Core Viewpoint - The report from CITIC Securities indicates that medical AI will accelerate the restructuring of the trillion-dollar pharmaceutical market, with a fundamental change in the logic of AI healthcare expected by 2026 due to clearer and stronger payment sources this year [1] Summary by Categories AI Healthcare Commercialization - 2026 is anticipated to be a year with stronger certainty in the commercialization of AI healthcare, opening up more opportunities for business in this sector [1] Key Focus Areas - The report suggests focusing on five main areas: AI pharmaceuticals, grassroots AI healthcare applications, medical data circulation and trading, AI pathology diagnosis, AI medical models, and C-end expansion channels [1]

Core Viewpoint - The new round of debt restructuring cycle is characterized by strict regulatory policies and tightened financing, leading local government financing platforms to accelerate the separation of their financing functions and transition from nominal withdrawal to substantial market-oriented transformation [1] Group 1: Policy and Market Dynamics - The dual pressure from regulatory strictness and financing constraints is driving local government financing platforms to evolve [1] - There is a significant regional differentiation as the deadline for platform withdrawal approaches in June 2027 [1] Group 2: Regional Performance - Economically strong provinces are leading the way in asset integration to break through challenges, while weaker regions face a vacuum due to the disconnect between withdrawal and transformation [1] Group 3: Future Outlook - It is expected that high-quality leading platforms will better adapt to the identity of market-oriented operators and participate in market competition [1] - The focus of debt restructuring may shift from implicit debt to operational debt of platforms, with the transformation of financing platforms moving from reduction to quality enhancement [1]

1月13日，博安生物发布公告，其自主研发的地舒单抗注射液(60mg)(代号BA6101)已获玻利维亚国家药 品和卫生技术局(AGEMED)批准上市。BA6101为原研参照药Prolia®的生物类似药，在全球范围内 Prolia®广泛应用于骨质疏松症的治疗。 智通财经APP获悉，香港联交所最新资料显示，1月13日，博安生物(06955)股东将股票由中国证券登记 结算香港转入中信证券经纪香港，转仓市值5.12亿港元，占比8.76%。 ...

1月13日，博安生物发布公告，其自主研发的地舒单抗注射液(60mg)(代号BA6101)已获玻利维亚国家药 品和卫生技术局(AGEMED)批准上市。BA6101为原研参照药Prolia的生物类似药，在全球范围内Prolia 广泛应用于骨质疏松症的治疗。 香港联交所最新资料显示，1月13日，博安生物(06955)股东将股票由中国证券登记结算香港转入中信证 券经纪香港，转仓市值5.12亿港元，占比8.76%。 ...

Core Insights - The report from CITIC Securities indicates that medical AI will accelerate the restructuring of the trillion-dollar pharmaceutical market [1] - It is believed that by 2026, the logic of AI in healthcare will undergo fundamental changes, primarily due to clearer and stronger payment capabilities this year [1] - 2026 is expected to be a year with stronger certainty in the commercialization of AI in healthcare, opening up more opportunities for its commercialization [1] Key Focus Areas - The report suggests focusing on five main areas: AI pharmaceuticals, grassroots AI healthcare applications, medical data circulation and trading, AI pathology diagnosis, AI healthcare models, and C-end expansion channels [1]

Core Viewpoint - The company, Jiewate, has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor. The company focuses on the design and development of analog integrated circuits using a virtual IDM model and has developed a proprietary process platform. [1] Company Overview - Jiewate's product portfolio primarily includes power management integrated circuits and signal chain integrated circuits, with approximately 3,400 models available for sale by October 31, 2025. [1] Market Position - In 2024, Jiewate ranks 13th globally among all analog integrated circuit companies in terms of revenue in the Chinese market, holding a market share of 0.9%. [1] - In the power management integrated circuit market, Jiewate ranks 8th globally and 4th in China, with a market share of 1.3%. [1] - In the DC-DC integrated circuit market, the company ranks 6th globally and 2nd in China, with a market share of 1.9%. [1] - In the Chinese communication market for power management integrated circuits, Jiewate ranks 5th globally and 2nd in China, with a market share of 3.0%. [1] - In the Chinese computing and storage market for power management integrated circuits, the company ranks 6th globally and 2nd in China, with a market share of 1.1%. [1] Industry Growth - The global and Chinese integrated circuit markets are experiencing strong growth, driven by factors such as artificial intelligence, automotive electronics, and communication technologies. The market size in China is expected to reach RMB 2.74 trillion by 2029. [1]

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——"春节也要加班，抢在4月1日前交货"！有光伏企业在抢出口，也有企业很 纠结：白银等原材料成本激增，决策困难 （记者 王瀚黎） 每经AI快讯，中信证券1月13日晚间发布公告称，截至公告披露日，公司及控股子公司对外担保总额为 人民币2052.01亿元（全部为公司及其控股子公司对其控股子公司提供的担保），占公司最近一期经审 计净资产的比例为70.01%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2026年1月13日 於本公告刊發日期 ，本公司執行董事為張佑君先生 、鄒迎光先生及張長義先生；本公司非執行董事為李艺女士 、 梁丹先生、張學軍先生、付臨芳女士及趙先信先生；本公司獨立非執行董事為李青先生、史青春先生、張健華 先生、劉俏先生及李蘭冰女士；及本公司職工董事為施亮先生。 证券代码：600030 证券简称：中信证券 公告编号：临2026-002 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 ...

证券代码：600030 证券简称：中信证券 公告编号：临2026-002 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | 本次担保金额 | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | --- | | | | | | （不含本次担保金额） | 预计额度内 | 否有反担保 | | CSI MTN | | Limited | 1亿港元 | 28.66亿美元 | 是 | 否 | 1 （二） 内部决策程序 经公司第八届董事会第二十二次会议预审，经公司2023年度股东大会批准并 再次授权公司发行境内外公司债务融资工具。本次担保在上述授权范围之内。 | 被担保人类型 | 法人 | | | | --- | --- | --- | --- | | 被担保人名称 | CSI MTN Limited | | | | ...

Core Viewpoint - Dize Pharmaceutical (688192.SH) has announced a projected net loss for the year 2025, despite an expected significant increase in revenue compared to the previous year. Financial Performance - The company anticipates a revenue of approximately 800 million yuan for 2025, which represents an increase of about 440.1 million yuan or 122.28% year-on-year [1] - The projected net loss attributable to shareholders is around 770 million yuan, a reduction of approximately 75.96 million yuan or 8.98% compared to the previous year [1] - The expected net loss after deducting non-recurring gains and losses is about 850 million yuan, which is a decrease of around 48.89 million yuan or 5.44% year-on-year [1] Historical Financial Data - From 2019 to 2024, the company's revenue figures were 41.02 million yuan, 27.76 million yuan, 10.29 million yuan, 0 yuan, 91.29 million yuan, and 360 million yuan respectively [2] - The net profit attributable to shareholders during the same period was -446 million yuan, -587 million yuan, -670 million yuan, -736 million yuan, -1.108 billion yuan, and -846 million yuan [2] - The net profit after deducting non-recurring gains and losses was -449 million yuan, -393 million yuan, -682 million yuan, -785 million yuan, -1.161 billion yuan, and -899 million yuan [2] - The net cash flow from operating activities was -366 million yuan, -410 million yuan, -492 million yuan, -603 million yuan, -968 million yuan, and -651 million yuan [2] Fundraising Activities - Dize Pharmaceutical was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, 2021, issuing 40.01 million shares at a price of 52.58 yuan per share [3] - The total amount raised from the initial public offering was 2.103 billion yuan, with a net amount of 1.987 billion yuan after deducting issuance costs [3] - The company raised a total of 3.899 billion yuan from two fundraising activities [5]