三是重大项目建设提速增效、预期向好。牢固树立"抓实项目才能抓实工作"理念，大连市2025年积极争 取中央项目类政策支持资金368.6亿元，增长50.1%；全年开工复工亿元以上项目1369个、增长14.1%。 其中，恒力重工二期、中粮油脂等项目建成投产，金州湾国际机场、长海跨海大桥、恒力重工合作创新 产业园等项目加快建设，辽东半岛水资源配置工程、庄河核电一期、大石化易地升级改造、中铝北方沿 海绿色新材料、千万千瓦级海上风电大基地等一批百亿级重大项目前期工作加速突破。 大连市发展改革委副主任于洋指出，2025年，大连市经济运行顶压前行，高质量发展扎实推进，主要呈 现出三方面特点： 一是经济运行总体平稳、稳中有进，高质量发展基础进一步夯实。2025年，全市地区生产总值季度累计 增速分别为6.2%、6%、6%和5.7%，高于全国平均水平，好于预期。从产业结构看，规上工业增加值实 现两位数增长，生产性服务业占服务业比重达到56%，发展质效持续提升；从投资结构看，房地产开发 投资占比降至18.8%，制造业投资、工业技改投资分别增长2.8%、14.5%，产业投资贡献明显；从财政 收入结构看，税收收入增长3.4%，占财政收入 ...

资料显示，新景智源生物科技（苏州）有限公司法定代表人为彭松明，成立于2020年，位于苏州市，是 一家以从事医药制造业为主的企业。企业注册资本628.0724万人民币，并已于2026年完成了B轮，交易 金额逾2亿人民币。 1月26日，天眼查融资历程显示，新景智源生物科技（苏州）有限公司近日获得"B轮"融资，涉及融资 金额逾2亿人民币，投资机构为杏泽资本，某知名产业基金，德联资本，元禾控股，苏州天使母基金， 同高资本，格林美。 天眼查信息显示，新景智源生物科技（苏州）有限公司的股东为：彭松明、广州百度风投人工智能股权 投资合伙企业（有限合伙）、苏州泰福怀谨创业投资合伙企业（有限合伙）、安多、苏州云帆新智企业 管理咨询合伙企业（有限合伙）。 来源：市场资讯 通过天眼查大数据分析，新景智源生物科技（苏州）有限公司知识产权方面有商标信息6条，专利信息 11条，此外企业还拥有行政许可5个。 ...

Core Viewpoint - Fuxiang Pharmaceutical (300497) anticipates significant improvement in its financial performance for 2025, projecting revenue between 1.15 billion to 1.25 billion yuan and a reduced net loss of 39 million to 57 million yuan compared to 2024, with a turnaround expected in Q4 2025 [1] Group 1: Business Segments - The company has been deeply involved in the pharmaceutical intermediates and active pharmaceutical ingredients sectors, while also expanding into lithium battery electrolyte additives and synthetic biology microbial protein businesses [1] - The lithium battery electrolyte additive segment is expected to be the main driver of revenue growth in 2025, benefiting from rising demand in the power battery and energy storage markets [1] - The average price of battery-grade VC has increased over 200% since the low point in September 2025, reflecting a tight supply-demand balance in the industry [2] Group 2: Financial Performance - Fuxiang Pharmaceutical has leveraged its scale production capacity and cost control advantages to benefit from the current price increase cycle, resulting in significant improvements in product shipment volume, sales revenue, and gross margin [2] - The pharmaceutical manufacturing segment has seen a reduction in the price of key raw materials, which has alleviated cost pressures and improved gross margins year-on-year [2] - The company has reduced asset impairment provisions, enhancing asset value stability as profitability improves in both its new energy and pharmaceutical businesses [2] Group 3: Future Growth Potential - The synthetic biology microbial protein business has achieved critical breakthroughs in 2025, with multiple certifications obtained, paving the way for compliance from research to large-scale production [3] - Although the microbial protein business is expected to contribute limited revenue in 2025, it is anticipated to become a core profit growth point as production capacity is released and market expansion progresses [3] - The company aims to consolidate its market position in pharmaceuticals, capitalize on price increases in the new energy sector, and accelerate the construction and market deployment of its microbial protein project to drive high-quality development [3]

Core Viewpoint - Fuxiang Pharmaceutical is expected to significantly reduce its net loss in 2025, projecting a loss of 39 million to 57 million yuan, with a potential turnaround to profitability in Q4, driven by the synergy of its three main business segments: new energy, pharmaceutical manufacturing, and synthetic biology [1] Group 1: Business Performance - The new energy lithium battery electrolyte additive business is identified as the core driver of performance growth in 2025, benefiting from rising demand in the power battery and energy storage markets, leading to a substantial price increase for products like VC and FEC in Q4 [1] - The pharmaceutical manufacturing segment has optimized its operations despite intense market competition, with a decrease in the price of key raw materials like 6-APA alleviating cost pressures and improving gross margins [2] - The synthetic biology segment achieved significant milestones in 2025, obtaining key certifications that enable the transition from laboratory research to large-scale production, indicating a successful compliance pathway [2] Group 2: Future Outlook - For 2026, the company aims to consolidate its market position in the pharmaceutical sector while focusing on cost reduction and efficiency improvements [3] - The company plans to capitalize on the rising product prices in the new energy sector by enhancing production capacity through technological upgrades [3] - The company will accelerate the development of the synthetic biology protein project, expanding its application scenarios and enhancing its market presence both domestically and internationally [3]

面对不利因素，公司聚焦主业，主动作为，持续推进营销模式转型升级、提质增效、降本控费，积极开 展亏损企业治理等专项工作，为公司稳健经营夯实基础。 报告期内公司处置子公司取得的投资收益增加、税收滞纳金及处置非流动资产的损失减少，本期非经常 性损益较上年同期相比增加5,226.10万元，使得公司本期实现归属于上市公司股东的扣除非经常性损益 的净利润较上年同期下降18.36%，下降幅度大于归属于上市公司股东的净利润的下降幅度。 格隆汇1月26日丨国药现代(600420.SH)公布，2025年，医药制造行业面临市场增长承压与结构分化加 剧、医保控费趋严与成本管控愈艰的复杂局面。报告期内，公司实现营业收入93.63亿元，较上年同期 下降14.40%；实现归属于上市公司股东的净利润9.44亿元，较上年同期下降12.85%；实现归属于上市公 司股东的扣除非经常性损益的净利润8.52亿元，较上年同期下降18.36%。 一方面，医药中间体及原料药受到终端制剂需求和市场竞争的影响，公司青霉素类和克拉维酸钾系列部 分重点产品销量、价格同比走低，致使该板块整体收入规模有所下降；制剂产品在集采常态化及提质扩 面联动降价影响下，收入规模同 ...

Market Overview - The Shanghai Composite Index experienced a sideways movement, while the Shenzhen Component Index and ChiNext Index fell nearly 1%. The trading volume reached 3.28 trillion yuan, with nearly 3,800 stocks declining across the Shanghai and Shenzhen markets [1] - Precious metals stocks surged, with companies like Zhongjin Gold and Western Gold hitting the daily limit. The pharmaceutical sector also saw strong performance, with stocks such as Capstone Bio and Maike Bio reaching the daily limit [1] Key Highlights Precious Metals - Gold and silver stocks saw significant gains, with multiple stocks like Silver Nonferrous and Sichuan Gold hitting the daily limit. On January 26, spot gold surged, breaking the $5,000 mark in the morning and later surpassing $5,100 per ounce, setting a new historical high [4] - Companies such as Zhongjin Gold and Western Gold reported increases of 10% and 9.99% respectively, with market capitalizations of 159.96 billion yuan and 334.91 billion yuan [6][10] Pharmaceuticals - The pharmaceutical sector experienced a notable rise, with stocks like Teva Pharmaceutical, Hualan Biological Engineering, and Luyin Pharmaceutical reaching the daily limit. The sector's performance was influenced by the recent outbreak of the Nipah virus in India, prompting increased vigilance in neighboring countries [8][9] - Teva Pharmaceutical's stock rose by 10.01%, while Hualan Biological Engineering surged by 20% [10] Cloud Computing - The cloud computing sector saw an uptick, with stocks like Hasen Co., Qunxing Toys, and Wangsu Technology hitting the daily limit. Amazon Web Services recently raised its EC2 machine learning capacity block prices by approximately 15%, indicating a significant shift in cloud computing pricing logic amid AI resource shortages [12][14] - Analysts predict that this price increase may trigger a chain reaction among cloud service providers, with domestic and international companies likely to follow suit [12][14] Other Sectors - The oil and gas sector saw a midday rally, with Zhongman Petroleum hitting the daily limit and China National Offshore Oil Corporation rising over 6% to reach a new high. However, the commercial aerospace concept experienced adjustments, with stocks like China Satellite and China Satcom hitting the daily limit [1] - The robotics and photovoltaic sectors showed mixed performance, while aerospace and semiconductor sectors faced the largest declines [14]

Group 1 - Lianyungang City, Haizhou District aims to establish a modern urban center with a target of 100 billion yuan, focusing on major project construction and investment attraction from the beginning of the year [1] - In the first quarter, 85 projects are planned to start, with 37 industrial projects already underway, including 74 projects in medical consumables R&D and manufacturing, aiming for completion within the year [1] - The district is enhancing production capacity through accelerated project implementation, which is expected to strengthen the foundation for high-quality development [1] Group 2 - The Zhengda Tianqing comprehensive formulation production project is progressing with 65% completion, focusing on enhancing core production capacity, with specific areas nearing completion [1] - The Circular Economy Industrial Park project in Xinpux Industrial Park covers 117 acres with a total investment of approximately 500 million yuan, aiming to process 100,000 tons of renovation waste and 50,000 tons of demolition waste annually [2] - Jiangsu Yingyou Textile Machinery is leveraging 40 years of technology to produce SCARA robot components, with plans to deepen the integration of innovation and industry [2] Group 3 - Haizhou District emphasizes precise investment attraction and efficient service, with over 90 "invitation" events and 15 "outreach" events conducted to gather quality resources [3] - The district's development and reform bureau and industry and information bureau have formed service teams to address enterprise needs, including labor and financing challenges [3] - The district is committed to creating a favorable business environment to ensure project success and sustainable development [3]

□ 本报记者 王梦然 颜颖 作为全国首个获批开展生物医药领域全产业链开放创新系统改革的省份，江苏将方案77条举措细化 为"任务清单"，目前已落地61条，实施率近80%。"以前新药临床试验审批要3个月，现在通过'默示许 可'机制，45天就能拿到批件。"南京江北新区自贸区综合协调局负责人马丽介绍，通过制度优化，企业 研发周期大幅缩短，受益于此，南京自贸片区"手握"200多项在研新药。 风传佳讯，潮起江海。从港口码头的繁忙装卸到自贸试验区的制度破冰，从产业园区的项目签约到跨境 平台的指尖交易……改革的锐气与开放的胸襟在这片热土上不断碰撞交融，激荡高质量发展的澎湃浪 潮。 "十四五"收官之年，江苏以改革为钥破局攻坚，以开放为桥链接全球，解锁"强富美高"新江苏现代化建 设新动能。数据见证坚实跨越：2025年，江苏省外贸进出口总值达5.95万亿元，较上年增长6%，规模 创历史新高；实际使用外资规模连续8年保持全国第一；全国首个生物医药全产业链开放创新发展方案 获国务院批复，"一条链"的改革贯通6个方面18项政策集成。 锚定"走在前、做示范"的时代使命，"十四五"以来，江苏这艘"经济巨舰"顶住风浪、稳步向前，用实践 有力证 ...

Employment and Labor Market - In 2025, the new urban employment reached 12.67 million, with an average urban survey unemployment rate of 5.2%, indicating overall stability in the employment situation [1] - The Ministry of Human Resources and Social Security plans to implement new employment policies for youth, including college graduates, and enhance recruitment activities [1] - Measures will be taken to support migrant workers and improve employment assistance for vulnerable groups, including veterans [1] Energy Sector - In 2025, 7,084 out of 7,480 key energy-consuming units passed energy measurement reviews, achieving a compliance rate of 94.71% [1] - The energy measurement reviews aim for full coverage of key energy-consuming units during the 14th Five-Year Plan period [1] Financial Sector - The Loan Prime Rate (LPR) for one year is set at 3.0% and for five years or more at 3.5%, remaining unchanged for eight consecutive months [2] - The People's Bank of China indicates there is still room for further reductions in reserve requirements and interest rates [2] Consumer Finance - The implementation period for the personal consumption loan interest subsidy policy has been extended to the end of 2026, with a 1% annual subsidy rate for eligible consumption [4] - The policy now includes credit card installment payments as part of the support scope [4] Tourism Sector - The 2026 version of the team tourism contract template will be implemented nationwide starting March 31, 2026, focusing on enhancing service quality and consumer protection [5] Investment and Economic Development - A special guarantee plan for private investment totaling 500 billion yuan will be implemented over two years to support small and micro enterprises [6] - The plan aims to provide loan guarantees for various business activities, including equipment purchases and digital transformation [6] Pharmaceutical Sector - In 2025, the National Medical Products Administration approved 76 innovative drugs, with 30 of them successfully entering the national medical insurance directory, achieving a coverage rate of 70% for new drugs approved in the first half of the year [6] Fiscal Policy - In 2025, the issuance of ultra-long special government bonds reached 1.3 trillion yuan to support consumption and economic transformation [7] - The funds are allocated for consumer subsidies and to stimulate sales in related sectors, enhancing the quality of life for citizens [7] Regulatory Framework - The National Supervisory Commission will implement the "Regulations on the Disclosure of Supervisory Work Information" starting March 1, 2026, to enhance transparency in supervisory activities [8] Economic Strategy - The National Development and Reform Commission is developing plans to stabilize employment and increase residents' income, which are crucial for boosting domestic demand [8]

Core Viewpoint - The report focuses on the investment opportunities in AI applications, commercial aerospace, and nuclear fusion for 2026, highlighting the performance of the Dividend Low Volatility ETF (512890) amidst a mixed market environment [1][7]. Market Performance - On January 26, A-shares showed mixed results with the Shanghai Composite Index up by 0.12%, while the Shenzhen Component and ChiNext Index experienced declines [1][7]. - The Dividend Low Volatility ETF (512890) rose by 0.52%, closing at 1.154 yuan, with a turnover rate of 1.61% and a transaction volume of 449 million yuan [1][7]. Fund Holdings - The latest quarterly report indicates a mixed performance among the top ten holdings of the Dividend Low Volatility ETF. Notable movements include Shanghai Bank down by 0.21%, Nanjing Bank up by 1.35%, and Gree Electric down by 0.58% [2][9]. - The specific holdings and their market values are as follows: - Shanghai Bank: 781.92 million yuan - Nanjing Bank: 747.01 million yuan (up 32.82%) - Ping An Bank: 712.31 million yuan - Agricultural Bank of Shanghai: 704.49 million yuan - China National Sugar: 690.55 million yuan (down 7.95%) [9]. Fund Flow - The Dividend Low Volatility ETF has seen significant net inflows, with 1.34 billion yuan over the last 5 trading days, 1.88 billion yuan over the last 20 days, and 4.39 billion yuan over the last 60 days. As of January 23, 2026, the fund's circulation scale was 27.845 billion yuan [9]. Investment Strategy - Analysts suggest that the current liquidity environment is a key driver for the spring market rally, supported by new insurance premiums, maturing deposits, and the appreciation of the RMB attracting foreign capital [4][11]. - The report emphasizes the importance of focusing on sectors with strong earnings performance and relatively low price increases, such as AI hardware, batteries, pharmaceuticals, steel, and non-bank financials [11]. - The Dividend Low Volatility strategy is seen as a robust tool for asset allocation in volatile markets, with a three-year return of 36.01%, outperforming its benchmark [12].