证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 14 日 [Table_Title] 资产配置日报：回归理性 [Table_Title2] [Table_Summary] 1 月 14日， 股市经历显著的"倒 V型"反转行情，继昨日的调整行情过后，今日早盘机构与主力资金追高情 绪较强，上证指数午间收盘前上涨 1.20%至 4189 点，午间监管发文调整融资保证金比例，通过限制杠杆水平抑制 股市投机，午后市场自发矫正定价，各大股指普遍迎来回落。债市则继续"佛系定价"，长端品种收益率多随股 市风险摇摆窄幅震荡。 权益市场在上涨后回落。万得全 A上涨 0.31%，全天成交额 3.99 万亿元，较昨日（1 月 13 日）放量 2881 亿元。港股方面，恒生指数上涨 0.56%，恒生科技上涨 0.66%。南向资金净流入 28.65 亿港元，其中腾讯控股、 阿里健康、阿里巴巴分别净流入 20.09 亿港元、14.58 亿港元和 11.34 亿港元，中国移动则净流出 9.13亿港元。 市场情绪有望回归理性。1 月 14 日中午，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证 券时的 ...

Group 1 - Exegenesis Bio Inc. has submitted a listing application to the Hong Kong Stock Exchange [1]

药明合联(02268)发布公告，预期集团截至2025年12月31日止年度取得以下财务业绩：(1)收入：较截至 2024年12月31日止年度增长超过45%;(2)毛利：较截至2024年12月31日止年度增长超过70%。毛利增长 率高于收入增长率，显示集团产品╱服务利润率及成本控制能力的有效优化;(3)扣除利息收入及开支前 的经调整纯利：较截至2024年12月31日止年度增长超过45%。撇除汇率变动影响后，该增长率预期将超 过65%，证实了集团核心经营业务强劲的利润增长动力;(4)净利润：尽管受到汇率及利率变动的不利影 响，较截至2024年12月31日止年度增长超过38%。 ...

Economic Growth and Industrial Structure - During the "14th Five-Year Plan" period, Yunfu's economic growth has significantly accelerated, with the GDP surpassing three hundred billion levels, and per capita GDP rising from 18th to 16th in the province from 2021 to 2024 [4] - The city has added approximately 30% to its economic volume, 30% more industrial enterprises, 50% increase in industrial output value, 70% increase in business entities, and 80% increase in total electricity consumption [4] - The industrial structure is continuously optimizing, focusing on the real economy and manufacturing, with three major trillion-yuan industrial clusters being developed: metal manufacturing, green building materials, and modern agriculture [4] Industrial Upgrading and Innovation - Yunfu is promoting high-end, intelligent, and green transformation of industries, with significant developments in metal manufacturing, green building materials, and emerging strategic industries such as biomedicine and electronic information [7] - Over 60% of industrial enterprises have completed digital transformation, showcasing projects like the first fully automated production line for stainless steel products [7] - The city has established a green manufacturing system, creating several national and provincial-level green factories, maintaining high levels of industrial water reuse and solid waste utilization [7] Open Economy and Infrastructure Development - Yunfu is enhancing its high-level openness by implementing strategies to connect with the Greater Bay Area and RCEP, with major transportation projects completed [8] - The city has signed 177 new projects with a total investment of nearly 50 billion, actively attracting industries from the Pearl River Delta [8] - The establishment of a cross-border e-commerce clearance center marks a breakthrough in cross-border e-commerce [8] Urban-Rural Coordination and Ecological Development - The city is advancing urban-rural coordination through the "Hundred Million Project," achieving full coverage of provincial industrial parks in counties [9] - The forest coverage rate has increased to 68.78%, and the water quality of the Xijiang River remains excellent, reflecting the city's commitment to ecological development [9] - Yunfu has made significant progress in converting ecological resources into economic value, including innovative green finance initiatives [9] Social Welfare and Quality of Life - During the "14th Five-Year Plan," Yunfu's social welfare spending exceeded 100 billion, accounting for over 70% of fiscal expenditure [10] - The city has introduced quality educational resources, expanded healthcare coverage, and created 95,000 new urban jobs, with per capita disposable income growing at an annual rate of 6.48% [10] - These efforts have contributed to Yunfu being recognized as one of the "most livable cities," reflecting a people-centered development approach [10]

截至招股说明书签署日，舒晓正直接持有公司27.84%的股份，并通过常州新跃、常州新栎控制公 司4.51%股份对应的表决权，合计控制公司32.36%股份对应的表决权，为百瑞吉的第一大股东和控股股 东、实际控制人。 (责任编辑：田云绯) 中国经济网北京1月14日讯 据北交所网站消息，北京证券交易所上市委员会定于2026年1月21日上 午9时召开2026年第6次审议会议，审议的发行人为常州百瑞吉生物医药股份有限公司（以下简称"百瑞 吉"）。 百瑞吉本次发行的保荐机构为中国国际金融股份有限公司，保荐代表人为马平恺、朱强。 百瑞吉本次拟在北交所上市，拟募集资金35,000.00万元，分别用于可吸收可降解生物医用材料产业 基地建设项目、可吸收可降解生物医用材料研发中心建设项目。 ...

虹桥商务区具备大交通、大会展、大商务、大科创四大功能，以及区位、政策、国际资源、人才四大独 特优势。 作为"十五五"规划的开局之年，融中第十五届中国资本年会暨大虹桥科创投资大会应势启幕。2026年1 月13日的大会上，上海虹桥国际中央商务区管委会党组书记、常务副主任孔福安发表了致辞。 孔福安介绍，虹桥商务区是服务企业"走出去"先行区与长三角企业"走出去"服务第一站，正着力构筑出 海企业总部高地、海外综合服务高地和出海制度创新高地。 孔福安表示，虹桥是长三角经济地理中心，1—2小时可覆盖长三角主要城市，依托长三角世界第三大经 济体的体量优势，新兴产业领域产业链完整。作为上海"两翼齐飞"的西翼和双向开放枢纽门户，既是国 内大循环中心节点，也是国内国际双循环战略链接，依托中国国际进口博览会等重大战略功能，助力其 向世界分享中国市场。 虹桥商务区具备大交通、大会展、大商务、大科创四大功能，以及区位、政策、国际资源、人才四大独 特优势。孔福安进一步介绍，虹桥重点发展总部、服务、会展、贸易四大经济，产业布局紧扣绿色低碳 转型、数字化转型、消费转型三大方向，时尚新消费、低碳新能源、数字新经济、生命新科技、汽车新 势力等领域 ...

Core Insights - The article emphasizes the importance of Hong Kong as a key hub for technology companies seeking to go public and expand into international markets [1][2] Group 1: Event Overview - The "Technology and Capital Salon" was organized by the MIT Shanghai Alumni Association and the HKU Shanghai Alumni Association, focusing on connecting technology enterprises with global capital [1][2] - The event featured discussions on the latest changes and key opportunities in the Hong Kong market for companies planning to list [2] Group 2: Hong Kong's Advantages - Hong Kong is highlighted as a global hub for innovation and capital, with three core advantages: being the freest economy, attracting talent, and having a favorable legal and tax environment [10] - The Hong Kong government has established teams to assist mainland companies in their overseas ventures, offering services like financing and talent expansion [10] Group 3: Regulatory Considerations - Companies must meet both mainland and Hong Kong regulatory requirements for overseas listings, with a recommendation to prepare compliance in advance to enhance review efficiency [12] - The importance of understanding the regulatory landscape is underscored, especially with the anticipated surge in listings in 2025 [12] Group 4: Market Trends and Opportunities - The Hong Kong stock market is expected to see a surge in listings, with a significant number of companies already queued for IPOs, indicating strong market interest [15] - Technology-driven companies are particularly favored in the Hong Kong market, providing opportunities to bypass domestic competition and connect with international markets [15] Group 5: Industry Focus - Hard technology sectors such as artificial intelligence, biomedicine, and semiconductors are identified as key areas for companies looking to list in Hong Kong, with government support enhancing their prospects [15] - The shift in Hong Kong's economy from real estate to technology and education is noted, suggesting a strategic advantage for companies establishing a presence there [15][17]

Group 1 - The event "Investment Qilu, Win the Future" focused on high-quality development and capital matching, attracting 7 national funds, 5 major AICs, and 117 domestic private equity investment institutions and financial representatives, totaling 380 participants [1] - A total of 150 quality investment projects from Shandong Province were promoted, covering strategic emerging industries such as artificial intelligence, high-end equipment manufacturing, new energy materials, and biomedicine, showcasing Shandong's solid foundation and broad space for industrial transformation and upgrading [1] - The event resulted in 37 funds and 13 key projects successfully landing in Shandong, with a total signed scale of 34.7 billion yuan, injecting strong capital momentum into the transformation of old and new kinetic energy and enhancing industrial quality and efficiency [1] Group 2 - Shandong's Vice Governor Zhang Haibo invited entrepreneurs and investors to deeply participate in Shandong's development, emphasizing the importance of focusing on industrial upgrades and technological innovation [2] - The Shandong Development and Reform Commission highlighted the event as a significant window to showcase the province's solid industrial foundation, huge investment potential, and favorable business environment, committing to a full-chain tracking service mechanism for signed funds and projects [2] - The recently introduced "Action Plan for Promoting High-Quality Development of Venture Capital in Shandong Province" aims for an annual growth of over 10% in venture capital investment by the end of 2027, with a management scale exceeding 400 billion yuan [3]

Core Insights - The announcement of a $5.6 billion licensing agreement between Rongchang Biopharma and AbbVie marks a significant milestone for Chinese innovative drugs entering the global market, indicating a shift from follower to leader in the dual antibody space [1][3] - Concurrently, Kangfang Biopharma's partner, Summit Therapeutics, submitted a Biologics License Application (BLA) for Ivoris monoclonal antibody to the FDA, further highlighting the progress of Chinese dual antibodies on the international stage [1][4] - However, the termination of a licensing agreement by Yiming Oncology with Instil Bio serves as a cautionary tale for the challenges faced by Chinese companies in global expansion [1][10] Group 1: Major Developments - Rongchang Biopharma's agreement with AbbVie includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [3] - Kangfang Biopharma's Ivoris monoclonal antibody is positioned to address a significant unmet clinical need in treating EGFR-mutant non-small cell lung cancer, with the FDA expected to make a decision by Q4 2026 [4][5] - The competitive landscape for PD-1/VEGF dual antibodies is intensifying, with major pharmaceutical companies increasingly focusing on a few validated "winners" in the market [2][9] Group 2: Industry Trends - The recent high-value transactions in the dual antibody space reflect a growing recognition of the clinical and commercial potential of Chinese innovative drugs, with transaction amounts reaching new heights [9] - The competitive dynamics are shifting, as the number of potential international buyers decreases due to the concentration of capital and interest in a limited number of validated products [10][13] - The success of PD-1/VEGF dual antibodies is seen as pivotal for the future of cancer treatment, with ongoing clinical trials exploring their combination with other therapies to enhance efficacy [14]

Core Viewpoint - The acquisition of Rui Sheng Biological by Haili Biological has led to unexpected valuation declines and questionable client relationships, raising concerns about financial transparency and potential misrepresentation in disclosures [1][3][5]. Group 1: Acquisition and Valuation - Haili Biological acquired 55% of Rui Sheng Biological for 935 million yuan, valuing the company at 1.711 billion yuan, representing a 952% increase in book value [1]. - Rui Sheng Biological's valuation was subsequently revised down to 974 million yuan, reflecting a 43% drop within eight months post-acquisition due to declining performance [1][2]. Group 2: Client Relationships and Disclosures - Wuhan He Mu Medical Technology, registered in April 2023, was listed as Rui Sheng Biological's largest client for 2022, raising questions about the legitimacy of this relationship [3][4]. - The explanation provided by Haili Biological regarding the client relationship was deemed insufficient by financial experts, suggesting potential financial misrepresentation [5][6]. - A second client, Shandong Quanming Medical, initially listed as a major client, later denied any collaboration with Rui Sheng Biological, further complicating the company's client disclosure credibility [9][10][11]. Group 3: Industry Context and Performance - Rui Sheng Biological's products, particularly in the dental implant repair materials sector, had previously seen rapid growth due to favorable market conditions and increased demand post-COVID-19 [22][23]. - However, the company faced significant challenges in 2025, including a 50%-60% price drop in bone powder products and increased competition, leading to a substantial decline in revenue and profit [23][24].