Core Insights - The commercial aerospace sector is experiencing a capital frenzy, with the commercial aerospace theme index rising nearly 60% in two months, leading to accelerated financing and IPO processes for companies in the industry [1][2] - Despite the enthusiasm, there are signs of rationality emerging, as several mergers and acquisitions in the sector have failed, highlighting the challenges of technological breakthroughs and engineering validation [1][4] Market Trends - The primary market is also witnessing intense competition for commercial aerospace companies, with significant equity financing completed, such as Micro Nano Star's 1.56 billion yuan funding for R&D and capacity expansion [2] - The IPO process for commercial aerospace companies is accelerating, with notable applications like Blue Arrow Aerospace seeking to raise 7.5 billion yuan [2] Financial Performance - Companies in the sector are facing substantial losses despite revenue growth, with Blue Arrow Aerospace reporting revenues of 0.78 million yuan, 0.395 million yuan, and 0.428 million yuan for 2022, 2023, and 2024 respectively, while incurring net losses of 800 million yuan, 1.188 billion yuan, and 876 million yuan [2] Mergers and Acquisitions - Recent attempts at cross-industry mergers and acquisitions have faced obstacles, such as Hualing Cable terminating its agreement with Star Xin Aerospace due to a lack of consensus on core transaction terms [3] - East Pearl Ecology also announced the termination of its acquisition of satellite communication company Kai Rui Xing Tong due to market changes and unresolved commercial terms [3] Technological Challenges - The commercial aerospace industry in China is still in its early stages, with significant challenges in validating low-cost, reusable heavy-lift rocket technology and improving the mass production capabilities of commercial satellites [4] - Recent failures in rocket launches, including two incidents on January 17, underscore the high-risk nature of aerospace development and the difficulties in achieving frequent commercial launches [4] Future Outlook - The long-term development direction of the commercial aerospace industry is becoming clearer, with expectations for significant technological breakthroughs by 2026, particularly in reusable rocket technology [6] - The industry is predicted to transition from quantitative to qualitative changes in commercial rockets, marking China's entry into the era of rocket reusability [6] - The development of integrated space information infrastructure is anticipated to unlock broader application scenarios, following the principle of "infrastructure first, then application" [6]

一边是坚信"得算力者得未来"的产业老将，一边是高呼"应用为王、场景至上"的科技新锐，科技投资圈 正在悄然掀起一场关于人工智能（AI）发展路径的主线之争。在二级市场上，这种理念分化已映射为 股价表现和基金净值上的差异。公开数据显示，2026年以来，AI应用、航天、卫星等更具想象空间的 概念走强，而去年涨幅明显的算力板块却陷入调整。 有机构分析，科技股"老登""小登"之争本质是增量资金在"共识增长"与"非共识增长"间寻找估值弹性的 再平衡。被机构重仓的"老登"品种已进入业绩消化估值阶段，而"小登"主题则受到了短线增量资金的青 睐。 放眼望去整个市场，"投科技"几乎等同于"买AI"。在不少投资者看来，算力公司作为AI基础设施建设的 重要参与者，堪称AI行情的"旗手"。在2025年，这些公司的股价持续攀升，且被多家机构重仓。在2025 年的几轮科技成长行情启动时，这些股票都是重要的风向标，最先上涨。但如今，尽管算力板块的价值 仍被市场所重视，但中国证券报记者在近期的采访中发现，不少基金经理对算力板块的态度已经悄然发 生变化。 ● 本报记者 魏昭宇 同为科技基 奈何"不同命" "都说2026年科技'开门红'，我也买了科 ...

Core Viewpoint - Northeast Pharmaceutical is currently in a critical period of deep adjustment and transformation in the pharmaceutical industry, emphasizing the importance of each step in its development [1] Group 1: R&D and Strategic Transformation - Northeast Pharmaceutical is a significant drug production and export base in China, focusing on innovation-driven strategies and core business enhancement, achieving important results in R&D breakthroughs and quality improvement [2] - The company has increased R&D investment, aiming to accelerate the transition of innovative results from the laboratory to clinical applications [2] - The DCTY0801 injection, developed by its subsidiary, is set to undergo clinical trials for specific types of high-grade brain gliomas, marking a substantial breakthrough in cancer treatment innovation [2] - The acquisition of a 70% stake in DCTY0801's developer allows Northeast Pharmaceutical to quickly enter the cell therapy field, positioning it as a key platform for innovative drug development [3] - The company is committed to building a systematic and scalable talent cultivation system to enhance its R&D capabilities and facilitate its strategic shift from chemical pharmaceuticals to biological innovative drugs [3] Group 2: Quality Assurance and Market Expansion - Strong R&D capabilities provide essential support for product quality enhancement, which is crucial for global market competition [4] - The company’s core raw material product, Phosphomycin Amide, received the European Pharmacopoeia suitability certificate (CEP) in 2025, becoming the first domestic company to achieve this certification, enhancing its brand image and competitiveness in the international high-end market [4] - Northeast Pharmaceutical successfully passed a surprise inspection by the FDA, demonstrating its leading quality control system across the entire production and management chain [4] - The company is enhancing its quality management capabilities to support its expansion in both domestic and international markets [4] Group 3: Business Diversification and Value Enhancement - Northeast Pharmaceutical is expanding into related business areas, developing health food products based on the concept of "medicinal food homology" and launching a skincare brand, "Qifangyuan," to enter the beauty market [6] - The company’s diversification efforts are based on professional technology and aim to extend the value chain around the core of "health" [6] - The "Qifangyuan" brand integrates pharmaceutical technology and standards into skincare product development, showcasing the company's innovative approach [6] - Northeast Pharmaceutical is committed to optimizing its health product matrix and exploring comprehensive health services to create additional growth points [6] Group 4: Recognition and Achievements - The company’s improved business layout and solid operational results have enhanced its overall strength, leading to recognition from various sectors [7] - In 2025, Northeast Pharmaceutical was included in the list of recommended "National Intellectual Property Demonstration Enterprises" in Liaoning Province and re-certified as a national high-tech enterprise [7] - The company received the title of "Top 100 Pharmaceutical Industrial Enterprises by Revenue" for the 2024-2025 period in industry evaluations [7]

Core Viewpoint - The rehabilitation industry is viewed as a "golden track" with significant growth potential, and brain-computer interface (BCI) technology is emerging as a disruptive force reshaping the industry landscape [1] Group 1: Technological Innovation - The company focuses on three cutting-edge areas: brain-computer interfaces, rehabilitation robots, and AI medical technology, with BCI technology accelerating commercialization [2] - A comprehensive product matrix in rehabilitation robotics has been established, with plans to launch 5-6 medical device registrations by 2026 [2] - The company has initiated a brain science laboratory and developed five technical platforms to enhance BCI technology integration with rehabilitation equipment [3] - Continuous R&D investment is planned to remain above 20% of revenue over the next 3-5 years, with a significant portion allocated to frontier technology research [4] Group 2: Market Transformation - The company has partnered with over 600 leading hospitals to establish BCI rehabilitation treatment and clinical research centers, enhancing treatment precision and effectiveness [5] - A dual strategy of deepening medical institution engagement and expanding outpatient markets is being implemented, targeting various sectors including private hospitals and rehabilitation institutions [5] - International market expansion is accelerating, with a goal to double overseas sales in 2024 and achieve over 30% of revenue from international markets by 2030 [5][6] Group 3: Ecosystem Development - The company is focused on building a comprehensive rehabilitation ecosystem, emphasizing the importance of BCI technology in future rehabilitation devices [7] - There is a shift towards lightweight, portable, and home-based rehabilitation devices, with a vision to integrate rehabilitation equipment into everyday household items [7] - Industry chain integration is a key strategy for enhancing competitiveness, with plans for mergers and acquisitions to consolidate high-growth startups and expand rehabilitation services [8]

1月20日，国际金价在避险需求推动下再度刷新历史新高，伦敦金现货价格、COMEX黄金期货价格双 双突破4700美元/盎司。2026年以来，国际贵金属市场延续强势格局，铜价亦在高位运行。 随着全球宏观不确定性加剧，贵金属及基本金属的市场走势备受关注。瑞银贵金属策略师Joni Teves日 前在接受中国证券报记者专访时表示，多元化配置需求是本轮金价上行的核心驱动力，机构投资者、零 售投资者及各国央行均在增持黄金以应对宏观不确定性。她预计金价上半年仍有上攻动能，若市场对美 联储独立性的担忧持续升温，金价在上半年有望冲击5000美元/盎司关口。白银则受益于金价上涨的带 动及自身供需缺口收窄，今年或挑战100美元/盎司。铜市场在能源转型需求拉动下，供需格局趋紧，价 格中枢有望抬升。 ● 本报记者葛瑶 金价后市仍有上涨空间 Teves表示，黄金市场正经历结构性变化，多元化配置已成为推动金价上涨的核心动力。这一趋势体现 在机构投资者、零售投资者和官方部门等各类需求主体。在宏观环境充满不确定性、政策可预测性下降 的当下，投资者迫切需要分散风险，而黄金正是这一趋势的最大受益者。 从价格走势看，瑞银对今年年末金价的基准预测为45 ...

● 本报记者傅苏颖 1月20日，国家医保局印发《手术和治疗辅助操作类医疗服务价格项目立项指南(试行)》，将已有价格 项目规范整合为37项。下一步，国家医保局将指导各省医保局参考《立项指南》，制定全省统一的价格 基准，由具有价格管理权限的统筹地区对照全省价格基准，上下浮动确定实际执行的价格水平。业内人 士认为，《立项指南》首次从国家层面针对机器人手术、远程手术等相关辅助操作构建起价格管理框 架，有望推动行业从量变到质变发展。 引领医疗技术升级 国家医保局医药价格和招标采购司司长王小宁介绍，能量器械方面，《立项指南》设立超声切割刀、电 刀、射频、微动力等价格项目，针对刀头等耗材存在一次性与可复用两种类型的情况，总结地方实践经 验，进一步明确一次性耗材费用和相应辅助操作费不得同时收取，激励医疗机构使用质优价宜的可复用 耗材。 按照以服务产出立项的总体思路，《立项指南》聚焦手术机器人在手术中的参与程度和促进精准手术的 临床价值，分档次设立了导航、参与执行、精准执行等3个价格项目，打破手术入路、应用部位、国内 外品牌等划分界限，实行与主手术挂钩的系数化收费模式，参与度更高、功能更全面、执行更精准的手 术机器人可获得更高 ...

Core Insights - The rehabilitation industry is viewed as a "golden track" with significant growth potential, driven by brain-computer interface (BCI) technology, which is expected to reshape the industry landscape [1][4]. Group 1: Technological Innovation - The company focuses on three cutting-edge areas: brain-computer interfaces, rehabilitation robots, and AI medical technology, with BCI technology accelerating commercialization [1][2]. - A comprehensive product matrix for rehabilitation robots has been established, with plans to obtain medical device registration for 5-6 products by 2026, including various types of therapeutic robots [1][2]. - The company has initiated a dedicated research platform to enhance compatibility between rehabilitation equipment and BCI algorithms, emphasizing the importance of technical collaboration [2]. Group 2: Research and Development Investment - The company plans to maintain R&D investment at over 20% of revenue for the next 3-5 years, with more than 30% allocated to frontier technology research [3]. - In the first three quarters of 2025, R&D investment reached approximately 49.09 million yuan, a year-on-year increase of 27.67%, accounting for 27.58% of quarterly revenue [3]. Group 3: Market Expansion and Strategy - The company has established partnerships with over 600 leading hospitals in China to create centers for BCI rehabilitation treatment and clinical research, enhancing its market penetration [3]. - A dual strategy of deepening relationships with medical institutions while expanding into outpatient markets is being employed, targeting private hospitals, elderly care facilities, and specialized sectors [3][4]. Group 4: International Market Development - The international business of rehabilitation equipment is experiencing rapid growth, with plans to double sales in 2024 compared to 2023 and aim for over 30% of revenue from international markets by 2030 [4]. - The company is working on compliance certifications such as EU CE and US FDA to facilitate international market entry and is exploring partnerships for overseas expansion [4]. Group 5: Ecosystem Development - The company is focused on building a comprehensive rehabilitation ecosystem, leveraging BCI technology as a core driver for industry transformation [4][5]. - There is a shift towards lightweight, portable, and home-based rehabilitation devices, with a vision to integrate rehabilitation equipment into everyday household items [5]. - The company plans to enhance its supply chain for core components and aims to execute 3-5 mergers and acquisitions between 2026 and 2030 to consolidate industry resources [5].

● 本报记者 宋维东 东北制药相关负责人日前在接受中国证券报记者采访时表示，当前正处在医药行业深度调整与转型的关 键时期，企业的每一步发展都至关重要。公司将认真总结发展经验，保持良好发展势头，以创新研发积 蓄未来势能，以卓越品质夯实市场根基，以人才战略激活内生动力，以多元布局拓宽成长边界，扎实推 动企业转型升级。 以研发助推战略转型 东北制药是我国重要的药品生产与出口基地之一，业务主要覆盖化学制药、医药商业、医药工程、生物 医药等板块。近年来，公司聚焦创新驱动与主业深耕，在研发突破与主业提质方面取得重要成果，构建 起了"研发创新破局、主业盈利稳盘、资产运营增效"的协同发展格局。 "研发创新是企业可持续发展的核心引擎。公司近年来持续加大研发投入，积极推动创新成果从实验室 加速走向临床。"东北制药上述负责人说。 2025年，东北制药控股子公司鼎成肽源自主研发的DCTY0801注射液获国家药品监督管理局批准，可开 展针对特定类型高级别脑胶质瘤的临床试验。这标志着东北制药在肿瘤治疗这一创新药研发关键赛道取 得了实质性突破，在丰富公司产品管线的同时，也为相关疾病领域治疗带来了新希望。 DCTY0801注射液是鼎成肽源管 ...

● 本报记者 马爽 近期，国际黄金市场热度持续攀升，价格一路高歌猛进，并迭创历史新高。Wind数据显示，截至北京 时间1月20日17时15分，伦敦现货黄金一举冲破4700美元/盎司整数关口，最高触及4731.54美元/盎司； 纽约商品交易所（COMEX）黄金期货同步走强，峰值达4738.0美元/盎司，两大核心品种2026年以来累 计涨幅分别达9.38%、9.31%。对于金价强势表现的原因及后续走势，多位业内分析师给出了各自观 点。 正信期货首席宏观分析师蒲祖林表示，短期来看，金价在委内瑞拉事件冲击下斩获丰厚避险溢价，尽管 冲突持续时间较短，却已预示2026年全球地缘局势不确定性将显著上升，这一宏观趋势势必对风险资产 价格走势形成剧烈扰动。预计在伊朗问题及格陵兰岛相关争端尘埃落定前，黄金市场将持续获得充足避 险溢价支撑，价格呈现易涨难跌格局，甚至存在加速上行的可能。但需警惕的是，当前金价已明显高 估，依据现有分析框架及估值模型测算，其涨幅已透支未来近十年的增长空间；即便对标1980年金价脱 离估值锚的极端情形，国际金价短期上涨高点或触及5200美元/盎司，中长期则需重点防范避险溢价褪 去后的估值回归风险。 广发 ...

Group 1 - The A-share market has seen structural investment opportunities emerge since 2026, particularly in sectors like brain-computer interfaces, commercial aerospace, and embodied intelligence [1][2] - Companies such as Xiangyu Medical and Haitan Ruisheng have become popular among institutional investors, with Xiangyu Medical receiving 208 institutional visits, the highest in its category [1][2] - Haitan Ruisheng is optimistic about the embodied intelligence data sector and has formed a dedicated team to develop related business, collaborating with various robotics manufacturers and tech giants [3] Group 2 - The commercial aerospace sector is also attracting attention, with Chaojie Co. receiving nearly 130 institutional visits in a short period, focusing on its rocket structural components and production capacity [3] - The overall situation shows that 373 listed companies have received institutional research since the beginning of 2026, with electronics and machinery equipment industries being the most popular [4] - Despite recent market adjustments, industry analysts believe that policy support and technological breakthroughs will continue to drive growth in sectors like brain-computer interfaces and commercial aerospace [4][5]