前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 京东集团-SWR(89618) | 7.10 万元 | 100.00% | 37.56% | | 中国平安-R(82318) | 464.94 万元 | 71.16% | 33.98% | | 中国罕王(03788) | 9310.21 万元 | 41.31% | 33.27% | | 商汤-WR(80020) | 3.76 万元 | 85.00% | 32.05% | | 李宁-R(82331) | 52.54 万元 | 93.21% | 31.52% | | 药明康德(02359) | 1.99 亿元 | 50.15% | 31.18% | | 百度集团-SWR(89888) | 132.06 万元 | 57.80% | 25.83% | | 华润啤酒-R(80291) | 5.72 万元 | 100.00% | 25.22% | | OSL集团(00863) | 1581.75 万元 | 55.70% | 22.71% | 新意网集团(01686) 1.33 亿元 3 ...

2025年四季度，A股市场在相对高位震荡。天相投顾数据显示，相对于去年三季度末，公募整体权益仓 位在去年四季度末小幅降低，股票型基金和混合型基金平均仓位分别为89.06%和81.05%。 中际旭创成头号重仓股 天相投顾数据显示，在公募基金重仓股中，截至2025年底，光模块龙头中际旭创和新易盛，超越宁德时 代和腾讯控股，成为公募基金前两大重仓股。紫金矿业史无前例地挤进前五大重仓股。 从基金重仓股情况来看，截至2025年底，光模块龙头中际旭创和新易盛，超越宁德时代和腾讯控股，成 为公募基金前两大重仓股。矿业巨头紫金矿业也史无前例地挤进前五大重仓股。在前十大重仓股中， AI相关概念股还有寒武纪和东山精密。 多只主动权益基金显著提升仓位 天相投顾数据显示，截至2025年四季度末，可比基金平均仓位为82.16%，较三季度末的83.06%微降0.89 个百分点。其中，股票型开放式基金和混合型开放式基金的平均仓位分别为89.06%和81.05%，较三季 度末分别降低0.08个百分点和1个百分点。 去年四季度，A股市场在经历了前三季度的强势上涨后，进入震荡阶段，市场呈现结构性分化特征，科 技与周期品表现相对突出。在此过程中， ...

业绩增幅榜前三为回盛生物、南方精工、上海谊众，预计归母净利润增幅上限分别达1444.54%、 1417.00%、903.54%。 作为"预增王"，回盛生物在业绩预告中表示，海内外市场营收双升叠加技术升级、产能利用率提升及原 料药涨价，共同推动盈利能力大幅改善，预计全年归母净利润达2.35亿元至2.71亿元。 本报记者 张晓玉 A股市场迎来上市公司业绩预告密集发布期。 据Wind数据统计，截至1月22日12时30分，已有640家A股公司披露2025年业绩预告或业绩快报，其中 248家公司预喜（含预增、略增、扭亏、续盈），占比38.75%。 从增长幅度看，130家公司预计归母净利润最高增幅超过100%，其中，29家公司增幅超300%，11家公 司增幅超500%。 从盈利规模来看，行业龙头仍展现出强劲韧性。101家公司预计2025年年报最高净利润超5亿元，其中， 64家超10亿元，35家超20亿元，11家超50亿元，7家超100亿元。紫金矿业以520亿元的预计净利润暂居 榜首，洛阳钼业、药明康德分别以208亿元、191.51亿元位居第二和第三。 中国企业联合会特约研究员胡麒牧对《证券日报》记者表示："当前市场对新质 ...

Investment Rating - The report maintains a positive outlook on the CXO sector for the year 2026, indicating strong demand and recovery in global orders [3][26]. Core Insights - Illumina's release of the Billion Cell Atlas marks a significant advancement in life sciences, transitioning from static genomic data to a comprehensive dataset that integrates AI for drug discovery [3][8]. - Regulatory developments in China and the US are accelerating drug approval processes, with China's implementation of eCTD and the US FDA's support for Bayesian methods enhancing clinical trial efficiency [3][23]. - The CXO sector is expected to see robust growth, supported by major players like Lonza and WuXi AppTec, who are expanding capacity and reporting increased order volumes [3][26]. Summary by Sections Industry Frontiers - Illumina's Billion Cell Atlas is the largest human genome perturbation dataset to date, aimed at accelerating drug discovery through AI [3][8]. - Regulatory dynamics indicate a race for faster drug approvals, with China's NMPA adopting eCTD and the FDA endorsing Bayesian statistical methods for clinical trials [3][23]. - The global order recovery is evident, with a positive outlook for the CXO sector throughout 2026, as major companies report growth and increased demand [3][26]. Capital Trends - GSK's acquisition of RAPT Therapeutics for $2.2 billion focuses on developing an anti-IgE monoclonal antibody for food allergies, highlighting the potential in the allergy treatment market [4][31]. - Novartis has entered a $1.5 billion agreement with SciNeuro to advance a new antibody project targeting Alzheimer's disease, indicating ongoing investment in neurodegenerative treatments [4][36]. Weekly Perspective - The report emphasizes the transition to an AI-driven era in drug discovery, suggesting that previous advantages in research may diminish as the landscape evolves [5][37]. - The demand for CXO services is expected to remain strong, driven by AI-enabled drug discovery and regulatory advancements [5][38].

前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 钧达股份(02865) | 22.240 | 82.18 | 342.63% | 104.89% | | 金风科技(02208) | 14.530 | 25.45 | 109.77% | 23.62% | | 广和通(00638) | 15.700 | 31.35 | 139.17% | 20.17% | | 江西铜业股份 | 45.360 | 62.19 | 64.22% | 16.02% | | (00358) | | | | | | 三花智控(02050) | 38.220 | 57.95 | 81.61% | 14.79% | | 安德利果汁(02218) | 15.390 | 43.18 | 236.06% | 12.14% | | 新天绿色能源 | 3.880 | 7.54 | 132.73% | 11.63% | 智通财经APP获悉，截止1月21日收盘，东北电气(00042)、浙江世宝(01057)、钧达股份(02865)分列AH 溢 ...

Core Viewpoint - The company has released its 2025 performance forecast, projecting revenue of 45.46 billion yuan (+15.8%) and a net profit attributable to shareholders of 19.15 billion yuan (+102.7%), indicating better-than-expected performance [1] Revenue and Profit Forecast - For 2025, the company expects revenue of 45.46 billion yuan, with a 15.8% year-on-year growth, and a net profit of 19.15 billion yuan, reflecting a 102.7% increase [2] - The projected revenue for 2026 and 2027 is 51.55 billion yuan (+13.4%) and 58.82 billion yuan (+14.1%), respectively [2] Business Growth and Performance - The growth rate of the continuing operations revenue is forecasted at 21.4%, exceeding previous guidance of 17-18% [1] - The company anticipates that the Chemistry business will maintain rapid growth, driven by TIDES and other business segments [1] Quarterly Performance Insights - In Q4 2025, the company expects revenue of 12.6 billion yuan (+9.2%) and a net profit of 7.08 billion yuan (+142.5%) [1] - The Non-IFRS net profit margin for Q4 2025 is projected to be 35.1%, showing stability compared to Q3 2025 and significant improvement from Q4 2024 [1] Future Profitability Potential - The company expects to generate approximately 4.16 billion yuan from the sale of equity interests and 1.43 billion yuan from the sale of clinical CRO and SMO businesses in 2025 [1] - The profitability potential for 2026 remains promising due to anticipated large orders and a stable recovery in overseas demand [1]

Market Overview - The precision medicine sector experienced a decline of 1.69% on January 20, with WuXi AppTec leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers included: - ST Xiangxue, closing at 9.72 with a rise of 7.05% and a trading volume of 193,900 shares [1] - Zhaoli Pharmaceutical, closing at 17.50 with a rise of 3.18% and a trading volume of 270,200 shares [1] - Major decliners included: - WuXi AppTec, closing at 99.46 with a decline of 2.86% and a trading volume of 481,100 shares [2] - Guomai Technology, closing at 11.56 with a decline of 2.45% and a trading volume of 361,100 shares [2] Capital Flow - The precision medicine sector saw a net outflow of 346 million yuan from institutional investors, while retail investors had a net inflow of 400 million yuan [2][3] - Specific stock capital flows indicated: - DIAN Diagnostics had a net inflow of 62.76 million yuan from institutional investors [3] - ST Xiangxue experienced a net outflow of 22.01 million yuan from retail investors [3]

港股今日走势反复，三大指数最终集体收跌。截止收盘，恒生指数跌0.29%或76.39点，报26487.51点， 全日成交额为2377.66亿港元；恒生国企指数跌0.43%，报9094.76点；恒生科技指数跌1.16%，报5683.44 点。 东吴证券认为，港股仍在震荡向上的大趋势中，但短期市场仍面临考验。市场对国内基本面共识强烈， 但对海外因素分歧较多，市场相对低估了海外风险。该行指出，港股整体配置维持哑铃策略，价值红利 为底仓，动态关注市场进攻方向，即AI科技、有色，同时建议关注顺周期，尤其是消费。 蓝筹股表现 泡泡玛特(09992)领涨蓝筹。截至收盘，涨9.07%，报197.2港元，成交额58.79亿港元，贡献恒指19.52 点。泡泡玛特公布，1月19日，公司斥资2.51亿港元回购140万股股份，每股回购价177.7-181.2港元。摩 根士丹利称，泡泡玛特自2024年初以来首次回购股份，预计能够吸引更多投资者的关注，特别是那些等 待股价催化剂的投资者。目前泡泡玛特增长强劲，驱动因素清晰，长期逻辑明确。 其他蓝筹股方面，中国人寿（601628）(02628)涨4.31%，报33.4港元，贡献恒指16.6点； ...

| 股票名称 | H股(港元) | A股 | 溢价率↑ | 偏离值 | | --- | --- | --- | --- | --- | | 宁德时代(03750) | 479.600 | 349.6 | -12.69% | -1.29% | | 招商银行(03968) | 46.820 | 38.73 | -0.92% | 0.94% | | 恒瑞医药(01276) | 73.550 | 61.33 | -0.12% | -0.56% | | 药明康德(02359) | 113.700 | 101.88 | 7.33% | -0.10% | | 美的集团(00300) | 87.100 | 79 | 8.65% | -0.13% | | 紫金矿业(02899) | 39.980 | 37.31 | 11.78% | -1.44% | | 潍柴动力(02338) | 24.120 | 22.55 | 11.98% | 4.19% | | 福耀玻璃(03606) | 65.000 | 61.64 | 13.58% | -0.04% | | 兆易创新(03986) | 306.000 | 292 | 14.30% ...

Core Viewpoint - JPMorgan Chase has reduced its stake in WuXi AppTec (603259) by approximately 2.5178 million shares at a price of around HKD 119.32 per share, totaling about HKD 300 million, resulting in a new holding of approximately 33.644 million shares, representing 6.59% of the company [1][2]. Group 1 - On January 14, JPMorgan sold 2,517,805 shares of WuXi AppTec at an average price of HKD 119.3249 per share [2]. - Following the sale, JPMorgan's remaining shares in WuXi AppTec amount to approximately 33,644,022 shares, with a holding percentage of 6.59% [1][2]. - The total cash generated from this reduction in stake is approximately HKD 300 million [2].