北京商报讯（记者 宋亦桐）2026年初，港股市场迎来新一轮新股上市潮，一批硬科技赛道企业密集登 陆港交所，成为资本关注的焦点。在此背景下，理财公司以基石投资者、锚定投资者身份强势入局，开 启了权益投资能力升级的全新阶段。1月22日，北京商报记者注意到，部分理财公司在此轮港股打新中 战绩斐然。工银理财披露的10笔港股IPO投资实现100%正收益胜率，投资标的覆盖半导体、人工智能、 生物医药、高端装备等核心赛道。分析人士指出，当前阶段，理财公司参与港股IPO仍以试点和项目制 运作为主，但中长期来看，这一实践有望逐步演进为制度化、产品化、策略化的权益配置路径。 2026年开年不到一个月，壁仞科技、MINIMAX等硬科技企业接连登陆港股IPO，点燃市场热情。港股 IPO的火热，为手握重金的理财公司提供了全新的投资舞台，头部理财公司的布局，也在此次新股潮中 收获了丰厚的回报。 普益标准研究员屈颖指出，理财公司参与港股IPO，尤其是作为基石/锚定投资者，既能直接获取新股配 售带来的超额收益，也可倒逼机构在投前尽调、定价判断和投后跟踪等方面全面提升权益投资能力，推 据工银理财披露的数据，2025年末至2026年初，港股市场 ...

Core Viewpoint - The Beijing Municipal Economic and Information Technology Bureau is set to launch a funding implementation guide aimed at supporting high-precision and cutting-edge industries, with a planned investment of over 1.5 billion yuan to cover more than 25 policy support directions by 2026 [1][3]. Group 1: Funding and Support Directions - The implementation guide focuses on addressing challenges in enterprise innovation and research and development, with nine key support areas designed to facilitate market validation for innovative products in fields such as robotics and integrated circuits [3]. - The guide includes support for the first demonstration applications of advanced materials and encourages commercial space enterprises to purchase insurance to mitigate innovation risks, providing up to 50% support of the enterprise's investment costs for qualifying projects [3][4]. Group 2: Growth and Development Initiatives - A "Win the Future" growth plan is introduced to support promising future industry projects with up to 10 million yuan in initial funding, alongside market institution co-investment and entrepreneurial guidance [4]. - The guide aims to enhance the growth of small and medium-sized enterprises (SMEs) by issuing service vouchers to reduce procurement costs for professional services and providing rewards for equity financing through the Beijing "Specialized, Refined, Characteristic, and Innovative" board [4]. Group 3: Strategic Implications - The implementation guide is designed to create a comprehensive policy framework that addresses core contradictions in industrial upgrading, thereby strengthening the ecosystem and sustainable development mechanisms for high-precision industries [5]. - The dual approach of policy content upgrading and efficiency enhancement is expected to solidify the technological foundation and ecological advantages of high-precision industries, supporting Beijing's goal of becoming a global benchmark city for the digital economy during the 14th Five-Year Plan period [5].

黄浦江畔，暖意融融。1月21日，2026年江苏省与外国在华商协会和咨询机构新春恳谈会在上海举行。这场江苏省 级层面新年的对外经贸"首秀"，汇聚了美中贸易全国委员会、中国欧盟商会、上海美国商会等全球主要商协会负 责人，以及安永、麦肯锡等顶尖咨询服务机构代表。省商务厅厅长携全省13个设区市商务负责人，与外资"老友新 朋"面对面，展开了一场基于实力与信心的"双向奔赴"。现场，江苏以硬核数据、鲜活案例和开放承诺，清晰诠释 了其作为外资高质量发展"优选地"的独特魅力；外资代表则以过往的务实合作与新年的拓展计划，表达了与江苏 一同"再出发"的坚定期盼。 "优选地"亮出招牌，与外资共觅机遇 恳谈会上，江苏亮出"硬核家底"，向全球发出"强引力"邀约。省商务厅厅长司勇将"苏大强"的经济底气化为四个 清晰可感的"强磁场"，并表示江苏满怀诚意拿出"优势项"，期待与外资共觅共享发展机遇—— 观消费市场，"规模"与"活力"并举。2025年，江苏社会消费品零售总额首次跃居全国第一，8000多万人口创下4.6 万亿元消费规模，体量可比肩德国。这不仅意味着庞大的市场容量，更代表着活跃的消费升级与业态创新。当 前，国际化消费环境建设等试点任务 ...

突发公告，终止筹划重大资产重组。 *ST生物（000504）1月22日晚间公告，公司于2025年8月12日披露了《关于筹划重大资产重组暨签署股 权收购意向协议的提示性公告》，拟收购程泽能、易木林、长沙君合致远企业管理咨询合伙企业（有限 合伙）、长沙市履方医药信息咨询合伙企业（有限合伙）合计持有的湖南慧泽生物医药科技有限公司 51%股权。本次筹划重组事项尚未进入正式实施阶段，交易各方未达成实质性协议，2026年1月22日公 司与交易各方签署了《股权收购意向协议之终止协议》。 公告称，自筹划重大资产重组事项以来，公司按照相关法律法规要求，积极推进本次重大资产重组的各 项工作。交易各方对本次重大资产重组交易方案进行了多次协商和谈判，未能最终达成一致。为切实维 护公司及全体股东利益，经公司审慎研究，并与交易各方友好协商，交易各方一致同意终止筹划本次交 易。 *ST生物称，终止本次交易系公司与相关各方经充分沟通、审慎分析及友好协商后作出的决定，各方就 本次交易终止无需承担任何违约责任。本次重大资产重组的终止，不会对公司现有生产经营活动、财务 状况产生重大不利影响。目前公司生产经营秩序正常，本次交易的终止不存在损害公司及 ...

突发公告，终止筹划重大资产重组。 *ST生物（000504）1月22日晚间公告，公司于2025年8月12日披露了《关于筹划重大资产重组暨签署股 权收购意向协议的提示性公告》，拟收购程泽能、易木林、长沙君合致远企业管理咨询合伙企业（有限 合伙）、长沙市履方医药信息咨询合伙企业（有限合伙）合计持有的湖南慧泽生物医药科技有限公司 51%股权。本次筹划重组事项尚未进入正式实施阶段，交易各方未达成实质性协议，2026年1月22日公 司与交易各方签署了《股权收购意向协议之终止协议》。 公告称，自筹划重大资产重组事项以来，公司按照相关法律法规要求，积极推进本次重大资产重组的各 项工作。交易各方对本次重大资产重组交易方案进行了多次协商和谈判，未能最终达成一致。为切实维 护公司及全体股东利益，经公司审慎研究，并与交易各方友好协商，交易各方一致同意终止筹划本次交 易。 *ST生物称，终止本次交易系公司与相关各方经充分沟通、审慎分析及友好协商后作出的决定，各方就 本次交易终止无需承担任何违约责任。本次重大资产重组的终止，不会对公司现有生产经营活动、财务 状况产生重大不利影响。目前公司生产经营秩序正常，本次交易的终止不存在损害公司及 ...

北京商报讯（记者宋亦桐）2026年年初，港股市场迎来新一轮新股上市潮，一批硬科技赛道企业密集登 陆港交所，成为资本关注的焦点。在此背景下，理财公司以基石投资者、锚定投资者身份强势入局，开 启了权益投资能力升级的全新阶段。1月22日，北京商报记者注意到，部分理财公司在此轮港股打新中 战绩斐然。工银理财披露的10笔港股IPO投资实现100%正收益胜率，投资标的覆盖半导体、人工智能、 生物医药、高端装备等核心赛道。分析人士指出，当前阶段，理财公司参与港股IPO仍以试点和项目制 运作为主，但中长期来看，这一实践有望逐步演进为制度化、产品化、策略化的权益配置路径。 2026年开年不到一个月，壁仞科技、MINIMAX等硬科技企业接连登陆港股IPO，点燃市场热情。港股 IPO的火热，为手握重金的理财公司提供了全新的投资舞台，头部理财公司的布局，也在此次新股潮中 收获了丰厚的回报。 据工银理财披露的数据，2025年末至2026年初，港股市场步入新股密集发行期，工银理财锁定10只优质 港股IPO项目并完成布局，截至1月16日，10笔投资全部实现正收益，胜率达到100%，单笔最高涨幅达 到165.45%。具体来看，工银理财主要投 ...

Core Insights - The article emphasizes that the future competition will be driven by innovation capabilities, transitioning from scale-driven growth to innovation-driven development [10]. Group 1: Old Logic of Economic Growth - Scale economy has been the core driving force behind China's economic miracle post-reform, providing absolute advantages in both demand and supply due to its large population [4]. - The vast market created by a population of over one billion has allowed for rapid sales growth across various sectors, while abundant labor has enabled the establishment of a comprehensive industrial system [4]. - Financial leverage and capital markets have accelerated scale expansion, with significant contributions from reforms in the financial system, particularly post-1998 housing market reforms [5]. - Globalization has provided external conditions for scale expansion, with China capitalizing on global industrial shifts and becoming a key player in global supply chains, as evidenced by a trade surplus increase from $22.5 billion in 2001 to over $820 billion in 2023 [5]. Group 2: Challenges of Scale-Driven Growth - Over-reliance on scale expansion has led to diminishing returns, with issues such as overcapacity and intense competition emerging in various industries [6]. - High debt levels and financial risks have accumulated, with government debt reaching approximately 57.8% of GDP by mid-2024, indicating potential vulnerabilities in the economy [6]. - Rising factor costs and diminishing comparative advantages are evident as labor costs increase and environmental constraints tighten, leading to a shift of some industries to lower-cost regions [7]. - The external environment is changing, with rising protectionism and trade barriers challenging the previously export-driven growth model, necessitating a shift towards domestic demand [7]. Group 3: Transition to Innovation-Driven Growth - The book advocates for a transition to innovation-driven growth as a necessary strategy to overcome current economic challenges, emphasizing the importance of technological innovation [8]. - Increasing R&D investment is crucial, with China's R&D expenditure intensity reaching 2.65% in 2023, alongside efforts to enhance the conversion of scientific achievements into productive forces [8]. - Upgrading industrial foundations and modernizing supply chains are essential, requiring a shift from "Made in China" to "Created in China" to secure a competitive position in global markets [9]. - A conducive innovation ecosystem is necessary, involving financial support for startups and a regulatory framework that encourages new technologies and business models [9]. - Leveraging the vast domestic market of 1.4 billion people can stimulate innovation and drive economic growth, creating a favorable environment for world-class innovative enterprises [9].

Core Insights - Beijing is projected to achieve a GDP of 52,073.4 billion yuan by 2025, becoming the second "5 trillion yuan city" after Shanghai, marking a significant transition towards innovation-driven growth and regional collaboration [1][3] Economic Growth and Industry Contribution - In 2025, the information transmission, software, and IT services sector, along with the financial industry, will contribute over 70% to Beijing's economic growth [2][10] - The GDP growth rate for 2025 is estimated at 5.4% year-on-year, with the industrial output value increasing by 6.5% [3] Policy Initiatives and Funding - Beijing plans to invest over 1.5 billion yuan in the first batch of high-precision industry development projects and support for small and medium enterprises in 2026, focusing on over 25 policy support directions [3][6] - The initiatives will target key industries such as integrated circuits, biomedicine, materials energy, information software, and the digital economy [3][6] Future Industry Development - The "Create the Future" growth plan will focus on six future industries: future information, future health, future manufacturing, future energy, future materials, and future space [7] - The plan aims to cultivate high-risk, long-cycle industries, with government support to mitigate early-stage risks and attract private investment [8] Digital Economy and Consumption - The digital consumption potential will be stimulated, with plans to nurture 2-3 leading AIGC digital content companies with revenues exceeding 10 billion yuan [10][11] - The strategy emphasizes the integration of technology breakthroughs with industry foundations to enhance consumption potential and establish Beijing as a global digital economy benchmark [11] Computing Power Infrastructure - Beijing aims to build a computing power scale of approximately 200,000 P by 2027, enhancing the supply of computing resources [8][9] - The "Galaxy Computing Corridor" project will create a collaborative computing power supply system, with significant investments in infrastructure across various regions [9]

Core Insights - By 2025, the combined added value of the industrial and information software sectors in Beijing is expected to exceed 1.8 trillion yuan, accounting for 35.2% of the city's GDP, contributing approximately 60% to the city's economic growth [1] Group 1: Implementation Guidelines - The implementation guidelines focus on four main areas: "Promote Innovation," "Accelerate Transformation," "Improve Quality and Efficiency," and "Nurture Growth," with plans to release no less than 25 policy support directions and invest over 1.5 billion yuan [1][3] - The guidelines aim to support over ten key industries, including integrated circuits, biomedicine, materials energy, information software, and the digital economy [1] Group 2: Promote Innovation - The "Promote Innovation" section addresses issues such as unclear R&D paths and difficulties in the commercialization of results, proposing nine key support directions [3] - It encourages market validation opportunities for innovative products in robotics, integrated circuits, and new materials, and supports the first trial applications of these innovations in various sectors [3] Group 3: Accelerate Transformation - The "Accelerate Transformation" section identifies five key support directions to address challenges like insufficient pilot production capacity and lack of promotional scenarios for new products [4] - It includes support for building pilot platforms and trial production lines, with funding up to 30% of total project investment [4] Group 4: Improve Quality and Efficiency - The "Improve Quality and Efficiency" section outlines seven key support directions to tackle common challenges faced by enterprises during transformation, such as unclear standards and weak technical support [5] - It supports the development of standards for green transformation and provides solutions for digital transformation, enhancing competitiveness in the market [5] Group 5: Nurture Growth - The "Nurture Growth" section introduces four key support directions aimed at fostering growth at different stages of enterprise development [6] - It includes a "Win the Future" growth plan that offers up to 10 million yuan in startup funding for promising future industry projects and provides various support services [6] Group 6: Policy and Mechanism Innovation - The implementation guidelines and mechanism innovations create a dual drive of "policy content upgrade + landing efficiency enhancement," solidifying the technological foundation and ecological advantages of high-end industries [7]

Core Viewpoint - *ST Bio's major asset restructuring plan has failed, leading to the termination of the agreement to acquire 51% of Hunan Huize Biomedical Technology Co., Ltd. [1][6] Group 1: Restructuring Details - On January 22, 2026, *ST Bio signed a termination agreement for the acquisition of Hunan Huize Biomedical Technology Co., Ltd. [1][6] - The restructuring plan was initially announced on August 12, 2025, but did not progress to formal implementation due to a lack of substantial agreements among the parties involved [1][6][10] - The failure of the restructuring was attributed to unsuccessful negotiations and a lack of consensus among the transaction parties [10] Group 2: Company Background and Operations - *ST Bio primarily operates in the "biomedical" and "energy-saving and environmental protection" sectors, focusing on the production and sales of related products [3][8] - The company aims to enhance its profitability and risk resistance through the acquisition of Huize Biomedical, which specializes in drug research and clinical evaluation services [3][8] - Huize Biomedical has established long-term partnerships with over 300 pharmaceutical companies and research institutions, completing more than 1,000 technical service projects [3][8] Group 3: Financial Performance - *ST Bio has forecasted a net profit attributable to shareholders of 28.5 million to 32.5 million yuan for 2025, a significant recovery from a loss of 19.846 million yuan in the previous year [4][10] - The company has expanded its operations by acquiring and controlling Loudi Jinhong New Materials Co., Ltd., which has significantly boosted its revenue from recycling businesses [5][10] - The company has also diversified its product offerings, including sales of beauty and health products related to its biomedical business, contributing to revenue and profit growth [5][10]