香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本 公 告 僅 供 參 考 用 途，並 不 構 成 要 約 出 售 或 招 攬 收 購、購 買、認 購 或 處 置 任 何 證 券 之 要 約，且 本 公 告 或 其 任 何 內 容 均 不 構 成 任 何 合 約 或 承 諾 的 基 礎。 本公告不會直接或間接於或向美國（包 括 其 領 土 及 屬 地、美 國 任 何 州 以 及 哥 倫 比 亞 特 區）發 佈。本 公 告 及 其 所 載 資 料 並 不 構 成 在 美 國 境 內 購 買、認 購 或 出 售 證 券 的 任 何 要 約、邀 請 或 招 攬 或 其 組 成 部 分。本 公 告 中 所 述 證 券 並 無 亦 不 會 根 據1933年《美 國 證 券 法》（經 修 訂）（「證券法」）進 行 登 記，亦 不 得 於 美 國 境 內 提 呈 發 售 或 出 售，惟 根 據 證 券 法 的 ...

Core Insights - Crystal Tech Holdings (02228.HK) announced that its incubated company, ReviR, received approval from the National Medical Products Administration for the clinical trial of RTX-117, a small molecule pipeline for treating Charcot-Marie-Tooth disease (CMT), set to begin Phase I trials in Q1 2026 [1] - RTX-117 is the first Class 1 innovative drug targeting CMT in China and represents a significant milestone in the collaboration between ReviR and Crystal Tech, leveraging AI and robotic-assisted research for rare disease drug development [1][2] - The drug has also received IND approval and orphan drug designation from the FDA, allowing for priority review and extended market exclusivity in the U.S. [1] Company and Industry Summary - CMT is listed as the 17th rare disease in the first batch published by the National Health Commission in 2018, characterized by its progressive nature and high disability rate, with RTX-117's clinical approval marking a breakthrough in CMT treatment development in China [2] - The collaboration between ReviR and Crystal Tech utilizes AI and RNA technology, demonstrating the potential of AI-driven drug discovery to overcome economic bottlenecks in rare disease treatment [2][3] - Crystal Tech, as the first "AI + Robotics" stock in Hong Kong, has established a leading automated research infrastructure and intelligent drug development platform, gaining trust from 17 of the top 20 global pharmaceutical companies [3] - The company’s platform-based business model allows for the continuous incubation of innovative pipelines, providing partners with breakthrough innovations while sharing long-term value through revenue sharing [3]

Market Analysis - The semiconductor sector experienced significant gains, with the Shanghai Composite Index slightly rising by 0.05% and the Shenzhen Component Index increasing by 0.06% on January 7, marking a 14-day consecutive rise [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan, an increase of 476 billion yuan compared to the previous trading day, with trading volumes exceeding 2.8 trillion yuan for two consecutive days [1] Semiconductor Industry Developments - China initiated an anti-dumping investigation into imported dichlorodihydrosilane from Japan, a move aimed at safeguarding the semiconductor materials supply chain [7] - The investigation is expected to benefit domestic companies by improving market competition and reducing reliance on Japanese imports, particularly in the photolithography materials sector [8] AI for Science - AI for Science (AI4S) represents a new paradigm in scientific research, utilizing AI to accelerate scientific discoveries and redefine traditional research methodologies [9] - The integration of AI in scientific research enhances efficiency, allowing for significant reductions in research timelines and improved predictive capabilities [10] Company-Specific Developments - PIANO, a custom home furnishing company, underwent a control change with the semiconductor investment firm Chuxin Group acquiring a controlling stake for approximately 839 million yuan [21] - The new control by Chuxin Group, led by a prominent figure in semiconductor investments, reflects the challenges faced by traditional home furnishing companies amid a declining real estate market [22][25] Tungsten Industry Insights - Xianglu Tungsten Industry has established a complete industrial chain in tungsten, from mining to deep processing, and is focusing on the production of photovoltaic tungsten wire, which has seen significant market interest [30][33] - The company reported a substantial increase in revenue and net profit, driven by rising demand for hard alloys and the successful launch of its photovoltaic tungsten wire products [35][38]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 晶泰控股有限公司 ("本公司"） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02228 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.00001 | USD | | 1,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 100,000,000,000 | USD | | 0.00001 | USD | | 1,0 ...

Core Viewpoint - Jingtai Holdings (02228) has seen a significant stock price increase, with a rise of nearly 8% during trading, currently up 6.12% at HKD 11.09, with a trading volume of HKD 1.26 billion [1] Group 1: Company Overview - Shenwan Hongyuan released a research report highlighting Jingtai Holdings' comprehensive coverage from physical computing to early-stage drug research automation, with core technologies including physical computing, AI, and robotics [1] - The company's business has expanded from AI drug development to a broader "AI4S" platform, indicating strong technological breadth and platform value [1] Group 2: Market Perception and Potential - The market's understanding of the technology transferability from AI pharmaceuticals to AI4S is insufficient, and there is a lack of recognition regarding the market potential of AI4S [1] - The company's wet and dry laboratories have formed a closed loop, effectively enhancing research and development efficiency, with long-term data accumulation from wet laboratories aiding in optimizing predictive models [1]

Core Viewpoint - Jingtai Holdings (02228) has seen a significant stock price increase, with a rise of nearly 8% during trading, currently up 6.12% at HKD 11.09, with a trading volume of HKD 1.26 billion [1] Group 1: Company Overview - Shenwan Hongyuan released a research report highlighting Jingtai Holdings' comprehensive coverage from physical computing to early-stage drug research automation, with core technologies including physical computing, AI, and robotics [1] - The company's business has expanded from AI drug development to a broader "AI4S" platform, indicating strong technological breadth and platform value [1] Group 2: Market Insights - The market's understanding of the technology transferability from AI pharmaceuticals to AI4S is insufficient, and there is a lack of recognition regarding the market potential of AI4S [1] - The perception of Jingtai Technology's technological leadership is still below expectations, indicating potential for market re-evaluation [1] Group 3: Operational Efficiency - The establishment of a closed-loop between dry and wet laboratories has effectively enhanced research and development efficiency [1] - Long-term data accumulation from wet laboratories will assist the company in optimizing predictive models [1]

Investment Rating - The report assigns a "Buy" rating for the stocks of the companies analyzed, indicating a positive outlook for their performance in the market [3]. Core Insights - The demand for SiC (Silicon Carbide) power devices is driven by the upgrade of power density in AI data center power systems, with a projected market size of approximately $1.15 billion by 2030 in the global 800V data center segment [1]. - Advanced packaging thermal materials and AR (Augmented Reality) glasses are identified as new growth drivers for SiC, with SiC's excellent thermal conductivity making it suitable for applications in advanced packaging and AR optics [2]. Summary by Sections SiC Demand and Market Potential - The upgrade of power systems in AI data centers is categorized into four stages, enhancing the demand for SiC power devices, particularly in the power conversion segment [1]. - The potential market size for SiC and GaN (Gallium Nitride) power devices in 800V AI data centers is estimated to be around $2.56 billion, with SiC devices accounting for approximately 45% of this market [1]. Advanced Packaging and AR Glasses - SiC's superior thermal performance positions it well for use in advanced packaging thermal materials, with companies like NVIDIA planning to adopt SiC in their next-generation products by 2027 [2]. - In the AR glasses sector, SiC's high refractive index allows for improved optical performance, enhancing user experience and image clarity [2]. Key Stocks and Financial Projections - The report highlights key stocks with their respective EPS (Earnings Per Share) projections and PE (Price to Earnings) ratios, indicating strong growth potential for companies like Dongyangguang and Daoshi Technology [3].

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.64%, 17.51%, and 16.68% respectively [1][2] - The company with the largest increase in short positions is Dongfang Electric (01072), which saw an increase of 2.20% from the previous short ratio [1][2] - The companies with the largest decrease in short positions include Sanhua Intelligent Control (02050), Tianqi Lithium (09696), and Yuejiang (02432), with decreases of -1.42%, -0.82%, and -0.71% respectively [1][3] Group 2 - The latest short position data shows that Vanke Enterprises has 411 million shares shorted, while Dongfang Electric has 71.45 million shares, and COSCO Shipping Holdings has 480 million shares shorted [2] - The companies with the largest increases in short positions also include JAKS Resources B (01167) and CSPC Pharmaceutical Group (01093), with increases of 0.77% and 0.56% respectively [2] - The companies with the largest decreases in short positions also include Ganfeng Lithium (01772) and Sunac China (01918), with decreases of -0.68% and -0.55% respectively [3][4]

Group 1 - The core viewpoint of the news is that Hong Kong's innovative drug concept stocks experienced a collective rise, indicating positive market sentiment in the pharmaceutical sector [1] Group 2 - Jingtai Holdings (02228) saw an increase of 6.13%, with a latest price of 10.040 and a total market capitalization of 43.206 billion [2] - Hengrui Medicine (01276) rose by 4.63%, with a latest price of 74.550 and a total market capitalization of 494.803 billion [2] - SiHuan Pharmaceutical (00460) increased by 4.07%, with a latest price of 1.280 and a total market capitalization of 11.707 billion [2] - Innovent Biologics (01801) experienced a rise of 3.34%, with a latest price of 78.800 and a total market capitalization of 135.599 billion [2] - WuXi Biologics (02269) increased by 3.18%, with a latest price of 32.440 and a total market capitalization of 133.916 billion [2] - China National Pharmaceutical Group (01177) rose by 3.07%, with a latest price of 6.370 and a total market capitalization of 119.506 billion [2] - BeiGene (06160) saw an increase of 2.68%, with a latest price of 184.100 and a total market capitalization of 283.639 billion [2] - Kingstar Bio (01548) rose by 2.66%, with a latest price of 12.750 and a total market capitalization of 27.874 billion [2] - Genscript Biotech (01952) increased by 2.49%, with a latest price of 37.900 and a total market capitalization of 13.4 billion [2] - WuXi AppTec (02359) saw a rise of 2.13%, with a latest price of 100.800 and a total market capitalization of 300.763 billion [2]

Core Viewpoint - Jingtai Holdings (02228) has seen a significant increase in stock price, rising over 8% in early trading, attributed to a strategic partnership with Mirxes for early cancer screening and drug development [1] Group 1: Company Developments - Jingtai Holdings' stock price rose by 6.98% to HKD 10.12, with a trading volume of HKD 129 million [1] - The collaboration with Mirxes aims to integrate strengths in early detection and drug development, focusing on a "diagnosis and treatment integration" solution for prevalent cancers in Asia [1] Group 2: Research and Analysis - Shenwan Hongyuan released a report highlighting Jingtai Holdings' core technology in "physical computing + AI + robotics," establishing a complete closed loop for early drug development from algorithms to automated laboratories [1] - The company's business has expanded from AI drug development to a broader "AI4S" platform, showcasing the potential for technology transfer to new materials and demonstrating significant technological breadth and platform value [1] - The initial coverage of Jingtai Holdings has been rated as "Buy" by analysts [1]