1、2025年营业收入预计40.37亿至42.16亿，同比增长约13%-18%，主要得益于业务波动不利影响显著缓 解，创新消费电子、汽车电子和健康环境等板块业务协同稳定发展。2、公司持有的参股公司的股份产 生较大的公允价值变动收益，预计增加归属于上市公司股东的净利润3.81亿元。3、受如下因素的影 响，预计2025年度公司的期间费用有一定幅度的增长：（1）公司坚持创新驱动，继续加大技术研发投 入，积极开拓布局新业务、新产品和新客户，持续深化国际化布局；（2）本年度实施新一期股权激励 计划，新增股份支付费用2,006.52万元；（3）汇率波动等。 格隆汇1月8日丨盈趣科技(002925.SZ)公布，预计2025年归属于上市公司股东的净利润54,000.00万元– 66,000.00万元，比上年同期上升114.69%–162.40%，扣除非经常性损益后的净利润22,000.00万元– 26,000.00万元，比上年同期下降7.60%–上升9.20%。 ...

2025年，金川集团铜贵股份有限公司锚定高质量发展目标，以创新驱动为核心引擎，以精益管理为重要支撑，统筹推进产业升级、市场开拓、绿色转型、 人才培育、党的建设等重点工作，在铜与贵金属冶炼加工领域实现全域突破，全年各项事业呈现稳中有进、进中提质的良好发展态势，为打造行业领先的 现代化铜贵产业集群奠定了坚实基础。 坚持创新引领 构建全域创新生态体系 金川铜贵构建"机制筑基、实践攻坚、人才赋能"三维创新格局，实行"统一立项、统一评审、统一申报"闭环管理，细化"八步法"创新流程至岗到人，让创 意落地有章可循。斩获全国机械冶金建材行业职工技术创新成果奖5项、第十一届国际发明展奖4项，省部级及市级各类创新奖多项，其中，潘从明主创项 目"从铂精矿中高效提纯金铂钯新工艺研究与应用"荣获全省职工技术创新特等奖。 深化产学研协同，与7所高校、科研机构开展合作，在智能电解、贵金属提取等领域联合攻关，多项成果实现产业化应用，斩获甘肃省质量管理小组特等 奖2项、全国有色金属行业优秀（一级）质量管理小组1项，全国质量管理小组二等成果1项。成功研发新一代3.5μm极薄锂电铜箔，助力新能源产业升 级；"5G+五万吨铜精矿仓智能配料系统改造及 ...

1月8日，创业板医药ETF国泰（159377）盘中涨超1.7%，创新驱动与政策优化或成行业复苏关键。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 中泰证券指出，2025年医药生物行情由AI+和创新药推动，反映出中国创新能力的质的飞跃及出海逻辑 兑现。尽管Q4出现阶段性回调，但行业经历政策改革和治理阵痛后正逐步复苏，2026年有望延续创新 驱动和产业升级的行情。医疗器械板块在2025年出现基本面拐点，部分细分领域呈现困境反转机会，预 计2026年将延续这一趋势。CRO/CDMO行业内外需共振，需求端随全球投融资恢复而改善，供给端逐 步出清，行业盈利能力有望快速修复。政策端持续支持创新，国家药监局发布《优先审批高端医疗器械 目录（2025版）》，进一步优化审评审批机制，推动高端医疗器械创新发展。 每日经济新闻 创业板医药ETF国泰（159377）跟 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has convened a meeting to advance a comprehensive system for preventing and punishing financial fraud in the capital market, highlighting the achievements since the release of the 2024 guidelines and outlining future directions for deepening these efforts [1] Group 1: Long-term Mechanism Construction - The construction of a normalized and long-term mechanism is essential to establish a robust defense against financial fraud, which is characterized by strong profit-driven motives and high concealment [2] - Since 2024, the CSRC has handled 159 financial fraud cases, imposed 111 administrative penalties totaling 8.1 billion yuan, and investigated 91 delisted companies, demonstrating the continuity and depth of the comprehensive prevention and punishment work [2] - The future focus will be on enhancing internal governance, solidifying the responsibilities of intermediaries, and improving financial information disclosure systems to create an ecosystem where financial fraud is deterred [2] Group 2: Systematic Thinking and Comprehensive Measures - Financial fraud often involves long chains and multiple parties, necessitating a comprehensive approach rather than single regulatory measures [3] - The meeting emphasized the need for a problem-oriented and systematic approach to effectively combat financial fraud, targeting both the main perpetrators and those providing assistance [3] - Future efforts will enhance the synergy and penetration of comprehensive measures, improving the connection between administrative enforcement, criminal punishment, and civil compensation to significantly increase the costs of illegal activities [3] Group 3: Innovation-Driven Policy Implementation - The effectiveness of systems relies on execution, and innovation is key to enhancing execution efficiency [4] - Utilizing technologies such as big data and artificial intelligence will improve the identification of hidden and new forms of financial fraud [4] - Innovations in investor protection mechanisms, such as representative lawsuits and advance compensation, will lower the costs of investor rights protection and improve the efficiency of rights relief [4] - The integration of innovative measures will ensure that the comprehensive prevention and punishment system is not only strict but also intelligent [4]

面向"十五五"，随着政策红利释放、产业基础夯实，西藏资本市场将继续以资本为纽带，连接创新与实体，书写高质量发展新篇章。 "十四五"规划胜利收官，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷。 从上市公司"量质齐升"到创新投入持续加码，从投资者回报机制完善到风险防控坚实有力，雪域高原的资本市场正以独特的发展节奏，为西 藏经济转型升级注入强劲动能，也为"十五五"时期持续增长奠定坚实基础。 上市公司"量稳质升" 产业集群效应凸显 "十四五"时期，西藏上市公司实现规模与质量双重突破，数量稳步增长，市值与经营效益跨越式提升，以医药、有色金属为核心的产业集 群，成为区域经济发展"主力军"。 截至2025年三季度末，西藏辖区A股上市公司达22家，较2021年初增加2家，总市值从2000多亿元跃升至3200亿元，14家企业跻身"百亿 俱乐部"，占比近六成。 经营业绩方面，西藏上市公司展现强劲增长韧性。2025年前三季度，22家上市公司合计营业收入409.8亿元，同比增长4.96%；合计归母净 利润66.3亿元，同比增长37.2%。两项指标增速分别是全国平均水平的3.8倍、6.7倍，凸显优质发展成色。 产业结构上，上市公 ...

Core Viewpoint - The new five-year plan in China is characterized by long-term vision and high stability, providing clear and stable development expectations for various market entities, including foreign-funded enterprises [2] Group 1: Economic Outlook - China will continue to expand its opening-up policies, prioritizing innovation, particularly in technology and new energy sectors [2] - The country is accelerating its transition from external demand to internal demand, with domestic consumption showing continuous growth and significant potential [2] Group 2: Opportunities for Foreign Investment - The ongoing transformation in China presents important opportunities for the country itself and broad market space for foreign enterprises [2]

面向"十五五"，随着政策红利释放、产业基础夯实，西藏资本市场将继续以资本为纽带，连接创新与实 体，书写高质量发展新篇章。 上市公司"量稳质升" 产业集群效应凸显 "十四五"时期，西藏上市公司实现规模与质量双重突破，数量稳步增长，市值与经营效益跨越式提升， 以医药、有色金属为核心的产业集群，成为区域经济发展"主力军"。 截至2025年三季度末，西藏辖区A股上市公司达22家，较2021年初增加2家，总市值从2000多亿元跃升 至3200亿元，14家企业跻身"百亿俱乐部"，占比近六成。 经营业绩方面，西藏上市公司展现强劲增长韧性。2025年前三季度，22家上市公司合计营业收入409.8 亿元，同比增长4.96%；合计归母净利润66.3亿元，同比增长37.2%。两项指标增速分别是全国平均水平 的3.8倍、6.7倍，凸显优质发展成色。 产业结构上，上市公司集群特征鲜明。医药行业上市公司有8家，有色金属行业上市公司有3家，成为拉 动区域经济的"双引擎"。医药板块表现突出，2025年上半年8家生物医药企业中有7家扣非净利润同比增 长。 "十四五"规划胜利收官，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷。 从上市公司 ...

融资渠道持续拓宽，资本工具日益多元。"十四五"时期直接融资年均复合增长率达22.40%，实现ABS发行"零突 破"和科创公司债券备案获批。私募基金规模稳步增长，截至2025年三季度，在管基金规模达2609.71亿元。"格桑 花行动"等政策举措精准发力，培育多家拟上市企业。 风险防控筑牢安全防线，市场生态持续净化。监管部门坚持"零容忍"，查办多起违法违规案件，积极稳妥化解上 市公司风险。"十四五"时期，西藏无退市公司，无重大退市风险企业，也是全国为数不多的公司债券"零违约"省份 之一。 "十五五"西藏资本市场将聚焦创新驱动、产业升级与风险防控三大核心，推进上市公司走访全覆盖，加快优势产 业企业培育。依托并购重组与研发投入，推动医药、有色金属等产业向高端化、绿色化转型，持续完善投资者回 报机制，以资本赋能西藏经济高质量发展，让雪域高原的特色产业"格桑花"竞相怒放。（全文详见A3版） 证券时报记者 唐强 "十四五"时期，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷，为"十五五"持续增长筑牢根基。面向新 征程，西藏资本市场继续以资本为纽带，连接创新与实体，续写高质量发展新篇章。 "十四五"时期，西藏上市公司实现 ...

Core Viewpoint - The article discusses the significant price reduction in medical consumables across China, driven by new policies aimed at addressing the issue of inflated prices, which is reshaping the competitive landscape of the pharmaceutical industry [4][6][10]. Policy Implementation - The current price governance features "full coverage and dynamic adjustment," with various regions implementing complementary policies to manage prices effectively [6][10]. - Ningxia's recent notification requires companies to confirm the national minimum effective price by January 28, 2026, targeting high-risk consumables [6]. - Jiangxi initiated a normalization of price linkage in November 2025, expanding management to all listed consumables, while Heilongjiang's policy covers all listed products [6][7]. Price Reduction Impact - Medical consumables are experiencing drastic price drops, with some products seeing reductions of over 97%, such as ultrasound endoscope water bags dropping from 4,400 yuan to 127.15 yuan [7]. - High-value consumables like coronary stents have decreased from an average of 13,000 yuan to around 700 yuan, a reduction exceeding 93% [7]. - The cumulative savings from the centralized procurement of coronary stents and artificial joints from 2020 to 2025 exceed 200 billion yuan and 150 billion yuan, respectively [8]. Industry Restructuring - The introduction of a "floor price" is accelerating the reshaping and transformation of the medical consumables industry, ending the previous model reliant on regional price differences [10]. - Companies that fail to adjust prices in a timely manner face suspension from listing, particularly affecting small and medium-sized manufacturers [10]. - The competitive landscape is shifting, with domestic brands outperforming foreign companies in procurement bids due to significantly lower pricing [10]. Market Regulation Mechanism - The new market regulation mechanism is characterized by "normalization and intelligence," allowing for real-time monitoring and automatic price comparisons across the country [11]. - The goal is to establish a unified national pricing system, enhancing transparency and efficiency in the industry [12]. - Companies are encouraged to adapt to a compliant and transparent market environment, focusing on cost control and increased R&D investment in high-value products [12]. Future Outlook - The ongoing price governance is seen as a necessary step towards high-quality development in the medical industry, balancing price control with innovation incentives [12]. - The industry is expected to transition towards a model that prioritizes innovation, quality, and patient value, moving away from rapid, unregulated growth [12].

Core Insights - The automotive market in 2026 is predicted to return to fundamentals, moving away from low-level competition based on price to innovation-driven growth [2] - In 2025, the domestic automotive market saw a significant shift, with R&D investment from car manufacturers increasing by 32.94% year-on-year, indicating a focus on innovation [2] - Key changes in the automotive industry include rational public attitudes towards intelligent driving, a return to safety, quality, and reliability as core attributes, and a focus on companies that invest in R&D and innovation [2] Group 1: Lynk & Co Performance - In 2025, Lynk & Co achieved impressive sales, with annual sales surpassing 350,000 units, a year-on-year increase of 22.8% [4] - The Lynk 900 model performed exceptionally well, selling over 50,000 units within six months of its launch, ranking among the top three in the full-size hybrid SUV segment [7] - The brand's three-year depreciation rate stands at 54.58%, with several models topping their respective segments, indicating strong market recognition and user satisfaction [8] Group 2: Brand Positioning and Strategy - Lynk & Co's average selling price exceeded 200,000 yuan, surpassing traditional joint venture brands like Toyota and Honda, reflecting its successful high-end positioning [9] - The brand emphasizes long-termism and high-value products, avoiding low-quality price wars, and focusing on safety and technological innovation [15] - The shift from price competition to value competition is evident, with consumers increasingly prioritizing safety, quality, and reliability over price [16][17] Group 3: Technological Advancements - In 2025, Lynk & Co entered the Intelligent 2.0 era, offering advanced driving assistance and smart cockpit features across multiple models, catering to mid-to-high-end users [17][18] - The brand's commitment to safety and quality is demonstrated through rigorous testing and high safety ratings, enhancing its market visibility [13][14] - The integration of user data from over 7.2 million app users helps optimize product definitions and supports the iterative development of technology [22] Group 4: Market Dynamics and Future Outlook - The competitive landscape in the automotive market is intensifying, with the top 10 manufacturers capturing 61.9% of the market share in 2025 [20] - Lynk & Co's overseas sales exceeded 30,000 units, focusing on high-end hybrid models, and expanding into 31 international markets [23] - The company is building a self-reinforcing business loop where technological investments translate into product strength, which in turn attracts high-quality users and drives further technological advancements [23]