Core Viewpoint - Fuxiang Pharmaceutical is expected to significantly reduce its net loss in 2025, projecting a loss of 39 million to 57 million yuan, with a potential turnaround to profitability in Q4, driven by the synergy of its three main business segments: new energy, pharmaceutical manufacturing, and synthetic biology [1] Group 1: Business Performance - The new energy lithium battery electrolyte additive business is identified as the core driver of performance growth in 2025, benefiting from rising demand in the power battery and energy storage markets, leading to a substantial price increase for products like VC and FEC in Q4 [1] - The pharmaceutical manufacturing segment has optimized its operations despite intense market competition, with a decrease in the price of key raw materials like 6-APA alleviating cost pressures and improving gross margins [2] - The synthetic biology segment achieved significant milestones in 2025, obtaining key certifications that enable the transition from laboratory research to large-scale production, indicating a successful compliance pathway [2] Group 2: Future Outlook - For 2026, the company aims to consolidate its market position in the pharmaceutical sector while focusing on cost reduction and efficiency improvements [3] - The company plans to capitalize on the rising product prices in the new energy sector by enhancing production capacity through technological upgrades [3] - The company will accelerate the development of the synthetic biology protein project, expanding its application scenarios and enhancing its market presence both domestically and internationally [3]

公募基金持股方面，工银瑞信前沿医疗股票型证券投资基金持股数量为380万股，占公司流通股比例 0.62%，位列第八大流通股东；中欧医疗健康混合型证券投资基金持股数量达335.06万股，占流通股比 例0.54%，为第十大流通股东。 数据显示，截至2025年9月30日，公司前十大流通股东合计持有5.36亿股，占公司流通股比例达 86.83%。富健药业有限公司以2.22亿股的持股数量位居首位，占流通股比例35.92%；上海兴生药业有限 公司持股2.13亿股，占比34.48%，为第二大流通股东；沈阳三生制药有限责任公司、达佳国际（香港） 有限公司分别持股3961.46万股、2516.07万股，位列第三、四位。 此外，上海浦东田羽投资发展中心（有限合伙）、Grand Path Holdings Limited、上海浦东领驭投资发展 中心（有限合伙）、上海翃熵投资咨询有限公司等机构股东在三季度保持持股稳定，未进行增减持操 作，持股数量分别为1096.54万股、1040.89万股、437.57万股、371.75万股，占流通股比例依次为 1.78%、1.69%、0.71%、0.60%。 中证报中证网讯（记者 傅苏颖）1月26日 ...

中证报中证网讯(记者乔翔)近日，以"迈向'十五五'，中国房地产与城市更新高质量发展"为主题的2026 迎新易居论坛举办。本次会议上，上海易居房地产研究院发布了2026年发展战略，确立了"123"战略框 架：坚守"高质量发展不动摇"这一核心，聚焦"专业持续精进、服务持续优化"两大支柱，坚定三条发展 路径，即坚定不移提升专业、赋能行业；坚定不移汇聚资源、共建生态；坚定不移拥抱AI、创新前 行。 在主题演讲环节中，上海易居房地产研究院院长、克而瑞联席董事长、普睿数智董事长丁祖昱表示， 2026年房企应推动管理模式扁平化，以"好房子"需求和现房销售趋势倒逼运营体系、开发模式升级。 在圆桌讨论环节中，围绕"充分发挥城市更新在稳楼市中的作用"话题，上海城投控股（600649）股份有 限公司副总裁蒋家智表示，城市更新可通过REITs工具、数字赋能、品牌输出平衡经济效益与社会效 应。他建议，进一步优化土地供给、部门协同、金融支持等政策，助力城市更新更好地在稳楼市中发挥 作用。 ...

中证报中证网讯(记者张鹏飞)近日，浙江省经济和信息化厅公布2025年度省级"专精特新"中小企业名 单，步长制药（603858）旗下浙江天元生物药业有限公司凭借在生物制药领域的"专精特新"发展优势成 功入选，标志着其核心竞争力获得权威认可。 作为步长制药在生物药、疫苗领域的战略核心载体，浙江天元生物药业深耕生物制药细分赛道，持续构 建差异化竞争优势，此次入选是其坚守"专精特新"发展路径、深耕细作的必然成果。 精细化管理上，公司严格遵循医药行业高标准规范，建立覆盖研发、生产、仓储、流通全流程的质量管 控体系，近三年无重大安全质量事故，以规范稳健的经营表现顺利通过各项审核。 此次获评省级"专精特新"企业，印证了步长制药多元产业生态布局的战略优势。未来，天元生物将借力 政策红利，进一步加大研发投入力度，聚焦生物药与疫苗领域的技术创新与产品迭代，持续提升核心竞 争力，为区域健康产业高质量发展注入新动能。 专业化布局上，公司聚焦疫苗与生物制品的研发、生产与转化，核心产品精准对接重大疾病防治临床需 求，多款重点项目已顺利进入临床试验阶段。 创新能力建设上，依托步长制药研发投入支撑，天元生物构建了完善的自主创新体系，研发费用 ...

目前，徐汇区累计跨国公司地区总部和外资研发中心达175家。外资企业占徐汇区企业总数的 17%，贡献了近50%的经济总量，成为徐汇区经济社会发展的重要参与者、推动者和见证者。 "作为总部位于瑞士的全球精密仪器领军企业，梅特勒-托利多选择扎根徐汇区漕河泾开发区，从最 初的初创团队发展为如今自主研发、生产并向中国及全球市场供应领先产品，覆盖实验室与工业分析全 产业链的核心企业，每一步成长都离不开徐汇区优质营商环境带来的全方位赋能。"梅特勒-托利多中国 区实验室、过程分析事业部总经理储锦兰表示，企业将持续加大在徐汇区的投资布局，双方将共同开 启"工业上楼"战略合作新篇章。 中证报中证网讯（记者 乔翔）1月26日，2025年度上海市徐汇区招商引资表彰大会举行。会上， 《徐汇区加快打造国际一流营商环境行动方案（2026年）》正式发布，标志着徐汇区将持续深化政务服 务、市场竞争、产业生态、社会共治"四大环境"建设，着力构建全要素支撑的营商生态系统，以更高标 准的全周期服务赋能企业扎根成长、创新突破，加速构建现代化开放型经济新格局。 《行动方案》共推出22项任务96条细化举措，全力将优化营商环境的"施工图"转化为"实景画"， ...

Core Viewpoint - Kolyuan (科力远) expects significant growth in net profit for 2025, indicating a fundamental improvement in its core business profitability and quality [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 160 million to 183 million yuan for 2025, representing a year-on-year increase of 72.76% to 102.20% [1] - After accounting for equity incentive-related expenses, the net profit is projected to be between 135 million to 158 million yuan [1] - The net profit, excluding non-recurring gains and losses, is expected to be between 75 million to 98 million yuan, showing a substantial year-on-year growth of 1156.74% to 1542.15% [1] Group 2: Energy Storage Business - Kolyuan's energy storage business is entering a harvest period, leveraging a large energy storage ecological innovation consortium model [2] - The company plans to invest in independent energy storage stations through an energy storage industry fund, with an expected construction of approximately 4 GWh of independent energy storage stations in 2025 [2] - The Erdos Gushanliang 300MW/1200MWh independent energy storage station is expected to be operational by the end of December 2025, contributing approximately 400 million kWh of clean energy to the grid annually [2] Group 3: Strategic Initiatives - Kolyuan has reserved over 15 GWh of various energy storage projects for 2025, with around 10 GWh planned to commence construction in 2026, ensuring sufficient momentum for future performance growth [2] - The company, as a major initiator of the large energy storage ecological innovation consortium, has assisted in the selection of Baoding High-tech Industrial Development Zone as one of the first national zero-carbon parks, validating its core capabilities in technology and scenario innovation [3] - Kolyuan holds four major lithium mine resources, with a total of 400,000 tons of lithium carbonate equivalent, establishing an integrated layout from natural mines to terminal energy storage [3] Group 4: Traditional Business Stability - The traditional business segment continues to play a stabilizing role, with steady sales growth in nickel battery core customers driving increases in nickel products, power batteries, and pole piece business [4] - The consumer battery business has also shown steady growth in revenue, contributing to an increase in gross profit [4] - The company is accelerating the development of key components for solid-state batteries and promoting the application of three-dimensional porous copper-manganese alloy in solid oxide fuel cells (SOFC) [4]

Core Viewpoint - Tonghua Dongbao (600867) is expected to achieve a net profit of approximately 1.242 billion yuan and a net profit of approximately 402 million yuan after deducting non-recurring gains and losses in 2025, marking a significant turnaround from previous losses and a substantial recovery in performance [1] Group 1: Financial Performance - In 2025, the company anticipates a significant recovery in its financial performance, with both net profit and adjusted net profit turning positive compared to the previous year [1] - The company’s insulin similar products are projected to drive major growth, with annual sales expected to increase by over 100% year-on-year, contributing to a balanced development of its product structure [1][2] Group 2: Market Position and Strategy - Tonghua Dongbao has achieved significant improvements in market share, ranking second in the industry for human insulin and insulin similar products, with a market share of 45.5% for human insulin, maintaining the leading position domestically [2] - The company is focusing on enhancing its domestic insulin business, optimizing product structure, and expanding market share while accelerating its internationalization strategy [1][2] Group 3: Product Development and Innovation - The company has made substantial progress in international product registration, with various insulin formulations and GLP-1 products receiving approvals in multiple countries, including the U.S., Dominican Republic, and Indonesia [3] - Several R&D projects have achieved important clinical milestones, including the completion of Phase III trials for semaglutide and positive results for other diabetes-related products [4] Group 4: Shareholder Engagement - The controlling shareholder, Dongbao Industrial Group, has increased its stake in the company by investing 228 million yuan to acquire 1.42% of the shares, reflecting confidence in the company's future prospects [5] - The company plans to repurchase shares worth between 20 million and 40 million yuan to support employee stock ownership plans and/or equity incentives [5]

Core Viewpoint - The company, Yimikang, is expected to achieve a net profit of 25 million to 37 million yuan for the fiscal year 2025, marking a turnaround from losses in the previous year, primarily driven by significant growth in its precision cooling product business [1] Group 1: Financial Performance - The projected net profit for 2025 is between 25 million and 37 million yuan, with a non-GAAP net profit expected to be between 24 million and 36 million yuan, indicating a return to profitability year-on-year [1] - The main reason for the performance improvement is the substantial increase in revenue from precision cooling products [1] Group 2: Business Strategy - The company is focusing on the information data sector, integrating smart engineering, software platforms, and intelligent operations to enhance its precision cooling capabilities [1] - Yimikang has adopted a strategy of targeting major clients, aligning with the growing demand for precision cooling products in the domestic market, leading to a continuous increase in orders [1] - The company is also expanding its overseas orders significantly, contributing to the growth of its precision cooling product line [1] Group 3: Market Development - In 2025, the company will extend its smart engineering business to the construction of intelligent computing centers, supporting high-performance computing needs in various sectors, including AI model training and energy simulations [2] - The company has established a dual-market strategy, expanding its domestic client base with major companies like Alibaba and ByteDance, while also entering international markets in Southeast Asia and the Middle East [2] Group 4: Investment and Growth - In Q4 2025, a strategic investment from Chuanfa Securities Fund has been made, optimizing the company's equity structure and strengthening its foundation in the computing power sector [2] - Yimikang plans to raise funds through a private placement to enhance its research and development capabilities for cooling products, aiming to meet the fast-evolving demands of AI chips and GPU interconnections [2]

中证报中证网讯（记者 齐金钊）1月26日，广东省十四届人大五次会议在广州开幕。广东省人大代表、 奥比中光董事长黄源浩在接受中国证券报记者采访时表示，作为科技领域的代表，他体会到依靠人工智 能与机器人前沿技术发展新质生产力的紧迫性，也感受到广东独特生态与机器人产业"双向奔赴"式的机 会点。结合一线观察，黄源浩直指当前机器人行业"内卷式"竞争的痛点，为广东抢占人工智能下半场 ——"具身智能"主场优势提出了包括发挥"链主"企业作用、建设共性技术平台等务实可落地的建议。 广东在具身智能领域拥有得天独厚优势 "过去几年，作为公司的'头号销售'，我拜访了世界上不同行业尤其是机器人行业的领先企业，一个深 刻的感受是：人工智能与机器人时代正全面到来，而机器人正是人工智能发展的'下半场'。"黄源浩分 析道，"人工智能的上半场是'大脑的AI'，主要优化和替代电脑前的智力劳动；下半场则是'具身智能'， 是物理世界与数字智能的深度融合。我们要为这个'大脑'装上'躯体'，让智能走出屏幕，深入工厂、家 庭和社会的每一个角落，这将是颠覆性的生产力变革。" 黄源浩判断，在具身智能领域，中国拥有完整的产业基础与市场机会，而广东的优势得天独厚。 ...

Core Insights - The collaboration between Softcom Power and Jinpan Technology has led to the launch of the "Softcom Tianxuan AI Factory Intelligent Manufacturing Solution" aimed at accelerating the deployment of AI platforms and applications in the manufacturing sector [1][2] - The AI Factory solution has already empowered various industries including retail, finance, manufacturing, healthcare, energy, and automotive [1] Group 1 - The Softcom Tianxuan MaaS platform serves as a critical component of the AI Factory solution, functioning as an "AI flywheel engine" that drives intelligent scenarios across vertical industries [1] - The Tianxuan AutoAgent utilizes five core technological innovations to deconstruct complex tasks into executable units, enabling flexible development and deployment of intelligent agents [1] - The Tianxuan Digital WorkMate platform allows enterprises to quickly build a silicon-based workforce platform, encapsulating industry know-how into a standardized, reusable digital employee matrix [1] Group 2 - The AI Factory solution is built on a secure, compliant, and autonomous technical foundation, offering customized product combinations and implementation paths tailored to the transformation needs of different industries and enterprise sizes [2] - The partnership with Jinpan Technology represents a significant practical application of the AI Factory solution, providing a replicable benchmark for intelligent transformation in sectors like new energy and new infrastructure [2] - The company plans to continue enhancing its full-stack AI capabilities and deepen collaborations with industry partners to promote the AI Factory solution in more scenarios [2]