【头条要闻】 证监会最新发声！五方面深化资本市场投融资改革 进一步提高中长期资金入市规模比例 ——推动中长期资金入市实现突破性进展。截至2025年末，各类中长期资金合计持有A股流通市值约为 23万亿元，较年初增长36%；权益类基金规模由2025年初的8.4万亿元增长到11万亿元左右。 ——加大对新质生产力的支持服务力度。2025年，电子行业总市值已超过银行板块，成为A股第一大行 业。A股市值前50的公司中，科技企业从5年前的18家增加到了目前的24家。 ——推动上市公司提升投资价值。2025年，A股上市公司现金分红2.55万亿元，再创历史新高，是同期 IPO和融资规模的两倍，越来越多的公司是一年多次分红。2025年，全市场推动重大资产重组超过200 单，活跃度明显提升。 ——坚决维护市场"三公"原则。2024年以来，累计查办财务造假案件159起，有43起案件涉及的大股东 和实控人被严肃追责，金通灵、美尚生态、锦州港等特别代表人诉讼案件近期都取得了重大进展，有力 支持了投资者依法维权。 核查结果各异！3只大牛股集体复牌，天普股份被立案调查，国晟科技业绩预亏…… 天普股份、国晟科技、嘉美包装三只大牛股结束停牌核查 ...

Core Viewpoint - The company’s subsidiary, Zhejiang Daor Biological Technology Co., Ltd., has developed a first-in-class long-acting tri-target agonist, DR10624, which has been included in the breakthrough therapy category for the treatment of severe hypertriglyceridemia (sHTG) [1][2]. Drug Information - Drug Name: DR10624 Injection - Registration Category: Class 1 Biologic Product - Acceptance Number: CXSB2300148 - Indication: Severe hypertriglyceridemia - Reason for Inclusion: The drug meets the criteria for breakthrough therapy as per the regulatory guidelines [1]. R&D and Registration Status - DR10624 is a globally innovative tri-specific agonist targeting FGF21R, GCGR, and GLP-1R, with clinical research approvals from China CDE and the US FDA expected in October 2023 and October 2025, respectively [2]. - The Phase II clinical study (DR10624-201) results are set to be presented at the AHA Scientific Sessions 2025, showcasing significant triglyceride (TG) reductions: 74.5% in the 12.5mg group, 66.2% in the 25mg group, and 68.9% in the 50mg titration group [2]. - 78.5% of participants in the treatment group experienced TG reductions exceeding 50%, and 89.5% had TG levels below 500 mg/dL [2]. - DR10624 also demonstrated efficacy in improving lipid profiles related to atherosclerosis and significantly reducing liver fat content, with a median percentage reduction of up to 67% [2]. Clinical Advantages - DR10624 exhibits strong lipid-lowering effects and good safety profiles, making it a promising treatment option for sHTG patients [3]. - The drug's ability to lower liver fat and regulate metabolic syndromes adds to its clinical value [3]. Market Context - The prevalence of sHTG is increasing, with approximately 10% of adults affected globally, and 1% suffering from severe cases [4]. - Traditional lipid-lowering medications have limited efficacy in reducing TG levels below 500 mg/dL, highlighting the need for innovative treatments like DR10624 [5]. - The public health threat posed by sHTG is gaining attention, necessitating better therapeutic options [5]. Future Considerations - Following its inclusion in the breakthrough therapy list, DR10624 must complete further clinical trials and receive regulatory approval before market launch [4]. - The drug development process is characterized by high investment, long timelines, and significant risks, with various factors influencing clinical trial outcomes and market competition [4].

Market News - China will release December import and export data on January 14, with exports expected to grow by 3.0% year-on-year, down from 5.9% in November, while imports are anticipated to decline by 2.9% [3] - The trade balance for December 2025 will also be published on January 14, with total goods trade from January to November 2025 reaching 41.21 trillion yuan, a year-on-year increase of 3.6% [3] Commodity Futures - The Shanghai Futures Exchange will adjust the price limit for platinum and palladium futures contracts to 16% starting from January 13, 2026, with the trading margin standard set at 18% [4] Energy Outlook - The U.S. Energy Information Administration (EIA) will release its Short-Term Energy Outlook report on January 13, maintaining the WTI crude oil price forecast for 2025 at slightly below $69 per barrel [5] U.S. Economic Data - The U.S. will release December CPI data on January 13, with core CPI expected to rebound significantly, predicted at 0.36% by Morgan Stanley and 0.38% by Bloomberg, both higher than the average of 0.08% in October and November [6] - Key economic indicators including October and November PPI and November retail sales will also be released, with expectations of moderate PPI growth and a 0.7% rebound in retail sales for November [6] Federal Reserve - The Federal Reserve will publish its latest Beige Book on January 14, indicating that government shutdowns and AI applications have weakened the job market, while rising tariffs and healthcare costs have increased business expenses [7] Earnings Season - The earnings season for Q4 2025 will commence this week, with major banks including JPMorgan, Citigroup, and Goldman Sachs set to report [8] Sector Events - The second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, focusing on the new commercial era of eVTOL [10] - The fourth Data Center Liquid Cooling & AI Chip Thermal Management Supply Chain Conference will be held on January 14-15, 2026, in Shenzhen [10] - China's first comprehensive law in the nuclear energy sector, the Atomic Energy Law, will take effect on January 15, 2026 [11] Individual Company News - Hangyu Technology announced on January 11 that it has repurchased 752,800 shares, with plans to sell them within six months [13] - Huadong Medicine's subsidiary has developed a breakthrough treatment for severe hypertriglyceridemia, which has been included in the list of breakthrough therapies by the National Medical Products Administration [13] - Jingfeng Mingyuan plans to acquire 100% of Sichuan Yichong Technology Co., with a key review meeting scheduled for January 16, 2026 [13] - TSMC has commenced research on its next-generation 1.4nm process, with risk trial production expected to start in 2027 [13] Lock-up Expiration - From January 12 to January 16, 2026, 23 companies will have lock-up shares released, totaling 2.434 billion shares with a market value of approximately 48.56 billion yuan [16] - The highest market value of lock-up shares released on January 12 is from Tianxin Pharmaceutical at 7.84 billion yuan [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total issuance of approximately 34 million shares and expected fundraising of 1.909 billion yuan [19] Market Outlook - The current market enthusiasm is driven by concentrated inflows from previously cautious funds, with expectations for continued momentum in thematic and small-cap stocks until after the Two Sessions [22] - Guojin Securities suggests that the spring market is likely to perform well, with a focus on AI investments and the recovery of domestic manufacturing [23] - Everbright Securities anticipates sustained market heat but warns of potential cooling as the Lunar New Year approaches, recommending attention to sectors like electronics and power equipment [24]

Core Viewpoint - The announcement highlights that East China Pharmaceutical's subsidiary, Zhejiang Daor Biotechnology, has developed a groundbreaking drug, DR10624, which has been included in the list of breakthrough therapies for severe hypertriglyceridemia (sHTG) by the National Medical Products Administration (NMPA) of China [1][4]. Drug Information - Drug Name: DR10624 Injection - Registration Category: Class 1 Biopharmaceutical - Acceptance Number: CXSB2300148 - Indication: Severe hypertriglyceridemia (sHTG) [1]. R&D and Registration Status - DR10624 is a globally innovative long-acting tri-specific agonist targeting FGF21R, GCGR, and GLP-1R, with clinical research approvals from both China CDE and the US FDA for sHTG [2]. - The Phase II clinical study (DR10624-201) results showed significant triglyceride (TG) reductions: 74.5% in the 12.5mg group, 66.2% in the 25mg group, and 68.9% in the 50mg titration group [2]. - 78.5% of participants experienced TG reductions exceeding 50%, and 89.5% had TG levels below 500 mg/dL [2]. - DR10624 also demonstrated significant improvements in lipid profiles and liver fat content, with a median percentage reduction of up to 67% in liver fat [2][3]. Clinical Advantages - DR10624's innovative tri-target mechanism provides strong lipid-lowering effects and good safety profiles, making it a promising treatment option for sHTG patients [3]. - The drug's efficacy in reducing liver fat and regulating metabolic syndrome is highlighted as a significant clinical advantage [3]. Market Context - sHTG, defined as TG levels exceeding 500 mg/dL, poses significant health risks, including cardiovascular diseases and pancreatitis, with a rising prevalence globally [4]. - Traditional lipid-lowering medications have limited efficacy in reducing TG levels below 500 mg/dL, indicating a clinical need for more effective treatments like DR10624 [4]. Future Steps - Following its inclusion in the breakthrough therapy list, DR10624 must complete further clinical trials and receive approval from the NMPA before market launch [5]. - The company is committed to advancing the drug's development in accordance with national regulations and will keep investors informed of progress [5].

Key Points - Major asset restructuring plans are underway for several companies, including JiaoYun Co. and Dongzhu Ecology, with significant risks of termination noted for Dongzhu Ecology's restructuring efforts [11][12] - ST KeliDa is set to resume trading on January 12, 2026, following a proposed change in its actual controller [5] - NineLink Technology has terminated its major asset restructuring plans due to disagreements on core transaction terms [6] - Companies like Huazhou Laojiao and others have announced substantial profit distributions and performance forecasts, indicating positive growth trends [8][9][10] Focus Area 1: Asset Restructuring - JiaoYun Co. is planning a major asset swap involving its automotive sales and service segments with assets from its controlling shareholder [11] - Dongzhu Ecology is attempting to acquire control of Kai Rui Xing Tong Information Technology but faces significant termination risks due to valuation disagreements [12] - NineLink Technology has decided to halt its plans to acquire a 51% stake in Chengdu Neng Tong Technology after failing to reach consensus on key transaction details [6] Focus Area 2: Trading Resumption and Risk Warnings - ST KeliDa will resume trading on January 12, 2026, after a proposed change in its actual controller [5] - China First Heavy Industries and Oriental Pearl have issued risk warning announcements regarding their stock trading, highlighting the volatility and lack of revenue from certain projects [3][4] Focus Area 3: Performance Forecasts - Huazhou Laojiao expects a net profit of between 235 million to 271 million yuan for 2025, a significant recovery from a loss in the previous year [8] - China Shipbuilding Defense anticipates a net profit increase of 149.61% to 196.88% for 2025, driven by improved production efficiency and revenue from joint ventures [9] - Daotong Technology projects a net profit of 900 million to 930 million yuan for 2025, reflecting a growth of 40.42% to 45.10% [10]

Group 1: Stock Trading and Corporate Actions - Jia Mei Packaging's stock will resume trading on January 12, 2026, after a price increase of 230.48% from December 17, 2025, to January 6, 2026, which led to a temporary suspension for investigation [1] - Yanjiang Co. continues to suspend its stock trading due to uncertainties related to a potential major asset restructuring, with a trading plan expected to be disclosed by January 19, 2026 [1] - Shangluo Electronics' application for issuing convertible bonds has been accepted by the Shenzhen Stock Exchange [4] - Xianle Health plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital strength [4] - Hangyu Technology plans to sell up to 752,800 repurchased shares to supplement working capital [4] Group 2: Mergers and Acquisitions - Defu Technology has terminated its acquisition of 100% of Luxembourg Copper Foil due to additional restrictions imposed by the Luxembourg Ministry of Economy [2] - Defu Technology intends to acquire at least 51% of Huiru Technology through cash purchase and capital increase, with Huiru becoming a subsidiary post-transaction [3] Group 3: Financial Performance and Forecasts - Dechang Co. expects a net profit decrease of 51% to 61% for 2025, with automotive parts business growth offset by challenges in the home appliance sector [7] - Hebang Bio anticipates a net loss for 2025 due to asset impairment provisions [8] - Qu Mei Home expects negative profit figures for 2025, with a reported loss of approximately 66.93 million yuan for the first nine months of 2025 [9] - Jinzhongzi Liquor forecasts a net loss for 2025, although the loss is expected to narrow compared to the previous year [10] - Sichuang Electronics predicts a net loss of 265 million to 340 million yuan for 2025, attributed to competitive pressures and delayed customer orders [11] - Wansheng Co. anticipates a net loss for 2025 [12] - Weiyuan Co. expects a net loss for 2025 [13] - Kosen Technology forecasts a net loss for 2025 due to market demand fluctuations and strategic adjustments [13] - Zhongheng Group predicts a net loss for 2025 [13] - Xiantan Co. reported a chicken product sales revenue of 530 million yuan in December 2025, a year-on-year increase of 9.41% [13] Group 4: Shareholder Actions - Huate Gas shareholders plan to reduce their holdings by up to 2% through block trades between February 4 and April 30, 2026 [14] - Meidike's shareholder intends to reduce holdings by up to 1% through centralized bidding [14]

Group 1 - Defu Technology plans to acquire at least 51% of Huiru Technology through cash purchase and capital increase, aiming for rapid capacity expansion to meet growing downstream demand [2] - Huiru Technology specializes in the R&D, production, and sales of high-performance electrolytic copper foil, with a current production capacity of 20,000 tons per year [2] - East China Pharmaceutical's subsidiary, Daor Biotechnology, has its product DR10624 included in the list of breakthrough therapeutic varieties, targeting severe hypertriglyceridemia [3][18] - DR10624 is a globally first-of-its-kind long-acting tri-specific agonist, showing excellent efficacy in reducing triglycerides and eliminating liver fat in clinical trials [3][18] Group 2 - Xiantan Co. reported a 9.41% year-on-year increase in chicken product sales revenue, reaching 529 million yuan, with sales volume up by 6.76% [4][19] - Jiamei Packaging's stock will resume trading on January 12 after completing a review during its suspension, with a significant price increase of 230.48% during the suspension period [5][20] - Xianle Health plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6][21][22] Group 3 - China Shipbuilding Defense expects a net profit increase of 149.61% to 196.88% for 2025, projecting a profit of 940 million to 1.12 billion yuan [7][23] - Daotong Technology anticipates a net profit growth of 40.42% to 45.10% for 2025, with a projected profit of 900 million to 930 million yuan [8][24] - Huace Navigation forecasts a net profit increase of 14.84% to 18.27% for 2025, estimating a profit of 670 million to 690 million yuan [9][25] Group 4 - Luokai Co. won a procurement project from State Grid Fujian Electric Power, with a total contract value of approximately 48.2 million yuan [10][26] - Minhe Co. reported a 65.22% year-on-year increase in the sales volume of commodity broiler chicks, totaling approximately 29.66 million chicks, with sales revenue up by 53.09% [11][27] - Zhenghai Bio obtained a medical device registration certificate for calcium silicate bio-ceramic oral bone repair materials, suitable for alveolar bone defect repair [12][28] - Three Gorges Energy reported a cumulative total power generation increase of 5.99% for 2025, with a total generation of 762.61 billion kWh [13][29] - Huisheng Bio expects a net profit of 235 million to 271 million yuan for 2025, marking a turnaround from a loss in the previous year [14][30]

Core Viewpoint - The announcement highlights the inclusion of DR10624, a novel long-acting tri-target agonist developed by Zhejiang Daor Bio, in the list of breakthrough therapies for severe hypertriglyceridemia (sHTG), indicating significant potential for addressing this public health issue [1]. Group 1: Product Development and Clinical Research - DR10624 is a first-in-class tri-specific agonist targeting FGF21R, GCGR, and GLP-1R, with clinical research approvals from China's CDE and the US FDA for sHTG [1]. - The Phase II clinical study (DR10624-201) results are set to be presented at the 2025 American Heart Association Scientific Sessions, showcasing its innovative approach in treating sHTG [1]. Group 2: Clinical Efficacy and Safety - Clinical data from the DR10624-201 study demonstrate strong lipid-lowering effects and good safety profiles, with additional benefits in reducing liver fat and metabolic regulation [2]. - Traditional lipid-lowering medications have limited efficacy in reducing triglyceride levels below 500 mg/dL, highlighting the need for more effective treatments like DR10624 [2]. Group 3: Public Health Implications - The increasing prevalence of hypertriglyceridemia, with approximately 10% of adults affected globally, underscores the urgent need for better therapeutic options for sHTG, which is associated with serious health risks [2][3]. - DR10624's potential to significantly lower triglycerides and improve inflammatory lipid profiles positions it as a promising innovative therapy for sHTG and related metabolic diseases [3].

Group 1 - Jia Mei Packaging's stock will resume trading on January 12, 2026, after completing a review due to a 230.48% price increase from December 17, 2025, to January 6, 2026 [1] - Yan Jiang Co. continues to suspend trading as it plans to acquire assets, with a disclosure expected by January 19, 2026 [2] - Defu Technology terminated its acquisition of 100% of Luxembourg Copper Foil due to restrictions from the Luxembourg Ministry of Economy, with a refund of €17.4047 million expected [3] Group 2 - Defu Technology plans to acquire at least 51% of Huiru Technology through cash and capital increase, with Huiru focusing on high-performance electrolytic copper foil [4] - Shangluo Electronics' application for issuing convertible bonds has been accepted by the Shenzhen Stock Exchange [5] - Xianle Health intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital strength [6] Group 3 - Hangyu Technology plans to sell up to 752,800 repurchased shares to supplement working capital, with a potential cancellation of unsold shares [7] - Fangsheng Pharmaceutical's production facility failed a GMP compliance check, but it will not significantly impact operations [8][9] - East China Pharmaceutical's subsidiary's product has been included in the list of breakthrough therapeutic varieties for severe hypertriglyceridemia [10] Group 4 - Dechang Co. expects a net profit decrease of 51% to 61% for 2025, primarily due to competitive pressures and foreign exchange losses [12] - Hebang Bio anticipates a net loss for 2025 due to asset impairment provisions [13] - Qu Mei Home expects a net loss for 2025, with significant negative figures reported for the first nine months [14] Group 5 - Jinzongzi Wine forecasts a net loss for 2025, although the loss is expected to narrow compared to the previous year [15] - Sichuan Electronics expects a net loss of between 265 million to 340 million yuan for 2025, attributed to market competition and delayed orders [16] - Wansheng Co. anticipates a net loss for 2025 [17] - Weiyuan Co. also expects a net loss for 2025 [19] - Kosen Technology predicts a net loss for 2025 due to low capacity utilization and strategic adjustments [20] - Zhongheng Group expects a net loss for 2025 [21] Group 6 - Xiantan Co. reported a 9.41% year-on-year increase in chicken product sales revenue to 530 million yuan in December 2025 [22] Group 7 - Huate Gas shareholders plan to reduce their holdings by up to 2% through block trades [24] - Meidike shareholders plan to reduce their holdings by up to 1% through market transactions [25]

格隆汇1月11日丨华东医药(000963.SZ)公布，近日，根据国家药品监督管理局药品审评中心(CDE)发布 的公示信息，公司控股子公司浙江道尔生物科技有限公司(以下简称"道尔生物")自主研发的同类首创 (FIC)的靶向成纤维细胞生长因子 21 受体(Fibroblast growthfactor 21 receptor，FGF21R)，胰高血糖素受 体(Glucagon receptor，GCGR)，和胰高血糖素样肽-1 受体(Glucagon-like peptide-1 receptor，GLP-1R)的 长效三靶点激动剂 DR10624 被纳入突破性治疗品种，拟定适应症为重度高甘油三酯血症(severe hypertriglyceridemia，sHTG)。 ...