Core Insights - Strong Brain Technology, a brain-computer interface "unicorn," recently completed approximately 2 billion yuan in financing, making it the second-largest financing in the global brain-computer interface sector, following Neuralink [1] - The financing round attracted prestigious investors, including IDG Capital, Huaden International founded by Intel CEO Chen Lifeng, and several technology and education companies [1] - The brain-computer interface sector has seen a surge in secondary capital, with the sector's stocks rising over 20% in the last three trading days [1] Company Overview - Founded in 2015, Strong Brain Technology is recognized alongside innovative companies like DeepSeek and Yuzhu Technology as part of the "Hangzhou Six Little Dragons" [1] - Unlike Neuralink, Strong Brain Technology focuses on the development of non-invasive brain-computer interface technology [1] - The company's products span rehabilitation medicine, smart health, and intelligent education, with FDA and CE certifications obtained [1] Product and Market Potential - The core product, "Super Sensor," can detect weak brain electrical signals without invasive procedures, converting them into neural signals to control external devices [1] - The product currently assists individuals with physical disabilities in performing activities like running and complex sports [2] - Strong Brain Technology aims to help 1 million disabled individuals regain mobility and assist 10 million patients with Alzheimer's, autism, and insomnia over the next 5-10 years [2] Financial and Investment Highlights - Strong Brain Technology has attracted significant investment since its inception, completing multiple funding rounds, including a $400 million Series A in 2019 and subsequent rounds totaling $30 million and $20 million [2] - As of 2024, the company's valuation stands at 8.5 billion yuan according to the Hurun Global Unicorn List [2] - The company is reportedly preparing for an IPO, potentially in Hong Kong or mainland China, after completing over $100 million in pre-IPO financing by 2025 [2] Industry Trends - According to research from Open Source Securities, brain-computer interface technology is expected to commercialize by 2026, expanding from medical necessities into AI applications and robotics [2] - The commercialization path for non-invasive products is clear, indicating significant revenue potential in the future [2]

1月6日，三大指数集体收涨，两市成交额高达2.81万亿。其中，上证指数高开高走，收涨1.50%，报 4083.67点，刷新2015年7月底以来新高。并实现日线13连阳，创史上最长连阳记录。 回顾A股历史，上证指数10连阳以上的行情十分罕见。仅在1992年2月25日至3月11日实现12连阳，以及 分别在1992年5月、2006年6月、2017年12月至2018年1月录得三次11连阳。 梳理发现，指数连阳行情往往伴随后续趋势性上涨。上证指数曾在2006年6月实现11连阳后，便开始持 续攀升，最终在2007年10月突破6000点大关，期间累计涨幅超260%。 从板块表现来看，6日市场热点板块全面开花。脑机接口概念涨幅居前，三博脑科、美好医疗、创新医 疗2连板；商业航天概念持续爆发，十余只成分股涨停，鲁信创投8天6板，北斗星通、中国卫通6天4 板。分析指出，科技牛是2025年贯穿全年的一个重要特征，2026年科技牛行情有望继续延续。 而本轮上证指数的强势表现早有端倪。2025年全年，上证指数累计上涨18.41%，深证成指上涨 29.87%，创业板指更是大涨近50%。 2026年第一个交易日，上证指数延续涨势收涨1.3 ...

Core Viewpoint - Weigao Blood Purification plans to acquire 100% equity of Weigao Purui for a total transaction amount of 8.511 billion yuan, which will enhance its product line into pharmaceutical packaging materials and expand its market presence in the biopharmaceutical upstream business [1][2]. Group 1: Acquisition Details - The acquisition will be executed through a share issuance priced at 31.29 yuan per share, with approximately 272 million shares to be issued, representing 39.43% of the total share capital post-issuance [1]. - After the transaction, Weigao Blood Purification's controlling shareholder will change from Weigao Group to Weigao Co., which will hold an 84.36% stake, maintaining the actual controller as Chen Xueli [1]. Group 2: Financial Performance of Weigao Purui - Weigao Purui has a strong market position, holding over 50% of the domestic market share for pre-filled products from 2022 to 2024, ranking first in the industry [2]. - The company has demonstrated robust profitability, with projected revenues of 1.426 billion yuan, 1.684 billion yuan, and 939 million yuan for 2023 to the first half of 2025, and net profits of 490 million yuan, 585 million yuan, and 327 million yuan for the same periods [2]. Group 3: Weigao Blood Purification's Business Overview - Weigao Blood Purification is a leading enterprise in the blood purification field, focusing on the R&D and production of blood dialysis devices and related products [2]. - The company has shown steady performance, with total revenue of 2.736 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 3.45%, and a net profit of 341 million yuan, up 7.92%, with a gross margin of 40.69% [2]. Group 4: Future Projections - Following the acquisition, Weigao Blood Purification's profitability is expected to improve significantly, with projected increases in revenue and net profit of 51.56% and 142.57%, respectively, for the first three quarters of 2025, and total assets anticipated to reach 12.044 billion yuan [2].

据其最新披露的业绩预告显示，2025全年预计实现归母净利润约510亿元-520亿元，与上年同期320.51 亿元相比，将增加约189-199亿元，同比增加约59%-62%；扣非后净利润约475-485亿元，同比增加约 50%-53%。 目前，紫金矿业储备资源量铜超1.1亿吨、黄金3973吨、当量碳酸锂1788万吨，是中国控制金属矿产资 源最多的企业。其中，铜依旧是紫金矿业核心业务，占总毛利的45%以上，近5年矿产铜产量年复合增 长率为24%。预计2025年铜产量将达109万吨，同比增长2%。 此前2025年，现货黄金已累计上涨逾60%；伦铜价格也飙升42%，创下2009年以来的最大年度涨幅。 对于后市，国内外机构纷纷看涨贵金属价格。瑞银将2026年金价目标上调至5000美元；花旗预测铜价将 在今年中期达到15000美元/吨。中信证券分析指出，全球铜供应缺口叠加美国关祱引发的区域供应错 配，共同推动铜价走高。预计2026年全球铜市场供应缺口将超过10万吨。 作为矿业巨头的紫金矿业，其业绩和铜、金等金属价格深度绑定。 1月6日早盘，有色板块全线飘红，紫金矿业、洛阳钼业、湖南黄金等纷纷上涨。其中，紫金矿业一度大 涨 ...

从市场表现来看，2025年农业银行A、H股涨幅同步领跑板块。其中，H股年内涨幅超过30%，位列港 股上市银行榜首，股息率为4.86%；A股年内涨幅更是高达43%。 截至2025年12月30日，平安人寿持有约61.8亿股农业银行H股，持仓市值超300亿港元。 值得一提的是，在布局H股的同时，平安人寿也在同步增持农业银行A股。据披露，平安人寿已在2025 年三季度新进农行A股前十大股东名单，截至9月末，持有该行49.13亿股A股股份，持股比例约1.4%。 近日，据港交所最新资料显示，平安人寿于2025年12月30日增持9558.2万股农业银行H股股份，合计耗 资约5.53亿港元。此次增持后，平安人寿持有的农行H股股份由19.79%增至20.1%。 股价的强劲走势背后是稳健的盈利能力，2025年前三季度，农业银行实现营业收入5508.76亿元，同比 增加1.97%；归母净利润2208.59亿元，同比增加3.03%。 回溯中国平安加仓历程，2025年2月，平安人寿增持4772.3万股农业银行，持股比例突破5%并触发首次 举牌。5月，增持1.47亿股农业银行，持股数量达到10%。8月13日，买入2651.5万股农业银行 ...

2026年首个交易日，湖南白银股价强势涨停，报收7.61元/股，封单金额高达89.80亿元。拉长时间看， 公司股价自2025年5月起便进入上升通道，全年累计涨幅达104.13%。 股价上涨背后，离不开白银价格的强劲支撑。1月5日，COMEX白银价格大幅上涨超5%，重新站上75美 元/盎司关口。回顾2025年全年，白银价格表现尤为突出，累计涨幅超过140%，远超同期黄金涨幅。 近年来，长城资产越发注重在股票市场的资产运作。除减持湖南白银外，2025年长城资产还两次减持天 海防务，累计减持2002.78万股，套现约1.33亿元。而这部分股权在2020年受让时的成本仅为3176.28万 元。 另一方面，长城资产也在2025年大幅增持建设银行H股。根据建设银行三季报，截至2025年三季度末， 长城资产共持有建行H股约78.65亿股，约占总股本的3%。按期末股价7.29港元计算，持股市值约573.36 亿港元。 值得关注的是，2025年11月，长城资产总裁助理史剑获提名为建设银行非执行董事。若后续监管审批通 过，长城资产对建设银行的投资可能按长期股权投资权益法核算。在此核算方式下，若投资成本低于标 的公司账面净资产份额 ...

Core Insights - Insilico Medicine has entered a multi-year R&D collaboration with global pharmaceutical company Sihuiya, with a total agreement amount of up to $888 million [1] - The collaboration will leverage Insilico's AI platform Pharma.AI to develop challenging targets in the oncology field, with Insilico receiving up to $32 million in upfront and milestone payments [1] - Pharma.AI is a leading generative AI-driven drug discovery and development system that significantly enhances early-stage drug development efficiency, reducing the time from target discovery to preclinical candidate confirmation to 12-18 months compared to the traditional average of 4.5 years [1] Company Performance - Insilico has developed over 20 clinical/IND stage assets based on Pharma.AI, covering areas such as oncology, immunology, fibrosis, and metabolism [2] - The core self-developed product ISM001-055 for idiopathic pulmonary fibrosis has entered Phase II clinical trials, making it the fastest progressing AI drug globally [2] - Revenue from drug discovery and pipeline development is projected to be $28.648 million, $47.818 million, and $79.733 million from 2022 to 2024, accounting for over 90% of total revenue, while software sales remain below 10% [2] Financial Overview - Insilico's revenue from 2022 to the first half of 2025 is approximately $30.147 million, $51.180 million, $85.834 million, and $27.456 million, respectively [3] - Adjusted net losses during the same period were $70.804 million, $67.361 million, $22.665 million, and $15.409 million [3]

Core Viewpoint - JinWind Technology has successfully invested in Blue Arrow Aerospace, leading to a significant increase in its stock price and market capitalization, driven by the booming commercial aerospace sector [1][2]. Group 1: Stock Performance - On January 5, JinWind Technology's A-shares hit the daily limit, closing up 6.96% at 21.82 yuan per share, with a market value of 921.9 billion yuan [1][2]. - Since the low point in April, the company's stock price has increased by over 80%, while its Hong Kong shares have surged by over 280% during the same period [1]. - The stock price reached a high of 22.44 yuan per share during the trading session on January 5 [2]. Group 2: Investment in Blue Arrow Aerospace - Blue Arrow Aerospace's IPO has been accepted, with a valuation of 20 billion yuan, positioning it to become the first commercial aerospace company listed on the Science and Technology Innovation Board [3][4]. - JinWind Technology holds a 4.14% stake in Blue Arrow Aerospace through its subsidiary Jianghan Asset Management, making it the sixth-largest shareholder [4]. - The investment in Blue Arrow Aerospace is part of JinWind's broader strategy, which includes investments across various sectors such as new energy, equipment manufacturing, and agriculture [5]. Group 3: Financial Performance - JinWind Technology's revenue for the first three quarters of the year reached 481.5 billion yuan, a year-on-year increase of 34.3%, with a net profit of 25.8 billion yuan, up 44.2% [8]. - The company has seen a significant increase in international sales, with revenue of 83.79 billion yuan in the first half of the year, a growth of 75.34% [9]. - The company's core revenue source remains the sale of wind turbines and components, contributing 76.58% of total revenue [8]. Group 4: Broader Investment Strategy - JinWind Technology's investment platform has been active since 2010, with investments in various sectors, including several publicly listed companies [5][6]. - The company has previously invested in notable firms such as Jinli Permanent Magnet and China National Materials, expanding its investment portfolio significantly [6]. - JinWind Technology has also successfully invested in high-growth stocks, such as the 20-fold increase in the stock price of Upwind New Materials [7].

具体来看，去年12月初，国家金融监管总局发布通知，下调保险公司投资相关股票的风险因子，鼓励险 资"长钱长投"。中泰证券测算，若险资将释放资本全部增配权益资产，2026年或撬动5500亿元至6000亿 元长期资金进入市场。 此外，相关部门还陆续出台了扩大保险资金长期投资试点、推动健康保险高质量发展、《保险公司资产 负债管理办法（征求意见稿）》等政策。据了解，该《意见稿》优化了指标计算口径，将利好引导保险 公司长期稳健经营。 对于保险板块的后续走势，市场普遍持乐观态度。中金公司在展望中表示，2026年寿险行业有望再次进 入黄金发展期，保险股投资逻辑将从"存量业务重估修复"转向"成长能力估值溢价"。 有多位分析师指出，2026年，针对保险公司强化资产负债管理的政策支持力度有望持续加大。叠加居民 对保险产品热情延续以及资本市场表现可期，保险行业的负债端、资产端将持续改善，预计保险板块估 值仍有较大向上空间。 回顾2025年，保险股行情不断升温。同花顺数据显示，2025全年保险板块累计上涨约19.23%，跑赢银 行和券商板块。其中，新华保险表现尤为亮眼，年内多次刷新历史高点，全年涨幅高达46.03%，领涨 保险板块。 ...

1月5日，脑机接口板块领涨A股。截至发稿，板块涨幅超13%，个股方面，倍益康30CM涨停，三博脑 科、博拓生物、美好医疗、翔宇医疗等近20股涨停。 消息面上，马斯克日前在社交媒体上表示，其脑机接口公司Neuralink将于2026年开始对脑机接口设备 进行"大规模生产"，并转向"更加精简和几乎完全自动化的外科手术流程"。其最新技术的设备电极丝可 直接穿过硬脑膜，而无需将其切开。 据悉，Neuralink的产品重点仍集中在治疗神经系统疾病，包括瘫痪、肌萎缩、帕金森、老年痴呆和视力 障碍。 同时，国内医疗企业在该领域不断实现技术突破。三博脑科旗下的福建三博已帮助受试者偏瘫上肢恢复 自由抓握功能；"北脑二号"也有望在2026年进入临床验证。博拓生物参股公司的植入式脑深部神经刺激 系统已进入科研性临床，产品拟2026年末启动注册。 不仅如此，资本市场对该领域的投资也较为火热，据动脉橙数据库不完全统计，2025年1—11月，我国 脑机接口领域共完成24起融资，同比增长30%。 中信建投在研报中分析称，脑机接口是医疗投资也是科技投资，短期来看主要应用于疾病治疗，长期来 看若能实现增强人、并与AI和机器人融合，有望打开万亿 ...