策 略 研 究 新股分析 2025 年 11 月 24 日 百奥赛图：布局临床前 CRO 以及生 物技术，核心技术平台全球领先 ——注册制新股纵览 20251124 本期投资提示： 相关研究 - 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 证 券 研 究 报 告 ⚫ AHP 得分——剔除流动性溢价因素后，百奥赛图 2.38 分，位于总分的 38.9%分位。剔除、 考虑流动性溢价因素后，我们测算百奥赛图 AHP 得分均为 2.38 分，分别位于科创体系 AHP 模型总分 38.9%分位、41.2%分位，均处于中游偏下水平。假设以 90%入围率计，中性预 期情形下，百奥赛图网下 A、B 两类配售对象的配 ...

【环球时报报道 记者 杨沙沙 杨舒宇】 编者的话： 日前公布的《中共中央关于制定国民经济和社会发展 第十五个五年规划的建议》中，首次将生物制造与量子科技、具身智能等并列为六大未来产业。近十年 来，中国从过去以仿制药为主的产业结构，逐步转向以创新药为核心的研发模式，引起全球市场前所未 有的关注。华大集团CEO尹烨长期活跃在生物医学科普领域，在接受《环球时报》记者专访时，他用通 俗的语言从生物制造本身讲起，延伸到全球生物医药领域的竞争，在他看来万物皆是"生物制造"。而面 对发达国家领先的技术优势、多变的地缘政治等诸多困难，尹烨表示要相信"中国在1到100的本事全球 最强，从0到1的原始创新正在快速赶上，而且下一代人会更优秀"。 生物制造产业前景不可估量 环球时报：今年的《政府工作报告》首次将生物制造作为未来产业正式提出。您怎么理解生物制造在中 国产业板块中的地位？ 尹烨： 生物制造领域中有很多"奇迹"在发生。最近在上海证券交易所科创板上市的一家生物科技企业禾 元生物，核心技术是"稻米造血"。据介绍，一棵水稻就可以产出人类血浆中的重要成分"人血清白蛋 白"，有望解决我国人血清白蛋白长期依赖进口的局面。听起来不可思议 ...

Core Insights - China is the world's second-largest seed demand country, but the trend of de-globalization is shifting global industrial chain layouts from "efficiency first" to "safety first," creating uncertainty in international trade [1][8] - The Chinese government places high importance on seed industry development, emphasizing the need for self-sufficiency in seed sources and technological independence [1][8] - Molecular breeding technology is seen as a key solution to address challenges in the seed industry and promote rural revitalization [1][8] Molecular Breeding Industry Overview - Molecular breeding, also known as gene engineering breeding, involves manipulating DNA at the molecular level to create new varieties with desired traits [2][3] - The industry is supported by various government policies, including the "14th Five-Year Plan for Bioeconomic Development" and the "Plan for Accelerating the Construction of an Agricultural Power" [9][10] Market Status - The market size of China's molecular breeding industry is projected to grow from 700 million yuan in 2020 to 3 billion yuan in 2024, with a compound annual growth rate (CAGR) of 43.9% [11] - By 2024, molecular marker-assisted breeding is expected to dominate the market with a 70% share, followed by transgenic technology at 20% and gene editing technology at approximately 10% [11][12] Development Background - China's seed industry faces significant challenges, including reliance on foreign sources for high-end seed varieties and competition from multinational seed companies [7][8] - The government has intensified support for breeding work, focusing on developing original breeding technologies and improving research and commercialization integration [9][10] Future Trends - The molecular breeding industry is expected to reach a market size of 20 billion yuan by 2029, driven by advancements in gene editing and sequencing technologies [15][16] - The integration of molecular breeding with big data and artificial intelligence is anticipated to enhance breeding precision and efficiency [15][16]

Core Insights - Jinan has experienced significant transformation and development over the past five years, particularly during the "14th Five-Year Plan" period, focusing on ecological protection and high-quality development in the Yellow River basin [1][2] - The establishment of the New and Old Kinetic Energy Conversion Pilot Zone has enabled Jinan to achieve its "northward expansion" goal, fostering new industrial growth and urban development [1][2] - Jinan's GDP is projected to reach 1.35 trillion yuan in 2024, marking a significant increase from previous years and positioning the city as a key center in the Yellow River basin [2][3] Economic Development - The New and Old Kinetic Energy Conversion Pilot Zone has developed three major industrial chains: new energy vehicles, general aviation, and new materials, contributing to a billion-level industry [2] - Jinan's industrial enterprises have seen substantial revenue growth, with the total revenue of industrial enterprises exceeding 1 trillion yuan for the first time in 2024 [2][6] - The city has implemented a three-year action plan to promote new industrialization, focusing on optimizing and upgrading its industrial structure [6][7] Infrastructure and Transportation - Jinan has invested significantly in transportation infrastructure, with 235 key projects expected to complete investments of 372.55 billion yuan during the "14th Five-Year Plan" period [3][4] - The city has developed a comprehensive transportation network, including high-speed rail and highways, enhancing connectivity with 366 cities nationwide [3][4] - The second phase of Jinan Airport's expansion is set to be completed next year, increasing its capacity to handle 55 million passengers and 520,000 tons of cargo annually [3][4] Innovation and Technology - Jinan has seen a doubling of high-tech enterprises since 2020, with a significant increase in patent ownership and technology contract transactions [8] - The city ranks 15th in the national urban innovation capability index and has established numerous research and innovation platforms [8] - The financial support for innovation has increased, with loans to tech enterprises rising significantly since the establishment of the national pilot zone for sci-tech finance [8] Quality of Life and Urban Development - Jinan has improved its living environment, with significant investments in public services, education, and healthcare, leading to a more livable city [9][10] - The city has constructed numerous parks and green spaces, contributing to better air quality and overall urban aesthetics [11] - Jinan's population has grown by 270,000 over the past four years, reflecting its attractiveness as a destination for talent and residents [11][12]

Core Viewpoint - The article emphasizes the significance of gene editing technology as a revolutionary approach to curing genetic diseases, highlighting its potential to provide permanent solutions by directly correcting DNA sequences, unlike traditional therapies that only manage symptoms [3][4][5]. Group 1: Gene Editing Technology Overview - Gene editing is categorized into three generations: ZFN, TALEN, and CRISPR/Cas, with CRISPR/Cas representing a significant leap in efficiency and effectiveness [16][15]. - The CRISPR/Cas system utilizes RNA for target recognition, which simplifies the design and delivery process compared to previous methods [12][13]. - The article discusses the challenges of gene editing, particularly in identifying target sequences within vast genomic data, which has historically limited the technology's development [8][9]. Group 2: Current Market Landscape - The focus of investment in the biotech sector is shifting towards companies that leverage disruptive gene editing technologies, particularly those with proven products at the forefront of the market [5][18]. - Companies like CRISPR Therapeutics and Intellia are highlighted for their advancements in gene editing therapies, with CRISPR's products showing promising early commercial success [20][21]. - The article notes that the delivery of gene editing tools, especially to liver cells, has become more refined, with LNP (lipid nanoparticles) being a key method for effective delivery [21][23]. Group 3: Future Directions and Innovations - The emergence of base editing (BE) and prime editing (PE) technologies represents the next frontier in gene editing, offering more precise editing capabilities with reduced risks of off-target effects [31][36]. - Prime editing, in particular, is noted for its ability to perform complex edits without causing double-strand breaks, thus minimizing unintended genetic alterations [41][42]. - The article concludes with a forward-looking perspective on the potential for gene editing technologies to transform the biopharmaceutical industry, driven by ongoing innovations and the quest for effective treatments [45][46].

Group 1: Industry Overview - The Hong Kong Trade Development Council (HKTDC) reports that Hong Kong is collaborating with Guangdong and Macau to advance technological innovation in the Greater Bay Area, with biomedicine emerging as a key industry cluster [1] - The number of biomedical companies in Hong Kong has increased significantly from 2,340 in 2013 to 3,020 in 2023, indicating robust growth in the sector [1] - The Guangdong provincial government aims to accelerate the development of the biomedicine industry, targeting a cluster scale exceeding 1 trillion RMB by 2027, up from 664 billion RMB in 2023, representing a 50% increase [1] Group 2: Financial Landscape - As of June 30, 2025, the total market capitalization of the healthcare sector listed in Hong Kong is $441 billion, accounting for approximately 8.1% of the total market capitalization of listed companies in Hong Kong, a threefold increase from $144 billion at the end of 2017 [2] - There are currently 73 biotech companies listed under the 18A regime, having raised a total of $16 billion [2] - Hong Kong's advanced clinical trial capabilities and internationally recognized clinical trial data position it as an ideal location for expanding global biomedicine businesses [2] Group 3: Startup Ecosystem - The number of biotech and health tech startups in Hong Kong has surged from 110 in 2018 to 510 in 2024, increasing their share of total startups from 4% to 11%, outpacing other startup sectors [3] - These startups are involved in various cutting-edge fields, including new drug development, gene editing technology, medical device innovation, and precision medical solutions [3]

Group 1: Smart Home Cleaning Robots - The global smart home cleaning robot market shipped 15.352 million units in the first half of the year, a year-on-year increase of 33% [1] - Robotic lawn mowers saw shipments of 2.343 million units, up 327.2%, while window cleaning robots shipped 809,000 units, up 52.1% [1] - IDC forecasts that the market will ship 32.1 million units by 2025, representing a 28.2% year-on-year growth, with a compound annual growth rate of 26% from 2023 to 2028 [1] Group 2: Electricity Market Reforms - Zhejiang Province is seeking public opinion on a draft plan for market-oriented pricing of new energy projects, including wind and solar power [2] - The draft specifies a mechanism price of 0.4153 yuan per kilowatt-hour for existing projects, with competitive pricing for new projects [2] Group 3: Brain-Computer Interface - The Shanghai Stock Exchange hosted a salon on brain-computer interfaces, attended by six listed companies and twelve industry chain enterprises [3] - The market for brain-computer interfaces is estimated to exceed $100 billion, with applications in healthcare, education, consumer products, and smart driving [3] Group 4: Gene Editing Technology - A new programmable chromosome engineering technology has been developed, allowing precise editing of DNA segments from thousands to millions of bases [4] - This technology is expected to revolutionize genetic manipulation and provide breakthroughs in disease treatment and crop improvement [4] Group 5: Digital Gold - The World Gold Council plans to pilot a digital form of gold next year, potentially transforming the $900 billion physical gold market [5] - Digital gold will lower investment barriers and allow global participation, enhancing the overall scale of the gold market [5] Group 6: Industry News - The FTSE China A50 Index will include companies such as BeiGene and WuXi AppTec following its quarterly review [6] - Chongqing has allocated an additional 135 million yuan for a vehicle and electric bicycle trade-in subsidy program for 2025 [6]

Group 1 - The core point of the article highlights the successful transplantation of genetically modified islet cells in a patient with type 1 diabetes, restoring his ability to produce insulin autonomously, marking a significant advancement in gene editing technology [1] - This gene editing technique, particularly using CRISPR, has rapidly developed and expanded its application from single-gene hereditary diseases to over 6,000 diseases, indicating a growing trend in human gene therapy [1] - If this therapy is successfully promoted, it could fundamentally change the management of type 1 diabetes, alleviating the burden of daily insulin injections and frequent blood sugar monitoring for patients [1] Group 2 - Related A-share concept stocks include Beirui Gene and Guanhao Biological [2]

Core Viewpoint - Gene editing technology is revolutionizing the understanding of life by allowing precise modifications of genetic sequences, akin to using a "molecular scissors" to correct genetic errors [2][3][4] Group 1: Technology Development - The evolution of gene editing technology has progressed rapidly, particularly with the advent of CRISPR technology in 2012, which significantly lowered the technical barriers and costs associated with gene editing [4][5] - Newer techniques such as base editing and guided editing have emerged, providing more precise tools for genetic modifications, enhancing both basic scientific research and translational medicine [5][6] Group 2: Applications in Medicine - Gene editing technology offers innovative treatment methods for genetic diseases, such as using CRISPR to edit hematopoietic stem cells for conditions like thalassemia, leading to significant symptom relief in patients [6] - In cancer treatment, gene editing is utilized in CAR-T therapy, which modifies patients' immune cells to better target and combat cancer cells [6] Group 3: Applications in Agriculture and Bio-manufacturing - In agriculture, gene editing has been used to develop new rice varieties that are resistant to diseases and environmental stressors, contributing to global food security [6] - The technology also plays a crucial role in bio-manufacturing, enhancing the efficiency of biofuel production and reducing costs in the synthesis of scarce drugs [6] Group 4: Ethical Considerations - The advancement of gene editing technology raises significant ethical concerns, particularly regarding the editing of human germline cells, which could permanently alter the human gene pool and pose risks to future generations [7][8] - There is a need for strict ethical guidelines and international collaboration to ensure responsible use of gene editing technologies, prioritizing non-heritable somatic cell editing for therapeutic purposes [7][8] Group 5: Regulatory Framework - In July 2024, the Ministry of Science and Technology released ethical guidelines for human genome editing research, addressing the ethical challenges and promoting healthy development in this field [8]

Core Insights - Roche plans to invest $50 billion in the U.S. market over the next five years, following Novartis's $23 billion investment, as part of a response to the "America First" tariff policy [1] - This investment is expected to create over 12,000 direct jobs, including 6,500 in infrastructure and 1,000 from new factory construction and existing capacity expansion [1] - Roche aims to transition its U.S. subsidiary from a net importer to a net exporter of pharmaceuticals, enhancing the competitiveness of the domestic pharmaceutical industry [2] Investment Details - The investment will focus on building research and production facilities in Indiana, Pennsylvania, Massachusetts, and California, covering cutting-edge fields such as biopharmaceuticals and gene therapy [1] - The CEO of Roche emphasized that this investment is a commitment to the U.S. market and aims to ensure that the U.S. remains a leader in global biopharmaceutical innovation [1] Strategic Implications - The concentrated investment by multinational pharmaceutical companies indicates the ongoing strategic value of the U.S. market in the global biopharmaceutical landscape [2] - By establishing new R&D bases and smart factories, Roche aims to mitigate the cost impacts of tariff policies on its supply chain [2]