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 ...

Core Viewpoint - Tian Gong International has made significant strides in the research and engineering validation of key metal materials for nuclear fusion by joining the "Fusion High-End Metal Materials Research Laboratory" [1] Group 1: Company Development - Tian Gong International evolved from a struggling small factory with a loan of 2000 yuan to a leading global enterprise in tool steel [1] - The company has transitioned from producing basic items to advanced materials such as high-speed tool steel and titanium alloys, showcasing its innovation in powder metallurgy technology [1] - The chairman emphasizes the inseparable relationship between high-end manufacturing and high-end materials, aiming to accelerate the development of cutting-edge materials like high-nitrogen steel and fusion steel [1][3] Group 2: Technological Advancements - The company has developed the "smallest" steel, with particle sizes finer than human hair, utilizing high-alloy powder metallurgy technology [2] - Traditional methods yield mold steel with a lifespan of approximately 6000 cycles, while powder metallurgy can extend this to 20,000 cycles, indicating a significant improvement in durability [2] - The company is actively developing new materials such as high-boron steel for extreme conditions in fusion reactors, focusing on engineering applications [3] Group 3: Future Directions - The company is committed to continuous innovation in high-performance materials to meet market demands, with a focus on high-nitrogen steel for robotics and other applications requiring exceptional wear resistance [4] - The chairman highlights the importance of self-sufficiency in core materials for the company's growth, aligning with the "14th Five-Year Plan" which emphasizes the development of emerging industries [5] - Future strategies include mergers and acquisitions to enhance capabilities in key material sectors, particularly titanium alloys, while also fostering potential business segments for capital market entry [5]

Group 1 - A total of 37 companies in the non-ferrous metal industry have released performance forecasts for 2025, with 23 companies expecting positive results, resulting in a positive forecast ratio of approximately 62.16% [1] - The performance of upstream companies in the non-ferrous metal sector has significantly improved due to rising metal prices, while some midstream and downstream companies have shown notable performance differentiation [1] - Companies like China Rare Earth have forecasted a net profit of approximately 143 million to 185 million yuan for 2025, indicating a turnaround from losses, driven by market conditions and strategic adjustments [2] Group 2 - Companies such as Xianglu Tungsten Industry expect a net profit of 125 million to 180 million yuan for 2025, reflecting a growth of 239.66% to 301.11% due to improved market conditions and pricing power [2] - The surge in metal prices has led to significant stock price increases for related companies, with silver futures and spot prices reaching historical highs, prompting risk warnings from companies like Silver Industry [3] - The rising prices of upstream metal raw materials have adversely affected the performance of downstream companies, with companies like Laimu Co. reporting increased production costs due to high copper prices [4] Group 3 - Companies are actively developing new customers and increasing the proportion of high-value-added products to enhance profit levels, with Zhongyi Technology forecasting a net profit of 60 million to 80 million yuan for 2025, representing a year-on-year increase of 171.26% to 195.02% [5] - The overall market environment has posed challenges for some companies, such as Jin Baize, which expects a net profit decline of 59.04% to 39.84% due to rising raw material costs and industry pressures [4]

为感谢客户长期陪伴，活动特别设置了"沃德20年客户颁奖"环节，多位客户代表分享了与交通银行共同 成长的财富故事，展现了沃德财富的品牌信赖与价值。 1月23日，交通银行"沃野万理·金玉良缘—沃德财富万里行"贵金属配置投资报告会在济南成功举办。本 次活动是交通银行"沃德财富万里行"全国活动的重要组成部分，同时也是沃德财富品牌创立20周年的开 篇活动，旨在进一步满足客户优化资产配置与财富保值增值需求。 活动在富有传统文化韵味的氛围中拉开序幕。现场设有漆扇绘制、古法香道等非遗体验环节，嘉宾们还 亲笔书写新春福字，感受文化传承与财富管理的交融。交通银行山东省分行表示，将始终坚持"以客户 为中心"的服务理念，通过专业化的财富管理服务，助力客户优化资产结构、守护财富安全、实现资产 保值增值。 本次济南站活动是交通银行财富管理专业能力与文化服务融合的一次集中展示。未来，交通银行山东省 分行将继续依托沃德财富品牌，为客户提供更专业、更有温度的金融服务，携手客户稳步迈向财富未 来。 -CIS- 在"2026年黄金投资论坛"环节，行业专家围绕黄金历史、价格走势及资产配置策略展开深入解读，结合 全球经济与地缘政治形势，为在场嘉宾分析 ...

Core Viewpoint - The A-share space photovoltaic sector continues to experience high enthusiasm, driven by Elon Musk's statements regarding space solar energy and production capacity goals, alongside multiple listed companies disclosing their progress in this area [1] Group 1: Market Dynamics - Musk announced a plan for SpaceX and Tesla to jointly create 200GW of photovoltaic capacity in the U.S. over the next three years, with each company responsible for 100GW, primarily for ground data centers and space AI satellites [1] - The industry faces challenges such as high electricity costs and lengthy commercialization cycles, but the expectation of a trillion-dollar market continues to fuel the sector's growth [1] Group 2: Technological Developments - The space photovoltaic technology route is undergoing rapid iteration and breakthroughs, with competition focusing on cost control and conversion efficiency [2] - Gallium arsenide batteries have dominated the market due to their radiation resistance and stability, but their high costs limit scalability, leading to a focus on silicon and perovskite technologies for cost advantages [2] - Heterojunction (HJT) technology is gaining traction due to its short production process and adaptability to high labor cost scenarios, making it a key direction for overseas capacity expansion [2] Group 3: Company Initiatives - Mingyang Smart Energy announced plans to acquire control of Zhongshan Dehua, which has significant expertise in gallium arsenide space solar cells, marking Mingyang's entry into the space photovoltaic sector [3] - JunDa Co. is initiating a strategic transformation by investing in Shanghai Xingyi Chip Energy, although it is still in the R&D verification stage [3] - Trina Solar has established long-term layouts in crystalline silicon, perovskite tandem cells, and III-V gallium arsenide multi-junction cells, and is collaborating with domestic and international aerospace institutions [3] Group 4: Industry Outlook - The space photovoltaic technology route is expected to evolve in three stages, with gallium arsenide batteries leading high-value aerospace scenarios in the short term, HJT technology penetrating low Earth orbit satellite missions in the next five years, and perovskite tandem cells supporting GW-level space data center deployments in the long term [4] - The Chinese low Earth orbit satellite photovoltaic market is projected to exceed $3 billion by 2030, with global market potential reaching $500 billion to $1 trillion if the 100GW space data center deployment phase is achieved [4] Group 5: Challenges Ahead - The industry is still in its introduction phase, facing multiple challenges for commercialization, including high current space photovoltaic electricity costs of $2-3 per kilowatt-hour, which is significantly higher than ground photovoltaic costs [5][6] - The extreme conditions in space require photovoltaic materials to have high radiation resistance and temperature tolerance, which presents additional challenges for technology maturity and cost stability [6] - The commercial aerospace industry's growth provides ample application scenarios for space photovoltaics, and companies with core technologies and stable supply capabilities are expected to benefit from industry development [6]

尽管晶硅电池在太空环境中存在耐温性差、衰减快、寿命短等短板，但马斯克通过可重复火箭技术提高 卫星发射频次，尝试弥补这一缺陷。 蔡坤煌表示，航天业界正从全产业链角度系统性考量成本优化。柔性电池技术成为重要突破方向——该 技术可大幅减少航天器太阳翼的体积与重量，进而降低发射端成本。 "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。 作为国内较早布局砷化镓多结太阳能电池片研发与生产的企业，三安光电的技术迭代轨迹印证了行业发 展方向。2014年，公司正式推出三结锗基刚性砷化镓太阳能电池外延片，转换效率达30%；2015年实现 批量供货；2017年转换效率提升至31.5%。"2023年、2025年我们又相继研发出四结、五结刚性电池 片，转换效率进一步突破至34.5%。"蔡坤煌坦言，尽管多结技术能持续提升效率 ...

"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。 为实现从"地算"到"天算"的进化，中国信通院在此次研讨会上联合产业界共同启动"算力星网"太空算力 合作推进倡议，聚焦研究、技术、标准、生态、落地五大维度，旨在凝聚产学研用各方力量形成发展合 力，稳步推进我国太空算力技术攻关和产业布局。 用AI挖掘太空数据价值 作为国内最受关注的太空计算基础设施之一，之江实验室天基中心主任李超表示，之江实验室主导 的"三体计算星座"计划目前已通 ...

Core Insights - Tencent and Baidu announced a total cash red envelope distribution plan of 1.5 billion yuan for the Spring Festival, which has attracted significant market attention and is seen as a catalyst for investment opportunities in AI applications [1][2] - The AI application sector is expected to stabilize after a rapid adjustment period, with analysts emphasizing the necessity of AI applications in 2026 across various industries [3][4] Market Performance - The AI application sector experienced a decline of over 2% as of January 26, following a peak on January 14, but has shown a cumulative increase of nearly 12% since the beginning of 2026, outperforming major A-share indices [3][4] Investment Opportunities - Analysts recommend focusing on valuable AI application areas such as AI advertising, AI e-commerce, AI office solutions, AI education, and AI healthcare, as these sectors are expected to see accelerated user growth and commercialization [1][2][4] - The competition among major AI firms is intensifying, with companies like Alibaba integrating various services into their platforms, indicating a growing opportunity for AI application investments [2][4] Industry Trends - The AI application industry is witnessing a shift from conceptual discussions to practical implementations, with significant investments in computing power and talent, making commercialization increasingly urgent [2][3] - Smaller AI application companies may benefit from integrating into larger ecosystems or focusing on niche markets to enhance their professional depth and explore new opportunities [4]

● 本报记者 吴杨 截至1月26日中国证券报记者发稿时，招商银行、浦发银行、中信银行、杭州银行等8家银行披露了业绩 快报。数据显示，2025年这些银行整体保持稳健发展态势，营业收入与归母净利润普遍实现正增长，资 产质量核心指标稳中向好。 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%、 对于拨备水平的适度回调，市场观点认为，这主要源于资产质量整体改善，部分银行得以释放拨备来支 撑利润增长。国联民生证券银行业首席分析师王先爽表示，银行通过拨备反哺利润需满足两方面条件： 一是拨备储备较为充足，二是上一期 ...

这一桩桩鲜活的资本实践，是西南证券深耕金融"五篇大文章"的生动注脚，是在细分领域、重点区域集 中资源，打造"小而美"的特色投行和服务商的清晰体现。 "深学笃行，西南证券朝着'西部领先、全国进位和重庆辨识度'的奋斗目标稳步迈进。"西南证券党委书 记、董事长姜栋林日前在接受中国证券报记者专访时表示，"在业务规模、服务能力、核心竞争力等方 面实现显著提升，为践行高质量发展要求奠定坚实基础。" 资本市场的浪潮奔涌向前，专业力量始终是穿越周期的核心支撑。面对行业新阶段的新要求，姜栋林表 示，专业能力是证券公司的核心竞争力，也是践行党的二十届四中全会精神、落实行业高质量发展要求 的关键保障。未来，西南证券将继续扎根西南、服务全国，不断提升核心竞争力和专业服务能力，努力 实现"西部领先、全国进位和重庆辨识度"的发展目标。 服务*ST松发落地40亿元配套融资，成为近三年重组募集配套金额最大的民营上市公司；推动至正股份 重大资产重组项目获证监会注册，成为2025年A股市场首单跨境换股重大资产重组项目；推动重庆首单 CMBS项目获批，助力重庆民营经济发展及资产盘活…… ● 本报记者 徐昭 吴玉华 坚守本源使命 助力实体经济发展 ...