Group 1 - The 26th UBS Greater China Conference was held in Shanghai, attracting over 3,600 participants, including more than 2,300 global institutional investors and representatives from sovereign wealth funds, family offices, and private investors, with participating companies having a combined market capitalization of approximately $4.3 trillion [1] - UBS Group's CEO highlighted China's economic resilience and innovation in advanced manufacturing and artificial intelligence, presenting new opportunities for global investors [1] - In 2025, there was a notable recovery in cross-border capital market activities in China, with an increase in international institutional investors allocating to Chinese stocks, and 111 mainland Chinese companies completing IPOs in Hong Kong by the end of December 2025, with a total post-IPO market capitalization of $562.3 billion [1] Group 2 - UBS China President noted that international investors are increasingly interested in participating in the Chinese market, with a 32% year-on-year increase in investor attendance from the US, Europe, the Middle East, and Africa at the conference [2] - The conference emphasized technology and innovation as key drivers of future growth in China, discussing advancements in artificial intelligence, including semiconductors, advanced computing, industrial automation, and humanoid robotics, as well as AI applications in healthcare, transportation, and financial services [2] - Discussions at the conference focused on the deep changes in China's investment landscape, including advanced manufacturing, energy transition, smart mobility, and new trends in consumer and cultural industries driven by IP, content, and gaming innovation [3]

1月15日，乘联分会崔东树表示，2025年宏观经济保持较强增长，在国家促销费政策推动下汽车市场保 持强势增长，2025年全国汽车市场总体走势较强，卡车市场和客车市场回暖明显。 由于去年政策力度超强，今年政策收缩明显，2024年12月的零售大幅强于批发，导致今年12月乘用车零 售负增长，但因出口和库存增量，12月厂家销量增速相对较好。12月新能源车走势较强，汽车出口市场 持续走强，厂商库存变化较大，行业压力仍较大。 2025年商用车市场出现设备更新补贴推动的结构性增长特征，高补贴带来物流运输类电动化加速，商用 车景气度较高。近几年乘商分化特征明显，随着房地产持续下滑，商用车走弱，乘用车消费改善。 以旧换新政策对乘用车拉动较好，尤其是政策进入期效果好，近期绝大部分暂停补贴，行业综合治 理"内卷"工作取得积极进展，车市总体走势放缓。 2025年市场受政策因素推动，乘用车增速9%相对较好，商用车受电动化推动，新能源商用车走势较去 年明显走强，包含微客的客车市场实现较强增长。 ...

Core Insights - The sixth batch of centralized procurement for high-value medical consumables has been announced, involving 12 types of medical consumables, with 227 companies submitting bids and 202 companies winning bids [1] - The procurement includes drug-coated balloons and urological intervention consumables, with a focus on ensuring a diverse supply to meet clinical needs [1] Group 1: Drug-Coated Balloons - Drug-coated balloons are included in the procurement, which helps in expanding blood vessels and releasing drugs to improve vascular stenosis [1] - A total of 32 companies submitted 42 products for drug-coated balloons, all of which were selected, ensuring a high match with clinical usage while reducing costs for patients [1] Group 2: Urological Intervention Consumables - Urological intervention consumables, previously a "blank area" in procurement, involve complex products used for kidney stones and ureteral stones [1] - 195 companies submitted 454 products, with 170 companies winning bids, indicating a significant increase in available options for clinical use [1] Group 3: Procurement Principles - The procurement adheres to principles of stabilizing clinical use, ensuring quality, preventing excessive competition, and avoiding collusion [2] - Group competition is structured to ensure continuity in clinical use, with products selected based on demand and supply capabilities [2] - The selection rules have been optimized to prevent low pricing from distorting the market, with 8 out of 20 competitive groups triggering a price control mechanism [2]

Core Insights - Wind tunnel testing is a crucial part of the research and development of new energy vehicles in China, allowing for the testing of over 200 vehicle models annually [1] - A reduction of the drag coefficient by 0.01 can increase the range of pure electric vehicles by approximately 8 kilometers [1] - The wind tunnel center is equipped with advanced technology, including microphone arrays and high-precision algorithm models, enabling a significant shift from auditory noise assessment to visual noise analysis [1]

Core Viewpoint - The successful expansion of the China Aviation Jingneng Photovoltaic REIT marks a significant step in the securitization of clean energy assets and capital operations, showcasing a model for future public REITs development in the renewable energy sector [1][3]. Group 1: Listing and Fundraising - The China Aviation Jingneng Photovoltaic REIT officially listed its expanded shares on the Shanghai Stock Exchange, with a total fundraising amount of 2.92215 billion yuan, issuing 300.88 million fund shares at a price of 9.712 yuan per share [1][2]. - The listing was attended by key officials from the Beijing State-owned Assets Supervision and Administration Commission and the Jingneng Group, highlighting the importance of REITs in supporting capital market efficiency and state-owned capital optimization [1]. Group 2: Asset Details and Impact - The underlying assets for this expansion include the Sujiakou and Songshanhekou hydropower station projects, with a total installed capacity of 483 megawatts, located in Tengchong City, Baoshan, Yunnan Province [2]. - This project is recognized as the first public hydropower REIT in Yunnan Province, serving as a model for integrating green finance with the energy industry and injecting new momentum into the "14th Five-Year Plan" energy investment [2]. Group 3: Strategic Significance - The expansion introduces a "photovoltaic + hydropower" complementary model, enhancing the fund's risk resistance and providing a replicable path for future REIT expansions in the renewable energy infrastructure sector [3]. - The initiative not only revitalizes existing green energy assets and optimizes the company's asset-liability structure but also smooths cash flow and diversifies regional climate risks, significantly improving the overall risk resistance of the fund [3].

Core Viewpoint - WuXi AppTec expects significant financial growth for the fiscal year ending December 31, 2025, with revenue projected to increase by over 45% compared to the fiscal year ending December 31, 2024 [1] Financial Performance Summary - Revenue is anticipated to grow by more than 45% compared to the fiscal year ending December 31, 2024 [1] - Gross profit is expected to rise by over 70% compared to the fiscal year ending December 31, 2024 [1] - Adjusted net profit before interest income and expenses is projected to increase by over 45% compared to the fiscal year ending December 31, 2024 [1] - After excluding the impact of exchange rate fluctuations, the growth rate is expected to exceed 65% [1] - Net profit, despite adverse effects from exchange and interest rate fluctuations, is expected to grow by over 38% compared to the fiscal year ending December 31, 2024 [1]

此次获批标志着甘李药业的甘精胰岛素注射液正式进入欧洲市场，将在欧盟（EU）、冰岛、列支敦士 登和挪威上市销售。 近日，甘李药业（603087）发布公告称，公司及其欧洲全资子公司宣布，由甘李药业自主研发的甘精胰 岛素注射液（欧盟商品名：Ondibta ，中国商品名：长秀霖 1），于近日获得欧盟委员会（EC）批准， 用于治疗成人、青少年和2岁及以上儿童的糖尿病。 ...

今日，智慧眼公众号发布公告称，公司与海光信息技术股份有限公司正式签署战略合作协议。 双方将聚焦医疗健康行业，依托各自在人工智能大健康与自主可控计算芯片领域的核心技术优势，开展 全方位深度合作，共同推动国产化技术与行业应用的深度融合，助力"数字中国"与"健康中国"建设。 ...

近日，亦诺微医药港股IPO申请获得受理，招股书正式公开。亦诺微致力于开发新型溶瘤免疫疗法和工 程化外泌体疗法，已经建立起包括2款溶瘤病毒疗法和5款外泌体疗法的管线。 招股书显示，亦诺微医药溶瘤病毒疗法MVR-T3011已经与上海医药（601607）达成合作开发协议，并 已经收到2000万元预付款及3000万元专利许可授权款。 ...

Core Viewpoint - BeiGene has rapidly commercialized its product, Baiyueda, just eight days after receiving approval, benefiting adult patients with chronic lymphocytic leukemia/small lymphocytic lymphoma and mantle cell lymphoma in China [1] Group 1 - BeiGene leverages its comprehensive capabilities in research, production, and commercialization to achieve swift market entry [1] - The product is now available for clinical use, indicating a quick transition from approval to patient access [1]