Group 1 - The core objective of the "14th Five-Year Plan" for local state-owned enterprises (SOEs) is to significantly enhance technological self-reliance, achieve rapid breakthroughs in key core technologies, and steadily increase the number of leading technology enterprises [1] - The focus for 2026 includes improving quality and efficiency, enhancing growth quality, and exploring growth potential while ensuring smooth economic circulation [1] - A total of 500 billion yuan in new policy financial tools has been fully allocated, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan [1] Group 2 - The emphasis on stabilizing growth includes promoting major project implementation in urban renewal, affordable housing, and new infrastructure such as smart logistics and 5G IoT to stimulate consumption [2] - The State-owned Assets Supervision and Administration Commission (SASAC) aims to strengthen the role of SOEs in technological innovation, optimize the layout of state-owned capital, and enhance traditional industries while developing emerging pillar industries [2][3] - Key areas for SOE reform this year include deepening the "three systems" reform, improving innovation mechanisms, and establishing a regulatory model that balances state asset security with development vitality [3]

Group 1 - The core viewpoint emphasizes the five main goals for local state-owned enterprises during the "14th Five-Year Plan" period, focusing on enhancing strategic missions and contributions to economic and social development [1] Group 2 - The first goal is to significantly strengthen strategic missions, highlighting the importance of strategic security, industry leadership, public service, and the contribution of state-owned economy to social development [1] - The second goal aims to improve self-reliance in technology, with rapid breakthroughs in key core technologies and a steady increase in the number of leading technology enterprises [1] - The third goal focuses on optimizing layout, maintaining control in critical industries related to national security and the economy, accelerating the transformation of traditional industries, and significantly increasing the proportion of value added from strategic emerging industries [1] - The fourth goal is to enhance corporate vitality, with improvements in the modern enterprise system and state-owned asset supervision, alongside the promotion of entrepreneurial and scientific spirit [1] - The fifth goal is to strengthen the leadership and construction of the Party, ensuring that strict governance of the Party plays a leading and safeguarding role [1]

Investment Rating - The report maintains an "Overweight" rating for the medical device industry [5]. Core Insights - The medical device industry in China has a prominent supply chain advantage, with overseas markets expected to maintain rapid growth. The brain-computer interface (BCI) sector is at a critical turning point, likely to see demand release. AI medical applications are gradually becoming operational, poised to reshape the health market [3]. Summary by Relevant Sections Investment Recommendations - For the overseas medical device sector, recommended stocks include: United Imaging Healthcare, Nanwei Medical, Microelectronic Physiology, Guichuang Tongqiao, Yuyue Medical, and New Industry. Stocks to watch include: Jingfeng Medical, MicroPort Scientific, and Chuangli Medical [5]. - In the brain-computer interface sector, recommended stocks are: Lepu Medical, Weisi Medical. Stocks to watch include: Meihao Medical, Xiangyu Medical, Mcland, Xinwei Medical, Aipeng Medical, Chengyitong, Chuangxin Medical, and Botuo Bio [5]. - For the AI + device sector, recommended stocks are: Yuyue Medical, BGI Genomics, KingMed Diagnostics, and United Imaging Healthcare. Stocks to watch include: Dian Diagnostics [5]. Overseas Market Growth - The supply chain advantage of domestic medical devices is significant, with exports expected to grow rapidly. In the first three quarters of 2025, United Imaging Healthcare's overseas revenue increased by 41.97% year-on-year, becoming a crucial growth driver for the company. The company continues to expand its market share in key regions due to superior product performance and localized service capabilities. By December 2025, MicroPort Scientific's global cumulative order volume exceeded 160 units, with core products in endoscopy, orthopedics, and vascular intervention surpassing 230 units in total orders. In 2025, Jingfeng Medical achieved a breakthrough in multiple key global markets, leading to explosive growth in overseas orders [5]. Brain-Computer Interface Market - The brain-computer interface market is at a pivotal turning point, with anticipated demand release. China's "14th Five-Year Plan" explicitly suggests a forward-looking layout for future industries, promoting BCI as a new economic growth point. In December 2025, Elon Musk announced that Neuralink would begin large-scale production of BCI devices in 2026, transitioning to a more streamlined and nearly fully automated surgical process. In January 2026, China's BCI company Strong Brain Technology announced it had completed a new round of financing of approximately 2 billion yuan, setting a record for the second-largest single financing in the field globally, following Neuralink. The funds will be used to accelerate core technology research and development, extreme engineering breakthroughs, and product scaling and mass production [5]. AI Medical Applications - AI medical applications are gradually becoming operational, with the potential to reshape the health market. In June 2025, Ant Group launched the AI Health Manager AQ, which was officially upgraded to "Antifufu" in December 2025. By January 2026, the "Antifufu" app had over 30 million monthly active users, with daily inquiries exceeding 10 million, 55% of which came from third-tier cities and below. In January 2026, Tempus AI reported preliminary revenue of approximately 1.27 billion USD for 2025, representing an 83% year-on-year increase, exceeding initial expectations. OpenAI announced the acquisition of the healthcare tech startup Torch to expand into the healthcare sector, while Google launched the next-generation open-source medical AI model MedGemma1.5 and released the open-source medical speech-to-text model MedASR [5].

Group 1 - The core viewpoint of the articles highlights the growing significance of the cultural industry in China's economy, with a focus on innovative development and the integration of technology to enhance cultural experiences [1][2][3] - During the New Year holiday, Chinese theme parks saw a significant increase in hotel bookings, with a 50% year-on-year growth, indicating a rising popularity of domestic cultural tourism [1] - The cultural industry is increasingly recognized as a "growth engine" for the national economy, with a reported 7.9% year-on-year increase in revenue for cultural enterprises in the first three quarters of 2025, outpacing GDP growth [1] Group 2 - Activating existing cultural resources is essential for enhancing cultural value, with examples like Shenzhen's Gankeng Ancient Town demonstrating successful sustainable operational models that significantly increased revenue from 3.5 million to over 40 million yuan [2] - The integration of digital technology into the cultural industry has led to the emergence of new industries and models, enhancing consumer experiences and optimizing industry efficiency, as evidenced by the global download of micro-short dramas exceeding 470 million [2] - The "going global" strategy for Chinese culture is evolving from product export to value dissemination, with significant growth in overseas sales of Chinese games projected to reach $18.557 billion in 2024, and a notable increase in overseas licensing agreements for literary works [3]

Core Viewpoint - The completion of the 220 kV Ruifeng Substation in Foshan represents a significant milestone in the city's power grid construction, enhancing the development potential of the Beijian New Industrial Park and supporting Foshan's economic growth [1][3]. Group 1: Project Overview - The Ruifeng Substation, with a total investment of 533 million yuan, is a key project in Guangdong Province and marks the end of the "14th Five-Year Plan" for the power grid construction in Foshan [1]. - The substation is located in the southeastern part of Niulanggang Village, Shanshui District, and serves as an important power hub for the Beijian New Industrial Park, which is one of the seven major industrial clusters in the province [3]. Group 2: Economic Impact - During the "14th Five-Year Plan," Shanshui District attracted 908 investment projects with a total investment exceeding 356 billion yuan, representing a 57.82% increase in signed investment compared to the "13th Five-Year Plan" [3]. - The completion of the substation is expected to alleviate regional power supply pressure and enhance the reliability of the power grid, which is crucial for supporting the growing electricity demand from large consumers like Bangpu Recycling [3]. Group 3: Construction Efficiency - The project adopted an innovative "land acquisition and immediate construction" model, significantly reducing the approval time by approximately 4-5 months, completing the construction in just 10 months [4]. - A collaborative governance model was implemented, which streamlined the approval process and ensured compliance with project regulations, providing a replicable experience for future major projects [4]. Group 4: Power Supply Growth - Foshan's electricity load has shown strong growth, with the highest load reaching 16.8 million kilowatts and total electricity consumption increasing from 71 billion kWh to 89 billion kWh during the "14th Five-Year Plan" [4]. - The city has become the fourth in the southern provinces to exceed both 15 million kilowatts in peak load and 80 billion kWh in total electricity consumption [4].

Group 1 - New Industry's stock price has dropped 1.27% to 58.96 CNY per share, with a trading volume of 425 million CNY and a turnover rate of 1.06%, resulting in a total market capitalization of 46.326 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 6.14% [1] - New Industry Biomedical Engineering Co., Ltd. specializes in the research, development, production, and sales of fully automated chemiluminescence immunoassay instruments and related reagents, with revenue composition of 69.62% from reagents, 30.21% from instruments, and 0.16% from other sources [1] Group 2 - Huazhang Fund has one fund heavily invested in New Industry, specifically the Huazhang CSI Medical Device Index Fund A (021469), which increased its holdings by 8,900 shares to a total of 15,300 shares, representing 3.33% of the fund's net value, making it the fifth largest holding [2] - The fund has incurred a floating loss of approximately 11,600 CNY today and a total floating loss of 59,100 CNY during the three-day decline [2] - The Huazhang CSI Medical Device Index Fund A (021469) was established on November 5, 2024, with a latest scale of 15.8869 million CNY, and has achieved a year-to-date return of 11.11% and a one-year return of 18.53% [2] Group 3 - The fund manager of Huazhang CSI Medical Device Index Fund A is Su Qingyun, who has a tenure of 9 years and 29 days, managing total assets of 4.628 billion CNY, with the best fund return during the tenure being 127.62% and the worst being -62.44% [3]

Group 1 - The core viewpoint of the article highlights the rapid growth and success of the Sino-German (Changzhou) Innovation Industry Park, which has attracted 82 German-speaking enterprises with a total investment exceeding 2.3 billion euros, aiming to surpass 100 enterprises by 2026 [1] - The German company Mimpus plans to establish a subsidiary in Changzhou to provide comprehensive support for local enterprises and assist Chinese companies in overseas investments, indicating the park's potential for growth and expansion [1] - The park has successfully integrated leading manufacturing enterprises and "hidden champions," enhancing the clustering effect of German-speaking companies, with 60% of these being "hidden champions" that align with the park's focus on five key industries: new energy, new infrastructure, new materials, new medicine, and new intelligent equipment [2] Group 2 - The park's efficient service and strong industrial ecosystem in the Yangtze River Delta have attracted companies like Pudong Development Bank, which is expanding its operations in Changzhou, showcasing the "Changzhou speed" and "Changzhou warmth" in project approvals and land planning [3] - A dedicated "German service team" has been established to maintain regular communication with German enterprises, providing tailored services in cross-border financial support, which enhances investment confidence among these companies [3] - The park aims to become the preferred location for German-speaking enterprises in China and a significant industrial cluster in the Yangtze River Delta, focusing on long-term development and deepening the industrial ecosystem [3]

Core Viewpoint - The recent block trading activity of New Industry indicates significant institutional interest, with a total transaction volume of 3.13 million shares and a transaction value of 183 million yuan on January 13, reflecting a discount of 2.49% compared to the closing price [2][3] Group 1: Block Trading Details - On January 13, there were 5 block trades totaling 3.1362 million shares and 183 million yuan in transaction value, with a uniform transaction price of 58.23 yuan [2] - Institutional proprietary seats participated in 3 of the trades, contributing a total transaction value of 140 million yuan and a net purchase of 140 million yuan [2] - Over the past 3 months, the stock has seen 9 block trades with a cumulative transaction value of 374 million yuan [2] Group 2: Stock Performance Metrics - The closing price of New Industry on January 13 was 59.72 yuan, down 1.14%, with a daily turnover rate of 0.79% and a total transaction amount of 323 million yuan [2] - The stock experienced a net inflow of 18.95 million yuan in main funds throughout the day, while over the past 5 days, the stock has increased by 0.37% with a total net outflow of 3.99 million yuan [2] - The latest margin financing balance for the stock is 830 million yuan, having increased by 21.15 million yuan over the past 5 days, representing a growth of 2.61% [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Healthcare in China - **Focus**: Innovative drug industry and its global ambitions amid domestic challenges [1][11] Core Insights and Arguments - **Globalization Impact**: China's innovative drug industry is gaining global attention, driven by numerous license-out deals and strong clinical data. The industry is expected to leverage cost efficiency, a comprehensive supply chain, and favorable policies to continue its growth [1][11] - **Domestic Market Pressure**: The Basic Medical Insurance (BMI) system is under financial strain, with a 2.0% income growth in the first 10 months of 2025 and a significant surplus decline from RMB52.0 billion in 2024 to RMB27.3 billion in 2025. This indicates a challenging environment for domestic pharmaceutical sales [2] - **Regulatory Changes**: Chinese regulators have implemented transformative policies to control healthcare costs while promoting innovation. These include measures that compress margins for generic drugs but support R&D for innovative drugs [1][30] Investment Opportunities - **Favorable Segments**: The report favors biotech, pharmaceuticals, and Contract Research and Development Manufacturing Organizations (CRDMO) for investment, anticipating positive catalysts such as more out-licensing deals and accelerated progress of licensed assets [3] - **Company Recommendations**: - **Innovent**: Preferred for its co-development model with Takeda - **BeOne**: Noted for its leadership in BTK with Brukinsa - **Hansoh**: Expected solid growth from innovative drugs like almonertinib - **Huadong**: Defensive play with potential from GLP-1 franchise - **SNIBE**: Upgraded to Buy with a price objective of RMB74.0, reflecting strong growth potential [3][6] Clinical Trials and Cost Advantages - **Cost Efficiency**: Clinical trials in China are significantly cheaper than in developed markets, with over 40,000 clinical sites available, which enhances recruitment speed and reduces costs [14][16] - **Regulatory Framework**: Improvements in regulatory processes and a growing number of new drug IND applications (1,263 in 2024) indicate a robust environment for drug development [16][17] Supply Chain and Talent Pool - **Integrated Supply Chain**: China has established a comprehensive supply chain for drug R&D, ranking highly in various stages of drug development, including API manufacturing and clinical trials [21][24] - **Talent Availability**: The country produces over 5 million STEM graduates annually, providing a vast talent pool for the pharmaceutical industry [26] Policy Environment - **Transformative Policies**: Key policies include joining the International Council for Harmonisation (ICH), implementing Value-Based Procurement (VBP) for generics, and introducing measures to support innovative drug development [30][31] Patent Cliff Risks for MNCs - **Patent Expirations**: Major multinational corporations face significant patent expirations over the next few years, with key drugs contributing over 25% of their revenue at risk [32][35] Additional Insights - **Market Dynamics**: The shift towards innovative drugs is reshaping the competitive landscape, with companies needing to adapt to cost-containment measures affecting generic drug margins [30] - **Investment Risks**: The domestic market's pressure and the sustainability of the BMI system pose risks to pharmaceutical companies operating primarily in China [2][3]

深圳市新产业生物医学工程股份有限公司 简式权益变动报告书 信息披露义务人：天津红杉聚业股权投资合伙企业（有限合伙） 执行事务合伙人：上海喆煊投资中心（有限合伙） 注册地址：天津自贸试验区（空港经济区）空港国际物流区第二大街 1 号 103 室 通讯地址：北京市朝阳区建国路 77 号华贸中心写字楼 3 座 3606 权益变动性质：股份减少 签署日期：2026 年 1 月 13 日 1 上市公司名称：深圳市新产业生物医学工程股份有限公司 股票上市地点：深圳证券交易所 股票简称：新产业 股票代码：300832 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《证券期货法律适用意见第19号—— <上市公司收购管理办法>第十三条、第十四条的适用意见》《公开发行证券的 公司信息披露内容与格式准则第15号——权益变动报告书》及其他相关法律、法 规和部门规章的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收 ...