Core Insights - The new "new three samples" (robots, artificial intelligence, and innovative drugs) represent a shift in China's economic focus from factor expansion to innovation-driven growth, emphasizing the importance of technological path definition and standard-setting rights [1][2][10] - The transition reflects a systemic reassessment of growth paradigms and competitive logic, moving away from traditional resource input models towards a focus on technological breakthroughs and original innovation [2][3] Group 1: New "New Three Samples" - Robots, AI, and innovative drugs are not merely a change in industrial preference but are seen as foundational technologies for future industries, providing a sustainable technological base for broader industrial evolution [10][11] - The core constraints for these new samples are not capital and labor but rather algorithm capabilities, computing power, foundational models, and clinical data accumulation [2][3] Group 2: Robotics Industry - China has the most comprehensive and responsive robot industry chain globally, with significant advantages in scale production and product iteration speed [4][5] - The country is at a critical juncture, poised to transition from "running alongside" to "leading" in the robotics sector, contingent on overcoming foundational technology and high-end segment challenges [5] Group 3: Artificial Intelligence - China leads globally in AI application but faces limitations in foundational technologies; vast data resources provide a unique advantage but are not a panacea for all technical shortcomings [6] - To advance from a partial lead to a comprehensive one, China must enhance investments in high-end chips, computing systems, and foundational algorithms while improving data marketization and international standard-setting participation [6] Group 4: Innovative Drugs - The rapid increase in outbound transactions indicates that Chinese pharmaceutical companies are gaining recognition in global markets, yet the proportion of original drugs remains low, highlighting the need for breakthroughs in original innovation and global development capabilities [7][8] - The industry's evolution is marked by a shift from generic and modified drugs to first-in-class and best-in-class assets, with improvements in target selection and early clinical validation capabilities [7][8] Group 5: Strategic Implications - The development direction of the new "new three samples" signifies a significant upgrade in the concept of industrial security, integrating technology, biological, and data security into a unified framework [3] - The strategic importance of these technologies extends beyond immediate industrial growth, shaping long-term competitive capabilities and national security [3][10]

思科瑞9月20日发布关于实施其他风险警示暨停牌的公告。因思科瑞于2025年9月19日收到中国证 监会四川监管局下发的《行政处罚事先告知书》（川证监处罚字【2025】6号）。依据《事先告知书》 载明的内容，根据《上海证券交易所科创板股票上市规则（2025年4月修订)》相关规定，公司股票将 被实施其他风险警示。 A股股票简称由"思科瑞"变更为"ST思科瑞"；扩位简称由"思科瑞微电子"变更为"ST思科瑞微电子"； 实施风险警示的起始日：2025年9月23日。 (责任编辑：徐自立) 思科瑞于2022年7月8日在上交所科创板上市，公开发行的股票数量为2500.00万股，发行价格为 55.53元/股，保荐人（主承销商）为中国银河证券股份有限公司，保荐代表人为陈召军、姚召五。 思科瑞首次公开发行股票募集资金总额为138,825.00万元，募集资金净额为125,250.66万元。思 科瑞最终募集资金净额较原计划多63,394.25万元。思科瑞于2022年7月5日披露的招股说明书显示，该 公司拟募集资金61,856.41万元，分别用于成都检测试验基地建设项目、环境试验中心建设项目、无锡 检测试验基地建设项目、研发中心建设项目、 ...

中国银河（601881）证券发布研报称，基于协作机器人行业渗透率提升、越疆(02432)六轴类&商服端快 速拓展、具身智能加速布局的成长性，该行预测公司25-27年将实现营收5.03亿元/6.98亿元/9.10亿元， 增速34.6%/38.7%/30.3%。当前股价对应25-27年PS为25.2/18.1/13.9x，首次覆盖给予推荐评级。 中国银河证券主要观点如下： "机械臂+人形+多足"全形态具身机器人平台企业，技术全栈自研 越疆成立于2015年，是首个构建起协作机器人0.25-30kg负载全覆盖产品矩阵的企业，已推出人形双足/ 轮式和多足机器狗等具身智能产品。公司具备全栈自研能力，技术覆盖硬件平台、软件平台、核心算 法、智能操作全链条，并在安全、AI与机器学习、自主移动作业等领域持续突破，主导了7项国家重大 专项并参与制定多项国家机器人标准，累计取得专利数量位列行业第一。 全球协作机器人25-28年销量CAGR预计超30%，"卷技术"渐成趋势 协作机器人较传统工业机器人具备灵活部署、可适应多品种小批量生产需求等优势。但基于市场起步较 晚，当前其在工业机器人总销量渗透率尚低(24年10.7%)，伴随柔性生 ...

Group 1 - The core viewpoint of the report is that the collaborative robot industry is expected to see significant growth, with the company projected to achieve revenues of 503 million, 698 million, and 910 million yuan from 2025 to 2027, reflecting growth rates of 34.6%, 38.7%, and 30.3% respectively [1] - The company, established in 2015, is the first to create a comprehensive product matrix for collaborative robots with payloads ranging from 0.25 to 30 kg, and has developed humanoid, wheeled, and multi-legged robots [2] - The global collaborative robot market is expected to grow at a CAGR of over 30% from 2025 to 2028, with the penetration rate in industrial robots projected to increase from 10.7% in 2024 to 21.3% by 2028 [3] Group 2 - The company leads in global collaborative robot shipments, ranking first in China and second worldwide, with a significant increase in the revenue share of six-axis products, which rose by 8.2 percentage points to 61.2% [4] - The company is actively entering the embodied intelligence sector, continuously iterating on core hardware and achieving substantial commercial progress with orders from major clients [5]

Core Viewpoint - The report from China Galaxy Securities emphasizes the dual opportunities in the pig farming industry, highlighting the importance of breeding sows and farming efficiency, with expectations of a price decline in 2026 but potential rebounds in between [1] Group 1: Pig Farming Industry - In December 2025, the pig price was 11.81 yuan/kg, down 27.4% from the end of 2024 [3] - The breeding profit for self-bred and purchased piglets was -130 yuan/head and -163 yuan/head respectively, indicating ongoing industry losses that may accelerate capacity reduction [3] - As of the end of October, the number of breeding sows was 39.9 million, a decrease of 1.1% month-on-month [3] - The annual average pig price is expected to decline year-on-year, with variations based on the performance of leading pig companies in cost optimization [3] - The report suggests focusing on leading companies with strong cost control, healthy financials, and reasonable valuations [3] Group 2: Agricultural Index Performance - In December, the agricultural index underperformed the CSI 300, with a decline of 0.95% compared to a 2.56% increase in the CSI 300 [2] - Among sub-industry indices, animal health showed a relative increase of 5.35%, while aquaculture and farming sectors declined by 2.01% and 3.81% respectively [2] Group 3: Pet Food Industry - In November, China's pet food export value was 838 million yuan, down 3.81% year-on-year, with export volume at 33,400 tons, up 11.23% [4] - The average export price was 25.08 yuan/kg, marking a year-on-year decrease of 13.51% [4] - Cumulatively from January to November, the export value was 9.196 billion yuan, down 4.18%, with a total export volume of 323,600 tons, up 6.96% [4] - The average export price for the same period was 28.42 yuan/kg, down 10.41% year-on-year [4]

这些进展为2026年可能出现的产业化拐点——即可复用火箭成熟落地、卫星组网全面加速、ToB/ToC应 用实现突破——奠定了坚实的技术基础与产业抓手。商业航天产业链上游主要包括火箭与卫星的核心零 部件及原材料，技术壁垒高，国产替代趋势明显；产业链中游包括运载火箭和卫星的研制、总装、测试 及发射服务；产业链下游是商业航天价值实现的最终环节，市场空间最为广阔，包括卫星运营、地面终 端和各类行业应用。在商业航天板块中，卫星通信是构建全域覆盖"太空信息网"的基础设施，是连接天 与地、实现全球无缝通信的管道。而太空算力则是在此基础上，赋予卫星在轨实时处理、分析和决策能 力的"智能大脑"，它能将卫星从数据传输通道升级为智能节点，让商业航天提供更高时效性、更高价值 的服务。 投资建议 中国银河证券主要观点如下： 政策加码产业升维，国家战略与地方行动共推商业航天迈入壮大期 上海市人民政府印发了《关于支持长三角G60科创走廊策源地建设的若干措施》的通知，明确要加速航 空航天产业发展：围绕卫星制造与商业运营等产业链关键环节，引育上下游重点项目，给予最高5000万 元的经费支持；支持卫星互联网星座建设，对取得卫星通信基础电信业务经营 ...

中国银河证券表示，A股市场在临近年末关口震荡上行，呈现出"小躁动"行情，截至周五，上证指数录 得八连阳。同时，行情呈现出流动性驱动特征，市场量能明显放大，周五全A成交额突破2万亿元。短 期来看，市场结构特征有望延续，量能或是行情的关键信号。热点板块个股分歧有所加大，重点关注核 心标的。美元指数趋弱与年末结汇需求推动下，人民币汇率在周内升破7.0关口。人民币资产吸引力提 升，积极因素正在进一步积累。展望后市，关注政策预期与产业趋势的催化机会，春季躁动行情值得期 待。2026年来看，A股市场有望呈现出向上动能。 ...

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！ 为促进华宝中证港股通汽车产业主题交易型开放式指数证券投资基金（以下简称港股车50，基金代 码:520780）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意中国银河证券股份有限公司自2025年12月29日起为港股车50提 供主做市服务。 特此公告。 上证公告（基金）【2025】2692号 上海证券交易所 2025年12月26日 ...

Group 1 - The core viewpoint of the report is that China Galaxy has given a "cautious recommendation" rating for Baiaosaitu (688796.SH) based on its comprehensive preclinical research and development layout, projecting a profitability inflection point by 2025 [1] - The company is expanding its business model by leveraging gene editing technology, focusing on model animals and preclinical CRO services [1] - The market for humanized antibodies is experiencing high demand, with significant potential for the "thousand mice, ten thousand antibodies" initiative [1]

Core Viewpoint - China Galaxy Asset is committed to its mission of serving the nation through financial means, actively exploring innovative practices for financial risk resolution and supporting the real economy [1] Group 1: Financial Support and Economic Stability - The capital market plays a crucial role in resource allocation, driving industrial upgrades and fostering new productive forces [1] - The restructuring plan for *ST Ningke in Ningxia Hui Autonomous Region has reached its final stage, marking significant progress in efforts to help the company recover and stabilize the regional economy [1] Group 2: Role of China Galaxy Asset - China Galaxy Asset has been a key player in the rescue efforts, utilizing precise and efficient common benefit bonds to revitalize the company [1] - The actions taken by China Galaxy Asset exemplify the functional role of financial asset management companies in supporting national strategies and stabilizing capital markets [1]