截至2026年3月2日，科创板公司均以业绩快报或年报形式完成2025年度业绩情况的披露。 数据显示，科创板公司预计2025年实现营业收入15917亿元，同比增长10.3%，其中，超七成公司实现营收增长，74家公司增幅超过50%；科创板公司预计 2025年实现净利润591亿元，同比增长近三成，达28.2%，其中，近六成公司净利润实现同比增长，93家公司增幅超过50%，40家大幅增长100%以上，52 家扭亏为盈。 责编：叶舒筠 校对： 王锦程 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 证券时报记者梳理发现，科创板公司中，集成电路与生物医药两大"硬科技"赛道2025年业绩增长颇为强劲。集成电路产业方面，受人工智能等新兴应用需 求拉动延续较高景气度。128家科创板集成电路公司2025年合计实现营业收入3651亿元，同比增长25%；实现净利润279亿元，同比增长83%。其中，84家 集成电路公司业绩预增或扭亏为盈，占比超六成。 生物医药产业方面，创新药商业开发交易、出海提速等因素均推动公司业绩回升。科创板118家生物医药企业中近六成实现 ...

Investment Rating - The industry investment rating is "stronger than the market" (预计6个月内，行业指数表现强于市场表现5%以上) [32] Core Insights - Jichuan Pharmaceutical has secured exclusive commercialization rights for the drug Bimekizumab (brand name: Zeli Mei) in mainland China, excluding Hong Kong, Macau, and Taiwan, with a total payment not exceeding RMB 190 million (including tax) [3][13] - Bimekizumab is the first approved treatment for eczema in children aged 2 and above, acting as an aromatic hydrocarbon receptor (AhR) modulator to suppress inflammation and repair skin barriers [3][13] - The product is expected to be approved for market launch in November 2024 and currently is not included in the National Basic Medical Insurance Drug List, indicating it is in the early stages of market expansion [3][13] Summary by Sections Industry Viewpoints - The report emphasizes the continuous improvement of global competitiveness among Chinese innovative pharmaceutical companies, suggesting a focus on potential treatment areas such as metabolic diseases, chronic diseases, and central nervous system disorders [4] - It also highlights emerging technology platforms like small nucleic acid drugs and CAR-T therapies, recommending companies such as Baiji Shenzhou and Dongcheng Pharmaceutical for investment [4] Industry News - Jichuan Pharmaceutical's acquisition of Bimekizumab is noted as a significant development in the biopharmaceutical sector, providing a new treatment option for eczema [7][13] - GSK's acquisition of 35Pharma for $950 million to gain access to a new pulmonary arterial hypertension drug is also highlighted, showcasing ongoing consolidation in the industry [14] - GSK's submission of a new hepatitis B drug, Bepirovirsen, for market approval in Japan is mentioned, indicating advancements in chronic hepatitis treatment [16][17] - The approval of a new JAK/ROCK inhibitor by Zhengda Tianqing for treating primary myelofibrosis is noted, reflecting innovation in hematological therapies [18] Market Performance - The pharmaceutical sector saw a 0.50% increase last week, while the Shanghai and Shenzhen 300 Index rose by 1.08%, ranking 21st among 28 industries [8][20] - The Hong Kong pharmaceutical sector experienced a decline of 6.07%, with the Hang Seng Index down by 1.93%, ranking 11th among 11 industries [31]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The dual carbon goals are a significant strategic deployment for sustainable development in China, with industrial parks being key to achieving carbon peak and carbon neutrality targets. The Zhaoqing High-tech Industrial Development Zone is a national pilot area for carbon peak, focusing on the green and low-carbon transformation of industrial parks [5][6] - The report emphasizes the importance of the Zhaoqing High-tech Zone in exploring zero-carbon transformation paths, leveraging its advantages in new energy vehicles and new energy storage industries, and establishing a green development system [5][6] - The report aims to provide systematic guidance for the construction of zero-carbon parks in Zhaoqing, promoting replicable solutions for similar high-tech zones across the Guangdong-Hong Kong-Macao Greater Bay Area and nationwide [6] Summary by Sections 1. Construction Foundation - The report outlines the background, foundation, and goals of zero-carbon park construction, detailing the achievements in industrial low-carbon upgrades, energy structure optimization, and infrastructure improvement [6] 2. Policy Framework - The report discusses the alignment of local policies with national zero-carbon park construction requirements, highlighting the need for optimization paths and enhancement suggestions [6][58] 3. Key Tasks - The report identifies key tasks such as energy storage and flexible load management, green infrastructure, carbon sink capacity, resource recycling, and building a green smart management platform [6][10] 4. Future Enhancement Suggestions - The report provides future enhancement suggestions for the Zhaoqing High-tech Zone, focusing on innovation-driven development and the establishment of industrial platforms [6][35] 5. Industry Layout - The Zhaoqing High-tech Zone has established a comprehensive industrial layout centered on new energy vehicles and new energy storage, supported by advanced manufacturing, biomedicine, modern home furnishing, food and beverage, artificial intelligence, and new materials [6][38] 6. Energy Supply and Consumption - The report analyzes energy consumption trends, indicating a shift towards cleaner energy sources, with coal consumption decreasing and natural gas and renewable energy sources increasing significantly [45][48][50]

Core Viewpoint - The article discusses the comprehensive interaction between cancer and the human body, emphasizing that cancer is not merely a localized tumor but a systemic disease that hijacks the nervous, immune, and metabolic systems to create a favorable environment for its progression [6]. Group 1: Tumor Microenvironment (TME) - The review highlights the role of the peripheral nervous system (PNS) in regulating metabolic processes and immune cell functions within the TME [4]. - Sympathetic nerves accelerate tumor growth by releasing norepinephrine, which enhances glycolysis and angiogenesis while suppressing CD8+ T cells, creating an immunosuppressive environment [9]. - Sensory nerves, particularly pain-sensing neurons, can both signal the presence of tumors and be exploited by tumors to suppress immune responses through the release of CGRP [10]. - The role of the parasympathetic nervous system remains complex, with evidence suggesting both pro-cancer and potential anti-cancer effects, influencing immune cell functions [12]. Group 2: Tumor Macroenvironment (TMaE) - The article explains how tumors can hijack the brain's metabolic centers, leading to cachexia in late-stage patients, characterized by severe weight loss and fatigue due to the tumor's influence on appetite and metabolism [20]. - Tumors can activate or inhibit neurons in the hypothalamus, which serves as a central regulator of immune responses, indicating that tumors can control the body's immune "master switch" [21][22]. Group 3: Future Therapeutic Strategies - The article suggests new therapeutic approaches, including the use of beta-blockers to disrupt sympathetic signaling and CGRP receptor antagonists to alleviate cancer pain while inhibiting tumor growth [26]. - Precision neuro-modulation techniques, such as selective nerve ablation or advanced genetic and optical methods, are proposed as promising future directions [26]. - A comprehensive treatment strategy is recommended, focusing on both attacking the tumor and repairing the hijacked nervous, immune, and metabolic networks, treating the tumor-host interaction as an integrated ecosystem [26].

Group 1 - The core viewpoint of the report emphasizes the dual drive of technology and domestic demand in China's economic development, particularly in the context of the upcoming "15th Five-Year Plan" [2][34] - Historical policies from the National People's Congress (NPC) have evolved from focusing on expanding domestic demand and reform to promoting innovation and common prosperity, aligning with the current global economic environment [1][18] - The report outlines that the stock market typically experiences an upward trend before the NPC, fluctuates during the meetings, and rebounds afterward, indicating a strong correlation between policy announcements and market performance [2][24] Group 2 - Expectations for the upcoming NPC include a more proactive and focused policy structure, with an emphasis on stabilizing growth and adjusting the economic structure, where technology and domestic demand are seen as the biggest winners [2][34] - The report identifies key investment themes for 2026, including technology (especially AI), consumption, green energy, and cyclical sectors, suggesting that these areas will benefit from policy support and economic recovery [3][34] - The anticipated legislative review of the "Ecological Environment Code" is highlighted as a significant milestone for integrating green development into legal practice, indicating a strong focus on sustainable investment opportunities [3][34]

Group 1 - The core viewpoint of the announcement is that Fosun International plans to repurchase shares worth up to HKD 1 billion due to the belief that the current stock price does not reflect the company's long-term value [1] - The repurchase plan is seen as a demonstration of Fosun's confidence in its future development, particularly in light of recent commercialization of innovations and deepening global operations [1][2] - Analysts note that Fosun's core business segments, including biomedicine, cultural tourism, and insurance, have shown strong momentum since the beginning of 2026 [2] Group 2 - In the biomedicine sector, Fosun's innovative drug platform has made significant strides, including a deal with Eisai Co., Ltd. for a potential total of over USD 300 million in Japan, the fourth largest pharmaceutical market globally [2] - The company has also signed a global exclusive licensing agreement with Pfizer, potentially worth over USD 2 billion, and a strategic cooperation with Clavis Bio that could yield up to USD 7.25 billion in payments [2] - In the cultural tourism sector, Fosun's various product lines have performed well, with significant increases in visitor numbers and revenue during the Spring Festival period [2] Group 3 - In the insurance sector, Fosun's two domestic insurance companies reported substantial growth in premium income and net profit for 2025, with Fosun United Health Insurance achieving a revenue of HKD 7.84 billion, a 50% increase year-on-year [3] - Fosun's life insurance subsidiary, Fosun Baodexin, reported an insurance business income of HKD 12.598 billion, a 36.17% increase, and a net profit of HKD 647 million, reflecting a significant growth of over 450% year-on-year [3] - The robust growth in core businesses is considered a key catalyst for the share repurchase, as the company aims to improve its asset structure and market valuation [3][4]

Core Viewpoint - Fosun International (00656.HK) announced a share buyback plan with a total amount not exceeding HKD 1 billion, citing that the current stock price does not reflect the company's long-term value and expressing confidence in its future development [1] Group 1: Buyback Announcement - The company plans to conduct share buybacks from the release of its 2025 annual results until the 2026 annual general meeting [1] - The buyback is intended to be conducted in an orderly manner within the legal and regulatory framework [1] - The announcement reflects the company's confidence in its long-term growth prospects and prudent consideration of shareholder interests [1] Group 2: Business Performance - In 2026, Fosun's core sectors, including biomedicine, cultural tourism, and insurance, have shown strong momentum [2] - The biopharmaceutical sector has made significant strides, with agreements in Japan potentially exceeding USD 300 million and a global exclusive licensing agreement with Pfizer worth over USD 2 billion [2] - The cultural tourism sector has seen impressive performance, with Shanghai Yuyuan receiving nearly 1.2 million visitors during the Spring Festival, a year-on-year increase of over 20% [2] Group 3: Insurance Sector Growth - Fosun's insurance companies reported substantial growth in 2025, with Fosun United Health Insurance achieving revenue of CNY 7.84 billion, a 50% increase year-on-year [3] - Fosun's life insurance segment recorded revenue of CNY 12.598 billion, a 36.17% increase, and a net profit of CNY 647 million, up over 450% year-on-year [3] - The robust growth in core businesses is seen as a catalyst for the buyback initiative [3] Group 4: Previous Buyback Activity - Prior to the announcement, Fosun International repurchased 13.027 million shares for HKD 48.2354 million on February 27 [3] - Since January 1, 2022, the company has repurchased a total of 258.859 million shares, representing approximately 3.17% of the total issued shares, with a total expenditure of about HKD 1.19 billion [3] Group 5: Valuation Perspective - The announcement emphasizes that the buyback aligns with the overall interests of the company and its shareholders at the current valuation level [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company achieved a revenue of 1.379 billion RMB in 2025, representing a year-on-year growth of 40.63%. The net profit attributable to shareholders was 173 million RMB, with a remarkable growth of 416.37% [10]. - The growth was driven by both domestic recovery and overseas expansion, with significant contributions from model animals and preclinical CRO services [10]. - The antibody development platform is progressing well, with numerous collaborations that are expected to enhance future growth potential [10]. Financial Forecasts - Revenue projections for 2025-2027 are as follows: 1.379 billion RMB (2025), 1.849 billion RMB (2026), and 2.422 billion RMB (2027), with growth rates of 40.6%, 34.1%, and 31.0% respectively [3][10]. - Net profit forecasts for the same period are 173 million RMB (2025), 335 million RMB (2026), and 528 million RMB (2027), with growth rates of 416.4%, 93.3%, and 57.7% respectively [3][10]. - The earnings per share (EPS) are projected to be 0.39 RMB (2025), 0.75 RMB (2026), and 1.18 RMB (2027) [3][10]. Business Segments - The domestic revenue for the first half of 2025 was 199 million RMB, showing a year-on-year increase of 70.54%, while overseas revenue reached 421 million RMB, up by 43.59% [10]. - Model animals and preclinical CRO services were the main growth drivers, with model animal revenue at 274 million RMB (up 56.13%) and preclinical CRO service revenue at 155 million RMB (up 90.10%) in the first half of 2025 [10]. - The company launched over 400 humanized mouse models in 2025, reinforcing its leading position in the humanized animal model sector [10].

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company achieved a revenue of 1.379 billion RMB in 2025, representing a year-on-year growth of 40.63%. The net profit attributable to shareholders was 173 million RMB, with a remarkable growth of 416.37% [10]. - The growth was driven by both domestic recovery and overseas expansion, with significant contributions from the model animals and preclinical CRO services [10]. - The antibody development segment is progressing well, with numerous collaborations that are expected to enhance future growth potential [10]. Financial Forecasts - Revenue projections for 2025-2027 are as follows: 1.379 billion RMB (2025), 1.849 billion RMB (2026), and 2.422 billion RMB (2027), with growth rates of 40.6%, 34.1%, and 31.0% respectively [3][11]. - Net profit forecasts for the same period are: 173 million RMB (2025), 335 million RMB (2026), and 528 million RMB (2027), with growth rates of 416.4%, 93.3%, and 57.7% respectively [3][11]. - The earnings per share (EPS) are projected to be 0.39 RMB (2025), 0.75 RMB (2026), and 1.18 RMB (2027) [3][11]. Business Segments - The model animals segment saw a revenue of 274 million RMB in the first half of 2025, growing by 56.13%, while preclinical CRO services generated 155 million RMB, marking a 90.10% increase [10]. - The company launched over 400 humanized mouse models in 2025, reinforcing its leading position in the humanized animal model market [10]. - The preclinical CRO services are experiencing rapid growth, particularly in pharmacology and efficacy research, with significant increases in various service areas [10]. Collaborations and Partnerships - As of the first half of 2025, the company signed approximately 280 drug collaboration agreements with around 120 pharmaceutical companies, including 80 new agreements in the first half of 2025 [10]. - A notable collaboration involves the ADC candidate IDE034, which has entered Phase I clinical trials, with potential milestone payments of up to 406.5 million USD [10].

Core Viewpoint - The article discusses the evolution and competitive strategies of local venture capital (VC) firms in Shenzhen, highlighting their unique approaches compared to foreign VC firms and the significant impact of historical and cultural factors on their development [3][5][39]. Group 1: Historical Context and Development - In 1999, Liu Zhou faced a decision on where to establish a new investment company, ultimately choosing Shenzhen due to its market potential and proximity to Hong Kong [3][4]. - By 2008, Shenzhen's venture capital firms, including Shenzhen Innovation Investment Group and Dacheng, ranked first and eighth respectively in China's VC landscape, surpassing many established foreign VCs [4][5]. - Today, over 200 VC firms are based in Shenzhen, accounting for one-third of the national market share, with significant participation in the first batch of companies applying for the Growth Enterprise Market [4][5]. Group 2: Competitive Strategies - Shenzhen's local VCs prefer investing in traditional enterprises with technological innovation capabilities, focusing on projects that drive domestic consumption, contrasting with foreign VCs that target high-tech startups [33][34]. - The investment philosophy of local VCs emphasizes patience and cost-effectiveness, often opting for lower P/E ratios compared to foreign counterparts [34][35]. - Local VCs employ a "wolf culture," characterized by teamwork and a focus on collective success rather than individual stardom, which is a departure from the celebrity-driven model of foreign VCs [36][39]. Group 3: Key Figures and Leadership - Wang Shouren, a prominent figure in Shenzhen's VC community, played a crucial role in advocating for the local VC ecosystem and was respected for his willingness to challenge government policies [2][39]. - Liu Zhou, the chairman of Dacheng, embodies the "hard-fighting" spirit of local VCs, emphasizing a strategic approach to investment that balances direction and cost [33][34]. - Jing Haitao, chairman of Shenzhen Innovation Investment Group, is recognized for his strategic vision and ability to navigate the complexities of managing a large investment team [18][22]. Group 4: Future Outlook - The future of Shenzhen's VC landscape will depend on the ability of firms like Shenzhen Innovation Investment Group to adapt to changing market conditions and government policies while maintaining a competitive edge [21][42]. - There is a growing recognition of the need for local VCs to develop their own identity and operational strategies that align with China's unique market environment [39][41].