新华社北京12月31日电（记者 戴小河）12月31日召开的国务院常务会议，审议通过《中华人民共 和国药品管理法实施条例（修订草案）》。 中央党校（国家行政学院）经济学教研部教授蔡之兵表示，审议通过药品管理法实施条例修订草案 对百姓用药安全及产业发展具有重要意义。首先，条例强调全链条全流程监管，从研发到使用严管药品 质量，直接保障百姓用药安全。其次，激活产业发展动能，完善研审制度和突破性治疗药物加快审评审 批，可以加快创新药上市，既鼓励药企敢投敢研，也能让创新药更快落地，促进医药产业从"仿 制"向"创新"升级，做强国产医药产业。再次，夯实法治根基，紧随形势修订法规，把药品监管的"严要 求"固化成"硬制度"，让监管有法可依、执法更硬。 会议指出，根据形势变化及时修订药品管理监督法律法规，对于保障人民群众用药安全、促进医药 产业健康有序发展具有重要意义。要完善药品研制和注册制度，加快突破性治疗药物审评审批，不断激 发产业创新发展活力。要保持药品监管高压态势，加强全链条全流程质量监管，严厉打击药品领域违法 违规行为。 ...

Group 1: New Drug Policies - The new national medical insurance drug list has been implemented, adding 114 new drugs covering areas such as cancer, diabetes, and rare diseases [2] - A new batch of centralized procurement for 55 drugs will take place in February 2026, including medications for allergies, diabetes, and antiviral treatments [2] - The first version of the commercial insurance innovative drug directory has been released, providing 19 innovative drugs for reference in product design [2] Group 2: Maternal and Child Health - From July 1, 2025, Jiangsu province implemented a "zero out-of-pocket" policy for hospital deliveries, with the aim to expand this benefit nationwide by 2026 [4] - The 2026 initiatives include increasing maternity subsidies, expanding coverage for flexible workers and migrant workers, and incorporating suitable pain relief methods into medical insurance [4] - A series of measures are being introduced to support child health and development, including direct disbursement of maternity benefits to insured individuals [4] Group 3: Elderly Care and Long-term Insurance - Long-term care insurance is expanding to cover more individuals, with a focus on enhancing elderly care services starting in 2026 [6][7] - The initiative includes establishing geriatric departments in hospitals and extending care services to community and home settings [6] Group 4: Healthcare Accessibility and Insurance Fund Security - The medical imaging cloud platform will enhance the sharing of diagnostic data across provinces, aiming for over 300 mutual recognition projects by the end of 2027 [8] - The implementation of cross-province use of employee medical insurance accounts will be fully realized in 2026 [8] - A new drug traceability system will be enforced from January 1, 2026, to combat illegal activities related to medical insurance funds [8]

Core Insights - As of September 2025, the number of listed companies in Chongqing reached 78, an increase of 20 from early 2021, with a total market capitalization exceeding 1.25 trillion yuan, representing a growth of 28.87% from the end of 2020 [2][11] - The "14th Five-Year Plan" period has seen Chongqing's securities regulatory authority implement policies to enhance both the quantity and quality of listed companies, contributing to high-quality economic development in the region [2][12] - Chongqing is leveraging capital to drive a structural revolution, with significant increases in core indicators such as revenue, R&D investment, and tax contributions, with R&D investment surging by 127.45% over five years [2][11] Group 1: Structural Changes and Innovations - The transformation of Chongqing's listed companies from quantity to quality is facilitated by institutional innovations, including government-guided funds and bankruptcy restructuring, providing a replicable model for inland cities [4][13] - Notable examples include the integration of resources between China National Pharmaceutical Group and Taiji Group, breaking down barriers in the pharmaceutical industry and fostering deep integration between central enterprise capital and local market networks [4][13] - The shift towards a light-asset model by companies like China Communications Construction Company has improved asset turnover rates by 37%, prompting a transition from land development to urban operations [4][13] Group 2: Bankruptcy Restructuring - For companies facing operational difficulties, Chongqing has adopted a challenging path of market-oriented bankruptcy restructuring to rebuild corporate value, as exemplified by Jinke Group's transformation into a comprehensive real estate operator [5][14] - The regulatory authority emphasizes that bankruptcy restructuring should not be seen as an endpoint but as a process that tests the long-term governance capabilities of the capital market [5][14] Group 3: Innovation Ecosystem - Chongqing's innovation has evolved from a focus on input quantity to an ecosystem approach, integrating "institution + scenario" to embed technological innovation deeply within the industrial landscape [6][15] - Leading companies like Changan Automobile have established significant research facilities, enhancing technology transfer rates to 42%, surpassing the national average of 28% [6][15] - The city is actively developing systemic support for innovation, including the establishment of technology transfer research institutes and specialized technology incubators [6][15] Group 4: Green Transformation - The green transformation of Chongqing's listed companies has integrated ESG (Environmental, Social, and Governance) principles into core competitive advantages, with the number of companies disclosing sustainability reports doubling to 41 since 2021 [7][16] - Companies like Seres have achieved high ESG ratings, which not only attract international capital but also facilitate market entry into the EU, reducing export costs by an average of 8% due to carbon tariffs [7][16] - Innovations in green finance, such as the issuance of green bonds linked to carbon reduction, have transformed financing into a dynamic value creation mechanism [7][16] Group 5: Strategic Positioning - Chongqing's listed companies have found a clearer positioning within national strategies, actively participating in regional development and international trade initiatives, becoming key players in the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor [8][17] - Financial innovations have significantly reduced the time for enterprise financing approvals, enhancing regional collaboration and serving as a vital link in the national strategy [8][17] - The successful establishment of automotive research and manufacturing bases by companies like Changan and Seres is paving the way for Chongqing's transition from domestic leadership to international competitiveness [8][17] Group 6: Future Outlook - The achievements during the "14th Five-Year Plan" lay a solid foundation for Chongqing's listed companies in the upcoming "15th Five-Year Plan," with ambitions to evolve from an "industrial highland" to an "innovation source" [8][18] - Future plans include the establishment of a Western Science and Technology Innovation Financial Reform Pilot Zone and the creation of a "green technology international certification center" to lower compliance costs for companies entering global markets [8][17][18]

作者：情报员 天眼查信息显示，苏州瑞博生物技术股份有限公司的股东为：LIANG ZICAI（梁子才）、昆山瑞控企 业管理咨询合伙企业（有限合伙）、先进制造产业投资基金（有限合伙）、Ionis Pharmaceuticals, Inc.、 智魄有限公司。 本文源自：市场资讯 12月31日，天眼查融资历程显示，苏州瑞博生物技术股份有限公司近日获得"基石投资轮"融资，涉及融 资金额1亿美元，投资机构为瑞博生物今起招股，获IDG、华夏基金、大成基金等基石投资认购约1亿美 元，预计1月9日挂牌上市。 资料显示，苏州瑞博生物技术股份有限公司法定代表人为LIANG ZICAI（梁子才），成立于2007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13420.311万人民币，并已于2025年 完成了基石投资轮，交易金额1亿美元。 通过天眼查大数据分析，苏州瑞博生物技术股份有限公司共对外投资了7家企业，知识产权方面有商标 信息67条，专利信息120条，此外企业还拥有行政许可12个。 ...

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1% in December 2025, indicating a return to the expansion zone after eight months, driven by policy support, increased external demand, and a later Spring Festival in 2026 [2][3]. Group 1: Policy Support and Investment Recovery - Policy measures have effectively promoted investment stabilization, with the central economic work conference emphasizing the need to "promote investment stabilization and stimulate private investment vitality" [2][3]. - The National Development and Reform Commission announced a plan for early 2026 construction projects and a central budget investment plan totaling approximately 295 billion yuan [2][3]. - The production index increased to 51.7% and the new orders index rose to 50.8%, indicating a rebound in production and orders due to fiscal support [3]. Group 2: External Demand and Export Orders - The new export orders index increased by 1.4 percentage points to 49%, reflecting a significant rise in export orders driven by strong external demand [4]. - Global monetary easing and fiscal stimulus have bolstered external demand, with manufacturing PMIs in France and the UK rising to expansion zones, and the US PMI remaining above 52% since August [4]. - Container throughput increased by 7.2% year-on-year in December, indicating a positive trend in export activities [4]. Group 3: Impact of the Spring Festival Timing - The later timing of the 2026 Spring Festival (February 17) resulted in less disruption to December's physical workload compared to previous years [5]. - The production index in December rose by 1.7 percentage points, contrasting with the historical trend of decline in December production indices [5]. Group 4: Price Trends and Inventory Adjustments - The PMI output price index rose by 0.7 percentage points to 48.9%, indicating a recovery in output prices, although they remain in a contraction zone [5]. - The inventory index saw an increase, with procurement volume, raw material inventory, and finished goods inventory rising due to increased production and orders [6]. - Various industries, including electrical machinery and pharmaceuticals, showed signs of inventory replenishment, although the sustainability of this trend requires further data support [6].

Market Performance - The Hang Seng Index closed at 25,855 points, up 0.9%, while the Hang Seng China Enterprises Index rose 1.1% to 8,991 points[1] - Total turnover in Hong Kong stocks was HKD 199.8 billion, down 11.0% from HKD 224.5 billion the previous day, indicating a cautious investor sentiment[1] - Energy, materials, and information technology indices increased by 2.4%, 2.3%, and 1.4% respectively, while healthcare, utilities, and consumer staples indices fell by 0.5%, 0.3%, and 0.3%[1] Stock Highlights - Baidu Group (9888 HK) and SMIC (981 HK) led the blue-chip stocks with gains of 8.9% and 4.2% respectively[1] - Pop Mart (9992 HK) and Longfor Group (960 HK) were the biggest losers, down 4.6% and 1.7% respectively[1] - Six new stocks listed in Hong Kong, all closing higher, with notable performances from InnoCare Pharma (3696 HK) and Wuyi Vision (6651 HK), which rose by 24.7% and 29.9% respectively[1] IPO Market Insights - The total amount raised from IPOs in Hong Kong for the first 11 months of 2025 increased by 228.1% year-on-year[1] - A decrease in the year-on-year growth rate for IPO fundraising is expected in 2026 due to a high base effect[1] U.S. Market Overview - The Dow Jones Industrial Average closed at 48,367 points, down 0.2%[2] - The Hang Seng Index futures closed at 25,880 points, indicating a slight premium of 25 points[2] Macro Economic Indicators - The U.S. housing price index rose by 1.7% year-on-year in October, slightly lower than the 1.8% increase in September[3] - The Chicago PMI for December was reported at 43.5, up from 36.3 in November and above the market forecast of 39.5[3] Industry Dynamics - The robotics sector in Hong Kong saw a collective rise, with companies like UBTECH (9880 HK) and Sanhua Intelligent Controls (2050 HK) increasing by 8.3% and 12.5% respectively[4] - In the consumer sector, prices for Labubu series products on second-hand platforms have significantly dropped, impacting Pop Mart (9992 HK), which fell by 4.5%[4] Healthcare Sector Performance - The Hang Seng Healthcare Index decreased by 0.5%[5] - Pharmaceutical manufacturing revenue in China for January to November 2025 fell by 2.0% year-on-year, with total profits down by 1.3%[5] - Retail sales in physical pharmacies dropped from RMB 53.8 billion in September to RMB 52.3 billion in October[5]

Market Performance - The Hong Kong stock market closed early due to the New Year holiday, with the Hang Seng Index rising 27.77% for the year, closing at 25,630.54 points [1] - The Technology Index increased by 23.45%, closing at 5,515.98 points, while the National Enterprises Index rose by 22.27%, closing at 8,913.68 points [1] Daily Market Movement - On the last trading day of the year, the market showed light trading activity, with the Hang Seng Index down 0.87%, the Technology Index down 1.12%, and the National Enterprises Index down 0.86% [3] Sector Highlights Film and Entertainment - Film stocks led the market, with major gains from companies like Dama Entertainment (+5.56%), Maoyan Entertainment (+3.12%), and Huayi Brothers (+1.59%) [8] - The 2025 New Year box office reached 5.245 billion yuan, marking an eight-year high, with a 76.35% year-on-year increase in November box office [9] Aviation - Airline stocks surged due to increased travel demand for the New Year holiday, with China Eastern Airlines (+4.92%), China Southern Airlines (+4.30%), and Air China (+3.36%) showing significant gains [10] - Domestic flight ticket bookings exceeded 2.71 million, a 35% year-on-year increase, with average ticket prices rising by 6.7% [11] Cryptocurrency - Cryptocurrency-related stocks saw gains, with HashKey Holdings (+11.33%) and OSL Group (+4.29%) benefiting from favorable policy developments regarding digital currency [12] - The new digital RMB framework will take effect on January 1, 2026, enhancing market expectations for compliant cryptocurrency ecosystems [13] Robotics - Robotics stocks faced pressure, with MicroPort Robotics (-8.72%) and DJI (-4.29%) declining, despite the establishment of a new standardization committee for humanoid robots [14][15] Pharmaceuticals - Pharmaceutical stocks continued to struggle, with companies like Fonda Holdings (-1.96%) and WuXi Biologics (-1.93%) showing declines [17] - The upcoming J.P. Morgan Healthcare Conference is expected to attract over 8,000 participants, including major Chinese pharmaceutical firms [18] Individual Stock Movements - Xuanwu Cloud saw a significant intraday rise of over 13% following news of a strategic investment from Hantang Mingyuan [19] - Boke Vision Cloud experienced a rise of over 9% after its largest shareholder extended the lock-up period for shares [20]

Market Overview - The Hong Kong stock market opened slightly lower on December 31, with the Hang Seng Index down 0.21% at 25,801.49 points, the Hang Seng Tech Index down 0.22% at 5,566.24 points, and the National Enterprises Index down 0.23% at 8,970.49 points [1] - Major tech stocks mostly declined, with Alibaba down 0.55%, Tencent down 0.42%, and JD.com down 1.32%. Conversely, Xiaomi rose by 0.86% [1] Company News - Zijin Mining (02899.HK) expects to achieve a net profit of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% due to increased production and sales prices [2] - Starry Development (00640.HK) reported revenue of approximately HKD 835 million for the fiscal year ending September 30, 2025, a year-on-year increase of 13.4%, and a net profit of approximately HKD 122 million, up 21.7% [2] - Shanghai Electric (02727.HK) plans to sell a 47.4% stake in Electric Guoxuan and waive its preemptive rights to an additional 3.6% stake [3] - CNOOC Services (02883.HK) has recently purchased bank wealth management products totaling HKD 3 billion [4] Clinical Trials and Drug Approvals - Fosun Pharma (02196.HK) has initiated clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [5] - Hutchison China MediTech (00013.HK) announced that its new drug application for Savolitinib, intended for treating gastric cancer patients with MET amplification, has been accepted and prioritized for review [5] Strategic Partnerships - Linkong Biotechnology Group (00690.HK) has established a strategic partnership with Wenzhou Medical University National Engineering Research Center and the Ouhai District People's Government [6] Financing Activities - Youlian International Education Leasing (01563.HK) has entered into a financing lease agreement for energy-saving equipment [7] Stock Buybacks - Tencent Holdings (00700.HK) repurchased 1.062 million shares for HKD 636 million at prices ranging from HKD 594.5 to HKD 600.5 [8] - COSCO Shipping Holdings (01919.HK) repurchased 4.3715 million shares for HKD 61.05 million at prices between HKD 13.86 and HKD 14.06 [9] - China Feihe (06186.HK) repurchased 8.837 million shares for HKD 36.34 million at prices between HKD 4.07 and HKD 4.12 [10] - Kuaishou-W (01024.HK) repurchased approximately 464,000 shares for HKD 29.88 million at prices between HKD 63.75 and HKD 64.75 [10] - Giant Bio (02367.HK) repurchased 400,000 shares for HKD 13.44 million at prices between HKD 33.48 and HKD 33.76 [11] Institutional Insights - Everbright Securities notes that the overall profitability of Hong Kong stocks remains strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals. Despite recent gains, valuations are still considered low, suggesting long-term investment potential [12] - Founder Securities highlights positive signals from government policies aimed at optimizing the "two new" policies, which may enhance the competitive environment in the automotive industry [12] - CITIC Securities anticipates a 7.9% increase in Hong Kong private residential transaction volumes in 2026, driven by a favorable interest rate environment and increased asset allocation demand [12]

Core Viewpoint - The year 2025 marks a structural bull market, with significant gains in major indices, including an 18.36% increase in the CSI 300 and a 51.47% rise in the ChiNext Index, both representing the largest annual gains since 2020. The total trading volume of A-shares exceeded 400 trillion yuan, setting a historical record [1]. Monthly Key Events - January-February: AI models driven by DeepSeek and humanoid robot performances during the Spring Festival gained attention [4]. - March: Recovery in consumer scenarios boosted retail and catering sectors [4]. - April: U.S. tariffs led to increased interest in gold, agriculture, and undervalued blue-chip stocks [4]. - May: The May Day consumption peak activated the consumption and logistics sectors [4]. - June: Military parades and geopolitical tensions strengthened the military industry, while green building policies positively impacted related sectors [4]. - July: The commercial launch of humanoid robots and surging demand for AI computing power boosted related stocks [4]. - August: Support policies for synthetic biology spurred interest in beauty and pharmaceutical sectors [4]. - September: Accelerated industrialization of solid-state batteries led to valuation recovery in the new energy sector [4]. - October-November: Recovery in storage chip prices initiated an industry cycle reversal, benefiting the semiconductor sector [4]. - December: The official launch of the Hainan Free Trade Port and the issuance of L3 autonomous driving permits led to increased activity in local stocks and related technologies [4]. Industry Performance - The mining, hardware, industrial trade, and comprehensive sectors saw annual gains exceeding 60% [5]. - The top three investment themes in 2025 were innovative drugs, AI, and robotics, with gold also performing exceptionally well due to a weaker dollar [6][9]. Investment Highlights - Innovative drugs experienced a valuation reshaping driven by policy support and industry upgrades, with the Hang Seng Biotechnology Index rising 70.02% [7]. - The AI sector exploded following the introduction of DeepSeek, with significant growth in demand for chips and computing power [8]. - The robotics sector gained momentum with increased policy support and the emergence of domestic giants [9]. Fund Performance - 华夏基金 (China Asset Management) achieved notable success in various fund categories, continuing its strong performance from 2023 [10]. - The 华夏北交所创新中小企业精选两年定开 fund recorded a return of 270.61% over three years, with a 75.28% return in 2025 [11]. - The 华夏数字产业混合 fund saw a 126.46% increase in 2025, benefiting from the structural bull market in the AI sector [9]. ETF Market Growth - The ETF market in China reached 6.03 trillion yuan by the end of 2025, a 60% increase from the beginning of the year, with 1,381 ETFs available [15]. - 华夏基金 played a significant role in the growth of the ETF market through innovative tools and reports aimed at enhancing investor experience [16][17]. Strategic Evolution - 华夏基金 has transitioned from "managing assets" to "defining assets," focusing on a multi-asset approach to meet diverse investor needs in the era of inclusive finance [18][19].

Core Insights - The "14th Five-Year Plan" period has seen significant reforms in drug and medical consumables procurement in Dezhou City, leading to substantial price reductions and alleviating the financial burden on the public [1][2] Group 1: Procurement Measures - The Dezhou Medical Security Bureau has implemented centralized procurement to drive supply-side reforms in the pharmaceutical sector, resulting in a substantial return to reasonable pricing for drugs and medical consumables [1] - A total of 20 batches of drugs (890 varieties) and 22 batches of consumables (43 categories) have been executed under the centralized procurement system, ensuring the availability of high-quality and affordable products [1] Group 2: Financial Mechanisms - The establishment of an optimized settlement mechanism has significantly shortened the payment cycle for pharmaceutical companies, with direct settlements amounting to 23,337 million yuan for drugs and 3,283 million yuan for medical consumables [2] - An incentive mechanism has been put in place to encourage medical institutions to actively participate in procurement, with 741,000 yuan allocated for drug procurement savings and 19,000 yuan for consumables [2] Group 3: Accessibility Initiatives - Efforts to extend centralized procurement services to grassroots levels have been made, with 16 designated hospitals, 70 village clinics, and 88 designated pharmacies now providing access to procured drugs [3] - The initiative aims to enhance the accessibility of quality and affordable medications for the community, ensuring that essential drugs are available at local healthcare facilities [3]