"了？ "闭关"结束了，但"出门"的规矩比以前多了。 家里家外的审查都更严格了。但这扇门重新打开，对于急需融资、渴望获得国际资本市场认可、特别是那些在美国故事更好讲的科技公司来说，绝对是一 个值得赶紧抓住的战略机会。已经有不少嗅觉灵敏的企业在10月份就递交申请，开始"抢跑"了。 所以，"重磅窗口期开启"的意思就是：路通了，但桥变窄了，审核更严了，能上去的都是优等生。 对于计划赴美上市的中国企业来说，目前正处在一个规则调整的关键时期。纳斯达克交易所已提议提高上市门槛，虽然新规尚待美国证监会批准，但了解 其动向对规划上市路径至关重要。 下面这个表格汇总 ...

2025年的全球资本市场，正在上演一场足以打破所有投资者固有认知的"预期差"修正。 01 预期差的修正：港股流动性的"历史性回归" 当大多数人的目光仍停留在纳斯达克与标普500时，港股已经以近乎"抢跑"的姿态完成了一次从估值洼地到流动性高地的转变。 截至11月27日，恒生指数年内上涨29.34%，恒生科技指数上涨25.29%，双双跑赢美股核心指数。 更关键的是，这一轮上涨并非情绪推动，而是建立在流动性持续抬升的结构性基础上。Wind数据显示，截至11月27日，恒生指数日均成交额升至2561.25 亿元，创1969年以来最高纪录；恒生科技指数日均成交额亦达到790.25亿元，创下指数发布以来新高。 港股告别"低温区"，进入真正的"高活跃时代"。 资金的大幅回流，是这轮行情的核心变量。内地资金通过港股通与ETF两大渠道持续流入，截至11月27日，南下资金年内净流入13791.85亿港元，创港股 通开通以来年度新高；A股可投港股的ETF资金累计流入3426.63亿元，其中下半年净流入2868.58亿元，占比达83.71%，呈现典型的"下半年加速"特征。 这种"持续、稳定、规模化"的资金投入，共同构成了港股这场流动性 ...

Market Overview - On November 27, 2025, A-shares showed mixed performance with the Shanghai Composite Index closing at 3875.26 points, up 0.29%, while the Shenzhen Component Index fell 0.25% to 12875.19 points, and the ChiNext Index decreased by 0.44% to 3031.30 points. Over 2700 stocks rose in value, with total trading volume in the Shanghai and Shenzhen markets at 1.71 trillion yuan, a decrease of 70 billion yuan from the previous trading day [1] - Hong Kong stocks experienced fluctuations, with the Hang Seng Index closing up 0.07% at 25945.93 points and a total trading volume of 204.73 billion HKD. The Hang Seng China Enterprises Index rose 0.03%, while the Hang Seng Tech Index fell 0.36% [1] - U.S. stock markets were closed on November 27 due to the Thanksgiving holiday, with early market closure expected on November 28 [1] New Stock Subscription - The new stock available for subscription is Bai'ao Saitou, listed on the Sci-Tech Innovation Board with a stock code of 688796. The issue price is 26.68 yuan per share, with a price-to-earnings ratio of 519.12 times. The company focuses on gene editing technology and aims to become a global source of new drugs, providing innovative animal models and preclinical drug development services [3] Regulatory News - The State Administration for Market Regulation held its fifth enterprise fair competition symposium on November 27, 2025, discussing the promotion of fair competition and optimization of the business environment. Key foreign enterprises such as Samsung, BMW, Johnson & Johnson, and Bayer participated in the discussions [4] - The administration emphasized strengthening antitrust enforcement in key areas, enhancing fair competition reviews, and addressing barriers to the construction of a unified national market to create a market-oriented, law-based, and international business environment [5] - The National Development and Reform Commission highlighted the rapid growth of the humanoid robot industry, which is expected to exceed a market scale of 100 billion yuan by 2030, growing at over 50% annually. However, it cautioned against the risk of oversaturation in the market with similar products and the potential compression of R&D space due to the influx of over 150 humanoid robot companies, many of which are startups [5]

Group 1 - Baidu's Biotech Company, Bai'ao Saitou, is set to launch its IPO on the Sci-Tech Innovation Board, aiming to raise 1.185 billion yuan for early drug development services, antibody drug research, and working capital [1] - Changchun High-tech's subsidiary received approval for its clinical trial application for GenSci142 capsules, marking the first approval under the new 30-day review channel for innovative drugs [2] - Antu Bio announced it received 18 medical device registration certificates, enhancing its product offerings and competitiveness in the market [3] Group 2 - Yidu Tech reported a revenue of 358 million yuan for the six months ending September 30, 2025, reflecting an 8.7% year-on-year growth, with a narrowed loss of 15.76 million yuan [4] - Baiyunshan's subsidiary, Guanghua Pharmaceutical, will receive a total compensation of approximately 449 million yuan for land and fixed assets included in a land reserve program, which aligns with the company's long-term development goals [5]

Core Viewpoint - Shanghai Bao Pharmaceuticals Co., Ltd. (referred to as "Bao Pharmaceuticals") is preparing for an IPO on the Hong Kong Stock Exchange, having submitted its prospectus after hearing on November 26, 2025, following two previous submissions in January and August 2025 [1][5]. Business Overview - Bao Pharmaceuticals, established in 2019, is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China using synthetic biology technology. The company targets complex diseases with limited treatment options [5]. - The company strategically focuses on four key areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals [5]. Product Pipeline - Bao Pharmaceuticals has a pipeline of 12 self-developed products, including three core products: KJ017, KJ103, and SJ02 (Shengnuo). Additionally, there are four other clinical-stage candidates and five preclinical assets [5]. - The core product SJ02 received NDA approval from the National Medical Products Administration (NMPA) in August 2025. KJ017 and KJ103 are in late clinical or NDA registration stages in China [6]. - SJ02 is a long-acting recombinant human follicle-stimulating hormone-CTP fusion protein designed for controlled ovarian stimulation in conjunction with GnRH antagonists. KJ017 is the first recombinant hyaluronidase in China aimed at rapid, large-volume subcutaneous delivery. KJ103 is an innovative recombinant IgG-degrading enzyme for treating various immune diseases [6]. Clinical Trials - Bao Pharmaceuticals is actively advancing multiple pipeline products, particularly innovative recombinant biopharmaceuticals as transformative alternatives to traditional biochemical extraction drugs, including KJ101 and BJ044 [6]. - The company has developed recombinant human chorionic gonadotropin (hCG) SJ04 for assisted reproduction, which received IND approval in May 2024 and began Phase I clinical trials in August 2024, completing the trial in September 2025 [7]. Financial Performance - The company's revenue for the years 2023, 2024, and the first half of 2025 was RMB 6.93 million, RMB 6.16 million, and RMB 4.199 million, respectively. Corresponding R&D expenditures were RMB 133 million, RMB 251 million, and RMB 111 million, with net losses of RMB 160 million, RMB 364 million, and RMB 183 million [16][17]. Shareholder Structure - The pre-IPO shareholder structure shows Dr. Liu Yanjun holding 21.21%, Ms. Wang Zheng 7.81%, and Mr. Tan Jingwei 5.21%. Other significant shareholders include Shengde Pharmaceutical and various investment funds [9][10].

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with funds primarily allocated for the development and commercialization of core products and expansion of production capacity [1][2]. Group 1: IPO Details - The company has submitted its hearing materials and is expected to list soon, with CITIC Securities and Cathay Securities acting as joint sponsors [1]. - The funds raised will support clinical trials and regulatory filings for core products KJ017, KJ103, and SJ02 in various regions [1]. Group 2: Product Development - The company focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [2]. - It has developed 12 research products, including three core products, with SJ02 already approved by the National Medical Products Administration (NMPA) [2]. - KJ017 is in the NDA stage, while KJ103 is in Phase III clinical trials [2]. Group 3: Technology and Production - The company aims to optimize its proprietary synthetic biology technology platform to develop new drug candidates [1]. - Plans include enhancing and expanding production capacity, including the construction of a new production base in Shanghai and upgrading existing facilities [1].

Core Insights - A new financial innovation model has been implemented in Yichang's Xiling District, where Wuhan Equity Custody Trading Center collaborates with the local government to provide equity subscription financing services for Hubei Suoguan Technology Co., marking a breakthrough for Wuhan's support of tech enterprises [1][2] - The equity subscription is a financial tool that grants external institutions the option to purchase a certain number or amount of company shares in the future, addressing the financing challenges faced by tech startups [1][2] Group 1 - The collaboration between the Xiling District government and Wuhan Equity Custody aims to create a tailored financial solution for local tech SMEs, leveraging the "Park Service + Equity Subscription" model [1][2] - Suoguan Technology, a startup specializing in synthetic biology with multiple national patents, has benefited from this model, receiving funding that acknowledges the market value of its technology [2] - The implementation of the equity subscription financing model allows tech companies to overcome traditional financing limitations, transforming the role of the park from a service provider to a value-sharing partner [2] Group 2 - The next steps for Wuhan Equity Custody include promoting and enriching the equity subscription service scenarios, aiming to build a comprehensive ecosystem that integrates policy guidance, platform collaboration, financial synergy, and enterprise empowerment [2]

Core Viewpoint - Mingyu Pharmaceutical Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, with Morgan Stanley, Bank of America, and CITIC Securities as joint sponsors [1] Company Overview - Established in 2018, Mingyu Pharmaceutical is a biotechnology innovation company nearing commercialization, employing a dual-engine development strategy of "tumor immunity + autoimmune" [1] - The company has 13 drug candidates in development, with 10 in clinical stages, featuring a diverse product pipeline that includes ADC drugs, bispecific antibodies, and autoimmune therapies [1] Product Pipeline - In the oncology sector, the core product TROP-2 ADC drug MHB036C targets a multi-billion dollar solid tumor market and is currently undergoing combination therapy studies with PD-1/VEGF bispecific antibody MHB039A, including Phase I/II studies for non-small cell lung cancer and Phase II studies for breast cancer [1] - Another core product, B7-H3 ADC drug MHB088C, has entered Phase III clinical trials for second-line monotherapy in small cell lung cancer and is also being studied in combination with MHB039A [1] - In the autoimmune sector, the core product IGF-1R antibody MHB018A is in Phase III trials for active thyroid eye disease, while topical JAK inhibitor MH004 is set to submit a new drug application for atopic dermatitis in China by 2025 [1] Financial Performance - Financial data shows that the company reported revenues of 0 yuan for 2023 and 2024, with projected revenue of 264 million yuan for the first half of 2025, primarily from licensing B7-H3 ADC drug rights to Qilu Pharmaceutical, valued at 1.345 billion yuan [2] - R&D expenditures for the same periods were 182 million yuan, 281 million yuan, and 98 million yuan, with a cumulative net loss of 587 million yuan [2] Market Potential - According to a report by Zhi Shi Consulting, the global PD-(L)1 bispecific antibody market is expected to grow from 300 million USD in 2024 to 19.16 billion USD by 2035, with the Chinese market projected to reach 3.37 billion USD by 2035 [2] Funding and Valuation - Mingyu Pharmaceutical has completed five rounds of financing, with notable investors including Aobo Capital, Qiming Venture Partners, Huazhong Fund, Tigermed, and IDG Capital [2] - Following a 131 million USD Series C financing round in July 2025, the post-money valuation of the company reached 3.936 billion yuan [2] - The shareholding structure indicates that Dr. Cao Guoqing and his wife collectively hold 36.27% of the shares [2] Use of Proceeds - The funds raised from the Hong Kong listing will primarily be used for core product R&D, production capacity building, commercialization efforts, and working capital supplementation [2]