摘要 京泰控股构建了全球唯一的 AI 驱动的闭环生态系统，通过量子物理理论 设计分子结构，并利用机器人实验室产生高质量数据，验证并训练 AI 模 型，从而在物质发现领域保持领先地位。 公司深耕生物医药行业，与辉瑞、礼来等全球 Top20 药企建立了合作关 系，例如与辉瑞合作开发新冠口服特效药 Paxlovid，并与礼来在小分子、 大分子药物领域展开合作，获得技术平台授权使用费。 京泰控股的商业模式是为客户提供从靶点发现到临床前候选化合物阶段 的服务，收取服务费，并在管线授权后获得里程碑费用和销售分成，覆 盖产品全生命周期。 公司 AI 和机器人技术大幅提升药物研发效率，将传统 4-6 年的研发周期 压缩至两年以内，并能设计出更具新颖性的分子，突破人类经验局限。 京泰控股的大分子技术平台 Astex Fold 基于动态蛋白训练，在特定疾 病类型中准确度超过 AlphaFold，已与强生、优时比等公司达成合作， 并与礼来达成 3.45 亿美元的大规模合作协议。 公司积累了 2,600 万条化学反应数据，通过高通量技术和自动化系统持 续产生高质量数据，模型成功率超过 90%，显著优于行业水平。 京泰控股正将 AI ...

Core Viewpoint - Southbound capital continues to flow into Hong Kong stocks, with a net inflow of approximately 28.65 billion HKD today, marking the fourth consecutive day of inflows [1]. Group 1: Southbound Capital Flow - Today's southbound trading volume reached approximately 1606.16 billion HKD, an increase of 233 billion HKD from the previous day, accounting for 47.20% of the total turnover of the Hang Seng Index [1]. - The net inflow from the Shanghai-Hong Kong Stock Connect was about 25.14 billion HKD, while the Shenzhen-Hong Kong Stock Connect saw a net inflow of approximately 3.52 billion HKD [1]. Group 2: Individual Stock Performance - Tencent Holdings (0700.HK) saw a net buy of 20.09 billion HKD, with a 0.88% increase in stock price today [1][2]. - Alibaba Health (00241.HK) experienced a significant rise of 18.96%, with a net buy of 14.58 billion HKD [1][2]. - Alibaba Group (09988.HK) had a net buy of 11.34 billion HKD, with a stock price increase of 5.69% [1][2]. - Kuaishou Technology (01024.HK) recorded a net buy of 4.42 billion HKD, with a 4.46% increase in stock price [1][2]. - China Mobile (00941.HK) faced a net outflow of 9.13 billion HKD, with a slight decline of 0.19% [1][2]. - Xiaomi Group (01810.HK) had a net outflow of 4.23 billion HKD, with a decrease of 0.53% [1][2]. - Crystal International (02228.HK) saw a net outflow of 3.09 billion HKD, with a 3.87% increase in stock price [1][2]. - Semiconductor Manufacturing International Corporation (00981.HK) had a net outflow of 2.43 billion HKD, with a 2.01% increase in stock price [1][2].

Group 1 - The stock of Tongdao Liepin (06100) rose by 10.17%, reflecting market recognition of its "AI recruitment strategy" and "financial stability" [1] - The restaurant sector saw significant gains, with Haidilao (06862) up 7.7%, Jiumaojiu (09922) up 5.38%, and Helens (09869) up 6.67%, driven by demand recovery since early 2023 [1] - Voice Technology (02495) surged over 10% after announcing a share issuance of 6.73 million shares at HKD 46.3 each, with approximately 50% of the proceeds allocated for R&D [1] Group 2 - Alibaba-W (09988) increased by nearly 5%, following announcements at the 2025 Cloud Summit regarding changes to hardware infrastructure in response to new market demands [1] - Hua Hong Semiconductor (01347) rose over 5.3% after announcing a plan to acquire approximately 97.5% of Huali Micro for CNY 8.268 billion [2] - Jiufang Zhitu Holdings (09636) saw an increase of nearly 8%, attributed to active market trading with a daily turnover reaching CNY 3.6 trillion [2] Group 3 - Jingtai Holdings (02228) rose over 5.5%, with a month-to-date increase of nearly 50%, following the successful dual approval of its incubated company ReviR's innovative drug RTX-117 [2] - Xun Ce (03317) briefly rose over 6%, reaching a new high of HKD 68, due to a strategic cooperation framework agreement with Jinyong Investment [2] - Alibaba Health (00241) surged over 14.2%, with a month-to-date increase exceeding 30%, following the announcement of a milestone solution in the infant vascular tumor treatment field [3] Group 4 - Bitcoin rose over 2.5%, reaching USD 93,500, with Bitcoin-related stocks also increasing, including MSTR up 6.63% and COIN up 4% [4] - GCDT, a green decarbonization technology company, saw its stock price surge 25% after its IPO, which aims to raise approximately USD 10 million for factory construction and debt repayment [4] - Lithium giant Albemarle (ALB.US) rose 4.46%, with analysts noting a reduction in concerns over its balance sheet as it achieves leverage optimization [4] Group 5 - Gold concept stocks showed mixed performance, with AngloGold Ashanti (AU.US) up 1.11% and Barrick Mining (B.US) up 1.39%, while some others declined [5] - Google (GOOGL.US) increased by 1.24% following a significant partnership with Apple to advance AI technology, with Google's Gemini model becoming a core support for future Apple devices [5] - Payment concept stocks continued to decline, with major banks also falling, amid concerns over potential impacts from proposed credit card interest rate caps [6] Group 6 - Intel (INTC.US) and AMD (AMD.US) saw initial gains of 7.33% and 6.39%, respectively, after KeyBanc Capital Markets upgraded their ratings to "overweight" [6] - Rezolve AI (RZLV.US) fell 9.23% despite raising its long-term revenue forecast, indicating significant commercialization progress [7] - Satellogic (SATL.US) declined 1.11% after a previous surge, following the announcement of a contract for two high-resolution satellites [7]

Core Viewpoint - The AI healthcare sector in Hong Kong is experiencing a strong bullish trend, driven by clear industry trends and significant market demand for AI health solutions [1] Group 1: Market Performance - Alibaba Health has surged over 13%, leading the market with a cumulative increase of over 46% this month [1] - Other notable performers include Yidu Tech with a rise of over 9%, MicroPort Robotics up by 8.9%, and Ping An Good Doctor increasing by over 4% [1] - Additional companies such as Yimaitong, JD Health, and Gushengtang also saw gains [1] Group 2: Industry Drivers - The launch of Ant Group's AI health assistant "Antifufu" has seen monthly active users exceed 30 million, with daily inquiries surpassing 10 million, indicating strong demand in the health AI sector [1] - OpenAI's introduction of "ChatGPT Health" on January 8 further emphasizes the confidence of leading AI companies in the health AI market [1] Group 3: Market Forecast - Frost & Sullivan predicts that China's "AI + healthcare" market will grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1% over the next decade [1] - Huafu Securities reports that the AI healthcare industry is entering a critical phase of commercialization, supported by national strategies and market demand [1] - The report highlights a closed-loop demand for AI applications, which will sustain the continuous development of the AI industry [1]

每经AI快讯，晶泰控股(02228.HK)涨超4%，月内累计涨幅接近50%。截至发稿，晶泰控股涨4.68%，报 14.08港元，成交额6.65亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - Jingtai Holdings (02228) has seen a significant increase in stock price, rising over 4% today and nearly 50% in the month, driven by positive developments in its subsidiary ReviR's drug pipeline RTX-117 [1] Group 1: Company Developments - Jingtai Technology announced that its incubated company ReviR has achieved a milestone with the successful dual approval of RTX-117 in both the US and China [1] - ReviR will continue the clinical development of RTX-117, and Jingtai Technology is entitled to participate in sales revenue sharing and future licensing income from this pipeline [1] Group 2: Market Analysis - Guolian Minsheng Securities published a report stating that Jingtai Holdings has established a competitive moat in the AI pharmaceutical sector through its software and hardware technology accumulation and platform-based business model [1] - The clinical approval of RTX-117 marks the beginning of the value realization phase for its technology platform, with significant potential for performance elasticity and valuation restructuring as the collaboration pipeline expands [1]

Core Viewpoint - Jingtai Holdings (02228) has seen a significant increase in stock price, rising over 4% today and nearly 50% for the month, driven by positive developments in its subsidiary ReviR's innovative drug pipeline RTX-117 [1] Group 1: Company Developments - Jingtai Technology announced that its incubated company ReviR has achieved a milestone with the successful dual approval of RTX-117 in both China and the U.S. [1] - ReviR will pay Jingtai a milestone payment totaling tens of millions of Hong Kong dollars as part of this achievement [1] - Jingtai has the right to participate in revenue sharing from the sales and subsequent licensing of the RTX-117 pipeline [1] Group 2: Market Analysis - Guolian Minsheng Securities published a report stating that Jingtai Holdings has established a competitive moat in the AI pharmaceutical sector through its software and hardware technology accumulation, platform-based business model, and strategic positioning [1] - The clinical approval of RTX-117 marks the beginning of the value realization phase for Jingtai's technology platform, with significant potential for performance elasticity and valuation reconfiguration as the collaboration pipeline continues to expand [1]

Core Insights - JingTai Technology (02228) announced a significant milestone with its incubated company ReviR achieving dual IND approvals for the innovative drug RTX-117, which targets Charcot-Marie-Tooth disease (CMT) [1][2] - The company will receive milestone payments totaling tens of millions of Hong Kong dollars from ReviR, and it retains rights to participate in sales and future licensing revenue from RTX-117 [1] - RTX-117 is the first Class 1 innovative drug in China specifically targeting CMT, addressing a significant unmet medical need in a market estimated to exceed $10 billion globally [1] Group 1 - RTX-117 is developed through a collaboration between JingTai Technology and ReviR, utilizing an AI and robotics drug development platform [1] - CMT affects over 2.6 million patients globally and is characterized by high progression and disability rates, making RTX-117 a critical therapeutic option [1] - The drug has the potential to expand its indications, potentially covering over 50 million individuals, which is nearly 20 times the current CMT patient population [1] Group 2 - The mechanism of action for RTX-117 involves precise targeting of the key pathways responsible for CMT by inhibiting the Integrated Stress Response (ISR), thereby restoring normal mRNA translation [2] - Preclinical data indicates that RTX-117 demonstrates high efficacy and strong target binding capabilities, significantly inhibiting ISR and effectively restoring motor function in model animals [2] - The upcoming clinical studies will assess the safety and efficacy of this breakthrough therapy, offering potential hope for millions suffering from CMT and related diseases [2]

Market Overview - On January 13, the Hang Seng Index rose by 0.90%, with total southbound trading amounting to HKD 137.35 billion, including buy transactions of HKD 69.32 billion and sell transactions of HKD 68.03 billion, resulting in a net buying amount of HKD 1.30 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading amount of HKD 54.86 billion, with buy transactions of HKD 28.00 billion and sell transactions of HKD 26.85 billion, leading to a net buying amount of HKD 1.15 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.49 billion, with buy transactions of HKD 41.32 billion and sell transactions of HKD 41.17 billion, resulting in a net buying amount of HKD 0.15 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 139.06 billion and a net buying amount of HKD 10.71 billion, closing with a price increase of 3.63% [1][2] - Tencent Holdings followed with a total trading amount of HKD 52.93 billion and a net buying amount of HKD 7.56 billion, closing with a price increase of 0.72% [1][2] - Xiaomi Group-W had a total trading amount of HKD 49.62 billion and a net buying amount of HKD 6.07 billion, closing with a price decrease of 1.96% [1][2] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W, Tencent Holdings, and Kuaishou-W having net buying days of 9, 5, and 3 respectively [2] - Tencent Holdings had the highest cumulative net buying amount of HKD 69.99 billion, followed closely by Xiaomi Group-W with HKD 69.33 billion [2] - Two stocks faced continuous net selling, with China Mobile and Meituan-W having net selling amounts of HKD 52.84 billion and HKD 11.67 billion respectively [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [2]. Core Insights - The company has entered a value realization phase with its AI pharmaceutical platform, highlighted by the clinical trial approval of its drug RTX-117 for Charcot-Marie-Tooth disease, marking a significant milestone in its drug development pipeline [6]. - The innovative approach of RTX-117 targets the key mechanisms of the disease, demonstrating effective restoration of motor function in preclinical studies, thus validating the company's AI-driven drug development capabilities [6]. - The company has established a robust business model that integrates AI technology with a flexible commercial strategy, allowing for rapid drug development and a diversified revenue stream from collaborations with major pharmaceutical companies [6]. - The financial projections indicate substantial revenue growth, with expected revenues of RMB 785 million in 2025 and RMB 1.485 billion in 2027, alongside a path to profitability by 2027 [2][7]. Financial Projections - Revenue is projected to grow from RMB 266 million in 2024 to RMB 1.485 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 36.6% [2][7]. - The net profit attributable to shareholders is expected to improve from a loss of RMB 1.517 billion in 2024 to a profit of RMB 92 million in 2027, indicating a significant turnaround [2][7]. - The earnings per share (EPS) is forecasted to transition from -0.35 RMB in 2024 to 0.02 RMB in 2027, suggesting a positive shift towards profitability [2][7].