百奥赛图以"抗体货架"为核心的创新模式，打破传统抗体开发的效率瓶颈，成为公司差异化竞争的核心 引擎。抗体开发业务收入从2022年1.27亿元增长至2024年3.18亿元，CAGR高达58%，2024年毛利率超 90%。百万级抗体序列库既可为全球合作伙伴提供即取即用的高质量抗体分子，又能通过授权、合作开 发等多元模式实现技术价值最大化。自主推进的核心管线聚焦高价值赛道，与合作管线形成互补，逐步 兑现商业化潜力，打造新增长引擎。 催化剂 国泰海通证券发布研报称，首次覆盖，给予百奥赛图-B(02315)"增持"评级。公司作为全球领先的创新 药临床前CRO及生物技术公司，技术壁垒深厚，临床前产品与服务收入稳定增长，"千鼠万抗"计划进入 兑现期。预计2025-2027年EPS分别0.38/0.74/1.21元，同比增长411.08%/91.82%/64.10%。参考PE及PS两 种估值，采取谨慎性原则，给予公司目标价57.72元/股，对应2026年PE 78X。 国泰海通证券主要观点如下： 临床前产品与服务打牢基本盘，业务收入高速增长 公司具有领先的基因编辑技术，自主研发CRISPR/EGE、SUPCE等核心技术，打造 ...

Core Viewpoint - Company is rated "Buy" by Guotai Junan Securities, highlighting its position as a leading global preclinical CRO and biotechnology firm with strong technical barriers and stable revenue growth from preclinical products and services [1] Group 1: Revenue Growth and Business Model - Preclinical products and services are the foundation of the company's business, with revenue growing rapidly; model animal sales are projected to increase from 66 million yuan in 2021 to 389 million yuan in 2024, with a CAGR exceeding 50% [1] - The company has established long-term partnerships with over 950 global collaborators, including the top ten pharmaceutical companies, completing over 6,350 drug evaluation projects [1] - The company has a strong overseas presence, with higher average order values from international clients compared to domestic ones, enhancing its risk resistance and profitability [1] Group 2: Antibody Development and Growth Engine - The "Thousand Mice and Ten Thousand Antibodies" plan is entering a realization phase, with antibody development and licensing becoming a significant growth driver; revenue from antibody development is expected to grow from 127 million yuan in 2022 to 318 million yuan in 2024, with a CAGR of 58% [2] - The company’s innovative "antibody shelf" model breaks traditional efficiency bottlenecks in antibody development, providing high-quality antibody molecules for global partners and maximizing technical value through various collaboration models [2] - The core pipeline focuses on high-value areas, complementing collaborative pipelines and gradually realizing commercial potential, thus creating a new growth engine [2] Group 3: Catalysts - Sales of model animals are expected to exceed forecasts, and the antibody licensing business is anticipated to realize results beyond expectations [3]

Core Viewpoint - Aixin Yuan Zhi has passed the main board listing hearing on the Hong Kong Stock Exchange, with CICC, Guotai Junan, and Bank of Communications International as joint sponsors [1] Company Overview - Aixin Yuan Zhi is a fabless supplier of artificial intelligence inference system-on-chip (SoC), focusing on high-performance perception and computing platforms for edge computing and terminal device AI applications [1] - The company's core technologies include the Axera Neutron mixed-precision neural network processor (NPU) and the Axera Proton AI-ISP, which is the world's first commercially scaled AI image signal processor [1] Market Position - According to Zhi Zhi Consulting, Aixin Yuan Zhi is the largest supplier of mid-to-high-end visual edge AI inference chips globally by shipment volume in 2024, ranking among the top five in the global visual edge AI inference chip market [1] Product Development and Sales - As of September 30, 2025, Aixin Yuan Zhi has independently developed and commercialized five generations of SoCs, with cumulative deliveries exceeding 165 million units [1] - In 2024, the company's AI inference SoC shipments reached 9.3 million units, with sales of visual terminal computing SoCs and edge computing SoCs increasing by approximately 69% and 400% respectively compared to 2023 [1]

2026年伊始，全球金融市场见证了一项历史性纪录的诞生。现货黄金首次突破5000美元/盎司，最高涨 至5031美元/盎司。截至发稿，现报5028.25美元/盎司，日内涨幅达0.8%。现货白银盘初再创新高，现报 104.76美元/盎司，涨幅超1%。 公开信息显示，包括顶级投资顾问、多家养老基金及行业机构在内的市场参与者普遍认为，美国资产的 风险溢价正在抬升，这一信号意味着投资者或正逐步从这一全球最大金融市场撤出资金。近期，瑞典养 老基金Alecta、丹麦养老基金AkademikerPension确认，已出售或正在出售所持的美国国债。 展望后市，黄金长期上涨趋势获机构普遍看好。 高盛在最新报告中，将黄金今年底目标价从每盎司4900美元上调至5400美元，理由是私人部门投资者和 中央银行对黄金的需求不断增长。高盛分析师预计，各国央行今年每月将购买60吨黄金，同时随着美联 储降息，黄金ETF的持有量也将增加。各国央行已开始通过传统的ETF，与私人部门投资者争夺有限的 黄金。 | < W | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | | | SPTAUUS ...

Group 1 - The report indicates that at the end of 2025, the bond market was relatively weak, with banks showing overall limited allocation to interest rate bonds across various maturities. However, entering 2026, as banks' annual KPIs were gradually determined, the volatility of deposit replacement on the liability side stabilized, leading to a gradual recovery in interest rate bonds. In the first week of the year, bank buying power significantly increased, covering various maturities, and this buying power further expanded in the middle of the month. Nevertheless, bank participation remained more structural and selective rather than a comprehensive increase [7][8][15] Group 2 - Large banks have shown an expanding allocation to government bonds, with a notable increase in purchases of policy financial bonds starting in the third week of January. The buying focus has been on 1-3Y and 7-10Y maturities, while there has been a significant increase in selling of ultra-long local bonds [8][9][10] - The allocation behavior of large banks has evolved weekly, with a strong buying momentum in the first week primarily focused on various maturities of government bonds. In the second week, the buying continued for medium to long-term government bonds, but the marginal increase in ultra-long-term allocations slowed down. By the third week, large banks began to significantly increase their buying of 1-3Y and 20-30Y government bonds, indicating a simultaneous rise in demand for both short and ultra-long maturities [8][9][10] Group 3 - Small and medium-sized banks exhibited a "front-loading and back-selling" pattern in their trading behavior for secondary interest rate bonds. In the first week of the month, these banks concentrated their buying on medium to long-term bonds, but in the last two weeks, they shifted to net selling, indicating a phase-out of their allocation to medium to long-term bonds. For local bonds, there was strong buying activity in the first week, but the buying intensity has cooled in the past week, with marginal demand weakening and trading pace slowing down [15][16][17] Group 4 - In the funding market, there has been an expansion in borrowing while lending has contracted, leading to an increase in leverage ratios across institutions. The overnight trading proportion has risen, with interbank bond market leverage ratios showing slight declines overall, while banks and insurance companies have seen slight increases in their leverage ratios [7][8] Group 5 - In the primary market, the spread between the primary and secondary prices of policy financial bonds has widened. In the past week, two 10Y National Development Bonds and two 10Y Agricultural Development Bonds were issued, with both types seeing an increase in overall multiples, although the marginal multiples have decreased [7][8] Group 6 - In the secondary market, the borrowing volume of active bonds has continued to rise. The trading activity in the cash bond market has warmed up, with differentiated trading behaviors observed among various types of institutions. Large banks have significantly bought 1-3Y and 7-10Y maturities while showing net selling in other short to medium-term bonds and net buying in ultra-long maturities. Conversely, small and medium-sized banks have shown net selling across various maturities, particularly in the 7-10Y segment [7][8][9]

一、会议基本情况 广发集享债券型证券投资基金（基金主代码：021136，基金简称：广发集享债券，以下简称"本基金"） 于2024年3月8日经中国证监会证监许可〔2024〕384号文准予募集注册，并于2024年6月14日正式成立运 作。本基金的基金管理人为广发基金管理有限公司（以下简称"基金管理人"），基金托管人为中国银行 股份有限公司（以下简称"基金托管人"）。为了适应市场环境变化，更好地维护基金份额持有人的利 益，根据《中华人民共和国证券投资基金法》《公开募集证券投资基金运作管理办法》等法律法规的规 定和《广发集享债券型证券投资基金基金合同》（以下简称《基金合同》）的有关约定，基金管理人经 与基金托管人协商一致，决定以通讯方式召开本基金的基金份额持有人大会，审议修改本基金基金合同 终止条款，并根据最新法律法规对《基金合同》进行相应修改，会议的具体安排如下： 1.会议召开方式：通讯方式。 2.会议投票表决起止时间：自2026年1月27日起，至2026年3月3日15：00（投票表决时间以本次大会指 定的收件人收到表决票时间为准）。 3.基金份额持有人或其代理人需将填妥的表决票和所需的相关文件在投票期间内，通过专 ...

（来源：经济参考报） 在有效发挥业绩比较基准"尺"的功能、做好考核指挥棒方面，《指引》和《操作细则》明确，管理人应 建立健全以基金投资收益为核心的绩效考核和薪酬管理体系，充分体现产品业绩和投资者盈亏情况。在 衡量主动权益基金业绩时，管理人应当加强与业绩比较基准对比，基金长期投资业绩明显低于业绩比较 基准的，相关基金经理的绩效薪酬应当明显下降。 同时，《指引》还要求基金评价机构应当将业绩比较基准作为评价基金投资管理情况的重要依据，以更 加科学客观地衡量基金投资业绩、风险控制能力和风格稳定性。要求基金管理人、销售机构、评价机构 在进行权益类基金投资业绩排序或者排名时，应当结合业绩比较基准进行合理分类。 南开大学金融发展研究院院长田利辉表示，此次《指引》和《操作细则》的正式落地，有望成为治 理"风格漂移"的关键。新规从"软约束"变为"硬约束"，通过制度设计将管理人与投资者的利益重新对 齐。当基金经理的绩效与长期超越特定基准挂钩，而非单纯攀比排名时，其行为自然趋于理性与纪律。 新规以"监测-预警-纠偏"闭环机制精准治理"风格漂移"，要求管理人设置偏离阈值并定期披露，使基金 投资从"隐性漂移"变为"显性管控"。 在他看 ...

Group 1 - The core announcement is about the convening of a fund holders' meeting for the Yinhua CSI 1000 Enhanced Strategy ETF to discuss the continuous operation of the fund due to its net asset value falling below 500 million yuan for 60 consecutive trading days [29][28] - The meeting will be held via communication methods, with voting starting from January 23, 2026, to March 30, 2026 [2][4] - The agenda includes a proposal regarding the continuous operation of the fund, which requires approval from fund holders [3][29] Group 2 - The rights registration date for fund holders to participate in the meeting is January 22, 2026 [4] - Fund holders can vote by submitting ballots through various methods, including downloading from the fund manager's website [5][39] - The voting process allows for both direct voting and proxy voting, with specific requirements for documentation based on the type of investor [6][12][40] Group 3 - The counting of votes will be supervised by designated personnel and will be conducted within two working days after the voting deadline [20] - The effectiveness of the ballots will be determined based on clarity and compliance with the announcement's requirements [50] - A resolution will be considered valid if more than half of the voting rights are represented by fund holders or their proxies [22][51]

Core Viewpoint - The recent market perspective suggests that the appreciation of the RMB and increased foreign exchange settlement by enterprises could lead to bank balance sheet expansion, thereby aiding interbank liquidity. However, the reality is that while the RMB appreciates and enterprises increase settlement, the central bank does not purchase foreign exchange, which may tighten interbank liquidity instead [1][6]. Group 1: Impact of RMB Appreciation on Interbank Liquidity - The appreciation of the RMB and increased foreign exchange settlement does not automatically translate to an increase in base currency supply, as the central bank's foreign exchange reserves have not increased despite a significant surplus in bank foreign exchange settlements [2][8]. - In December 2025, the bank's foreign exchange settlement surplus reached a historical high of 999 billion USD, with the settlement rate rising by 7 percentage points to 69%, indicating strong market sentiment towards the RMB [7][9]. - The process of foreign exchange settlement involves converting domestic RMB assets into foreign currency assets, which consumes internal RMB reserves, thus not necessarily leading to liquidity expansion [10]. Group 2: Central Bank's Role in Liquidity Management - The key factor for whether interbank liquidity will tighten alongside RMB appreciation in 2026 lies in the central bank's willingness to increase base currency supply through various measures such as reverse repos, MLF, and bond purchases [4][11]. - The central bank's actions to maintain liquidity are crucial for stabilizing the RMB exchange rate and supporting economic growth, especially in light of government bond issuance [11][12]. - The central bank's ability to smooth out funding fluctuations has been enhanced, and it is expected to continue providing liquidity support, which may keep interbank rates low [12].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant improvement in market trading volume and new fund issuance at the beginning of 2026, which is favorable for the fundamentals of financial IT and brokerage sectors. Brokerage firms are expected to continue rapid growth in their brokerage business, while investment banking, asset management, and overseas expansion are likely to enhance the return on equity (ROE) of leading brokerage firms. The insurance sector has also seen a strong start in both individual and bank-insurance channels, with a continued trend of deposit migration, suggesting a positive outlook for the insurance sector in the spring market [4][6]. Summary by Sections Brokerage Sector - Daily average trading volume for stock funds reached 3.44 trillion, down 16% week-on-week; however, the average trading volume since the beginning of 2026 is 3.64 trillion, a 105% increase compared to Q1 2025 [4] - New stock and mixed fund issuance in January 2026 totaled 44.3 billion, a 56% year-on-year increase [4] - The "Public Fund Performance Benchmark Guidelines" was officially released on January 23, 2026, establishing stricter standards for benchmark selection and changes, enhancing performance evaluation and compensation management systems [4] Insurance Sector - The fourth quarter of 2025 saw a stable research value for ordinary life insurance products at 1.89%, slightly down from 1.90% in the previous quarter, indicating a trend towards stability [6] - The individual insurance channel is under pressure due to various factors, but the strong start in 2026 is expected to improve new policy growth, aided by favorable market conditions [6] - The stabilization of long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a potential valuation recovery towards 1x PEV for leading firms [6] Recommended Stocks - Recommended stocks include Guangfa Securities, Guotai Junan, Huatai Securities, and China International Capital Corporation H, as well as China Life, China Pacific Insurance, and Ping An Insurance [7]