The Shanghai Stock Exchange has formulated a new round of comprehensive service arrangements for central enterprises, which includes promoting the valuation of central enterprises to return to a reasonable level through services. It encourages listed central enterprises to actively communicate with investors, enhance transparency, and organize guidance for various types of investors to visit, understand, and recognize central enterprises. 11 month 21 On the same day, Yi Huiman, Chairman of the China Securities Regulatory Commission (CSRC), stated that listed companies, especially state-owned ones, should further strengthen their public company awareness and proactively enhance investor relations management to enable the market to better understand the intrinsic value of enterprises. This is also an inherent part of improving the quality of listed companies. What is the current valuation level of central and state-owned enterprises listed on the market across the entire market? How important is strengthening investor relations management in promoting the return of central enterprise valuations to a reasonable level? How do you view the recent intensive research by multiple institutions on state-owned listed companies? In the future, from which aspects should state-owned listed companies further strengthen investor relations management?   Frost & Sullivan Frost & Sullivan Jia Pang, Partner and Managing Director of Frost & Sullivan's Greater China Region (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the aforementioned topics. Securities Daily Q What is the current understanding of the valuation of state-owned enterprises (SOEs) and central enterprises listed on exchanges, including the State-owned Assets Supervision and Administration Commission (SASAC), the China Securities Regulatory Commission (CSRC), and stock exchanges? What is the current level of valuation for central and SOE listed companies in the entire market? In terms of enterprise market value, central and state-owned enterprises with listed stocks account for a relatively large proportion, still serving as an important pillar of the national economy. In terms of valuation levels, The valuation of central and state-owned enterprises listed on the stock market is currently at a low level, with the price-earnings ratio of central enterprise listed companies being below A Overall average price-earnings ratio of stocks. Q In promoting the valuation of central enterprises to return to a reasonable level, what is the importance of strengthening investor relations management? How do you view the recent intensive research by multiple institutions on state-owned listed companies? Strengthening investor relations management can enhance corporate transparency, help investors better understand the company, strengthen communication with shareholders, assist investors in understanding the company's business development strategy, and reveal the company's investment value. Investor relations management for listed companies is very important for promoting the valuation of central state-owned enterprises to return to a reasonable level. Intensive research by institutions on state-owned listed companies can effectively help state-owned enterprises increase their attention in the capital market. If an enterprise has investment value, it can help the enterprise improve its valuation level. Q In the future, how should state-owned listed companies strengthen investor relations management in other aspects? Investor relations management is a systematic project that involves many aspects: 1 Establish an effective investor relations management system and enhance the professionalism of investor relations management to ensure that investors' needs or issues can be accurately, timely, and clearly resolved; 2 ) Actively drawing on the experience of mature capital markets, many state-owned enterprises have already listed in the United States and Hong Kong. Their market-oriented investor relations management experience can be introduced into China; 3 ) Broaden the channels and methods of investor communication. In addition to traditional financial media, listed companies can adopt securities industry public relations ( BR ) and other more precise channels. At the same time, social media platforms such as WeChat official accounts and Weibo can also be utilized. APP Enhance interaction with investors through corporate accounts, etc.; 4 Build a good investor relations management culture by having in-depth conversations with investors and analysts about the company's development strategy and corporate culture, thereby enhancing investors' recognition of the company's value.   * This interview was published in 'Securities Daily', with reporter Du Yumeng. The original article is titled '    Multiple parties work together to implement policies The valuation of central enterprise listed companies is expected to improve.    >>    (Click 'Read the Original Article' at the end of the text to read the full report).

2022 China Grand Health Industry Summit 11 month 30 On the day, the first China (Macau) International High-Quality Consumption Expo and Hengqin World Bay Area Forum were officially held. The forum was guided by the Macao Special Administrative Region Government, the People's Government of Guangdong Province, the State-owned Assets Supervision and Administration Commission of the State Council, the Liaison Office of the Central People's Government to the Macao Special Administrative Region, and the China Council for the Promotion of International Trade. It was sponsored by Nanguang (Group) Co., Ltd., the Foreign Trade Development Bureau of the Ministry of Commerce of the People's Republic of China, and the Guangdong Provincial Department of Commerce, and undertaken by Jinsha China Co., Ltd. and Nanguang International Conference & Exhibition Co., Ltd. As one of the sub-forums under the above forum theme, guided by Southern Finance & Economics All-media Group, 21 Century Economic Report and 21 Sponsored by Century New Health Research Institute “   The First Hengqin World Bay Area Forum on Biomedicine 2022 The China Grand Health Industry Summit ” was grandly held.    The conference revolved around “Innovative and High-Quality Development Accelerating the Internationalization of Medicine" theme, focusing in-depth discussions on major changes in China's healthcare industry, the biomedical industry cluster in the Bay Area, the survival and development of innovative pharmaceutical companies, and the construction of a "Healthy Bay Area", to explore the future together. Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the event and delivered a speech on the challenges and strategies for the transformation and upgrading of biopharmaceutical innovation enterprises.   Partner and Managing Director, Greater China, Frost & Sullivan fattening Mao Hua first introduced to you 2021 Year-end 2022 The listing situation of Chinese pharmaceutical companies globally in the third quarter of the year. According to their report, the number of Chinese medical companies going public has been at a high level, indicating that the demand for corporate listing and financing has not changed. In terms of listing locations, 2022 Before the New Year, because 18a With the rapid development of the market, Hong Kong stocks have always been the preferred destination for Chinese medical enterprises to go public. 2022 In [year], affected by the correction of Hong Kong stock valuations and sluggish trading volumes, domestic healthcare companies went public with A Most are stocks. In addition, this year there were also some with market value exceeding 200 Enterprises worth hundreds of millions have started GDR Listing has opened up a new listing route. Subsequently, the texturing is done separately from Biotech The core challenges and Biopharma company The advanced path is analyzed from two aspects.   Mao Hua pointed out, China Biotech Developing into Biopharma company of 4 In this stage, there will mainly be challenges such as product homogenization, fierce price competition, and serious talent loss. 3 Great challenge. The data shows, 2015 Year-end 2021 In the year, the amount of investment and financing in China's pharmaceutical market was from 371 Rise by hundreds of millions to 2,691 Yuan, a growth of over 7 times, with an average annual compound growth rate as high as 39.1% .   "The enthusiasm in the capital market has led to a surge in the number of innovative drugs in China, but the weak basic medical research capabilities in China result in a backlog of basic research The development ability is still insufficient. ”   Mao Hua further explained that, taking the number of documents as an example, the number of documents in China has decreased from 2015 approximately 4 Around a thousand pieces, which has been increasing year by year to 2021 approximately 9 Thousands, but still close to the United States 6 A multiple gap.   For the above reasons, China Biotech Enterprises tend to choose more mature targets, leading to a high concentration of selected targets, serious homogenization of drug R&D routes, and a large number of them. However, the National Medical Products Administration's Center for Drug Evaluation ( CDE ) on 2021 A new policy released this year is expected to end this current situation. CDE The new policy emphasizes that the research and development of anti-tumor drugs should be guided by clinical value, and efforts should be made to provide participants with the best treatment methods in clinical practice. / Medications, and the development of new drugs, should aim to provide patients with better treatment options as their highest priority.   CDE The new policy has raised the listing threshold for innovative drugs, affecting local Biotech The R&D strength of enterprises poses more challenges.   Mao Hua said that the limited payment capabilities of Chinese patients and the pressure from medical insurance negotiations to reduce prices have affected the sustainable profitability of enterprises. China's healthcare expenditure from 2019 of 6.5 Trillion yuan rose to 2021 year 7.6 trillion yuan, while in the same period, the United States was about 3.5 times. The payment ability of Chinese patients is significantly lower compared to that of American patients, which makes Chinese pharmaceutical companies relatively conservative in setting local prices. On the other hand, China's medical insurance has a strong cost control policy; for example, the price cut for Zanubrutinib was 70.2% The price cut of flumetinib winning bid is 63.1% This forces pharmaceutical companies to rely on price cuts to drive sales. In this context, diversified and innovative payment models, as well as the construction of a pipeline ladder, will help improve the situation. Biotech The company is eager to recruit professional senior management talent, but how to quickly adapt to the corporate culture, leverage talent strengths, and retain them is another key proposition. According to a study by Frost & Sullivan, 2019 Since the beginning of this year, senior executives in China's pharmaceutical industry have left frequently, with several cases occurring in the same year 552 name 2020 till 2022 Over the past three years, the average number of executives leaving the company each year was approximately 300 People. The demand for mid-to-high-end talents in China's biopharmaceutical industry is increasing continuously, coupled with a significant injection of capital that has driven up salaries. This has led to an average job-hopping cycle for mid-to-high-end talents in the industry from 2019 year 4.10 Decreased by 2022 year 3.42 year. Mao Hua pointed out that due to Biotech The pipeline of products that a company can go on to list with has always been limited, and a relatively complete commercial lifecycle for a product requires at least 5 In [year], frequent departures of senior executives can have a significant impact on the long-term commercialization of products. Therefore, companies need to recruit executives who recognize the company's vision and product positioning, agree with the corporate culture's values, and are capable of building teams and implementing equity incentives. how to become Biopharma company Mao Hua summarized the commercialization path of innovative drugs as 'bringing in', 'grabbing market share', and 'going global'. The commercialization capability of an enterprise largely determines whether it can become Biopharma company . License In Target concentration, severe product homogenization, in the past 3 within the year, License In Focusing on disease areas such as anti-tumor therapy, the targets are commonly found in CD47 , LAG-3 , JAK , FGFRs , c-Met In recent years, pharmaceutical companies have gradually recognized the risks of product homogenization and begun to make arrangements License In New targets, and strengthen their competitive edge through technology licensing.   "License in It has shifted from 'grabbing in' to 'selective entry'. Faced with various challenges, pharmaceutical companies are paying more attention to products that can be combined with their own technological strength, aiming to build a pipeline layout with long-term barriers,” said Mao Hua. Currently, Chinese innovative pharmaceutical companies are actively seizing the forefront through independent research and development. Data shows that China Biotech The number of self-developed pipelines is almost three times that of imported pipelines, and there are multiple CAR-T Targeted research is at the forefront of the world. Mao Hua said that innovative drugs face different problems at different stages of commercialization, such as the intense competition mentioned earlier regarding medical insurance. Therefore, innovative drug companies need to prepare a full life cycle commercialization strategy before the drug is launched on the market. As the domestic innovation drug ecosystem gradually takes shape, biotech companies are continuously License-out of the Mainland Transactions have brought domestic technology abroad, and by collaborating with multinational corporations, we are better able to participate in global competition. In the past four years, China license-out The number of transactions has reached 300 In subsequent times, it can be seen that the domestic R&D strength has been significantly enhanced. License expiration Model for China Biotech Reducing R&D risks, expanding sales reach, optimizing cash flow 3 Advantages in one aspect: 1 ) The two parties share the R&D costs, leveraging their respective strengths in R&D capabilities. Make up for deficiencies; 2 The transferee is responsible for market entry and sales in overseas markets, helping local pharmaceutical companies break through the domestic sales ceiling; 3 The transferor obtains cash replenishment through downpayments and milestone payments, thereby enhancing the company's operating cash flow. Finally, Mao Hua introduced the consulting services of Frost & Sullivan's healthcare team to the attendees. Frost & Sullivan has a wide range of life science consulting clients, including small molecule targeted drugs and gene therapy. & In recent years, Frost & Sullivan has assisted a large number of biotech companies in listing on the Hong Kong stock market in areas such as cell therapy and antibody drugs. 18A And the Sci-tech Innovation Board. At the same time, based on continuous research into China's biotechnology industry, Frost & Sullivan has recently released several blue books on industry development, providing important reference perspectives for market stakeholders.

Several pharmaceutical industry insiders said, 2022 National Medical Insurance Negotiations for 2023 12 Starting at the beginning of the month. This year, we have entered the national dialogue phase. PD1 The product has added SruLi single antibody and Corinjera from Fosun Pharma. / Lideidi / Synclair Biologics' Envarcept ( PD-L1 ), which has been included in medical insurance PD1 The "Four Little Dragons" (Hengrui, Junshi, Xinda, and BeiGene) may add a total of 12 Item adaptation indication negotiation, in addition 3 Enterprises 'abstain'. Which factors determine whether a company can exchange price for volume after medical insurance negotiations? Why are some companies enthusiastic about negotiations and apply for new indications every year, while others do not participate in medical insurance negotiations? As more products are launched in the future, how should this be viewed? PD-1 This highly competitive market? How should enterprises break through the deadlock?   Frost & Sullivan Frost & Sullivan Guo Jing, Senior Consulting Director of Frost & Sullivan's Greater China region, was interviewed by Cailian News to discuss domestic PD-1 Future development of the market. Cainiao Communications Q In the first three quarters of this year, domestic PD-1 The rankings of the four leading players have changed, with BeiGene overtaking in the cornering phase. Q3 PD-1 Sales exceeded those of Innovent Biologics. Is this also related to the excessively high price cut in the medical insurance negotiation last year for Innovent Biologics (the price cut for Innovent Biologics 62% , BYD's decline 33% ) Related? What factors determine whether a company can exchange price for volume after medical insurance negotiations?   The market performance of innovative drug products is determined by a multitude of factors, including the clinical data of the developed products, actual efficacy, indication selection, medical insurance negotiation outcomes, commercialization plans, and more. at 2021 In the healthcare insurance negotiation in [year], the price cut for tirzepide monoclonal antibody was 33% The reduction rate is lower than that of Simcirelizumab, which entered the medical insurance negotiation in the same batch. At the same dose, nearly 35% The price advantage is indeed a guarantee for BeiGene's sales, but whether the higher average annual treatment costs can be accepted by end-users remains a further challenge for BeiGene. 2022 Nianbai Ze'an is here PD-1 Bend overtaking in the market is also determined by these factors. As of 22 year 11 Month, Baize'an has the most approved indications in China PD-1 Medications are also those with the most indications included in the medical insurance catalog PD-1 Medications. As of 2022 year 10 Month, Baize'an already has 10 Indications for use in China batch, 5 The indication has been included in medical insurance. Moreover, Bairen has submitted new drug marketing applications in multiple countries including the United States, Europe, and Australia, with the declared indications covering esophageal squamous cell carcinoma ( ESCC ), non-small cell lung cancer NSCLC ) and other important fields. According to the annual report disclosure of Baiji Shenzhou, with market promotion and sales expenses basically remaining the same, the significant increase in Baize'an's sales is mainly achieved through its wide range of indication options, more advantageous clinical data, and differentiated indication coverage.   For innovative drug products with similar competition, the volume-based pricing brought about by medical insurance does not mean that sales can be scaled without worry. Product research and development, as well as clinical design, have become new competitive factors. Q This year, in addition to the four leading companies, there are also Fosun Pharma and CanSino Biologics. PD-L1 Antibodies planning to participate in medical insurance negotiations, these companies in the first half of the year PD-L1 With an income of only tens of millions, can they catch up in the future?   PD-L1 The competition in the field has indeed become increasingly fierce, but from a historical perspective 5 Looking at the sales situation in [specific year], domestically PD-1 The market pattern has not yet taken shape, and latecomer products may become the new favorites of the future market. for PD-L1 For manufacturers in the field, it is a common corporate strategy to prioritize product approval and then gradually penetrate the market by expanding indications. More innovative indications and dosing methods will become important means for latecomer pharmaceutical companies to capture the market, for example this year 3 Month, Fuhong Hanlin's PD-1 The monoclonal antibody (sulimab) has been approved for marketing and is used for patients with unresectable or metastatic highly microsatellite unstable ( MSI-H solid tumor , It is the first domestic 'pan-cancer' PD-1 . Ideasidian / Corning Jerey / Synclair Biologics' Envykine ( PD-L1 ) on 2021 year 11 Approved for listing in January, it is the first domestically produced product to receive this approval PD-L1 Monoclonal antibody, and it is also the world's first PD-L1 Subcutaneous injection.   On the basis of ensuring the clinical efficacy of products, indications that do not yet meet clinical needs, convenient administration methods, and diverse payment options will all be important weapons for latecomers to participate in this commercial competition. Q There are also some monoclonal antibody products from companies like CStone Pharmaceuticals and Yuheng Pharmaceutical that have not participated in medical insurance negotiations. Why do some companies engage in negotiations so enthusiastically, applying for new indication negotiations every year, while others do not participate? For pharmaceutical companies, whether to participate in national negotiations depends on whether the products can generate sustainable operating profits after the negotiations.   Under the combined effects of current medical insurance negotiations and the reform of the 'Three Medical Linkages', competition within hospitals for indications already approved by medical insurance has become saturated, gradually eroding profit margins for enterprises. Therefore, different companies will choose different commercialization strategies. However, it does not mean that non-national medical insurance drugs cannot achieve good market sales. A series of payment methods such as urban inclusive insurance, mid-to-high-end medical insurance (including special drug insurance), innovative payments, charitable drug donations, and commercial insurance for serious illnesses can help patients reduce their actual treatment costs and encourage enterprises to increase drug sales. Non-medical insurance products can also achieve considerable sales through various means, benefiting more patients. Data shows, 2019 In China's oncology innovative drug sales in [year], the proportion of total payments made through basic medical insurance was approximately 40% , with self-payment accounting for approximately 48% remaining 12% The direct payment method without medical insurance access is adopted.   Diverse payment methods play an important role in the commercialization of products not included in the medical insurance catalog.   With the gradual progress of medical payment reforms over the past five years, insurance plans such as urban inclusive insurance and critical illness insurance have been increasingly included in payments. Q Currently approved in China PD[L]-1 Monoclonal antibody products in total 14 In the future, as more products are launched, how do you view this? PD-1 This highly competitive market? How should enterprises break through the deadlock? domestic PD-1 The highly competitive market environment is undeniable. The emergence of this market environment is inseparable from the development of China's pharmaceutical industry, policy guidance, and changes in the healthcare system. Coupled with frequent overseas expansions in the past Dilemmas such as supply bottlenecks, medical insurance price cuts, distributor inventory subsidies, and turmoil in the commercial team have PD-1 The market is gradually experiencing intensified competition. In such a market environment, PD-L1 The R&D enterprise first needs to focus on the drug itself, as compared to 20 At the beginning of this century, sales were king. The quality of drugs represented by clinical data and their actual efficacy will become key factors for Chinese innovative drugs to break free from involutional competition and price cuts. Of course, competition in the local market is already nearly saturated. For major indications targeting Chinese patients, such as lung cancer, liver cancer, gastric cancer, etc., first-mover companies have made arrangements accordingly.   Therefore, going global may be the breakthrough method for Chinese pharmaceutical companies to truly achieve valuation premiums.   But the decisive battle of Xinda is still ahead,   If you hope to FDA The model of going global for application still requires Chinese innovative pharmaceutical companies to deeply engage in research and development, as well as have a more profound understanding of global market competition. International application is currently the main way for local innovative enterprises to break through barriers, and dual applications to both China and the US are the optimal choice for most pharmaceutical companies to take the first step towards internationalization on their own.   The Sino-US dual listing will increase R&D returns for Chinese pharmaceutical companies, enhance their international influence, and ultimately achieve valuation premiums.   * This interview was published in Cailian Finance & Economics News. APP Reporter Wang Junxian, original title: 'Soul Bargaining' Countdown, Domestic PD-1 "Will the market evolve with 'smoke rising again'?"    (Click on 'Read the Original Article' at the end of the text to read the full report.)

The listing consultation documents for special technology companies under Chapter 18C of the Hong Kong Stock Exchange's Listing Rules have just been released, providing a new avenue for Chinese tech startups to raise funds through listing. What is the background and logic behind the formulation of the new listing rules under Chapter 18C? How should one understand the meaning of 'special technology' and which industries it includes? What are the differences between un-commercialized special technology companies and those that have been commercialized? In addition to meeting the listing conditions, what other matters need attention according to the listing under Chapter 18C? What are the consulting opinions and expectations of market participants, including investors, regarding Chapter 18C? In response to the above issues, on December 2nd, RuiSheng International Law Firm, in collaboration with China International Capital Corporation Limited, PricewaterhouseCoopers Zhongtian Certified Public Accountants, and Beijing Zhongguancun Technology Service Co., Ltd., jointly organized an online seminar on the interpretation of the consultation document for Chapter 18C of the Hong Kong Stock Exchange listing rules. Together with representatives from the Hong Kong Stock Exchange, industry consultants, and investors, they conducted a comprehensive and in-depth interpretation of the consultation document for Chapter 18C from the perspectives of capital markets, law, finance, industry, and investment. Cui Nan, Executive Director of Frost & Sullivan Greater China, was invited to participate in a seminar and share insights on the development opportunities for technology-driven enterprises under 18C. Specialized technology companies refer to those that are mainly engaged in research and development, commercialization, or sales of specialized technology products within the accepted fields of the specialized technology industry (either directly or through their subsidiaries). The specialized technology industry includes five major areas: new-generation information technology, advanced hardware, advanced materials, new energy and energy conservation and environmental protection, as well as new technologies in food and agriculture. Cui Nan stated that the purpose of the special listing system established for technology-specific companies is to promote and facilitate more technology-specific companies to enter the Hong Kong capital market. This will be conducive to expanding investment opportunities in the Hong Kong market, increasing the variety of listed companies in Hong Kong, making the exchange more diversified, and further enhancing the competitiveness of Hong Kong, China compared to other markets such as the United States and Singapore. "Currently, all specialized technology companies generally face issues such as difficulty in reaching a consensus on valuation, insufficient robustness of the initial public offering pricing discovery process, inadequate feasibility of specialized technology products, and challenges in defining specialized technologies. Additionally, uncommercialized specialized technology companies also face problems such as failing to successfully commercialize to reach the threshold for commercial revenue and relying on external funding to maintain operations. However, Chapter 18C is conducive to enterprises solving these problems," said Cui Nan. Cui Nan first briefly analyzed the current development status of the technology and specialty industry, pointing out that The industries included in Hong Kong's technology-specific companies are those that are currently highly capital-intensive and have great potential for development in the future. For example, the cloud services and artificial intelligence fields covered by the new generation information technology industry; the robotics, semiconductor, and autonomous driving vehicle sectors encompassed by the advanced hardware industry; and the energy production and new green technologies fields covered by the new energy and environmental protection industries. These areas are supported by policies globally and in China, and are also key areas for the development of various countries in the future. New Generation Information Technology The application of new-generation information technology is one of the important means for various industries to achieve technological innovation. New-generation information technologies, including artificial intelligence, big data, and cloud services, not only demonstrate strong development potential but also empower the digital transformation process of downstream industries through integrated development. Semiconductor industry The development and innovation of semiconductor technology directly determine the computing, storage efficiency, and performance of hardware, and directly affect the capability boundaries of upper-layer applications. Although China's semiconductor industry started relatively late, it has become a major driving force for global semiconductor industry growth with the continuous optimization of its industrial structure. According to Frost & Sullivan research, the market size of China's semiconductor industry reached $192.5 billion in 2021 and is expected to grow to $297 billion by 2026. Autonomous driving market Autonomous driving-related technologies have become a dual development trend in both the artificial intelligence and automotive industries. The development of autonomous driving technology directly determines the intelligent development process of the automotive industry and is one of the most promising global innovative technologies and emerging industries for the next few decades. China's autonomous driving market has high market potential, and the introduction of relevant policies has attracted many market participants. It is estimated that by 2026, the market scale of multi-scenario autonomous driving in China will exceed one hundred billion yuan. Advanced Materials Market The advanced materials industry is characterized by high technical content and long investment cycles, making it an important indicator of a country's scientific and technological development level. Compared to traditional material industries, the development of the advanced materials industry can not only drive the technological improvement and product upgrading of traditional industries but also promote the progress and comprehensive strength enhancement of the country's overall high-tech industries. Driven by strong downstream market demand and supportive policies, China's advanced materials industry has shown a relatively rapid growth trend in recent years. New Energy and Energy Conservation and Environmental Protection Industries Against the backdrop of global warming and energy crisis, the global energy structure is gradually transitioning towards renewable energy sources, intersecting and permeating with the energy conservation and environmental protection industry. Developing new energy and energy conservation and environmental protection industries is an effective way to transform the mode of economic development and promote sustainable development. It helps to seize future development high ground, enhance national technological competitiveness, reduce environmental carrying capacity pressure, and fundamentally transform energy issues. Subsequently, Cui Nan shared some specific sub-sectors of technology industries that are currently worthy of focused attention. Cloud Services (SaaS + PaaS) The cloud service industry has a large number of players, with many market participants having less than 500 million in revenue. At the same time, leading companies within the industry have gradually achieved commercialization and possess a high valuation level, having received investment from well-known institutions in the private equity market in the past. On the other hand, there are currently no major technical research and development or commercialization obstacles in the cloud service industry, and the future path for commercialization and expansion is relatively clear. Artificial Intelligence The artificial intelligence industry also has numerous market participants, with leading companies in most vertical fields gradually commercializing their offerings and enjoying high valuation levels. In the future, thanks to advancements in artificial intelligence technologies such as deep learning, as well as the deep application of AI across various industries, China's artificial intelligence industry has tremendous growth potential. Artificial Intelligence Generated Content (AIGC) 2022 is the 'Year One of AIGC'. In October, the AI content platform Jasper announced a $125 million Series A financing with a valuation of $1.5 billion; the metaverse and digital media tool development company Stability AI also announced the completion of a $101 million seed round with a valuation of $1 billion. As an emerging sector, the AIGC industry has high ceilings and is in the early stages of rapid growth. The capital market is highly active, and corporate valuations have been rapidly elevated. Autonomous driving In recent years, China has seen the emergence of a number of leading autonomous driving companies, keeping China at the forefront of global development in autonomous driving technology. Although current autonomous driving technology is not yet mature, unmanned operation is an inevitable trend in the development of intelligent connected vehicles. In the future, with the maturity of L4 and L5 level 'driverless' technologies, it is expected to drive leapfrog development in the automotive industry. robot Robot applications are widespread, covering numerous fields such as warehousing and logistics, industrial production, healthcare, catering, hotels, shopping malls/offices, communities, etc. The industry has a huge market reach. After breakthroughs in key technologies such as autonomous mobility technology, flexible joint technology, and multimodal AI technology, there is potential for explosive growth. In addition, leading enterprises in the industry are gradually commercializing and enjoy high valuations in the private equity market.

Beijing time 11 month 20 Today, the opening ceremony of the Qatar World Cup officially kicked off. As the most expensive World Cup in history,   Qatar has invested approximately 2,290 billions, five times the total of the previous seven World Cups. Data also shows that Chinese companies have become the largest sponsors of the Qatar World Cup, with a cumulative sponsorship amount reaching 13.95 billion dollars.   Why is Qatar willing?    Is it really worth spending so much money to host the World Cup? What is the profit model of international large-scale events such as the World Cup and the Olympics?   Why do Chinese companies have such a high sponsorship intention? What benefits can sponsoring the World Cup bring to enterprises? Frost & Sullivan Frost & Sullivan Frost & Sullivan consulting analyst Wang Zilun, referred to below as 'Frost & Sullivan', was a guest on the Titanium Media's 'Weekly Capital Market Observation' program to discuss the aforementioned topics. Titan Media Q1 quarter What is the profit model of international large-scale events such as the World Cup and the Olympics? Can the huge expenses incurred by Qatar in hosting the World Cup be recouped? Wang Zilun, a consulting analyst at Frost & Sullivan, introduced that first, we need to understand how such large-scale international events generate revenue. Major revenues from international events such as the World Cup and the Olympics come from two sectors: 1 ) event copyright operation and ( 2 event operation and marketing. Among them, the operation of event copyrights includes television / Internet broadcasting rights, advertising sponsors, tournament tickets, IP address Authorize the sale of branded peripheral products and related derivative services; event operations mainly include naming rights fees, competition registration and entry fees, and on-site catering services. Of course, the above-mentioned income is direct revenue during the event period, but the benefits behind hosting large-scale events go far beyond that.   Generally speaking, hosting an international large-scale event begins long before the start of the competition season with corresponding planning and layout for the city, increasing job opportunities and stimulating local economic growth. Moreover, such large-scale events can have long-term impacts on the city and country involved, such as promoting urban construction, tourism, catering, and retail development, increasing trade between the country and other countries around the world, and having a profound impact on the development of the host location. Wang Zilun said that the cost of this Qatar World Cup is about 2,290 billions of dollars, mainly spent on the construction of stadiums and infrastructure. This expenditure is five times the total cost of the previous seven World Cups, for example 2018 The cost of the Russia World Cup in 116 billion US dollars 2014 The cost of the 2014 FIFA World Cup Brazil was about 150 billion US dollars 2010 The cost of the South Africa World Cup in 36 billions of dollars, etc., it can be seen that Qatar has made a great investment in hosting this World Cup. One reason is because 2021 per capita in Qatar in GDP Gahaba 6.1 One hundred million dollars, higher than that of many European developed countries. Qatar has relied on its rich oil and natural gas resources to achieve rapid economic development in recent years, which is why it has the financial means to invest in the World Cup. However, when it comes to the profitability of hosting the World Cup, Wang Zilun believes that it is very difficult to solely rely on World Cup matches and related revenues for cost recovery. Of course, Qatar's expenditure on the World Cup is not just for serving the event itself. A large portion of its funds is used to enhance urban infrastructure, such as 360 Yibu built the city subway to facilitate visitors during the World Cup and in the future, 100 Several tourist hotels, and a value of about 160 Yi'an Xinzhou International Airport, as well as the leasing of many cruise ships / container / Tents, etc., have also created multiple job opportunities. In addition, Qatar is preparing to transform a small eastern city called Lusail into Qatar's second-largest city. Before the World Cup kicks off, Lusail has successfully hosted the F1 Major sports events such as the Grand Prix generate revenues that cannot be simply calculated based on profitability.   Qatar can also promote its country by hosting large-scale events such as the World Cup, strengthening its international image, and potentially reducing its excessive dependence on energy sources like oil and natural gas. This series of infrastructure projects will continue to provide a source of momentum for Qatar's economy in the future. Second Quarter The final stadium of this World Cup was constructed by China Railway Construction Group. Moreover, enterprises such as China State Construction Engineering Corporation and China Communications Construction Company have also participated. What is the competitiveness of Chinese construction enterprises in overseas markets? Wang Zilun stated that China has always adhered to the 'Belt and Road' development strategy. Chinese construction enterprises have created many 'super projects' in countries along the route, and Chinese construction companies have already gained a reputation overseas. Qatar, as one of the early cooperative countries joining China's 'Belt and Road', has seen Chinese construction companies become an important part of the construction phase for the Qatar World Cup.   For example, the main stadium for the Qatar World Cup, the Lusail Stadium, known as the 'Golden Bowl', was constructed by China Railway Construction International Group. This stadium is the first World Cup sports venue built with Chinese enterprises as the general contractor, which holds profound significance for China's construction industry.   The "Golden Bowl" stadium has also set many industry records: 1 ) The world's largest-span double-layer cable-net roof monolithic building 2 ) The world's first World Cup stadium to apply building information model technology 3 The largest football stadium ever built overseas by Chinese enterprises. Wang Zilun pointed out that as Chinese construction companies continue to expand their overseas market scale and become more famous, their competitiveness abroad is also increasing. Data shows that Chinese construction companies in the ' 2022 year Top250 Eight out of the top ten global contractors are Chinese construction enterprises, with the first seven being large construction group companies such as 'China Construction Group', 'China Railway Engineering Group', 'China Communications Construction Group', 'China Electric Power Construction Group', 'China Metallurgical Science and Industry Corporation', and 'Shanghai Construction Engineering Group'. This shows that the influence of Chinese construction enterprises in overseas markets is gradually increasing along with the overall development of the Chinese economy. We also look forward to more outstanding buildings in the future. Q3 quarter What are the purposes of various countries hosting international sports events? What impact do sports events have on the development of the sports industry in the host country? Wang Zilun cited recent international competitions, such as 2022 year 2 month 4 The Beijing Winter Olympics, which open on 2022 year 11 month 21 The Qatar World Cup, with its opening match kicking off on the day.   Wang Zilun believes that countries hosting such international events generally aim to rapidly develop their local or even national economies, thereby enhancing their international status.   Taking the Beijing Winter Olympics as an example, Beijing and Zhangjiakou City in Hebei Province jointly hosted this Winter Olympics, forming a partnership centered on Beijing / yanqing / With Zhangjiakou as the main battlefield, a relatively concentrated group of venues has been constructed. Compared to some other Olympic venues that were abandoned after the events, Yanqing's ski resort has been continuously upgraded and is expected to be developed into an international ski resort tourism destination, capable of generating more than 50 Ten thousand skiing tourism visits.   Taking advantage of the opportunity of the Beijing Winter Olympics, China's snow sports have also received extensive publicity, developing China's 'mass leisure skiing' market and expanding the scope for the general public to participate in ice and snow sports. At the same time, 2022 The annual Winter Olympics have actively driven The development of the industrial chain in China's ice and snow sports market, such as sports equipment, ski resorts, event hosting, sports training, and related tourism industries. The hosting of the World Cup in Qatar has also attracted the attention of fans and tourists from around the world. According to data from the Qatar Tourism Authority, 2022 In the first quarter of the year, the number of inbound tourists reached 31.5 Ten thousand person-times, and moreover 6 The number of visitors per month also reached 14.5 Ten thousand person-times, a year-on-year increase of over several hundred percentage points, has also made people re-acquaint themselves with the newly rising city of Lusail. Wang Zilun believes that hosting international sports events also has a significant driving force for the development of sports industries in host countries.   Hosting international events can not only promote the development of the sports industry but also help the country's sports economy achieve more comprehensive and perfect development. During the preparation and hosting of sports events, potential problems with sports management systems are also discovered. By investing sufficient time and funds to improve these issues, the sports industry of the host country can become more mature.   In addition, from the perspective of promoting competitive sports, large international sports events allow athletes from host countries to access a higher level of competitive sports, providing a platform for thorough learning and exchange. This comprehensively enhances sports management capabilities, professionalism, as well as the abilities of coaches and athletes. With greater influence of various sports in host countries, it optimizes the sports industry.   Therefore, hosting large-scale sports events plays a significant role in promoting the development of the national sports industry and enhancing public sports activities on a daily basis. Q4 2019 After the event, what is the subsequent use of various competition venues like? Can they continue to generate profits? Wang Zilun introduced that after the event, many venues that have not been demolished can be used as: 1 Tourism attraction services 2 ) Undertake large-scale event activities 3 ) Holding commercial development activities 4 By organizing social welfare activities, etc., venues can be transformed into a comprehensive model that integrates visits, competitions, and commerce. If the venue can continue to have practical uses and commercial value, it can still generate revenue. For example, the Beijing Winter Olympics used about 14 A venue from the Beijing Olympics, like the 'Water Cube' of the Games, has transformed into an 'Ice Cube' at this year's Winter Olympics. This is also the world's first time that intelligent technology has been used to convert a swimming pool into an ice rink for a stadium; the famous building from the Beijing Olympics, 'National Stadium'. - Although the Bird's Nest was not used as a competition venue during the Winter Olympics, both the opening and closing ceremonies were held at the "Bird's Nest," which greatly increased its utilization value. Wang Zilun pointed out that the utilization rates of the three large comprehensive venues, namely the Bird's Nest, Water Cube, and Wukesong Sports Center, are very high. They have gone beyond their original purpose as sports venues and have become landmarks in Beijing and even northern China. Every year, they attract numerous domestic and international tourists for tourism and visits. In this year's perfectly concluded Beijing Winter Olympics, venues such as the Capital Skating Oval, Capital Gymnasium, Capital Short Track Speed Skating Training Center, and Capital Figure Skating Training Center will be established as ice and snow sports bases integrating sports, culture, leisure, and entertainment. This will vigorously develop the Chinese ice and snow sports market and enable major venues to continue to play their role. In addition, 2012 The main stadium for the London Olympics, the 'London Bowl', has also been leased to the Premier League team 'West Ham United' for a long time, ensuring that this Olympic venue continues to shine and contribute to its community. Wang Zilun also pointed out that some Olympic venues have been abandoned or demolished, such as the main stadiums for the opening and closing ceremonies of the Rio Olympics, the volleyball stadium at the Athens Olympics, and the canoeing venue at the Beijing Olympics. These venues cannot generate sustained profits for the host countries.   Wang Zilun concluded that there are still significant differences in the profitability of venues. Only with good planning and arrangements at the outset can the venues be guaranteed for continuous use in the future to the greatest extent possible.   Q5 Data shows that Chinese enterprises have become the largest sponsors of the Qatar World Cup, with a cumulative sponsorship amount reaching 13.95 billions of dollars, exceeding that of the United States 11 Billions. Why do Chinese companies have such a high sponsorship intention? What benefits can sponsoring the World Cup bring to enterprises? Wang Zilun said that although the Chinese team is very disappointed not to have entered this World Cup, Chinese enterprises have appeared frequently at the Qatar World Cup, and Chinese elements have permeated all aspects of the World Cup. The sponsorship amount of Chinese enterprises at the World Cup was about 8.35 billion USD, up to this year's Qatar World Cup 13.95 billion US dollars, with growth exceeding 65% It can be seen that most Chinese enterprises attach great importance to this World Cup. In the past few years, many Chinese companies have reaped good returns from their experience in overseas sports marketing. For example, Hisense 2016 In 2019, it became the first top sponsor from China, appearing multiple times as a sponsor in various overseas sports events, such as 2018 The FIFA World Cup, 2020 The Euro 2024 and 2022 In the annual World Cup, Hisense's overseas revenue increased by more than 3 times, the proportion of overseas revenue has also doubled, and overall revenue is also showing a rapid growth trend; in addition, 2020 year vivo After entering overseas markets, sales in the European market have also increased by more than 2 times. Therefore, based on past experience, overseas marketing for sports events can indeed bring good returns to enterprises. It is evident that the high sponsorship intentions of Chinese companies for this World Cup are mainly due to:   （ 1 By sponsoring, we can establish connections with audiences around the world, enabling more consumers from all over the globe to learn about Chinese brands.   The development of Made in China in recent years has also evolved from simple small commodities to more diversified products, such as mobile phones, new energy vehicles, and various consumer goods. Sponsorship of an annual international event can significantly enhance brand awareness.   （ 2 Secondly, the number of Chinese World Cup viewers is still very large. Major brands competing for broadcasting rights or investing heavily in sponsorship can directly reach domestic consumers, enhancing brand reputation and expanding brand awareness.   * This article is reprinted from Titanium Media, with the original title being    Made in China competes for the Qatar World Cup, a "high-end" World Cup with an "excellent Chinese content," but how can it make a profit? | A Week of Capital Market Observations    ">

11 month 30 day, 36 krypton WISE2022 King of the New Economy · Breakthrough 2023 The China Capital Market Finance and Economics Summit successfully concluded in Hangzhou. Review 2022 In [year], the domestic economic development encountered many difficulties, and the international environment was even more complex and volatile, with major global capital market indices collectively falling. Outlook 2023 In [year], international economic downward pressure intensified, market confidence plummeted again, and investors are still facing severe tests. Against this backdrop, the Capital Market Finance Summit for 2019 is themed 'Breaking Boundaries 2023 With the theme of 'Global Challenges and Opportunities: The Road Ahead', we invite representatives from academia, research institutions, the banking sector, as well as corporate leaders from various fields such as the internet and new energy to give speeches. Together, we aim to explore the correct course of action for navigating through global headwinds with stability and long-term success. At the same time, this year's forum also features a blockbuster launch of WISE The King of the New Economy 2022 Pioneering Innovator》 2022 Annual report of listed companies ESG Investment Selection》《 WISE2022 Most Potential CFO36 The 'People' annual roster for the past three years provides a comprehensive outlook on growth opportunities under new trends.   In the morning session's 'Review and Outlook' special topic, 36 krypton CFO After Wei Lin's opening remarks, Yao Yang, Dean of the National Institute for Development Economics at Peking University and Chair of the Social Value Investment Alliance, Liu Gang, Managing Director of Research and Strategy Analyst at CICC, PingPong Co-founders Lu Shuai, Gu Feyong, General Manager of NetEase Blockchain Business Department, Feng Yi, General Manager of Zhejiang Merchants Asset Strategic Development Department and Deputy Dean of Research Institute, and Yimo 123 Viewing properties COO Officer-in-Chief Liu Hang delivered analyses and judgments on macro trends to the participants, respectively, and shared the strategies for enterprises to survive in a complex macro environment. Subsequently, in 36 Under the chairmanship of Huang Yida, Chief Analyst at Krypton's Secondary Market, Lu Shuai, Feng Yi, and Gu Feiyong jointly held a roundtable discussion on 'Exploring the Path to Breakthroughs in Economic Development'. In the afternoon session, Li Yujun, Vice President and Chief Technology Officer of GCL New Energy Technology Co., Ltd., Qiao Tong, Deputy President of DBS China Shanghai Branch and Head of New Economy Business, and Cheng Chaogong, Chief Researcher of Tongcheng Research Institute, shared their respective insights on the “New Trends, New Tracks” topic with the participants. ESG Opinions on new industrial opportunities and speculative opportunities under the trend of market transformation.   Finally, by 36 During the roundtable session chaired by Zheng Huaizhou, Head of Krypton's Secondary Market, Qiao Tong and Zhang Bin, Partner of Frost & Sullivan's Sustainable Development Services (Special General Partnership), and Ernst & Young Huaming LLP ( Frost & Sullivan Yang Lizhu, Consulting Director of Frost & Sullivan Greater China, discussed the topic of green development with us. #01 Review and Outlook   In the opening speech, 36 krypton CFO Wei Lin said that the global counter-trend market is also one where challenges and opportunities coexist. In the face of downward pressure on the global economy, finding ways to break through is key. Identifying positive trends in key sectors such as green finance is what this forum hopes to 'break through'. 2023 "The key lies therein."   Subsequently, Yao Yang, Dean of the National Institute for Development Studies at Peking University, delivered a speech titled 'The Resilience of the Chinese Economy and the Transformation of Future Economic Structure'. He stated that China AI It holds a leading position in fields such as automation and new energy, which is the strength of the Chinese economy. It is also believed that there are no major problems with the Chinese economy in the medium to long term. "We have entered an era where innovation is the driver of growth, and our government's policies will change. These changes are only aimed at correcting some issues that have arisen in the past and will not shake our fundamental commitment to ensuring economic growth."   Liu Gang, Managing Director of Research at CICC, delivered a speech titled 2023 In his speech at the "Market and Asset Outlook for 2023", Mr. Tang shared with the attendees his views on 2023 The outlook for the global market and major assets in the coming period. He stated that he is not pessimistic about the global markets represented by the United States, but there will be a process of setbacks, perhaps around the second quarter, hence it can be described as 'rising expectations require prior suppression'. At the same time, its outlook for Hong Kong stocks is more positive and optimistic. This is mainly because Hong Kong stocks have experienced a continuous slump over the past year or so, reaching relatively low points in all dimensions. Therefore, it can be described as 'a sudden rain that does not last'.   PingPong Co-founder Lu Shuai shared his insights on how to survive in a complex macro environment during his speech titled 'Accelerating the Digital Transformation of Global Trade'. He mentioned that the methodology for making correct choices in a complex environment is simple logic: finding certainty amidst uncertainty. PingPong The cross-border payment sector in which it operates, the backdrop of global trade, and the digital trend against this backdrop remain unchanged; this is the certainty it has found amidst external complex fluctuations.   Gu Feyong, General Manager of NetEase Blockchain Business Unit, delivered a speech titled 'Domestic WEB3 In his speech titled "Practice and Conception of the New Era's Development of the Financial Industry", he stated that currently WEB3 The track is more like a cycle coming to an end, accompanied by the birth of a new cycle. A new era requires new ideas to break through barriers. Gu Feyong, with NetEase's blockchain team WEB3 Industry practices are illustrated with examples, and in the future WEB3 This new technology can create significant value for the prosperity of the digital economy.   Feng Yi, General Manager of the Asset Strategy Development Department and Deputy Dean of the Research Institute at Zhejiang Merchants Bank, mentioned in his speech titled 'Opportunities and Challenges in the Non-performing Asset Market under Current Circumstances' that currently, China has a large total amount of non-performing assets. With the increase in the number of participants, competition has become increasingly fierce. From past patterns, it is expected that the outbreak of non-performing assets will continue under future economic downward pressure, thus increasing market space. The resolution and disposal of non-performing assets will play a very important role in economic development.   Me 123 Viewing properties COO Officer-in-Chief Liu Hang's article titled AI+VR In his speech titled "Exploring the Path of Real Estate Home Decoration Transformation," he stated that in the past two years, due to the downward pressure on real estate, the brokerage industry has seen limited growth, with nearly 40% , and with the help of AI , VR Technologies such as 123 Viewing properties 58 platforms such as Anjuke VR Technology vendors, according to data from the aforementioned platforms, there are VR The average click-through rate of listings has increased compared to regular listings. 1.5 By about [X]% or so, the seven-day retention rate of users has increased. 50% .   In the last session of the morning session, 36 Under the chairmanship of Huang Yida, Chief Consultant at Krypton's Secondary Market, Lu Shuai, Feng Yi, and Gu Feiyong jointly held a roundtable discussion on 'Exploring the Path to Breakthroughs in Economic Development'. Lu Shuai, in response to the question about how he views export pressure, stated that although the total volume may be shrinking at present, no matter how global trade fluctuates, the digital aspect is continuously deepening. Therefore, the business and investment communities can also continue to pay attention to the field of cross-border payments and seek potential opportunities. In response to questions about the pressure on real estate and the impact of several rounds of reserve requirement ratio cuts by the central bank on banks, Feng Yi stated that in the future, with the transformation of economic momentum, some new economies such as technology companies or new economic forms may emerge. New customer groups will also be discovered, which could become new investment directions after bank loans are disbursed. Regarding WEB3 In response to the question about market scale, Gu Feyong stated that there are currently no accurate data statistics available, but a rough estimate suggests that the investment scale is about 300 Hundreds of millions of dollars. Then, from the investment enthusiasm and what various industries think WEB3 In the future, it may become a new growth track prediction, up to 2030 In the year WEB3 The industrial scale is expected to reach 3000 billion. #02 ESG New Trends and New Tracks under the Trendsetter Wave In the afternoon session, under the theme of "New Trends, New Tracks", several keynote speakers focused on their respective business areas. ESG The report provides a detailed interpretation of future industrial and investment opportunities at the tuyere. Li Yujun, Vice President and Chief Technology Officer of GCL New Energy Technology Co., Ltd., introduced the bottlenecks encountered by battery swapping mode transportation systems under the wave of electrification, as well as GCL New Energy Technology's mobile energy system solutions, with the theme of 'Battery Swap Mode Accelerates the Electrification and Cleanliness of Transportation Systems'. He stated that the clean energy and low-carbon electrification of transportation systems are the future trend, and under this backdrop, battery swapping will embrace great opportunities. GCL New Energy Technology will next take battery swapping as a starting point to create multi-energy complementary scenarios. 'Of course, the most important thing is the user experience—safety, convenience, and efficiency. This is the goal that drivers, operators, and all of us are striving for together.' Qiao Yong, Deputy President of Deutsche Bank China Shanghai Branch and Head of New Economy Business, introduced Deutsche Bank's financial practices in the new economy field and ESG Relevant practices and concepts. He mentioned that Deutsche Bank is working on near-zero carbon emissions and near-zero carbon services, ESG Provides services to customers in three aspects: domain customer consulting and green finance. At the same time, it also mentioned that overseas adoption is currently ESG There are minor differences between the standards and the green finance standards applicable domestically, but in practice "The difference is normal, even though at present, in the entire international community, we are ESG The concept has not yet formed a complete unity, and I believe that there may never be a completely unified concept in the future. Everyone has their own criteria for identification." Cheng Chaogong, Chief Researcher at Tongcheng Research Institute, delivered a presentation titled 'The High-quality Development Stage of the Tourism Travel Industry ESG Governance —— Tongcheng Travel's Industry-Specific Sustainable Development Concept" was presented, introducing the development stages of travel periods and ESG Governance changes, as well as Ctrip's past period ESG Regarding the dynamics, he stated that the main change in the tourism supply side is the departure from a shortage of basic services. At the same time, there is an insufficient supply of high-quality services, and there are structural contradictions that constrain consumption growth. 'Previously, we only needed to continuously expand the market and develop it efficiently to achieve great success and sustainable development. However, now we need to make more long-term arrangements to cultivate the market.' ESG Under the system, Tongcheng sees more of a fusion between the sustainable development of enterprises and their responsibilities. For instance, at this stage, its digitalization efforts in the industrial chain aim to use new technologies to improve efficiency. Finally, by 36 During the roundtable session chaired by Zheng Huaizhou, Head of Krypton's Secondary Market, Qiao Tong and Zhang Bin, Partner of Sustainable Development Services at EY Hua Ming Accounting Firm (Special General Partnership), Frost & Sullivan ( Frost & Sullivan Yang Lizhu, consulting director of Frost & Sullivan's Greater China region, discussed the topic of green development with us.   For Deutsche Bank this year 5 First released in the month ESG Quantitative targets, Qiao Tong introduced the content involved and main capital investments in China. 'Our group-level original 2025 year 2000 The target of hundreds of millions in investment and financing is expected to be achieved by the end of this year. Last month, our group set a new goal, which is to 2025 Annual Group Level ESG The total amount of investment and financing should reach 5000 Euro billion level, with at least more growth on top of the existing base 1 Multiple times more. Going back to the Chinese market, what we have done more of is investing in traditional energy companies such as wind power, new energy vehicles, and photovoltaics, especially green bond issuance. Asked whether unified financial quantification would be formed in the future, ESG Disclosures and Frameworks, Zhang Bin said “ ISSB The upcoming official release of the guidelines will bring about significant changes. For our country, strictly speaking, this may not be the case for some time to come ESG According to the corresponding standards, our country is also expected to make reference to them next ISSB Standard setting ESG Corresponding guidelines. However, even with such guidelines, as you mentioned earlier, ESG How can we effectively measure the quantitative impact of evaluation dimensions on finance? I think it remains a significant challenge at present." Facing the world's ESG Regarding the question about what changes and opportunities related industries will bring about due to investment focus, Yang Lizhu said, 'From the perspective of traditional industries, for example, those in energy, mining, transportation, infrastructure, and traditional manufacturing sectors will enjoy ESG dividends. In traditional industries, carbon emission reduction and energy conservation and environmental protection management are ESG middle E An important part." Meanwhile, "there are also some new economic industries, including internet companies, that have joined in the practice ESG The army of ideas. Companies like Huawei and Tencent have also made their way to China ESG500 Forced inclusion. We can see that as enterprises practice ESG Enhanced consciousness, the future ESG The industries and enterprises involved will become increasingly diversified. ” Discussing whether domestic investor sentiment can continue to support China ESG Regarding the long-term development issue, Yang Lizhu believes that 'some of the investors in the Chinese market already possess a certain ESG Investment awareness, which drives asset management institutions and invested enterprises to carry out ESG Relevant capacity building has been carried out, and some asset management institutions have already ESG Included in the consideration of investment strategies. "In addition, she said, "As our country ESG The system and industrial chain are continuously improving. ESG Investment awareness will be strengthened, ESG The investment market scale is expected to continue to grow significantly. From the perspective of corporate profitability, ESG Enterprises with high ratings are more competitive than their peers. On one hand, these companies can efficiently utilize raw materials, energy, and human resources; on the other hand, they have strong risk management and corporate governance capabilities, and are better at formulating long-term development plans.   #03 The release of the three major annual rosters is highly anticipated During the morning and afternoon sessions of this forum, the organizers also released WISE The King of the New Economy 2022 Pioneering Tech Startup 2022 Annual report of listed companies ESG Investment Selection》《 WISE2022 Most Potential CFO36 The 'People' annual report for the past three years provides a comprehensive outlook on growth opportunities worthy of attention in the context of the complex external environment and future trends. Although the current macro environment brings great uncertainty to the business community, it has also become a booster for enterprises to carry out organizational innovation and technological advancement. In the face of adversity, many outstanding Chinese enterprises still fearlessly brave the severe winter, recover from crises, forge ahead with a striving attitude, and embark on an extraordinary new journey. 36 Krystal and Huaxi Securities jointly initiated WISE The King of the New Economy 2022 Potential Innovative Company' selection. In this era of challenges and opportunities, discover the most promising future stars. In the final session of the morning session at this forum, the host announced the WISE The King of the New Economy 2022 Potential Innovative Companies' List   After decades of rapid economic growth, the Chinese economy has entered a stock era, which takes into account both economic and social benefits and aligns with sustainable development concepts ESG has become a popular investment trend in the current market.    In order to explore ESG New investment paths for the future, to promote enterprises in ESG Further development of investment strategies and actions, 36 Krypton launched “ 2022 Annual report of listed companies ESG Investment Selection".   In the afternoon session, the host announced the 2022 Annual report of listed companies ESG Selected for the Investment Selection.   In order to delve into the downlink cycle, enterprises CFO And the new mission and value of the finance team, demonstrating the enterprise CFO The power of group traversal through economic cycles, 36 Krypton, in collaboration with SULLIVAN TELE-TREND CLOUD TECHNOLOGY, has jointly released WISE2022 Most Potential CFO36 "People" research and selection. Comprehensively showcases the most representative excellence of Chinese enterprises CFO The demeanor of the team on the domestic and international financial stage. For this selection, 36 Krystal has invited heavyweight judges and guests such as leading securities firms, law firms, accounting firms, and industry consultants to evaluate listed companies' CFO Conduct quantitative evaluations, including enterprise market value, liquidity, choice of listing location, IPO listing Amount, raised funds CFO Comprehensive evaluation is conducted across multiple dimensions such as length of service, and the candidates are CFO Give authoritative, professional, and fair evaluations. Before the event ends, the host announced on-site that WISE 2022 Most Potential CFO36 Personnel> list.

The report of the 20th National Congress of the Communist Party of China proposed to 'improve the modern enterprise system with Chinese characteristics, carry forward the spirit of entrepreneurs, and accelerate the construction of world-class enterprises.' Recently, multiple departments including the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission of the State Council, and the Ministry of Commerce have organized relevant meetings around this theme, conducting exchanges and discussions on accelerating the construction of 'world-class' enterprises. From the perspective of China's current economic and social development, why should we aim for 'world-class' enterprises? In the process of creating 'world-class' enterprises, how can central state-owned enterprises play a leading role? In which areas should state-owned assets and central enterprises make efforts? How can the capital market better assist in nurturing world-class enterprises?   Frost & Sullivan Frost & Sullivan Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the above topics. Securities Daily Q1 quarter From the perspective of China's current economic and social development, why should we aim for 'world-class' enterprises? What should world-class enterprises be like? In the process of creating world-class enterprises, how can central enterprises play a leading role? Or rather, why is this important task placed on central enterprises?   Firstly, a 'world-class' enterprise refers to an organization that holds a global leading position in a specific industry. It is characterized by a global business layout, strong influence on the capital market, competitiveness, and broad social impact. 'World-class' enterprises play an important role in the development of a country's economy, and whether a country has a group of 'world-class' enterprises has become an important indicator of its economic strength.   The development of China's economy in the new era will take continuous innovation as a new growth point, making innovation the core driving force for development. Cultivating a group of 'world-class' enterprises will continue to guide and promote the sustained and stable development of our country's economy.   Currently, in the world 500 Among the strong enterprises, Chinese companies are mainly central state-owned enterprises (SOEs). Compared with private enterprises or other types of companies in China, SOEs lead in technology research and development, management level, industrial system, etc., and already possess the basic conditions to become 'world-class' enterprises. Therefore, in the process of creating 'world-class' enterprises, SOEs will play a leading and exemplary role. Second Quarter In the first half of this year, the 24th meeting of the Central Comprehensively Deepening Reforms Commission further reviewed and approved the 'Guiding Opinions on Accelerating the Construction of World-Class Enterprises'. Currently, the work to create world-class demonstration enterprises is being continuously promoted. In which areas should state-owned assets and central enterprises make efforts? In which industries should they take on a leading role (reasons)? Central enterprises should continue to make efforts in aspects such as global business layout, technology research and development, product quality, production efficiency, and management level, in order to enhance their influence in the global market and accelerate the process of becoming 'world-class' enterprises. Manufacturing enterprises are expected to play an important role in the process of becoming 'world-class' enterprises. Firstly, globally 500 In the strong sector, enterprises mainly operate in industries such as manufacturing, energy, and commercial trade. Manufacturing companies have advantages in scale and industry. At the same time, due to the rapid development of China's manufacturing industry in recent years, the overall level of China's manufacturing has been rapidly improving, and product quality has been continuously enhanced. Compared with leading foreign manufacturing enterprises, our leading manufacturing companies are at the same level in terms of hardware such as manufacturing and equipment, as well as software such as automation and intelligence. Therefore, central state-owned enterprises in the manufacturing sector are expected to take on a major role. Q3 quarter In addition to emphasizing scale and efficiency, from the perspective of innovation-driven development strategies, should central enterprises also make efforts in niche industries, especially those that are specialized, refined, distinctive, and innovative? From this viewpoint, how can the capital market empower technological innovation by central enterprises? What role has the capital market played in this process?   The development of the Chinese economy in the new era will take continuous innovation as a new growth point. Therefore, central enterprises need to advance the process of technological innovation and continue to make efforts in specialized, refined, distinctive, and innovative fields during their journey to become 'world-class' enterprises. China's capital market provides diversified financing venues for various innovative technology enterprises, including the main board, ChiNext, STAR Market, New Third Board, private equity market, etc., helping technology innovation enterprises achieve rapid financing.   Taking the Sci-tech Innovation Board (STAR Market) as an example, it has effectively helped enterprises in 'chokepoint' sectors such as semiconductors and chips in China to raise funds smoothly, supported high-tech enterprises in continuous investment in technology research and development, and promoted the localization process. Q4 2019 Recently, the China Securities Regulatory Commission (CSRC) released the 'Three-Year Action Plan to Promote the Improvement of the Quality of Listed Companies'. (2022 - 2025) It has been issued, proposing corresponding measures in eight areas. In conjunction with the three-year action plan, how can the capital market better support and foster the cultivation of world-class enterprises in the future? Three-Year Action Plan to Promote the Improvement of the Quality of Listed Companies (2022 - 2025) The corresponding measures proposed in the eight aspects will lead to a new phase of optimizing supply and jointly promoting the improvement of listed company quality. In the future, listed companies will see further development in terms of enterprise management level and high-quality development.   * This interview was published in 'Securities Daily', with reporters Du Yumeng and Mao Yirong. The original article is titled    Central enterprises bravely take on the heavy responsibility of "accelerating the construction of world-class enterprises" Capital Market Facilitating Innovative Development    (Click on "Read the Original Article" at the bottom left corner to read the full report).

In recent years, with the help of e-commerce live streaming and the rise of trendy consumption trends, many popular domestic beauty brands have emerged in the cosmetics industry. This year's Double... 11 Domestic beauty and skincare brands have performed outstandingly, including Betaine (Vanicream), Huaxi Biotechnology Group Co., Ltd., Perla, NATURALTEA, Xiangyi Bencao, etc., all of which have made it onto the Tmall Double Eleven Top 100. 11 Beauty Pre-sale List Top 20 . effort Can functional skincare products be an important breakthrough for domestic beauty brands to overtake in the market? Which companies' performance is worth looking forward to? What are the core competitive areas for future functional skincare products? Next, will breakthroughs in synthetic biology become a new direction of competition in the beauty industry?   Frost & Sullivan Frost & Sullivan Jiang Tengfei, Frost & Sullivan's Healthcare Industry Consulting Director for Greater China, was interviewed by Bullet Finance to discuss the development trends of domestic beauty and skincare industries. Bullet wealth view Q This year double 11 Domestic beauty and skincare brands have performed outstandingly, many of which are functional skincare brands. Is functional skincare an important breakthrough for domestic beauty brands to overtake in the market? Which companies' performance is worth looking forward to?   Compared to ordinary skincare products, functional skincare products have a wider range of suitable users. They can meet the daily care needs of healthy skin as well as those with skin problems (such as barrier-damaged skin or sensitive skin).   Under the influence of multiple factors, such as environmental pollution, cosmetic abuse, post-medical aesthetics, and pathological factors, the incidence of sensitive skin has been gradually increasing, which will further drive the growth in consumer demand for functional skincare products. Among them, the future performance of Betaine (dermatological skincare product) and HuaXi Biotechnology is worthy of further anticipation.   Q What are the core competitive areas for future functional skincare products? Next, will breakthroughs in synthetic biology become a new direction of competition in the future beauty industry?   The core competitiveness of future functional skincare products lies in differentiated efficacy and high safety. Synthetic biology can help beauty and skincare companies achieve breakthroughs in raw materials (such as recombinant collagen with new efficacy components), bringing unique competitive advantages to these companies. In addition, synthetic biology can help enterprises improve synthesis efficiency and enhance activity and safety.   * This interview was published on the official account "Bullet Financial View", with reporter Hu Fangjie, and the original article is titled     "The Second Half of the Domestic Cosmetics Competition: HuaXi Biotech and Betaine's 'Ace Weapon'    （ 👈 Click the title to read the full report).

11 month 16 Yesterday, BYD's termination of the listing of its subsidiary BYD Semiconductor drew market attention. Data shows that since 2019 Since the release of the regulations on domestic spin-offs in [year], as of 11 month 17 day, already 15 Listed Company “ A take apart A "The plan has been shelved, and the initiative to terminate the spin-off listing of subsidiaries mainly includes reasons such as sub-listed companies not meeting performance targets and expanding new businesses.   Independent of the subsidiary IPO listing In comparison, what are the differences between spin-offs and initial public offerings (IPOs)? What are the advantages? Why has there been a noticeable increase in the termination of spin-off IPOs this year? How should we view some companies expressing their desire to split into separate companies again, and some companies that are already in the process? Frost & Sullivan Frost & Sullivan Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, who is also the author of this article, was interviewed by Securities Daily to discuss the pros and cons of spin-offs and listings of subsidiaries. Securities Daily   Q Independent of its subsidiaries IPO listing In comparison, what are the differences between a subsidiary's spin-off listing and an initial public offering (IPO), and what are their advantages? Independent IPO listing In comparison, splitting and listing subsidiaries with strong profitability and growth potential has the following advantages: 1 It can further broaden financing channels and improve cash flow, which not only helps alleviate the financing pressure on the parent company but also enables both the parent and subsidiary to obtain more reasonable valuations, achieving optimization of capital structure and equity structure; 2 Subsidiaries can independently raise funds and use them to implement equity incentives and shareholding plans, expand the industry, promote technological innovation and industrial upgrading, and enhance their professional management level and overall competitiveness of the company. Q In light of the changes in both domestic and international situations over the past two years, please share your views on the reasons for termination. Why has there been a noticeable increase in terminations this year? 2022 In [year], the economic downturn caused by the pandemic led to insufficient corporate vitality. The poor operating performance of subsidiaries and the strengthened supervision by the China Securities Regulatory Commission over spin-off listings restricted the process of corporate spin-offs. The majority of companies that are split into separate listings do not meet the conditions for such a split, such as declining performance, transfer of control from the parent company, excessive proportion of net profit from subsidiaries, or insufficient independent operating time. The split listing carries a high risk of listing review. To prevent companies from chasing the trend of split listing, the China Securities Regulatory Commission (CSRC) has clearly stated that it will strengthen the full-process supervision of split activities and severely crack down on market anomalies such as 'foolish' split listings, false splits, speculation about split concepts, as well as illegal and irregular activities such as insider trading and market manipulation. For example, there are issues such as insider trading and profit transfers during the split listing process, as well as competition and related-party transactions between the parent company and the split-listed company in the same industry.   Q How do you view the expressed intention of some companies to split and go public again, with some companies already taking action? The listed subsidiaries of the spin-off are mostly focused on emerging economies such as new energy, computer science and technology, semiconductors, biomedicine, and mechanical equipment. Their main businesses possess strong 'science and innovation attributes'. " These industries often require substantial capital investment to achieve economies of scale and technological iteration. Expanding financing channels through spin-offs and listings is an important path for these enterprises to achieve leapfrog development. In recent years, affected by the downward pressure on the economy and the tightening review efforts of the China Securities Regulatory Commission (CSRC), some companies have terminated their process of spin-off listing.   And along with A As the number of diversified operating companies in the stock market gradually increases and the market trading and regulatory environment matures, on the basis of the gradual recovery of the macroeconomy and the further consolidation of enterprises' own strength, companies will restart spin-offs for listing to allocate resources and restructure assets, aiming to maximize corporate value.   * This interview was published in 'Securities Daily', with reporter Xing Meng, and the original title is     "The 15 The listed company has terminated “ A take apart A "Plan Some companies intend to restart at an opportune time    （ 👈 Click the title to read the full report).

As a hub for science and technology innovation enterprises, a series of innovative systems on the Sci-tech Innovation Board have injected new vitality into the coordinated development of technology, talent, and innovation, driving scientists to start businesses and the transformation of scientific research achievements into an 'era of gold'. According to statistics, among the listed companies on the Sci-tech Innovation Board, over 6 The founding team of the company consists of scientific researchers, engineers, and other scientific talents or industry experts. 3 The company has established cooperative relationships with universities and research institutes. What are the advantages for scientists to choose to list on the Sci-tech Innovation Board?   The trend of scientists starting businesses and going public has become a craze, with strong equity incentives for technical talents. Can these companies shoulder the banner of technological innovation? How are the listed science and technology companies performing in the secondary market?    Frost & Sullivan Frost & Sullivan Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the above topics. Securities Daily Q What are the advantages for scientists choosing to list on the Sci-tech Innovation Board? Scientists choosing to list on the Sci-tech Innovation Board (STAR Market) mainly have the following advantages: 1 It is conducive to motivating more researchers to innovate and start businesses, promoting the continuous output and transformation of scientific research achievements, and driving the development of science and technology; 2 ) It is conducive to expanding funding channels and thereby implementing equity incentives and shareholding plans, effectively combining and protecting the interests of shareholders, the company, scientists, and other parties involved, and promoting the long-term sustainable development of the company; 3 ) It is conducive to enhancing the company's reputation and recognition, expanding partnerships, and attracting high-end talents. Q The trend of scientists starting businesses and going public has become a craze, with strong equity incentives for technical talents. Can these companies shoulder the banner of technological innovation? What do you think? Scientists start businesses and go public mainly in high-tech industries, involving a large number of technological innovation activities. Such companies are characterized by large initial investments and long cycles. Therefore, equity incentives for technical talents can stabilize the company's business operations to a certain extent.   The core purpose of scientists starting businesses is technological and product innovation, which makes enterprises pay more attention to sustainable development and continuously advance scientific and technological innovation. This has played a positive role in promoting scientific and technological innovation in our country.   At the same time, our government is also strengthening its advocacy, encouraging, and promoting the integration of industry, academia, and research. This year 6 month 22 The Ministry of Education, the Ministry of Industry and Information Technology, and the Intellectual Property Office jointly issued the 'Notice on Organizing the 'Thousand Schools and Ten Thousand Enterprises Collaborative Innovation Partnership Action', encouraging universities, research institutes, and hospitals to cooperate with enterprises on scientific and technological achievements, and can support entrepreneurship according to specific circumstances. Under the guidance of policies and market environment, China's technology entrepreneurship has been continuously developing in depth, and the diversified development of scientists' roles has become inevitable.   In the future, as more cases of scientists and tech companies going public emerge, they will play a positive guiding role in the development of China's technology innovation enterprises, helping our country make breakthrough progress in some key areas. Q What is the performance of currently listed science and technology companies in the secondary market?   Leading enterprises in high-precision and cutting-edge industries all include cases where scientists founded, managed, and ultimately listed on the Sci-tech Innovation Board. At the same time, these scientist-founded companies have grown rapidly and gained the favor of investors from various sectors in the secondary market. The main representative companies include well-known enterprises such as Zhongkong Technology, Anlu Technology, Baisu Electronics, Aibo Medical, and HuaFeng Measurement & Control. As the leader in process industry control, CIMC Technology leads the industry's layout of automation. 4.0 The products include automation control systems, industrial software, etc., leading global well-known enterprises such as industry competitors Emerson and Honeywell. Since the company went public on the secondary market, as of 2022 year 11 month 21 On the same day, the stock price started from 35.73 The yuan rose all the way to 98.45 Yuan, with the stock price having increased cumulatively 175.5% The founder of the company is a renowned expert in automation across industry and academia in China. Anlu Technology is a leading integrated circuit company in China, and A The first stock focused on FPGA A listed company in the business sector. The company focuses on developing general-purpose programmable logic chip technology and system solutions. Since its listing on the secondary market, as of 2022 year 11 month 21 On the same day, the stock price started from 26.00 The yuan rose all the way to 70.78 Yuan, the stock price has increased cumulatively 172.2% The company's chairman is a senior engineer in integrated circuits. As the leading company in domestic laser cutting control systems, Baisu Electronics has seen continuous growth in market share across high, medium, and low-power segments, with accelerated import substitution. The company is located in the midstream of the laser industry chain, serving as the brain of the product line, which is an important component. Since its listing on the secondary market, as of 2022 year 11 month 21 On the same day, the stock price started from 68.58 The yuan rose all the way to 253.50 Yuan, with the stock price having increased cumulatively 269.6% The five founders of the company are all masters of engineering from Shanghai Jiao Tong University. Aibo Medical mainly deals with ocular consumables, with key products including intraocular lenses and orthokeratology lenses. It has broken the long-standing oligopoly of foreign pharmaceutical materials and become a leading domestic alternative company. Since its listing on the secondary market, as of 2022 year 11 month 21 On the same day, the stock price started from 33.55 The yuan rose all the way to 222.34 Yuan, the stock price has increased cumulatively 562.7% The founder of the company holds a doctorate and is a professor-level senior engineer, as well as a renowned expert in ophthalmic consumables. As one of the earliest domestic enterprises engaged in semiconductor testing equipment, Hua Feng Test & Control mainly focuses on analog and mixed-signal testing equipment. Since its listing on the secondary market, as of 2022 year 11 month 21 On the same day, the stock price started from 107.41 The yuan rose all the way to 256.96 Yuan, the stock price has increased cumulatively 139.2% The founder of the company is a renowned expert in electronic components.   Therefore, there are many successful cases of scientist enterprises listing on the Sci-tech Innovation Board, which have withstood the test of time. The secondary market has a special preference for scientist enterprises, offering great growth potential. Q Is it expected that the current wave of entrepreneurial activity among scientists will continue in the future? What suggestions are there regarding the development of innovation systems on the Sci-Tech Innovation Board or after companies go public? Driven by the policy of jointly issuing the 'Notice on Organizing “Thousands of Schools and Ten Thousand Enterprises Collaborative Innovation Partnership Action” by the Ministry of Education, the Ministry of Industry and Information Technology, and the Intellectual Property Office, as well as the capital push from investors in high-tech, new technology, and sophisticated industries,   The development path from 'technology-driven' to 'enterprise-driven', then to 'industry-driven', and finally to 'economy-driven' will be further unblocked. It is expected that more and more scientists will choose to start businesses in the future. The marketization of scientific and technological achievements requires efficient integration of technology and the market.   Firstly, scientists starting a business need a more complete ecosystem to support them, including a communication platform that can connect resources, services, collaboration mechanisms, and other participants.   By conducting long-term, in-depth exchanges on resources and R&D progress among all parties, opportunities for scientific research achievements to be circulated into the market can be promptly identified;   Secondly, after going public, enterprises need to be able to understand both technology and market demand " Technology Broker " As a bridge connecting to the market, choose approaches that better meet market needs in the process of transforming scientific and technological achievements.   * This interview was published in Securities Daily. 11 month 22 day A3 Edition, reporters Hou Jiening and Mao Yirong, original text named    "The    Deep integration of technology and capital A large number of key technology researchers have stepped onto the stage of the Sci-tech Innovation Board    >>    (Click on "Read the Original Article" at the end of the text to read the full report).