Core Viewpoint - The article discusses the significant changes in China's capital market and "hard technology" development since the establishment of the Sci-Tech Innovation Board (STAR Market) over seven years ago, highlighting its role in supporting technological innovation and providing a favorable investment environment [3]. Group 1: Overview of the Sci-Tech Innovation Board - As of January 5, 2026, the number of listed companies on the Sci-Tech Innovation Board reached 600, with a total market capitalization exceeding 10 trillion yuan, and IPO and refinancing funds raised exceeding 1.1 trillion yuan [3][5]. - Over 80% of the listed companies are from emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, with an average R&D intensity maintained above 10% [3][5]. - The Sci-Tech Innovation Board has over 100 listed ETFs, with a total scale of over 310 billion yuan for related index tracking products [3]. Group 2: Impact on Companies - Companies listed on the Sci-Tech Innovation Board have experienced significant growth, with a compound annual growth rate (CAGR) of 19% in revenue and 8% in net profit over the past five years [5][6]. - The board has facilitated a balanced match between policy supply and industry demand, helping companies like Zhongwei achieve multi-channel financing and enhance market recognition [4][8]. - The board's inclusive and adaptive system has allowed companies to overcome uncertainties in technology innovation and capital returns, providing solid support for national strategic goals [4][6]. Group 3: Characteristics of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board exhibits "three highs and one strong" characteristics: high "new" content, high "science" content, high "gold" content, and strong institutional adaptability [7]. - The board has introduced innovative systems and continuously optimized them, serving as a "testbed" for capital market reforms [7]. - Companies like Ailis have benefited from the board's inclusive policies, achieving rapid development post-listing [7]. Group 4: Sector-Specific Developments - The semiconductor industry has become a core focus, with 127 listed companies on the Sci-Tech Innovation Board, accounting for 60% of the total A-share semiconductor companies [11]. - These semiconductor companies have a combined market value of 5 trillion yuan, with a revenue increase of 25% year-on-year in the first three quarters of 2025 [11][12]. - The board has supported semiconductor companies through direct financing, high-quality mergers and acquisitions, and talent retention strategies [12]. Group 5: Biomedicine Sector Growth - The Sci-Tech Innovation Board has become a major listing venue for biomedicine, with nearly 120 companies and a total market value of 1.75 trillion yuan [13]. - The board has implemented policies to support unprofitable biotech companies, enhancing their financing flexibility [13][14]. - Biomedicine companies listed on the board have significantly contributed to the development of innovative drugs, with 14% of new drugs approved in China originating from these companies [14][15].

Group 1 - The Science and Technology Innovation Board (STAR Market) has seen significant growth since its establishment over seven years ago, with 600 listed companies and a total market capitalization exceeding 10 trillion yuan [1][3] - The STAR Market has raised over 1.1 trillion yuan through IPOs and refinancing, with more than 80% of companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [1][3] - The average R&D intensity of STAR Market companies remains above 10%, leading all A-share sectors, and over 100 STAR Market ETFs have been launched, with a total scale exceeding 310 billion yuan [1][3] Group 2 - STAR Market companies have achieved a compound annual growth rate of 19% in revenue and 8% in net profit over the past five years, based on 2019 figures [3] - The STAR Market has created a favorable investment environment, allowing investors to share in the benefits of China's technological innovation [1][3] - The STAR Market has established a "three highs and one strong" characteristic, focusing on high innovation, high technology, high financial performance, and strong institutional adaptability [4] Group 3 - The semiconductor and biomedicine sectors have become the main forces in achieving self-sufficiency, with 127 semiconductor companies listed on the STAR Market, accounting for 60% of the total A-share semiconductor companies [7][8] - The total market value of semiconductor companies on the STAR Market has reached 5 trillion yuan, representing half of the total market capitalization of the STAR Market [7] - Biomedicine companies on the STAR Market have raised a total of 184.2 billion yuan, with a combined market value of 1.75 trillion yuan, making it a major listing venue outside the US and Hong Kong [9][10] Group 4 - STAR Market has implemented policies to support the rapid development of semiconductor companies, including significant financing for R&D and high-quality mergers and acquisitions [8] - The STAR Market has also facilitated talent retention and attraction through stock incentive plans, with 93 semiconductor companies launching such plans, covering over 50,000 core technical or business personnel [8] - The STAR Market has become a backbone for China's innovative drug industry, with approximately 14% of the total number of domestically approved Class 1 new drugs coming from STAR Market companies [10]

Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].

Core Viewpoint - The article discusses the inclusion of a new indication for the drug Vomeletinib, which is intended for first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring EGFR PACC mutations, as a breakthrough therapy [1][4]. Group 1: Drug Information - Vomeletinib is a third-generation EGFR-TKI that has previously been approved for two indications in China, targeting adult patients with EGFR mutations in NSCLC for second-line and first-line treatments [6]. - The new indication for Vomeletinib targets approximately 70 subtypes of EGFR PACC mutations, which account for about 12.5% of all EGFR mutation NSCLC patients, and currently, there are no approved drugs for this specific mutation in China [3][6]. Group 2: Clinical Research - The FURMO-002 study is the first prospective study globally to evaluate the efficacy and safety of Vomeletinib in treating NSCLC patients with EGFR PACC mutations [3][6]. - As of June 2025, the study reported an objective response rate (ORR) of 81.8% and a confirmed ORR of 68.2% for Vomeletinib at a dosage of 240 mg, with a disease control rate (DCR) of 100%, a median duration of response (DOR) of 14.6 months, and a median progression-free survival (PFS) of 16.0 months [7]. Group 3: Financial Performance - Vomeletinib is a major revenue source for the company, with sales increasing year-on-year. In 2024, the total revenue from Vomeletinib reached 3.506 billion yuan, representing a year-on-year growth of 77.27% [4][7]. - In the first half of 2025, Vomeletinib continued to show strong growth, achieving product sales revenue of 2.36 billion yuan, a nearly 51% increase compared to the previous year [7].

Core Viewpoint - The announcement by the company regarding its core product, Furmonertinib (brand name "Aifusha"), being included in the list of proposed breakthrough therapies by the National Medical Products Administration (NMPA) for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with EGFR PACC mutations [1] Group 1 - Furmonertinib is an epidermal growth factor receptor tyrosine kinase inhibitor (EGFR-TKI) and is a first-class new drug independently developed by the company, classified as a small molecule targeted therapy [1] - Clinical research results indicate that Furmonertinib shows broad efficacy against various EGFR mutations, with its first-line treatment indication and the 20 exon insertion mutation first and second-line treatment indications included in the NMPA's breakthrough therapy list [1] - The 20 exon insertion mutation first-line treatment indication has also received breakthrough therapy designation (BTD) from the U.S. Food and Drug Administration (FDA) [1] Group 2 - Currently, both first-line and second-line treatment indications for Furmonertinib have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) [1]

Group 1 - 德方纳米 plans annual equipment maintenance to ensure efficient and stable operation, starting January 1, 2026, for one month, with no significant impact on 2026 performance [1] - 达意隆's subsidiary Tianjin Baolong faces a significant decline in OEM orders due to strategic adjustments from core customers, leading to plans to shut down production lines [2] - 天威视讯's subsidiary plans to transfer project assets for 604.3 million yuan to a related party, constituting a related transaction [3] Group 2 - 金龙羽 intends to sign a strategic cooperation framework agreement with an investment institution to establish an industrial merger fund with a planned scale of 1.5 billion yuan [4] - 紫光国微's subsidiary plans to establish a new company with multiple partners, including a subsidiary of CATL, with a registered capital of 300 million yuan [5] - 信隆健康's major shareholder plans to reduce its stake by up to 1% through trading [6] Group 3 - 龙建股份 wins a 612 million yuan EPC contract for a project, which represents approximately 3.27% of the company's audited revenue for 2024 [7] - 复旦张江 receives acceptance for a clinical trial application for a drug aimed at visualizing malignant lesions in lung cancer patients [9] - 博实股份's major shareholder plans to reduce its stake by up to 2.93% [10] Group 4 - 百纳千成 plans to acquire 100% of Zhonglian Century's shares to expand its marketing business and digital advertising solutions [11] - 天铁科技's major shareholder is under criminal detention, but the investigation is unrelated to the company's operations [12] - 海看股份's shareholder plans to reduce its stake by up to 3.6% [13] Group 5 - 智光电气's subsidiary signs a procurement contract worth 148 million yuan for a high-voltage energy storage system [14] - 西藏矿业's attempt to transfer 100% of a subsidiary's equity has not attracted qualified buyers, leading to automatic withdrawal from the trading platform [15] - 英诺激光's major shareholder plans to reduce its stake by up to 3% [16] Group 6 - 福鞍股份's major shareholder plans to reduce its stake by up to 3% [17] - 白云山 receives a drug registration certificate for a rabies vaccine [18] - 华电科工 signs a contract worth approximately 265 million yuan for a power plant project [19] Group 7 - 康弘药业 receives a drug registration certificate for a medication used to treat schizophrenia [20] - 西菱动力's actual controller plans to reduce their stake by 2% [21] - 海希通讯's actual controller plans to reduce their stake by 0.48% [22] Group 8 - 海南机场 plans to transfer 90% of a subsidiary's equity for approximately 500 million yuan, expecting a profit of about 200 million yuan from the transaction [23] - 森远股份 signs a contract for a computing cluster integration project worth 26.78 million yuan [24] - 丽珠集团's subsidiary receives acceptance for a drug registration application for a new treatment for psoriasis [25] Group 9 - 郑州银行 plans to acquire a village bank and convert it into a branch [26] - 方正证券 announces a cash dividend distribution plan for the third quarter of 2025 [27] - 金陵体育 announces a cash dividend distribution plan for the first three quarters of 2025 [29] Group 10 - 紫金银行 announces a mid-term profit distribution plan for 2025 [30] - *ST建艺's major shareholder waives 1.4 billion yuan in debt and donates 400 million yuan to support the company [31] - 万朗磁塑's major shareholder plans to reduce their stake by up to 3% [32] Group 11 - 艾力斯's core product is included in a list of potential breakthrough therapies for lung cancer [33] - 富创精密's shareholder plans to transfer 918.63 million shares [34] - 东阳光's subsidiary plans to increase capital and introduce investors [35] Group 12 - 侨银股份 plans to acquire a 16.67% partnership in a venture capital fund [36] - 尤夫股份 receives a government subsidy of 4.04 million yuan for a technical improvement project [37] - 倍轻松 and its actual controller are under investigation for information disclosure violations [38] Group 13 - 万润新能 plans to reduce production on some lines for maintenance, expecting a reduction of 5,000 to 20,000 tons in lithium iron phosphate output [39]

Core Viewpoint - Shanghai Ailis Pharmaceutical Technology Co., Ltd. announced that its core product, Furmonertinib (also known as "Aifusha"), has been included in the proposed list of breakthrough therapy products by the National Medical Products Administration (NMPA) for the first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring epidermal growth factor receptor (EGFR) PACC mutations [2][3] Group 1: Drug Information - Furmonertinib is a first-class new drug developed by the company, classified as a small molecule targeted therapy, specifically an EGFR tyrosine kinase inhibitor (TKI) [3] - The EGFR PACC mutation includes approximately 70 subtypes, accounting for about 12.5% of all EGFR-mutated NSCLC patients, indicating an unmet clinical need for this patient population [2] - The drug has shown significant efficacy and safety in clinical studies, with an objective response rate (ORR) of 81.8% and a disease control rate (DCR) of 100% in patients treated with 240mg of Furmonertinib [3] Group 2: Regulatory Status - The proposed breakthrough therapy designation is currently in the public announcement period from December 25, 2025, to January 4, 2026, during which there is a risk of objections being raised [2][4] - The drug has previously been included in the NMPA's breakthrough therapy product list for its first-line and second-line treatment indications, and it has also received breakthrough therapy designation from the U.S. Food and Drug Administration (FDA) for the 20 exon insertion mutation [3]

Core Viewpoint - The company艾力斯 (688578.SH) has announced that its core product,甲磺酸伏美替尼片 (brand name "艾弗沙®"), has been included in the list of proposed breakthrough therapies by the National Medical Products Administration (NMPA) of China, targeting first-line treatment for adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with EGFR PACC mutations [1] Group 1 - The proposed indication for伏美替尼 is for adult patients with locally advanced or metastatic NSCLC with EGFR PACC mutations [1] - The public announcement period for this proposed breakthrough therapy is from December 25, 2025, to January 4, 2026 [1]

Core Viewpoint - The company艾力斯 announced that its core product,甲磺酸伏美替尼片 (brand name "艾弗沙"), has been included in the list of proposed breakthrough therapies by the National Medical Products Administration (NMPA) for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with EGFR PACC mutations [1] Group 1 - The proposed indication for伏美替尼 is as a first-line treatment for adult patients with locally advanced or metastatic NSCLC [1] - The public announcement period for this proposed breakthrough therapy is from December 25, 2025, to January 4, 2026 [1]

Core Viewpoint - The company艾力斯(688578.SH) has announced that its core product,甲磺酸伏美替尼片 (brand name "艾弗沙®", abbreviated as "伏美替尼"), has been included in the list of proposed breakthrough therapies by the National Medical Products Administration (NMPA) for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) PACC mutations [1] Group 1 - The proposed indication for 伏美替尼 is as a first-line treatment for adult patients with locally advanced or metastatic NSCLC with EGFR PACC mutations, with the public announcement period set from December 25, 2025, to January 4, 2026 [1] - 伏美替尼 is an epidermal growth factor receptor tyrosine kinase inhibitor (EGFR-TKI) and is a first-class new drug independently developed by the company, classified as a small molecule targeted therapy [1] - Clinical research results indicate that 伏美替尼 shows broad efficacy against various EGFR mutations, with its first-line treatment indication and the 20 exon insertion mutation first and second-line treatment indications included in the NMPA's breakthrough therapy list [1] Group 2 - The 20 exon insertion mutation first-line treatment indication has also received breakthrough therapy designation (BTD) from the U.S. Food and Drug Administration (FDA) [1] - Currently, both first-line and second-line treatment indications for 伏美替尼 have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) [1]