经Wind统计，1月5日—9日这周，A股共有37家公司限售股迎来解禁，合计解禁市值超1600亿元。1月5日解禁个股数量最多，达到13股，合计解禁市值超440 亿元。单只个股解禁市值方面，百利天恒居首，解禁市值约为963.19亿元，此外，还有国联民生、建设工业两股解禁市值超百亿元。 从解禁情况来看，1月5日—9日解禁的37股，合计解禁市值约为1624.73亿元。解禁时间上，1月5日共有国联民生、建设工业、云从科技、烽火电子等13股迎 来限售股解禁，合计解禁市值约为444.82亿元；1月6日—9日则分别有8股、9股、6股、1股迎来限售股解禁。 | 开始日期： | 2026-01-05 | T | 截止日期: | 2026-01-09 | T | 证券检索 | | --- | --- | --- | --- | --- | --- | --- | | 序号 | | | | | | | | | 代码 | 7 简称 | | 7 解禁目期 | 7 公告日期 | | | 1 | 688506.SH | 百利天恒 | | 2026-01-06 | 2025-12-26 | | | 2 | 601456.SH | 国联民生 | ...

Group 1 - The People's Bank of China will have a total of 13,236 billion yuan in reverse repos maturing next week, with specific maturities on Monday to Wednesday totaling 4,823 billion, 3,125 billion, and 5,288 billion yuan respectively [1] - A total of 36 restricted shares will be unlocked next week, with a total market value exceeding 160 billion yuan based on the latest closing prices. Notably, 16 stocks will have a market value exceeding 1 billion yuan upon unlocking [4] - Two new stocks will be issued next week, namely Zhixin Co. on the Shanghai main board and Kema Materials on the Beijing Stock Exchange, both available for subscription on Tuesday [4] Group 2 - The Consumer Electronics Show (CES) will take place from January 4 to 9 in Las Vegas, featuring major Asian tech companies like Alibaba, Lenovo, Samsung, and LG. The event will focus on AI hardware, including smart glasses and humanoid robots [5] - The first "18A" chip, crucial for Intel's foundry business, is expected to be unveiled at CES, highlighting advancements in software and applications from companies like Meta, Snap, and Apple [5] - The annual rebalancing of the Bloomberg Commodity Index (BCOM) will occur from January 8 to 14, with warnings from JPMorgan regarding potential forced selling of gold and silver due to their overweight positions in the index [7]

- Short-term volume models for some broad-based indices turned bullish[1][3][11] - Feature-based institutional model turned bullish[1][3][11] - Feature-based volume model remained neutral[1][3][11] - Intelligent algorithm model for CSI 300 remained neutral, while for CSI 500 turned bullish[1][3][11] - Mid-term limit-up and limit-down model turned bullish[1][3][12] - Up-down return difference model turned bullish for all broad-based indices[1][3][12] - Calendar effect model remained neutral[1][3][12] - Long-term momentum model turned bullish for some broad-based indices[1][3][13] - Comprehensive A-share V3 model turned bullish[1][3][13] - Comprehensive A-share Guozheng 2000 model turned bullish[1][3][13] - Mid-term turnover amplitude model for Hong Kong stocks turned bullish[1][3][14] - Hang Seng Index up-down return difference model remained neutral[1][3][14]

【重磅新闻】 CPI、PPI数据将公布 1月9日，国家统计局将公布2025年12月CPI、PPI数据。 参展的中国企业中，除了"老面孔"如联想、海信、TCL、京东方等，另一股新兴力量正加速涌入：中国 具身智能企业正以前所未有的规模集体登陆CES。 第一财经记者了解到，智元机器人、松延动力、北京人形机器人创新中心等多家具身智能企业将首次参 展CES。其中，智元预计将首次在美国完整展示其全系列产品线，并发布灵巧手等核心部件的新版本。 下周解禁市值超1600亿元 浙商证券预计12月CPI同比增速0.7%，环比持平；工业品价格方面，预计12月PPI同比增速为-1.9%，环 比持平。 成品油价将迎今年首次调整 根据"十个工作日"原则，2026年首轮调价窗口为1月6日24时。上一次调价窗口为12月22日24时，国内 汽、柴油价格每吨分别下调170元和165元。 2026年育儿补贴，下周一起全面开放申领 根据工作安排，2026年育儿补贴即将开放申领。2026年1月1日至4日将对育儿补贴信息管理系统进行升 级和测试，1月5日起全面开放申领。 据国家卫生健康委消息，截至目前，全国31个省（自治区、直辖市）均已发放育儿补贴，发放 ...

【重磅新闻】 CPI、PPI数据将公布 1月9日，国家统计局将公布2025年12月CPI、PPI数据。 浙商证券预计12月CPI同比增速0.7%，环比持平；工业品价格方面，预计12月PPI同比增速为-1.9%，环比持平。 成品油价将迎今年首次调整 根据"十个工作日"原则，2026年首轮调价窗口为1月6日24时。上一次调价窗口为12月22日24时，国内汽、柴油价格每吨分别下调 170元和165元。 2026年育儿补贴，下周一起全面开放申领 根据工作安排，2026年育儿补贴即将开放申领。2026年1月1日至4日将对育儿补贴信息管理系统进行升级和测试，1月5日起全面开 放申领。 参展的中国企业中，除了"老面孔"如联想、海信、TCL、京东方等，另一股新兴力量正加速涌入：中国具身智能企业正以前所未有 的规模集体登陆CES。 第一财经记者了解到，智元机器人、松延动力、北京人形机器人创新中心等多家具身智能企业将首次参展CES。其中，智元预计将 首次在美国完整展示其全系列产品线，并发布灵巧手等核心部件的新版本。 据国家卫生健康委消息，截至目前，全国31个省（自治区、直辖市）均已发放育儿补贴，发放人数超过2400万人，2025 ...

Group 1: Economic Indicators - The CPI and PPI data for December 2025 will be released on January 9, with an expected CPI year-on-year growth rate of 0.7% and a PPI year-on-year decline of 1.9% [2] Group 2: Fuel Price Adjustments - The first adjustment of fuel prices in 2026 will occur on January 6, with the previous adjustment on December 22 resulting in a decrease of 170 yuan per ton for gasoline and 165 yuan per ton for diesel [3] Group 3: Childcare Subsidies - The childcare subsidy application will open on January 5, 2026, following an upgrade and testing of the information management system from January 1 to January 4 [4] - As of now, over 24 million people have received childcare subsidies across 31 provinces, with an issuance rate of approximately 80% for the 2025 fiscal year [5] Group 4: International Consumer Electronics Show (CES) - The 2026 CES will commence on January 6 in Las Vegas, featuring major tech companies and emerging players from China, including companies like Zhiyuan Robotics and Songyan Power, which will showcase their products for the first time [6] Group 5: Stock Market Developments - A total of 36 restricted stocks will be unlocked from January 5 to January 9, with a total market value exceeding 160 billion yuan [7] - Among these, 16 stocks will have a market value of over 1 billion yuan, with companies like Baili Tianheng and Guolian Minsheng exceeding 10 billion yuan in unlock value [8] Group 6: New Stock Opportunities - Two new stocks will be issued next week, namely Zhixin Co. on the Shanghai main board and Kema Materials on the Beijing Stock Exchange [12]

Group 1 - A total of 36 stocks will be unlocked next week, with a combined market value exceeding 160 billion yuan [1][2] - Among the unlocked stocks, 16 have a market value exceeding 1 billion yuan, with Baili Tianheng, Guolian Minsheng, and Jianshe Industrial exceeding 10 billion yuan [2] - Baili Tianheng has the highest unlock market value at 96.319 billion yuan, with 298.1 million shares being unlocked, accounting for 72.2% of the total share capital [2][5] Group 2 - Guolian Minsheng has an unlock market value of 18.008 billion yuan, with 1.771 billion shares being unlocked, involving 43 shareholders [2][3] - Jianshe Industrial has an unlock market value of 16.895 billion yuan, with 629.9 million shares being unlocked, accounting for 60.98% of the total share capital [3][5] - Six stocks have an unlock ratio exceeding 30%, including Baili Tianheng and Jianshe Industrial [6]

Core Viewpoint - The article highlights that a total of 36 stocks will be unlocked next week, with a total unlock market value exceeding 160 billion yuan, indicating significant market activity and potential investment opportunities [4][5]. Summary by Sections Unlocking Stocks Overview - Next week, from January 5 to January 9, 36 stocks will be unlocked, with a total unlock market value exceeding 160 billion yuan [4][5]. - The total number of shares unlocked is over 4.3 billion [5]. Major Stocks with High Unlock Value - 16 stocks have an unlock market value exceeding 1 billion yuan, with three stocks surpassing 10 billion yuan: Baili Tianheng, Guolian Minsheng, and Jianshe Industrial [5]. - Baili Tianheng has the highest unlock market value at 96.319 billion yuan, with 29.81 million shares unlocked, accounting for 72.2% of the total share capital [7]. - Guolian Minsheng's unlock market value is 18.008 billion yuan, with 1.777 billion shares unlocked, involving 43 shareholders [7]. - Jianshe Industrial has an unlock market value of 16.895 billion yuan, with 629.943 million shares unlocked, representing 60.98% of its total share capital [7]. Significant Unlock Ratios - Six stocks have an unlock ratio exceeding 30% of their total share capital, including Baili Tianheng, Jianshe Industrial, Zhongyi Technology, Huangshan Gujie, Yuandao Communication, and Guolian Minsheng [9]. - Huangshan Gujie has 2.8878 million shares unlocked on January 5, accounting for 36.1% of its total share capital, focusing on power semiconductor module heat dissipation products for the new energy vehicle sector [9].

Core Insights - The key opportunity for local biotech companies lies in focusing on original innovation from 0 to 1, establishing core technological barriers in unmet clinical needs, and achieving a leap from follower to leader [2][14] - Chinese innovative pharmaceutical companies have entered the global ADC innovation core camp, with over 50% of the global ADC new drug pipeline originating from China [1][14] - The strategic partnership between BaiLi TianHeng and BMS in the ADC field has set a record for the highest single-asset transaction in the global ADC sector, further elevating industry innovation [1][5] Industry Trends - The BD (business development) boom in the ADC sector is expected to continue into 2025, with 14 transactions in the first eight months of 2023, making ADC one of the hottest outbound technology tracks [1][14] - Companies are expanding beyond mature targets like HER2 and TROP2 to explore "blue ocean" targets such as CDH6, CDH17, and DLL3, seeking broader treatment windows and improved competitive landscapes [1][14] Strategic Partnerships - The partnership model of "self-researched core assets + global rights cooperation" and "co-development + co-commercialization" is relatively rare globally, requiring high product strength and a forward-looking strategic vision [7][9] - BaiLi TianHeng's collaboration with BMS is notable for its potential total transaction value of up to $8.4 billion, highlighting the growing trend of significant transactions in the oncology treatment sector [5][9] Challenges and Opportunities - Despite the increasing number of transactions, many Chinese innovative drug assets remain undervalued due to a lack of global clinical trial validation and lower payment prices in the domestic market [9][12] - The development of "super blockbuster" products with strong product power is seen as a key path to overcoming valuation challenges, with the drug iza-bren being recognized as a first-in-class product [9][12] Future Directions - The competition in the "ADC + IO" (immuno-oncology) space is intensifying, with both multinational and domestic companies actively pursuing innovative combinations [10][14] - To achieve comprehensive internationalization, Chinese pharmaceutical companies must overcome four core capability gaps: global leading R&D capabilities, global clinical development capabilities, global supply chain capabilities, and global commercialization capabilities [12][13]

Group 1 - A total of 36 stocks will have their lock-up periods expire next week, with a combined release of over 4.3 billion shares, amounting to a total market value exceeding 160 billion yuan based on the latest closing prices [1] - Among these, 16 stocks will have a market value exceeding 1 billion yuan upon release, with Baili Tianheng, Guolian Minsheng, and Jianshe Industrial each exceeding 10 billion yuan [2] - The stocks Baili Tianheng, Jianshe Industrial, Zhongyi Technology, Huangshan Gujie, Yuandao Communication (rights protection), and Guolian Minsheng have a lock-up release that constitutes over 30% of their total share capital [2]