内容概要：重组人透明质酸酶凭借局部降解透明质酸、增强组织渗透性及优化药物分散性的核心功能， 在医疗领域展现出显著的应用价值，尤其与抗体联用实现皮下给药时，可替代传统静脉给药，具备提升 患者依从性、降低治疗成本与全身毒性、保证疗效及安全性、减少药代动力学变异性的多重优势，已成 为全球药企联合布局的热门赛道，据统计，2024年全球重组人透明质酸酶市场规模达7.99亿美元，同比 增长18.4%。从区域市场来看，北美市场凭借成熟医疗体系保持领先地位，而中国等亚太市场展现出强 劲增长趋势。 相关上市企业：宝济药业-B（02659.HK）、爱美客（300896） 一、概述 透明质酸酶(Hyaluronidase，HAase)，又称玻璃酸酶，是一种能水解透明质酸的酶类，广泛存在于动物 组织、细菌及蛇毒中，于1929年被Duran等首次发现。透明质酸酶可参与人体生理反应，如体内受精、 炎症反应、血管生成、创伤修复、毒素扩散等，在辅助生殖、抗体药物研发、整形美容、基因治疗、肿 瘤治疗等领域应用广泛。 透明质酸酶可分为动物源性透明质酸酶和重组人透明质酸酶两大类，其中，重组人透明质酸酶是通过细 胞培养表达后，经过阴离子层析、疏水层 ...

转自：成都日报锦观 2025年成都72家企业完成落后产能淘汰 本报讯 （成都日报锦观新闻记者 吴茜） 记者日前从市经信局市新经济委获悉，成都依法依规推动落后 产能淘汰，2025年共完成72家企业的落后产能淘汰退出。 据了解，2025年完成落后产能淘汰的企业分布于金牛区、郫都区、大邑县、都江堰市、简阳市、彭州 市、崇州市、新津区、邛崃市共9个区（市）县，覆盖机械制造、铸造、家具、汽车零部件、橡胶、建 材、造纸、生物药品制造、食品饮料等行业，退出方式分为淘汰工艺设备和关闭两种。 近年来，成都加快实施产业结构调整，坚持立新优旧，一手抓先进产能培育壮大，一手抓落后产能淘汰 优化。加快构建现代化产业体系，成都巩固特色优势产业能级，培育壮大新兴产业，前瞻布局未来产 业。强化传统产业转型升级，聚焦重点用能行业，分业施策推动能效提升；加强重点企业节能管理，鼓 励低效用能设备更新改造。 市经信局市新经济委相关负责人称，"十四五"期间，成都累计完成163家企业落后产能有序退出，清理 整治"散乱污"工业企业1.6万户，为全市生态环境持续改善提供了重要支撑，为新型工业化体系建设腾 出了必要的资源空间和环境容量。数据显示，去年1—11 ...

Core Viewpoint - The implementation of "Shanghai Science Credit Loan" aims to enhance financial support for technology-driven enterprises by using the "Shanghai Science Credit" as a key evaluation tool for innovation capabilities and financial assistance [1] Group 1: Policy and Implementation - The People's Bank of China Shanghai Branch, along with several local financial and regulatory bodies, has issued a notice to promote "Shanghai Science Credit Loan" as a specialized financial product for evaluating and supporting enterprise innovation [1] - Financial institutions in Shanghai are encouraged to utilize "Shanghai Science Credit" as a basis for assessing the innovation capabilities of local enterprises, facilitating loan issuance under manageable risk conditions [1] Group 2: Case Studies of Financial Support - A biotechnology company with a "Shanghai Science Credit" score above 80 has received a loan of 30 million yuan from Bank of Communications Shanghai Zhangjiang Branch, utilizing a differentiated credit model based on its innovation capabilities [2] - Shanghai Guangjiang Environmental Art Co., Ltd. increased its loan limit to 2.8 million yuan through collaboration with Bank of China Shanghai Branch, which utilized the "Shanghai Science Credit" evaluation to address financing challenges for small and medium-sized tech enterprises [3] Group 3: Features of "Shanghai Science Credit Loan" - The notice outlines that financial institutions should enhance the application of "Shanghai Science Credit" results, offering differentiated arrangements such as increased loan limits and reduced interest rates for top-ranked enterprises [4] - Institutions are encouraged to innovate the design of "Shanghai Science Credit Loan" products, focusing on key industries and enhancing the convenience of application processes through digital technology [4] Group 4: Future Directions - The People's Bank of China Shanghai Branch plans to establish a joint working mechanism to strengthen policy coordination and promote the expansion of "Shanghai Science Credit Loan" products [5]

Core Viewpoint - The article discusses the tax incentives for integrated circuit manufacturing enterprises, particularly focusing on accelerated depreciation methods for fixed assets, which can significantly impact financial performance and investment decisions in the sector [6][12]. Summary by Sections Tax Incentives for Integrated Circuit Enterprises - Integrated circuit manufacturing enterprises can shorten the depreciation period of production equipment to a minimum of 3 years due to technological advancements [6]. - The eligibility criteria for these enterprises include having a workforce with at least 40% holding a college degree or higher, and 20% of that being R&D personnel [6]. Depreciation Methods - Enterprises can choose to accelerate depreciation through methods such as double declining balance or sum-of-years-digits, with the minimum depreciation period not falling below 60% of the standard [15][19]. - For software purchased by enterprises that meet fixed asset or intangible asset recognition criteria, the amortization period can also be shortened to a minimum of 2 years [6]. Application and Documentation - Enterprises must submit monthly, quarterly, and annual tax filings to benefit from these incentives, with necessary documentation retained for verification [20][21]. - The application process can be conducted through electronic tax services or in-person at tax service halls [9]. Policy Background - The tax incentives are based on several regulations, including the Corporate Income Tax Law and specific notices from the Ministry of Finance and the State Administration of Taxation aimed at promoting the software and integrated circuit industries [10]. Case Example - A qualifying integrated circuit manufacturing enterprise purchased a new production device worth 6 million yuan in June 2023 and opted for a 3-year accelerated depreciation, allowing for a tax deduction of 1 million yuan for that year [12]. Industry Scope - The accelerated depreciation policy applies to all manufacturing sectors, including biopharmaceuticals, specialized equipment manufacturing, and information technology services, among others [13][15].

钛媒体App 11月23日消息，证监会网站披露信息显示，本周（11月17日至23日）新增2家企业获境外发 行上市备案，分别为迈威（上海）生物科技股份有限公司、深圳市兆威机电股份有限公司。其中，迈威 生物拟发行不超过62,664,600股境外上市普通股并在香港联合交易所上市。兆威机电拟发行不超过 69,058,450股境外上市普通股并在香港联合交易所上市。（科股宝播报） ...

Core Viewpoint - Jiangxi Biological has launched a new generation of Tetanus Antitoxin (TAT) that sets a new industry standard through three unique technological breakthroughs, positioning itself as a leader in the antiserum market [1][2]. Product Innovation - The new TAT product is the first in China to eliminate toluene and preservatives while incorporating virus inactivation technology, and it is also the first TAT product to use vial packaging [1]. - The product's specific activity reaches up to 90,000 IU/gp, which is approximately double the minimum requirement set by the Chinese Pharmacopoeia [1]. Market Position - Jiangxi Biological holds a dominant position in the human TAT market, with a market share of 36.6% globally and 65.8% in China, and it exports nearly 100% of its products, achieving around 90% market share in key markets like the Philippines and Egypt [2]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 142 million yuan to 221 million yuan, with a compound annual growth rate (CAGR) of 24.7% [5]. - Net profit is expected to increase from 26.5 million yuan to 75.1 million yuan during the same period, with a CAGR of 68.5% [5]. Quality Standards - Jiangxi Biological's internal quality standards exceed national standards, with the new TAT product achieving a specific activity of 90,000 IU/gp and eliminating harmful substances, thereby enhancing drug safety [6]. International Strategy - The company provides high-quality antiserum products tailored to the purchasing power and standards of developing countries, ensuring broader accessibility for patients [7]. Capital Operations - Jiangxi Biological is enhancing its capital operations by integrating upstream and downstream supply chains and has established a GMP-compliant horse breeding base for immunization [7]. - The company has also made strategic acquisitions to build a comprehensive technology and industry ecosystem, enhancing its core competitiveness [7]. Dual-Track Growth Strategy - The company is expanding its product pipeline in both human and veterinary medicine, leveraging its existing technology to address market gaps and regulatory opportunities [9][11]. - The veterinary segment is expected to generate significant revenue, with new products anticipated to receive approval soon, providing a competitive edge [12]. Conclusion - Jiangxi Biological's focus on technological innovation and market expansion positions it as a key player in the biopharmaceutical sector, demonstrating the potential for sustainable growth and value creation in the global market [14].

Group 1 - The core viewpoint of the article is that 科前生物 (KQ Bio) reported a decline in operating revenue for Q3 2025, while net profit showed an increase year-on-year [1] Group 2 - The operating revenue for Q3 2025 was 251 million yuan, representing a year-on-year decrease of 5.44% [1] - The net profit attributable to shareholders of the listed company was 118 million yuan, which is a year-on-year increase of 9.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 84.62 million yuan, reflecting a year-on-year decrease of 7.06% [1]

New IPOs and Listings - Two new stocks are available for subscription: Delijia (603092.SH) on the Shanghai Stock Exchange and Zhongcheng Consulting (920003.BJ) on the Beijing Stock Exchange [1] - Four stocks are listed today: Bibete (688759.SH), Xi'an Yicai (688783.SH), Heyuan Bio (688765.SH), and Taikaiying (920020.BJ) [1] Delijia (603092.SH) - Delijia specializes in the R&D, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [2][7] - The IPO price is 46.68 CNY per share, with an institutional offering price of 47.68 CNY, and a market capitalization of 16.8 billion CNY [5] - The company has a projected market share of 10.36% globally and 16.22% in China for wind power transmission equipment by 2024, ranking third globally and second in China [7] - Delijia's revenue from onshore wind power is expected to be 36.25 billion CNY in 2024, accounting for 98.57% of its total revenue [7] Zhongcheng Consulting (920003.BJ) - Zhongcheng Consulting focuses on engineering consulting services and has ranked among the top five in Jiangsu Province for engineering cost consulting revenue from 2021 to 2024 [8][11] - The IPO price is 14.27 CNY per share, with a market capitalization of 1.4 billion CNY [11] - The company plans to invest 1.23 billion CNY in building an engineering consulting service network and 0.77 billion CNY in R&D and information technology [11] Taikaiying (920020.BJ) - Taikaiying is the first company in the mining and construction tire segment to be listed on the Beijing Stock Exchange, recognized as the "first tire stock" on the exchange [15][19] - The IPO price is 7.50 CNY per share, with a market capitalization of 750 million CNY [18] - The company holds the number one market share in the domestic market for large-tonnage crane tires [19] Xi'an Yicai (688783.SH) - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity [21][22] - The IPO price is 8.62 CNY per share, with a market capitalization of 34.81 billion CNY [21] - The company has a projected capacity of 120,000 wafers per month by 2026, which will meet 40% of the demand in mainland China [22] Heyuan Bio (688765.SH) - Heyuan Bio focuses on the research and development of plant-derived recombinant protein expression technology and has developed several pharmaceutical products [33][38] - The IPO price is 29.06 CNY per share, with a market capitalization of 10.39 billion CNY [35] - The company plans to invest 19.09 billion CNY in the construction of a plant for recombinant human serum albumin and 7.94 billion CNY in new drug development [37]

Core Viewpoint - The article discusses the tax and fee incentives provided by the Chinese government to support the development of the manufacturing industry, highlighting policies related to accelerated depreciation for fixed assets in various sectors [2][12]. Summary by Sections Enjoyment Subjects - Enterprises in all manufacturing sectors, as well as those in information transmission, software, and information technology services, are eligible for the accelerated depreciation policy [2][3]. Enjoyment Content - Six specific industries, including biopharmaceuticals and aerospace, can shorten depreciation periods or adopt accelerated depreciation methods for fixed assets purchased after January 1, 2014 [3]. - Key industries such as light industry, textiles, machinery, and automobiles can also choose to shorten depreciation periods or use accelerated depreciation for fixed assets purchased after January 1, 2015 [3]. - As of January 1, 2019, the scope of industries eligible for accelerated depreciation has been expanded to include all manufacturing sectors [3]. Enjoyment Conditions - The minimum depreciation period for shortened depreciation cannot be less than 60% of the standard depreciation period as per the Corporate Income Tax Law [4][6]. - Enterprises can choose between the double declining balance method or the sum-of-the-years-digits method for accelerated depreciation [4][6]. Enjoyment Time - The incentives have been in effect since January 1, 2014, and will continue to be available [5]. Application Timing - Enterprises must submit monthly, quarterly, and annual corporate income tax prepayment and settlement declarations to enjoy the benefits [7][17]. Required Documentation - Enterprises must retain documentation proving their eligibility, including invoices for fixed asset purchases and records of tax and accounting differences [8][17]. Enjoyment Methods - The application for benefits can be processed through online platforms such as the electronic tax bureau or in-person at tax service halls [9][18]. Policy Basis - The policies are based on several official notifications and regulations issued by the Ministry of Finance and the State Administration of Taxation, including notices from 2014, 2015, and 2019 [12][19].

Economic Overview - The GDP growth for the first three quarters of 2023 is 5.2%, laying a solid foundation for the annual target of around 5% [2][3][10] - The economic performance shows a steady but cautious recovery, with the third quarter GDP growth slowing to 4.8% compared to the previous quarter [2][7] Key Economic Indicators - The total GDP for the first three quarters reached 101.5 trillion yuan, with a year-on-year growth of 5.2% [2] - Industrial production maintained stability, with a 6.2% increase in industrial added value year-on-year, although it slightly decreased from the first half of the year [4] - The service sector's added value grew by 5.4%, indicating overall stability despite a slight decline from the previous half [4] Consumption and Investment Trends - Retail sales of consumer goods increased by 4.5% year-on-year, but the growth rate has slowed compared to the first half of the year [5] - Fixed asset investment (excluding rural households) saw a decline of 0.5%, marking a shift from positive to negative growth [5] - Infrastructure investment grew by 1.1%, while real estate development investment dropped by 13.9%, reflecting ongoing adjustments in the real estate market [5] Trade Performance - The total import and export value increased by 4% year-on-year, with exports growing by 7.1% and imports declining by 0.2% [6] - The resilience of exports is attributed to diversified market strategies and stable supply chains [7] Policy Measures and Future Outlook - Recent policies include the introduction of 500 billion yuan in new policy financial tools aimed at boosting effective investment and addressing local government debt issues [9] - The government emphasizes the need for continued support for economic growth, including potential interest rate cuts and measures to stabilize the real estate market [8][11] - Analysts suggest that achieving the annual GDP growth target of around 5% remains feasible, but there is a need to address the pressures on consumer confidence and investment [11]