Core Viewpoint - The report from Shenwan Hongyuan highlights that Jingtai Holdings (02228) has established a complete closed loop for early drug research and development through its core technologies of "physical computing + AI + robotics" [1] Group 1: Technology and Business Model - The company has expanded its business from AI drug development to a broader "AI4S" platform, showcasing strong technological breadth and platform value [1] - The core technologies include breakthroughs in physical algorithms (crystal structure prediction + solid-state research), construction of underlying physical engines (XEF high-precision force field + XEP free energy perturbation), and expansion into drug modalities (small molecules + large molecules + peptides) [2] Group 2: Financial Performance - Revenue for 2022-2025H1 is projected to be 130 million, 170 million, 270 million, and 520 million yuan, with year-on-year growth rates of 112.3%, 30.8%, 52.8%, and 403.8% respectively [3] - The core business of drug discovery solutions secured a partnership with Dove Tree worth $5.99 billion, with an initial payment of $51 million received [3] Group 3: Market Potential and Technology Transfer - The company accelerates innovative drug development by enhancing efficiency in key stages such as target discovery, lead compound screening, and preclinical research, with multiple cases demonstrating the effectiveness of AI [4] - The underlying technology logic can be transferred to new materials and other fields, with the potential AI service market in drug research and materials development reaching nearly $50 billion in the long term [4] Group 4: Recent Developments and Future Projections - In 2025H1, the company made significant progress in its business, achieving important milestones in collaboration with Dove Tree and advancing multiple pipelines [5] - The company is expected to achieve revenues of 795 million, 985 million, and 1.421 billion yuan in 2025-2027, with year-on-year growth rates of 198%, 24%, and 44% respectively [5]

Core Viewpoint - The report from Shenwan Hongyuan highlights that Jingtai Holdings (02228) has established a complete closed loop for early drug research and development based on its core technologies of "physical computing + AI + robotics" [1] Group 1: Technology and Business Model - The company has expanded its business from AI drug development to a broader "AI4S" platform, showcasing strong technological breadth and platform value [1] - The core technologies include breakthroughs in physical algorithms (crystal structure prediction + solid-state research), construction of underlying physical engines (XEF high-precision force field + XEP free energy perturbation), and expansion into drug modalities (small molecules + large molecules + peptides) [2] Group 2: Revenue Growth - Revenue figures for 2022 to H1 2025 are projected at 130 million, 170 million, 270 million, and 520 million yuan, reflecting year-on-year growth rates of 112.3%, 30.8%, 52.8%, and 403.8% respectively [3] Group 3: Technological Migration and Market Potential - The technology can accelerate innovative drug development by enhancing key stages such as target discovery, lead compound optimization, and preclinical research, with AI demonstrating actual efficiency improvements [4] - The underlying technology logic can be migrated to new materials and other fields, with the potential AI service market in drug research and materials development reaching nearly 50 billion USD in the long term [4] Group 4: Laboratory Capabilities and Business Progress - The company possesses both dry and wet laboratory capabilities, with significant progress in business development, including a partnership with DoveTree and advancements in multiple pipelines [5] - The company has successfully established AI models for predicting synthetic reactions and optimizing reaction conditions, and has acquired Liverpool ChiroChem (LLC), a leading chiral molecule experimental library [5] Group 5: Profit Forecast - The company is expected to achieve revenues of 795 million, 985 million, and 1.421 billion yuan in 2025-2027, with year-on-year growth rates of 198%, 24%, and 44% respectively [5] - Adjusted net profit forecasts for 2025-2027 are projected at -23 million, 75 million, and 309 million yuan [5]

Core Viewpoint - The approval of the CSF-1R inhibitor, Pimitinib, marks a significant milestone for the company as its first self-developed drug, initiating a new phase of commercialization and maintaining a "buy" rating [1] Group 1: Pimitinib Approval and Commercialization - Pimitinib, an oral, highly selective, and effective small molecule CSF-1R inhibitor, has been approved by the China National Medical Products Administration for the treatment of symptomatic tenosynovial giant cell tumors (TGCT) in adult patients [1] - The drug demonstrated a best-in-class overall response rate (ORR) of 76.2% at a median follow-up of 14.3 months, with four patients achieving complete remission [1] - Merck will drive the commercialization process for Pimitinib following its approval, leveraging its strong global commercialization capabilities [1] Group 2: Ongoing Pipeline Developments - The company has announced positive preliminary data for the oral small molecule PD-L1 inhibitor combined with Vomeletinib for treating EGFR-mutant, PD-L1 positive advanced non-small cell lung cancer, showing good safety and tolerability [2] - The IND application for the oral small molecule KRAS G12D inhibitor, ABSK141, has been approved by the China National Medical Products Administration, indicating potential best-in-class oral bioavailability [2] - The FGFR2/3 inhibitor, ABSK061, has completed the first patient dosing in a Phase II clinical trial for treating children with achondroplasia, being the first selective FGFR2/3 inhibitor to enter clinical trials globally [2] Group 3: Profit Forecast - The company maintains its previous profit forecast, expecting net profits attributable to the parent company to be 63 million, 151 million, and 133 million for the years 2025-2027, corresponding to price-to-earnings ratios of 131X, 55X, and 62X respectively [3]

Core Viewpoint - The approval of the CSF-1R inhibitor, Pimitinib, marks the company's first self-developed drug to be commercialized, initiating a new phase in its business journey while maintaining a steady advancement in its pipeline, leading to a positive self-sustaining cycle [1][2]. Group 1: Product Development and Commercialization - Pimitinib (brand name: Beijiemai) is an orally administered, highly selective, and effective small molecule CSF-1R inhibitor, which has shown the best overall response rate (ORR) in its class during the global Phase III MANEUVER study [2]. - The long-term follow-up data presented at the 2025 ESMO showed that the ORR for patients treated with Pimitinib increased significantly from 54% at 25 weeks to 76.2% at a median follow-up of 14.3 months, with four cases achieving complete remission [2]. - The company has established an exclusive commercialization partnership with Merck, which will expedite the commercialization process of Pimitinib [2]. Group 2: Ongoing Research and Development - Preliminary data from the Phase II study of the oral small molecule PD-L1 inhibitor combined with Vomeletinib for EGFR-mutant and PD-L1 positive advanced non-small cell lung cancer showed good safety and tolerability, leading to approval for first-line treatment research by the Chinese regulatory authority [3]. - The company announced several advancements in its pipeline, including the IND approval for the oral small molecule KRAS G12D inhibitor, ABSK141, which demonstrated potential best-in-class oral bioavailability in preclinical studies [3]. - The FGFR2/3 inhibitor, ABSK061, has completed the first patient dosing in a Phase II clinical trial for treating children with achondroplasia, being the first selective FGFR2/3 inhibitor to enter clinical trials globally [3]. Group 3: Financial Forecast - The company maintains its previous profit forecast, expecting net profits attributable to the parent company to be 63 million, 151 million, and 133 million for the years 2025 to 2027, corresponding to price-to-earnings ratios of 131X, 55X, and 62X respectively [4].

Group 1 - The core viewpoint of the report is that Baidu Group's rating has been upgraded to "Buy" by Shenwan Hongyuan, with projected revenues of 128.5 billion, 133.1 billion, and 141.0 billion RMB for 2025-2027, respectively, and a target valuation of 430.2 billion RMB, corresponding to a target price of 172.54 HKD per share [2][8] - The AI cloud revenue in China is accelerating, with major internet companies like Alibaba and Tencent increasing their AI capital expenditures, which are expected to exceed 10% of their revenues in the first three quarters of 2025, approaching the levels of overseas cloud companies in 2023 [2][8] - Baidu is advancing its AI full-stack construction, with significant growth in its intelligent cloud business, reporting AI cloud revenue of 6.2 billion RMB in Q3 2025, a year-on-year increase of 33%, and a total intelligent cloud revenue of 19.33 billion RMB for the first three quarters of 2025, up 31% year-on-year [3][8] Group 2 - Baidu's self-developed AI chip, Kunlun, is expected to enter a phase of mass production, with a product matrix established from cloud to data center, and several new chips planned for release between 2025 and 2030 [4][10] - The "LuoBo Kuaipao" (萝卜快跑) project has seen a significant increase in order volume, with over 310,000 orders in Q3 2025, a year-on-year increase of over 200%, and has achieved positive profitability per vehicle due to enhanced economies of scale and reduced costs [5][6][10] - The domestic Robotaxi market is viewed favorably due to advantages in cost and infrastructure compared to overseas markets, with Baidu's strategic positioning in the next-generation "mobile living space" being highlighted [6][10]

Group 1 - The core viewpoint of the report is that Shenyin & Wanguo has upgraded Baidu Group-SW (09888) to a "Buy" rating, forecasting overall revenues of 128.5 billion, 133.1 billion, and 141.0 billion RMB for 2025-2027, respectively, with a target valuation of 430.2 billion RMB and a target price of 172.54 HKD per share [1] Group 2 - The AI cloud revenue in China is accelerating in the AI era, with leading internet companies like Alibaba and Tencent increasing their AI capital expenditures significantly, with BAT's capital expenditure/revenue exceeding 10% in the first three quarters of 2025, approaching the level of overseas cloud companies in 2023 [2] - Baidu is continuously advancing its AI full-stack construction, with its intelligent cloud business experiencing accelerated growth, reporting AI cloud revenue of 6.2 billion RMB in Q3 2025, a 33% year-on-year increase, and a 31% year-on-year increase in intelligent cloud revenue for the first three quarters of 2025, reaching 19.33 billion RMB [2] Group 3 - Baidu's self-developed AI chip, Kunlun, is expected to enter a mass production phase, with a product matrix established from cloud to data center, and plans for new chip releases in 2025, 2026, and 2027 to support large-scale training and inference [3] Group 4 - The intelligent driving sector, represented by the company "萝卜快跑," has seen a significant increase in order volume, with over 250,000 orders per week and a 200% year-on-year increase in Q3 2025 orders, benefiting from enhanced economies of scale and reduced costs [4]

格隆汇12月29日丨申万宏源(06806.HK)发布公告，2025年12月24日，申万宏源证券有限公司2025年面向 专业投资者公开发行短期公司债券(第四期)完成发行工作。本期债券发行规模人民币60亿元，其中品种 一发行规模人民币24亿元，期限50天，票面利率为1.68%；品种二发行规模人民币36亿元，期限365 天，票面利率为1.72%。本期债券登记完成后拟于深交所上市交易。 ...

Group 1 - The core point of the article is that Shenwan Hongyuan Securities Co., Ltd. has successfully completed the issuance of its fourth tranche of short-term corporate bonds aimed at professional investors, with a total issuance scale of RMB 6 billion [1] - The first type of bond has an issuance scale of RMB 2.4 billion, a term of 50 days, and a coupon rate of 1.68% [1] - The second type of bond has an issuance scale of RMB 3.6 billion, a term of 365 days, and a coupon rate of 1.72% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [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，並明確表示概不就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 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司關於申萬宏源證券有 限公司2025年面向專業投資者公開發行短期公司債券（第四期）發行結果的公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-115 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面向专业投 ...

Core Viewpoint - The A-share market is expected to experience a spring rally driven by liquidity, policy expectations, and structural opportunities, with a focus on sectors like AI, commercial aerospace, and non-bank financials [5][10][12]. Group 1: Market Trends and Predictions - 39 out of 360 industry/theme ETFs reached new highs in December, with communication and non-ferrous metals being traditional favorites, while new themes like commercial aerospace are gaining traction [3]. - The A-share market is showing signs of a spring rally, supported by liquidity and positive policy expectations, with a focus on sectors such as technology and advanced manufacturing [5][10]. - The market is expected to maintain a high risk appetite due to favorable conditions, including a weak dollar and the upcoming Chinese New Year and Two Sessions [11][16]. Group 2: Sector Focus and Investment Opportunities - Key sectors to watch include AI, commercial aerospace, and non-ferrous metals, which are expected to benefit from structural changes and increased demand [10][12]. - The manufacturing sector, particularly in chemicals and engineering machinery, is showing signs of recovery and is expected to benefit from the shift in global competition [3][4]. - Non-bank financials, including insurance and brokerage firms, are positioned to benefit from the anticipated capital inflows and improved asset returns [9][12]. Group 3: Currency and Economic Factors - The appreciation of the RMB is expected to lower import costs and enhance domestic purchasing power, benefiting sectors reliant on imports and domestic consumption [7][9]. - The potential for significant capital inflows due to RMB appreciation could lead to a revaluation of Chinese assets, creating a favorable environment for investment [7][9]. - The overall economic environment is improving, with expectations of continued liquidity support and a stable policy backdrop, which is conducive to market growth [5][10].