Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

于立军强调，当前和今后一个时期是四川通过科技创新赋能农业发展、加快建设农业强省的重要 窗口期，要进一步提高思想认识，把农业科技创新摆在突出重要位置来抓，持续推进科技创新与 产业创新深度融合。要顺应科技创新规律，强化企业创新主体地位，完善梯度培育机制，既盯住 大块头、培育创新龙头，又抓好专精特、打造行业"小巨人"，发展壮大一批农业科技领军企业、 高新技术企业、科技型中小企业。要推动创新资源向企业集聚，以重大项目为抓手，支持企业围 绕生物育种、农机装备研发、农技推广、农兽药创制等领域，更多承担国家和省上关键核心技术 攻关任务，不断提升科技创新整体效能。要支持农业企业科技人才引育培养，推进各类人才计划 向农业科技企业倾斜，畅通企业与高校、科研院所人才交流通道，加快实现人才共用共育。要用 心用情帮助企业办实事解难题，统筹资源力量，广泛搭建平台，帮助企业做好品牌推广、渠道拓 展和事迹宣传，切实维护企业合法权益，持续营造激励创新的良好环境。 本报讯（四川日报全媒体记者 吴浩）近日，省委副书记、政法委书记于立军在成都专题调研农业 企业科技创新工作，强调要深入贯彻习近平总书记关于"三农"工作的重要论述和中央农村工作会 议精神 ...

2026年，河南将深化重点领域改革。 内容来源 | 大河财立方 1月26日，河南省十四届人民代表大会第四次会议在郑州开幕，省长王凯作政府工作报告。 报告提出，2026年主要预期目标是：经济增长5%左右、在实际工作中努力争取更好结果，规上工业增加值增长6.5%左右，固定资产投资增长5%左右，社 会消费品零售总额增长5.5%左右，进出口稳量提质，一般公共预算收入增长4%左右，城镇调查失业率5.5%左右，城镇新增就业110万人以上，居民消费价 格涨幅2%左右，居民收入增长与经济增长同步，粮食产量1300亿斤以上、力争比去年实现更多增长，单位生产总值二氧化碳排放降低目标与国家"十五 五"考核目标统筹衔接。 政府工作报告中提到，2026年，河南将深化重点领域改革。启动新一轮国资国企改革行动，持续推进国企战略性重组和专业化整合，加大战略性新兴产 业、民生领域投资力度。深入实施促进民营经济高质量发展行动计划，依法保障平等使用生产要素、公平参与市场竞争、有效保护合法权益。深化产业园 区矩阵式改革，提升综合承载能力和产业集群发展水平。深化零基预算改革，完善绩效管理全链条机制。全面开展第二轮土地承包到期后再延长30年整省 试点。 ...

关于公司产品获得 IVDR CE 认证的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，深圳市新产业生物医学工程股份有限公司（以下简称"公司"）4项 产品获得了由欧盟公告机构-TÜV南德意志集团签发的IVDR CE最高风险等级 Class D认证证书，具体获证情况如下： | 序 号 | 产品名称 | 有效期 | 证书编号 | | 临床用途 | | --- | --- | --- | --- | --- | --- | | | | 有 效 期 至 | No. V13 | 105113 | 与其他乙肝病毒血清学标志物 联合使用，有助于监测乙肝病 | | | Anti-HBs (CLIA) | 2030-12-14 | 0015 Rev. | 01 | 毒感染患者的疾病进程，并有 | | 1 | 乙型肝炎病毒表面抗体测定 | | | | 助于确定乙肝病毒免疫状态不 | | | 试剂盒（磁微粒化学发光法） | | | | 明者的乙肝病毒免疫状况，以 | | | | 有 效 期 至 | No. V76 | 105113 | 及在乙肝疫苗接种范围内评估 | | ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector underperformed the overall market, with a 0.39% decline in the biopharmaceutical sector compared to a 1.17% increase in the total A-share market [32] - The TTM price-to-earnings ratio for the pharmaceutical sector is 38.51x, which is at the 84.35th percentile of the historical valuation over the past five years [32][37] - The report highlights a shift in fund holdings, with a decrease in the proportion of pharmaceutical holdings in both pharmaceutical and non-pharmaceutical funds [11][16] Summary by Sections Market Performance - The overall A-share market increased by 1.17%, while the Shanghai and Shenzhen 300 index decreased by 0.62% [32] - The biopharmaceutical sector's performance was weaker than the overall market, with specific declines in chemical pharmaceuticals (-1.11%) and medical services (-2.17%) [32] Fund Holdings Analysis - As of Q4 2025, the net asset value of pharmaceutical funds reached 358.4 billion, a decrease of 9.0% from the previous quarter [11] - The proportion of pharmaceutical holdings in all funds was 7.97%, down 1.71 percentage points [16] - The largest sub-sectors by holdings were chemical preparations (37.5%) and other biological products (20.8%) [19] Company Earnings Forecasts and Ratings - Key companies such as Mindray Medical (237 billion market cap, "Outperform" rating) and WuXi AppTec (293.6 billion market cap, "Outperform" rating) are highlighted for their strong earnings forecasts [4] - The report lists several companies with projected earnings growth, including Aier Eye Hospital and New Industry, both rated "Outperform" [4] Investment Strategy - The report recommends focusing on innovative drugs and the CXO sector, emphasizing the competitive advantages of Chinese companies in the chemical CDMO space [41] - A portfolio of recommended stocks includes Mindray Medical, WuXi AppTec, and Aier Eye Hospital, among others [42][43]

Core Viewpoint - The Nanjing Municipal Government has issued policies aimed at accelerating the cultivation of new productive forces to promote high-quality development, focusing on building advanced manufacturing clusters and providing financial support for various innovative projects [1] Group 1: Advanced Manufacturing Clusters - The policy emphasizes the construction of competitive advanced manufacturing clusters in smart grids, software and information services, special steel materials, and large aircraft [1] - Financial support of up to 5 million yuan is available for recognized scene construction tasks [1] Group 2: Innovation and Technology Support - Funding support is provided for projects related to information technology application innovation, open-source commercialization, software application adaptation, and industrial software [1] - Newly recognized national and provincial manufacturing innovation centers will receive matching support up to 100 million yuan, based on national and provincial funding [1] Group 3: Biopharmaceutical Industry Development - The policy aims to accelerate the development of the biopharmaceutical industry, offering up to 2 million yuan for projects achieving breakthroughs in preclinical technology [1] - Companies conducting clinical research on innovative drugs can receive rewards of up to 1 million yuan per product [1] Group 4: Key Industries and Platforms - The initiative seeks to enhance the capabilities of key industries such as smart manufacturing equipment, intelligent connected new energy vehicles, and integrated circuits [1] - Plans include the establishment of pilot verification platforms and demonstration bases for emerging industries [1] Group 5: Low-altitude Economy - The policy promotes the development of the low-altitude economy, providing rewards of up to 5 million yuan for companies that open new low-altitude flight routes for logistics and delivery [1] Group 6: Specialty Industry Development - Implementation of action plans for the development of specialty advantageous industries, supporting the construction of characteristic industrial clusters and parks in various districts [1] - Support is also available for newly approved national emerging industry development demonstration bases and key parks recognized at the provincial level [1]

Core Viewpoint - The trend of listed companies participating in fund establishment reflects their strategic need for transformation and expansion, showcasing long-term strategic vision [1] Group 1: Fund Establishment Trends - Nearly 60 listed companies have announced their participation in fund establishment or disclosed project progress this year [1] - Collaborating with professional institutions for joint investments is the mainstream approach for listed companies in fund establishment [2] - Companies like Tianjin Pengling Group and Ningbo Deye Technology have initiated funds with significant capital contributions, indicating a strong commitment to this trend [2] Group 2: Investment Strategies - Subscription to fund shares is also a significant method for listed companies to engage in fund investments [3] - Companies are leveraging partnerships with professional investment institutions to enhance resource allocation efficiency and capture market opportunities in new technologies and industries [3] - The involvement of professional institutions provides management experience and risk control capabilities, strengthening companies' resilience [3] Group 3: Focus on Emerging Industries - The robotics industry chain is becoming a popular investment area for listed companies establishing funds, with a focus on key components and various types of robots [4] - Other emerging industries such as new energy, new materials, semiconductors, and artificial intelligence are also core investment directions due to their growth potential [5] - Companies are strategically positioning themselves to secure core technologies and supply chains, thereby building a solid industrial moat [5] Group 4: Strategic Considerations - Listed companies need to balance strategic alignment with risk management when establishing funds, ensuring that investments align with long-term strategies [5] - The improvement of regulatory policies is expected to enhance the standardization of fund establishment by listed companies, optimizing the role of capital in empowering industries [5]

活动现场，扬州市新型食品领域概念验证中心揭牌成立，将构建"技术研发—概念验证—孵化培育—产 业应用"全链条创新生态；扬州新型食品产业链创业人才实践基地同步授牌，由扬州食品产业园与扬州 大学、南京师范大学合作共建，为高校学子创新创业提供支撑。新型食品产业链OPC人才创新社区正式 启动，社区聚焦食品产业特色与创业创新需求，为食品领域创业人才提供从创意到产业的全闭环支持。 中新网扬州1月24日电 (徐珊珊周雨)1月24日，长三角冷链与食品创新产业大会暨扬州新型食品产业链 OPC人才创新社区成立仪式在扬州举行。大会聚焦 "科技赋能、产业融合、协同发展"，来自长三角地 区的行业精英、专家及政企代表齐聚运河之畔，共话冷链与食品产业高质量发展新路径。 1月24日，长三角冷链与食品创新产业大会在扬州举行。广陵区融媒体中心供图 当前，扬州正全面提升产业项目"含金量、含绿量、含新量、含才量"，聚力打造"中国最优OPC创业之 城"。作为扬州"613"产业体系重点产业链，扬州的食品产业基础雄厚、载体完备，已集聚近800家生产 企业。此次大会上，广陵区作食品产业专题推介，亮出坚实产业家底：新型食品年产值超13亿元，速食 食品产值超25 ...

默根特勒表示，这种以应用为导向的创新路径，也在世界经济论坛的相关项目中得到体现。在论坛认定 的"全球灯塔工厂"和"人工智能应用之星"项目名单中，有相当一部分是中国企业，反映出中国企业在先 进制造和人工智能应用方面的活跃度和成熟度。他认为，中国企业成功案例的共同特点在于，企业并非 简单引入新技术，而是围绕技术对组织结构、生产流程和决策方式进行系统性调整。 世界经济论坛2026年年会期间，世界经济论坛执行董事兼首席技术官斯特凡·默根特勒在接受本报记者 专访时表示，当前全球局势复杂多变、地缘政治不确定性上升，加强对话合作已成为各方共识。作为全 球第二大经济体，中国通过持续创新和开放合作，为全球经济稳定和长期增长提供重要支撑。 默根特勒表示，世界经济论坛致力于为各方搭建对话平台，推动各方加强合作、分享经验，共同应对全 球性挑战。今年年会期间，各国政府、企业和社会各界高度参与，反映出国际社会通过交流增进理解、 寻找合作空间的共同愿望。各方十分期待听到中国声音，"中国对于推动全球建设性对话至关重要"。 "中国在科技创新，尤其是在技术应用领域的发展速度非常快。"默根特勒说，在过去20多年中，他几乎 每年都会前往中国，见证了 ...

世界经济论坛2026年年会期间，世界经济论坛执行董事兼首席技术官斯特凡·默根特勒在接受本报记者 专访时表示，当前全球局势复杂多变、地缘政治不确定性上升，加强对话合作已成为各方共识。作为全 球第二大经济体，中国通过持续创新和开放合作，为全球经济稳定和长期增长提供重要支撑。 默根特勒表示，世界经济论坛致力于为各方搭建对话平台，推动各方加强合作、分享经验，共同应对全 球性挑战。今年年会期间，各国政府、企业和社会各界高度参与，反映出国际社会通过交流增进理解、 寻找合作空间的共同愿望。各方十分期待听到中国声音，"中国对于推动全球建设性对话至关重要"。 "中国在科技创新，尤其是在技术应用领域的发展速度非常快。"默根特勒说，在过去20多年中，他几乎 每年都会前往中国，见证了中国经济和产业发展的变化。中国在推动创新成果快速落地，并将之转化为 生产力方面取得显著进展，"这不仅对中国经济转型意义重大，也为全球创新产业发展提供有益借鉴"。 默根特勒强调，当前一个共识越来越清晰：技术不能停留在概念层面，只有真正被应用到社会才能产生 价值。他表示，中国在相关领域拥有较强的实力和丰富的经验——一方面，新技术应用推进速度较快； 另一方面， ...