这一年，中国科技成果丰硕，创新生态日趋完善。华为持续"压强式"研发，在算力、鸿蒙生态、通信网 络、终端市场等七大领域实现硬核突破；寒武纪10年攻关实现AI芯片国产化突破；商业航天竞速，6家 企业集体冲击IPO…… 这一年，科技创新与产业融合加速。阿里巴巴3800亿元投向未来，通义千问串起阿里AI生态；全球代 工巨头工业富联（601138）蜕变为万亿算力巨头；恒瑞医药（600276）从仿制转向创新，I类新药频频 借船出海…… 科技突破、产业竞争力的提升，来自对创新的投入。根据国家统计局披露的数据，2025年，中国企业研 发经费达3.93万亿元，稳居世界第二，研发投入强度2.8%，首次超越OECD国家平均水平。 AI时代奔涌而来，创新浪潮澎湃。 2025年，是中国科技在风浪中磨砺韧性的一年，也是于变局中开创新局的关键一年。 传统产业融合焕发新动能 新兴产业不断突围前行，传统产业融合新兴科技，释放出充满活力的新质生产力。 在AI浪潮之下，"代工之王"工业富联实现关键突围，深度绑定全球科技巨头苹果、英伟达，实现了 向"全球AI算力基建供应商"的蜕变。根据公开信息，工业富联AI服务器全球代工市占率超35%，800G 高 ...

中国创新药正步入全面收获期。在刚刚过去的2025年，我国生物医药产业创新活力迸发——全年76个创 新药获批，国产占比超八成；对外授权交易总额突破1300亿美元，创历史新高。 以仿制药起家，到转型创新药，"药王"恒瑞医药（600276）(600276.SH、01276.HK)的发展历程堪称是 中国医药产业升级的缩影。从以仿制药为营收支柱，到创新药收入占比突破60%，复出五年，孙飘扬带 领恒瑞医药转型攻坚，通过持续创新、差异化与国际化破局行业"内卷"。 2026年2月1日，恒瑞医药第九届董事会任期届满，68岁的孙飘扬会否继续担任董事长一职？恒瑞医药的 创新药全球化征程会走向怎样的新高度？ 仿制药巨头大象转身 将时间拨回2020年，那一年，恒瑞医药以超6100亿元的市值傲视群雄，稳坐A股"医药一哥"。当年，恒 瑞医药的营业收入和归母净利润分别达到277.35亿元、63.28亿元的高峰。当年，在执掌恒瑞医药近三十 年后，孙飘扬决定退居幕后，将恒瑞交给职业经理人团队。 也是在那一年，国家药品集采政策全面实施，宣告着仿制药的高利润时代终结。以仿制药起家的恒瑞医 药危机悄然浮现。 随着集采不断扩围，市场被蚕食，2021年， ...

·光通信公司Ciena将取代人力资源软件公司Dayforce纳入标普500指数，调整将于2月9日开盘前生效。 ·龙韵股份2月9日起复牌，拟购买愚恒影业58%股权。 ·吉华集团2月9日起复牌，控股股东和实际控制人拟变更。 上证精选 ·国务院第十次全体会议2月6日召开，讨论拟提请十四届全国人大四次会议审议的政府工作报告稿和"十 五五"规划纲要草案稿。 ·2月7日，我国在酒泉卫星发射中心使用长征二号F运载火箭，成功发射一型可重复使用试验航天器。试 验航天器将按计划开展可重复使用试验航天器技术验证，为和平利用太空提供技术支撑。 ·截至2026年1月末，我国黄金储备为7419万盎司，环比增加4万盎司，已是连续第15个月增持黄金。 今日提示 ·2026春节档片单发布活动暨中国电影新春嘉年华将于2月9日举行。 ·截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升幅为 1.23%。 ·八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通知》，明确虚拟货币相关业务活动 属于非法金融活动，一律严格禁止，坚决依法取缔。 ·2025年社会物流总费用与国内生产总值（GDP）的比率降 ...

整理 | GLP1减重宝典内容团队 在全球生物医药行业风向标意义显著的 JP Morgan Healthcare Conference 上，恒瑞医药旗下专注代谢疾病的独立公司 Kaliera 首次系统性披露 其在减重领域的全球化战略布局。这一平台由 恒瑞医药 孵化而来，围绕三款差异化GLP-1类创新药物展开，目标直指全球超过10亿肥胖人群以 及由此衍生的200余种相关合并症所形成的巨大、且长期未被充分满足的医疗需求。 Kaliera成立于2024年10月，定位极为清晰，即将肥胖视为一种需要长期、系统治疗的慢性疾病，而非单纯的生活方式问题。公司成立不到一 年，已完成两轮融资，累计融资规模达到9亿美元，投资方包括贝恩资本、Atlas Venture等全球一线生命科学投资机构。管理团队则由多位在跨 国药企与创新生物科技公司中拥有丰富全球开发与商业化经验的高管组成，为其后续多区域临床推进和国际监管沟通提供了关键保障。 在资产层面，Kaliera并非从零起步，而是作为恒瑞医药在减重领域的NewCo平台，承接并放大其多年积累的代谢疾病研发成果。目前，其核心 管线包括三款GLP-1相关产品：GLP-1/GIP双靶点激动剂H ...

一、复牌、停牌 1、龙韵股份：拟以发行股份方式购买愚恒影业58%股权，股票复牌。 2、瑞立科密：拟发行股份购买武汉科德斯16%股权，股票停牌。 3、永太科技：拟购买永太高新25%股权，宁德时代将成为公司股东，股票停牌。 二、并购、重组 1、晶合集成：拟20亿元取得晶奕集成100%股权；晶奕集成是晶合集成四期项目的建设主体。 2、沙河股份：拟2.74亿元购买晶华电子70%股权；标的公司主营业务为物联网领域智能显示控制器、 液晶显示器件等产品研发。 3、壹网壹创：拟发行股份及支付现金购买联世传奇100%股权；标的公司是一家以AI算法为核心的全域 智能营销服务商。 4、杉杉股份：控股股东及其子公司签署重整投资协议；若重整成功，公司实际控制人将变更为安徽省 国资委。 三、股权转让、增持 1、东望时代：控股股东拟公开征集转让6%股份。 2、康泰生物：股东袁莉萍拟向华宝万盈私募基金转让2%。 1、沪硅产业：拟签订采购30.45亿元电子级多晶硅框架合同。 2、东田微：拟投资4亿元建设全球研发中心及华南制造总部项目 主要从事研发光通信精密光学元器件 等。 3、震裕科技：拟在泰国投资建设年产1500万件精密传动部件生产制造基地 ...

[Table_Page] 投资策略|专题报告 2026 年 2 月 8 日 证券研究报告 [Table_Summary [Table_Title] ] 春节前后，港股如何反应？ ——港股市场策略展望 报告摘要： （4）港股天量 IPO 对市场影响不大，影响主要在于 IPO 过后 6 个月 的解禁高峰。典型的例如 11 年年中、15 年下半年、19 年 3 月、21 年 二季度、22 年年中，解禁潮都与港股下跌出现在相似时间段。26 年 3 月主要是有色金属（紫金黄金国际、南山铝业国际）+茶饮（蜜雪冰城） 的解禁潮，中大型规模公司的解禁规模 872 亿港元，高于去年年末的 解禁小高峰。由于港股通账户并不能够参与打新，享受稀缺性公司的 上市红利，却需要承受限售股解禁带来的风险，这可能确实是南向资 金对于 2026 年港股的主要担忧之一。 | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | | SFC CE No. BVH021 | | | 010-59136616 | | | liuchenming@gf.com.cn ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The financing ecosystem for China's biopharmaceutical industry is gradually entering a positive cycle, driven by the influx of funds from A/H listings and capital increases of innovative drug companies, leading to an improvement in the willingness to invest in R&D [2][41] - The trend of IPOs for innovative drug companies is on the rise, with significant fundraising observed, indicating a widening of the listing channels for innovative drugs [6][29] - The overall financing amount in China's biopharmaceutical sector is showing signs of recovery, with a notable year-on-year increase in investment amounts [8][35] Summary by Sections Innovative Drug R&D Investment Trends - The willingness to invest in R&D for innovative drugs is improving, supported by increased cash flow and favorable financing conditions for both Pharma and Biotech companies [22] - The trend indicators for innovative drug R&D investment are showing positive signs, suggesting a potential upturn in the industry [22] IPO and Fundraising Trends - The IPO fundraising for innovative drug companies in Hong Kong has significantly improved, with a total of 30 billion yuan raised in January 2026, marking a 287% year-on-year increase [29] - The A-share market is also seeing a positive trend in IPO fundraising, with expectations for gradual improvement as the listing channels for unprofitable companies continue to expand [6][29] Financing and Investment Recovery - The total financing amount in China's biopharmaceutical sector reached 1.2 billion USD in January 2026, reflecting a 106% year-on-year increase, indicating a potential recovery from previous lows [8][35] - The trend of external BD upfront payments has become a significant source of funding for R&D, with January 2026 seeing a record high of 2.26 billion USD in upfront payments [9][38]

Core Insights - The 2026 Lianyungang Spring Talent Exchange Conference successfully attracted over 2,000 job seekers and featured more than 5,000 quality job positions from over 140 key enterprises, highlighting the city's strong economic vitality and talent magnetism [1][3] Group 1: Event Overview - The conference has been held for over 20 years and is recognized as a high-quality human resources service brand in the province, organized by multiple local government departments [3] - The event effectively connects the talent demands of enterprises with various job-seeking groups, including recent graduates, veterans, and unemployed individuals [3][4] Group 2: Recruitment Opportunities - The conference featured specialized recruitment zones for industries such as petrochemicals, biomedicine, and e-commerce, with leading companies offering high-paying positions in various fields [4] - Many technical and management positions offered monthly salaries exceeding 10,000, along with competitive benefits and career development opportunities [4] Group 3: Innovative Services - The event introduced diverse service areas, including live-streaming recruitment and expert consultations, providing a comprehensive employment service experience for job seekers [4][10] - A social practice recruitment area attracted many university students, offering them opportunities to explore local technological innovations and practice routes [12] Group 4: Employment Support Initiatives - The conference included a special recruitment session for enterprises associated with the Political Consultative Conference, addressing the dual challenges of recruitment difficulties for companies and employment challenges for job seekers [6] - Participating enterprises emphasized their social responsibility in supporting employment and local economic development [8] Group 5: Online and Offline Integration - The event utilized a dual-track approach, combining online and offline recruitment to enhance accessibility and efficiency for job seekers [10] - The online platform provided continuous access to job opportunities for those unable to attend in person, creating a "never-ending" talent event [10][13] Group 6: Future Plans - The success of the conference reflects the city's commitment to becoming a regional talent hub, with plans for regular recruitment events and collaborations with local universities to maintain a steady flow of job opportunities [15]

Group 1 - The core viewpoint of the article is that Chinese enterprises are entering an accelerated phase of going global, which is essential for the transformation and upgrading of a manufacturing country and reflects the shift in China's economic development model [1][6]. - The transition from a GDP-driven, investment-focused model to a GNI-driven, innovation-focused model is highlighted, emphasizing the need for companies to integrate global resources to enhance production efficiency and global competitiveness [1][6]. - Chinese companies are moving into the 2.0 era of going global, transitioning from product exports to a systematic approach that includes "capacity + brand + channel," aiming for high-value segments of the industrial chain [1][6]. Group 2 - The article notes that the global easing cycle and the upturn in overseas industrial and infrastructure capital expenditure provide unexpected resilience in external demand for Chinese companies [2][6]. - Emerging markets are experiencing rapid industrialization and urbanization, leading to explosive demand for infrastructure and production equipment, while developed markets are driven by green transformation and AI infrastructure needs [2][6]. - Chinese companies are encouraged to focus on three main lines for overseas expansion: capital goods (electric power equipment, engineering machinery), high-value components (communication equipment, innovative pharmaceuticals), and consumer goods (two-wheeled vehicles, gaming) [2][6]. Group 3 - The article emphasizes that the essence of going global for Chinese enterprises is to occupy high-value segments of the industrial chain, which is a key stage in the economic transformation of a manufacturing country [6][7]. - The competitive advantages of Chinese companies in capital and technology-intensive industries, such as electric power equipment and engineering machinery, are highlighted, along with the resilience of exports under tariff pressures [6][7]. - The overseas gross profit margins of non-financial listed Chinese companies have consistently exceeded domestic margins, particularly in sectors like engineering machinery and automotive components [1][6].

来源：徒步滚雪球 中波固收+，对于能容忍一定波动的同学来说，是非常适合配置的"压舱石"，等于是余额宝ProMAX。 去年12月，我更新了一次中波固收+文章，后来也在天天基金上尝试构建固收组合，计划把股赚的钱，往固收中转，也方便大家作业。 有朋友反馈这个好，感觉是值得坚持下去的事情。 上次更新到现在，已经有2个多月了，继续更新一波。 一、中波固收+的定义 根据权益仓位占比的不同，中波固收+产品权益仓位10%-20%，根据券商算法转债仓位按照40%折算权益仓位。 | 类型 | 权益仓位区间 | 主要产品类型 | 特征 | | --- | --- | --- | --- | | 低波 | ＞0％目＜10％ | 一级债基 | 以债券资产为主,权益占比较 低, 波动小、防御性强, 追求 | | | | | 稳健收益 | | 中波 | >10%且≤20% | 多数二级债基、 偏債混合基金 | 债券打底、权益适度增强,攻 守兼备,是市场上比较主流的 | | | | | 固收+类型 | | 高波 | >20% | 部分弹性较大的 偏债混合基金、 | 股票敞口较高,具备较强进攻 性与收益弹性,风险同步提升 | | | | 灵活 ...