Group 1 - Ugreen Technology expects a net profit of 653 million to 733 million yuan for 2025, representing a year-on-year growth of 41.26% to 58.56% [1] - SenTai Co. plans to invest no more than 140 million yuan to establish a production base in Vietnam [2] - Muyuan Foods reported a December 2025 sales revenue of 9.667 billion yuan from commodity pigs, a year-on-year decline of 36.06% [3] Group 2 - Pumen Technology has received a medical device registration certificate for a quality control product used in various cancer markers [4] - Heng Rui Medicine's subsidiary has received approval for clinical trials of two injection drugs targeting obesity [5] - Quartz Co. was fined 2.7 million yuan for commercial secret infringement by its subsidiary [6] Group 3 - Chifeng Gold expects a net profit of 3 billion to 3.2 billion yuan for 2025, an increase of approximately 70% to 81% year-on-year [7] - Fulong Technology has terminated the transfer of 82.0969 million shares [8] - Senba Sensor's actual controller has released the pledge of 16.48 million shares [9] Group 4 - Hanma Technology reported a cumulative truck sales increase of 58.45% for 2025 [12] - Guankang Clean won a bid for a special procurement project worth 157 million yuan [14] - Defu Technology signed a cooperation agreement for high-end copper foil supply with a leading CCL company [15] Group 5 - Tianchen Medical signed a strategic cooperation agreement with Inspur Digital Technology [16] - CanSino received approval for clinical trials of a 24-valent pneumococcal polysaccharide conjugate vaccine [17] - Yipin Hong's subsidiary received approval for a supplementary application for oseltamivir phosphate capsules [19] Group 6 - Taotao Vehicle expects a net profit of 800 million to 850 million yuan for 2025, a year-on-year increase of 85.50% to 97.10% [20] - Yutong Bus reported a cumulative sales increase of 5.54% for 2025 [21] - Kingoo Co. received a notification from VinFast to supply automotive wheel products [22] Group 7 - ST Renfu's subsidiary received approval for clinical trials of a new drug for late-stage solid tumors [23] - Nanxing Co. expects a net profit of 90 million to 120 million yuan for 2025, reversing a loss from the previous year [24] - Jinrui Mining's subsidiaries will undergo routine maintenance starting January 5, 2026 [25] Group 8 - Changjiang Power reported a 3.82% increase in total power generation for its six hydropower stations in 2025 [26] - David Medical's subsidiary received a medical device registration certificate for an electronic endoscope image processor [28] - Guiguan Power reported a 26.68% increase in cumulative power generation for 2025 [29] Group 9 - ShenNan Electric's subsidiary won a project worth 208 million USD for a power plant operation service [30] - ST Kaiyuan's major shareholder's shares will be auctioned [31] - Jiecheng Co.'s major shareholder's shares have been auctioned [32] Group 10 - Tongbao Energy's wind power project has begun generating electricity [33] - Xusheng Group received an order worth 7.8 billion yuan from a North American EV manufacturer [34] - Qianli Technology reported a 154.08% increase in December 2025 electric vehicle production [35] Group 11 - Chint Electric plans to issue H-shares and list on the Hong Kong Stock Exchange [36][37] - Whirlpool expects a net profit increase of approximately 150% for 2025 [38] - Yongjie New Materials signed a 2 billion yuan aluminum alloy procurement contract [39]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of HRS-4357 injection and HRS-5041 tablets, indicating progress in its drug development pipeline for prostate cancer treatment [1] Group 1 - The company and its subsidiaries, Chengdu Shengdi Pharmaceutical Co., Ltd. and Tianjin Heng Rui Medicine Co., Ltd., will conduct clinical trials for HRS-4357 and HRS-5041 [1] - The clinical study will focus on the safety, tolerability, and preliminary efficacy of HRS-4357 in combination with HRS-5041 for treating PSMA-positive prostate cancer [1] - The trials are categorized as open-label, multi-center, and will be conducted in phases Ib/II [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of HRS-4357 injection and HRS-5041 tablets, marking a significant step in the development of innovative cancer treatments [1] Group 1: Product Development - HRS-4357 injection is a first-class radioactive therapy drug developed by the company, which will now undergo clinical trials for a new indication in combination with HRS-5041 for treating prostate cancer patients who are positive for prostate-specific membrane antigen (PSMA) [1] - HRS-5041 is a novel, efficient, and selective ARPROTAC small molecule developed by the company, aimed at treating prostate cancer [1] - There are currently no similar products approved for marketing in both domestic and international markets, indicating a unique position for the company's offerings [1]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-002 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 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司福建盛迪医 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"）核准签发关于 HRS9531 注射液、HRS-5817 注射液的《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： HRS9531 注射液是以 HRS9531 为主要活性成分，具有全球自主知识产权的新 型靶向胰高血糖素样肽-1 受体（GLP-1R）和葡萄糖依赖性促胰岛素肽受体（GIPR） 的双激动剂，可在体内调节糖脂代谢、抑制食欲和增强胰岛素敏感性，从而起到 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。 | 药物名称 | HRS9531 注射液 HRS-5817 注射液 | | --- | --- | | 剂型 | 注射剂 | | 事项 | 临床试验 | | 受理号 | CXHL2501098、CXHL2501100、 CXHL250110 ...

HRS-5041 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 对野生型及绝大 多数突变体的 AR 蛋白有显著的降解作用，与二代 AR 抑制剂相比，有克服耐药的 潜力。经查询，目前国内外暂无同类产品获批上市。截至目前，HRS-5041 片相 关项目累计研发投入约 9,266 万元。 三、风险提示 根据我国药品注册相关的法律法规要求，药物在获得药物临床试验批准通知 书后，尚需开展临床试验并经国家药监局审评、审批通过后方可生产上市。药品 从研制、临床试验报批到投产的周期长、环节多，药品研发及至上市容易受到一 些不确定性因素的影响，敬请广大投资者谨慎决策，注意防范投资风险。公司将 按国家有关规定积极推进上述研发项目，并及时对项目后续进展情况履行信息披 露义务。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-003 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。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇恒瑞醫藥股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01276 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 258,197,600 | RMB | | | 1 RMB | | 258,197,600 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 258,197,600 | RMB | | | 1 RMB | | 258,197,600 | | 2. 股份分 ...

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of HRS-4357 injection and HRS-5041 tablets, aimed at treating PSMA-positive prostate cancer [1] Group 1: Clinical Trial Approval - The approval includes an open, multi-center, Phase Ib/II clinical study to evaluate the safety, tolerability, and preliminary efficacy of HRS-4357 in combination with HRS-5041 for adult patients with PSMA-positive prostate cancer [1] - HRS-4357 is an innovative Class 1 radioactive therapeutic drug independently developed by the company [1] - HRS-5041 is a new, highly efficient, selective ARPROTAC small molecule developed by the company, intended for prostate cancer treatment [1] Group 2: Financial Investment - The cumulative R&D investment for the HRS-4357 injection project is approximately 67.55 million yuan [1] - The cumulative R&D investment for the HRS-5041 tablet project is approximately 92.66 million yuan [1] Group 3: Market Context - There are currently no approved products of the same kind available in both domestic and international markets [1]

Core Viewpoint - Daiwa has released a report recommending specific pharmaceutical stocks, highlighting the preference for Innovent Biologics (01801) and Hengrui Medicine (600276.SH) while maintaining a "sell" rating on CSPC Pharmaceutical Group (01093) [1] Group 1: Stock Recommendations - Innovent Biologics' target price has been raised from HKD 95 to HKD 112 [1] - Hengrui Medicine's target price remains at RMB 80 [1] - CSPC Pharmaceutical Group's target price is maintained at HKD 6.6 with a "sell" rating [1] Group 2: Market Outlook - The Chinese biopharmaceutical sector is expected to experience a comprehensive increase in 2025 [1] - For 2026, Daiwa suggests a more selective stock-picking strategy focusing on high-quality targets [1] Group 3: Key Focus Areas for 2026 - Daiwa plans to outline key clinical data release timelines [1] - The report will identify significant stock price catalysts [1] - Key areas of analysis will include PD-(L)1/VEGF, GLP-1, and siRNA [1]

Core Viewpoint - Daiwa has released a report recommending specific pharmaceutical stocks, highlighting Innovent Biologics (01801) and Heng Rui Medicine (600276) as top picks, with target price adjustments and ratings for other companies in the sector [1] Company Recommendations - Innovent Biologics' target price has been raised from HKD 95 to HKD 112 [1] - Heng Rui Medicine's target price remains at RMB 80 [1] - CSPC Pharmaceutical Group (01093) is rated "Sell" with a target price maintained at HKD 6.6 [1] Industry Outlook - The Chinese biopharmaceutical sector is expected to experience a comprehensive increase in 2025 [1] - For 2026, Daiwa suggests a more selective stock-picking strategy focusing on high-quality targets [1] - Key clinical data release timelines and significant stock price catalysts will be outlined for 2026 [1] - Important areas of analysis include PD-(L)1/VEGF, GLP-1, and siRNA [1]

Investment Rating - The report maintains an "Outperform" rating for the following A-share targets: Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, MicroPort EP MedTech [5][36][8] - The report also maintains an "Outperform" rating for the following H-share targets: Hansoh Pharmaceutical Group, 3SBio, PATEO Biotech, Akeso, and related targets: Innovent Biologics, WuXi AppTec [8][36] Core Insights - The report continues to recommend the innovative drug and device industry and its supply chains, indicating a positive outlook for this sector [1][36] - In December 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 4.1%, while the SHCOMP rose by 2.1%, ranking 26th among Shenwan primary industries [15][37] - The report highlights that the premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 63.2% as of the end of December 2025 [25][37] Summary by Sections A-Share Targets - The report includes a monthly portfolio of A-share targets that outperformed the pharmaceutical index, with a monthly average decline of 1.8% compared to the overall pharmaceutical index decline of 3.9% in December 2025 [11][36] - The top three stock gains in December 2025 were Luyan Pharma (+118.8%), CareRay Digital Medical Technology Co., Ltd. (+36.6%), and Hubei Hongyuan Pharmaceutical Technology Co., Ltd. (+34.0%) [24][37] H-Share Targets - The report notes that the Hong Kong stock pharmaceutical sector also underperformed the market, with the Hang Seng Healthcare index falling by 9.5% and the Hong Kong Biological Technology index falling by 10.6% in December 2025 [26][38] U.S. Market Performance - In December 2025, the U.S. pharmaceutical sector underperformed the market, with the S&P 500 Healthcare Select Sector declining by 1.5% while the S&P 500 fell by only 0.1% [26][39]