Core Viewpoint - The company, Jiangsu Hengrui Medicine Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of HRS-7535, a novel oral small molecule GLP-1 receptor agonist aimed at treating type 2 diabetes and weight loss [1] Group 1: Product Development - HRS-7535 is designed to activate GLP-1 receptors, promoting insulin secretion from the pancreas, reducing glucagon secretion, and suppressing gastric emptying [1] - The drug also enhances satiety and suppresses appetite through central mechanisms, leading to reduced energy intake [1] - There are currently no oral small molecule GLP-1 receptor agonists available in the global market [1] Group 2: Financial Investment - The cumulative research and development investment for HRS-7535 has reached approximately 369.4 million yuan [1]

Group 1 - Core viewpoint: Jiangsu Hengrui Medicine Co., Ltd.'s subsidiary, Suzhou Hengrui Medicine Co., Ltd., has had its injectable SHR-1826 included in the list of breakthrough therapeutic varieties by the National Medical Products Administration [1] - Drug name: Injectable SHR-1826, with acceptance number CXSL2300466, classified as a Class 1 therapeutic biological product [1] - Proposed indication: Monotherapy for locally advanced or metastatic non-squamous non-small cell lung cancer with c-Met overexpression (2-3+, ≥50%) in patients who have failed at least one line of systemic treatment [1] Group 2 - Application date: December 1, 2025, for the registration of SHR-1826 [1] - Reason for inclusion: The application meets the requirements of the "Drug Registration Management Measures" and the announcement regarding the "Breakthrough Therapeutic Drug Review Procedures" [1]

根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 10 月 27 日受理的 HRS-7535 片符 合药品注册的有关要求，同意本品开展临床试验。申请的适应症：本品拟用于高血压合并超重或肥胖治 疗。 恒瑞医药（600276）(01276)公布，近日，公司子公司山东盛迪医药有限公司收到国家药品监督管理局 核准签发关于 HRS-7535 片的《药物临床试验批准通知书》，将于近期开展临床试验。 据悉，HRS-7535 片是一种新型口服小分子胰高血糖素样肽-1 受体(GLP-1R)激动剂，既可以通过激活人 的 GLP-1R，促进胰腺的胰岛素分泌和降低胰高血糖素分泌并抑制胃排空，还可以通过影响中枢增强饱 腹感和抑制食欲，直接减少能量的摄入等机制用于治疗 2 型糖尿病(T2DM)和减重。全球范围内尚无口 服小分子 GLP-1R 激动剂上市。截至目前，HRS-7535 片相关项目累计研发投入约 36,940 万元。 ...

Core Viewpoint - Heng Rui Medicine's subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., has had its injectable SHR-1826 included in the list of breakthrough therapies by the National Medical Products Administration [1] Group 1: Product Information - SHR-1826 is an antibody-drug conjugate targeting c-Met, designed to specifically bind to tumor cell surface antigens and induce cell death upon internalization [1] - A similar product, ABBV-399 (generic name: telisotuzumab vedotin), received accelerated approval from the FDA in May 2025 for treating adult patients with advanced/metastatic non-squamous non-small cell lung cancer who have high expression of c-Met protein [1] Group 2: Financial Investment - The cumulative research and development investment for SHR-1826 has reached approximately 125.5 million yuan [1]

Core Viewpoint - Heng Rui Medicine (01276) has received approval from the National Medical Products Administration for clinical trials of HRS-7535 tablets, aimed at treating hypertension combined with overweight or obesity [1] Group 1: Clinical Trial Approval - The clinical trial approval notice for HRS-7535 was issued on October 27, 2025, confirming that the drug meets the registration requirements [1] - The drug is a novel oral small molecule GLP-1 receptor agonist, which promotes insulin secretion and reduces glucagon secretion while enhancing satiety and suppressing appetite [1] Group 2: Market Potential - HRS-7535 is intended for the treatment of Type 2 Diabetes Mellitus (T2DM) and weight loss, with no oral small molecule GLP-1 receptor agonists currently available in the global market [1] - The total research and development investment for HRS-7535 has reached approximately 369.4 million yuan [1]

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2026年1月12日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临2026-008 ...

江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 孫飄揚先生 中國上海 2026年1月12日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司山东盛迪医 药有 ...

Group 1 - The core viewpoint of the article is that the A-share market is entering a new upward trend in 2026, supported by a recovery in funds and sentiment, along with corporate earnings, highlighting structural investment opportunities [1][2] - UBS predicts that the overall profit growth rate of A-shares will increase from 6% in 2025 to 8% in 2026, driven by both profit and valuation [3] - The report emphasizes that the current equity risk premium in A-shares is still above historical averages, indicating clear potential for valuation recovery [4] Group 2 - Key factors supporting profit growth include the recovery of nominal GDP growth, narrowing PPI declines, and targeted policy support such as equipment upgrade subsidies and new infrastructure investments [4] - The report suggests focusing on growth stocks, with a preference for cyclical sectors over defensive ones, as growth stocks are expected to outperform in an upward market cycle [6] - UBS recommends overweighting seven key sectors: electronics, telecommunications, non-bank financials, defense and military, non-ferrous metals, chemicals, and electric power equipment, each with specific growth drivers [7] Group 3 - The report identifies four thematic investment directions: technology self-sufficiency, consumer recovery, beneficiaries of "anti-involution," and global leaders with competitive advantages [8][9] - The A-share market has seen a significant increase in trading activity, with average daily turnover rising to 24.6 trillion yuan, up from 17.3 trillion yuan in 2025, indicating strong investor interest [2] - The influx of various long-term funds, including insurance capital and foreign investment, is expected to provide ongoing support for the market [2]

今日焦点 华是科技：控股股东、实际控制人等筹划控制权变更事项，股票停牌 华是科技公告称，公司控股股东、实际控制人俞永方、叶建标和持股5%以上股东章忠灿正在筹划重大 事项，可能导致公司控制权发生变动。为保证公平信息披露，维护投资者利益，避免造成公司股价异常 波动，公司股票自2026年1月13日开市起停牌，预计停牌时间不超过2个交易日。停牌期间，公司将根据 事项进展情况，严格按照法律法规的规定和要求履行信息披露义务。待上述事项确定后，公司将及时披 露相关公告并申请公司股票复牌。 卓易信息发布异动公告，公司IDE业务在2024及2025年陆续发布了两款AI编程产品，尚处于市场导入 期，在初步商业化阶段，产品技术路径、编程效果及市场接受度存在不确定性，目前尚未形成规模化的 产品体系，技术迭代及商业化进展可能不及预期。目前两款产品使用用户以免费用户为主，尚未形成稳 定、可持续的收入来源。未来产品的收入规模、盈利水平及现金流贡献存在高度不确定性，短期内对公 司整体经营业绩影响有限。DeepSeek、通义千问等均系开源大语言模型，任何用户皆可免费基于该模 型开展训练工作，进而进行个性化开发或模型优化，以满足不同用户在多元场 ...

Macro and Strategy Research - The US manufacturing PMI has further declined in December 2025, marking the largest month-on-month drop since 2024, indicating a prolonged downturn for 10 months, while the service sector PMI remains strong, highlighting structural divergence in the US economy [2][3] - In China, the manufacturing PMI returned above the threshold in December 2025, with improvements in both supply and demand, while the non-manufacturing sector also showed unexpected recovery [3] Fixed Income Research - In December 2025, the central bank's liquidity net injection exceeded 800 billion, with money market rates remaining low, while the yield on 10Y government bonds rose by 1 basis point to 1.85% by the end of December [7][9] - The bond market is expected to maintain a range-bound pattern, with inflation and monetary policy acting as anchors for the upper and lower bounds of this range [9] Industry Research - The listing of Rebio Biotech on the Hong Kong Stock Exchange has increased attention on the small nucleic acid sector, with significant developments in the industry including the approval of new drugs and strategic partnerships [10][12][13] - The SW pharmaceutical index rose by 6.13% in the week of January 5-8, 2026, with all sub-sectors experiencing gains, indicating a strong market performance [13]