Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of multiple drugs, indicating progress in its oncology pipeline [1] Group 1: Clinical Trials - The company and its subsidiaries, Chengdu Shengdi Pharmaceutical Co., Ltd. and Shanghai Heng Rui Medicine Co., Ltd., have been granted clinical trial approval for SHR-4394, HRS-5041 tablets, Zemeituosita tablets (SHR-2554), and Rivirolem tablets [1] - The specific focus of the clinical trials will be on the safety, tolerability, and efficacy of SHR-4394 or HRS-5041 in combination with anti-tumor treatment in participants with prostate cancer [1]

Group 1 - China Shipbuilding Defense expects a net profit of 940 million to 1.12 billion yuan for 2025, an increase of 149.61% to 196.88% year-on-year [1] - China First Heavy Industries has only undertaken a small number of related accessory projects and has not generated revenue from them [2] - Huanyu Electronics plans to invest 30 million yuan in a private equity fund focused on AI and emerging industries [3] Group 2 - Zhixiang Jintai's GR1803 injection has been included in the priority review list by the National Medical Products Administration [4] - JianKai Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [5] - Debon Holdings will continue to suspend trading from January 12 due to significant matters being planned [6] Group 3 - South Network Technology's shareholder intends to transfer 847.05 million shares, accounting for 1.50% of the total share capital [7] - Hengrui Medicine has received approval for clinical trials of four drugs [8] - Daotong Technology expects a net profit of 900 million to 930 million yuan for 2025, a year-on-year increase of 40.42% to 45.10% [10] Group 4 - Betta Pharmaceuticals has invested 50 million yuan to acquire a 20% stake in Hangzhou Zhixing Pharmaceutical [11] - Tianyu Biology reported a 10.38% year-on-year decline in cumulative sales revenue for 2025 [12] - Lifang Pharmaceutical's subsidiary has obtained a drug registration certificate for a pain relief product [13] Group 5 - R&F Properties reported a total sales revenue of approximately 14.21 billion yuan for 2025 [14] - Wanfu Biology expects a net profit decline of 87.71% to 91.81% for 2025 [15] - Dazhi expects a negative net profit for 2025 [16] Group 6 - Dongzhu Ecology is negotiating to terminate the acquisition of control over a satellite communication company [17] - Baotai has received a milestone payment of 10 million USD from Hikma Pharmaceuticals [18] - Huace Navigation expects a net profit of 670 million to 690 million yuan for 2025, a year-on-year increase of 14.84% to 18.27% [19] Group 7 - Shenzhen Gas reported a net profit decline of 3.45% for 2025 [20] - Baogang Co. plans to adjust the price of rare earth concentrate for Q1 2026 to 26,834 yuan per ton [21] - Jiuding Investment expects to report a loss for 2025 [22] Group 8 - Shanghai Pharmaceuticals has received a drug registration certificate for a treatment for myasthenia gravis [23] - Hualan Biological plans to acquire a 35% stake in Guangfeng Capsule [24] - Ruina Intelligent plans to invest 169.9 million yuan in a new R&D production base for heat pumps [25] Group 9 - Wantong Development expects to report a loss for 2025 [26] - Xianghe Industrial has completed the purchase of a 5% stake in Hezhixiang Technology [27] - Guangkang Biochemical received a warning letter from the Guangdong Securities Regulatory Commission [28] Group 10 - Xiaoming Co. reported a 37.07% year-on-year decline in chicken product sales revenue for December 2025 [29] - Luokai Co. won a procurement project from State Grid Fujian Power worth approximately 48.2 million yuan [30] - Minhe Co. reported a 65.22% year-on-year increase in the sales of commodity chick seedlings for December 2025 [31] Group 11 - Zhenghai Biological has obtained a registration certificate for calcium silicate bio-ceramic materials [32] - Three Gorges Energy reported a 5.99% year-on-year increase in cumulative total power generation for 2025 [33] - Huisheng Biological expects a net profit of 235 million to 271 million yuan for 2025 [34] Group 12 - Maihe Co. announced the release of the detention measures against its chairman [35] - Wandong's Alzheimer's project has been included in a national major special project for innovative drug development [36] - Kangxin New Materials plans to transfer forest land assets with a book value of 1.203 billion yuan [37] Group 13 - Greenland Holdings expects a net loss of 16 billion to 19 billion yuan for 2025 [39] - Zhongxin Fluorine Materials has obtained a pesticide production license [40]

Core Viewpoint - The company has received approval from the National Medical Products Administration for four drug clinical trials, focusing on prostate cancer-related multi-center, open-label Phase II clinical research [1] Drug Approval Summary - **SHR-4394 Injection**: - Indication: Prostate cancer - Cumulative R&D investment: 38.4 million yuan - No similar products approved domestically or internationally [1] - **HRS-5041 Tablets**: - A novel AR PROTAC small molecule for prostate cancer - Cumulative R&D investment: 92.66 million yuan - Potential to overcome drug resistance; no similar products available [1] - **Zemiglozole Tablets**: - EZH2 inhibitor, approved for market in 2025 - Cumulative R&D investment: 216.82 million yuan - Similar products expected to generate approximately 51 million USD in global sales by 2024 [1] - **Rivolumab Tablets**: - Second-generation AR inhibitor, approved in 2022 - Cumulative R&D investment: 696.72 million yuan - Similar products projected to achieve around 11.037 billion USD in global sales by 2024 [1]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-006 江苏恒瑞医药股份有限公司 关于药品上市许可申请获受理的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司成都盛迪医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）下发的《受理 通知书》，公司富马酸立康可泮（HRS-5965）胶囊的药品上市许可申请获国家药 监局受理。现将相关情况公告如下： 一、药品的基本情况 药品名称：富马酸立康可泮胶囊 剂型：胶囊剂 受理号：CXHS2600014 申报阶段：上市 申请人：成都盛迪医药有限公司 拟定适应症（或功能主治）：治疗既往未接受过补体抑制剂治疗的阵发性睡 眠性血红蛋白尿症（PNH）成人患者。 二、药品的临床试验情况 此次申报上市，是基于一项在既往未接受过补体抑制剂治疗的 PNH 患者中进 行的关键研究（HRS-5965-301）。该研究是一项评估 HRS-5965 胶囊对比依库珠 单抗用于治疗既往未接受过补体抑制剂治疗的 PNH 患者的 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-005 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）及子公司成都盛迪 医药有限公司、上海恒瑞医药有限公司收到国家药品监督管理局（以下简称"国 家药监局"）核准签发关于注射用 SHR-4394、HRS-5041 片、泽美妥司他片 （SHR-2554）、瑞维鲁胺片的《药物临床试验批准通知书》，将于近期开展临床 试验。现将相关情况公告如下： 二、药物的其他情况 注射用 SHR-4394 是公司自主研发的一款治疗用生物制品，拟用于治疗前列 腺癌。经查询，国内外尚无同类产品获批上市。截至目前，注射用 SHR-4394 相 关项目累计研发投入约为 3,840 万元。 HRS-5041 片是公司开发的新型、高效、选择性的 AR PROTAC（雄激素受体- 蛋白降解靶向嵌合体）小分子，拟用于治疗前列腺癌。HRS-5041 片对野生型及 药物名称 注射用 SHR ...

人民财讯1月9日电，恒瑞医药（600276）1月9日公告，近日，子公司成都盛迪医药有限公司收到国家药 品监督管理局(以下简称"国家药监局")下发的《受理通知书》，公司富马酸立康可泮(HRS-5965)胶囊的 药品上市许可申请获国家药监局受理。 ...

Core Viewpoint - Heng Rui Medicine (600276) has received approval from the National Medical Products Administration for clinical trials of multiple drugs, indicating progress in its research and development pipeline [1]. Group 1 - The company announced on January 9 that it, along with its subsidiaries Chengdu Shengdi Pharmaceutical Co., Ltd. and Shanghai Heng Rui Medicine Co., Ltd., has received clinical trial approval for SHR-4394, HRS-5041 tablets, SHR-2554 (Zemiglo), and Revlimid tablets [1]. - The clinical trials for these drugs are set to commence shortly, reflecting the company's ongoing commitment to expanding its product offerings and enhancing its market position [1].

Core Insights - The total transaction amount for new drug licensing has exceeded $130 billion, with the number of transactions surpassing 150, both reaching historical highs [1] - A total of 76 new drugs were approved for market launch, significantly exceeding the 48 approved in 2024, marking a historical peak [1] Industry Growth - The approval of first-class new drugs in China has increased significantly from 2018 to 2024, with 48 approved in 2024, over five times the number in 2018 [3] - Domestic drugs accounted for over 85% of the 76 new drugs approved in 2025, indicating a shift towards domestic innovation [3] - Among the newly approved drugs, 11 are globally innovative, with 4 developed independently in China, showcasing substantial progress in original innovation capabilities [3] Patient Impact - The acceleration of new drug innovation means more patients will receive effective treatments, enhancing public health security [4] - The approval of innovative drugs during the 14th Five-Year Plan period is expected to reach around 220, addressing major diseases and improving patient outcomes [4] Corporate Development - Jiangsu Hengrui Medicine exemplifies the success of increased investment in new drug innovation, with R&D expenditure rising from approximately 19% of revenue in 2015 to about 30% in 2024 [5] - The company has developed 24 first-class new drugs and 5 second-class new drugs, maintaining a position among the top 50 global pharmaceutical companies for seven consecutive years [5] - The large patient population in China allows companies to quickly realize substantial returns on successful drug development [5] Regulatory Environment - The reform of drug review and approval systems has significantly shortened the average review time from 14 months to 30 days, enhancing the efficiency of new drug approvals [6] - The Chinese government has implemented various supportive policies to foster new drug innovation, contributing to the rapid development of the pharmaceutical industry [6] - The ongoing reforms and supportive measures are expected to usher in a golden era for new drug innovation in China [6]

Group 1 - The core viewpoint of the report is that the CSI Technology Advantage Growth 50 Strategy Index (referred to as Technology 50 Strategy) utilizes multiple factors such as growth, innovation, value, low volatility, and quality to select and weight stocks from the technology sector, aiming to provide investors with a multi-factor strategy investment target based on the technology industry [1][7][11] - As of December 31, 2025, the top ten constituent stocks of the Technology 50 Strategy Index are primarily leading companies across various technology sub-sectors, with the top five stocks accounting for 17.63% and the top ten stocks accounting for 30.93% of the index's total weight [1][10][11] - The index is biased towards large-cap stocks, with 31 constituents having a market capitalization exceeding 100 billion yuan, while only 2 constituents have a market capitalization below 10 billion yuan [1][11] Group 2 - The report compares the Technology 50 Strategy Index with other representative technology and innovation indices, noting that the Technology 50 Strategy Index achieved an annualized return of 11.96% from January 1, 2020, to December 31, 2025, ranking third among six technology and innovation indices [1][57][60] - The Technology 50 Strategy Index shows lower volatility in revenue growth compared to other indices, with a projected revenue growth rate of 33.65% for 2026, which is higher than that of the other five technology and innovation indices [1][61][62] - The selection of constituent stocks for the Technology 50 Strategy Index incorporates 11 factors, providing a more comprehensive evaluation compared to other indices that focus on fewer factors [1][67][68]

Core Insights - The "2025 Extraordinary Investment Value Company" award recognizes companies with strong core barriers and growth resilience, highlighting their exceptional investment value [6] Group 1: Award Overview - The "2025 Golden Jubilee Award" is divided into three categories: company, institution, and comprehensive, continuing a tradition established over the past seven years [5] - The award is based on extensive data analysis and comparisons of thousands of companies, with final selections made by a panel of media reporters and research teams [4] Group 2: Award Winners - Inner Mongolia Yili Industrial Group Co., Ltd., Jiangsu Hengrui Medicine Co., Ltd., and New China Life Insurance Co., Ltd. were awarded the "2025 Extraordinary Investment Value Company" title [5][6] - These companies represent key sectors: Yili in consumer goods, Hengrui in pharmaceuticals, and New China Life in finance, demonstrating strong profitability and value creation capabilities [6] Group 3: Company Performance Highlights - Yili's milk powder business leads nationally, with a 18.73% increase in net profit excluding non-recurring items in the first three quarters, benefiting from low raw milk prices and policy support [6] - Hengrui has made significant progress in innovation, launching 24 first-class innovative drugs and expanding through international collaborations [6] - New China Life has optimized its asset and liability structure, showcasing industry-leading investment capabilities [6]