Core Viewpoint - The pig price in December 2025 reached a new low, with the industry experiencing a prolonged period of price inversion, indicating ongoing challenges in the market [1][2]. Group 1: Market Performance - The December 2025 pig sales data revealed that the expected peak season did not materialize, with average sales prices dropping over 25% year-on-year, ranging between 11 CNY/kg and 12 CNY/kg [2]. - Major companies like Muyuan Foods reported a 14.75% decrease in sales volume to 6.98 million pigs in December, resulting in a 36.06% decline in sales revenue to 9.667 billion CNY [2]. - Some companies, such as Zhengbang Technology, saw significant increases in sales volume, with a 73.26% rise to 1.0286 million pigs and a 25.75% increase in revenue to 914 million CNY [2]. Group 2: Price Trends - The pig price exhibited a fluctuating trend in December, with a brief recovery mid-month due to seasonal demand, but ultimately ended with a slight month-on-month decline [3]. - The average price of white strip pork decreased by 26.21% year-on-year, despite a 15.22% increase in daily slaughter volume, indicating persistent downward pressure on prices [3]. Group 3: Capacity Reduction - The industry is gradually initiating capacity reduction, but the pace remains slow, with many companies still maintaining high levels of breeding sows [4]. - As of December 2025, Muyuan Foods reported a breeding sow inventory of 3.232 million heads, reflecting a decrease, but overall industry capacity reduction is not yet substantial [4]. - Analysts suggest that the current high levels of breeding sow inventory will continue to exert pressure on supply, limiting price recovery potential [4]. Group 4: Future Outlook - Industry experts predict that the effects of capacity reduction will become evident in the second half of 2026, with the first half expected to remain in a downward price cycle [5].

Core Viewpoint - The approval and clinical application of the new generation TRK inhibitor, Zolacotrine (Yinoxin, ICP-723), marks a significant breakthrough in China's broad-spectrum anti-cancer drug development, providing better treatment options for patients with NTRK fusion-positive solid tumors [1][3]. Group 1: Drug Development and Approval - Zolacotrine is the first domestically developed TRK inhibitor approved for clinical use in China, with prescriptions already issued in multiple hospitals [1][3]. - The drug addresses unmet clinical needs for patients with NTRK fusion-positive tumors, which are prevalent in over 26 types of solid tumors [4]. Group 2: Clinical Efficacy - Clinical studies show Zolacotrine has a total response rate (ORR) of 89.1%, with a disease control rate (DCR) of 96.4%, and a 24-month progression-free survival rate (PFS) of 77.4% [5]. - The drug demonstrates a total survival rate (OS) of 90.8%, indicating its potential to provide long-term relief for patients [5]. Group 3: Safety and Administration - Zolacotrine has a low rate of treatment-related adverse events leading to permanent discontinuation, at only 0.4%, enhancing patient compliance [7]. - The once-daily oral administration of Zolacotrine offers convenience for long-term treatment [7]. Group 4: Overcoming Resistance - Zolacotrine effectively overcomes resistance issues associated with first-generation TRK inhibitors, maintaining strong inhibitory activity against common mutations in the TRK kinase domain [9]. Group 5: CNS Penetration - The drug's unique molecular structure allows it to effectively penetrate the blood-brain barrier, achieving a 100% objective response rate in intracranial lesions, thus providing comprehensive protection for patients with brain metastases [10]. Group 6: Company Perspective - The CEO of the company expressed gratitude towards regulatory bodies, clinical experts, and partners for their support in the development and launch of Zolacotrine, emphasizing its role in improving the quality of life for cancer patients [12].

新华社记者 姜 帆摄影报道 1月5日，次仁拉姆(左三)和家人在新居前合影。 震后3天，有关部门迅速启动灾后恢复重建总体方案编制；3月初，灾后重建启动。当记者2025年10月再 次见到次仁拉姆时，她的新家已建成交付，她也再次怀孕，预产期在12月。"小孩出生的时候，我们就 已经住进新房子了。"她满怀希冀地说。 如今，地震灾难过去一年，次仁拉姆的小女儿央金拉姆出生已满一个月，而地震时她抱在怀里一个多月 大的婴儿格桑巴宗已经可以下地跑了。新居、新生命给家庭带来新希望。 1月5日，次仁拉姆怀抱已满月的女儿央金拉姆。 1月5日，次仁拉姆在新居中陪大女儿玩耍。 西藏定日县长所乡通来村，年轻的母亲次仁拉姆在2025年1月7日的6.8级地震中失去了一个3岁的孩子。 ...

Core Insights - The data from the National Cancer Center indicates that over 350,000 new breast cancer cases were reported in China in 2022, posing a significant threat to women's health [1] - The implementation of the new medical insurance directory on January 1, 2026, will include 8 new drugs for breast cancer and expand the indications for 2 existing drugs, increasing access to innovative treatments for more patients [1] Group 1 - The most common molecular subtype of breast cancer is HR+/HER2- (hormone receptor positive, HER2 negative), accounting for approximately 80% of all breast cancer patients [1] - Endocrine therapy, including targeted endocrine drugs, is crucial for both early and late-stage breast cancer patients, as highlighted by experts in the field [1] Group 2 - Resistance to endocrine therapy is often linked to the activation of the PAM pathway, particularly mutations in genes such as PIK3CA and AKT, which limit subsequent treatment options for patients [2] - The inclusion of targeted PAM pathway drugs in the medical insurance directory significantly reduces the financial burden on patients, making innovative treatments more accessible [2] Group 3 - Early detection and timely diagnosis of different clinical subtypes of breast cancer, along with personalized treatment plans, can significantly extend survival time and improve the quality of life for patients [3] - A multidisciplinary treatment approach is essential for breast cancer management, integrating evidence-based medicine, expert experience, and patient preferences to enhance treatment outcomes and optimize resource utilization [3]

主线一：生猪养殖--产能去化逐步深化，静待周期拐点 我们认为生猪养殖行业的供需格局向好，短期生猪供过于求趋势持续，预计在 26 年上半年仍将给猪价带来 压 力，行业性亏损持续。价格磨底与亏损是无形的手，政策引导产能调控是有形的手，二者有机结合，产能 去化将 逐步深化，26 年下半年供应压力将逐步缓解，需求端相对平稳，预计行业供需格局持续向好。近期建 议关注能繁 母猪存栏去化及疫病情况。 非洲猪瘟后，生猪养殖结构出现变化，表现为规模化程度快速提升和短期养户增多， 受此影响行业产能变动 表现为难涨难跌的窄幅波动，对应生猪供需矛盾减弱，在养殖正常出栏的情况下，猪价波 动幅度收窄。我们 认为，成本是猪企能否实现行业超额收益和长期成长的核心要素，并且成本因素在周期下行期 的重要性尤为 突出。在未来几年，猪企表现将有明显分化，具备成本优势的企业有望维持温和扩张，而落后产能 将被进一 步淘汰。 我们认为，板块估值低位具备安全性，26 年板块基本面持续向好静待拐点，头部企业估值有 望修复，成本优 势明显的头部企业长期投资的价值属性提升，重点推荐头部猪企牧原股份，其他受益标的德康农 牧、温氏股 份、神农股份、天康生物等也有望受 ...

卓创资讯（301299）生猪行业分析师邹莹吉向《证券日报》记者表示："2025年猪价呈震荡下滑态势， 年内产能释放推高出栏量，而需求增幅有限，难以形成有效支撑。展望2026年，生猪供应仍较充裕，需 求变动相对被动，预计猪价前低后高，第二季度有望出现重要转折点。" 在猪价仍然波动的背景下，生猪养殖企业持续推进降成本工作和对产能的灵活调整。新希望相关负责人 在与投资者互动时表示，该公司在2025年响应国家去产能政策号召，主动调整了针对闲置场线的复产计 划，其在2025年12月底的能繁母猪存栏数已经降至75万头以下。进入2026年，在产能规模上，该公司继 续积极响应国家政策指引，到2026年1月底之前都会逐步调减能繁母猪存栏规模，2026年的出栏量也会 有一定程度的调减。 1月7日，新希望（000876）六和股份有限公司（以下简称"新希望"）披露2025年12月份生猪销售情况简 报。公司在2025年12月份实现生猪销量180.89万头，同比、环比均实现增长，生猪销售收入为21.51亿 元，环比增长18.71%，同比减少10.75%，当月的商品猪销售均价为11.28元/公斤，环比、同比均有所减 少。 数据显示，新希望 ...

1、上述披露仅包含公司生猪养殖与销售情况，不包含其他业务。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上述数据仅作为阶段性数 据，供投资者参考。敬请广大投资者注意投资风险。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 新希望六和股份有限公司（以下简称"公司"）下属子公司从事生猪养殖业务。按照《深圳证券交易所上 市公司自律监管指引第3号一一行业信息披露》规定，深交所鼓励从事畜禽、水产养殖业务的上市公司 每月通过临时公告形式披露相关业务销售情况，公司将参照指引相关规定执行。 一、2025年12月份生猪销售情况 公司2025年12月销售生猪180.89万头，环比变动15.40%，同比变动13.66%。收入21.51亿元，环比变动 18.71%，同比变动-10.75%。商品猪销售均价11.28元/公斤，环比变动-2.25%，同比变动-27.27%。 ■ 二、特别提示 特此公告 新希望六和股份有限公司 董 事 会 二○ ...

Market Overview - The US stock market closed higher, with the Dow Jones and S&P 500 indices reaching all-time closing highs. The S&P 500 rose by 0.62%, the Nasdaq increased by 0.65%, and the Dow Jones gained 0.99% [3] - The core drivers of the market were semiconductor and AI-related stocks, particularly following announcements from Nvidia's CEO regarding new AI processors and storage technology [3] - Semiconductor stocks performed exceptionally well, with SanDisk surging over 27%, Western Digital up 17%, Seagate Technology rising 14%, and Micron Technology increasing by 10% [3] - The Philadelphia Semiconductor Index rose by 2.75%, marking a historical record with a cumulative gain of approximately 8% in the first three trading days of the year [3] Technology Sector - Large tech stocks showed mixed performance, with Amazon leading at a 3.38% increase, followed by Microsoft at 1.20%. However, Tesla fell sharply by 4.14%, and Nvidia declined by 0.47% [3] - Chinese concept stocks faced pressure, with the Nasdaq Golden Dragon China Index dropping by 0.78%. Notable movements included a 70.83% surge in Zhongchi Chefu and a 3.18% increase in ASE Technology [4] Commodity Market - Gold prices continued to rise, with spot gold increasing by 0.8% to $4485.39 per ounce [5] - International oil prices retreated, with light crude oil futures for February delivery falling by 2.04% to $57.13 per barrel [5] Regulatory Developments - The Chinese Ministry of Commerce announced stricter export controls on dual-use items to Japan, effective immediately, to safeguard national security [6] - The People's Bank of China outlined its monetary policy for 2026, emphasizing a moderately loose approach and support for economic development and financial stability [6] Financial Sector Insights - Financial institutions anticipate an improvement in market liquidity due to increased credit issuance and fiscal fund allocation at the beginning of the year [9] - Analysts suggest that the Shanghai Composite Index may experience slight upward fluctuations, urging investors to monitor macroeconomic data and policy changes closely [9]

证券代码：000876 证券简称：新希望 公告编号：2026-03 债券代码：127049 债券简称：希望转2 登录新浪财经APP 搜索【信披】查看更多考评等级 公司2025年12月销售生猪180.89万头，环比变动15.40%，同比变动13.66%。收入21.51亿元，环比变动 18.71%，同比变动-10.75%。商品猪销售均价11.28元/公斤，环比变动-2.25%，同比变动-27.27%。 ■ 二、特别提示 1、上述披露仅包含公司生猪养殖与销售情况，不包含其他业务。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上述数据仅作为阶段性数 据，供投资者参考。敬请广大投资者注意投资风险。 特此公告 新希望六和股份有限公司 2025年12月生猪销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 新希望六和股份有限公司（以下简称"公司"）下属子公司从事生猪养殖业务。按照《深圳证券交易所上 市公司自律监管指引第3号一一行业信息披露》规定，深交所鼓励从事畜禽、水产养殖业务的上市公司 每月通过临时公告形式披露相关业务销售情况，公司将参照 ...

Core Insights - Sichuan's industrial development has shown strong momentum, with significant achievements in various sectors over the past 40 years, particularly in manufacturing and digital economy [8][9][21] Industrial Growth and Achievements - From 1978 to 2017, Sichuan's total industrial output value expanded by 194 times, with an average annual growth rate of 12.1%, outpacing the national growth rate by 1.6 percentage points [9][10] - The province's industrial investment increased by 645.6 times during the same period, with a total industrial investment of 9,181 billion yuan in 2017 [12][13] - Sichuan has established a complete industrial system with 41 major industries, employing 3.19 million people in large-scale industrial enterprises [10][11] Strategic Initiatives - Sichuan is focusing on developing a "5+1" modern industrial system to enhance industrial quality and efficiency, with specific emphasis on digital economy and high-tech industries [6][15][25] - The province has launched initiatives to optimize regional industrial layouts, promoting collaborative development across five economic zones [15][18] Technological Advancements - Sichuan has made significant strides in technological innovation, with over 4,000 high-tech enterprises and more than 1,000 provincial-level technology centers established [22] - The digital economy in Sichuan surpassed 1 trillion yuan in scale, with advancements in smart manufacturing and internet integration in the industrial sector [17][21] Export and Investment - By the end of 2017, Sichuan had over 230 industrial enterprises investing abroad, with a focus on high-end equipment and emerging sectors [24] - The province has attracted 189 Fortune 500 companies, maintaining its position as the leading region in Western China for foreign investment [24]