2025年1 2月2-5日 ，由清科控股（01945.HK）、投资界主办，汇通金控、南山战新投联合主办的 第二十五届中 国股权投资年度大会 将在 深圳 隆重举行。 12月4日下午，特别举办 创新药与生命科技峰会 ，共探时代浪潮！ 「AGENDA」 ▼ { 精 彩议程已上线，一起解锁思想盛宴 } 拆解产业未来，"创新药与生命科技峰会"聚焦生物科技领域的关键进展，围绕 AI制药、细胞与基因治疗、医疗 器械创新 及 创新药产业生态 等方向展开讨论，为投资人提供精准的赛道判断与解题参考。 中国医药投资新十年 「SPEAKERS」 { 哪些重磅嘉宾出席盛会 } 来自 中国科学院院士、 华盖资本、比邻星投资、大湾生物、大橡科技、山蓝资本、慧创医疗、益佳达医疗、弘 晖基金、维亚生物、鼎泰集团 等科学界、产业界、投资界多方代表将共同登台，围绕议题展开深度对话。 演讲嘉宾:许小林 华盖资本 创始合伙人、董事长 14:10-14:50 圆桌派 Al驱动与模型革新:解锁生物医药的下一代研发范式 对话主持：李 喆 比邻星投资 创始人、管理合伙人 对话嘉宾: 梁国龙 大湾生物 联合创始人、董事长 周 宇 大橡科技 董事长兼CEO 14 ...

Core Viewpoint - The Shanghai Municipal Government has issued measures to deepen the reform of drug and medical device regulation, aiming to promote high-quality development in the pharmaceutical industry, focusing on key areas such as cell and gene therapy, rare diseases, and pediatric medications [1] Group 1: Key Areas of Focus - The measures emphasize the importance of specific fields and products, including cell and gene therapy, rare diseases, pediatric medications, high-quality first generic drugs, artificial intelligence medical devices, medical robots, brain-machine interfaces, particle therapy equipment, and innovative traditional Chinese medicine diagnostic and treatment devices [1] Group 2: Regulatory Support - A service list for key varieties under research will be established, providing proactive guidance in clinical trials, registration and listing, inspections, and production licensing [1]

上海市人民政府办公厅今日印发《上海市全面深化药品医疗器械监管改革促进医药产业高质量发展的若 干措施》的通知，其中提到，强化标准引领。积极参与药品医疗器械国家标准制修订和国际标准协调。 发挥新型标准化技术组织作用，推进人工智能医疗器械、医用机器人、脑机接口、粒子治疗设备、创新 中医诊疗设备、细胞与基因治疗等前沿技术的标准化研究。持续开展中药饮片、中药配方颗粒及中医医 疗器械标准研究，依托国际标准化组织/中医药技术委员会（ISO/TC249）等国际标准化平台，制定中医 药国际标准。支持药品医疗器械生产过程数字化追溯等团体标准制订。 ...

（原标题：上海设150亿未来产业基金，加速发展量子计算等尖端科技） 经济观察网 上海市政府新闻办11日举行的新闻发布会上，上海市科委副主任屈炜介绍了《关于加快推 动前沿技术创新与未来产业培育的若干措施》有关情况。《若干措施》提出。发展壮大细胞与基因治 疗、脑机接口、生物制造、具身智能等领域，加快培育第四代半导体、硅基光电子、第六代移动通信、 类脑智能等领域，加速布局量子科技、可控核聚变、再生医学等领域。 "未来产业"是指处于孕育萌发阶段或产业化初期，具有显著颠覆性、前瞻性的新兴产业。培育未来产 业，是引领科技创新、重塑产业格局的战略支点，也是上海抢占科技前沿制高点、塑造全球产业竞争力 的关键举措。 上海相继发布实施了脑机接口、量子计算、硅光、6G等多个领域的未来产业培育方案，启动建设超宽 禁带半导体、基因编辑等一批概念验证平台，同步布局了12家高质量孵化器，并设立总规模约150亿元 的未来产业基金。同时，打造"上海未来启点社区"，并启动建设了类脑智能、硅光、脑机接口等领域的 未来产业集聚区，促进创新资源集聚。 为进一步系统性、前瞻性、全局性地培育未来产业，经市政府常务会议审议通过，制定出台了《若干措 施》，力 ...

见习记者 李昂 记者从昨天的市政府新闻发布会上获悉，市政府办公厅近日印发《关于加快推动前沿技术创新与未 来产业培育的若干措施》（以下简称《若干措施》），提出力争到2027年，突破一批前沿颠覆性技术， 体系化布局建设一批未来产业集聚区，培育20家左右未来产业生态主导型企业；到2030年，培育壮大一 批未来产业，推动形成若干战略性新兴产业，成为具有世界影响力的未来产业引领地。 系统布局六方面举措 第五方面，优化核心要素保障，重点是覆盖产品、场景、金融、人才、合作五个核心要素，提供全 方位保障。支持创新产品在多领域规模化应用。推动应用场景开发开放，加速技术迭代。发挥未来产业 基金引导作用，加强面向企业培育的全周期、多元化金融支持。打造科学家、创业者、投资人的"开放 式创新社区""创业者联盟"，形成多层次交流网络。加强国际科技交流合作，支持创新主体更好融入全 球创新网络。 第六方面，构建动态培育体系，主要是结合未来产业"变化快、方向活"的特点，完善工作机制。建 立动态甄别评估调整机制，及时调整战略布局。 推出"四位一体"新机制 《若干措施》构建"四位一体"的工作机制。即项目经理团队主责、重点任务清单突破、未来产业基 ...

Core Viewpoint - Shanghai aims to cultivate future industries through a systematic policy framework, targeting breakthroughs in disruptive technologies and the establishment of industry clusters by 2027, with the goal of becoming a globally influential hub for future industries by 2030 [3][12]. Focused Development Areas - The policy emphasizes six key areas: future manufacturing, future information, future materials, future energy, future space, and future health, with specific support for fields like cell and gene therapy, brain-machine interfaces, and biomanufacturing [5][12]. - The rationale for selecting these areas is based on global technology trends and Shanghai's existing technological strengths, aiming for a systematic approach to advance these sectors [6][12]. Investment Mechanism - A "four-in-one" cultivation mechanism is proposed, which includes project manager teams, a task list for breakthroughs, a future industry fund, and support from industry clusters [9][12]. - The future industry fund is designed as a city-level functional mother fund, focusing on disruptive innovation and interdisciplinary technologies, with a total scale of approximately 15 billion yuan and 18 sub-funds already established [9][10]. Key Support Initiatives - The measures include enhancing innovation input, supporting high-quality incubators, and establishing platforms for concept validation and common technology research [16][17]. - The city plans to create national-level future industry pilot zones, fostering a highly concentrated and interactive industrial ecosystem [20][12]. Dynamic Evaluation and Adjustment - A dynamic identification and evaluation mechanism will be established to continuously monitor and assess future industry trends, allowing for timely adjustments in strategic layouts [23][12]. - The policy aims to strengthen the overall coordination and cultivation of future industries and strategic emerging industries through expert consultations and global technology scanning [23][12].

Core Viewpoint - The Shanghai Municipal Government has issued measures to accelerate the innovation of cutting-edge technologies and the cultivation of future industries, focusing on key development areas such as future manufacturing, information, materials, energy, space, and health [1] Group 1: Key Development Areas - The measures emphasize the development of fields like cell and gene therapy, brain-machine interfaces, biological manufacturing, and embodied intelligence, with a focus on reducing costs, improving accessibility, and building industrial ecosystems [1] - There is a strong emphasis on accelerating the cultivation of fourth-generation semiconductors, silicon-based optoelectronics, sixth-generation mobile communications, and brain-like intelligence, supporting product design optimization, application scenario expansion, and market value verification [1] - The initiative also aims to advance quantum technology, controllable nuclear fusion, and regenerative medicine, focusing on tackling technical challenges, converging technical routes, and conducting product research or feasibility verification of technical solutions [1] Group 2: Coordination and Regulation - The measures propose enhanced coordination among various departments, including the Shanghai Science and Technology Commission, Development and Reform Commission, Economic and Information Commission, and others, to collectively promote the cultivation of future industries [1] - There is an exploration of establishing a sandbox regulatory system to accelerate the reform and innovation of a flexible and inclusive regulatory framework for future industries [1] - The initiative aims to establish a robust mechanism for the development of future industries and the relay cultivation of strategic emerging industries [1]

Group 1 - The core viewpoint of the event emphasizes the significant market growth potential of new therapies such as cell and gene therapy, bispecific antibodies, and antibody-drug conjugates (ADCs), alongside the rapid development of artificial intelligence providing more possibilities for disease treatment [1] - The Chinese innovative drug industry has been accelerating its international expansion, with a notable increase in the accessibility of innovative biopharmaceuticals over the past decade [1] - The establishment of a standardized clinical-grade stem cell resource bank is identified as a core support for the sustainable development of the industry, necessitating simultaneous advancements in technological innovation and ethical regulations [1] Group 2 - The roundtable discussion highlighted the shift in human health perspectives from "fighting diseases" to "controlling life quality," driven by breakthroughs in emerging biotechnologies [2] - The event aims to bridge the gap between academia and industry, fostering cross-disciplinary exchanges to explore new paradigms and pathways for technological innovation [2] - Future discussions will focus on cutting-edge technologies such as artificial intelligence, photonics, and synthetic biology, promoting the integration of future technologies with future industries [2]

Core Insights - The report presented at the 2025 Zhongguancun Forum identifies ten key future industry tracks for 2025, including general artificial intelligence, advanced autonomous driving, commercial aerospace, humanoid robots, new energy storage, low-altitude economy, clean hydrogen, computing chips, cell and gene therapy, and the metaverse [2][4][5] Group 1: Future Industry Tracks - General artificial intelligence is highlighted as the leading track, driven by technological innovation and fostering the development of computing power, algorithms, and tools [5][6] - Advanced autonomous driving is characterized by technological integration, involving perception, decision-making, planning, and control technologies, with a diverse industry landscape including both tech giants and traditional automakers [5][6] - Commercial aerospace is transitioning from government-driven to market-driven development, with companies like SpaceX and Yinhai Aerospace gaining traction [6] - Humanoid robots represent a fusion of AI technology and robotics, with significant growth potential in both industrial and domestic applications [6][9] - New energy storage, including solid-state batteries, shows global deployment and competitive advantages in lithium battery and flow battery technologies [8][9] - Clean hydrogen is recognized as a key future energy focus, with a well-defined standardization system and clear development paths [9][10] - Cell and gene therapy is gaining momentum, with various products entering clinical testing and significant advancements in gene editing technologies [9][10] - The metaverse is noted for its integrative characteristics, combining AI, virtual reality, internet, and blockchain technologies, with a long industry chain involving software, hardware, systems, and content [10] Group 2: Policy and Support - The report emphasizes the need for innovative policy frameworks to support the rapid development of future industries, particularly in key tracks [10] - Beijing's government plans to continue supporting technological breakthroughs and the deep integration of technology and industry [4] - The Ministry of Industry and Information Technology aims to explore a Chinese path for future industry development through top-level design and innovation leadership [4]

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period last year [7][17] - The company expects a positive trend for its continuing business segments in 2025, with projected revenues of $938 million, representing a year-on-year growth of 58% [2][8] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million, also growing by 15% [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [14][17] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14][17] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed signs of recovery in the second half of 2024 [14][17] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [15][17] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year [14][17] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51% stake valued at about $3.231 billion [16][17]