Key Points - The article discusses recent developments in the Chinese financial and industrial sectors, highlighting regulatory measures and economic indicators that may impact investment opportunities and market stability [4][5][6]. Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the implementation of measures from the Central Economic Work Conference, emphasizing the need to enhance market stability and promote high-quality listed companies [4]. - The State Administration of Foreign Exchange (SAFE) also convened to ensure the stable operation of the foreign exchange market, focusing on maintaining the RMB exchange rate and international balance of payments [4]. Group 2: Economic Indicators - In November, the industrial added value of large-scale enterprises in China grew by 4.8% year-on-year, with a month-on-month increase of 0.44%. The cumulative growth for the first eleven months was 6.0% [5]. - The growth rates for different sectors in November included mining at 6.3%, manufacturing at 4.6%, and electricity, heat, gas, and water production and supply at 4.3% [5]. Group 3: Market Trends and Company News - The number of cities with rising new home prices increased in November, with Hefei and Xiangyang showing the highest growth rates [6]. - The Ministry of Industry and Information Technology announced the first batch of L3 conditional autonomous driving vehicle permits, marking a significant step towards commercialization in designated areas [6]. - The National Energy Administration projected that by 2025, total power generation capacity will exceed 3.8 billion kilowatts, with a year-on-year growth of 14% [6]. Group 4: Company-Specific Developments - Muxi Co., Ltd. will be listed on the Sci-Tech Innovation Board on December 17 [9]. - Aerospace Electronics plans to invest 727 million yuan to gain control of its subsidiary, Aerospace Rocket Company [12]. - TCL Technology intends to purchase a 10.77% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [21].

丨2025年12月16日星期二丨 NO.1 复星医药拟出资14.12亿元收购绿谷医药 12月15日，复星医药公告称，为丰富公司中枢神经系统治疗领域的创新产品管线矩阵，其控股子公司复 星医药产业与绿谷（上海）医药科技有限公司（以下简称绿谷医药）及其现有相关股东共同签订相关投 资协议，拟出资约14.12亿元控股收购绿谷医药。 12月15日，药明康德公告称，公司全资子公司上海药明康德新药开发有限公司已收到受让方支付的首期 股权转让价款15.4亿元，《股权转让协议》约定的交割先决条件已满足，本次交易已完成交割，目标公 司不再纳入公司合并报表范围。预计本次交易将产生税后净利润约9.6亿元，占公司最近一期（2024年 度）经审计归母净利润的比例超过10%。目标公司及相关各方将按协议约定办理市监局变更登记手续， 预计2025年12月31日之前完成变更登记。 点评：药明康德通过出售资产实现了可观的利润，既符合公司聚集CRDMO业务的战略规划，回笼的资 金也为公司加速全球化能力和产能的投放提供支持。 （文章来源：每日经济新闻） NO.2 长春高新：下属公司签署GenSci098注射液项目独家许可协议可至多获得13.65亿美元里 ...

Core Viewpoint - Changchun Gaoxin has signed an exclusive licensing agreement for the GenSci098 injection project with Yarrow Bioscience, which is expected to generate significant upfront and milestone payments for the company [1] Group 1: Financial Aspects - The agreement includes an upfront payment of $70 million, which is non-refundable and non-offsettable, along with an additional $50 million in recent development milestone payments [1] - The total potential milestone payments that Changchun Gaoxin could receive from this exclusive license could reach up to $1.365 billion [1] - The company will also be entitled to receive over 10% of net sales as a sales commission once the product is launched [1] Group 2: Product Information - GenSci098 is a humanized monoclonal antibody that acts as an antagonist to the thyroid-stimulating hormone receptor (TSHR), developed by Jinsai Pharmaceutical [1] - The product is classified as a Class I new drug for therapeutic biological products and is aimed at treating conditions related to hyperthyroidism [1] - GenSci098 is currently being researched for its applications in treating thyroid eye disease (TED) and Graves' disease (GD) [1]

Core Viewpoint - Changchun Gaoxin (000661) stated that it will fulfill disclosure obligations according to legal regulations if any relevant information reaches the disclosure standards [1] Group 1 - The company encourages investors to continuously monitor its announcements for updates on operational conditions [1]

Core Viewpoint - Changchun High-tech (000661) is adapting to stricter regulatory requirements by expanding relevant indications, which will enhance product sales and compliance [1] Group 1: Regulatory Adaptation - The company is focusing on expanding relevant indications to better meet regulatory demands, which is expected to facilitate product sales [1] - The ongoing efforts to leverage the company's brand, channels, and quality will support the promotion of related products [1] Group 2: Diversification and Transformation - The company has been actively pursuing diversification and transformation, building on the foundation laid during the research and sales promotion of growth hormones [1] - This foundation will continue to empower new pipelines, fostering a virtuous cycle of "advantage sharing and resource reuse" [1]

Core Insights - Changchun High-tech (000661.SZ) has signed an exclusive licensing agreement for the GenSci098 injection project with Yarrow Bioscience, Inc. [1] - The agreement includes an upfront payment of $120 million, consisting of a non-refundable, non-offsettable payment of $70 million and a subsequent milestone payment of $50 million [1] - The company is eligible for up to $1.365 billion in milestone payments related to specific R&D, regulatory, and commercialization activities, along with over 10% sales commission on net sales after product launch [1] Financial Details - The initial payment structure includes a total of $120 million, with $70 million as an upfront payment and $50 million as a milestone payment [1] - Potential milestone payments could reach up to $1.365 billion, indicating significant future revenue opportunities [1] Product Information - GenSci098 is a humanized monoclonal antibody that acts as an antagonist to the thyroid-stimulating hormone receptor (TSHR), developed by Jinsai Pharmaceutical [1] - The product aims to treat hyperthyroidism by blocking TSHR interactions, thereby inhibiting the synthesis and release of thyroid hormones and reducing thyroid cell proliferation [1] - Additionally, GenSci098 has the potential to improve symptoms associated with exophthalmos [1]

证券日报网讯 12月15日晚间，长春高新发布公告称，公司第十一届董事会第十五次会议审议通过《关 于下属公司签署GenSci098注射液项目独家许可协议的议案》。 （文章来源：证券日报） ...

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

Core Viewpoint - Changchun High-tech stated that the company's operational situation should be based on official announcements, and any disclosures meeting the legal requirements will be made accordingly [2] Summary by Categories - **Company Operations** - The company emphasized that its operational status should be verified through official announcements [2] - It committed to fulfilling disclosure obligations as per legal regulations if any conditions warrant such disclosures [2]

Core Viewpoint - Changchun Gaoxin announced a licensing agreement with Yarrow Bioscience for the GenSci098 injection project, which is expected to generate significant financial benefits for the company [1] Financial Summary - The agreement includes an upfront payment of $120 million, consisting of a non-refundable and non-offsettable payment of $70 million and a subsequent milestone payment of $50 million [1] - Additionally, the company is eligible for up to $1.365 billion in milestone payments related to specific R&D, regulatory, and commercialization achievements [1] - After the product launch, the company will receive over 10% of net sales as a royalty [1]