格隆汇1月30日丨ST百灵（维权）(002424.SZ)公布，预计2025年归属于上市公司股东的净利润-9,000万 元～-6,000万元，比上年同期下降367.68%～278.46%，扣除非经常性损益后的净利润-13,200万元 ～-10,200万元。 2025年度，公司整体经营保持稳定态势，但受产品市场需求放缓、医保支付政策调整及市场竞争加剧等 因素影响，叠加产业链各环节产能供需变化、库存压力等因素，行业整体利润承压，2025年度公司营业 收入同比下降约20%，加上公司固定资产规模扩大，折旧摊销费用增加，当期固定成本上升，对当期业 绩造成一定影响，致使归属于上市公司股东的净利润及扣除非经常性损益的净利润同比均出现下滑。 ...

公司评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 1 月 27 日 【公司评论】 但玉翠 852 2532 1539 tracy.dan@firstshanghai.com.hk 管理团队介绍 加科思的核心管理团队以创始人王印祥博士为核心，王印祥博士于 1999 年获得美国 阿肯色大学医学院生物化学及分子生物学博士学位，耶鲁大学的 Koleske 实验室分子 生物物理和生物化学系完成了博士后研究。2003 年 1 月共同创立了浙江贝达药业有 限公司，是贝达药业的创始人之一。王博拥有 20 多年小分子抗肿瘤药研发经验，曾 主导中国第一款靶向抗肿瘤药埃克替尼（凯美纳）的研发与上市。加科思目前管理团 队一半来自贝达药业，另一半为公司成立后引入的来自大药企和顶尖医院的各类人 才。25 年 11 月为推进全球化战略引入了联席首席执行官（Co-CEO）制度，联席 CEO、首席医学官(CMO) 王宜 (Andrea Wang-Gillam) 博士 20 年 7 月加入加科思，在 美国有 20 余年肿瘤医生经验，她在圣路易斯华盛顿大学医学中心担任肿瘤科副教 授，并曾兼任消化道 ...

中信证券研报表示，修订后的《中华人民共和国药品管理法实施条例》正式发布。《条例》是细化和落 实《药品管理法》的抓手，展现出我国药品活动的法律法规以民生和创新为导向。我们对照了修订后的 《条例》与2002版《条例》，认为医药行业将以创新为核、合规为基，走向高质量发展。延续2026年的 产业投资策略观点：我们认为医药行业将是有望维持超配的行业，从横向维度上，建议2026年围绕以下 几条主线进行布局：1）创新驱动和国际化—在反内卷的国内政策环境下，关注创新驱动和国际化出海 的相关标的；2）自主可控—我们预计未来可能还会陆续面临地缘政治扰动带来的风险，应更多关注自 主可控下核心零部件、试剂、科研上游的进口替代进程加速的相关标的；3）新政新气象—受益于集采 优化、医保三个支付、消费刺激政策和国企改革的相关标的。 ...

Fixed Income - The secondary market for credit bonds has seen significant activity due to structural interest rate cuts and excess MLF renewals, leading to a notable increase in trading volume [2][9] - The average issuance rate for AA city investment bonds, AA+ industrial bonds, and financial bonds has increased significantly, while the issuance rates for other credit bonds have fluctuated within 10 basis points [10] - The yield on credit bonds has continued to decline, with various types of credit bonds experiencing a reduction in spreads, making coupon-bearing assets increasingly scarce [12] Construction and Building Materials - Infrastructure investment has turned negative for the first time since 2004, with narrow and broad infrastructure completing 18.08 trillion yuan and 24.50 trillion yuan respectively in 2025, showing declines of -2.20% and -1.48% year-on-year [14][15] - New orders in the construction sector are characterized by stability among central enterprises, regional differentiation, and strong overseas demand, with major state-owned enterprises maintaining high order volumes [15][16] - The outlook for infrastructure investment is expected to stabilize and recover gradually, supported by major strategic projects and policy measures [14] Aerospace Industry - SpaceX plans to launch its second-generation Starlink satellite communication system in 2027, which will significantly enhance capacity and data throughput compared to the first generation [21][22] - The global rocket launch service market is projected to exceed $50 billion by 2032, with a compound annual growth rate of 13% from 2023 to 2032 [21] - Six companies in the North Exchange's rocket industry chain have been identified, indicating a growing interest in this sector [21] Pharmaceutical Industry - The introduction of service price guidelines for surgical robots is expected to accelerate the development of the surgical robot industry in China [27][28] - The pharmaceutical market has shown mixed performance, with a focus on innovative drugs and medical technologies such as AI and brain-computer interfaces [25][29] - Key companies to watch include China Biologic Products, Shanghai Yizhong, and Fuyuan Pharmaceutical, among others, as they are expected to benefit from industry trends [30] Media and Internet - Kuaishou's AI video generation model has surpassed 12 million monthly active users, highlighting the growing importance of AI in the media sector [32][37] - The AI sector remains a critical narrative in the global industry, with significant investments in AI marketing, content generation, and e-commerce applications [32] - Companies such as Tencent, Alibaba, and ByteDance are expected to lead in AI product development and commercialization [32]

从股票 ETF 二级市场表现看，光伏、卫星板块领涨。当日涨幅前十大股票 ETF 中，光伏新能源板块占据 4 席，卫星占据 6 席。 具体而言，当日有 21 只股票 ETF 上涨幅度超过 8% ，科创板新能源 ETF 、卫星 ETF 、光伏 ETF 易方达、卫星产业 ETF 涨幅均达到 10% 。 【导读】上周五股票 ETF 资金净流出超 700 亿元 中国基金报记者 天心 上周五（ 1 月 23 日）， A 股市场呈现普涨格局，三大指数集体收涨，两市成交额重回 3 万亿元以上。 部分资金继续选择兑现离场。上周五全市场股票 ETF （含跨境 ETF ）资金净流出超 717 亿元。沪深 300 、上证 50 、中证 1000 等宽 基 ETF 是资金净流出较多的品种， 4 只单日净流出超 100 亿元，最大单只单日净流出超 200 亿元。 实际上，过去一周，由于 部分宽基 ETF 出现较大规模 " 失血 "，股票 ETF 连续五个交易日资金净流出，合计净流出近 4500 亿元。 光伏、卫星板块 ETF 领涨 Wind 数据显示，截至 2026 年 1 月 23 日，全市场 1315 只股票 ETF 总规模达 4. ...

昨日市场午后震荡回升，三大指数集体翻红，创业板指走势较强。沪深两市成交额2.69万亿，较上一个 交易日放量910亿。盘面上，市场热点快速轮动，全市场超3500只个股上涨。从板块来看，商业航天概 念爆发，近二十只成分股涨停，巨力索具2连板，顺灏股份、中超控股、西部材料涨停。机器人概念反 复走强，福莱新材、毅昌科技涨停。油气概念延续强势，洲际油气2连板。煤炭板块表现活跃，大有能 源3天2板。PCB概念快速拉升，鹏鼎控股等多股涨停。下跌方面，保险、半导体、医药等板块跌幅居 前。其中创新药概念集体下挫，艾迪药业、回盛生物大跌。截至收盘，沪指涨0.14%，深成指涨0.5%， 创业板指涨1.01%。 商业航天产业方兴未艾，正迈入需求侧与供给侧双向发力的黄金时代。1)卫星发射：民营火箭公司发展 迅速，产业链处于国家航天向商业航天的转变阶段。建议关注结构件供应商。2)卫星制造：当前低轨卫 星主要集中在空间段以及地面段的基础设施建设，短期聚焦卫星制造领域。上中游的分系统及材料端因 直接支撑卫星量产，有望率先受益。 龙头房企偿债方案落地标志着市场信用方面压力的短期纾解，叠加近期地产政策预期升温，有助于带来 地产股估值修复机遇。重 ...

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Core Viewpoint - South Korea has decided to postpone its commitment to invest up to $20 billion in the U.S. due to ongoing depreciation pressure on the Korean won, with plans to proceed once the foreign exchange market stabilizes [1] Group 1: Investment Commitment - The investment commitment was originally part of a trade agreement totaling $350 billion, with $150 billion allocated for the shipbuilding industry and $200 billion for sectors such as energy, semiconductors, pharmaceuticals, critical minerals, and artificial intelligence [4] - The agreement includes a key restriction that South Korea's annual capital outflow to the U.S. cannot exceed $20 billion, allowing for flexible adjustments in response to market instability [4] Group 2: Currency Performance - Since the second half of 2025, the Korean won has depreciated over 8% against the U.S. dollar, reaching its lowest level since the global financial crisis despite government interventions [1] - Following the announcement of the investment delay, the depreciation of the won against the dollar has slowed, with the exchange rate reported at 1476.05 [2] Group 3: Market Sentiment - Despite U.S. Treasury Secretary Scott Basset's comments suggesting that the won's weakness does not align with South Korea's strong economic fundamentals, market sentiment remains cautious, leading to fluctuations in the currency's value [5][6]

Group 1 - The company faced significant challenges in business operations due to a five-year public disclosure of an administrative penalty, which was a result of selling prescription drugs while the licensed pharmacist was temporarily absent [1] - The penalty of 900 yuan had been paid, but the prolonged public disclosure negatively impacted the company's ability to bid and secure loans, requiring extensive explanations to potential partners [1][2] - The issue was identified by the Lan'kao County Procuratorate, which discovered that multiple administrative agencies had failed to differentiate between general and serious violations, leading to excessive public disclosure periods [1][2] Group 2 - In response to the findings, the Lan'kao County Procuratorate organized a meeting with relevant authorities to address the issue of excessive public disclosure and reached a consensus on the need for immediate rectification [2][3] - The county's Development and Reform Commission took prompt action to rectify the situation by launching a special initiative to remove over a hundred instances of excessive public disclosure, including that of the company [3] - A collaborative mechanism for social credit repair was established, which aims to standardize the processes of credit information collection, public disclosure, repair, and supervision, thereby enhancing the legal framework for the social credit system [3]

Core Viewpoint - The capital market in Tibet has shown remarkable progress during the "14th Five-Year Plan" period, contributing significantly to the high-quality development of the local economy and laying a solid foundation for continued growth in the "15th Five-Year Plan" period [1] Group 1: Company Performance - The number of listed companies in Tibet has steadily increased to 22 by the end of Q3 2025, with total market capitalization rising from over 200 billion to 320 billion yuan, and 14 companies entering the "100 billion club," accounting for nearly 60% [2] - In the first three quarters of 2025, the total operating revenue of these companies reached 40.98 billion yuan, a year-on-year increase of 4.96%, while net profit attributable to shareholders was 6.63 billion yuan, up 37.2%, significantly outpacing national averages [2] - The pharmaceutical and non-ferrous metal industries have emerged as key drivers of regional economic growth, with 8 pharmaceutical companies and 3 non-ferrous metal companies leading the market [2] Group 2: Industry Innovation - Companies in Tibet have prioritized innovation as a core development strategy, with R&D expenditures increasing from 1.441 billion yuan in 2020 to 2.206 billion yuan in 2024, a growth of 53.09% [4] - The R&D intensity of listed companies in Tibet has consistently exceeded the national average, reaching 4.24% in the first three quarters of 2025, nearly double the national average [4] - Hai Sikang, the company with the highest R&D investment, raised 800 million yuan through a private placement in February 2023, with R&D expenses reaching 624 million yuan in 2024 [4] Group 3: Investor Returns - Listed companies in Tibet have focused on enhancing investor returns, with cumulative cash dividends reaching 17.012 billion yuan during the "14th Five-Year Plan," a 28.79% increase from the previous period [6] - Meihua Biological, the company with the highest dividend payout, distributed 6.218 billion yuan in dividends during this period, reflecting a strong operational capacity [6] - Stock buybacks have also been utilized to boost market confidence, with a total of 3.424 billion yuan spent on buybacks during the "14th Five-Year Plan," a 391.24% increase from the previous period [6] Group 4: Financing Channels - The capital market in Tibet has diversified financing tools, with direct financing amounts growing from 13.92 billion yuan in 2021 to 25.528 billion yuan in 2024, achieving a compound annual growth rate of 22.40% [7] - The issuance of asset-backed securities (ABS) marked a significant milestone, with a local state-owned enterprise issuing 7 ABS products in 2024, achieving a "zero breakthrough" in ABS issuance in Tibet [7] - By Q3 2025, there were 120 private fund management institutions in Tibet, ranking 22nd in the country, with a total fund size of 260.971 billion yuan [7] Group 5: Risk Management - Regulatory authorities in Tibet have adopted a "zero tolerance" approach to illegal activities, handling 13 cases of market violations during the "14th Five-Year Plan," with penalties exceeding 30 million yuan [8] - The region has maintained a "zero default" status for corporate bonds, with no companies facing major delisting risks during this period [9] - Investor education initiatives have been implemented, including the creation of bilingual resources and partnerships with local universities to enhance investor literacy [9] Group 6: Future Outlook - The capital market in Tibet aims to focus on "innovation-driven, industrial upgrading, and risk prevention" as core strategies for the "15th Five-Year Plan," with efforts to cultivate quality enterprises in key sectors [10] - Regulatory bodies are committed to enhancing corporate governance and internal control systems while encouraging companies to return value to investors through dividends and buybacks [10] - The emphasis will be on fostering a healthy market ecosystem by addressing financial misconduct and supporting the development of high-quality enterprises [10]