消息面上，近日，英矽智能与施维雅达成了一项总金额达8.88亿美元的研发合作，携手充分利用英矽智 能自主研发的人工智能平台Pharma.AI，聚焦于抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗 药物。此外，英矽智能宣布，已在一项名为BETHESDA的IIa期临床试验中完成其创新PHD抑制剂 ISM5411的首例受试者给药。该创新候选药物由Pharma.AI辅助开发。 浙商证券（601878）发布研报称，AI制药核心价值在于大幅提升药物早研效率，以英矽智能Pharma.AI 为例，其能够使候选药物从靶点发现到临床前候选药物确认时间从4.5年大幅缩短到12至18个月，早研 阶段的投入产出比大幅提升。该行指出，国内多家AI制药平台服务能力全球领先，海外业务拓展持续 高速已验证，关注英矽智能等。 英矽智能(03696)尾盘飙升逾12%，高见59.85港元，较招股价24.05港元已涨近150%。截至发稿，涨 10.04%，报58.65港元，成交额1.81亿港元。 ...

| | | COMEX黄金 | COMEX白银 | | Nymex铂金 | | Nymex把金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (截至1月6日) | 吨 | 跟上周比较 | 吨 | 跟上周比较 | 吨 | 跟上周比较 | 吨 | 跟上周比较 | | 里资金的净多头量 | 386 | -2. 1% | 2. 746 | +6. 4% | 11 | +79.8% | | +129.0% | | 多头量 | 451 | -2. 2% | 4, 102 | -10.8% | 31 | +5. 6% | 21 | +4. 5% | | 空头量 | २व | -2 8% | 1, 356 | -32 7% | 19 | -15. 3% | 20 | -12. 3% | 欧洲天然资源基金特约分析师李冈峰称，至1月6号为止，除了黄金和铜外其他各金属的基金净多均出现 环比增长，当中钯金合约经历了2周基金净空后，再次升回净多头。美期黄金基金净多环比跌2%至386 吨，为过去5周最低水平。美铜基金空头已经跌至自2007年有记录以来最低水平， ...

1月14日，长江基建(01038)表示，其牵头出售英国铁路车辆租赁公司UK Rails(Eversholt Rail)的交易，已 获英国竞争监管机构竞争及市场管理局(CMA)审批，预期交易于本月内完成后，将带来理想的入账收 益。 长江基建及长江和记于2015年，按企业价值25亿英镑(时值293亿港元)收购UK Rails(Eversholt Rail)，各 占50%股权。目前，UK Rails(Eversholt Rail)由长江基建(65%)、长江实业(20%)、电能实业(10%)及长江 和记(5%)共同持有。 长江集团主席李泽钜2025年8月于长江实业中期业绩报告中指出，长江集团系内各成员公司所组成的合 营企业，已同意出售UK Rails(Eversholt Rail)的所有权益，该项交易将可让合营企业释放出售资产的潜 在价值。此外，他还在2025年7月回应有关交易时表示，集团一向不喜欢借贷，遂不时储备资金进行更 大的交易。 汇丰及小摩于2025年7月分别发表相关分析报告，均提及出售UK Rails(Eversholt Rail)之累计回报约为原 本投资之两倍，其中小摩相信此举展现长江基建重新配置资本以提 ...

消息面上，亚太资源近日发布盈喜，预期截至2025年12月底止的中期股东应占溢利约14亿至19亿港元。 上一财年同期亏损约3.099亿元，意味业绩实现显着扭转。业绩改善主要由于资源投资分部转盈，由去 年同期亏损约1.836亿元转为贡献溢利；另外，减值亏损拨回，通告提及一间联营公司的预期减值亏损 拨回带来正面贡献。 亚太资源(01104)盘中涨超6%，月内累涨近50%。截至发稿，涨4.02%，报3.36港元，成交额3740.67万港 元。 ...

东吴证券研报指出，公司全面践行"AI+游戏"战略，AI目前已深入美术生产、代码编写及多语言本地化 等环节，助力存量游戏快速推出多语言版本(如《英魂之刃》海外版)，低成本拓展全球市场以及加 速"端游转手游"开发此外，公司通过收购Merlyn Mind引入AI语音助手提升软件能力，加速 向"AI+SaaS"的高毛利订阅模式转型，有望提升业绩持续性和盈利能力。该行看好公司存量游戏稳健运 营，教育业务受益设备更新周期，AI全面赋能游戏教育，多元投资贡献业绩增量。 消息面上，近期，AI应用领域持续受到市场关注。值得一提的是，网龙此前战略投资ROKID、创奇 思、帅库网络，进一步强化公司在AI、元宇宙、泛文娱等领域的生态布局。AI方面，子公司创奇思与 中科闻歌签订合作协议，成为中科闻歌于境外市场的唯一独家出海平台与商业化伙伴；AI与元宇宙布 局方面，公司战略投资AI眼镜龙头Rokid，探索元宇宙教育与游戏和教育的新应用场景；泛文娱方面， 公司投资帅库网络，卡位团播赛道。此外，公司亦在积极扩大AI算力方面的布局，计划大幅优化AIGC 教育资源的生产效率和成本，打造全球共创共享的创新教育生态。 网龙(00777)大涨超10% ...

Core Viewpoint - The stock of Wuyishijie (06651) has surged over 15% during trading, reaching a new high of 60.85 HKD, nearly doubling from its IPO price of 30.5 HKD, indicating strong market interest and investor confidence in the company's growth potential [1] Company Overview - Wuyishijie was established in February 2015 and focuses on cloning Earth's 5.1 million square kilometers through advanced technology [1] - The company has made significant investments in three main technology areas: 3D graphics, simulation, and artificial intelligence, developing core competencies in these fields [1] Business Segments - Wuyishijie has launched three core business platforms: 51Aes (Digital Twin Platform), 51Sim (Intelligent Driving Simulation Platform), and 51Earth (Digital Earth Platform), which are widely used by over a thousand large and medium-sized enterprises globally [1] - The company's operations span across 19 countries and regions, showcasing its international reach and application of its technologies [1] Technological Capabilities - Wuyishijie has established comprehensive technical capabilities in the three key components of PhysicalAI: data fuel, spatial models, and training platforms, creating a full-chain physical AI closed-loop ecosystem [1] - The company has developed a unique technological and ecological barrier that is difficult to replicate, positioning itself as one of the few companies globally that possesses all three elements of PhysicalAI [1] Commercial Applications - Wuyishijie's PhysicalAI product systems have been successfully commercialized in various verticals, including intelligent driving, transportation hubs, smart factories, and smart energy [1]

东北证券发布研报称，国内市场历经多年的高速放量，在医保资金压力凸显、医保支付改革全面落地的 大背景下，逐步回归稳健成长;设备与耗材的全面集采倒逼企业寻找新利润增长点，"出海"已是国产先 进厂商的战略必然。中国医疗器械行业已具备全球竞争的硬实力，高端装备、高值耗材的产品输出与全 球供应链建设快速落地;随着国内医疗市场支付端逐步成熟，海外收入占比将逐渐成为衡量医疗器械公 司成长性与估值的核心指标。 东北证券主要观点如下： 医疗设备：高端装备率先突围，迈向全球第一梯队 高端突破：国产医疗设备已经摆脱中低端替代的刻板印象，以联影医疗、迈瑞医疗（300760）、微创机 器人为代表的国产尖端设备公司凭借5TMR、长轴MI、超高端彩超、腔镜手术机器人等创新产品，进军 欧美顶尖医疗体系。 本地化运营：全球化的营销网络和供应链体系是医疗设备国际业务做大做强的必经之路。通过在海外建 立营销网络(如鱼跃医疗（002223）泰国子公司已经形成"从产品输出到生态共建"的本土化路径模板)、 仓储基地、生产基地及研发中心(如联影医疗在美国建立休斯顿、西雅图双研发中心和休斯顿生产基地; 海泰新光、美好医疗（301363）海外产能持续扩张)， ...

Core Insights - The overall sales performance of offline channels in the food and beverage sector is under pressure for the period of January to December 2025, with notable differentiation in the soft drink industry across various segments [1] - Functional beverages and ready-to-drink juices are maintaining high single-digit growth, while the snack food category shows strong growth in konjac products and healthy snacks [1] Beverage Sector - Beer sales are under pressure with a year-on-year decline of 6.7% in sales for January to December 2025, although average prices continue to rise [2] - Ready-to-drink cocktails have seen a cumulative year-on-year sales decline of 9.9%, while the market share of the brand Rio remains stable [2] - The soft drink industry shows varied performance across segments, with functional beverages experiencing a year-on-year sales increase of 9.3% and ready-to-drink juices seeing an average price increase of 7.8% [2] Dairy Products - The demand for dairy products continues to face pressure, although there is a quarter-on-quarter improvement in Q4 2025 [2] - Leading dairy companies are performing relatively well in the low-temperature yogurt segment, which is positively impacting overall yogurt performance compared to the broader dairy market [2] Condiments and Snacks - Basic condiments prioritize price, with leading brands continuing to capture market share [3] - The performance of spicy snack foods shows significant differentiation, with konjac products and certain specialty items providing crucial support [3] - Healthy snacks are experiencing notable growth, while the nut and dried fruit category is under pressure due to the timing of the Spring Festival affecting December sales [3] - Sweet snacks are generally underperforming, with widespread year-on-year declines [3] Frozen Foods - Hot pot ingredients are showing a trend of volume growth with stable prices, while competition remains fierce in the frozen dumpling and tangyuan markets [3] - By December 2025, the frozen food sector enters a peak stocking phase, with hot pot ingredients, frozen prepared foods, and frozen snacks achieving year-on-year growth, while frozen dumplings and tangyuan continue to face pressure [3] Recommendations - Recommended stocks in the A-share market include Anjuke Food, Yanjinpuzi, New Dairy, Ximai Food, Yanjing Beer, Dongpeng Beverage, Yili Group, Qianhe Flavor, and Haitian Flavor [4] - Recommended stocks in the H-share market include Weilong, Gu Ming, Master Kong, Uni-President China, Nongfu Spring, China Resources Beer, Mengniu Dairy, and Qingdao Beer [4]

华正新材（603186）(603186.SH)发布公告，公司预计2025年年度实现归属于上市公司股东的净利润为 2.6亿元到3.1亿元，与上年同期相比，将实现扭亏为盈。 报告期内，公司积极开拓市场，本年度销售持续增长，尤其进入四季度以来，市场和销售持续攀升;同 时通过开展降本增效、持续调整产品结构等，与上年同期相比，公司报告期内净利润同比预增。 ...

开源证券认为，古茗主要竞争优势在于"渠道端供应链管理能力优秀，加盟商管理体系成熟。古茗推行 的供应链先行，向97%的门店、以相对经济的成本为加盟商提供两日一配的冷链配送，配送成本低于 GMV的1%(行业平均约2%)，闭店率处于正常偏低水平"。该行预测，按照目前古茗浙江门店密度复制 全国，以终局思维推算其国内长期开店天花板超4万家。 古茗(01364)尾盘涨超3%，截至发稿，涨2.88%，报24.42港元，成交额8337.08万港元。 消息面上，据1月12日市场消息，位于杭州钱江世纪城核心区一宗商业用地挂牌出让。古茗技术(浙江) 有限公司以4.55亿元总价竞得该地块，成交楼面价6100元/㎡。据悉，目前古茗实行杭州、台州双总部 战略。此前，古茗在钱江世纪城曾设有办公点，而此次竞得的新地块大楼若顺利建成，杭州总部有望重 回钱江世纪城区域。业内人士指出，此举标志着行业竞争维度升级，从门店密度、产品迭代的"前端竞 争"，转向组织能力、资源整合与资本实力的"后端竞争"。 ...