转自：医学界 撰文丨龙蕾 2026年初，上海交通大学与新华医院联合团队在Cell期刊发表里程碑研究（图1），首次解析了从2型糖尿病患者胰腺中直接提取的人胰岛淀粉样多肽 （hIAPP）淀粉样纤维的原子结构[1]。该研究揭示了一种前所未有的"Ω形折叠"形态，并发现了可能驱动该病理过程的关键配体结合位点。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：医学界） 2型糖尿病全球患者近5亿，其胰岛β细胞功能衰退与hIAPP蛋白的错误折叠和沉积密切相关。数十年来，体外实验始终无法复现人体内的真实病理结构。 此次突破如同一把精准的"结构钥匙"，不仅打开了理解疾病本质的黑匣子，更为开发革命性的诊断工具与治疗方法奠定了决定性基础，标志着我国在该领 域已步入国际最前沿。 直面真容 锁定患者体内的唯一"罪犯形态" 人类胰岛淀粉样多肽（hIAPP，即胰淀素）是2型糖尿病发病机制中的核心角色之一。在超过90%的患者胰岛中，本应发挥生理调节作用的hIAPP会发生错 误折叠，并不可逆地聚集形成坚硬的淀粉样纤维。这些沉积物如同"细胞毒垢"，直接损伤分泌胰岛素的β细胞，推动疾病进程。 然而，由于难以获得高质 ...

在经历了年初的低迷之后，2025年9月和10月，生物技术行业的并购活动显著回升。特朗普政府对高昂 药价的打压以及对制药行业征收三位数关税的威胁逐渐解除，加之利率周期的开启，进一步刺激了并购 交易。 并购为填补收入缺口 生物制药行业的特殊之处在于，公司每十年左右就会面临核心资产专利到期的问题。这种资产生命周期 要求公司不断推出创新产品，或者收购那些能够做到这一点的公司。 Candriam高级投资组合经理Linden Thomson告诉媒体："生物技术是医疗保健领域的创新引擎，历来都 是制药公司构建其生物制药业务的切入点。" 许多制药公司最初都是化学公司，它们通常以结构简单的小分子药物起家，而生物技术公司则利用活体 生物生产抗体和mRNA等药物。Thomson表示，随着制药公司对生物技术的大力投资，两者之间的界限 逐渐模糊，如今市面上许多药物实际上都是由生物技术公司发现或通过生物技术生产出来的。 例如，辉瑞(PFE.US)和诺和诺德(NVO.US)就Metsera及其领先的减肥候选药物展开的高调竞购战，充分 展现了该行业某些细分领域的竞争之激烈，大型制药公司正竭力填补即将到来的收入缺口。 而多种因素共同促成了生物 ...

近日，首期规模5亿元的呼和浩特市生物医药产业高质量发展基金暨华润双鹤产业基金，正式通过中国证券投资基金业协会备案，标志着该基金进入实质 性投资阶段。 据悉，该基金由呼和浩特市科技局牵头，联合多家当地国企及万亿央企华润集团（华润双鹤、华润医药、华润资本三方）共同出资组建，是呼和浩特市在 合成生物领域组建的首支产业基金，目前基金已储备36个生物医药项目。 该基金将聚焦底层技术创新、终端产品产业化以及产业生态配套三大方向，重点支持合成生物、创新药、生物科技等领域的高科技成果转化项目、高成长 型企业。 发酵黄金纬度 万亿央企助力 呼和浩特位于北纬42°的发酵黄金纬度，得天独厚的气候条件有利于菌种发酵和连续性生产，非常适宜发展合成生物制造产业。 其中两大赛道值得关注，其一是生物疫苗领域，其二是金河淀粉、金达威等企业搭建起的"玉米—淀粉—液糖—中间体—原料药—成品药"链条，已具备 9.4万立方米发酵能力。 去年二月，该市印发了《呼和浩特市关于支持合成生物产业高质量发展的实施意见》（以下简称《意见》），力争到2027年产业产值达到500亿元，到 2030年打造成为全国领先的合成生物产业标杆城市。 而本基金的出资方华润集团， ...

Core Viewpoint - The Zacks Style Scores provide a comprehensive framework for investors to evaluate stocks based on value, growth, and momentum, enhancing the effectiveness of the Zacks Rank in identifying high-potential investment opportunities [2][7]. Summary by Category Zacks Style Scores Overview - The Zacks Style Scores rate stocks using an alphabetic system from A to F, where A indicates the highest potential for outperforming the market [3]. - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6]. Value Score - The Value Score targets investors seeking undervalued stocks, utilizing financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow to identify attractive investment opportunities [3]. Growth Score - The Growth Score emphasizes a company's financial health and future growth potential, analyzing projected and historical earnings, sales, and cash flow [4]. Momentum Score - The Momentum Score assists investors in capitalizing on price trends, using metrics like one-week price changes and monthly earnings estimate changes to identify favorable buying opportunities [5]. VGM Score - The VGM Score combines all three Style Scores, providing a holistic view of a stock's value, growth potential, and momentum, making it a robust indicator alongside the Zacks Rank [6]. Zacks Rank Integration - The Zacks Rank leverages earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [7]. - There are over 800 stocks rated 1 or 2, and the Style Scores help investors narrow down their choices [8]. Stock Example: Vertex Pharmaceuticals - Vertex Pharmaceuticals, focused on developing drugs for serious diseases like cystic fibrosis, holds a 3 (Hold) rating with a VGM Score of B and a Momentum Style Score of B, having seen an 11.2% increase in share price over the past four weeks [11]. - The company's earnings estimate for fiscal 2025 has been revised upwards by nine analysts, increasing the Zacks Consensus Estimate by $0.44 to $18.30 per share, with an average earnings surprise of +2% [12].

Core Insights - Excelsior Sciences has raised $95 million for the development of machine and artificial intelligence technologies aimed at accelerating the research and testing of small molecules, with the goal of shortening drug development cycles by several years [1][3] Funding Details - The company completed a $70 million Series A funding round led by Deerfield Management, Khosla Ventures, and Sofinnova Partners, along with a $25 million grant from the Empire State Development [1][3] Market Context - Small molecule drugs account for the majority of approved drugs in the U.S., with approximately 60% of newly approved drugs by the FDA still being small molecules, despite the rise of antibody and cell therapies [4] Development Challenges - The research and preparation process for small molecule drugs is slow and costly, often exceeding 10 years and requiring billions of dollars due to the need for customized synthesis processes [4] Technological Innovation - Excelsior Sciences employs a "smart bloccs" approach, described as a new modular language that helps AI more accurately predict how to develop and optimize new therapies [4][5] Efficiency Improvements - A typical process previously took about 4 months or longer, often requiring coordination across multiple contractors in the U.S. and Asia; the new automated facility can reduce this to approximately two weeks [5] - The same process can be scaled for subsequent production, potentially saving an additional 1 to 18 months before clinical trials begin [5] Future Plans - The company plans to demonstrate the full operational capabilities of its platform within 12 months and apply it to at least one drug development project [5]

Core Insights - The article highlights the increasing commitment of multinational companies to invest in Jiangsu, China, showcasing a shift from initial investment to deeper integration and partnership with the local economy [1][2][3][4][6][7] Group 1: Investment Trends - Since the beginning of the 14th Five-Year Plan, Jiangsu has attracted approximately 1/6 of the nation's actual foreign investment, with 43,000 foreign enterprises currently operating in the region [1] - AstraZeneca has invested over $1 billion in Wuxi since its establishment in 1993, with a recent investment of $475 million for a new small molecule drug factory expected to be operational by 2028 [2] - In Wuxi, 33.9% of the actual foreign investment in the first ten months of this year came from reinvested profits of existing foreign enterprises, totaling $970 million [2] Group 2: Foreign Companies' Commitment - Foreign companies are not only establishing operations but are also reinvesting their profits, indicating a long-term commitment to the Jiangsu market [2][3] - The province has seen a continuous increase in profit reinvestment, leading the nation for six consecutive years, demonstrating a strong "magnetic effect" for foreign investment [3] Group 3: Innovation and Collaboration - Foreign enterprises in Jiangsu are shifting focus from cost advantages to integrating into China's robust industrial and innovation chains, indicating a collaborative approach to defining future industry landscapes [4] - The CEO of a Greek company highlighted the potential for collaboration in smart management and technology within the shipbuilding sector in Jiangsu [4] Group 4: Investment Environment - Jiangsu's investment environment has improved significantly, transitioning from reliance on single policy incentives to a comprehensive industrial ecosystem that supports foreign investment [6] - Wuxi High-tech Zone exemplifies this change, with policies that enhance the entire lifecycle of foreign investment, including the establishment of specialized courts and streamlined processes for foreign professionals [6] Group 5: Overall Impact - The growing investment from global multinational companies in Jiangsu reflects a broader narrative of trust and mutual benefit, reshaping the story of opportunities and development in China [7]

Group 1 - "Andao Pharmaceutical" completed over 400 million RMB in Series C financing, with funds primarily allocated for clinical research of AND017 and AND019 globally, as well as IND research for small molecule drugs and ADC drugs [3] - Dealism raised 15 million USD in angel round financing led by Hillhouse Ventures, focusing on creating personalized sales experiences using advanced AI technology [4] - Leyunmeng Technology secured 8 million RMB in angel round financing to enhance product development and expand its "Five-Minute Happy Life Circle" business model [5] Group 2 - Huatu Youxue completed 10 million RMB in angel round financing, aimed at course development and market expansion in the vocational skills training sector [6] - Xinye NEAVES announced 30 million RMB in angel round financing to optimize product development and supply chain systems [7] - Pang Donglai's sales exceeded 20 billion RMB, marking a 3 billion RMB increase from the previous year, despite plans to control sales growth [8] Group 3 - Laifen has entered the floor cleaning machine market, with leadership from a former DJI executive, indicating a strategic expansion into home cleaning products [9] - Whoop Inc. is considering an IPO within the next two years while exploring new health tracking features [10] - Anker Innovations plans to issue overseas shares and apply for a listing on the Hong Kong Stock Exchange [12] Group 4 - Xicha has reintroduced a DIY cup sticker feature, generating significant user engagement on social media [13] - Shanshayou Song launched a fragrance line, marking its first independent product offering in the fragrance market [14] - Kudi Coffee collaborated with "Detective Conan" for a nationwide promotional event, featuring themed products and limited-time offers [15] Group 5 - A survey revealed that 97% of respondents could not distinguish between AI-generated music and human-created music, raising concerns about copyright issues [16] - The "Nai Pi Zi+" product line has sparked a creative trend in the dairy industry, with 29,500 related companies currently operating in China [17] - The Chinese film market is projected to surpass 50 billion RMB in total box office revenue this year, driven by several major film releases [18] Group 6 - Japan plans to increase visa fees for foreign tourists for the first time in over 40 years, with the current fees significantly lower than those in the US and Europe [19] - JPMorgan Private Bank predicts that gold prices may exceed 5,000 USD per ounce by the end of 2026, driven by central bank purchases from emerging markets [21] - Japan's labor shortage is projected to result in an economic loss of approximately 1,040 billion USD in 2024, highlighting the impact of an aging population [22]

Group 1 - The core viewpoint is that multinational companies are not merely relocating production to China but are strategically reallocating global innovation resources, emphasizing future-oriented choices [3][5][6] - There is a notable trend of increased foreign investment in R&D in China, with 631 foreign R&D centers established in Shanghai and 221 in Beijing as of September and January respectively [3] - Significant investments include Bosch's plan to invest approximately 10 billion yuan in Suzhou for smart driving technology and Danfoss's additional investment of 2.7 billion yuan in Jiaxing for a new factory [3][4] Group 2 - China is recognized not only for its large consumer market but also as a vibrant market where new trends and demands often emerge first, making it essential for companies to integrate into this market for greater development opportunities [4] - The country has become a leader in several advanced technology fields, with Bayer reporting that 15% of its global innovative health products come from China, the highest for any single market [4][5] - The investment in China is seen as a forward-looking strategy rather than just a localization tactic, with many companies establishing R&D centers to enhance their global competitiveness [5][6] Group 3 - China's robust industrial system and rich application scenarios contribute to its increasing importance in the global innovation chain, with R&D expenditure intensity surpassing the EU average and a rise in global innovation index ranking to 10th [4][5] - The supportive environment for innovation in China, characterized by high acceptance of new technologies by government, enterprises, and consumers, fosters a positive cycle between technology and market [5][6] - The ongoing optimization of the business environment, including better protection of intellectual property rights and equal treatment for foreign enterprises, enhances the attractiveness of China for foreign investment [5][6]

Core Insights - Multinational companies are increasingly optimizing their investment layout in China, focusing on the reallocation of global innovation resources rather than merely shifting production processes [1][3] - The trend of foreign investment in China is driven by the favorable investment and innovation environment, with many companies establishing R&D centers to tap into the vast consumer market and emerging trends [2][4] Group 1: Investment Trends - As of September 2023, Shanghai has 631 foreign-funded R&D centers, while Beijing has 221, indicating a significant increase in foreign investment in R&D [1] - Bosch Group plans to invest approximately 10 billion yuan in Suzhou over the next five years to develop advanced intelligent driving systems [1] - Danfoss Group has committed an additional 2.7 billion yuan to build its second park in Jiaxing, marking its tenth investment increase in 20 years [1] Group 2: Innovation Environment - China is recognized for its robust innovation ecosystem, with 15% of Bayer's global innovative health consumer products originating from China, the highest for any single market [2] - The country has surpassed the EU average in R&D expenditure intensity and ranks 10th in the global innovation index, with 24 innovation clusters among the world's top 100 [2] - The acceptance of innovative technologies by the government, enterprises, and consumers fosters a positive cycle of technology and market development [3] Group 3: Strategic Choices - The establishment of R&D centers by multinational companies in China is a strategic choice aimed at global competitiveness, reflecting a shift from mere production to innovation resource allocation [3] - The Chinese government's commitment to high-level openness and improved business environments enhances foreign investment, creating a mutually beneficial relationship [3][4] - Companies that deeply engage with the Chinese market are increasingly attracted by its vitality and opportunities, reinforcing the notion that understanding China leads to greater confidence in investment [3]

Core Viewpoint - The Hong Kong IPO market is experiencing a surge, with multiple companies successfully listing and significant first-day gains, indicating strong investor interest and market momentum [1][2]. Group 1: Recent IPO Performance - Four companies listed on October 28, with notable first-day price increases: Dipu Technology up 150.56%, Bama Tea up 86.70%, Cambridge Technology up 33.86%, and Sany Heavy Industry up 2.82% [1]. - In October, a total of 12 new stocks have successfully listed on the Hong Kong market, with Jinye International Group achieving a remarkable first-day increase of 330%, setting a record for the highest first-day gain for new stocks in 2025 [1][2]. - Among the 12 new stocks, 9 recorded over a thousand times subscription, showcasing high market enthusiasm, particularly Jinye International Group with a subscription rate of 11,464.72 times, marking a historic milestone in Hong Kong IPOs [2]. Group 2: Upcoming IPOs - Four new stocks are set to open for subscription on October 28, including: 1. **Wenyan Zhixing**: - Offering price: 35 HKD per share, with a total market value of 35.932 billion HKD [3]. - Global offering of 88.25 million shares, with 5% for public offering in Hong Kong [3]. 2. **Xiaoma Zhixing**: - Offering price: 180 HKD per share, with a total market value of 76.905 billion HKD [4]. - Global offering of 41.96 million shares, with 10% for public offering in Hong Kong [4]. 3. **Wangshan Wangshui-B**: - Offering price: 32.00-34.00 HKD per share, with a total market value between 5.363 billion and 5.698 billion HKD [5]. - Global offering of 17.5978 million shares, with 10% for public offering in Hong Kong [5]. 4. **Junsheng Electronics**: - Offering price: 23.60 HKD per share, with a total market value of 36.598 billion HKD [6]. - Global offering of 155.1 million shares, with 10% for public offering in Hong Kong [6].