证券日报网讯1月7日，康尼机电（603111）在互动平台回答投资者提问时表示，公司的转型升级旨在构 建公司面向未来的核心竞争力，主要从以下三方面协同推进：一是业务布局多元化：在巩固并增强轨道 交通主业"压舱石"地位的同时，持续发力新能源汽车零部件"第二增长曲线"，并加速智能健康业务等新 兴业务的孵化与培育进程，丰富产品矩阵，扎实推进多元化发展战略；二是打造创新型研发体系，以集 团国家认定企业技术中心为依托，坚持以"技术驱动未来，创新引领发展"的核心指导思想，聚焦三大产 业以及新兴产业与未来产业，将集团技术中心打造成为突破关键核心技术、孕育孵化重大创新产品的战 略高地，不断赋能现有产业并采用灵活的体制机制培育和孵化新的产业，为集团打造新的经济增长极； 三是运营管理精细化，持续数智转型升级：持续优化数字化运营体系、集成产品开发(IPD)技术研发体 系、全价值链成本管控体系、卓越经营管理体系等，全面提升运营效率与质量，为业务发展持续赋能。 未来，公司将持续稳步推进转型升级相关工作，全面提升经营质量与盈利能力，与全体股东共享公司成 长红利。 ...

在广州市增城区新塘镇，记者指尖触到一块刚下机的牛仔面料——纹理清晰，却柔软细腻，"像棉花糖 一样软糯"；不远处，在另一家企业的样衣间，高腰微喇、雾面渐变、立体猫须等新款牛仔服装一字排 开，一条条"新式牛仔裤"从这里走向国内外品牌货架和T台。 同样是一块布、一条裤，在新塘，却被织进了越来越多关于创新、绿色和时尚的故事。顺着面料和版 型的线索，记者走进研发车间、样衣工坊和在建园区，看到"牛仔之都"从生产基地迈向"创意中枢"的 升级之路。 在"布堆"里找创新基因 2001年，正值新塘牛仔产业蓬勃发展之时，坚纺在这里创立。"当时全镇织布厂、作坊就有上千家，大 家都在做常规牛仔布。"坚纺相关负责人回忆，正是这片"布堆"，让他们意识到：不在面料上做文章， 很难在激烈竞争中脱颖而出。 一开始，坚纺只是做坯布生产，很快就把目光转向"研发驱动"。企业建立自己的工厂，持续加大研发 投入，"每年把利润的四成以上投到研发上"，引进国内外设备和新型生产线，从纱线配比、织造工艺 到牛仔布后整理技术不断试验，在细微的经纬交织间寻找突破。 二十多年来，这种"在布堆里找创新"的坚持，带来了一串有厚度的数据——2008年至2010年，自主研 发 ...

外，盘龙药业也在积极推进多项在研品种的布局，以丰富产品管线。 面对行业周期性波动，盘龙药业通过构建覆盖"药材种植—药品研发—生产制造—商业配送"的全产业链 体系，有效提升了自身的抗风险能力。吴杰表示，盘龙药业三季度销售收入实现两位数增长，体现了这 一模式在不确定环境下的韧性。他进一步强调，企业必须主动适应医保支付改革、集采常态化及行业监 管趋严等趋势，在坚持合规经营的基础上，主动寻找新发展机遇。 展望未来一至两年，吴杰认为，医药行业的发展将围绕创新、合规和临床价值这三大主线展开。这一判 断基于以下几个方面：其一，老龄化社会带来的医疗健康刚性需求，构成了行业长期发展的底层逻辑； 其二，全民健康意识持续提升，健康消费呈现年轻化、常态化的新趋势；其三，国家持续出台鼓励创新 药研发的政策支持，为企业布局长远发展注入信心与底气。 盘龙药业明确提出"一体两翼三纵深"发展战略，即以创新为引领，同步推进营销体系变革与产业链纵深 整合。在营销布局上，盘龙药业构建"口服+外用""院内+院外""传统剂型+高端剂型"相结合的产品矩 阵，并积极拓展第三终端市场，着力打造"线上+线下"融合的营销体系。目前，盘龙药业已组建起一支 年轻化、 ...

在相城，活跃着一批深耕细分领域的"隐形冠军"企业。他们秉持追求卓越的工匠精神，以钻坚研微的执 着，将每一项技术、每一道工序打磨至极致，练就行业"独门绝技"，在产业链的节点上发光发热，为制 造业发展筑牢根基，以创新活力激发经济社会高质量发展新动能。 一根针的能量有多大？在相城区渭塘镇的创新工业园内，一家看似不起眼的企业正用一根根细如发丝的 针撬动全球市场。 时光流转，传承从未缺位。如今，屠传剑的儿子接过了接力棒，他不仅完整延续了"质量为王"的核心准 则，更以敏锐的市场嗅觉开拓新赛道。面对美容针等新型针灸器械的市场机遇，他积极推动产品申报与 创新研发，不断延伸针灸技术的应用边界，让这根承载东方智慧的针，在新时代持续焕发活力。 把一件事做到极致，便是成功。苏州针灸用品有限公司用"一根针"的专注，书写着"相城制造"的国际化 篇章，在全球健康产业蓬勃发展的浪潮中，这根承载着匠心与创新的针也将迎来更广阔的舞台。 通讯员杨洋扬子晚报/紫牛新闻记者梅方滢 校对陶善工 故事的起点，是上世纪一间小小的"针灸制作社"。创立之初，企业便秉承中国针灸界一代宗师承淡安的 理念，将"匠心"二字刻进基因。 多年来，团队始终盯着"一根针"—— ...

（文章来源：第一财经） 国金证券研报表示，此次医保局新闻发布会及系列座谈会召开明确了政策未来支持企业"反内卷"、开放 出海、差异化创新等原则，有利于未来医疗器械行业高质量发展。企业创新研发积极性将被激发，细分 赛道龙头企业利润率有望逐步稳定，创新产品有望获得更高的利润空间，国内市场增速有望快速修复。 ...

Group 1 - The pharmaceutical industry is expected to experience a critical turning point in 2025, with a stable and positive trend continuing into 2026, influenced by factors such as policy, fundamentals, overseas investment environment, and liquidity [1] - The sector is currently undervalued, and catalysts are anticipated to drive upward momentum, with the realization of value from innovative research further pushing the overall valuation upward [1] - Stock selection will likely return to fundamentals and valuations, focusing on stocks with expected fundamental discrepancies that are still undervalued [1] Group 2 - In the innovative drug/prescription drug segment, short-term focus should be on overseas transactions and performance, with long-term value driven by innovation and iteration [2] - Key short-term catalysts include progress in overseas clinical data, inclusion in medical insurance, and reaching breakeven points, with leading Hong Kong stocks expected to maintain double-digit revenue and net profit growth [2] - Recommended stocks include: 1) 3SBio, Deking Pharmaceutical, and BeiGene, which have rich catalysts and limited impact from procurement; 2) Xiansheng Pharmaceutical, Hutchison China MediTech, and Legend Biotech, which are significantly undervalued with clear long-term growth logic [2] Group 3 - The CXO sector is expected to maintain rapid performance growth, but long-term trends indicate tightening regulations in the U.S. and increasing difficulty in new drug development, suggesting that industry consolidation may just be beginning [3] - Leading players in high-growth segments are expected to have higher long-term certainty [3] Group 4 - High-quality private hospitals are recommended as the pressure on cost control eases and outdated capacity is eliminated, allowing private medical institutions to return to a faster growth trajectory [4] - Recommended stocks include: Guoshengtang and Haijia Medical, which are expected to have short-term performance rebounds and clear long-term expansion paths [4]

Group 1: Pharmaceutical Industry - The pharmaceutical sector is expected to maintain a stable upward trend in 2026, driven by undervaluation and catalysts that could further enhance overall valuations [3][4] - Key recommendations include companies like 3SBio, Eucure Biopharma, and BeiGene, which have rich catalysts and limited impact from centralized procurement [4] - The focus will shift back to fundamentals and valuations, particularly for stocks that are currently undervalued with expected positive fundamental differences [3][4] Group 2: Real Estate Industry - The real estate sector in mainland China is projected to explore new development models under strong policy support, with expected sales area between 900-950 million square meters and sales value around 10-11 trillion RMB in 2026 [5] - In Hong Kong, key factors for market recovery include improved macro uncertainty, significant policy easing, and the return of fundamental demand drivers, with residential rental levels expected to grow by approximately 3% annually [5] - Investment preferences are ranked as state-owned enterprises with low valuations, private sector leaders with land reserves in first and second-tier cities, followed by other private developers [5] Group 3: Retail and Office Market - The retail rental market in Hong Kong is expected to see moderate growth, with community mall rents increasing by about 3-5%, while office vacancy rates have peaked, setting the stage for a rebound in 2026 [7] - The intrinsic value of the Hong Kong physical market is anticipated to gradually release, with New World Development recommended as a high-quality proxy for residential recovery [7]

Financial Data and Key Metrics Changes - The company reported a 10% revenue growth through the first nine months of the year, with product sales growth at 11% driven by a 14% volume growth [9][10] - In Q3, revenue growth was 12%, also driven by 14% volume growth, indicating strong momentum in the business [9][10] - Non-GAAP research and development expenses increased by 31% year over year in Q3, with a total of approximately $200 million spent on business development [12][28] Business Line Data and Key Metrics Changes - Repatha experienced a 30% year-over-year growth over the first nine months, with significant potential for future growth due to low penetration rates in the PCSK9 therapy market [13] - Evenity also grew by 30% year over year, holding a 60% market share in the bone builder market in the US, with a large untapped patient population [13] - Tezspire achieved 50% year-over-year growth, surpassing $1 billion in sales in the US for severe asthma [14] - The rare disease portfolio is annualizing at close to $5 billion, growing 12% year over year, with Uplizna growing 50% year over year [15] Market Data and Key Metrics Changes - The biosimilar portfolio grew by 40% year over year, now annualizing at approximately $3 billion, with cumulative revenues of $13 billion since inception [15] - The company expects increasing competitive intensity in the biosimilar market, particularly for Prolia and Xgeva, which may lead to revenue declines [43][44] Company Strategy and Development Direction - The company emphasizes innovation as its top capital allocation priority, with a focus on internal and external growth opportunities [26][28] - The company is actively engaging with the current administration regarding pricing and access policies, aiming to enhance affordability for patients [31][32] - The company is exploring opportunities in rare diseases, indicating a strong interest in expanding its portfolio in this area [48][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum of the business and pipeline, highlighting the importance of volume-driven growth strategies [9][10] - The company remains optimistic about the long-term growth outlook, driven by its therapeutic areas and ongoing investments in innovation [10][12] - Management acknowledged the challenges posed by increasing competition in the biosimilar market but believes that growth drivers in other areas will offset these challenges [46] Other Important Information - The company is preparing for upcoming PDUFA dates, particularly for Uplizna, which is expected to drive further growth [15] - The company is focused on expanding its manufacturing capabilities to support the increased volume growth [29][30] Q&A Session Summary Question: What is Amgen's current position regarding agreements with the administration on manufacturing and pricing? - The company is actively engaging with the administration and has had positive relations, emphasizing its commitment to innovation and affordability for patients [31][32] Question: How does the company view the competitive landscape for Maritide in the obesity and diabetes space? - The company is confident in its ability to navigate pricing and access challenges, leveraging its experience from previous product launches [35][39] Question: What are the expectations for the denosumab biosimilar market? - The company anticipates increased competitive intensity and revenue declines for Prolia and Xgeva, but expects growth from other product lines to offset these declines [43][44] Question: How does the company plan to approach business development in rare diseases? - The company is open to various business development strategies, including licensing and acquisitions, to expand its rare disease portfolio [48][57]

创新研发赋能产业升级 成立技术攻关小组，改进高粘高弹改性沥青工艺，解决了粘度与流动性平衡难题，在G228套尔河特大 桥桥面成功应用。研发直投式聚烯烃混合料，在S313试验段表现出色，得到客户高度认可。冷拌冷铺 超薄罩面养护技术推广到京藏高速宁夏段等项目。牵头编制的国家标准《SBS改性沥青改性剂含量检测 方法》（GB/T 45464-2025）正式实施，为行业技术规范提供"新材料"方案。 日照交通能源发展集团新材料集团聚焦高质量发展目标，以项目化经营为纲，创新研发为核，搭建"战 略—项目—效能"管理模式，在市场开拓攻坚、核心技术突破、成本管控增效三大领域协同发力，实现 逆势突围、稳健发展。 攻坚破局拓市场蓝海 公司围绕新客户拓展、老市场深耕、海外渠道突破三个市场维度，清单化推进、节点化落实。市场版图 向北向西延伸到内蒙古、甘肃等中西部省份，新入围供应商库17家、新签订单28份；路用新材料产品成 功销往海外市场，金额2.1亿元。 全面推行"5S"管理，构建标准化成本管控流程，对生产全流程实施动态化调整优化。聚焦生产核心环 节，升级关键设备，改进生产工艺，SBS改性沥青生产成本每吨下降10%；优化仓储管理体系，接卸 ...

Core Viewpoint - Tonghua Dongbao is focusing on expanding its product pipeline in diabetes and endocrine metabolic diseases, achieving significant revenue growth and international market expansion in 2025 [2][3][4]. Financial Performance - In the first three quarters of 2025, the company reported revenue of 2.18 billion yuan, a year-on-year increase of 50.55%, and a net profit of 1.202 billion yuan, compared to a loss of 66.37 million yuan in the same period last year [2]. - In Q3 2025, the company achieved revenue of 806 million yuan, a year-on-year growth of 13.9%, and a net profit of 984 million yuan, representing a staggering increase of 499.86% [2]. Product Development and Market Expansion - The sales volume of insulin analogs doubled year-on-year in the first three quarters of 2025, with revenue from these products surpassing human insulin, becoming the largest revenue contributor for the company [2]. - The company is expanding its research pipeline to include indications beyond diabetes, such as obesity and non-alcoholic steatohepatitis (NASH), as well as other endocrine metabolic diseases like gout and hyperuricemia [2]. International Strategy - In H1 2025, overseas revenue reached 110 million yuan, a year-on-year increase of approximately 187%, surpassing the total revenue for the previous year, indicating the effectiveness of the internationalization strategy [3]. - The company has made significant progress in international registrations, with insulin products approved in five emerging markets and ongoing BLA submissions for insulin products in the U.S. [4]. - The company is focusing on the U.S. market due to the large patient base and significant market opportunities, collaborating with Jianyou Co. to share risks and leverage expertise [5][6]. Future Outlook - The company aims to drive growth through a dual strategy of "innovation + internationalization," solidifying its leadership in diabetes treatment while expanding its product registrations in both developed and emerging markets [6].