中经记者 张漫游 北京报道 2025年12月31日，《商业银行并购贷款管理办法》（以下简称"新规"）正式实施，至今已满一月。 目前，已有五家国有银行、部分股份制银行及城商行落地新规发布后的首单业务，资金多投向科创、绿 色环保领域。 一边是新规落地，另一边是国资委、中国证监会等释放的政策积极信号，市场上对于并购贷款的需求激 增。同时，新规首次明确支持的"参股型并购贷款"成为市场创新的焦点，各类银行正积极探索，但其特 有的风险也对银行的风控体系提出了更高要求。 市场竞争格局分化 新规的落地激活了银行并购贷款业务的活力。据工商银行（601398.SH）2026年1月2日消息，新规印发 后，该行第一时间推进落实，在山东、福建、安徽等地高效落地全国首单、首批符合新规导向的并购贷 款业务，涵盖参股型与控制型等业务模式。 "从同业动态来看，在并购贷款方面，各机构之间的竞争日趋激烈，尤其针对资质优良的头部项目，往 往同时有五至六家银行参与审批。各家银行不仅比拼审批效率，也在融资条件上竞相提供更优方案，反 映出全行业对优质项目的争夺日益白热化。"上述国有银行北京分行相关人士说。 在国家金融与发展实验室副主任曾刚看来，头部银行与 ...

1月30日，外交部发言人郭嘉昆主持例行记者会。 有记者提问，巴拿马最高法院已宣布，授权长江和记实业运营巴拿马港口码头的合同无效。这两个码头是长江和记试图出售 的一个包含43个港口资产组合的一部分，潜在买方财团包括美国的贝莱德以及中国的中远海运。中方对巴拿马最高法院的这 一决定有何评论？该裁决是否会影响相关交易目前正在进行的谈判？ 郭嘉昆 图源：外交部网站（资料图 ...

据香港特区政府新闻网消息，1月30日，港府就"巴拿马港口判决"表示强烈不满和坚决反对。港府还特 别提到，基于当下巴拿马的情况，香港企业应认真审视现在及未来在当地的投资。 日前，巴拿马最高法院裁定，其政府与长江和记实业签订的港口特许经营的合同违宪并取消有关合同。 据介绍，香港长和集团在巴拿马运营的两个港口巴尔博亚港和克里斯托瓦尔港分布于巴拿马运河两端， 是全球性物流枢纽港。 同日早些时候，当被问及相关问题时，中国外交部发言人郭嘉昆表示，"相信你也注意到，有关企业已 经第一时间发表声明，表示该裁决有悖于巴拿马方面批准相关特许经营权的法律，企业将保留包括诉诸 法律程序在内的所有权利。" 郭嘉昆说，中方将采取一切必要措施，坚决维护中方企业正当合法权益。 香港特区政府表示，强烈反对任何外国政府在国际经贸关系中使用胁迫、施压或其他不合理的手段，严 重损害香港企业在当地的合法经营权益。这亦会严重损害当地营商环境，势必动摇投资者信心，并损害 双边关系和两地长远经济发展。 特区政府重申，巴拿马政府应尊重合约精神，为当地依法营运的企业提供公平、公正的营商环境，确保 企业的合法权益不受干预。香港企业在巴拿马经营和投资，应获公平合理 ...

"相信你注意到有关企业已经第一时间发表声明，表示该裁决有悖于巴拿马方面批准相关特许经营权的 法律，企业将保留包括诉讼法律程序在内的所有权利。"郭嘉昆说，中方将采取一切必要措施，坚决维 护中方企业正当合法权益。 北京日报客户端消息，1月30日，外交部发言人郭嘉昆主持例行记者会。 彭博社记者提问，巴拿马最高法院已宣布，授权长江和记实业运营巴拿马港口码头的合同无效。这两个 码头是长江和记试图出售的一个包含43个港口资产组合的一部分，潜在买方财团包括美国的贝莱德以及 中国的中远海运。中方对巴拿马最高法院的这一决定有何评论？该裁决是否会影响相关交易目前正在进 行的谈判？ 巴拿马港口公司表示，营运巴尔博亚港和克里斯托瓦尔港两个货柜码头28年以来，巴拿马港口公司及其 投资者已投资超过18亿美元于巴拿马的基建、科技和人才培育，这一金额是该国其他任何港口营运商投 资额的数倍。这些投资创造了数以千计直接及间接的就业机会，造就巴拿马成为全球认可的港口和物流 枢纽。 该公司表示，这份裁决不仅破坏巴拿马港口公司及其特许经营合约，还祸及数以千计直接或间接仰赖港 口业务为生的巴拿马家庭之福祉与安定，也损害该国的法治和法律确定性。该公司提醒 ...

Core Viewpoint - Hunan Mingming Henmang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange, becoming the first snack brand to go public in Hong Kong, with a market capitalization of approximately HKD 905.15 billion as of January 29 [3][10]. Company Overview - The company was founded by Yan Zhou and Zhao Ding, with Zhao Ding being the co-founder of Zhaoyiming Snacks. Zhao Ding's entrepreneurial journey began with selling snacks and has evolved into a significant player in the snack retail market [3][4]. - The brand name "Zhaoyiming" is derived from Zhao Ding's son, symbolizing a commitment to careful management akin to raising a child [5]. Market Position and Growth - The company has experienced rapid growth, with a projected gross merchandise volume (GMV) of HKD 555 billion in 2024, making it the largest leisure food and beverage retail chain in China [9]. - In the first three quarters of 2025, the company achieved total revenue of HKD 464 billion and an adjusted net profit of HKD 18 billion, equating to over HKD 660 million in daily earnings [9]. IPO Details - The IPO involved issuing 15,511,200 H-shares at a price of HKD 236.60 per share, raising approximately HKD 36.7 billion. The public offering was oversubscribed by 1,899.49 times, marking one of the highest subscription rates for consumer IPOs in recent years [10]. - The company attracted a prestigious group of cornerstone investors, with eight investors collectively subscribing to approximately USD 195 million (around HKD 15.20 billion) [10]. Leadership and Ownership - Following the IPO, Yan Zhou and Zhao Ding's net worth exceeded HKD 200 billion and HKD 190 billion, respectively, based on their shareholding percentages of 24.06% and 21.19% [11].

编者按：英矽智能凭借生成式AI平台，提高了药物研发的效率，已开发出多个潜力管线，且与多家跨国制药巨头达成了合作，通过自主研发+对外授权构 筑了一定的护城河。 英矽智能成立于2014年2月10日，由Alex Zhavoronkov博士创立，是一家AI驱动药物发现及开发公司。 目前，公司已透过自主开发的生成式人工智能平台Pharma.AI产生逾20项临床或IND申报阶段的资产，其中三项资产已授权予国际制药及医疗保健公司， 合约总价值最高为21亿美元，以及一项处于自主开发阶段的II期资产，在业界中处于相对较为先进的阶段。 01、行业背景：AI可以提升药物发现流程中各阶段的效率 AI药物发现及开发(AIDD)正成为制药产业日益重要的趋势。 AI技术可以应用于药物开发的早期与后期阶段，有助于更高效率地识别靶点、设计分子并优化临床试验。 英矽智能招股书中预期，全球AIDD市场的规模将由2023年的119亿美元增加至2032年的746亿美元，复合年增长率为22.6%。 基于AI的药物发现的主要优势在于，AI可以提升流程中各阶段的效率，应对药物发现中的关键挑战。 AI可分析庞大且复杂的数据集，以识别潜在候选药物、发掘生物标志 ...

Core Viewpoint - *ST Jinke is expected to achieve a net profit of 30 billion to 35 billion yuan in 2025, with a projected revenue of 6 billion to 7.5 billion yuan, indicating a potential turnaround from losses to profits [1][2]. Group 1: Financial Performance - The company anticipates a net profit of 300 billion to 350 billion yuan for 2025, marking a significant recovery [1]. - The expected revenue for 2025 is projected to be between 60 billion and 75 billion yuan [1]. - After completing its restructuring plan, *ST Jinke expects to realize a debt restructuring gain of approximately 68 billion to 70 billion yuan [2]. Group 2: Restructuring and Corporate Changes - The restructuring plan has been executed, leading to a significant impact on the financial statements, including the need to include the profit and loss of subsidiaries until the end of November 2025 [3]. - The total share capital of *ST Jinke has increased from 5.34 billion shares to 10.634 billion shares following the restructuring [3]. - A new board of directors was elected on October 16, 2025, with Guo Wei appointed as the new chairman and CEO [3]. Group 3: Future Outlook - The company expects to turn its net assets from negative to a range of 5 billion to 7 billion yuan by the end of 2025 [4]. - If the audited financial report for 2025 shows positive net assets and receives an unqualified opinion from the auditor, *ST Jinke plans to apply for the removal of the delisting risk warning [4].

Group 1 - The first "bomb" in the commodity market saw a dramatic drop in precious and non-ferrous metal prices, with silver experiencing a price swing of 12% in a single day, indicating a rapid exit of profit-seeking funds [3][4] - Multiple gold-related companies in the A-share market issued warnings about stock price volatility in relation to gold prices, suggesting regulatory guidance aimed at cooling overheated speculation in non-ferrous metals [3][4] - The second "bomb" came from the U.S. stock market, where Microsoft reported strong earnings but faced a sell-off due to concerns over slowing revenue growth in its Azure cloud service and high capital expenditures for AI infrastructure, leading to a 12% drop in its stock price [4][5] Group 2 - Meta's earnings report exceeded expectations, driven by strong advertising performance, resulting in a 9% increase in its stock price, highlighting a shift in market sentiment towards companies that can demonstrate AI's direct impact on profitability [5] - In the domestic market, the dye industry is experiencing a price increase, with disperse dye prices rising to 19 yuan per kilogram and reactive dye prices to 23 yuan per kilogram, indicating a potential turning point for the industry's fundamentals [7] - The commercial aerospace sector is set for significant growth, with projections estimating the market size to reach 2.5 to 2.8 trillion yuan by 2025 and potentially 8 to 10 trillion yuan by 2030, driven by advancements in technology and government support [8] Group 3 - In the AI application sector, there are numerous developments, including the release of new AI models and significant funding negotiations for OpenAI, indicating a strong long-term investment outlook for AI [9] - Trading data from January 29 shows a divergence between retail and institutional investors, with retail investors heavily buying into AI application stocks while institutions were reducing their positions in precious and non-ferrous metals [10] - Institutions are reallocating funds from overbought metal sectors to the chemical sector, particularly dye companies, suggesting a strategic shift in investment focus [10][12]

Group 1 - The core point of the article is that Minbao Optoelectronics plans to acquire 51% of Xiamen Xizhi Precision Technology Co., Ltd., marking its entry into the PCB industry, which is currently experiencing significant growth [2][6] - The acquisition will allow Minbao Optoelectronics to become the controlling shareholder of Xizhi Precision, which specializes in the research, production, and sales of micro-drilling tools for PCB manufacturing [2][3] - The company aims to diversify its business and break its growth stagnation by expanding into the high-end PCB drill bit market, which is expected to have higher technical value and growth potential compared to its current LED lighting business [6][3] Group 2 - Minbao Optoelectronics has faced declining revenue and profit in recent years, with projected revenues of 14.65 billion, 15.29 billion, and 16.41 billion yuan from 2022 to 2024, and net profits of 2.45 billion, 2.30 billion, and 2.31 billion yuan respectively [3][6] - The company reported a slight revenue decline of 0.04% year-on-year in the first three quarters of 2025, with a net profit decrease of 19.75% [3][6] - The PCB drill bit market is driven by high-demand sectors such as communication, data centers, new energy vehicles, and AI servers, which require advanced PCB designs and materials, thus increasing the demand for specialized drilling tools [6][3]

1月30日，新诺威（300765）及其间接控股股东石药集团相继公告，宣布与全球生物制药巨头阿斯利康 (AstraZeneca)签署战略研发合作与授权协议，将在创新多肽分子发现和长效递送产品的开发领域开展全 面战略合作。 合作总金额 最高可达185亿美元 根据石药集团公告，在中国以外，阿斯利康将获得该集团"每月一次注射用体重管理产品组合"的全球独 家权利——包括一个临床准备就绪的项目SYH2082(长效GLP1R/GIPR激动剂，正推进至I期临床)，以及 三个处于临床前阶段、具备不同作用机制的研发项目。 根据石药集团公告，阿斯利康将向石药集团支付12亿美元预付款。此外，石药集团有权获得最高35亿美 元的潜在研发里程碑付款和最高138亿美元的潜在销售里程碑付款，以及基于相关授权产品年净销售额 的最高达双位数比例的销售提成。若所有里程碑均达成，该合作总金额最高可达185亿美元。 针对此次合作，添翼数字经济智库高级研究员吴婉莹对记者表示，此次石药集团与阿斯利康创纪录的战 略合作，标志着其"创新+国际化"战略取得里程碑式突破，不仅以巨额合作金额强力验证了其AI药物发 现与缓释给药等前沿技术平台的全球竞争力，为正处于传统 ...