2026年，"十五五"开局。区域发展的重心从"物理连接的紧密度"转向"制度运行的协同度"。决定区域竞 争力的关键越来越落在那些难啃的"硬骨头"上，要素能否无障碍流动？规则标准能否高水平互认？公共 服务能否一体化供给？协作成本能否实质性降低？ 针对上述挑战，2026年1月19日，上海社科院原副院长王振在接受智通财经"浪尖周报"专访时直言，长 三角当前不缺"项目清单"，缺的是将协同转化为日常能力的"运行机制"。他以"雁阵共振"为喻，指出长 三角虽已初步形成世界级创新集群，但要实现世界影响力的"质变"，必须突破行政壁垒，推动区域合作 从外部的"政策推动"转向内部的"机制自转"。只有建立起稳定、可复制的协同治理模式，才能为创新链 与产业链的深度融合提供长久解法。 第二，联合攻关走向机制化。依托G60科创走廊等平台，长三角跨省创新联合体从"临时组队"逐步迈 向"稳定协作"。近三年来，G60已立项支持80余个联合攻关项目、总投入超17亿元，协同由此从"交流 合作"推进到"创新联合体"，合作不再停留在表态与签约，而开始进入可持续的组织化运转。 第三，"创新飞地"等空间组织方式加速扩散。"政府搭台、企业唱戏"，它把上海的功能 ...

Core Viewpoint - In 2025, China's GDP surpassed 140 trillion yuan for the first time, achieving a year-on-year growth of 5.0% at constant prices, maintaining a leading growth rate among major global economies [1][4]. Economic Growth and Resilience - China's economy has shown remarkable resilience, achieving a historic total increase during the "14th Five-Year Plan" period, with GDP rising from 110 trillion yuan to 140 trillion yuan, averaging over 5% growth [5]. - The manufacturing sector has maintained its position as the world's largest for 16 consecutive years, contributing significantly to economic stability and technological innovation [5]. - Grain production has stabilized at 1.4 trillion jin for two consecutive years, ensuring food security for over 1.4 billion people amidst global price fluctuations and extreme weather [5]. Risk Resistance and Stability - China's large economic scale has translated into strong risk resistance, maintaining stability in the face of global debt challenges and protectionist measures [7]. - The average urban unemployment rate during the "14th Five-Year Plan" was 5.2%, with real per capita disposable income growing by 5.0%, reflecting synchronized economic growth and improved living standards [7]. Domestic and International Demand - The domestic market has shown robust vitality, with significant consumer activity during holidays and a notable contribution of 52.0% from final consumption expenditure to economic growth [8]. - Despite global trade slowdowns, China's total import and export volume increased by 3.8%, with high-tech product exports rising by 13.2% [8]. Structural Optimization - The service sector's contribution to GDP reached 57.7%, becoming the largest industry, while new business models in cultural tourism and heritage revitalization are driving consumption upgrades [12]. - Strategic emerging industries such as high-end equipment manufacturing and biomedicine are rapidly developing, while traditional manufacturing is improving through technological upgrades [12]. Foreign Trade and Open Economy - High-level foreign trade initiatives, such as the Hainan Free Trade Port, have facilitated cross-border movement and increased imports, with a 37% rise in inbound tourists [14]. - The "Belt and Road" initiative has strengthened trade relationships with over 150 countries, enhancing China's integration into the global economy [14]. Innovation and New Productivity - China's R&D expenditure as a percentage of GDP has reached 2.8%, surpassing the OECD average, indicating a new phase of stable growth and quality improvement in technological innovation [16]. - The innovation index has ranked China among the top ten globally, with significant breakthroughs in key technologies supporting the development of emerging industries [16]. Conclusion - Overall, China's economy in 2025 illustrates resilience under pressure and the emergence of new opportunities during transformation, with a clear direction for high-quality development in the future [18].

Core Insights - NeoGenomics, Inc. reported a full-year diluted earnings per share (EPS) of -$0.84, which missed estimates, but exceeded revenue expectations with a full-year revenue of $727 million, reflecting a 10% increase from $661 million the prior year [3][4] - In the fourth quarter, the company achieved an adjusted diluted EPS of $0.06, surpassing the Zacks Consensus Estimate of $0.04, indicating a 50% earnings surprise [3][4] - Over the past four quarters, NeoGenomics has exceeded consensus adjusted EPS estimates three times, demonstrating its ability to outperform market expectations [4][5] Financial Performance - The revenue for the quarter ending December 2025 was $190 million, exceeding the Zacks Consensus Estimate by approximately 0.9% to 1.1%, and showing a significant increase from the $172 million reported in the same period the previous year [4] - The company has surpassed consensus revenue estimates twice in the last four quarters, showcasing consistent revenue growth [5] Market Valuation and Liquidity - NeoGenomics has a negative trailing price-to-earnings (P/E) ratio of approximately -12.5 and a price-to-sales ratio of around 2.06, indicating that the market values its sales at about $2.06 for every dollar of sales [2][5] - The enterprise value to sales ratio is approximately 2.3, reflecting the company's total valuation relative to its sales [5] - With a current ratio of 4.26, NeoGenomics maintains a strong liquidity position, indicating its ability to cover current liabilities with its assets [2][5]

Core Insights - Zhejiang University has published its first article in "Nature," introducing a novel technology called GPCR Exoframe Modulator (GEM) on February 17, coinciding with the Lunar New Year [1] Group 1: Importance of GPCR - G protein-coupled receptors (GPCRs) are the largest signal receptors on human cell membranes, regulating critical life processes such as sensation, emotion, cardiovascular function, and metabolism [2] - Genetic mutations can cause structural disruptions in GPCRs, leading to signal transmission failures and various diseases, including diabetes insipidus, Parkinson's-like diseases, and Alzheimer's [2] - Traditional drugs targeting GPCRs are limited to the "orthosteric pocket," which only allows for basic activation or inhibition, resulting in limited therapeutic efficacy [2] Group 2: Research and Development of GEM - The research team, led by Professor Zhang Yan, aims to design "exoframe proteins" for GPCRs, leveraging over 20 years of research and collaboration with AI experts [3] - GEM employs an "exoskeletal" modulation approach, directly affecting the transmembrane domain of GPCRs to finely tune signal output, expanding the classic seven transmembrane helices to nine, eleven, or even thirteen [4] - The breakthrough involves an AI-driven membrane protein design system that scans GPCR surfaces and generates protein structures with atomic-level precision [4] Group 3: Advantages and Future Applications of GEM - Compared to traditional drugs, GEM offers programmable and precise modulation capabilities, allowing for multidimensional signal regulation and the potential to create biological "logic gates" for signal reprogramming [5] - The team has established an AI-driven platform for membrane protein functional design, aiming to optimize AI models and expand GEM's applications across various diseases, facilitating clinical translation [5]

站在2026年的开端，我们正置身于中国资本市场一个由规模扩张迈向质量跃升的全新周期。刚刚过去的2025年，我们见证了A股总市值历史性突破100万 亿元大关，并稳步攀升至约123万亿元；见证了上证指数从年初的3300点附近拾级而上，一度冲破4000点，年涨幅接近20%，创下近六年最佳表现；更见 证了市场成交额首次突破400万亿元，日均成交额较2024年放量超过60%，显示出充沛的流动性与高涨的参与热情。 坚定"耐心资本"理念，深耕产业周期 过去一年，粤开证券坚定不移地践行"耐心资本"战略，聚焦于具有关键技术壁垒和商业化潜力的硬科技企业。我们注意到，2025年新上市企业中超过九成 为高新技术企业，其中科创板、创业板为一批尚未盈利的"硬科技"企业敞开了大门，已有50余家此类企业成功上市。这正与我们的投资逻辑高度契合。 作为植根于广州开发区、黄埔区的国资控股券商，我们依托深厚的产业生态优势，前瞻性地布局商业航天、低空经济、生物医药等新质生产力。2025年， 我们投资了小鹏汇天、中科宇航、星河动力、蓝星光域等一批战略性科创企业，以实际行动巩固在硬科技领域的版图。此外，我们的私募股权管理规模突 破百亿元，致力于成为推动国 ...

科创板IPO（首次公开募股）流程严格遵循中国证监会、上海证券交易所（上交所）的监管要求，覆盖从前期筹备到上市后持续 监管的全周期。以下是所有核心环节的详细拆解，按时间顺序梳理： 一、前期筹备阶段（Pre-IPO） 1. 企业自我评估与战略决策 科创板IPO需4类核心中介协同： 3. 初步尽职调查与问题整改 二、辅导备案与辅导阶段 1. 辅导备案 企业与保荐机构签订《辅导协议》后，向当地证监局提交辅导备案材料（包括辅导方案、中介机构资质等），证监局受理 后启动辅导期（通常≥3个月）。 2. 辅导实施 3. 辅导验收 三、申报与受理阶段 1. 申报材料制作 对照科创板定位（"硬科技"：新一代信息技术、高端装备、新材料、新能源、节能环保、生物医药等6大领域+符合科创属 性指标），评估是否符合上市条件。 决策层确定IPO目标，成立上市工作小组（由高管、财务、法务、券商等组成）。 2. 选聘中介机构 保荐机构（主承销商）：负责整体协调、尽职调查、申报材料制作及后续发行承销（必须是证券公司，且具备保荐资 格）。 会计师事务所：负责财务审计（需具备证券期货相关业务资格）、内控鉴证。 律师事务所：负责法律合规审查、出具法律意 ...

2月16日，中慧生物港交所公告，公司H股已获选定并将纳入恒生综合指数成份股，自2026年3月9日起 生效。恒生综合指数作为全面的H股指标，涵盖在香港交易所主板上市的累计市值最高95%的公司，并 获指数基金、互惠基金及业绩评估系统的广泛应用。 0:00 ...

Group 1 - The "Green Yangjin Phoenix Plan" has established 25 expert workstations in Yangzhou, covering key areas such as high-end equipment, new energy, new materials, and life health, which have become important carriers for cultivating new productive forces [1][5] - The workstations facilitate collaboration between scientists and engineers, leading to significant breakthroughs in technology, such as a 15% improvement in discharge capacity of lithium batteries at low temperatures [2][3] - Over three years, the workstations have successfully transformed 82 new products, processes, and devices from design to reality, acting as "innovation probes" within the industry [3] Group 2 - The workstations serve as platforms for talent attraction, training, and retention, creating a robust ecosystem for industry talent development [4] - The establishment of workstations has led to the introduction of 8 national-level and 17 provincial-level leading talents, forming a skilled workforce capable of innovation and transformation [5] - The workstations have generated a cumulative sales increase of 940 million yuan and filed 242 patent applications, demonstrating the acceleration of technological innovation into new productive forces [7] Group 3 - The workstations are deeply embedded in Yangzhou's "613" modern industrial system, acting as key nodes that connect talent, empower innovation, and serve the industrial chain [8] - The focus will continue to be on the construction of an industrial science and technology innovation city, enhancing the layout of workstations to attract more innovative elements to enterprises [8]

如今，"广货北上"浪潮持续深化。从日常消费的烟火气到产业升级的创新力，岭南智造已深度融入内蒙 古的发展肌理，粤蒙合作也从最初的商品流通迈向产业协同、理念相融的新阶段。 日前，内蒙古广东商会会长王鹏翔在接受羊城晚报记者专访时，围绕粤蒙经贸合作、广货北上等话题， 从行业视角出发，分享了诸多见解与思考。 羊城晚报：您如何看待广货在内蒙古的变迁？ 王鹏翔：二十世纪八九十年代，广东的纺织品、日用百货、家具家电率先进入内蒙古市场，解决了"有 没有"的问题，那时广货代表的是"新潮"和"洋气"。现在随着消费升级，广货在内蒙古已经进化为"高品 质"与"智能化"的代名词。从智能手机到新能源汽车，再到高端医疗器械，广东的硬核科技产品正在重 塑内蒙古的消费和生产方式。 羊城晚报：目前有多少广东企业在内蒙古投资？主要分布在哪些行业？ 王鹏翔：据不完全统计，目前，在内蒙古投资兴业的广东籍企业及关联项目超过2000家，实际投资额已 超数千亿元规模，是内蒙古外来投资的重要力量。内蒙古广东商会的会员企业分布广泛，呈现出"传统 产业稳底盘，新兴产业挑大梁"的格局。早期广东商人主要集中在商贸物流、房地产、餐饮服务等领 域。随着两地合作深入，越来越 ...

董事会认为，公司获纳入恒生综合指数成份股，反映资本市场对公司业务表现及增长前景的认同。董事 会相信，此次纳入将有助于扩大公司股东基础，提升H股的交易流通性，并进一步增强公司的声誉及品 牌知名度。 格隆汇2月16日丨中慧生物-B(02627.HK)发布公告，公司H股已获选定并将纳入恒生综合指数成份股， 自2026年3月9日起生效。恒生综合指数作为全面的H股指标，涵盖在香港交易所主板上市的累计市值最 高95%的公司，并获指数基金、互惠基金及业绩评估系统的广泛应用。 ...