Group 1 - In January 2026, a total of 117 companies will have their restricted shares unlocked, amounting to approximately 10.202 billion shares and a total market value of 289.587 billion yuan, which is a decrease of about 14.13% month-on-month but an increase of about 12.57% year-on-year [1][3][7] - The company with the largest unlock scale is Baili Tianheng, with a market value exceeding 90 billion yuan, accounting for 72.2% of its total share capital [3][4] - The top three industries by unlock market value are pharmaceuticals and biotechnology, electrical equipment, and automotive [1][8] Group 2 - In January, 12 companies will have their anniversary unlocks, totaling approximately 1.028 billion shares and a market value of 54.824 billion yuan, including companies like Haibo Sichuang and Xingtou Measurement Control [1][10] - Haibo Sichuang will have 9.464 million shares unlocked, with a market value of approximately 23.937 billion yuan, accounting for 52.55% of its total share capital [6][11] - Guolian Minsheng will have 1.771 billion shares unlocked, representing 31.17% of its total share capital, with a market value of about 18.132 billion yuan [7]

Group 1 - In January 2026, a total of 117 companies will have their restricted shares unlocked, amounting to approximately 10.202 billion shares and a total market value of 289.587 billion yuan, which is a decrease of about 14.13% month-on-month and an increase of about 12.57% year-on-year [1][2] - The company with the largest unlock scale is Baili Tianheng, with a market value exceeding 900 billion yuan [1][4] - The top three industries by unlock market value are pharmaceuticals and biotechnology, electrical equipment, and automotive [1][8] Group 2 - In January, 12 companies will have their anniversary unlocks, totaling approximately 1.028 billion shares and a market value of 54.824 billion yuan, including companies like Haibo Sichuang, Xingtou Measurement and Control, and Saifen Technology [1][10] - The second largest unlock scale is for Haibo Sichuang, with 9.464 million shares and a market value of approximately 239.37 billion yuan, accounting for 52.55% of its total share capital [7][12] - The third largest unlock is for Guolian Minsheng, with 1.771 billion shares, representing 31.17% of its total share capital and a market value of approximately 181.32 billion yuan [7][12]

此外，解禁规模在30亿—40亿元的有中航沈飞、爱旭股份两股，解禁市值分别约43.8亿元和30.44亿元， 解禁股份类型均为定向增发机构配售股份。中亦科技、天和磁材、盾安环境等11股解禁规模则在10亿— 30亿元，剩余个股解禁规模则低于10亿元。 从单只个股解禁数量看，国联民生居首，解禁股份数量约17.71亿股；建设工业位居第二，解禁股份数 量约6.3亿股；位居第三的是百利天恒，解禁股份数量约2.98亿股。 此外，新五丰、爱旭股份、云从科技、*ST花王、盾安环境、烽火电子的解禁数量也均在亿股以上，分 别约为2.33亿股、2.27亿股、2.05亿股、1.86亿股、1.39亿股、1.14亿股。 从单只个股解禁规模来看，有16股解禁市值超10亿元。其中，百利天恒解禁市值居首，限售股将在1月6 日解禁，解禁市值约963.19亿元，解禁股份类型为首发原股东限售股份，解禁股东为公司控股股东、实 际控制人朱义，解禁数量占总股本的比例为72.2%。 不过，百利天恒在2025年12月26日披露公告称，公司于近日收到朱义出具的《关于不减持公司股份的承 诺函》。具体来看，基于对公司未来发展的信心和长期投资价值的认可，为促进公司持续、 ...

经Wind统计，1月5日—9日这周，A股共有37家公司限售股迎来解禁，合计解禁市值超1600亿元。1月5日解禁个股数量最多，达到13股，合计解禁市值超440 亿元。单只个股解禁市值方面，百利天恒居首，解禁市值约为963.19亿元，此外，还有国联民生、建设工业两股解禁市值超百亿元。 从解禁情况来看，1月5日—9日解禁的37股，合计解禁市值约为1624.73亿元。解禁时间上，1月5日共有国联民生、建设工业、云从科技、烽火电子等13股迎 来限售股解禁，合计解禁市值约为444.82亿元；1月6日—9日则分别有8股、9股、6股、1股迎来限售股解禁。 | 开始日期： | 2026-01-05 | T | 截止日期: | 2026-01-09 | T | 证券检索 | | --- | --- | --- | --- | --- | --- | --- | | 序号 | | | | | | | | | 代码 | 7 简称 | | 7 解禁目期 | 7 公告日期 | | | 1 | 688506.SH | 百利天恒 | | 2026-01-06 | 2025-12-26 | | | 2 | 601456.SH | 国联民生 | ...

Group 1: Economic Indicators - The CPI and PPI data for December 2025 will be released on January 9, with an expected CPI year-on-year growth rate of 0.7% and a PPI year-on-year decline of 1.9% [2] Group 2: Fuel Price Adjustments - The first adjustment of fuel prices in 2026 will occur on January 6, with the previous adjustment on December 22 resulting in a decrease of 170 yuan per ton for gasoline and 165 yuan per ton for diesel [3] Group 3: Childcare Subsidies - The childcare subsidy application will open on January 5, 2026, following an upgrade and testing of the information management system from January 1 to January 4 [4] - As of now, over 24 million people have received childcare subsidies across 31 provinces, with an issuance rate of approximately 80% for the 2025 fiscal year [5] Group 4: International Consumer Electronics Show (CES) - The 2026 CES will commence on January 6 in Las Vegas, featuring major tech companies and emerging players from China, including companies like Zhiyuan Robotics and Songyan Power, which will showcase their products for the first time [6] Group 5: Stock Market Developments - A total of 36 restricted stocks will be unlocked from January 5 to January 9, with a total market value exceeding 160 billion yuan [7] - Among these, 16 stocks will have a market value of over 1 billion yuan, with companies like Baili Tianheng and Guolian Minsheng exceeding 10 billion yuan in unlock value [8] Group 6: New Stock Opportunities - Two new stocks will be issued next week, namely Zhixin Co. on the Shanghai main board and Kema Materials on the Beijing Stock Exchange [12]

Group 1 - A total of 36 stocks will be unlocked next week, with a combined market value exceeding 160 billion yuan [1][2] - Among the unlocked stocks, 16 have a market value exceeding 1 billion yuan, with Baili Tianheng, Guolian Minsheng, and Jianshe Industrial exceeding 10 billion yuan [2] - Baili Tianheng has the highest unlock market value at 96.319 billion yuan, with 298.1 million shares being unlocked, accounting for 72.2% of the total share capital [2][5] Group 2 - Guolian Minsheng has an unlock market value of 18.008 billion yuan, with 1.771 billion shares being unlocked, involving 43 shareholders [2][3] - Jianshe Industrial has an unlock market value of 16.895 billion yuan, with 629.9 million shares being unlocked, accounting for 60.98% of the total share capital [3][5] - Six stocks have an unlock ratio exceeding 30%, including Baili Tianheng and Jianshe Industrial [6]

Core Viewpoint - The article highlights that a total of 36 stocks will be unlocked next week, with a total unlock market value exceeding 160 billion yuan, indicating significant market activity and potential investment opportunities [4][5]. Summary by Sections Unlocking Stocks Overview - Next week, from January 5 to January 9, 36 stocks will be unlocked, with a total unlock market value exceeding 160 billion yuan [4][5]. - The total number of shares unlocked is over 4.3 billion [5]. Major Stocks with High Unlock Value - 16 stocks have an unlock market value exceeding 1 billion yuan, with three stocks surpassing 10 billion yuan: Baili Tianheng, Guolian Minsheng, and Jianshe Industrial [5]. - Baili Tianheng has the highest unlock market value at 96.319 billion yuan, with 29.81 million shares unlocked, accounting for 72.2% of the total share capital [7]. - Guolian Minsheng's unlock market value is 18.008 billion yuan, with 1.777 billion shares unlocked, involving 43 shareholders [7]. - Jianshe Industrial has an unlock market value of 16.895 billion yuan, with 629.943 million shares unlocked, representing 60.98% of its total share capital [7]. Significant Unlock Ratios - Six stocks have an unlock ratio exceeding 30% of their total share capital, including Baili Tianheng, Jianshe Industrial, Zhongyi Technology, Huangshan Gujie, Yuandao Communication, and Guolian Minsheng [9]. - Huangshan Gujie has 2.8878 million shares unlocked on January 5, accounting for 36.1% of its total share capital, focusing on power semiconductor module heat dissipation products for the new energy vehicle sector [9].

Core Insights - The key opportunity for local biotech companies lies in focusing on original innovation from 0 to 1, establishing core technological barriers in unmet clinical needs, and achieving a leap from follower to leader [2][14] - Chinese innovative pharmaceutical companies have entered the global ADC innovation core camp, with over 50% of the global ADC new drug pipeline originating from China [1][14] - The strategic partnership between BaiLi TianHeng and BMS in the ADC field has set a record for the highest single-asset transaction in the global ADC sector, further elevating industry innovation [1][5] Industry Trends - The BD (business development) boom in the ADC sector is expected to continue into 2025, with 14 transactions in the first eight months of 2023, making ADC one of the hottest outbound technology tracks [1][14] - Companies are expanding beyond mature targets like HER2 and TROP2 to explore "blue ocean" targets such as CDH6, CDH17, and DLL3, seeking broader treatment windows and improved competitive landscapes [1][14] Strategic Partnerships - The partnership model of "self-researched core assets + global rights cooperation" and "co-development + co-commercialization" is relatively rare globally, requiring high product strength and a forward-looking strategic vision [7][9] - BaiLi TianHeng's collaboration with BMS is notable for its potential total transaction value of up to $8.4 billion, highlighting the growing trend of significant transactions in the oncology treatment sector [5][9] Challenges and Opportunities - Despite the increasing number of transactions, many Chinese innovative drug assets remain undervalued due to a lack of global clinical trial validation and lower payment prices in the domestic market [9][12] - The development of "super blockbuster" products with strong product power is seen as a key path to overcoming valuation challenges, with the drug iza-bren being recognized as a first-in-class product [9][12] Future Directions - The competition in the "ADC + IO" (immuno-oncology) space is intensifying, with both multinational and domestic companies actively pursuing innovative combinations [10][14] - To achieve comprehensive internationalization, Chinese pharmaceutical companies must overcome four core capability gaps: global leading R&D capabilities, global clinical development capabilities, global supply chain capabilities, and global commercialization capabilities [12][13]

Group 1 - A total of 36 stocks will have their lock-up periods expire next week, with a combined release of over 4.3 billion shares, amounting to a total market value exceeding 160 billion yuan based on the latest closing prices [1] - Among these, 16 stocks will have a market value exceeding 1 billion yuan upon release, with Baili Tianheng, Guolian Minsheng, and Jianshe Industrial each exceeding 10 billion yuan [2] - The stocks Baili Tianheng, Jianshe Industrial, Zhongyi Technology, Huangshan Gujie, Yuandao Communication (rights protection), and Guolian Minsheng have a lock-up release that constitutes over 30% of their total share capital [2]

Summary of Key Points Core Viewpoint - Next week, a total of 36 stocks will have their lock-up periods lifted, with over 4.3 billion shares being released, amounting to a total market value exceeding 160 billion yuan at the latest closing prices [1]. Group 1: Stocks with Significant Unlocking Value - 16 stocks will have unlocking values exceeding 1 billion yuan, with Baili Tianheng, Guolian Minsheng, and Jianshe Industrial each surpassing 10 billion yuan [1]. - Baili Tianheng has the highest unlocking value at approximately 96.32 billion yuan, with 29.81 million shares released, accounting for 72.20% of its total share capital [2]. - Guolian Minsheng follows with an unlocking value of about 18.01 billion yuan, releasing 177.07 million shares, which is 31.17% of its total share capital [2]. - Jianshe Industrial has an unlocking value of around 16.90 billion yuan, with 62.99 million shares released, representing 60.98% of its total share capital [2]. Group 2: Stocks with High Unlocking Ratios - Six stocks have unlocking ratios exceeding 30% of their total share capital, including Baili Tianheng, Jianshe Industrial, Zhongyi Technology, Huangshan Gujie, Yuandao Communication, and Guolian Minsheng [1]. - Zhongyi Technology has 6.38 million shares unlocked, which is 53.15% of its total share capital, with a market value of 2.53 billion yuan [2]. - Huangshan Gujie has an unlocking ratio of 36.10%, with 2.89 million shares released, valued at approximately 1.37 billion yuan [2].