（原标题：交银国际：年末国产创新药出海交易密集落地 2026年向上趋势中价值回归可期） 智通财经APP获悉，交银国际发布研报称，10月以来，内资通过港股通持有医药股的比例小幅下降，外 资持仓整体平稳，内外资加大创新药布局的大方向不变。本周内资主要加仓龙头创新药企;亦布局潜在 受益于下游复苏的龙头CXO企业。外资布局方向则较为分散，但整体围绕高性价比子板块和标的，加 仓方向包括互联网医疗和中小市值创新药械。 该行推荐关注以下细分方向：1)创新药：三生制药(01530)、德琪医药-B(06996)、百济神州(06160)等催 化剂丰富、估值仍未反映核心大单品价值;先声药业(02096)、传奇生物(LEGN.US)被明显低估、长期成 长逻辑清晰;2)CXO：受益于下游高景气度和融资边际回暖的细分赛道龙头，如药明合联(02269);3)监管 不确定性逐步释放，有反转机会的医院、器械和诊断等子板块。 fund 报告中称，本周多项超10 亿美元的BD 交易相继落地，合作伙伴既有MNC也有中小型生物科技公司。 临近年末，该行继续看好新BD 交易集中落地机会。展望2026 年，该行认为板块稳中向好态势延续，但 影响市场表现的 ...

Core Viewpoint - The company, Jiao Yin International (03329), held a special shareholders' meeting on December 17, 2025, where three ordinary resolutions were approved, including the renewal of property leasing agreements and new financial service frameworks until December 31, 2028 [1] Group 1: Shareholder Meeting Outcomes - The special shareholders' meeting resulted in the approval of three ordinary resolutions with a voting outcome of 99.999314% in favor, representing 145,785,167 shares, while only 0.000686% opposed, equating to 1,000 shares [1] - The resolutions included the approval, ratification, and confirmation of an automatic renewal property leasing framework agreement for three years until December 31, 2028, along with the approval of new financial service and fintech service framework agreements for the same period [1] - The voting was conducted by Hong Kong Central Securities Depository Limited, and due to related party transactions, the controlling shareholder, Bank of Communications, which holds approximately 73.14% of the company, abstained from voting [1] Group 2: Stock Performance - As of the close on December 18, 2025, Jiao Yin International's stock price was 0.36 HKD, reflecting a decrease of 1.37% from the previous trading day, with a trading volume of 458,200 HKD [1] - The stock has experienced a 52-week high of 1.08 HKD and a low of 0.25 HKD, indicating significant volatility in its market performance [1]

Group 1 - The core viewpoint of the report is that after a recent stock price correction, valuations of certain leading photovoltaic companies have become attractive, with a particular focus on polysilicon as a benchmark for "anti-involution" [1] - The report highlights that the preferred choice is the leading granular silicon company, GCL-Poly Energy Holdings Limited (03800), and also favors the undervalued rod silicon leader, Xinte Energy Co., Ltd. (01799), which is expected to benefit more from capacity consolidation [1] - The recent Central Work Conference emphasized the need for deeper regulation of "involution-style" competition, marking a shift from "comprehensive regulation" to "in-depth regulation," which suggests that substantial capacity reduction policies may gradually be introduced [1] Group 2 - The establishment of a polysilicon capacity consolidation platform has been officially completed, as reported by the China Photovoltaic Industry Association, indicating a significant step in the long-anticipated integration of the photovoltaic industry [1] - Beijing Huaguang Qiancheng Technology Co., Ltd. has completed its registration, marking the formal launch of the "polysilicon capacity integration acquisition platform" [1]

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。 （於香港註冊成立的有限公司） （股份代號：3329） 於2025年12月17日舉行之股東特別大會 投票表決結果 股東特別大會投票表決結果 茲提述交銀國際控股有限公司（「本公司」）日期為2025年11月28日的通函（「通函」）及股 東特別大會（「股東特別大會」）通告（「股東特別大會通告」）。除文義另有所指外，本公 告所用詞彙與通函所界定者具有相同涵義。 本公司董事會（「董事會」）欣然宣佈，股東特別大會通告所載之決議案（「決議案」）已於 2025年12月17日（星期三）上午十一時正舉行的股東特別大會上以投票方式獲正式通過。 決議案之投票表決結果如下： | | 普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 批准、追認及確認自動重續物業租賃框架協議的年期至 | 145,785,167 | 1,000 | | | 截至2028 ...

Group 1 - The core viewpoint of the article indicates that the domestic power battery installation volume in November continues to grow, with exports remaining stable [1] - According to the China Automotive Power Battery Industry Innovation Alliance, the domestic power battery installation volume reached 93.5 GWh in November 2025, representing a year-on-year increase of 39.2% and a month-on-month increase of 11.2% [1] - The report suggests that battery production in December will continue to grow month-on-month, presenting an opportunity for investment in the lithium battery sector following recent adjustments [1] Group 2 - Data from Xinluo Lithium Battery indicates that the planned battery production for domestic sample enterprises in December is 148.8 GWh, reflecting a month-on-month increase of 2.3%, while overseas sample enterprises plan for 23.8 GWh, showing a month-on-month decline of 2.6% [1] - The industry fundamentals are described as robust, with ongoing production increases, suggesting that the recent sector pullback may provide a window for investment [1] - The report highlights the importance of focusing on companies with cost and technological advantages, particularly mentioning CATL (Ningde Times) as a leader in overseas expansion [1]

展望后续，该行认为，美联储在明年初"先观望、再决策"的倾向较为明确。该行倾向于认为，一旦官方 就业与通胀数据恢复发布、美联储对劳动力市场的评估更有把握之后，委员会很可能选择在短期内先暂 停减息。 智通财经APP获悉，交银国际发布研报称，美联储12月FOMC会议如期减息25个基点至3.5-3.75%区间， 也是连续第三次减息，延续了自9月以来"预防式减息+风险管理"的政策框架。 总体而言，本次会议继续强化了"不会加息，但也不会持续减息"的信号组合，而RMP式扩表有望为利率 市场和资金面提供了一层技术性缓冲，利好风险资产的修复。 ...

交银国际发布研报称，予内地科技行业领先评级。报告指，最近一个月，全球科技指数表现呈现分化， 存储价格继续飙升，该行维持预计供不应求的趋势或将延续至2026年底。半导体制造设备进口额10月同 比保持高速增长26%。该行继续看好内地半导体设备的投资前景并维持2026年市场规模较2025年继续增 长4.2%至542亿美元的预测。 该行认为全球AI基础设施过度建设的潜在风险总体可控，并看好2026年AI基础设施相关的投资前景。 相对于可比公司，NVIDIA(NVDA.US)近期股价表现相对滞后。该行认为该股在AI算力领域的主导地位 没有改变。该行看好半导体国产替代产业链机会，重点推荐北方华创（002371）(002371.SZ)和豪威集 团（603501）(603501.SH)。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Real Estate - **Focus**: Chinese mainland and Hong Kong real estate markets - **Outlook for 2026**: The industry is expected to explore new development models under strong policy support, despite facing challenges. Structural opportunities from "good houses" and "good cities" are emerging [1][6][10]. Core Insights and Arguments Chinese Mainland Real Estate - **Sales Forecast**: The total sales area of commercial housing in China is projected to be between 900 million to 950 million square meters in 2026, down from approximately 970 million square meters in 2024. The expected sales amount is around 10 to 11 trillion RMB, including 8 to 9 trillion RMB from residential sales [1][11]. - **Investment Preference**: The preferred investment ranking is as follows: state-owned enterprises (SOEs) or SOE-backed developers > leading private enterprises with land reserves in first and second-tier cities > other private developers [1][26]. - **Market Dynamics**: The market is transitioning from quantity expansion to quality improvement, with a focus on "good housing" standards. The demand is shifting towards improvement-type housing, which is expected to dominate the market [10][13]. Hong Kong Real Estate - **Market Recovery**: Key catalysts for recovery include improved macroeconomic uncertainty (notably interest rate cuts), significant policy easing, and a return of fundamental demand drivers. The recovery is expected to be gradual, with residential properties leading the way, followed by quality retail assets and core office spaces [3][37]. - **Rental Growth**: Residential rents are expected to increase by approximately 3% in 2026, with small to medium-sized unit prices rising by 5%. The retail sector is also anticipated to see moderate growth due to stabilizing local consumption and increased tourist arrivals [3][39]. - **Investment Strategy**: Investors are advised to focus on residential recovery as a high-quality proxy, particularly in the context of the anticipated market rebound [3][37]. Additional Important Insights - **Policy Environment**: The current policy framework is expected to remain supportive, with a focus on maintaining a stable demand-side policy and normalizing supply-side regulations. The emphasis is on improving housing quality and service standards [10][12]. - **Market Segmentation**: The market is experiencing significant segmentation, with first and second-tier cities showing resilience while third and fourth-tier cities face structural adjustments. The share of sales in first and strong second-tier cities is expected to increase from 30% to 35-40% by 2026 [12][15]. - **Supply Dynamics**: New construction is projected to be between 550 million to 600 million square meters in 2026, reflecting cautious market expectations and cash flow conditions among developers. This is expected to help digest existing inventory levels [21][22]. - **Financial Health of Developers**: The industry is shifting towards a focus on cash flow management, with a significant emphasis on achieving positive operating cash flow as a key indicator of operational capability. Developers with strong cash flow management are likely to be favored by the market [24][25]. Conclusion The real estate industry in both the Chinese mainland and Hong Kong is at a pivotal point, with emerging opportunities driven by policy support and changing market dynamics. Investors are encouraged to adopt a selective approach, focusing on quality and location to capitalize on the anticipated recovery in the sector [25][26].

Summary of the Conference Call Transcript Industry Overview - **Industry**: Consumer Sector - **2025 Performance**: The consumer market in mainland China has shown a mild recovery, with a year-on-year growth of 4.3% in retail sales from January to October 2025, indicating a steady recovery path [1][6][29]. - **2026 Outlook**: The consumer market is expected to continue its moderate growth, characterized by slower overall demand growth but increasing rational consumption and demand tiering, which will drive structural differentiation and become a key growth driver in niche markets [1][6][7]. Key Insights Consumer Behavior - **Consumer Confidence**: The consumer confidence index has gradually improved but remains below the neutral level of 100, indicating cautious consumer sentiment regarding future income and employment [7][13]. - **Spending Trends**: Consumers are increasingly focused on value for money and emotional value, with a high willingness to pay for emotional experiences, which is reshaping brand competition [26][31][32]. Market Dynamics - **Segment Performance**: Different segments are recovering at varying paces. Categories like home appliances, jewelry, and food staples have shown strong growth, while others like dining and personal care have seen slight declines [23][62]. - **Channel Evolution**: The integration of online and offline channels is deepening, with online growth slightly outpacing offline. New retail formats are emerging, focusing on consumer-centric approaches [37][28]. Technological Impact - **AI Integration**: Artificial intelligence is increasingly being integrated into various industry segments, enhancing operational efficiency and potentially reshaping competitive dynamics [49][50]. Investment Strategy - **2026 Investment Focus**: A balanced strategy is recommended, combining defensive sectors with stable cash flows and high-growth potential opportunities. Key sectors to focus on include: - Defensive companies benefiting from supply-demand improvements, such as Shenzhou (2313 HK) and Yili (600887 CH) [56]. - Fast-growing niche leaders like Pop Mart (9992 HK) and Miniso (9896 HK) [56]. - Industry leaders with strong growth foundations and resilience, such as Anta (2020 HK) and China Resources Beer (291 HK) [56]. Risks - **Macro Uncertainties**: Potential risks include macroeconomic uncertainties, commodity inflation exceeding expectations, international trade uncertainties, and insufficient consumer stimulus policies [57]. Additional Insights - **Emerging Trends**: The rise of emotional consumption is driving growth in categories like trendy toys and cultural products, with brands leveraging IP ecosystems for rapid revenue growth [68][70]. - **Global Expansion**: Chinese consumer brands are increasingly looking to expand internationally, particularly in Southeast Asia, to tap into new growth opportunities [35][36]. This summary encapsulates the key points from the conference call, highlighting the current state and future outlook of the consumer sector, along with strategic investment recommendations and associated risks.

Summary of the Conference Call on the Pharmaceutical Industry Industry Overview - **Industry**: Pharmaceutical Industry - **Rating**: Leading - **2026 Outlook**: Value recovery, upward trend continues, selective layout amidst differentiation [1] Core Insights and Arguments - **Industry Trends**: - The industry is expected to maintain a relatively fast growth rate despite tightening drug regulations and increasing challenges in new drug development in the U.S. [2] - The integration trend within the industry is just beginning, with leading players in high-growth segments showing strong long-term certainty [2] - **Private Hospitals**: - High-quality private hospital targets are recommended as cost control pressures ease and outdated capacities are eliminated, allowing for a return to faster growth [3] - Recommended stocks include Gushengtang and Haijia Medical, which are expected to rebound in the short term and have clear long-term expansion paths [3] - **Valuation Summary**: - A detailed table of various pharmaceutical companies with their stock codes, ratings, target prices, closing prices, earnings per share (EPS), price-to-earnings ratios (P/E), and other financial metrics is provided [4] Important but Overlooked Content - **Market Performance**: - The MSCI China Pharmaceutical Index increased by 62.0% year-to-date, outperforming the MSCI China Index by 31.8 percentage points [10] - The pharmaceutical sector has officially entered a rebound phase, with significant performance differentiation among sub-sectors [10] - **Policy Environment**: - The policy environment is improving, with the government supporting innovative drug development and introducing commercial insurance funds to supplement the medical insurance directory [11] - The latest round of medical insurance negotiations has successfully included 127 drugs outside the directory, indicating a shift towards a more balanced pricing strategy [11] - **Innovation and R&D**: - The industry is witnessing a positive cycle of R&D breakthroughs and global licensing, with many companies entering a "R&D investment - clinical breakthrough - global licensing" cycle [11] - As of September 2025, Chinese pharmaceutical companies have completed 103 overseas transactions, exceeding 77% of the total transaction amount for 2024 [11] - **Financial Performance**: - The overall revenue of the A-share pharmaceutical sector showed a marginal recovery in Q3 2025, with a 0.7% year-on-year increase, indicating strong operational resilience [17] - The sector's earnings growth expectations are improving, with leading companies showing rapid recovery in performance [11][20] - **Investment Opportunities**: - The report emphasizes two main investment lines: focusing on innovative companies with strong differentiation and product export potential, and capitalizing on the recovery of valuation multiples and earnings growth [32][34] - Specific recommendations include companies like Sanofi Pharmaceutical, Deqi Pharmaceutical, and Baiji Shenzhou, which have rich catalysts and are still undervalued [35] - **AI in Healthcare**: - The application of AI in healthcare is highlighted as a new theme for industry innovation, with significant market expansion potential [33] - **Future Outlook**: - The pharmaceutical industry is expected to maintain a stable upward trend in 2026, with a focus on fundamental performance and valuation [30] - The introduction of the commercial insurance innovative drug directory and ongoing policy reforms are anticipated to further enhance market sentiment and fundamental expectations [37]