格隆汇1月13日｜中信建投证券研报指出，荣昌生物与艾伯维就RC148（PD1/VEGF）实现全球合作，整 体交易的首付款为6.5亿美元，并有资格获得最高达49.5亿美元的开发、监管和商业化里程碑付款，同时 还拥有在大中华地区以外的净销售额的两位数分级特许权使用费，首付款和总金额超出市场预期。具体 来看，RC148此前在1L NSCLC和后线NSCLC中均展现出优异临床数据，药物目前在多个实体瘤中开展 临床研究，未来可期。认为本次合作让公司的国际化得到进一步加强，看好公司未来发展。预计2025- 2027年，公司收入分别为24.55亿元、33.88亿元和45.74亿元，维持"买入"评级。（暂不考虑BD的收入 确认影响） ...

编者按 党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作出重要部署， 为证券行业在新征程上把握方向、勇担使命提供了根本遵循。中国证监会主席吴清在近期召开的中国证 券业协会第八次会员大会上表示，证券行业要牢牢把握"国家兴衰，金融有责"的历史定位，认真落实党 的二十届四中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求，把握机遇，勇立潮头， 争创一流。 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第三篇。 香江之畔，一声钟响。 半年前，宁德时代（300750）在港交所鸣锣上市，募集资金410亿港元，创下近三年来全球IPO融资规 模 ...

Core Viewpoint - The National Energy Administration has released the "Implementation Rules for the Management of Renewable Energy Green Power Certificates (Trial)", which clarifies the issuance of tradable green certificates for various renewable energy projects and certain conventional hydropower units, while other types of electricity will receive non-tradable green certificates [1] Group 1: Policy Impact - The improvement of green certificate market policies is expected to enhance the demand for green certificates [1] - However, due to the conflict between green certificates and mechanism electricity prices, the supply of green certificates may shrink, potentially improving the supply-demand situation [1] Group 2: Green Power ETF - The Green Power ETF (159669) tracks the Green Power Index (399438), which selects listed companies in the clean energy generation sector, including hydropower, wind power, photovoltaic, and nuclear power [1] - The index focuses on power companies with low carbon attributes, high business concentration, and stable cash flows to reflect the overall performance of securities related to green power [1] - Latest data indicates the ETF's alignment with the performance of green energy-related listed companies [1]

Core Insights - The IPO market is experiencing significant changes in underwriting and advisory fee structures due to new regulations and market conditions, with a notable shift from the previously dominant tiered fee model to a mixed fee model that includes fixed rates and minimum or maximum fee clauses [4][5] Fee Structures - The tiered fee model, which was prevalent in 2023 with 38% of cases, has drastically decreased to 6% by 2025, with most remaining cases adopting a decreasing fee percentage [3][4] - The traditional model of "actual fundraising amount × fixed rate" is now used by 33% of IPOs in 2025, with underwriting fees typically ranging from 5% to 9% [4] - A new model combining fixed rates with limit conditions has gained traction, with 49% of IPOs in 2025 utilizing this approach, up from 25% in 2023, primarily due to changing fundraising expectations [5] - The "one-price" fee model has been adopted by 12% of IPOs in 2025, focusing on direct pricing for online offerings [5] Market Trends - The average underwriting fee for the Sci-Tech Innovation Board reached 1.22 billion yuan in 2025, a significant increase from the previous average of 957.98 million yuan [7] - Conversely, the average underwriting fees for the main board and the ChiNext board have decreased, with the main board averaging 65.31 million yuan and the ChiNext board at 46.58 million yuan, reflecting a decline of over 30% for the ChiNext board compared to previous years [7][8] - The Beijing Stock Exchange has seen a notable increase in IPO fees, with an average of 20.80 million yuan in 2025, up 43% from the previous average of 14.56 million yuan [8] Market Concentration - The IPO underwriting market continues to exhibit a "head effect," with a small number of securities firms capturing the majority of market share, as only 13 firms generated over 100 million yuan in IPO revenue in the past year [9] - CITIC Securities leads the market with nearly 1.1 billion yuan in underwriting fees, followed by CITIC Construction Investment and Guotai Junan, indicating a concentration of high-quality projects among top firms [9]

Core Insights - MiniMax has been rated "Buy" by CITIC Securities, highlighting its strategic focus on model intelligence breakthroughs amidst the global generative AI wave [1][5] - The company is one of the first in Shanghai to obtain large model registration, showcasing strong development potential through technological depth and commercial foresight [1][5] Company Strategy - MiniMax discards traditional thinking of "traffic as a barrier" and concentrates resources on model research and development [1][5] - The founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1][5] - The strategic focus will shift to "technology iteration" in 2025, with plans to streamline inefficient teams and reduce marketing expenses to concentrate on core areas like multimodal interaction [1][5] Technological Advancements - MiniMax is adeptly navigating the second half of the Scaling Law trend, making continuous breakthroughs in architecture innovation and reasoning optimization [1][5] - The company has developed a unique layout in the multimodal field, combining "high-sensory interaction + productivity tools," with products like Talkie and Xingye accumulating vast RLHF data [1][5] Financial Performance - In the first three quarters of 2025, MiniMax achieved total revenue of 53.44 million USD, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [1][5] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating a significant recovery in profitability [1][5] Future Outlook - CITIC Securities forecasts that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margin expected to rise to 55% and net loss rate continuing to narrow [2][6] - As the AI industry transitions from tools to "digital employees," MiniMax is positioned to unlock significant opportunities in the trillion-yuan labor market, establishing itself as a leading player in the AI sector [2][6]

与市场上常见的工具集合不同，"智研多资产配置+"平台通过三大有机联动的核心体系， 构建了一个完整的智能投研价值闭环。 深度研究工具库是系统的"认知基石"。它超越了传统的数据罗列，构建了穿透式的资产洞 察网络。其中，涵盖5 0 0多个深度标签的基金特色分析库，为每只基金绘制精准画像；而 颇 具 特 色 的 " 前 沿 声 音 " 智 库 ， 则 借 助 AI 智 能 听 录 技 术 ， 将 数 百 场 基 金 经 理 访 谈 及 内 部 路 演，转化为可秒级检索、结构化的观点数据库，让隐性知识得以显性化沉淀与运用。 量化配置模型库是平台的"决策引擎"。它将宏观研判与中观战术从定性讨论推进至定量指 引。平台集成了美林时钟、货币信用周期等经典资产配置模型，同时融合了具有中信建投 特色的研究成果，如改进的普林格周期模型、宏观状态择时模型等，能够将复杂的宏观环 境转化为清晰的配置信号。行业轮动模型基于因子动量的思想，涵盖宏观、基本面、资金 面、事件动量等七大子维度，共同构造复合的行业轮动策略，提供从宏观到中观的完整决 策链。 AI增强是提效的"加速器"。平台引入了AI智能体矩阵，将人工智能技术深度植入投研全流 程。7× ...

Core Insights - The A-share and Hong Kong IPO markets have shown signs of recovery in 2025, leading to discussions about a potential "IPO boom" [1] - The last significant IPO year for both markets was in 2021, marking a peak in IPO numbers and fundraising [2] A-share Market Summary - In 2025, the number of new A-share listings increased to 116, with total fundraising reaching 131.8 billion yuan, nearly doubling year-on-year [3] - The average fundraising amount per IPO rose significantly to 11.36 million yuan, with average underwriting fees for brokers increasing to 0.58 million yuan [7] - The focus has shifted from quantity to quality, with a notable increase in the "value" of individual projects [7] - The largest IPOs in recent years have transitioned from traditional sectors to technology-driven companies, particularly in semiconductors and renewable energy [11] - Leading brokers like CICC and CITIC Securities have maintained their competitive edge, with CICC involved in three of the largest IPOs in the past five years [12][13] Broker Competition in A-share Market - The competition among brokers has evolved, with CITIC Securities and CICC dominating the top spots in underwriting [13][14] - In 2025, the merger of Haitong Securities and Guotai Junan created a new leader in underwriting volume, while the competition in the lower tiers has intensified [14] - CITIC Securities has consistently led in underwriting revenue, with significant contributions from high-quality projects [15][16] Hong Kong Market Summary - The Hong Kong IPO market has experienced a "V-shaped" recovery, with total fundraising in 2025 exceeding 285.8 billion HKD, reclaiming the top position globally [20] - The average fundraising amount per IPO surged to 24.43 million HKD in 2025, driven by large projects from leading companies [20][22] - The narrative of the Hong Kong IPO market has shifted from internet-driven stories to technology and manufacturing innovations [22] Broker Competition in Hong Kong Market - Foreign investment banks like Morgan Stanley and Goldman Sachs continue to hold key positions in large IPO projects, while Chinese brokers are increasing their participation [23][24] - The rise of Chinese brokers, particularly in joint underwriting roles, reflects their growing influence in the Hong Kong market [24][25] - Futu Securities has consistently led in the number of IPOs underwritten, while traditional bank-affiliated brokers are also making significant contributions [25][28] Future Outlook - The consensus indicates a more active IPO market in 2026, but challenges related to supply and market absorption capacity are anticipated [29] - The ability of brokers to price assets and manage project depth will be crucial for success in the upcoming years [29]

Core Viewpoint - MiniMax is positioned as a leading player in the AI industry, leveraging a "counter-consensus" strategy focused on model intelligence breakthroughs, which allows it to stand out amid intense competition [1] Group 1: Company Strategy and Positioning - MiniMax has been recognized as one of the first companies in Shanghai to obtain large model registration, showcasing its strong development potential through technological depth and commercial foresight [1] - The company founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1] - The strategic focus will shift to "technology iteration" by 2025, with efforts to streamline inefficient teams and reduce marketing expenses, concentrating on core areas like multimodal interaction [1] Group 2: Financial Performance and Growth Potential - In the first three quarters of 2025, MiniMax achieved total revenue of $53.44 million, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [2] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating significant recovery in profitability [2] - Projections indicate that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margins expected to rise to 55% and net loss rates continuing to narrow [2] Group 3: Market Opportunities and Competitive Advantage - MiniMax is positioned to unlock significant opportunities in the trillion-level labor market by transitioning from tools to "digital employees" in the AI industry [2] - The company aims to establish a competitive moat through model intelligence, leveraging technological accumulation, team advantages, and a clear commercialization path [2]

Core Insights - MiniMax is positioned as a leading AI company in the Hong Kong stock market, transitioning from a "computing power competition" to an "intellectual competition" with a unique strategic vision and technological depth [1] - CITIC Securities has initiated coverage with a "buy" rating, highlighting the company's potential for commercialization as model intelligence improves [1] Group 1: Strategic Positioning - MiniMax has abandoned the "traffic is king" mindset of the mobile internet era, focusing instead on the competitive advantage of model intelligence in the AI era [1] - The company plans to reduce inefficient ToB sales teams and lower C-end customer acquisition costs starting in 2025, reallocating resources towards architectural innovation and optimization [1] Group 2: Team and Technology - The founder, Yan Junjie, possesses a strong research background and practical commercialization experience, having led a team to create the industry’s leading facial recognition algorithm, generating over 2 billion yuan in smart city business revenue [2] - MiniMax has developed a unique ecosystem in the multi-modal field, combining high-sensory interaction and productivity tools, with products like Talkie and Xingye accumulating vast amounts of RLHF data for model optimization [2] Group 3: Financial Performance and Growth Forecast - In the first three quarters of 2025, MiniMax's total revenue surged by 175% year-on-year to 53.44 million USD, driven by a diversified revenue structure from Talkie/Xingye, Hailuo AI, and the open platform [3] - CITIC Securities forecasts an average annual revenue growth rate exceeding 120% from 2025 to 2027, with Non-GAAP gross margins expected to rise from 25% to 55% [3] - The company aims to capture a larger share of the global labor market, projected at 13 trillion USD, as new multi-modal models are implemented [3]

Core Viewpoint - MiniMax is positioned as a leading player in the AI industry, leveraging a "counter-consensus" strategy focused on model intelligence breakthroughs, which allows it to stand out amid intense competition in the generative AI wave [1] Group 1: Company Strategy and Development - MiniMax has gained recognition as one of the first companies in Shanghai to obtain large model registration, showcasing its strong development potential through deep technical expertise and commercial foresight [1] - The company founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1] - The strategic focus will shift to "technology iteration" by 2025, with plans to streamline inefficient teams and reduce marketing expenses, concentrating efforts on core areas such as multimodal interaction [1] Group 2: Financial Performance and Growth Potential - In the first three quarters of 2025, MiniMax achieved total revenue of $53.44 million, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [2] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating a significant recovery in profitability [2] - Projections indicate that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margins expected to rise to 55% and net loss rates continuing to narrow [2]