Market News - The Ministry of Finance announced that a more proactive fiscal policy will continue in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and improving expenditure structure [3] - The National Bureau of Statistics will release the December PMI data on December 31, with November's manufacturing PMI at 49.2%, a slight increase of 0.2 percentage points from October [4] - The People's Bank of China aims to significantly increase the scale and proportion of various long-term funds invested in A-shares, promoting a virtuous cycle between capital market stability and high-quality economic development [6] - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, expected to save over 1.9 billion yuan in total [7] Sector Developments - The Ministry of Industry and Information Technology established a standardization committee for humanoid robots and embodied intelligence, focusing on key technologies and industry standards [11] - The 2025 Shenzhen Brain Conference aims to create a platform for industry integration and innovation [13] - The 2025 China Green Hydrogen Industry Conference will discuss policies and technological breakthroughs that will impact the green hydrogen industry chain [14] Individual Stock Events - CATL plans to apply sodium batteries on a large scale in various sectors including battery swapping and energy storage in 2026 [17] - Xiaomi's co-founder plans to reduce holdings of up to $2 billion in B-class common stock [17] - ST Huluwawa and its chairman are under investigation for information disclosure violations [17] Lock-up Expiration - A total of 34 companies will have lock-up shares released this week, amounting to 3.697 billion shares with a total market value of approximately 58.895 billion yuan [18] - The peak lock-up expiration date is December 30, with 13 companies releasing shares worth a total of 27.645 billion yuan [18] Institutional Outlook - CITIC Securities highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on communication and resource-related ETFs [25] - Guojin Securities identifies new investment themes emerging in 2026, emphasizing the importance of AI investments and the recovery of global manufacturing [26] - Zhongtai Securities believes there is still upward potential in the market before the Spring Festival, with opportunities for low-cost positioning [27]

Core Viewpoint - The article discusses various companies' recent announcements regarding stock price fluctuations, operational updates, and strategic partnerships, highlighting potential investment opportunities and risks in the market. Group 1: Company Announcements - Aerospace Development reported a revenue of 1.697 billion yuan for the first three quarters of 2025, with a significant increase attributed to ship deliveries, while its subsidiary's revenue contribution remains below 1% [3] - Victory Energy announced that it may apply for a trading suspension if its stock price continues to rise, indicating potential risks for investors [4] - Jia Mei Packaging also warned of possible trading suspension due to significant stock price deviations from its fundamentals, urging investors to be cautious [5][6] - Fenglong Co. stated that its acquirer, UBTECH, has no plans to change its main business or conduct significant asset transactions in the next 12 months [7] - ST Huluwa is under investigation by the China Securities Regulatory Commission for information disclosure violations, but its operations continue normally [8] Group 2: Project Updates - Yijing Optoelectronics announced delays in its photovoltaic project in Anhui due to industry-wide capacity mismatches, leading to a halt in production and potential financial liabilities [9] - Tongyu Communication cautioned about the risks of irrational market speculation following a significant stock price increase [10] - Junda Co. clarified that its strategic cooperation with Shangyi Optoelectronics will not have a major impact on its current financial performance due to the preliminary nature of the agreement [12] Group 3: Strategic Partnerships and Acquisitions - Hengrui Medicine signed an exclusive licensing agreement with Hansoh Pharmaceutical, which includes a 30 million yuan upfront payment and potential milestone payments totaling up to 190 million yuan [13] - Tongye Technology plans to acquire a 91.69% stake in Beijing Silingke Semiconductor Technology for 561 million yuan, focusing on power IoT communication chips [14] - ST Lutong intends to apply for the removal of risk warnings after a shareholder's commitment to repay funds misappropriated by the actual controller [15] Group 4: New Contracts and Market Expansion - Wangfujing won a bid for the Beijing Capital International Airport duty-free project, with a guaranteed operating fee of 113 million yuan for the first year and a sales commission of 5%, marking its entry into a major international hub [17]

由于个人工作安排，黄浣琪女士已辞任公司联席公司秘书一职，并不再担任上市规则第3.05条项下的公 司授权代表，以及上市规则第19.05(2)条及公司条例(香港法例第622章)第16部项下所规定代表公司于香 港接收法律程序文件及通知的公司授权代表(法律程序文件代理人)，自2025年12月26日起生效。 翰森制药(03692)发布公告，严嘉先生获委任为独立非执行董事，其同时获委任为公司审核委员会成员 及环境、社会及管治委员会成员，自2025年12月26日起生效。 李亮贤先生已获委任为联席公司秘书，李亮贤先生亦已获委任为授权代表及法律程序文件代理人，自 2025年12月26日起生效。 ...

由于个人工作安排，黄浣琪女士已辞任公司联席公司秘书一职，并不再担任上市规则第3.05条项下的公 司授权代表，以及上市规则第19.05(2)条及公司条例(香港法例第622章)第16部项下所规定代表公司于香 港接收法律程序文件及通知的公司授权代表(法律程序文件代理人)，自2025年12月26日起生效。 智通财经APP讯，翰森制药(03692)发布公告，严嘉先生获委任为独立非执行董事，其同时获委任为公司 审核委员会成员及环境、社会及管治委员会成员，自2025年12月26日起生效。 李亮贤先生已获委任为联席公司秘书，李亮贤先生亦已获委任为授权代表及法律程序文件代理人，自 2025年12月26日起生效。 ...

翰森制药(3692.HK)宣布订立许可协议，获得创新药SHR6508于中国(不含港澳台)的独家开发、生产和商 业化权益。据悉，SHR6508为钙敏感受体(CaSR)变构调节剂，目前处于Ⅲ期临床试验阶段，拟用于治疗 需接受血液透析的慢性肾脏病(CKD)成年患者的继发性甲状旁腺功能亢进症。值得注意的是，翰森制药 已于2023年上市一款肾科领域创新药圣罗莱®(培莫沙肽注射液)，用于治疗肾性贫血，且已在肾脏病和 透析领域拥有成熟的商业化体系和市场准入能力。本次合作标志着翰森制药进一步深化肾科产品布局， 持续提升核心竞争力。 ...

Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 董事名單與其角色和職能 翰森製藥集團有限公司（「本公司」）董事（「董事」）會（「董事會」）成員如下： 執行董事 鍾慧娟女士 （主席兼首席執行官） 孫遠女士 呂愛鋒博士 獨立非執行董事 林國強先生 陳尚偉先生 楊東濤女士 嚴嘉先生 董事會已成立五個委員會，並制定有關職權範圍。該等委員會的成員資料載列如 下 ： | 委員會 | | | 戰略 | 環境、社 | | | --- | --- | --- | --- | --- | --- | | | 審核 | 薪酬 | 及發展 | 會及管治 | 提名 | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 鍾慧娟女士 | | 成員 | 主席 | | 主席 | | 孫遠女士 | | | | | | | 呂愛鋒博士 | | | 成員 | 主席 | | | 林國強先生 | 成員 | 成員 | | | 成員 | | 陳尚偉先生 | 主席 | | 成員 | 成員 | 成員 | | 楊東濤 ...

Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） (1)委任獨立非執行董事； (2)董事委員會組成變動；及 (3)變更聯席公司秘書、授權代表及法律程序文件代理人 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 1 嚴先生已根據香港聯合交易所有限公司證券上市規則（「上市規則」）第3.09D條取 得法律意見，並確認了解其作為本公司董事的責任。本公司已接獲嚴先生根據 上市規則第3.13條作出的獨立性書面確認。本公司提名委員會已參照上市規則第 3.13條所載之獨立性標準評估及審核嚴先生的獨立性。董事會亦不知悉任何或會 影響嚴先生作出獨立判斷之情況，並信納彼具備履行獨立非執行董事職務所需之 品格、誠信、獨立性及經驗，且相信彼將能夠就本集團事務維持獨立觀點。董事 會認為彼為獨立人士。董事會認為，嚴先生將在公司治理、法律和合規風險防範 方面提供專業 ...

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 自願公告 與恒瑞醫藥訂立許可協議 翰森製藥集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然宣佈，於二零二五年十二月二十六日，本公司與江蘇恒瑞 醫藥股份有限公司（「許可人」）訂立許可協議（「許可協議」）。 根據許可協議，本公司獲得許可人的獨家許可，以於中國（不含香港、澳門及台 灣）開發、生產和商業化SHR6508（「該產品」），並有權根據許可協議條款進一步 分許可。本公司將向許可人支付三千萬元人民幣首付款，最高一點九億元人民幣 的潛在監管及商業里程碑付款，以及未來潛在產品淨銷售額的單位數百分比分級 特許權使用費。 該產品是一種鈣敏感受體(CaSR)變構調節劑，可提高受體對細胞外鈣的敏感性， 從而減少甲狀旁腺激素(PTH)的分泌。該產品目前處於III期臨床試驗階段，擬用 於治療需接受 ...

恒瑞医药公告，公司子公司成都盛迪医药有限公司与江苏豪森药业集团有限公司签署《商业化服务框架 协议》，委托豪森药业为公司帕立骨化醇软胶囊产品提供非独家商业化服务。 ...

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].