来源：智通财经 "坦率讲，我个人对目前把全球权益拿回来是感到非常高兴的。"在1月7日早上的电话会上，宜明昂科生 物医药技术（上海）股份有限公司（宜明昂科，1541.HK）创始人、董事长田文志表达了上述感受。 田文志介绍，在与Axion达成合作以后，双方也一直有MNC公司在跟公司对接，能感受到MNC对这个 项目的兴趣，公司对下一步的BD是充满信心的，接下来会和几家有兴趣的公司进一步谈，现在的情况 下去做下一个BD是更加便利的。公司也希望潜在的合作方有跟公司两个资产相匹配的产品管线，可以 做联合开发等方面的工作，这些都是未来BD会考虑的方面。至于两个在研管线的国内权益，公司也一 直在积极推进。 此次BD终止涉及两个管线，最受关注的是新型PD-L1/VEGF双特异性抗体。2025年，辉瑞与三生制药首 付款12.5亿美元的BD正是类似的PD-1/VEGF在研产品。国内另一家创新药企康方生物与美国合作方 Summit也曾就PD-1/VEGF抗癌药物达成合作。该药曾在一项临床研究中"头对头"击败默沙东的K药，此 前已向美国食品药品监督管理局（FDA）提交生物制品许可申请（BLA）。 引发行业讨论的是，康方的PD-1/VE ...

Group 1: Local Government Bonds - Shandong Province issued 723.81 billion yuan in local government bonds, marking the first issuance in the country for the year [2] - The issuance included 467.72 billion yuan in new special bonds and 256.09 billion yuan in refinancing special bonds, focusing on investment in new projects [2] - The Ministry of Finance established a dedicated Debt Management Department to enhance government debt management, which was previously fragmented [2][3] Group 2: Pharmaceutical Industry - In 2025, China approved 76 innovative drugs, significantly surpassing the 48 approved in 2024, with domestic drugs accounting for 85.5% of the total [4] - The total value of authorized transactions for innovative drugs exceeded 130 billion USD, with over 150 transactions, setting a new record [4] - The Chinese pharmaceutical industry has seen substantial growth, particularly in innovative drugs, supported by reforms in drug approval processes and enhanced intellectual property protections [5] Group 3: Automotive Industry - Six major listed car manufacturers reported their 2025 sales, with BYD leading at 4.6024 million units, a 7.73% increase, followed by SAIC and Geely [6] - The growth in sales was driven primarily by the expansion of electric vehicles, with BYD's electric vehicle sales surpassing Tesla for the first time [6][7] - The competitive landscape in the automotive market is intensifying, with companies focusing on optimizing product structures and expanding overseas [7] Group 4: Oil Market - OPEC+ decided to maintain stable oil production levels, postponing planned increases due to ongoing geopolitical tensions [8] - Despite Venezuela's significant oil reserves, production remains low due to insufficient investment, limiting its impact on global supply [8][9] - The global oil market faces challenges in stabilizing prices amid concerns of overproduction and geopolitical factors [9] Group 5: Stock Market Performance - In 2025, 385 Hong Kong stocks saw over 100% growth, with 14 stocks increasing more than tenfold, indicating a strong market performance [14] - The increase in "red stocks" reflects a growing willingness to assign long-term value to internet giants and a high enthusiasm for growth sectors [15] - The A-share market opened positively in 2026, with significant gains across various sectors, particularly in insurance and AI applications [16][17] Group 6: Consumer Products - Prices for certain LABUBU products in the second-hand market have dropped significantly, indicating a shift in supply and demand dynamics [10][11] - The price decline is attributed to increased production by the company, which aims to balance consumer demand with product scarcity [11] Group 7: Technology and AI - Samsung plans to double the number of mobile devices equipped with Google's Gemini AI system, aiming to regain market share in the smartphone sector [12][13] - The integration of AI into various products, including home appliances, highlights a trend towards combining hardware and software solutions [13]

宏观新闻 1、外交部发言人就爱尔兰总理马丁将访华答记者问表示，马丁总理此访是爱尔兰总理时隔14年再次访 华。访问期间，习近平主席将同他会见，李强总理、赵乐际委员长将分别同他会谈、会见，就双边关系 和共同关心的问题深入交换意见。除北京外，马丁总理还将访问上海。 公司新闻 2、外交部发言人就美国对委内瑞拉实施军事打击答记者问表示，中方对美方悍然对一个主权国家使用 武力并对一国总统动手深表震惊，予以强烈谴责。美方的这种霸权行径，严重违反国际法，侵犯委内瑞 拉主权，威胁拉美和加勒比地区和平与安全，中方坚决反对。我们敦促美方遵守国际法及联合国宪章宗 旨和原则，停止侵犯别国的主权安全。 3、据海口海关统计，元旦假期前两日：海口海关共监管海南离岛免税销售30.7万件，同比增长48.3%； 购物人数达6.5万人次，同比增长60.9%；购物金额达5.05亿元，同比增长121.5%。 行业新闻 1、2025年，多型商业火箭密集发射，商业航天的蓬勃发展，为中国航天事业注入了强劲动能。在"十五 五"开局之年，中国航天的新蓝图正在展开。载人登月项目将展开多项试验，嫦娥七号将奔赴月球南极 寻找水冰存在的证据，多型新火箭将首飞并挑战回收。 ...

Core Insights - The CXO (Contract Research Organization) sector in A-shares has shown strong growth, with 20 out of 29 listed companies reporting year-on-year revenue increases in the first three quarters [1] - The third quarter alone saw 21 companies achieving revenue growth compared to the same period last year, driven by international demand for innovative drugs [1] - The sector is benefiting from both policy support and a surge in demand, which is enhancing new drug development needs and positively impacting the CXO industry [1] Policy Support - The National Healthcare Security Administration and the National Health Commission issued measures on July 1 to support the high-quality development of innovative drugs, outlining 16 policies to enhance the entire chain of support for innovative drug development [1] Demand Growth - Several CXO companies reported robust order backlogs for the first three quarters. For instance, WuXi AppTec reported a backlog of 59.88 billion yuan, a 41.2% increase year-on-year [1] - Kanglong Chemical indicated a more than 13% year-on-year growth in new orders, with acceleration in growth compared to the first half of the year [1] - Yino Science reported a nearly 20% increase in order amounts compared to the end of 2024 [2] - Haoyuan Pharmaceutical noted a 50% year-on-year increase in its small molecule business orders, marking four consecutive quarters of growth [2] Internationalization and Market Trends - The first half of the year saw a significant increase in the internationalization of Chinese innovative drugs, with total external authorization transactions reaching 60 billion USD, accounting for 99% of global related transactions [2] - Morgan Stanley's healthcare research head for Greater China anticipates stable long-term growth in external authorization transactions, with multinational companies likely to be more active in acquiring Chinese innovative drug assets [2] - The CXO industry is transitioning from a "scale dividend" to a "technology premium," with technological iteration and process innovation becoming the core of industry competition [2]

Market Overview - On June 6, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.04% while the Shenzhen Component Index and the ChiNext Index fell by 0.19% and 0.45% respectively, with approximately 2,600 stocks in the market gaining [1] - The total trading volume in the Shanghai and Shenzhen markets was 11,520.19 billion RMB, indicating a decrease compared to the previous trading day [2] Sector Performance - The non-ferrous metals sector led the gains with an increase of 1.16%, followed by telecommunications at 1.00% and oil and petrochemicals at 0.88%. Conversely, the beauty and personal care sector saw a decline of 1.70%, textiles and apparel fell by 1.18%, and food and beverage dropped by 0.92% [7] Investment Highlights Semiconductor Sector - The semiconductor sector is experiencing significant interest due to the merger of two leading computing companies, which has sparked investment in semiconductor ETFs. The semiconductor ETF (159813) saw a net subscription of over 250 million units on June 6 [8] - The long-term growth potential of the semiconductor industry is highlighted by the increasing demand for AI-driven computing chips and the trend towards domestic substitution in China, benefiting areas such as IP licensing and advanced packaging [8] Pharmaceutical Sector - The ASCO annual meeting showcased numerous innovative research outcomes from local Chinese companies, particularly in the fields of PD-1 monoclonal antibodies and ADCs, with over 70 original research presentations from Chinese researchers [9] - The Chinese innovative drug sector is entering a period of explosive growth in licensing agreements, driven by improved R&D capabilities and increased trust from international pharmaceutical companies [9]

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index down by 0.31% and the Hang Seng Tech Index down by 0.75%, while the pharmaceutical and biotechnology sector underwent a correction [1] - The Hong Kong Innovative Drug ETF (159567) fell by 0.43%, with a turnover rate exceeding 6% and trading volume quickly surpassing 100 million yuan, indicating active trading [1] - The number of license-out transactions by Chinese pharmaceutical companies reached 33 in Q1 2025, totaling 36.633 billion USD, representing a year-on-year increase of approximately 258%, indicating a shift towards international innovation and research [1] Group 2 - Longcheng Securities suggests that favorable policies for the pharmaceutical sector are emerging, with expectations for steady recovery in industry sentiment, particularly in the hospital market affected by previous anti-corruption and centralized procurement measures [2] - Oriental Securities highlights significant breakthroughs for foreign innovative drugs at the recent ASCO conference, while also noting the strong competitive edge of domestic innovative drugs, recommending attention to companies with international competitive advantages [2]