彭博直播转述药明康德业绩超预期、小米芯片计划和中美AI安全摩擦，但未形成新的可执行交易催化

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-04 09:30–10:00(Asia/Shanghai),共 198 段
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[09:30] Continuation of the trends that we saw just a day ago, it seems on the rethink when it comes to perhaps.
[09:30] Given the dynamics surrounding Korea, what is that going to mean for the memory momentum trades for the moment, though, we are seeing.
[09:30] Real from yesterday's pressure on the CSsI 300, the Ch mix is also bouncing, so that's interesting to see.
[09:30] We are seeing the yields on the ten year climbing in china this is against a backdrop of those china.
[09:30] Bond futures also coming online just a day ago, you're yielding 170 thereabout so looking pretty flat there.
[09:30] From that watching out for some of these AI related counters krickca and that's an outlier today, take a look at how the Hangs is fair.
[09:30] Of course, we've been watching this rotation as we watch for hSBC earnings and the Chinese internet stocks.
[09:30] Making that comeback, we've been seeing the old the conventional big tech names doing well in china.
[09:31] Investors are still focused on how they monetize things and given how these companies were early back as in the aI game.
[09:31] MaybeThat payback comes through for them again, another day where we're seeing the H Seng tech outperformance, were watching the likes of Chang.
[09:31] Me as well, there's some talk that they could be muing another chip plan, so this one might be in Beijing according to Reuters's reporting.
[09:31] Take a look at what we're seeing in ironO as well, we're watching the commodity very closely, there have been some ruptions in canya.
[09:31] the board and take a look at some of the movers as well, you're seeing that green coming through on zinc particular.😊
[09:31] And this is after zinc jumped to a four year high, a bit of a reversal when you look at I think this is a Shanghai contract, but you're still see.
[09:31] Some of these zinc related companies fairly firm in trade today, Dave.
[09:32] Just give me a sec because we're looking at some lines and you know this was part of the agenda, right, we were saying we were going to look at China Mobile today.
[09:32] This was on the back of our reporting earlier and there's an update here, so the background is China mobilebile said.
[09:32] Be exploring selling at stake in true of Thailand, and I believe now we have a state.
[09:32] Coming through on the Thai stock exchange from the company that, okay, let me just read okay to clarify your report.
[09:32] Regarding share sale, true Corpse says China Mobile intends to remain its shareholder, but they're also saying that China Mobile.
[09:32] selling some of its shares, I think that's the qualify you have when you're right now. We'll dig into this.
[09:32] Exchange filing and bring you any sort of material information once we have a better understanding of that Mark.
[09:32] As you can see, there's a lack of reaction, which I guess also underscores the potency clearly of the news today, what is reacting?
[09:33] As we were just talking about this early on, Wuxi app tech, I think last we checked we were up nine into premarkets coming up on your screens.
[09:33] U1,10% right now, so a good set of numbers, they've also raised their guidance for the full year and they're basically sing strong.
[09:33] Demand here for for the company's products up 10% now in the first four minutes of trade joining us here in set is toy sui head of Asia healthcarere Research.
[09:33] Jeffreys, good morning and very nice to see you you guys had a meeting with the CFO and the company back in May.
[09:33] With that in context, what do you make of these numbers based on that conversation and what do you make of the outlook here for the company now?
[09:33] Thank you for having me here so first of all I will say this is a very strong beat even compared to the most foolish.😊
[09:33] Byside expectation, so we' are talking about company further with their guidance to recurring revenue 35 to 39%.
[09:34] So I think compared to previous guidance is like 18 to 22% only and versus the most bull byight guidances only3.
[09:34] So I would say basically it is because of the very strong demand from the obesity side for both oral obesity as well.😊
[09:34] As the injectable and this is very strong demand. So and in the meantime, as you mentioned, the company.
[09:34] Also further raise up their car pass guidance by 1 billion R, which indicates also very strong demand in 220.
[09:34] What does this tell us about, I suppose, you highlight there the obesity element?
[09:34] That seems to be a driver for Wusi app techch, talk to us about how the ecom side of things is propelling that part of the business.
[09:34] Because that seems to be, JB Health, Ali as well. that seems to be a different dynamic, say to what we see globally among some of the.
[09:34] BC drug providersSo indeed, I give you a few sets of numbers. So first of all, if you look through the first half.
[09:35] so over 40% of the revenue is coming from obviously that is quite something for a very sizable.
[09:35] Like tech,So according to our estimate for the oral GP1, which is the oral, obviously drugs.
[09:35] It's like almost a 6 billion RMB contribution to Uhiia tech revenue, while for injectables it' around like 7 billion RMB.
[09:35] SomethingAnd if we, because we publish this kind of monthly tracker for China, obviously south, so already like over 80%.
[09:35] Of China, obviously sell is online. So that's the reason why we published this e-commerce track. And the interesting thing is for.
[09:35] The first six months of this year, it is recorded like R& B 3.3 billion cells that's already exiting.
[09:35] The full year numbers of last year last year is like only 3 billion. so that's the reason why you can see, despite we are talking about the pricing pressure.😊
[09:36] Like a lot more competition is coming into the market, but still the demand is really strong and talking about globally nowadays.
[09:36] If you read through the Whi attackt result, like four small molecules, the overall GP1 is only available in the US at this time.
[09:36] But still from the stalking demand from eli lily, we still read the numbers behind the lines any risk to watch though?
[09:36] It's clearly a bullish story are we ignoring any risk here so I think the key concerns people might have it is competition.
[09:36] For example, for summer glutai, we will have the paddding spiry and also a lot of generics coming to the market since April next.
[09:36] But I think ultimately it's done to different penetration. And for, for example, for the generics, I think they are targeting for like lower.
[09:36] In hospitals for because the drug price in China is so affordable at this time. so I don't think it.
[09:36] Jeopard drug cells I was going to ask you about thats your what's your outlook on pricing specifically on obesity going forward?
[09:37] Obviously, so the thing is we did some like analysis for example, for general drugs, maybe starting from day one from their lung.
[09:37] They still want to achieve at least like 50% of the growth margin, right, so that means that we assume that for a generic, obviously.
[09:37] The monthly cost in China will be around 30 per month. So nowadays, for example, Eli Lily, they are monthly priced in China.
[09:37] 100 per month. I think that is already quite affordable, like a monthly cost so versus the U and UK.
[09:37] Also places there are still like 4000 your dollar per monthunce. And so that's the story here. It keeps coming back to this right, I guess.
[09:37] Pricing and costs, it makes things very hard to be when it comes to Chinese health care. Is that enough to, I suppose.
[09:37] Sat some of these geopolitical concerns as well. So this is a very good point. So, first of all, as we.
[09:38] About this, discuss in June that every Chinese v have American dream, right, So that's the reason why we're talking about this kind of new.
[09:38] T of biotech our. But from the geopolitics angle, I think for U tech, a few things we talk.
[09:38] About Uakai was newly included into the military list back in Pentagon Le back in June, but a few things to watch.
[09:38] First of all, because for biosure Act, they have a five year grandfather class, which means all the existing orders are protected.
[09:38] All the way until 2031 and in the meanwhile, whicha also filed a motion for preliminary injunction against.
[09:38] The military less enforcement, but more importantly, to our point, I think geopolitics is always a very convenient.
[09:38] So think about it. We have been under this kind of geopolitical noises lingering around for the past five years,.
[09:38] Continue to beat and race. That means that unless the multinational companies can find some better, like quality wise or.
[09:39] Sca wise, they can find some bad alternatives, their dependency for wi company is still quite high your colleague.
[09:39] I did point that out that we become less immune or at least we're more used to geopolitical noise when you start discounting to stop.
[09:39] My question on markets now, why has this group underperformed despite what seems to be on paper still a very?
[09:39] BlishYeah, indeed, that's a very fair question. So after June, we talk about, remember last time for the.
[09:39] So making the history as the first Chinese company presented as a plenary session during asco, but I think during that time the markets.
[09:39] be a little bit short term because like everybody is chasing AI, chasing career. So even for a lot of the analysts outside.
[09:39] Industry, they are forced to look at AI at that time. So I think market was a little bit short term at that point. So we have a lot of fund flow.
[09:40] like healthcare, internet or maybe consumer sectors becoming the funding source for AI, but the thing is back now right when people were still debating.
[09:40] Whether AI is a more sustainable trip or whatever the story is over, but we seek amid the market volatility.
[09:40] So people care about earning certainty, so that's the reason why we have the CDMO sector for China, so CDMO sector is actually with the.
[09:40] B earning visibility in China healthcare sector for this year, I guess to your point also, I mean, on the AI front aside side.
[09:40] From what we see in the markets, also the driver as something of drug discovery.
[09:40] For the sector, I mean, what are you seeing as how that can give it some tailwinds indeed.
[09:40] financial guys, right, We always follow the money flow. So you look at what the multinational companies are trying to do at this moment.
[09:40] ending the money into every single Chinese AI drug discovery company today. it is not because they know what.
[09:41] Will be succeededUltimately, It is because they cannot afford not to invest into AI today. So that's the reason.
[09:41] WhyWe see the money flow concentrated into this new sector. And from our point of view, reducing AI can.
[09:41] Hep to improve the accuracy, as well as the efficiency into the drug development industry. So for the like the preclinical study.
[09:41] They can shorten the timeline by like 50% and in the meantime that they can save the cost by nearly 70% so that's the.
[09:41] ear AISo unfortunately, AI cannot can do very minimal into the clinical trial today because unfortunately, we're still studying.
[09:41] Human body but we people yeah indeed, but ultimately with the with I think with the next decade, maybe.
[09:41] AI can try to do something with the clinical trials as well. So we are thinking about, for example, clinical design, because for many drug failure, it is.
[09:42] Actually fail to target the right population. For example, we are not talking about one lung cancer. We're talking about 30 different.
[09:42] Of the subtypes of the cancer, but with the air help, we can definitely screening the right population to target. So that's the idea for AI.
[09:42] And also to our points, so like we like the companies such as in Silili, such as Mads I think the key is, first of all, you need to join.
[09:42] Understand the science, because AI drug discovery is still very different from the other company, right, so from the read through from the AI need to.
[09:42] Understand the underlying biology in order to your AI better. So that's the reason why today, even Chinese companies their.
[09:42] The US guys, because they are stuck in like 20 years ago, either the technology, the model or the mindset of training their AI.
[09:42] Importantly, I think maybe the ability of asset generation, asset origination is more important because still most of the companies.
[09:42] In their AI to do molecular modification. But if you're talking about, you are like a biotech company, you can do as an origin that.
[09:43] It's much more important than what we can offer today. All right, AI, even in healthcare, even in healthcare.
[09:43] So it's great to get you in the studio, talking us through your outlook as well, including on WC App techch, so it's a head of Asia Healthcare Research.
[09:43] Jeffs and still ahead, China said to be growing concerned that anthropics and mes could become a threat to its economy will have the details.
[09:43] This is Bloombergg.
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[09:44] 🎼Bloomberg context changes everything morning good morning. This is We back to the opening trade. it bloomberg money this is.
[09:45] 🎼The this is Wall Street week We to balance of power. you're watching Bloberg deal We to Bberg this weekend. this is bloomberg.😊
[09:45] Television.
[09:45] Now, the other thing we're tracking as far as AI.
[09:45] Develop are Bloomberg has learned that Beijing is growing increasingly concerned that anthropic meos model could be used as a weapon.
[09:45] Against China and this adds another layer of tensions between both sides and this comes ahead of that planned summit between Xi Jinping and don tru.
[09:45] Our chin correspondent so what are the specific concerns that Beijing seems to be voicing here A.
[09:45] Becoming increasingly capable when it comes to cyber capabilities. And we have seen how a few days ago, we reported that enthropic managed.
[09:46] Attack several organizations as part of a cyberseity test and access sealed information. so the concern is that these AI models.
[09:46] Can access data of these Chinese users, and eventually it could fall in the hands of the US government. So we understand from sources that China.
[09:46] Concern about this, they are not yet preparing any immediate action on anthropic though, but they are preparing options.😊
[09:46] In case of sanctions on Chinese AI models, because remember, the suspicion is mutual. and Scott Basson has sort.
[09:46] The idea of sanctions on these Chinese AI models that are accused of Ip theft. So what China can do is tip for.
[09:46] ation sanctioning some of these US companies, adding it to their own entity list. But then because many of these companies like Anthropic, doesn't have a presence in China.
[09:46] The moves will likely be more symbolic I the suspicion is mutual, but the concerns are.
[09:46] In as far as how smart does AI get and how does it set up the stage for the Trump X meeting that's coming in terms, I guess in some ways how they can also work together.
[09:47] Yeah, so we are anticipating that AI talks in September ahead of that meeting, and we understand from sources that China really wants to keep.
[09:47] The atmosphere warm ahead of the planned trip and they want to work towards a win win outcome, but as you said, the suspicion is mutual.
[09:47] The concerns are shared, and the US has been mulling, tightening controls even further when it comes to Chinese access to.
[09:47] These US technology, Anthropic and the US AI companies have been key advocates of further tightening restrictions.😊
[09:47] NV advanced chips, for example, and just recently, the US was extending those bands to even power inverters.😊
[09:47] And robotbos that could affect Chinese companies. So the scope of that tech war is expanding. So, yes, when it comes to the trade.
[09:47] There is anticipation that it will be extended, especially things like tariffs and trade, but then some of the tech issues are likely to be quite intractable.
[09:48] Minman, thank you so much Min low, our China correspondent there let's well on the story, hugging face the CEO says a hack.
[09:48] Speaking of, involving open AI could have been worse, in fact, had it not been for the company's cybersecurity measures that's after certainly.
[09:48] Some of the AI models coming through out of open AI compromise its internal systems last month now Clement.
[09:48] Sp with our Ed Lu about his AI concerns one of the biggest risks in AI is constant.
[09:48] Of power, it's concentration of powers, e, wealth.
[09:48] In a few organizations, when everyone else would be kind of like lagging behind and.
[09:48] You can of like cl out in a way, right, and open models are kind of like a account force.
[09:48] To that right, like they empower small companies, startups, you know organizations that are not necessarily kind of like phoneier.
[09:49] Labs to via theI themselves to own their intelligence, as some people said.
[09:49] And I think that's one topic that policymakers need to focus on a little bit more than they've been focusing on.
[09:49] So far, so hopefully this letter kind of like puts the topic more prominently on their desk.
[09:49] After you and an open AI made the disclosure on July 22 that this had happened, I spoke to lots of your peers.
[09:49] Industry, and there was also the kind of acceptance that this wasn't some major scandal, you know, open.
[09:49] I has a lot of power. The closed models themselves are powerful. but generally speaking, industry said, we want to see the.
[09:49] Untilier labs doing this, doing these tests and evaluations of their capabilities, and then disclosing when something.
[09:50] Go wrong just react to that, in that sentiment towards the events of that week.
[09:50] At all with that like we don't want any company in the US running cyber attacks against other companies.
[09:50] This this is a crime, this is illegal for a good reason, because if you create a world where.
[09:50] Everyone is allowed to run cyber attacks against everyone, we're in for a lot of trouble.
[09:50] And that was the hugging F CEO speaking with Blue bugs, Ed Lotlow.
[09:50] Watch that on the Bomberg video hub, subscribers can explore live streaming news, interviews, all our bloomberg TV shows, documentaries, report analysis.
[09:50] And more check that out at Bloberg.com forward/ videos this is Bloomberg.
[09:51] 🎼Yeah.
[09:52] 🎼
[09:52] Bringing you up to the.
[09:52] political news whenever and wherever it happens i'm jo matthew on the south one of the white house this is blue blue.
[09:52] Right.
[09:52] 🎼Things are starting to come alive across these markets. One watch is this trend that has started to form. and as you can see, this is nine straight days now that Asian.
[09:52] FffX has been on the stronger side of things, certainly the yen intervention did help, but have a look at where we are in some exchange.
[09:52] T dollar yen, dollar Korea, dollar offshore in dollar Taiwan on your screens on the back of this recent softness we're seeing in.
[09:53] In the US dollar, just keep that in mind, of course, as we go into number one, I think very short term we have a 10 year bond auction today, and as we move into the thick of.
[09:53] The week here, the South Korean one as Sea is outperforming at least broader complex here here today slightly weaker on the Japanese currency.
[09:53] And aopsy Trvy lasts 72 hoursuffice to suffice to say in the text space, we're looking at the Chinese index.
[09:53] Seeing that outpacing the gains on the Hang Seng tech even. so maybe that AI how we are trade, maybe that's back right, you look at the like of.
[09:53] lightipto link, know the optical names are also rallying hard some of them by.
[09:53] itSo maybe they're not done with that part of the momentum when it comes to mainland stocks as well.
[09:53] To figure out why I'm trying to ask for a specific reason, but these are very punchy games as you can see on yours.
[09:54] And cC Jones the eight shares are doing quite well. the eight shares, I can tell you, are also doing quite positively around8%.
[09:54] Last I checked, there's a trading debut on the Chinese mainland today, Shenzhen JLC tech that's coming up on your screens and we are doing.
[09:54] Okay, I think China Mobibil, we now have confirmation coming through of that filing from Tru.
[09:54] Hhailand that China Mobile is no longer said to be mulling, I believe the companies now said that they are looking to remain.
[09:54] A shareholder but also looking to perhaps sell some of its stake there in the companys.
[09:54] The China show.
[09:55] We actually just expanded the set of customers that have access to.
[09:56] think it's about an additional 150 organizations around the world in 15 different countries and really our approach to mythO.
[09:56] Has always been, this is a there's a time component to it, so we released it initially to.
[09:56] Cyber defenders, so some nonprofit groups, some governments, some organizations that are critical infrastructure for protecting again.
[09:56] potentialtent cyber attacks and just like in any kind of security vulnerability situation, you have to give the defenders a head start.
[09:56] echn AI models are going to keep advancing if it's not us one day releasing a mythths level model, another AI company will but it.
[09:56] Ma who you give access to first and how long they have to patch some of the vulnerabilities that Meths was capable of revealing.
[09:56] And so we're taking this very cautious, very tiered approach, which I know in some ways is frustrating because people really want access to the model, but I think,
[09:56] Again, as a company that's founded on these principles of being ethical, being responsible, we thought it was important to.
[09:57] 🎼Give access to the organizations that were capable of really helping us defend against some of these risks and then slowly widening that circle to.
[09:57] More and more critical infrastructure until eventually we feel it's safe to release them more widely.
[09:57] 🎼The top names in global aviation are on bloomloberg. I got to go for this getting worse. I got an old price that at 9.
[09:57] 🎼Any sign of this show that consumers are starting to get a little bit more cautious again, so very complex economies very.
[09:57] Well, but we have more visibility than others with the backlog we have, we're ramping up production across many of our product lines, markets are very strong.
[09:57] Our backlog is very, very strong so our story is really focusing on executing that backlog we're on a multi year ramp both our commercial.
[09:57] Customers and in defense right we're sold out into the early 2030s we have our work cut out for on a multi year basis to.
[09:58] Our customers and governments with new means of facing those stress, and this means accelerating We need to expand.
[09:58] Our capacity to get after both speed, as well as integrated interoperable allied capability, which will help all our nations feel safer.
[09:58] 🎼The news that matters is on Bloomberg context changes everything. Wecome to the world of decentralized finance.😊
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[09:58] Welcome back to the China show.
[09:59] 🎼Here's a look at Chinese markets about half hour into the session, we're seeing a bit of a flip today, Dave when it comes to.
[09:59] The Hang Seng, where in negative territory, us is what you're seeing in CSI 300, that's where you're seeing slight gains.
[09:59] is also outpacing, of course we're still trying to see, you know, is this the optical shifts, the continued belief in the AI hard?