A股上市公司业绩预告持续发布。Wind数据显示，截至1月26日19时，A股共有37家有色金属行业上市 公司对外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类 上市公司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材 料涨价传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于主要产品涨价，不少有色金属行业上游上市公司业绩大幅回暖。 以中国稀土为例，公司1月26日晚间披露2025年全年业绩预告，公司预计2025年全年实现归属于上市公 司股东的净利润约1.43亿元至1.85亿元，同比扭亏。上半年，稀土市场行情整体上涨，公司强化市场研 判，调整营销策略，把握采销节奏，实现销售同比增长。同时，根据会计准则要求对部分计提的存货跌 价准备予以冲回，对上半年利润产生一定正向影响。但下半年，受市场环境、供需调节等因素影响，部 分中重稀土产品价格下行，特别是进入第四季度中重稀土产品价格下跌明显。根据会计准则要求，第四 季度计提存货跌价准备金额环比增加，冲减了公司部分利润。 ...

● 本报记者 郑萃颖 "在工业制造领域，有许多产品类型多、单次产量少的生产场景，传统工业控制技术无法适配，急需具 身智能来提供解决方案。"配天机器人首席技术官郭涛日前向中国证券报记者介绍，具身智能的应用有 望进一步提升大量场景的生产效率。 开年以来，各类经营主体主动作为，以资本注入、技术攻关、场景应用多维发力，推动具身智能从技术 概念走向产业实践。一方面，人形机器人赛道热度延续，持续获得资本青睐；另一方面，上市公司持续 发挥产业链引领作用，引入具身智能系统，在装配、转运、检测等环节实现柔性生产，推动传统产业向 高端化、智能化转型。 同时，具身智能企业资本化进程提速。1月，星海图、众擎机器人完成股改。此前，已有宇树科技、乐 聚机器人、云深处完成股改并启动上市计划，魔法原子公开宣布将加速上市进程。此外，玖物智能已于 近日向港交所主板递交上市申请，该公司面向先进制造领域提供智能具身产业机器人解决方案及产品。 安永大中华区上市服务主管合伙人何兆烽表示："面向具身智能产业，一级市场的融资热度预计将在一 定时间内持续，同时投资者也较为关注企业财务健康度、商业化可行性和技术落地能力。" 在产业端，上市公司发挥产业链引领作用 ...

资产质量进一步改善 规模有序扩张 已披露2025年业绩快报的8家银行（4家股份行、3家城商行、1家农商行）均实现归母净利润同比正增 长，其中7家银行实现营业收入与归母净利润"双增"。 城商行业绩增长势头较为强劲。2025年，杭州银行以12.05%的归母净利润同比增速位居前列；宁波银 行实现归母净利润293.33亿元，同比增长8.13%；南京银行实现归母净利润218.07亿元，同比增长 8.08%。股份行中，2025年，浦发银行实现归母净利润500.17亿元，同比增长10.52%，增速较为突出； 中信银行、招商银行、兴业银行在面临多重挑战的经营环境下，归母净利润分别实现了2.98%、 1.21%、0.34%的增长。 在盈利向好的同时，8家银行资产规模保持稳健有序扩张。股份行资产规模进一步增长，截至2025年 末，招商银行总资产突破13万亿元，兴业银行总资产站上11万亿元，中信银行与浦发银行也双双迈入10 万亿元总资产行列。城农商行的资产扩张速度更为明显，截至2025年末，南京银行、宁波银行总资产较 上年末分别增长16.63%、16.11%，杭州银行也实现了11.96%的资产增长。 值得注意的是，已披露业绩快报的 ...

Core Viewpoint - The continuous decline in operating loan interest rates is driven by multiple factors, including policy guidance, market competition, and reduced funding costs, leading banks to focus on lending to quality small and micro enterprises [1][4]. Group 1: Loan Interest Rates - Several banks have reduced their operating loan interest rates, with some as low as 2.31%, a decrease of nearly 20 basis points from the previous month [1][2]. - The lowest rates for collateralized operating loans are reported between 2.31% and 2.55%, with some products potentially offering effective rates in the "1s" due to interest subsidies [2][4]. - The interest rate for first-time borrowers among small and micro enterprises can be reduced to the "1s" range due to a fiscal interest subsidy of 1% for the first year [2][3]. Group 2: Policy and Market Environment - The fiscal interest subsidy policy has been extended to the end of 2026, increasing the loan cap for eligible enterprises from 1 million to 10 million yuan [3]. - The subsidy now covers 11 sectors, including newly added digital, green, and retail consumption areas, alongside traditional sectors like hospitality and entertainment [3]. Group 3: Competition Among Banks - The competition for quality clients has intensified, with banks requiring higher standards for collateral, such as property location and age [5][7]. - Smaller banks are focusing on differentiating their client base and may offer lower rates or higher loan amounts to attract clients that do not meet the criteria of larger banks [7][8]. - The pressure to lower rates may lead to a compromise in risk management, with some banks potentially relaxing their standards to maintain competitiveness [7][8]. Group 4: Strategic Recommendations - Banks are encouraged to adopt differentiated pricing based on client creditworthiness and operational status, leveraging digital technology for risk control [8]. - There is a need for banks to diversify their business structure, focusing on wealth management and payment services to reduce reliance on net interest margins [8]. - Strengthening self-regulation and avoiding irrational price competition are essential for maintaining a balance between supporting the real economy and ensuring sustainable operations [8].

Core Viewpoint - The performance forecasts of A-share listed companies in the non-ferrous metal industry show a positive trend, with 62.16% of the 37 companies expecting better results in 2025, driven by rising metal prices and improved demand in the downstream market [1][2]. Group 1: Company Performance - Among the 37 listed companies, 23 are optimistic about their performance, with 15 expecting profit increases, 5 turning losses into profits, and 3 showing slight growth [2]. - China Rare Earth (000831) anticipates a net profit of approximately 143 million to 185 million yuan for 2025, marking a turnaround from losses, aided by a favorable market and strategic adjustments [2]. - Xianglu Tungsten Industry (002842) projects a net profit of 125 million to 180 million yuan for 2025, reflecting a year-on-year growth of 239.66% to 301.11%, driven by rising tungsten prices and improved market conditions [3]. - Zhongyi Technology (301150) expects a net profit of 60 million to 80 million yuan for 2025, representing a growth of 171.26% to 195.02%, due to increased processing fees for copper foil products and a focus on high-value products [8]. Group 2: Market Trends and Risks - The rise in product prices has led to significant stock price increases for related companies, prompting some to issue risk warnings [4]. - Silver futures and spot prices reached historical highs on January 26, leading to substantial gains for silver-related stocks, with Silver Nonferrous (601212) experiencing a cumulative stock price increase of 61.16% over five trading days [5]. - The increase in upstream metal prices has negatively impacted some downstream companies, such as Laimu Co. (603633), which faces rising production costs due to high raw material prices and tightening pricing strategies from automakers [6][7].

Core Viewpoint - The trend of Chinese innovative drugs going global continues to gain momentum in 2026, with local pharmaceutical companies like Rongchang Biologics achieving significant overseas licensing agreements, marking a shift from simple product output and price competition to a new phase of value competition based on systematic R&D and original innovation [1][2][3] Group 1: Collaboration Models - Multiple local pharmaceutical companies, including Rongchang Biologics, have recently signed significant overseas licensing agreements, indicating a diversification in collaboration models [2] - Rongchang Biologics signed an exclusive licensing agreement with AbbVie for its PD-1/VEGF bispecific antibody drug RC148, receiving an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [2] - The collaboration aims to accelerate the global development and commercialization of RC148, enhancing Rongchang Biologics' brand value and international influence [2] Group 2: Market Trends and Characteristics - The overseas licensing of Chinese innovative drugs has shown significant characteristics, including a shift towards diverse collaboration models and a focus on the clinical value of drugs rather than just price advantages [3] - Oncology drugs are the primary focus for overseas licensing, with a few endocrine and autoimmune drugs also achieving international collaborations [3] - The total value of overseas licensing transactions for Chinese innovative drugs exceeded $130 billion in 2025, with over 150 transactions, marking a historical high [4] Group 3: Policy and Support - The National Medical Insurance Administration is actively supporting the "going global" strategy for Chinese pharmaceuticals, aiming to enhance the internationalization of the Chinese pharmaceutical industry [5] - The Ministry of Industry and Information Technology is planning to develop a pharmaceutical industry cooperation platform, facilitating the transition of Chinese pharmaceutical companies from exporting raw materials to innovative drugs and high-end medical devices [6] Group 4: Future Outlook - The overall trend of Chinese innovative drugs going global is expected to remain strong in 2026, driven by improved core capabilities and the global demand for innovation [7] - The oncology sector will continue to be the main battlefield, while metabolic and cardiovascular drug fields are anticipated to see increased international transactions [7] - The industry is shifting from a general explosion to a layered prosperity, with only assets that demonstrate global differentiation and clinical certainty likely to secure high-quality orders [7]

性能决定主流选择 成本困局待破 与卓越性能相伴的，是砷化镓电池居高不下的成本。马斯克"星链"项目采用转换效率仅20%左右的晶硅 电池片，核心原因就是成本控制。"三结砷化镓太阳能电池片的转换效率普遍超30%，但成本却是晶硅 电池的数倍。"蔡坤煌表示。 ● 本报记者杨洁 商业航天大幕持续拉开，航天器的"能量心脏"——太空能源系统成为产业链竞争的关键赛道，其中砷化 镓(GaAs)太阳能电池凭借卓越性能目前占据市场主流。砷化镓太阳能电池技术在光电转换效率、极端环 境适应性上远超传统硅基电池，但也由于材料稀缺、制造工艺复杂而成本高昂。近日，中国证券报记者 走进三安光电（600703）砷化镓太阳能电池片产线一线，探寻太空能源核心技术的现状与未来。 "砷化镓是第二代半导体的代表，最显著的优势就是电子迁移率高。"三安光电砷化镓事业部总经理、天 津三安总经理蔡坤煌向记者解释，砷化镓系列材料的禁带宽度能与太阳光谱高度匹配，且作为直接带隙 材料，光子能量可直接激发电子跃迁，能量损耗远低于传统硅基电池。更关键的是，其在高低温交替变 更、强辐射的太空极端环境中能稳定运行，效率衰减慢、使用寿命长，成为航天器能源系统的首选。 作为国内较早 ...

上述发言人介绍，意见重点是对城际铁路规划建设进行规范和引导。 具体包括，在标准条件方面，坚持适度超前、不能过度超前的原则，以需求为导向，提出新建城际铁路 近期双向客流密度不低于1500万人次/年，审慎建设与既有干线铁路平行的城际铁路项目，既有城际铁 路运营5年后客流密度未达到预期指标50%的地区要暂停新建城际铁路项目。明确新建城际铁路原则上 在地上敷设，设计速度一般为每小时120-200公里，集约高效、因地制宜确定技术标准，从严控制工程 造价。 国家发展改革委城市和小城镇改革发展中心研究员潘昭宇表示，城际铁路要与干线铁路、市域(郊)铁 路、城市轨道交通无缝化衔接、一体化服务、融合式发展。意见提出，有序实现城际铁路与干线铁路、 城市轨道交通、市域(郊)铁路票制互通、支付兼容、安检互认、信息共享、应急联动，将有效推进多层 次轨道交通"四网融合"，提高城际铁路运输服务质量。 在监管要求方面，要求国家铁路局履行行业监督管理部门职责，压实地方政府工程质量安全监管责任， 加强城际铁路建设运营监管体制机制建设。落实地方政府支出责任，明确新建城际铁路项目资本金比例 不低于50%，不得违规举债融资，既有城际铁路运营10年后未实 ...

"太空算力是继通信、导航、遥感之后的新一代天基信息服务能力，是融合航天、能源、计算与人工智 能的交叉领域。"航天科技（000901）集团五院原副院长李明在星算.智联2026年太空算力研讨会上表 示。他指出，太空算力已成为全球科技竞争与商业航天发展（000547）的新赛道，更是数字经济高质量 发展的新引擎。 随着AI技术的不断发展，行业对算力的需求持续飙升。将计算能力部署于太空，已逐渐从幻想变成产 业加速落地的现实考量。但算力"上天"，并非仅是将算力基础设施进行迁移，而需要从理念到模式的系 统性更新。 ● 本报记者王婧涵 从"地算"迈向"天算" 行业普遍认为，太空算力的核心价值，在于突破地面算力在能源供给、全球覆盖能力等方面的限制，充 分利用好卫星在太空中采集到的资源。 中国信通院总工程师何宝宏表示，通过在轨部署算力节点，行业有望实现从传统"天感地算"向"天数天 算"乃至"地数天算"模式的转变。这不仅能提升遥感、通信、导航等空间信息服务的时效性与自主性， 也更有助于破解超大规模算力集群面临的能源供给问题。 中国信通院云计算与大数据研究所总工程师郭亮表示，为应对全球低轨资源争夺、构建未来空天信息基 础设施，应通过 ...

2026年开年以来，中国创新药出海热潮持续升温，荣昌生物等本土药企接连达成重磅海外授权合作，延 续了2025年的高光表现。与此同时，国家医保局、国家药监局等多部门协同发力，为药械"走出去"筑牢 政策与平台支撑。业内人士认为，中国创新药出海已告别单一的"单品输出"与"价格竞争"模式，正式迈 入以体系化研发能力、源头创新能力为核心的价值竞争新阶段。中外药企合作也从简单技术转让，升级 为全球协同开发、风险共担、利益绑定的深度共创模式。中国创新药正以平等的技术输出方身份，深度 参与全球医药产业竞争，实现从量的积累到质的飞跃。 ● 本报记者 傅苏颖 启明创投合伙人、医疗创新行业共同负责人陈侃日前在接受中国证券报记者采访时认为，近几年中国创 新药海外授权呈现出显著特点，核心是合作模式多元化发展，且全程以创新药自身价值为导向。其一， 合作模式打破单一局限，企业可结合自身产品管线布局及发展需求，灵活选择适配的合作路径。其二， 授权逻辑实现根本性转变，从过去依靠价格优势吸引合作，转向聚焦药物临床价值。其三，授权的靶点 与领域更趋聚焦，尽管热门靶点竞争激烈，但能够成功出海的产品均具备鲜明差异化优势。 止于至善投资总经理何理对中国 ...