Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued the "Measurement Support Action Plan for the Development of New Quality Productive Forces (2025-2030)" focusing on key areas related to public health and biotechnology [1] Group 1: Key Areas of Focus - The plan emphasizes the importance of biotechnology, diagnostic equipment, and drug development in enhancing public health [1] - Specific directions include research on critical technologies for measurement and quality evaluation in pharmaceuticals, vaccines, advanced diagnostic technologies, wearable devices, precision medicine, and testing [1] Group 2: Research and Development Initiatives - Major initiatives will involve significant prevention and control measures, chemical innovative drugs, biopharmaceuticals, high-throughput gene sequencing, cell therapy, biological testing, in vitro diagnostic products, synthetic biology products, organoid products, and medical robots [1] - The plan aims to promote interdisciplinary integration in pharmacology, physiology, and synthetic biology to accelerate the application of related technologies in new drug development, disease treatment, and specialized medical food formulations [1]

Core Viewpoint - The innovative pharmaceutical sector in China is experiencing a significant upward trend, driven by policy support, industry advancements, and capital empowerment, leading to a revaluation of domestic innovative drugs [1][2][4] Policy Support - The Chinese government has been increasing its support for domestic innovative drugs since 2015, establishing a comprehensive policy framework that covers drug research, approval, payment, market access, and internationalization [1] - In January 2023, the State Council issued an opinion to enhance support for drug and medical device innovation, aiming to transform China from a major pharmaceutical country to a strong one [1] - A June 2023 State Council meeting emphasized the need for better coordination in the "three medical" sectors and improving public hospital compensation mechanisms to support pharmaceutical companies in enhancing innovation capabilities [1] Industry Development - The R&D investment in China's pharmaceutical and biotechnology sector is on the rise, with A-share pharmaceutical companies expected to invest over 120 billion yuan in R&D in 2024 [2] - Domestic innovative pharmaceutical companies are transitioning from low-level repetitive innovation to original innovation, producing globally competitive drugs, particularly in cutting-edge fields like ADCs, cell therapy, and gene therapy [2] - There is a surge in the development of GLP-1 class drugs for metabolic diseases, with domestic companies optimizing molecular structures and developing long-acting formulations to catch up with international leaders [2] International Recognition - Chinese innovative drugs and companies are gaining trust in international markets, with significant participation in top global academic conferences, showcasing research achievements [3] - In 2025, over 70 research outcomes led by Chinese scholars are expected to be presented at the ASCO conference, a significant increase from just one ten years ago [3] - In May 2023, a record-breaking overseas licensing deal worth $1.25 billion was made by a Chinese company, indicating strong international confidence in Chinese R&D capabilities and product quality [3] Capital Empowerment - Various local governments have established special funds to subsidize R&D expenses for innovative pharmaceutical companies, supporting their development and industrialization [4] - As of June 13, 2023, the number of pharmaceutical and biotechnology companies listed on the A-share STAR Market reached 109, raising over 170 billion yuan, providing ongoing momentum for innovative drug development [4] - A number of innovative pharmaceutical companies have made significant progress in transitioning from technological breakthroughs to industrial applications, fueled by capital market support [4]

Group 1 - The event "Quality Life 'Cell' Escort" was successfully held at the Jitao Medical Activity Center on June 10 [1] - Jitao Medical's General Manager Liu Kainian welcomed guests and introduced the company's development history and advantages in cell technology [3] - The event featured three main modules: exploration of cutting-edge technology, sharing of health knowledge, and personalized consultations, establishing a new paradigm for health management [4] Group 2 - Liu Tianjin, founder of Jitao Health and a PhD from the Shanghai Institute of Biochemistry and Cell Biology, shared insights on "Cell Technology and Life Health Management," highlighting breakthroughs in cell therapy for anti-aging, chronic disease intervention, and cancer prevention [5] - Club Chairman Wang Dawei emphasized the importance of health, happiness, and ambition as core elements of quality life, and expressed the club's commitment to providing customized health solutions in collaboration with Jitao Medical [7] - The event injected new momentum into the club's quality life sector, with plans to continuously integrate quality resources and innovate service models to enhance health and competitiveness in Weifang [9] Group 3 - Jitao Medical Technology Co., Ltd. is a technology-based enterprise founded by a postdoctoral researcher from the Chinese Academy of Sciences and the government-owned Hengjian Group, focusing on the development of immune cell and stem cell therapies, as well as early cancer diagnosis and intervention technologies [13] - The company has developed a tumor early diagnosis platform based on ctDNA methylation detection and has established a cell storage and preparation platform for precision treatment, recognized as one of the first provincial-level new research and development institutions in Shandong [13] - The regional cell tissue bank and preparation center in Weifang has a total investment of over 20 million yuan, featuring a public life science popularization museum and a 1,200 square meter cell storage and preparation center, adhering to international standards for clinical-grade and pharmaceutical-grade cell banks [14]

Group 1: Industry Overview - The biopharmaceutical industry is a strategic emerging industry crucial to national security and public health, currently facing challenges in translating basic research into clinical applications [1] - Clinical trials are identified as a core driver for upgrading the biopharmaceutical industry, with significant room for improvement in resource integration and efficiency [1][2] - The number of IND applications for new drugs has been increasing, reaching 1,241 in 2023, a 31.7% year-on-year growth, marking a five-year high [3] Group 2: Clinical Trial Development - Clinical trials are essential for validating and commercializing research outcomes, serving as a key step for companies and hospitals to enhance their clinical research capabilities [2] - The number of new drug clinical trials in China has nearly doubled from 2018-2020 (2,758 trials) to 2021-2023 (5,216 trials), with antibody-drug conjugates and bispecific antibodies showing significant growth in trial numbers [3][4] - In 2023, China registered 270 clinical trials, surpassing the United States' 222 trials during the same period, indicating a recovery in clinical trial activity [4] Group 3: Quality Control and Regulatory Framework - The quality of clinical trials is emphasized as a critical factor, with ongoing improvements in quality management systems and regulatory standards being necessary for high-quality development [5][6] - The implementation of ICH E6 (R3) from January 2025 is expected to reshape clinical trial design and execution processes, significantly impacting industry quality systems [10] - A comprehensive quality control system is recommended to ensure data integrity and participant safety throughout the clinical trial lifecycle [6][11] Group 4: Digital Transformation in Clinical Trials - The clinical trial industry is entering a digital era, with the integration of new technologies such as artificial intelligence and digital solutions to enhance efficiency and quality [7][8] - Nearly 80% of recent studies have utilized electronic clinical outcome assessments (eCOA), indicating a shift towards more digitalized and automated clinical trials [7] - The use of electronic data capture (EDC) systems is highlighted as a core entry point for data management, improving accuracy and processing efficiency [13]

Group 1: Cancer Prevention and Health Education - The 31st National Cancer Prevention and Control Publicity Week emphasizes the theme "Scientific Cancer Prevention, Healthy Living" [1] - Jiangsu Provincial People's Hospital advocates for a health-centered approach to cancer prevention, focusing on health education and improving public health literacy [1] - The hospital suggests integrating health education into its development plan, establishing dedicated health education departments, and enhancing the scientific literacy of medical staff through training [1] Group 2: Comprehensive Cancer Care - Jiangsu Provincial People's Hospital adopts a multidisciplinary treatment model, establishing specialized centers for lymphoma, gastric tumors, and thyroid cancer to manage patient care throughout the entire process [2] - The hospital has upgraded traditional treatment processes to full-cycle rehabilitation management, incorporating resources from traditional Chinese medicine, nutrition, and rehabilitation [2] - The complexity of lymphoma, with over 100 pathological subtypes, necessitates precise diagnosis and individualized treatment plans, focusing on pre-hospital assessments and post-discharge home management [2] Group 3: Research and Innovation in Cancer Treatment - There is a call for increased research into the mechanisms of lymphoma and drug resistance, as well as the exploration of clinical translation pathways [2] - Advances in basic research have led to the development of innovative therapies such as monoclonal antibodies, bispecific antibodies, and cell therapies, significantly improving clinical outcomes for lymphoma patients [2] - The goal is to translate research and clinical experiences into innovative drugs that effectively serve patients with hematological diseases and lymphomas [2]

Core Viewpoint - The investment logic of "mother holding child" is gaining attention among fund managers as they seek undervalued stocks in the Hong Kong market, particularly in the pharmaceutical sector [1][3]. Group 1: Market Trends - Following a significant surge in the stock of Boan Biotechnology, a subsidiary of Green Leaf Pharmaceutical, which rose by 66%, another subsidiary, HeartTech Medical, saw a 47% increase, indicating a trend of "smoking stocks" in the Hong Kong pharmaceutical sector [2][3]. - The influx of new capital into the Hong Kong market is evident as public funds are shifting their focus from U.S. medical device stocks to A-share and Hong Kong pharmaceutical assets [2][5]. Group 2: Fund Manager Strategies - Fund managers are increasingly adopting a strategy of directly holding shares in parent companies rather than their subsidiaries, reflecting a preference for companies with stronger business fundamentals and competitive advantages [3][4]. - A notable shift in a QDII fund's portfolio was observed, where the allocation to A-shares and Hong Kong stocks increased significantly, indicating a strategic pivot away from U.S. stocks [6]. Group 3: Industry Performance - HeartTech Medical reported a total revenue of 472 million yuan, a year-on-year increase of 44.4%, and a net profit of 246 million yuan, up 62.22%, showcasing strong performance in the sector [4]. - The pharmaceutical sector is expected to show relative gains by 2025, driven by new industry trends and a recovery from historically low valuation levels [8][9]. Group 4: Policy and Innovation - Recent favorable policies for the pharmaceutical industry, including support for drug and medical device innovation, are expected to enhance the growth prospects for innovative drug companies [9]. - The increasing global presence of Chinese innovative drug companies is highlighted by their significant contributions to international academic conferences, indicating a robust growth trajectory [9].

本场 《科技向新，创投向实》 圆桌对话，由金石投资董事、总经理 常军胜 主持，对话 嘉宾为： 创投向实。 报道 I 投资界PEdaily 2 0 24年12月1 0 - 11日，由中共重庆市委金融委员会办公室指导，清科创业、投资界主 办，重庆渝富控股集团联合主办的"第二十四届中国股权投资年度大会"走进西部金融中 心重庆。作为股权投资行业晴雨表，本次大会将以"万象耕新"为主题，回顾行业风云， 重塑格局策略，探索价值发现，持续为中国股权投资行业注入力量。 纪源资本管理合伙人 符绩勋 嘉道私人资本董事长、海康威视联合创始人 龚虹嘉 中国国新基金管理有限公司董事长 黄杰 松禾资本创始合伙人 厉伟 以下为对话实录， 经投资界（ID:peda il y 2 0 1 2）编辑： 常军胜： 几位嘉宾都是在投资界耕耘了20多年的老兵，如今仍然活跃在投资一线，想请 各位分别回顾一下2 0 2 4年以及自我介绍。 符绩勋： 我从业已经2 4年，跟在场很多人都是多年的交情，也见证了中国过去2 0多年起 起伏伏的发展。 纪源资本过去一年整体投资节奏偏慢，我们挺期待接下来的五年。因为我们看到了一些 形势的转变，不管是宏观方面，还有地缘方 ...