另一方面，航空股强势上扬，中国东方航空股份涨近5%，中国南方航空（600029）股份涨超4%，中国国航（601111）涨超3%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 腾讯控股 | 599.000 | -0.17% | | 0700.HK | | | | 阿里巴巴-W | 142.800 | -1.18% | | 9988.HK | | | | 小米集团-W | 39.300 | -0.15% | | 1810.HK | | | | 泡泡斑牆 | 187.700 | -1.62% | | 9992.HK | | | | 中芯国际 | 71.450 | -1.45% | | 0981.HK | | | | 美团-W | 103.300 | -0.96% | | 3690.HK | | | | 中国海洋石油 | 21.300 | -0.75% | | 0883.HK | | | | 紫金矿业 | 35.660 | 0.85% | | 2899.HK | | | | 小鹏汽车-W | 79.350 | -0.94% | | 9868.HK | | | | 信达生物 | 76 ...

中国基金报记者 伊万 12 月 31 日，港股 2025 年最后一个交易日，三大指数微跌。截至收盘，恒生指数报 25630.54 点，下跌 0.87% ；恒生国企指数报 8913.68 点，下跌 0.86% ；恒生科技指数报 5515.98 点，下跌 1.12% 。 【导读】港股三大指数微跌，次新股大涨近 24% 全年来看，三大指数连续第二年维持上涨趋势。 恒生指数全年累计上涨 27.77%，恒生科技指数累涨 23.45%，国企指数全年累涨 22.27% 。 盘面上，大型科技股多数走低，京东集团、阿里巴巴跌超 1% ；互联网医疗股走低，京东健康、平安好医生、阿里健康跌超 1% ；汽车股 走弱，零跑汽车跌近 3% ，比亚迪股份跌超 2% ；保险股、半导体股、生物技术股等多数下跌。 另一方面，航空股强势上扬，中国东方航空股份涨近 5% ，中国南方航空股份涨超 4% ，中国国航涨超 3% 。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 腾讯控股 | 599.000 | -0.17% | | 0700.HK | | | | 阿里巴巴-W | 142.800 | -1.18% | | ...

智通财经APP获悉，大盘收官日氛围清淡，三大指数盘中均一度跌超1%。截止收盘，恒生指数跌0.87% 或224.06点，报25630.54点，全日成交额为1189.66亿港元；恒生国企指数跌0.86%，报8913.68点；恒生 科技指数跌1.12%，报5515.98点。全年来看，港股连续大涨两年，2025年恒指累涨27.77%，创2017年来 最佳表现；国指累涨22.27%；恒科指数则累涨23.45%，为成立以来表现最佳。 3. 紫金系逆市上扬。截至收盘，紫金黄金国际(02259)涨1.39%，报146港元；紫金矿业(02899)涨0.85%， 报35.66港元。 银河证券指出，展望 2026年，国内外货币政策宽松背景下，外资和南向资金均有望继续保持净流入趋 势。在加快科技创新、新一轮供给侧改革、扩大内需等利好政策带动下，港股上市公司盈利水平有望实 现实质性提升，市场将迎来盈利与估值均上涨的格局，港股总体有望震荡上行。 蓝筹股表现 百度集团-SW(09888)逆市上扬。截至收盘，涨1.39%，报131.5港元，成交额11.61亿港元，贡献恒指3.55 点。华鑫证券指出，公司AI新业务持续增长，本季首次披露细节， ...

Core Viewpoint - The successful debut of Insilico Medicine (03696) on the Hong Kong Stock Exchange has generated significant market interest, with its stock price surging on the first day of trading [1] Group 1: IPO Details - Insilico Medicine priced its shares at HKD 24.05, issuing a total of 94.69 million shares, resulting in net proceeds of approximately HKD 2.026 billion [3] - On the first trading day, the stock price increased to HKD 31.94, reflecting a gain of 32.81%, with a trading volume reaching HKD 768 million [3] Group 2: Company Overview - Insilico Medicine is recognized as a global leader in AI-driven drug discovery and development, showcasing its capabilities through the Pharma.AI platform [3] - The Pharma.AI platform integrates four major modules: Biology42, Chemistry42, Medicine42, and Science42, covering the entire drug development process from target identification to clinical outcome prediction [3] Group 3: Achievements - The company has successfully generated over 20 assets in clinical or IND application stages through its Pharma.AI platform [3] - Three of these assets have been licensed to international pharmaceutical and healthcare companies, with a total contract value of up to USD 2.1 billion [3] - Additionally, there is one asset in the advanced stage of Phase II development, indicating the company's strong position in the industry [3]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【英矽智能拟在港募资22.8亿港元，12月30日将挂牌上市】12月18日呈交港交所的公告透露，英矽智能 将在香港发售约9500万股股份，每股价格24.05港元。经计算，该公司计划筹资约22.8亿港元。 公司预 计12月30日挂牌上市，联席保荐人为摩根士丹利、中金和广发证券。英矽智能是AI驱动的生物技术公 司，利用其Pharma.AI平台加速药物发现。 ...

Financial Data and Key Metrics Changes - The company reported a record revenue of $99 million for Q4, representing a 17% year-over-year increase and marking the 11th consecutive quarter of growth [7] - For the full year, revenue reached $376.6 million, a growth of 20% over fiscal 2024 [7][23] - Gross margin for Q4 was 51.3%, and for the full year, it was 50.7%, an increase from 42.6% in fiscal 2024 [7][23] - Adjusted EBITDA loss improved to approximately $7.8 million for Q4 and $46.9 million for the full year, showing significant improvement compared to fiscal 2024 [27][28] Business Line Data and Key Metrics Changes - SynBio revenue for Q4 was $39.5 million, up 17% year-over-year, and for the full year, it increased to $145 million, also a 17% growth [8][23] - NGS revenue for Q4 grew to approximately $53 million, a 16% increase year-over-year, and for the full year, it reached $208.1 million, a growth of 23% [12][24] - Biopharma revenue was $6.4 million for Q4, a 22% increase year-over-year, with full-year revenue at $23.5 million, a growth of 15% [14][24] Market Data and Key Metrics Changes - Revenue from the Americas increased to approximately $57.3 million in Q4, a 9% year-over-year growth, while EMEA revenue rose to $34.6 million, a 35% increase [25] - APAC revenue increased to $7.2 million in Q4, a 9% year-over-year growth [25] - China accounted for approximately 1% of total revenue for fiscal 2025, indicating a relatively small market share [25] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA breakeven by the end of fiscal 2026, focusing on setting the stage for future growth acceleration [8] - A new product introduction for NGS aimed at minimal residual disease (MRD) is expected to launch commercially in early 2026, enhancing the company's offerings in cancer diagnostics [18][21] - The company plans to combine SynBio and Biopharma revenue reporting under the term DNA Synthesis and Protein Solutions to better reflect its customer base and operational synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in AI-enabled drug discovery, with significant orders from customers in this area [10][29] - The company anticipates total revenues of $425 million to $435 million for fiscal 2026, reflecting a growth of approximately 13% to 15.5% year-over-year [29] - Management emphasized the importance of staying close to customers to anticipate emerging needs and drive product innovation [32] Other Important Information - The company ended fiscal 2025 with cash, cash equivalents, and short-term investments of approximately $232.4 million [28] - Capital expenditures for fiscal 2025 were $28 million, reflecting investments in growth for the upcoming fiscal year [28] Q&A Session Summary Question: On gross margins and pricing - Management indicated that gross margin expectations are influenced by customer mix and that they expect to maintain a strong margin trajectory moving forward [36][37] Question: NGS growth expectations - Management clarified that NGS growth is expected to rebound to 20% by Q4 2026, with a significant customer ramp anticipated [39][40] Question: Biopharma order sustainability - Management expressed optimism about the sustainability of AI-driven orders and the close ties between Biopharma and SynBio offerings [41][42] Question: Guidance for gross margins - Management expects gross margins to improve throughout fiscal 2026, driven by revenue growth and continuous process improvements [44][45] Question: Market opportunity definition - Management acknowledged the need for clearer market opportunity definitions and metrics to help investors understand growth potential [60][63]

Group 1: Industry Overview - Qingdao's Laoshan District has developed a comprehensive biopharmaceutical industry system focusing on marine biomedicine, innovative drugs, high-end medical devices, and modern pharmaceutical services [1] - The marine biopharmaceutical industry in Laoshan has over 130 related enterprises, achieving a scale of 12.3 billion yuan with an 18% year-on-year growth [1] - Laoshan District has been recognized as a national pilot for "Quality Certification Service Strong Enterprises, Strong Chains, Strong Counties," being the only county-level industry to receive this honor in the marine biomedicine sector [1] Group 2: Company Innovations - Qingdao Chenlan Health Industry Group has developed a unique small molecule ClamBPTM peptide using directional enzymatic hydrolysis technology and established the world's first production line for oligopeptides using this technology [1] - Qingdao Chaolan Chuangzhi Information Technology Co., Ltd. has created a differentiated technological barrier in AI-driven drug discovery, applying for 10 invention patents related to AIDD models [1] - Shandong Zhuoye Medical Technology Co., Ltd. has integrated AI medical models with minimally invasive treatment, creating the world's first AI + 3D structured light percutaneous puncture surgical robot [1] Group 3: Future Developments - Qingdao Chenlan Health Industry Group plans to deepen research in high-value utilization of marine active substances and modernization of traditional Chinese medicine, focusing on telomere biology and cellular aging intervention [1] - In the innovative drug sector, Laoshan is accelerating the establishment of leading enterprises like Qiqiao Pharmaceutical, focusing on the development and market launch of new drugs for stroke treatment [1] - Qingdao Huanghai Pharmaceutical Co., Ltd. has established a joint venture for marine innovative drug research and has received clinical approval for several marine new drugs, with plans to continue investing in controlled-release technology and marine innovative drug development [2]