以下文章来源于芒格书院 ，作者芒格书院小芒 芒格书院 . 由资深出版人施宏俊先生创立，定位于为终身学习者提供学习和思考的知识资源，推动认知升级和思想 分享。 9月20日下午，丹麦作家、企业家、投资人拉斯·特维德（Lars Tvede）携新作《超智能与未来》现身上海， 在芒格书院与中信出版作家演讲局联合组织的活动中，与书院会员们深度讨论了未来五年最具前景的投资 方向。 拥有横跨金融、科技创业与未来学领域的"跨界头脑"，特维德的经历堪称传奇：他不仅是Supertrends AG创 新地图公司、 Atlas Global Macro对冲基金、Fiftyfive Capital风投基金的联合创始人，更凭借《逃不开的经济 周期》《金融心理学》等著作在全球收获超百万销量。 从指数级爆发的AI技术到暗藏机遇的金属矿业，从稀缺而有限的激情投资标的到潜力十足的东盟与中国市 场，再到估值尚且温和的生物科技领域——这位手握对冲基金与风投双重实战经验的投资人，带着他基于 330万年历史数据追踪与4000项技术预测的思考结晶，在活动上倾情分享。 特维德先生的演讲与问答均以英语进行，书院特将本场活动的全部内容翻译并编辑整理出来，以飨读者 ...

天眼查App显示，近日，周口喜丰果生物科技有限公司成立，法定代表人为陈文中，注册资本10万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；生物农 药技术研发；肥料销售；化肥销售；生物有机肥料研发；土壤与肥料的复混加工；复合微生物肥料研 发；化工产品生产（不含许可类化工产品）；农作物病虫害防治服务；普通货物仓储服务（不含危险化 学品等需许可审批的项目）；货物进出口；技术进出口（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）许可项目：农药生产；农药批发；农药零售；肥料生产（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，唐山创源生物科技有限公司成立，法定代表人为柳林，注册资本50万人民币， 经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;生物基材料 制造;生物基材料销售;发酵过程优化技术研发;医学研究和试验发展;工程和技术研究和试验发展（除依 法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

信铭生命科技(00474)发布截至2025年9月30日止六个月业绩，该集团期内取得收入2900万港元，同比增 加26.09%;公司拥有人应占利润3.86亿港元，同比扭亏为盈;每股基本利润5.27港仙。 ...

天眼查App显示，近日，盟邦生物科技（广东）有限公司成立，注册资本500万人民币，经营范围为一 般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；塑料包装箱及容器制造； 金属包装容器及材料制造；互联网销售（除销售需要许可的商品）；食品用塑料包装容器工具制品销 售；食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）。（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）许可项目：食品销售；食品生产；食品互联网销售。（依法 须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件 为准）。 ...

"一煤独大""资源依赖"曾是市场对煤炭大省山西的刻板印象，也是地方产业曾急需突破的发展瓶颈。 作为国家资源型经济转型综改试验区，"十四五"时期，山西省将资本市场作为推动产业升级的核心引擎，逐步构建起"以煤为基、多元发展"的产业体系， 有效实现转型突破。 站在"十五五"起跑线，山西紧扣"两步走"战略目标，将推动资本市场与产业经济深度融合，为基本建成国家新型能源基地和中部地区高质量发展标杆注入 强劲资本动能。 资本助力提质 经营业绩稳步增长 "境内上市公司总量达到41家，总市值提升至8392.34亿元，利润总额期间提升幅度达91.84%。"回顾"十四五"时期资本市场对企业的助力成果，山西证监 局相关负责人在接受证券时报记者采访时提及，借助股权融资、债券发行等工具，山西辖区上市公司实现了资本结构优化与战略转型加速的双重突破，战 略性新兴产业上市公司占比提升，形成"龙头企业引领、创新企业跟进"的多层次格局。 山西辖区上市公司营业收入规模从3222.73亿元增至5614.33亿元，增长74.21%。其中，太钢不锈营业收入突破1000亿元；山西汾酒营收规模从2020年的 139.9亿元，增长至2024年的360.11亿元 ...

编辑丨王多鱼 排版丨水成文 在生命的微观世界中，清晰"看见"驱动生命运转的分子机器——蛋白质、核酸及其他生物大分子，是理解 其功能、揭示疾病机制和开发创新药物的关键。近年来， 冷冻电子显微镜技术 （cryo-EM） 掀起了一场" 分辨率革命 "，使得科学家可以在原子尺度上捕捉生命机器的瞬时三维图像，极大程度加速了生物学各领域 的分子机理研究。然而，这一强大技术长期面临一个严重瓶颈： 数据处理流程复杂、耗时且高度依赖专家 经验。 2025 年 11 月 27 日，西湖大学 申怀宗 、 原发杰 团队合作 （ 颜阳 、 范诗奇 为论文共同第一作者 ） ，在 Nature Methods 期刊发表了题为： A comprehensive foundation model for cryo-EM image processing 的研究论文。 Cryo-IEF ： 让 AI " 理解 " 冷冻电镜图像 面对上述挑战，以往 AI 方案多聚焦于开发针对 冷冻电镜数据处理特 定步骤的 "工具"，如自动 挑选蛋白 质 颗粒或 进行图像 二维分类 筛选 ，但 完整的数据处理流程仍 需大量人工干预，未能实现 完全 自动 化。西湖大 ...

Core Viewpoint - The Hong Kong pharmaceutical sector has attracted significant market attention this year, with southbound funds net buying over 160 billion yuan in the healthcare industry, ranking third among 12 Hang Seng primary sectors [1] Group 1: Policy and Industry Dynamics - The surge in southbound funds is driven by a threefold resonance of policy, industry, and capital, creating new opportunities for the biopharmaceutical sector [2] - Recent policies, including measures to support high-quality development of innovative drugs and the introduction of a fast-track listing process for unprofitable biotech firms, have injected strong momentum into industry innovation [2] - As of Q3, there are over 100 biopharmaceutical companies listed on the Hong Kong Stock Exchange, with a total market capitalization accounting for approximately 15% of the Hong Kong stock market [2] - China's innovative drug R&D capabilities are steadily improving, with the number of innovative drug pipelines expected to reach 4,804 by 2024, second only to the United States globally [2] - The compound annual growth rate (CAGR) of license-out transaction amounts for Chinese innovative drugs from 2019 to 2024 is as high as 125%, indicating a rapid internationalization of the sector [2] Group 2: Financial Environment - The liquidity of the Hong Kong pharmaceutical sector is expected to improve continuously due to the onset of the Federal Reserve's interest rate cut cycle and a more accommodative domestic monetary policy [3] - From January to August this year, the financing amount for domestic innovative drugs increased by over 40% year-on-year, reflecting a rapid recovery in the sector's financing vitality [3] Group 3: Investment Opportunities - The newly launched Hang Seng Biotech ETF (Fund Code: 159132) aims to provide investors with an efficient tool to invest in leading biotech companies listed in Hong Kong [4] - The Hang Seng Biotech Index, which the ETF tracks, includes 30 leading biotech, pharmaceutical, and medical device companies, with nearly 90% of its weight focused on high-growth sectors like innovative drugs and CXO [4] - The index has shown a cumulative increase of 58.9% since its inception, significantly outperforming the Hang Seng Healthcare Index (19.8%) and the Hang Seng Index (12.5%) [5] - The launch of Hang Seng Biotech Index futures on November 28 is expected to enhance market liquidity and trading activity by attracting institutional investors [5] Group 4: Management Expertise - The proposed fund manager for the Hang Seng Biotech ETF is a seasoned professional with over 12 years of experience in securities and more than 8 years in investment management, specializing in quantitative investment [6][7]

Core Viewpoint - The Hong Kong pharmaceutical sector has attracted significant market attention this year, with southbound funds net buying over 160 billion yuan in healthcare, ranking third among 12 Hang Seng primary industries [1] Group 1: Policy and Industry Dynamics - The surge in southbound funds in the Hong Kong pharmaceutical sector is driven by a combination of policy support, industry advancements, and capital influx, creating new opportunities for the biopharmaceutical industry [2] - Recent policies, including measures to support high-quality development of innovative drugs and the introduction of a fast-track listing process for unprofitable biotech companies, have provided strong momentum for industry innovation [2] - As of Q3, there are over 100 biopharmaceutical companies listed on the Hong Kong Stock Exchange, with a total market capitalization accounting for approximately 15% of the Hong Kong stock market [2] - China's innovative drug research and development capabilities are steadily improving, with the number of innovative drug pipelines expected to reach 4,804 by 2024, second only to the United States [2] - The license-out transaction value for Chinese innovative drugs has seen a compound annual growth rate of 125% from 2019 to 2024, with nearly 50 billion USD in overseas transactions expected in the first half of 2025 [2] Group 2: Financial Environment - The liquidity in the Hong Kong pharmaceutical sector is expected to improve, supported by the Federal Reserve's interest rate cuts and a more accommodative domestic monetary policy [3] - From January to August this year, the financing amount for domestic innovative drugs increased by over 40% year-on-year, indicating a rapid recovery in financing vitality within the sector [3] Group 3: Investment Opportunities - The upcoming launch of the Fuguo Hang Seng Biotechnology ETF (Fund Code: 159132) on December 1 aims to provide investors with an efficient tool to invest in leading biotech companies listed in Hong Kong [1][4] - The Hang Seng Biotechnology Index, which the ETF tracks, includes 30 leading biotech, pharmaceutical, and medical device companies, focusing on high-growth sectors such as innovative drugs and CXO services, with nearly 90% combined weight [4] - The index has shown a cumulative increase of 58.9% since its inception, significantly outperforming the Hang Seng Healthcare Index and the Hang Seng Index [5] - The introduction of futures for the Hang Seng Biotechnology Index on November 28 is expected to enhance market liquidity and attract more institutional investors [5]

Group 1 - The Hong Kong Stock Exchange launched the "Hang Seng Biotechnology Index Futures" on November 28, marking an important expansion of the Hong Kong stock derivatives system and providing a dedicated risk management tool for the biotechnology sector [1] - The biotechnology industry is characterized by high volatility and high growth, with the annualized volatility of the Hang Seng Biotechnology Index reaching 39.4% as of October 31, 2025 [1] - The introduction of index futures aims to provide institutions with a "risk management foundation," allowing them to hedge volatility while capturing growth through ETFs [1] Group 2 - The Hang Seng Medical ETF focuses on two high-growth sectors: "innovative drugs + CXO," and underwent its largest-ever adjustment in September, reducing its constituent stocks from 50 to 30, thereby enhancing the purity of core assets [2] - The latest weighted stocks in the ETF include globally competitive innovative drug and R&D service companies such as BeiGene, WuXi Biologics, Innovent Biologics, and CanSino Biologics, with the top ten constituent stocks accounting for 70% of the total weight [2] - Historically, the Hang Seng Biotechnology Index saw a peak increase of 112% this year, and as of November 27, it recorded a year-to-date increase of 83.36%, significantly outperforming the broader market [2]