Major Events - UBTECH (09880) plans to invest 300 million yuan to establish a partnership for investments in the smart robotics industry chain [1] - Tian Ge Interactive (01980) received a 1.41% discount from Sina Hong Kong for a partial tender offer to acquire 32.5 million shares, with trading resuming on January 22 [1] - Fosun Pharma (02196) received approval for the drug registration application of heavy tartrate norepinephrine injection [1] - Valiant (09887) received orphan drug designation (ODD) from the European Commission for Valiant™ for the treatment of extra-pulmonary neuroendocrine carcinoma [1] - GCL-Poly Energy (01050) secured orders for AI giant server enclosures, accelerating ASIC business production, and commenced construction of a new base in Thailand [1] - China Rare Earth Holdings (03788) plans to raise approximately 783 million HKD to support the development of the Mt Bundy gold mine project [1] - Nanshan Aluminum International (02610) plans to place 31 million shares, aiming to raise approximately 1.9868 billion HKD [1] - Qiming Medical-B (02500) reported a patent infringement lawsuit against Edwards by Cardiovalve Ltd. and MTH IP, L.P. regarding US Patent No. 385 [1] - Minmetals Resources (01208) expects total copper production of 506,900 tons in 2025, a year-on-year increase of 27% [1] - Prudential (02378) invested approximately 375 million USD to increase its stake in PAMB to 70% [1] - Nocoda Technology (00519) successfully implemented innovative smart handling robots in Hong Kong public housing estates [1] - Idali Holdings (00720) B-ON Global S.àr.l. plans to acquire 1.3 billion shares of the company, becoming the major shareholder [1] Bonds and Notes - China Shipbuilding Leasing (03877) subsidiary plans to issue 2.338 billion HKD convertible bonds [2] Buybacks/Reductions - China Communications Construction (01800) repurchased 1.06837 million HKD worth of 1.2588 million A-shares on January 22 [2] - Kuaishou-W (01024) spent approximately 29.9714 million HKD to repurchase 380,000 shares on January 22 [2] - Xiaomi Group-W (01810) repurchased shares worth 201 million HKD, acquiring 5.7138 million shares on January 22 [2] - Xiaomi Group-W (01810) plans to repurchase up to 2.5 billion HKD of Class B ordinary shares [2] - Sanhua Intelligent Control (02050) controlling shareholders, directors, and executives plan to collectively reduce their holdings by up to approximately 10.2037 million A-shares [2] Operating Performance - AsiaInfo Technologies (01675) expects to turn cash flow positive by 2025, driven by rapid growth in AI business [2] - Zhaoyi Innovation (03986) issued a profit warning, expecting a net profit of approximately 1.61 billion yuan in 2025, a year-on-year increase of about 46% [2] - MicroPort Medical (00853) issued a profit warning, expecting a net profit of no less than 20 million USD in 2025, turning profitable year-on-year [2]

Core Viewpoint - MicroPort Medical (00853) anticipates turning a profit by the end of the fiscal year ending December 31, 2025, with a projected net profit of no less than $20 million, recovering from an audited net loss of approximately $268 million for the fiscal year ending December 31, 2024 [1] Group 1: Financial Performance - The expected turnaround to profitability is primarily attributed to continuous revenue growth, particularly from overseas operations, which are projected to contribute to a year-on-year increase of approximately 70% [1] - Despite downward pressure on product prices due to domestic industry policies in China, the implementation of cost optimization measures is expected to result in a gross margin improvement of 2-3 percentage points year-on-year [1] Group 2: Operational Efficiency - The company is focusing on deepening lean management practices to enhance operational efficiency, leading to a year-on-year decrease in operating expenses of approximately 10-11% [1] - The disposal of subsidiaries is also expected to contribute positively to the company's overall financial performance [1]

预期扭亏为盈主要归因于本期间内：收入的持续增长，尤其出海业务收入继续贡献同比约70%的高速增 长;尽管中国境内行业政策给产品价格带来下行压力，受益于成本优化举措的落实，毛利率仍同比提升 2~3个百分点;于运营方面持续深化精益管理，提升经营效率，令本集团经营费用同比下降约10~11%;及 附属公司处置为本集团贡献正向收益。 智通财经APP讯，微创医疗(00853)发布公告，预期本集团截至2025年12月31日止年度(本期间)将实现扭 亏为盈，并取得净利润不低于2000万美元(截至2024年12月31日止年度：经审计净亏损约2.68亿美元)。 ...

预期扭亏为盈主要归因于本期间内：(1)收入的持续增长，尤其出海业务收入继续贡献同比约70%的高速 增长；(2)尽管中国境内行业政策给产品价格带来下行压力，受益于成本优化举措的落实，毛利率仍同 比提升2~3个百分点；(3)于运营方面持续深化精益管理，提升经营效率，令集团经营费用同比下降约 10~11%；及(4)附属公司处置为集团贡献正向收益。 格隆汇1月22日丨微创医疗(00853.HK)公告，预期集团截至2025年12月31日止年度(「本期间」)将实现 扭亏为盈，并录得净利润不低于2千万美元(截至2024年12月31日止年度：经审计净亏损约2.68亿美元)。 ...

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，並明瞻表示，概不對因本公告全部或任何部份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。 微創醫療科學有限公司* 預期扭虧為盈主要歸因於本期間內： # 指本集團在中國境內研發獲批的產品於海外市場實現銷售的業務。 1 (1) 收入的持續增長，尤其出海業務# 收入繼續貢獻同比約70%的高速增長； (2) 儘管中國境內行業政策給產品價格帶來下行壓力，受益於成本優化舉措的落實，毛利率仍同比 提升2~3個百分點； (3) 於運營方面持續深化精益管理，提升經營效率，令本集團經營費用同比下降約10~11%；及 (4) 附屬公司處置為本集團貢獻正向收益。 於本公告日期，本公司仍在準備及完成本集團截至二零二五年十二月三十一日止年度業績（「二零 二五年年度業績」）。本公告所載資料乃根據董事會現時可取得業務運營資料之初步評估，其並非根 據本公司獨立核數師或審核委員會已審核或審閱之任何財務數據或數據。謹請本公司股份及證券持 有人及潛在投資者細閱預計將會在二零二六年三月末以前刊發的本公司二零二五年年度業績公告。 謹請 ...

是否活成一个NPC，是否不配有姓名？ 1月20日，历史上一个平淡的日子，唯一的热闹，可能是大寒之日上海飘雪。同日，另一场寒潮却无声 无息，恒生生物科技指数（HSHKBIO）成交额跌破100亿港币，与2025年最高点相比下降近80%，15家 港股18A公司日成交额不足100万港币。 创新药在研发主战场外，正在开辟争夺流动性的第二战场。 技术和资本，一体两面，是创新药企的两大属性。早期生物科技没有自我造血功能，全靠资本输血。成 熟创新药企在每一个重要节点，跃升到更高发展阶段，也靠资本支持。 当前，通过港股18A通道上市的生物科技企业已达85家(含摘B)，还有超过80家递表排队，而流动性却 在指缝间溜走。自研能力不够硬，又不做市值管理的公司，等于自动退出流动性争夺战，被边缘化，被 遗忘，直至丧失融资能力。 每家Biotech都曾经满怀绚丽的梦想，但时间会褪色一切，会否一不注意就成为创新药背景板上没有姓 名的NPC？ FDA敌意渐浓 进入2026年，FDA连续对多项生物制品上市申请（BLA）发出Complete Response Letter（CRL），拒绝 批准或要求补充关键临床与CMC（化学、生产与控制）证据，显 ...

Summary of MicroPort MedBot Conference Call Company Overview - **Company**: MicroPort MedBot (Ticker: 2252.HK) - **Market Cap**: HK$31,889 million (US$4,089 million) [4] Key Industry Insights - **Industry**: Robotic-assisted surgery - **Policy Development**: On January 20, 2026, China's National Healthcare Security Administration (NHSA) introduced a unified national pricing framework for robotic surgery, which is expected to significantly impact the industry by resolving long-standing pricing uncertainties [2][3]. Core Financial Highlights - **Revenue Growth**: MicroPort MedBot anticipates a revenue increase of 110-120% year-over-year for FY25, surpassing previous estimates of 100% and consensus of 94% [1]. - **Net Loss Reduction**: The adjusted net loss is expected to narrow by more than 50%, aligning with market expectations [1]. - **Overseas Orders**: The company received over 100 orders for the Toumai robot in FY25, exceeding the previous guidance of 70-80 units [1]. Policy Impact - **Pricing Framework Features**: - **Tiered Pricing**: Establishes three tiers based on the robot's involvement in surgeries: Navigation, Partial Execution, and Precise Execution [2]. - **Coefficient-Based Reimbursement**: Links reimbursement for robotic assistance to the primary surgical procedure's price, incentivizing advanced robotics for complex surgeries [2]. - **Incentives**: Sets a price floor for manufacturers and a ceiling for patient affordability [2]. - **Remote Surgery**: Introduces a pricing item for remote surgical assistance, facilitating the commercialization of telesurgery [2]. Growth Drivers - **Dual-Engine Growth**: The company is expected to experience significant domestic adoption due to the new pricing framework, alongside continued strong international momentum [6]. - **Clinical Value**: The product's clinical value is validated with installations in over 90% of Grade-A Tertiary hospitals, indicating strong market acceptance [6]. Investment Outlook - **Rating**: The stock is rated as "Buy" with a target price of HK$32.00, reflecting an expected share price return of 3.5% [4]. - **Risk Assessment**: The stock is classified as high risk due to potential volatility and various operational risks, including regulatory challenges and competition [9]. Additional Considerations - **Market Reaction**: Following the announcement of the new pricing guideline, shares of MicroPort MedBot and its peers saw a positive market reaction, indicating investor confidence in the new policy's potential to de-risk commercialization pathways [1][3]. - **Visibility for Revenue Conversion**: The surge in overseas orders provides excellent visibility for revenue conversion in FY26, reinforcing the company's growth trajectory [1]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, industry developments, and future growth prospects.

国产商业化加速推进，进口替代确定性强 国内手术机器人行业起步较晚，市场长期由外资品牌主导。随着《立项指南》的发布、叠加"大规模设 备更新"政策红利延续、国产设备性价比优势凸显，该行认为手术机器人行业渗透率将加速提升；本土 设备在二三线医院及基层市场的教育成效显著，国产替代确定性强。 智通财经APP获悉，光大证券发布研报称，国家医保局近日正式印发《手术与治疗辅助操作类医疗服务 价格项目立项指南(试行)》有望重塑行业估值逻辑，看好背靠大型医疗集团、能适应新医保支付规则、 具备资金及渠道优势的平台型公司。具备差异化创新能力(如单孔、5G远程)、产品性能符合"精准执 行"高收费标准且具备性价比优势的国产公司，有望通过服务收费模式，稳步提升市场份额及盈利质 量。 事件：国家医保局近日正式印发《手术与治疗辅助操作类医疗服务价格项目立项指南(试行)》(以下简称 《立项指南》)，围绕3D打印、示踪增强成像、能量器械、术中影像引导、机械臂与远程手术等医疗科 技创新成果，进行统一价格立项，规范形成37项价格项目、5项加收项、1项扩展项。 光大证券主要观点如下： 以腔镜手术机器人为例，随着国产龙头企业产能释放及临床数据验证成熟，达 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 国内手术机器人行业起步较晚，市场长期由外资品牌主导。随着《立项指南》的发布、叠加"大规模设备 更新"政策红利延续、国产设备性价比优势凸显，我们认为手术机器人行业渗透率将加速提升；本土设备 在二三线医院及基层市场的教育成效显著，国产替代确定性强。以腔镜手术机器人为例，随着国产龙头企 业产能释放及临床数据验证成熟，达芬奇的垄断格局正在被逐步重塑。据RoboticTech统计，2025年腔镜 手术机器人中标量方面，国产品牌首次实现对进口品牌的反超，达芬奇的市场份额进一步被压缩，微创、 精锋、思哲睿、术锐等国产品牌中标量持续攀升，市场格局从"单极垄断"迈向"多强竞争"。 "十四五"配置证发放收官，叠加设备更新政策，行业招标装机 ...

Market Overview - A-shares saw a collective rise, with the Sci-Tech Innovation Board leading with over 3% increase [1] - The total trading volume in Shanghai, Shenzhen, and Beijing reached 2.62 trillion yuan, a decrease of 180.4 billion yuan from the previous day [1] Sector Performance - The semiconductor sector experienced significant gains, with the electronic sector attracting a net inflow of 39.254 billion yuan, the highest among 31 primary industries [1] - Precious metals saw gold prices surpassing 4,800 USD for the first time, leading the non-ferrous metals sector to outperform the market, with five stocks hitting the daily limit [1][3] - The electronic ETF (515260) surged by 3.13%, while the non-ferrous ETF (159876) rose by 3.01%, both reaching historical highs [2][3] AI and Technology Trends - The AI narrative remains strong, with expectations for sustained high demand in computing hardware, particularly in the domestic AI industry chain [1] - The Sci-Tech Artificial Intelligence ETF (589520) saw a price increase of 2.69%, with a net inflow of 150 million yuan over the past ten days [1] - The market consensus indicates that CPO (Chiplet Packaging Option) is becoming a necessary technology, with rapid growth expected in 800G and 1.6T optical modules by 2026 [1] Investment Opportunities - The non-ferrous ETF (159876) has seen significant capital inflow, with a net subscription of 18.6 million units and a total of 635 million yuan over the past ten days [4] - The healthcare sector is experiencing a boost due to new policies from the National Medical Insurance Administration, which are expected to enhance innovation and profitability in high-end medical devices and robotic surgeries [18][19] - The Hong Kong medical ETF (159137) rose by 1.06%, ending a four-day decline, with significant gains in leading medical stocks [16][19]