● 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，面对行业调整、市场竞争加剧等多重挑 战，公司将锚定"一体两翼"发展战略，坚持稳健经营与创新突破并举，深耕医药核心主业，拓展多元赛 道，打造更多盈利增长点，持续增强发展韧性。 运营质效持续提升 "在药品集采常态化、医保改革持续深化、行业竞争日趋激烈的背景下，东北制药紧扣'变、干、实'工 作总要求，主动适应行业变革，在经营提质、市场拓展、生产增效、研发创新等方面协同发力，发展质 效稳步提升，核心业务根基持续夯实。"该负责人说。 2025年，公司市场布局多点突破，营销效能持续释放。其中，制剂板块聚焦核心产品，深耕终端市场， 渠道覆盖与市场渗透力不断增强，多款主导产品销量创历史新高，新开发终端与主要品种覆盖率均同比 增长，品牌影响力稳步提升。此外，原料药板块积极应对国内外市场波动，通过优化产品销售结构、拓 展新兴领域等举措，核心产品市场地位不断稳固，海外市场持续拓展。该负责人表示，公司各子公司协 同发力，部分子公司成功扭亏为盈，构筑起多元协同、稳健向好的发展格局。 在生产运营方面，东北制药实现降本增效与质量管控双线提升。公司构建了"产销协同、 ...

Core Viewpoint - The rapid growth of Weiyuan Synthesis, supported by comprehensive policies and funding from Changping District, highlights the district's commitment to becoming a hub for synthetic biology manufacturing and innovation [1][2]. Group 1: Company Development - Weiyuan Synthesis has expanded from 3 to over 400 employees, with a recent completion of nearly 300 million yuan in equity financing to accelerate the development of methanol-based bio-manufacturing products [1]. - The company has received 80 million yuan in investment from a municipal health fund, showcasing strong governmental support for its growth [1]. Group 2: Industry Ecosystem - Changping District has established 146 synthetic biology manufacturing companies and 16 common technology service platforms, with 56 new enterprises registered since 2024 and a total registered capital exceeding 300 million yuan [2]. - The district has been recognized as the first national-level characteristic industrial cluster in synthetic biology manufacturing, enhancing its brand visibility and demonstrating its role as a future industrial growth pole [1][2]. Group 3: Innovation and Technology - Significant original achievements have emerged from Changping, including the selection of a biological synthesis technology for 2-hydroxyhexanedioic acid as a major scientific achievement for the 2025 Zhongguancun Forum [3]. - Weiyuan Synthesis has received approval for the production of several products, including alulose and new yeast proteins, with multiple products accelerating through the approval process [3]. Group 4: Future Plans - Future City Group aims to enhance the innovation center's influence, attract quality teams, and promote technology transfer, with a goal of landing 10 landmark projects by 2026 [4]. - The establishment of a pilot base for synthetic biology manufacturing is planned to address challenges in technology transfer and further solidify the region's position in the industry [4].

● 本报记者 傅苏颖 生物制造是国家战略科技力量重要组成部分，也是推动产业绿色低碳转型的核心引擎之一。作为A股合 成生物学龙头，凯赛生物深耕该领域二十余年，凭借核心技术与产品构筑竞争优势。 凯赛生物总裁杨晨日前在接受中国证券报记者专访时表示，生物制造的核心价值是用绿色高效工艺打破 传统石化路径局限。凯赛生物自成立以来，专注于以生物技术开发化学品，打造低成本、高性能生物基 新材料，赋能下游产业升级，联动构建产业协同生态，推动生物制造产业规模化发展。 助力下游产业实现绿色变革 凯赛生物始终以生物技术和工艺开发化学品，其商业价值核心是通过生物制造工艺路线打造低成本的同 类化学产品。 "与传统石化工业及产品不同，生物制造以生物转化为核心生产过程，不仅反应温和、处于常温常压条 件，且无需使用重金属催化剂，同时可采用可再生植物或生物质废弃物作为原料，这不仅极大降低了对 石油、煤炭等不可再生化石资源的消耗，生产过程也更具低能耗、绿色环保、可持续的优势。"杨晨表 示。 数字化、智能化是凯赛生物研发、生产、管理的重要发展方向，公司愿景为"以生物智造重塑人类低碳 生活"。杨晨介绍，早在上市前，公司建设乌苏生产基地时便着手数字化工 ...

Core Viewpoint - Changan Automobile and CATL have launched the world's first mass-produced sodium battery passenger vehicle, marking the beginning of large-scale application of sodium batteries in the passenger car sector [1][2]. Industry Development - Sodium batteries have entered a new stage of maturity and technological iteration after five years of industrial exploration, with costs stabilizing and a significant acceleration in industry layout [1]. - CATL's sodium battery has achieved a maximum energy density of 175Wh/kg and over 90% capacity retention at -40°C, with future electric range potentially reaching 500-600 km [2]. - The sodium battery's advantages include abundant resources, wide distribution, and reduced reliance on scarce minerals like lithium and cobalt, enhancing supply chain security [2]. Market Dynamics - The sodium battery is currently in the initial stage of commercialization, with lower cost and energy density compared to lithium batteries [3]. - It is expected that within 2-3 years, sodium battery energy density will reach levels comparable to lithium iron phosphate batteries, with significant cost advantages emerging when lithium prices exceed 120,000 yuan/ton [3]. - By the second half of 2026, sodium batteries are projected to achieve comprehensive competitiveness in terms of cost, even if lithium prices remain stable [3]. Technological Coexistence - The sodium battery industry is still in its early development phase, but its direction is clear, with expectations for it to play a significant role in energy transformation [4]. - The sodium battery is anticipated to enter a year of large-scale application in 2026, with promising prospects for industry scale expansion [4]. Industry Collaboration - Companies across the sodium battery supply chain are actively pursuing technological research, capacity construction, and strategic partnerships to accelerate their presence in this field [4][5]. - Notable developments include the establishment of a production base for sodium battery materials and ongoing collaborations with major players like CATL [5]. - Companies like Electric Science Blue Sky and Puli Te are advancing their sodium battery initiatives, with plans for mass production and increased output expected in the coming years [5].

Core Insights - The trust industry is transitioning from a period of rapid growth to a more pragmatic approach, emphasizing differentiated strategic positioning and compliance risk management [1][2] Group 1: Industry Overview - Trust companies like Kunlun Trust and Industrial Trust are focusing on unique survival and development spaces, indicating a shift from broad growth to specialized strategies [1] - In 2025, several trust companies reported impressive operational results, with Industrial Trust's trust business management scale exceeding 800 billion yuan and Zhejiang Jin Trust's wealth management service trust scale surpassing 60 billion yuan [1] - The overall profitability of the trust industry is facing challenges, with significant income structure differentiation among companies, particularly benefiting those with capital market exposure [2] Group 2: Strategic Focus - Trust companies are adopting clear and determined strategic deployments for 2026, focusing on differentiation rather than mere transformation [2][3] - Kunlun Trust aims to pursue a differentiated development path in energy trust, providing financial solutions for the energy and chemical industries [2] - Industrial Trust emphasizes leveraging the synergy between bank and trust licenses to enhance service capabilities [3] Group 3: Risk Management - Risk prevention and compliance are prioritized by trust companies, with many outlining specific measures to mitigate existing risks and ensure sustainable development [4] - Companies like Foreign Trade Trust and Kunlun Trust have made risk resolution a key focus for 2026, aiming to clear obstacles for growth [4] - The establishment of a robust risk control system is highlighted as essential for high-quality development, with companies like Shaanxi Guotou emphasizing comprehensive risk management [4]

作为未来产业之一，生物制造赛道近期多点开花、动能充沛。政策层面持续加码，上海市近期印发行动 方案，将生物制造纳入积极引导的新兴产业领域，确立其战略优先级；企业端积极发力，富祥药业通过 成立跨国合资公司推进微生物蛋白全球化布局；科研前沿同步突破，"合成高等生物"先导项目启动，AI 驱动下的生命科学创新持续深化，多方协同发力激活万亿产业新潜力。 ● 本报记者 傅苏颖 万亿赛道根基渐牢 近年来，政策高度聚焦产业化落地与技术突破，形成多层次支撑体系，促进我国生物制造产业蓬勃发 展。 工信部此前披露，"十四五"期间，我国生物制造产业规模稳步扩大，总规模达1.1万亿元，生物发酵产 品产量占全球70%以上。其中食品及添加剂、生物制药等细分领域年产值超4000亿元，推动生物制造成 为新的经济增长点。易凯资本预测，到2030年，中国生物制造市场规模将会接近1.8万亿元。 长城证券化工新材料首席分析师肖亚平在接受中国证券报记者采访时表示，合成生物学技术作为生物制 造的核心支撑，可推动产业实现低碳生产、提升劳动生产率，其成果广泛应用于医疗健康、能源开发、 环境保护、工业制造等多个领域，为解决人类面临的各类发展挑战提供创新解决方案， ...

Core Viewpoint - The price surge in the component supply chain, particularly for Multi-Layer Ceramic Capacitors (MLCC), is driven by the explosive growth in AI server demand, with expectations for continued price increases in the short term [1][2]. Group 1: Price Trends and Market Response - MLCC prices in South Korea have risen nearly 20%, with expectations for further increases [1]. - Capital markets have reacted positively, with significant stock price increases for leading MLCC companies such as Samsung Electro-Mechanics, which has risen over 11% this year, and other A-share companies like Fenghua Advanced Technology and Sanhua Group [1][2]. - The MLCC industry is expected to experience a bifurcation by 2026, with high-end product demand likely to surge due to the AI boom, while mid-to-low-end products face challenges from weak demand and rising costs [1][4]. Group 2: Demand Drivers and Production Capacity - The demand for high-end MLCCs is driven by AI servers, which require three times more MLCCs than standard servers, leading to supply constraints [2]. - Major manufacturers like Murata Manufacturing, Samsung Electro-Mechanics, and Taiyo Yuden are operating at over 80% capacity, with Murata expected to see a 20% to 25% increase in high-end MLCC orders in the first quarter [2][3]. - Samsung Electro-Mechanics reported record revenue in Q4 2025, with a 22% year-on-year increase in revenue from high-voltage and high-capacity MLCCs [2]. Group 3: Competitive Landscape and Domestic Market Position - The global MLCC market is dominated by major players, with the top five manufacturers, including Murata, Samsung, and Taiyo Yuden, holding over 80% market share [3]. - Chinese manufacturers have established a relative advantage in the mid-to-low-end MLCC market but are accelerating efforts to penetrate the high-end market [3]. - Companies like Sanhua Group and Fenghua Advanced Technology are focusing on high-end applications such as 5G communication, AI servers, and automotive electronics, with successful integration into supply chains of major manufacturers like BYD [3]. Group 4: Industry Outlook and Cyclical Trends - The MLCC industry is currently in an upward cycle, with a typical cycle lasting about 4 to 5 years, supported by demand from automotive electronics and AI servers [3][4]. - The industry is expected to experience significant differentiation, with high-end MLCC demand surging due to AI applications, while traditional consumer electronics face declining demand [4]. - The market for AI servers is projected to grow at an annual rate of 30%, with the MLCC market for AI servers expected to reach 3.3 times its 2025 size by 2030 [4][5].

连续6年稳居河北省内公司债券承销规模榜首，积极助力地方金融结构完善与实体经济血脉畅通，资产 管理业务与财富管理业务不断发力优化居民财富配置……在辽阔的燕赵大地上，财达证券正以实际行 动，书写金融报国、助力区域经济高质量发展的答卷。 "作为河北省本土上市券商，服务河北既是财达证券与生俱来的责任和使命，也是公司战略聚焦的核心 能力与独特优势。"日前在接受中国证券报记者专访时，财达证券党委书记、董事长张明向记者详细介 绍了公司以党建为引领、以报国为使命、以特色求发展的战略思考与实践方向。 谈及进一步做好党建工作的具体举措，张明表示，公司党委将持续高举思想引领之旗，充分发挥党委理 论学习中心组带头学习的示范作用，认真落实"第一议题"学习制度，并立足金融企业特点，教育公司党 员干部员工积极落实服务实体经济发展和国家战略的要求。同时，公司党委将充分发挥内网、期刊、公 众号、宣传栏等阵地作用，围绕公司改革发展的中心任务，着重在宣传教育、营造氛围、引导舆论上下 功夫，为公司深化改革、转型发展打下良好基础。 回首近24年的发展之路，财达证券通过发挥在债券承销、资产管理及财富管理等领域的专业优势，以创 新投融资工具驱动传统产业升 ...

● 本报记者 李蕴奇 今年的甘肃省政府工作报告提出，2026年要巩固中小金融机构改革化险成果，组建运营甘肃农商银行。 这是该省对农信改革进度的再次确认。2023年甘肃省政府工作报告提出，有序推进高风险机构化险，稳 妥推进农信社改革，组建甘肃农商联合银行。但2025年甘肃将改革模式由联合银行模式更换为统一法人 模式，组建甘肃农商银行。 与甘肃相似，宁夏回族自治区今年的政府工作报告同样列明了农信改革时间表。该地政府工作报告明 确，完成全区农商行统一法人改革是2026年重点工作之一。此前，宁夏黄河农村商业银行在2026年新年 贺词中表示，2025年宁夏农商行深化改革方案最终获得批复，这是省级农商行改革模式的又一成功探 索。 云南农村商业银行的成立进展也在今年年初更新。1月5日，云南农村商业银行筹建工作小组、云南省农 村信用社联合社和云南省122家农村信用社州（市）、县（市、区）法人机构发布联合公告，表示已审 议通过了以新设合并方式组建云南农村商业银行的相关事项并形成决议。 （州）农商银行组建，稳妥推进中小金融机构改革化险的任务。国家金融与发展实验室副主任曾刚表 示，贵州具有县域分散、农信机构差异较大的特点，该省选择 ...

● 本报记者 彭扬 "不用去银行，手机上就能开通数字人民币钱包，用起来也挺简单。看到工资'秒到'钱包，特别高 兴。"近日，刚收到工资的农民工王同林难掩喜悦，"孩子老人都在家里盼着，等会儿就去买点年货带回 去。" 王同林感受到的这份便捷与安心，正是数字人民币赋能民生保障的生动写照。近日，数字人民币运营管 理中心协调交通银行，在成都落地全国首单数字人民币智能合约农民工工资发放业务。专家表示，这是 人民银行、金融机构、科创企业与行业主管部门协同发力的成果，以数字人民币智能合约为农民工工资 支付筑牢安全防线，是数字金融服务民生的重要实践。 实现工资精准直达 "数字人民币保障农民工工资支付场景在成都首发落地，是一项科技赋能民生保障的重大创新举措。"四 川省住房和城乡建设厅党组成员、副厅长程刚表示。 与传统农民工工资发放方式相比，数字人民币智能合约发薪实现了工资的精准直达，从源头上化解了农 民工工资发放中的诸多顾虑。"现在用数字人民币发薪放心太多了，钱直接发到自己手机里，谁也动不 了，工资明细清清楚楚，心里踏实。希望以后更多项目都能用数字人民币发工资。"王同林说。 平台方的参与为数字人民币发薪提供了关键支撑。作为建筑领域 ...