在投资领域，中国人寿海外公司投资策略注重风险管理和长期价值创造，为中国香港国际金融中心的可 持续发展注入强劲动力。 据了解，2025年11月香港特区政府发行多币种数码绿色债券，包括美元债、离岸人民币债、港元债及欧 元债。中国人寿海外公司参与全部四个币种债券认购，合计约24亿等值港元，成为中资保险最大认购 方。 2025年，中国人寿海外公司参与了多宗香港H股IPO，支持联交所18A章程（允许未盈利生物科技公司 上市），积极投资半导体、AI、医疗等热点领域企业，支持优秀中资企业在IPO中获得合理定价。 据悉，中国人寿海外公司还通过半导体、AI、医疗等赛道的多只私募股权基金，积极参与到多个明星 创新企业的股权投资，其中包括2025年9月在香港联交所主板挂牌上市的禾赛科技（02525.HK），2026 年1月在香港联交所挂牌上市的"AI大模型第一股"——MiniMax（00100.HK）。 （文章来源：中国经营报） 2026年1月20日，《中国经营报》记者从中国人寿集团获悉，截至2025年12月31日，中国人寿海外公司 总资产已超过4528亿港元。 ...

Core Viewpoint - The report titled "Cold Clouds Cannot Hide the Morning Light, Spring Approaches with Thousands of Trees Competing for Glory" forecasts a moderately loose monetary policy for 2026, emphasizing the importance of maintaining a stable economic environment in China [1] Monetary Policy - The report suggests the continuation of a moderately loose monetary policy in 2026, with a focus on guiding exchange rate expectations and preventing excessive fluctuations in the currency [1] - It is recommended to allow the RMB to appreciate moderately by about 5% in 2026, moving from the current rate of 1:7.0 to a range of 1:6.6-6.7 [1] Exchange Rate Management - The report emphasizes the need for macro-prudential regulation of foreign exchange to ensure stable cross-border capital flows and to monitor and mitigate systemic financial risks [1] - It advises against using foreign exchange market interventions or window guidance to counteract appreciation driven by fundamentals, suggesting a greater reliance on market supply and demand to determine exchange rates [1]

Core Viewpoint - The Ministry of Finance has issued a notice to implement a loan interest subsidy policy for small and micro private enterprises, providing a 1.5% annual subsidy on eligible fixed asset loans and new policy financial tool funds starting from January 1, 2026 [1][2][3] Group 1: Policy Details - The subsidy applies to fixed asset loans and new policy financial tool funds for small and micro private enterprises involved in key industry chains, including sectors like new energy vehicles, medical equipment, and artificial intelligence [2][3] - The subsidy is capped at 50 million yuan per loan and is available for a maximum term of 2 years, with the policy initially set for one year but subject to extension [2][3] - The annualized interest rate for some small enterprises, after subsidy, could range between 1.00% and 2.00% [4] Group 2: Implementation and Oversight - Eligible enterprises can apply for loans through designated banks, which will approve loans based on market principles and legal frameworks [4] - The Ministry of Finance and financial regulatory authorities will conduct joint inspections to ensure compliance and prevent misuse of funds [4][5] - There is a strong emphasis on monitoring the flow of funds to ensure they are used for legitimate business upgrades and not for speculative activities [4][5] Group 3: Economic Impact - The policy aims to address the investment shortfall in the private sector, particularly in fixed asset investments, by encouraging small and micro enterprises to invest in high-tech and critical areas [3][5] - The initiative is expected to stimulate economic growth and support the development of new growth drivers within the private economy [3][5]

Core Insights - The "Mosu Zhixing" action plan aims to implement L4 autonomous driving technology in Shanghai by 2027, targeting over 6 million passenger trips and 800,000 TEUs in cargo transport [1] - The plan outlines the expansion of autonomous driving testing areas to 2,000 square kilometers and over 5,000 kilometers of road length, with a focus on achieving international competitiveness in the smart connected vehicle industry [1] Group 1: Autonomous Driving Applications - By August 2025, the L4 Robotaxi tourism line will connect Shanghai International Resort to Pudong International Airport, marking Shanghai's first autonomous driving demonstration project covering both expressways and surface roads [2] - The action plan emphasizes organized operations for smart taxis and pilot projects for L3 autonomous passenger vehicles, aiming to gradually scale up production [2] Group 2: Expansion of Testing Areas - Shanghai will open the entire Pudong New Area for autonomous driving testing, with plans to expand to other districts like Fengxian and Minhang, focusing on key locations such as Hongqiao Hub and Pudong Airport [3] - By December 2025, the total length of open testing roads in Shanghai will reach approximately 5,238.82 kilometers, covering about one-third of the city's area [3] Group 3: Commercial Vehicle Innovations - The action plan includes the development of commercial vehicle demonstration scenarios in key areas like airports and train stations, transitioning from semi-autonomous to fully autonomous operations [4] - There will be a focus on innovative applications of unmanned vehicles in urban inspection, logistics, and municipal services [4] Group 4: Technological Advancements - The plan outlines the need for breakthroughs in key technologies such as onboard computing chips and control systems, fostering collaboration between universities and enterprises for rapid industrial application [6] - Companies like Beirui Technology are optimistic about the plan's emphasis on core hardware development, aligning with their research and development strategies [6] Group 5: Policy and Financial Support - Shanghai will enhance policy support for data management and safety systems, ensuring a comprehensive safety assurance framework for autonomous vehicles [7] - Financial backing will be strengthened for startups in the smart connected vehicle sector, promoting innovative insurance products tailored to autonomous driving [7] Group 6: Talent Development and Regional Collaboration - The city will implement talent programs to attract high-level professionals in the smart connected vehicle field and promote educational partnerships to develop skilled workers [8] - Regional collaboration will be emphasized to streamline testing and data sharing across the Yangtze River Delta, enhancing the overall capabilities of smart connected vehicles [8]

凯因科技对培集成干扰素α-2注射液（新增乙肝适应证）项目涉及的相关开发支出全额计提资产减值准 备，相应减少2025年度利润总额约1.11亿元。 2025年前三季度，凯因科技营业收入为9.27亿元，利润总额为1.31亿元。此次撤回药品注册申请预计将 对凯因科技2025年全年业绩产生较大影响。中经记者 晏国文 卢志坤 北京报道 【凯因科技撤回一药品注册申请 2025年利润减少1.11亿元】2026年1月20日，科创板上市公司凯因科技 （688687.SH）披露，撤回培集成干扰素α-2注射液（新增乙肝适应证）的药品注册申请。 培集成干扰素α-2注射液是一款已上市药品，适用于治疗成人慢性丙型肝炎（HCV），于2018年获得药 品注册批件和新药证书。 2024年9月，凯因科技对该药品新增申报适应证。此次撤回申请的是新增申报适应证。 凯因科技方面表示，根据国家药监局最新审评建议，经审慎研究，公司决定主动撤回本次药品注册申 请，并将根据国家药监局的有关要求，进一步补充临床病例研究，根据情况再次提交注册申请。 ...

2023年至2024年，时空科技将部分与项目开展无直接关联的支出计入在建工程核算，累计105.3万元。 此外，时空科技与资金支付审批、供应商审批、财务核算管理等相关的内部控制不完善。 【因控股股东非经营性资金占用 时空科技被责令改正】日前，时空科技（605178.SH）被北京证监局采 取责令改正措施。 经监管查明，2024年，时空科技控股股东、实际控制人宫殿海通过员工借款等形式从公司拆借资金合计 2386.4万元，形成非经营性资金占用。截至2024年年末，宫殿海已全额归还上述款项。 时空科技还存在其他违规问题。其中，预期信用减值损失计提不规范、闲置固定资产存在减值迹象、商 誉减值测试部分参数预测依据不足，截至2024年年末，该公司信用减值和资产减值准备计提不充分。 因相应问题，北京证监局决定对时空科技采取责令改正的监管措施，对宫殿海、该公司时任总经理姜化 朋、时任财务总监及董秘王新才采取出具警示函的监管措施，并将相关情况记入证券期货市场诚信档 案。中经记者 庄灵辉 卢志坤 北京报道 ...

3500万募资未经审议购买理财产品 中寰股份在公告中将此次违规使用募资归因为"经办人员失误"。 日前，经持续督导保荐机构提示及定期募集资金合规检查，中寰股份（920260.BJ）发现两笔合计4500 万元募资存在违规使用情形。其中，一笔产品1000万元未在公司董事会审议的到期日赎回，存在超期使 用情况；另一笔3500万元理财产品购买则未经审议。 "此前公司内控是有一些小缺陷，目前已经进行整改，细化了相应事项的审批流程。"中寰股份方面告诉 《中国经营报》记者，公司财务总监和董事会秘书是同一人，此前财务部和证券部的工作划分不太清 晰，相应事项审批在公司财务部和证券部工作交接中存在瑕疵，导致相应事项发生。 "公司已对上述具体情况进行了详细梳理和排查，对存在问题进行了认真分析，将相关情况及时向公司 董事及相关部门人员进行了通报、传达。"中寰股份方面表示，公司已组织相关部门就募集资金现金管 理的相关法律法规进行学习，切实纠正理解和认识偏差，确保未来不再有类似事项发生。 "相应募资已全部发起赎回，因银行方面限制最快可能要一个月才能赎回。"中寰股份方面表示，本次追 认现金管理事项是在不影响募集资金投资项目及资金安全的前提下 ...

Core Viewpoint - Recently, Shikong Technology (605178.SH) was ordered to rectify by the Beijing Securities Regulatory Bureau due to various regulatory violations [2] Group 1: Regulatory Actions - The Beijing Securities Regulatory Bureau found that in 2024, the controlling shareholder and actual controller Gong Lanhai borrowed a total of 23.864 million yuan from the company through employee loans, resulting in non-operational fund occupation [2] - As of the end of 2024, Gong Lanhai has fully repaid the borrowed amount [2] - The company is also facing other regulatory issues, including improper provisioning for expected credit impairment losses and indications of impairment for idle fixed assets [2] Group 2: Financial Reporting Issues - The goodwill impairment testing lacked sufficient predictive basis for certain parameters, leading to inadequate provisioning for credit and asset impairments as of the end of 2024 [2] - From 2023 to 2024, Shikong Technology improperly accounted for 1.053 million yuan of expenditures unrelated to project development as part of construction in progress [2] Group 3: Internal Control Deficiencies - The company has identified deficiencies in internal controls related to fund payment approvals, supplier approvals, and financial accounting management [2] - As a result of these issues, the Beijing Securities Regulatory Bureau decided to issue a warning letter to Gong Lanhai, the company's then-general manager Jiang Huapeng, and the then-financial director and secretary Wang Xincai, with the relevant information recorded in the securities and futures market integrity file [2]

培集成干扰素α-2注射液是一款已上市药品，适用于治疗成人慢性丙型肝炎（HCV），于2018年获得药 品注册批件和新药证书。 2024年9月，凯因科技对该药品新增申报适应证。此次撤回申请的是新增申报适应证。 凯因科技方面表示，根据国家药监局最新审评建议，经审慎研究，公司决定主动撤回本次药品注册申 请，并将根据国家药监局的有关要求，进一步补充临床病例研究，根据情况再次提交注册申请。 2026年1月20日，科创板上市公司凯因科技（688687.SH）披露，撤回培集成干扰素α-2注射液（新增乙 肝适应证）的药品注册申请。 凯因科技对培集成干扰素α-2注射液（新增乙肝适应证）项目涉及的相关开发支出全额计提资产减值准 备，相应减少2025年度利润总额约1.11亿元。 2025年前三季度，凯因科技营业收入为9.27亿元，利润总额为1.31亿元。此次撤回药品注册申请预计将 对凯因科技2025年全年业绩产生较大影响。 （文章来源：中国经营报） ...

Core Viewpoint - The company, 热景生物, is forecasting a significant decline in its 2025 financial performance, with expected revenues between 400 million to 420 million yuan, representing a year-on-year decrease of 17.79% to 21.71%, and a net loss projected between 210 million to 230 million yuan, which is an increase from the previous year's loss of 191 million yuan [2] Financial Performance - The company's revenue peaked at 3.556 billion yuan in 2022, with a profit of 944 million yuan, but has since faced two consecutive years of losses [3] - In 2024, the company reported revenues of 511 million yuan and a net loss of 191 million yuan, with a non-recurring net loss of 231 million yuan [3] - By the third quarter of 2025, revenues were 310 million yuan, a year-on-year decline of 19.8%, with a net loss of 109 million yuan [3] Industry Challenges - The in vitro diagnostic industry is facing significant challenges due to policy changes, particularly centralized procurement, which has impacted product pricing and increased competition [3][4] - The company's main business, in vitro diagnostic reagents and instruments, accounts for 99% of its revenue, and the pricing pressure has led to a decline in both single-machine revenue and output rates [3] Revenue Dynamics - In 2024, excluding non-conventional testing, the company's revenue grew by 23.10%, but reagent business revenue fell by 18.55%, with growth primarily driven by instrument sales, which saw a 262.79% increase in volume and a 289.79% increase in revenue [3] - The gross margin for instruments improved from -11.20% to 6.41% due to adjustments in sales strategy [3] Strategic Adjustments - The company shifted its sales strategy in the second half of 2023 to a model that combines sales and deployment, responding to increased demand from hospitals [4] - However, this strategy has led to a lag in reagent sales growth, which increased by only 8.24% compared to a 13.21% growth in instrument sales [4] Investment in Innovation - In response to stagnant growth in its core business, the company has invested in innovative pharmaceuticals, including stakes in 舜景医药, 尧景基因, and 智源生物, but these investments have not yet generated revenue and have resulted in significant losses [5] - The company reported an investment loss of 47.63 million yuan in 2024 and has increased its stake in 舜景医药, which is now a subsidiary [5] - 舜景医药 is developing SGC001, a novel treatment for acute myocardial infarction, which has received clinical trial approval but is still in the early stages of development [5]