中国创新药正步入全面收获期。在刚刚过去的2025年，我国生物医药产业创新活力迸发——全年76个创 新药获批，国产占比超八成；对外授权交易总额突破1300亿美元，创历史新高。 以仿制药起家，到转型创新药，"药王"恒瑞医药（600276）(600276.SH、01276.HK)的发展历程堪称是 中国医药产业升级的缩影。从以仿制药为营收支柱，到创新药收入占比突破60%，复出五年，孙飘扬带 领恒瑞医药转型攻坚，通过持续创新、差异化与国际化破局行业"内卷"。 2026年2月1日，恒瑞医药第九届董事会任期届满，68岁的孙飘扬会否继续担任董事长一职？恒瑞医药的 创新药全球化征程会走向怎样的新高度？ 仿制药巨头大象转身 将时间拨回2020年，那一年，恒瑞医药以超6100亿元的市值傲视群雄，稳坐A股"医药一哥"。当年，恒 瑞医药的营业收入和归母净利润分别达到277.35亿元、63.28亿元的高峰。当年，在执掌恒瑞医药近三十 年后，孙飘扬决定退居幕后，将恒瑞交给职业经理人团队。 也是在那一年，国家药品集采政策全面实施，宣告着仿制药的高利润时代终结。以仿制药起家的恒瑞医 药危机悄然浮现。 随着集采不断扩围，市场被蚕食，2021年， ...

长江商报消息 ●长江商报记者 黄聪 "我们计划2026年向中国以外地区销售130万辆汽车。"近日，比亚迪（002594.SZ、01211.HK）高管向外 界透露公司的目标。 2025年，比亚迪首次在全年纯电动汽车销量上超越特斯拉，成为全球第一。而且，公司全年海外销量超 过104万辆（包括乘用车和皮卡）。 2025年中国汽车出口超700万辆，三次蝉联全球第一。这其中，比亚迪等中国车企生产的新能源汽车成 为带动增长的核心。 比亚迪依靠什么在出口上再攀新高？近日，比亚迪董事长兼总裁王传福表示，比亚迪的核心竞争力在于 技术，公司麾下12万工程师团队，是公司后续技术攻坚、重塑领先优势的关键底气与支撑。 王传福说，在全球化上，抢抓中国品牌出海机遇乘势而上，比亚迪加快推进全球化产业布局，打造世界 级中国品牌。 2025年中国汽车出口蝉联全球第一 1月23日，在福州港江阴港区，载着3120辆汽车的比亚迪自有滚装船"合肥号"启航驶往美洲。 当前，比亚迪等国内车企一辆辆汽车驶向外海已成常态。 2025年全年，中国汽车产销累计完成3453.1万辆和3440万辆，产销量再创历史新高；新能源汽车产销超 1600万辆，国内新车销量占比超 ...

长江商报消息 ●长江商报记者 沈右荣 当AI时代来临，算力成为"新石油"，工业富联（601138.SH）这家曾经的代工王者完成了向"全球AI算力 基建供应商"的蜕变。 根据公开信息，工业富联AI服务器全球代工市占率超35%，800G高速交换机市占率达73.8%，承接了全 球85%的AI服务器出货量。 2025年，工业富联云服务商AI服务器营业收入同比增长超3倍，800G以上高速交换机业务营业收入同比 猛增13倍。这直接助力公司盈利暴增，2025年，工业富联预计实现归母净利润351亿元到357亿元，日均 盈利近亿元。 工业富联的归母净利润大幅增长，主要是主业盈利能力提升。根据业绩预告，2025年全年，公司预计实 现扣非净利润为340亿元到346亿元，与上年同期相比，将增加106亿元到112亿元，同比上升45%到 48%。其中，第四季度，公司预计实现扣非净利润124亿元到130亿元，与上年同期相比，将增加37亿元 到43亿元，同比上升43%到50%。 日均盈利高达1.4亿元，与工业富联两大核心业务表现出色直接相关。 二级市场上，2025年，工业富联股价区间涨幅近3倍，市值站稳万亿元。 过去几年，工业富联的年度研发 ...

长江商报消息 ●长江商报记者 徐佳 经历频繁的高层更迭后，北京农村商业银行股份有限公司（以下简称"北京农商行"）迎来内部晋升 的"本土派"新掌门。 日前，继原董事长关文杰调任北京银行之后，北京农商行宣布该行行长白晓东升任董事长。至此，近四 年来，北京农商行已三次更换掌门人。 长江商报记者注意到，白晓东在北京农村金融体系内深耕多年。此次全面执掌万亿级头部农商行，白晓 东将面临多项挑战。 数据显示，2025年前九月，北京农商行实现营业收入119.26亿元，同比减少9.66%；净利润59.66亿元， 同比增长1.5%。 截至2025年9月末，北京农商行不良贷款率由2024年末的0.96%反弹至1.19%，拨备覆盖率降至 250.24%，三大资本充足率指标均较上年末有所下降。 北京农商行迎来新的"一把手"。 据北京农商行消息，该行于2月4日召开党委四届五次全会暨2026年工作会，其中党委书记白晓东代表行 党委和经营班子作工作报告，行党委副书记田晖主持会议并作总结讲话。 2月6日，北京农商行官网披露，该行已选举白晓东为董事长，其任职资格尚需监管部门核准，白晓东自 董事长任职资格获得核准之日起履职。该行董事会同意指定白晓 ...

长江商报消息 ●长江商报记者 张璐 宁德时代（300750.SZ）正以技术创新为内核、全球化布局为支撑，在新能源产业转型浪潮中持续领 跑。 1月22日，宁德时代在轻商电池解决方案发布会上，正式推出搭载行业首款量产钠电池的天行Ⅱ系列产 品，其低温性能与安全优势再度夯实技术壁垒。 作为全球动力电池龙头，宁德时代的业绩表现同样亮眼。2025年前三季度，公司实现营收2831亿元，归 母净利润490.3亿元，盈利增速大幅跑赢营收增速，盈利质量持续优化，折算下来日均净赚约1.8亿元。 2025年5月20日，宁德时代以约356.57亿港元的IPO募资总额登陆港交所主板，创下近年来港股最大IPO 纪录，且从启动到完成上市仅用了128天。至此，宁德时代成功跻身"A+H"股行列，成为全国首家同时 在A股和H股上市的动力电池公司。 长江商报记者注意到，持续高强度的研发投入，为技术创新注入不竭动力。财报显示，2023年—2025年 前三季度，公司累计研发费用达520.31亿元，研发人员规模超2.1万名。 作为行业龙头，宁德时代在锂电池出口市场占据绝对主导地位，2025年前三季度以116GWh的出口量占 据全国58.3%的市场份额，包 ...

据长江商报资本战略研究院统计，2025年全年，A股上市公司分红总金额达2.6万亿元，再创历史新高。 其中，有37家上市公司分红金额超过百亿元。 长江商报消息 在监管持续引导与公司治理水平提升的双重推动下，A股上市公司现金分红呈现力度大、 覆盖广、稳定性强的特征。上市公司以真金白银回报股东，积极践行资本市场社会责任。 三大交易所中，上交所、深交所、北交所上市公司现金分红金额分别为2.06万亿元、5475.59亿元、 63.93亿元。 从行业分布来看，2025年，银行、石油石化、通信、食品饮料、非银金融等行业上市公司的分红金额分 别达到2804亿元、834亿元、767亿元、512亿元、488亿元。 从股息率来看，截至2025年12月31日，有9家上市公司的股息率（近12个月）超过10%。 登录新浪财经APP 搜索【信披】查看更多考评等级 从"重融资"到"重回报"，这一转变标志着A股市场正在向更加成熟、更具韧性的方向迈进。 持续、稳定、透明的现金分红机制，不仅是上市公司履行社会责任、保护投资者权益的关键路径，更是 构建良性资本市场生态、促进实体经济高质量发展的重要基石。 市场期待，未来上市公司的分红行为能进一步走向 ...

Core Viewpoint - China Shenhua's asset restructuring plan, valued at over 1 trillion yuan, has been approved by the Shanghai Stock Exchange in just six days, setting a new record for the speed of such approvals in the industry [1][4]. Group 1: Restructuring Details - The restructuring involves the acquisition of equity in 12 companies under the State Energy Group, covering sectors such as electricity, coal, chemicals, and logistics, for a total consideration of 133.598 billion yuan, along with a fundraising of up to 20 billion yuan [1][6]. - This transaction aims to resolve the issue of competition between China Shenhua and its controlling shareholder, the State Energy Group, in core areas such as coal, transportation, and sales [4][6]. Group 2: Impact on Resources and Capacity - Post-transaction, China Shenhua's coal reserves will increase to 68.49 billion tons, marking a growth rate of 64.72%, while its recoverable coal reserves will rise to 34.5 billion tons, with a growth rate of 97.71% [6]. - The company's coal production capacity is expected to reach 512 million tons, reflecting a growth rate of 56.57% [6]. Group 3: Financial Performance and Future Outlook - The total assets of the 12 target companies amount to 233.423 billion yuan, with a net asset value of 87.399 billion yuan [7]. - Following the completion of the transaction, China Shenhua's total assets will expand to 876.299 billion yuan, enhancing its leading position in the coal industry and improving operational efficiency across electricity, chemicals, and logistics sectors [8]. - The 12 target companies are projected to generate revenues of 113.786 billion yuan, 113.974 billion yuan, and 53.27 billion yuan from 2023 to July 2025, with corresponding net profits of 6.687 billion yuan, 9.428 billion yuan, and 4.593 billion yuan [8].

Core Insights - The article discusses Alibaba's aggressive strategy to capture the AI entry point during the 2026 Spring Festival, with significant investments and initiatives aimed at enhancing its AI ecosystem [1][3]. Group 1: AI Ecosystem Development - Alibaba is investing 30 billion yuan in a "Spring Festival 30 Billion Free Order" initiative to attract millions of users and seize the AI lifestyle entry point [1]. - The company aims to integrate its various services, including e-commerce, payment, local life, logistics, and cloud computing, into a cohesive AI ecosystem [1][5]. - The launch of the "Spring Festival 30 Billion Free Order" has already resulted in over 1 million orders for milk tea within three hours, showcasing the effectiveness of AI in service delivery [3][4]. Group 2: Financial Performance - In the fiscal year 2026, Alibaba reported a record revenue of 495.447 billion yuan, a 3% year-on-year increase, while net profit decreased by 6% [7]. - The second quarter of fiscal year 2026 saw revenue of 247.795 billion yuan, a 5% increase, driven by AI-related cloud services and the rapid growth of the instant retail sector [8]. - Alibaba's cloud revenue reached 39.824 billion yuan in the second quarter, marking a 34% year-on-year growth, with AI-related products contributing approximately 20% to cloud revenue [8]. Group 3: Investment in AI Infrastructure - Alibaba plans to invest over 380 billion yuan in cloud and AI hardware infrastructure, which is the largest investment in this sector by a private company in China [8][9]. - There are indications that this investment could increase to 480 billion yuan due to rising demand for AI servers and supply chain constraints [10][9]. - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, leading the sector significantly [11].

Core Viewpoint - The rise of Cambrian (寒武纪) to become the "king of stocks" in the A-share market, surpassing Kweichow Moutai, marks a significant event in China's capital market in 2025, driven by the company's founder, Chen Tian Shi, who has successfully commercialized AI chip technology after years of research and development [1][14]. Group 1: Company Overview - Cambrian was founded in March 2016 by Chen Tian Shi, who focused on developing AI chips and has now achieved profitability in 2025 [1][5]. - The company’s stock price reached a peak of 1595.88 yuan per share, leading to a market capitalization of 667.6 billion yuan, making it the new "king of stocks" in the A-share market [2][14]. - Cambrian's annual revenue for 2025 is projected to exceed 6 billion yuan, representing a year-on-year growth of over 400% [1][14]. Group 2: Technological Development - Chen Tian Shi and his brother proposed the idea of designing dedicated processors for AI during a period when AI was not a popular field, marking their work as pioneering in the AI chip sector [4]. - The first AI chip developed by Cambrian marked a significant breakthrough for China in the AI chip architecture field, moving away from reliance on Western technology [4]. - By 2025, Cambrian's product line includes cloud, edge, and terminal AI chips, meeting various AI computing needs [7][12]. Group 3: Financial Performance - Cambrian faced significant financial challenges from 2017 to 2024, with a total loss of 3.817 billion yuan over five years due to high R&D expenditures [10][11]. - The company’s R&D investment from 2020 to 2024 totaled 5.761 billion yuan, which was significantly higher than its revenue during the same period [10]. - In 2024, Cambrian achieved its first quarterly profit, with a net profit of 272 million yuan, indicating a turning point for the company [12]. Group 4: Market Position and Future Outlook - The competition in the AI chip market is intense, with Cambrian transitioning from a single IP licensing model to a comprehensive AI chip company [6][9]. - The success of Cambrian is seen as a victory for technology in China, with its stock performance reflecting the growing demand for domestic AI solutions [14]. - The ongoing competition in technology and capital markets is expected to continue, with Cambrian poised to maintain its growth trajectory [15].

Core Insights - The A-share market is expected to experience a peak in mergers and acquisitions (M&A) in 2025, with 174 listed companies disclosing restructuring plans, and the number of reviewed projects by the three exchanges reaching 83, which is 3.32 times that of 2024 [1][2] Group 1: M&A Activity and Trends - In 2025, 40 listed companies successfully passed the restructuring committee's review, achieving a pass rate of 97.56%, an increase from 93.33% in 2024 [2] - The average review period for these 40 companies was reduced to 142 days, with some projects, like the merger of Guotai Junan and Haitong Securities, completing the review in just 17 days [3][6] - The main board remains the primary arena for M&A activities, with 62 major asset restructuring transactions, while the STAR Market and ChiNext also showed increased activity with 24 and 41 cases respectively [3] Group 2: Financial Impact and Scale - The total scale of completed restructurings in 2025 reached 475.96 billion yuan, with significant disparities; for instance, China Shipbuilding's merger with China Shipbuilding Industry Group accounted for 115.15 billion yuan, while another company had a restructuring scale of only 0.0158 billion yuan [3] - Eight listed companies had restructuring scales exceeding 10 billion yuan, collectively amounting to 393.3 billion yuan, highlighting a concentration of large-scale transactions [3] Group 3: Policy Influence - The implementation of the "M&A Six Guidelines" policy has significantly boosted the M&A market, simplifying review processes and directing capital towards strategic national sectors, thereby promoting industrial upgrades and economic structure optimization [5][6] - The policy has led to a notable increase in M&A cases in sectors like semiconductors, advanced manufacturing, and new energy, reflecting a strong alignment with national strategic emerging industries [6] Group 4: Future Outlook - The newly formed entity of Guotai Haitong is projected to achieve a net profit of 27.533 billion to 28.006 billion yuan in 2025, indicating a year-on-year growth of 111% to 115% [7] - The balanced participation of state-owned and non-state-owned enterprises in M&A activities, each accounting for 50%, reflects the diversification and marketization of the M&A landscape [7] - The ongoing effects of the "M&A Six Guidelines" are expected to lead the A-share M&A market towards a path of standardization, marketization, and internationalization [7]