Market Overview - The Hong Kong stock index opened slightly higher on January 27, with the Hang Seng Index rising by 0.36% to 26,863.15 points, the Hang Seng Tech Index increasing by 0.16% to 5,734.9 points, and the National Enterprises Index up by 0.28% to 9,173.2 points [1] - Major tech stocks mostly rose, with Alibaba up by 0.97%, Tencent Holdings up by 0.08%, and JD.com down by 0.17% [1] - Automotive stocks were active, with BYD rising by over 1%, while gold stocks saw some increases, with Zijin Mining up by over 4% [1] Company News - China Power (02380.HK) reported a total consolidated electricity sales volume of 10.73105 million MWh for December 2025, a decrease of 2.31% year-on-year, with an annual cumulative total of approximately 126 million MWh, down by 1.27% year-on-year [2] - Harbin Electric (01133.HK) expects a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year [2] - Singularity National Peak (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [3] - East Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for an AI-driven drug research and development platform [4] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [5] - Kexin Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [6] - Zhenghong Pharmaceutical (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [7] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [8] - Aobo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Trading Co., Ltd. [9] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [10] - Haowei Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuan Zhi's initial public offering [11] Institutional Insights - Huatai Securities noted that foreign and southbound capital continues to flow in, with public fund positions in Hong Kong stocks dropping to 23% in Q4, significantly reducing potential selling pressure [12] - Goldman Sachs has raised its year-end gold price forecast from USD 4,900 to USD 5,400 per ounce due to increasing demand from private investors and central banks [12] - CITIC Securities recommends focusing on cloud computing service providers and continuing to recommend AI computing power sectors and AI applications, highlighting the ongoing AI industrial revolution [12]

Major Events - Dongpeng Beverage (09980) will conduct its IPO from January 26 to January 29, with an expected listing date of February 3 [1] - Zijin Mining (02899) plans to acquire 100% of Allied Gold Corporation for approximately CAD 5.5 billion [2] - AsiaInfo Technologies (01675) collaborates with ABB Robotics to establish an "Embodied Intelligence Laboratory" [3] - Dongyang Sunshine Pharmaceutical (06887) signs a strategic cooperation agreement with Shenzhen Jingtai to form a joint venture for an AI-driven drug research platform [4] - Howie Group (00501) intends to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [5] - Singularity Guofeng (01280) enters a GPU distribution cooperation agreement with Muxi Co., aiming to penetrate the domestic AI computing power market [6] - Guorui Life (00108) signs a strategic cooperation memorandum with Mingzhi Medical to promote deep integration and industrial upgrading of "medical + technology + scenarios" [7] Financial Reports - Harbin Electric (01133) anticipates a net profit attributable to shareholders of approximately CNY 2.65 billion for 2025 [8] - Joyson Electronics (00699) expects an annual net profit of about CNY 1.35 billion, representing a year-on-year growth of approximately 40.56% [9] - Guotai Junan International (01788) projects an annual net profit between HKD 1.28 billion and HKD 1.38 billion, a significant increase of 265% to 293% year-on-year [10] - Tianyue Advanced (02631) forecasts annual revenue of CNY 1.45 billion to CNY 1.5 billion [11] - China Power (02380) estimates a consolidated total electricity sales volume of approximately 126 million megawatt-hours for 2025 [12] - Chalco International (02068) expects a total new contract amount of CNY 46.836 billion for 2025, a year-on-year increase of 51.94% [13]

Company News - China Power (02380.HK) expects a total consolidated electricity sales volume of 10.73105 million MWh by December 2025, a decrease of 2.31% year-on-year; the total annual electricity sales volume is approximately 126 million MWh, down 1.27% year-on-year [2] - Harbin Electric (01133.HK) anticipates a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year, mainly due to increased operating revenue and improved product profitability [2] - Singularity Guofeng (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [2] - Dongyang Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for building an AI-driven drug research and development platform [2] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [2] - Kintor Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [2] - Zhaoke Ophthalmology-B (06622.HK) is advancing the commercialization process of BRIMOCHOL PF for treating presbyopia in Singapore and Vietnam through partnerships with AFT and Qianshou [2] Additional Company Developments - Heng Rui Medicine (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [3] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [3] Strategic Partnerships - Yabo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Exchange Limited [4] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [4] - Howey Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [4] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 3.9872 million shares for HKD 140 million, with a repurchase price ranging from HKD 35.04 to HKD 35.22 [5] - China Metallurgical Group (01618.HK) repurchased 9.011 million shares for HKD 16.9299 million, with a repurchase price of HKD 1.87 to HKD 1.88 [5] - Geely Automobile (00175.HK) repurchased 4.401 million shares for HKD 72.952 million, with a repurchase price ranging from HKD 16.43 to HKD 16.65 [6] - Reshape Energy (02570.HK) completed the placement of a total of 4.536 million placement shares, raising approximately HKD 258 million [6] - Kintor Pharmaceutical-B (09939.HK) saw an increase of 4.7 million shares by Chairman Tong Youzhi [6]

Core Viewpoint - Dongyangguang Pharmaceutical (06887.HK) has entered into a strategic cooperation agreement with Shenzhen Jingtai Technology Co., Ltd. to establish a joint venture focused on AI-driven drug research and development [1][2] Group 1: Joint Laboratory and Drug Development - The agreement includes the establishment of a joint laboratory aimed at developing innovative drug pipelines, focusing on autoimmune diseases through an AI-driven automated research process [1] - The collaboration will leverage Shenzhen Jingtai's automated experimental platform technology to create a closed-loop R&D process encompassing design, construction, testing, and learning [1] Group 2: AI Model Development and Promotion - The partnership aims to develop and promote a PB-PK predictive model that aligns with industry-leading commercial software, utilizing high-quality non-clinical data from the company and AI algorithms from Shenzhen Jingtai [1] - A comprehensive AI drug development engine covering the entire drug development lifecycle will be co-created, incorporating the company's proprietary models such as HEC-SynAI and HEC-PharmAI [1] Group 3: Business Model Creation - The companies plan to establish a "Model as a Service" (MaaS) business model, which will involve building an AI supercomputing platform that supports collaboration with academia and industry [2] - The strategic cooperation is expected to create mutual benefits and synergies by leveraging each party's resources and expertise, aligning with the overall interests of the company and its shareholders [2]

Group 1 - The core point of the article is the strategic cooperation agreement between Dongyangguang Pharmaceutical and Shenzhen Jingtai Technology to establish a joint venture focused on AI-driven drug development [1][2][3] Group 2 - The joint laboratory will be established to develop innovative drug pipelines, focusing on autoimmune diseases, utilizing AI-driven automation for a closed-loop R&D process [1] - The collaboration aims to develop a PB-PK predictive model that aligns with industry-leading commercial software, leveraging high-quality non-clinical data and AI algorithm capabilities [2] - A "Model as a Service" (MaaS) business model will be created, providing an AI supercomputing platform that opens collaboration results to academia and industry, transforming data assets and AI products into a service model [3]

（在中華人民共和國註冊成立之股份有限公司） （股份代號：6887） 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 或任何部分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。 SUNSHINE LAKE PHARMA CO., LTD. 廣 東 東 陽 光 藥 業 股 份 有 限 公 司 雙方共建聯合實驗室，以AI驅動的自動化為目標，依託深圳晶泰自動化實驗 平台技術和部署經驗，實現「設計 — 構建 — 測試 — 學習」研發閉環，聚焦 自身免疫性疾病，共同發現候選藥物並由合資公司推進。 (2) 大模型聯合開發及推廣 基於本公司多靶點的高質量非臨床數據，與深圳晶泰的AI算法平台與大模型 訓 練 能 力 結 合， 開 發 對 標 行 業 前 沿 主 流 商 業 軟 件 的 PB -PK 預 測 大 模 型 ， 並 共 建覆蓋藥物研發全生命周期的AI藥物研發引擎。 依託深圳晶泰全球化的商業網絡和AI平台產品化經驗，推廣本集團自主開發 的「HEC -Sy ...

Investment Rating - The industry is rated as "Neutral" [8][60] - Specific company ratings include "Buy" for 恒瑞医药 (Hengrui Medicine) and "Increase" for 药明康德 (WuXi AppTec) [8][60] Core Insights - The report highlights the issuance of opinions by nine departments, including the Ministry of Commerce, aimed at promoting high-quality development in the pharmaceutical retail industry, indicating a potential turning point for pharmacy operations [8][16] - The report emphasizes the expected benefits for leading chain pharmacies from policy support and increased industry concentration [8][16] - The inclusion of the drug替尔泊肽 (Tirzepatide) as a breakthrough therapy for treating metabolic-associated fatty liver disease is noted as a significant development [8][16] Industry News - The National Medical Insurance Administration issued a guideline for the pricing of surgical and treatment auxiliary services, consolidating existing price projects into 37 items [16] - The report discusses the promotion of pharmaceutical retail industry transformation towards a "health service hub" through enhanced pharmacy services and optimized purchasing experiences [16][17] - The report mentions the ongoing development of AI applications in healthcare and pharmaceuticals, suggesting investment opportunities in AI-related companies [8][58] Industry Data - As of January 22, 2026, the price index for traditional Chinese medicine shows a year-on-year decline of 14%, with specific herbs like 连翘 (Forsythia) and 党参 (Codonopsis) experiencing significant price drops of 31% and 36% respectively [18][23] - The SW pharmaceutical industry’s price-to-earnings ratio (TTM) is reported at 52.01 times, with a valuation premium of 266% relative to the CSI 300 index [52] Company Announcements - 恒瑞医药 (Hengrui Medicine) received clinical trial approval for multiple drugs, including SHR-7787 and 阿得贝利 (Adalimumab) [30] - 百利天恒 (Baili Tianheng) has had its drug application for treating recurrent or metastatic esophageal squamous cell carcinoma accepted [31] - 复星医药 (Fosun Pharma) announced plans to spin off a subsidiary for listing and received clinical trial approval for a drug targeting advanced colorectal cancer [35]

Core Viewpoint - Dongyangguang Pharmaceutical (06887.HK) experienced a significant increase in stock price, rising over 6% in the afternoon trading session, indicating positive market sentiment towards the company [2] Group 1 - The stock price of Dongyangguang Pharmaceutical rose by 6.55%, reaching 46.2 HKD [2] - The trading volume amounted to 30.6289 million HKD, reflecting active investor interest [2]

Core Viewpoint - Dongyangguang Pharmaceutical (600673) has seen a significant stock increase of over 6% following the approval of its innovative drug, Ologliptin capsules, by the National Medical Products Administration for the treatment of type 2 diabetes in adults [1] Group 1: Drug Approval - The innovative drug Ologliptin capsules have been approved for use either alone or in combination with Metformin to improve blood sugar control in adult patients with type 2 diabetes [1] - The approval marks a solid step for Dongyangguang Pharmaceutical in the long-term management of chronic diseases [1] Group 2: AI Strategy - Dongyangguang Pharmaceutical is deepening its AI strategic layout by launching an AI intelligent research and development platform focused on the PROTAC mechanism [1] - The platform aims to achieve a comprehensive and systematic data foundation for AI-driven rational design of PROTAC lead compounds, significantly surpassing existing public databases in data scale and structural granularity [1] - This initiative is expected to accelerate the rational design and clinical translation of PROTAC lead compounds [1]

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) has seen a stock price increase of over 6% following the approval of its innovative drug, Ologliptin capsules, by the National Medical Products Administration for the treatment of type 2 diabetes [1] Group 1: Drug Approval - The innovative drug Ologliptin capsules have been approved for use as a monotherapy or in combination with Metformin to improve blood sugar control in adult patients with type 2 diabetes [1] - The approval marks a significant step for Dongyang Sunshine Pharmaceutical in its long-term management of chronic diseases [1] Group 2: AI Strategy - Dongyang Sunshine Pharmaceutical is deepening its AI strategic layout by launching an AI intelligent research and development platform focused on the PROTAC mechanism [1] - The platform aims to achieve a comprehensive and systematic data foundation for AI-driven rational design of PROTAC lead compounds, significantly surpassing existing public databases in data scale and structural granularity [1] - This initiative is expected to accelerate the rational design and clinical translation of PROTAC lead compounds [1]