货物包括"零关税"进口原油等 "封关后，依托'零关税'政策，我们企业进口原料时即享免税，经生产加工后的沥青出口时也无需 补缴税款，节省了一大笔运营资金，我们切实享受到了政策红利。"京博(海南)新材料有限公司相关负 责人说。 为确保封关后货物平稳有序快速通关，洋浦海关提前开展合成演练测试，深入辖区了解"零关税"货 物加工生产需求，开展"自贸港专员助企服务"专项行动，针对性制定"一企一策"，详细讲解封关运作 后"零关税"政策要求，从"零关税"货物进口申报、账册设立、货物查验等方面提供全流程业务指导，帮 助企业顺利快速完成原辅料进口。"第一批货物顺利通关只是起点，我们将聚焦海南自贸港重点产业发 展，不断优化全链条监管服务，为建设具有世界影响力的中国特色自由贸易港贡献海关力量。"洋浦海 关相关负责人表示。 除了洋浦港，在海南其他对外开放口岸，第一批"零关税"货物也纷纷传来通关消息。在海口，新海 航海南航空等2家公司申报的3票进口货物在海口美兰机场海关顺利通关，货物为变阻器、封圈等飞机航 材，享受10%关税减免，这是海口美兰机场口岸第一批适用海南自贸港"零关税"政策进口的货物。在三 亚，由三亚口腔医学中心进口的"零关税 ...

Core Insights - The Hainan Free Trade Port officially commenced its full island closure operation on December 18, implementing a series of policies including import tax exemption, tax policies for goods circulation, and customs supervision measures [1][6] Group 1: First Batch of Goods and Policies - The first batch of "zero tariff" goods, consisting of 179,000 tons of petrochemical raw materials valued at nearly 400 million yuan, arrived at Yangpu Port, saving companies approximately 10 million yuan in costs [2][7] - The first batch of goods benefiting from the processing value-added tax exemption policy successfully cleared customs at Meilan Airport, including medical equipment and aircraft parts [2][8] - The proportion of "zero tariff" items for first-line imports will increase from 21% to 74%, covering various enterprises and institutions with actual import needs [3][8] Group 2: Open Port and Economic Activity - The first three international vessels registered under the Hainan Free Trade Port were issued ownership certificates, highlighting the attractiveness of Hainan's shipping policies [4][10] - Siemens Energy (Hainan) Co., Ltd. became the first Fortune 500 company to establish operations in Hainan, marking a significant foreign investment project in the manufacturing sector [4][10] - The total value of "zero tariff" goods imported on the first day of the closure operation is expected to exceed 500 million yuan, including crude oil, medical devices, and food raw materials [3][8] Group 3: Strategic Vision and Global Interest - Hainan aims to enhance its international profile and attract global investors through institutional innovation and policy support, exploring a unique model of a free trade port [5][10] - The design of the core system for the closure operation combines comprehensive management of goods entering and exiting with high-level trade facilitation, maximizing the release of open dividends [5][10]

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure marks a significant milestone in China's commitment to opening up its economy, enhancing its role in global economic integration and cooperation [2][23][25]. Group 1: Policy and Economic Impact - The full closure of the Hainan Free Trade Port introduces a new regulatory framework, transforming the entire island into a customs supervision special area, which allows for "first-line" liberalization and "second-line" regulation [3][10]. - The "zero tariff" policy has significantly increased the proportion of zero-tariff goods to 74%, covering most production equipment and raw materials, which is expected to provide substantial financial benefits to enterprises [6][22]. - The new policies are designed to lower production costs for companies, facilitating the transformation and upgrading of the processing and manufacturing industries in Hainan [8][9]. Group 2: Development Opportunities - The Hainan Free Trade Port is positioned as a key player in promoting high-quality development and contributing to the national development framework, with a focus on innovative industries such as deep-sea, aerospace, and seed industries [18][19]. - The port's policies are expected to attract high-end manufacturing, biomedicine, and digital economy sectors, enhancing the region's economic vitality and production capabilities [19][27]. - Hainan has already seen significant foreign investment, with actual foreign capital utilization reaching 102.5 billion yuan over the past five years, indicating a growing interest from global investors [27]. Group 3: Regional and Global Integration - The Hainan Free Trade Port serves as a crucial hub for regional cooperation, facilitating cross-province industrial parks and enhancing collaboration with major economic regions such as the Guangdong-Hong Kong-Macao Greater Bay Area [20][26]. - The port's strategic location and improved logistics are expected to strengthen trade links with ASEAN, South Asia, and the Pacific regions, positioning Hainan as a vital platform for regional cooperation [26][27]. - The launch of the "Coconut Express" from Indonesia to Hainan is set to significantly reduce shipping times, further integrating Hainan into global supply chains [26].

Core Insights - Brown Advisory Mid-Cap Growth Strategy underperformed its benchmark, the Russell Midcap® Growth Index, which increased approximately 3% in Q3 2025 [1] Company Overview - DexCom, Inc. (NASDAQ:DXCM) is a medical device company specializing in continuous glucose monitoring (CGM) systems [2] - As of December 17, 2025, DexCom's stock closed at $65.75 per share, with a market capitalization of $26.086 billion [2] Financial Performance - For Q3 2025, DexCom reported global revenue of $1.21 billion, an increase from $994 million in Q3 2024 [4] - The one-month return of DexCom was 13.90%, but its shares lost 12.24% of their value over the last 52 weeks [2] Market Sentiment and Challenges - DexCom exceeded second quarter consensus expectations, but a modest guidance increase did not reflect year-to-date strength, impacting market sentiment [3] - A short report raised concerns about yield, accuracy, and injury rates related to the G7 launch, contributing to stock volatility [3] - Early injury rates for the G7 were higher than the G6 but have since improved and remain below those of key competitors [3] Hedge Fund Interest - At the end of Q3 2025, 71 hedge fund portfolios held DexCom, an increase from 60 in the previous quarter [4]

证券日报网12月18日讯中集环科（301559）在12月17日回答调研者提问时表示，经过十余年的持续研发 与改进，公司高端医疗影像设备关键零部件研发与制造能力逐渐提升、产品范围逐步扩大，客户越来越 多。公司近年来，医疗设备部件业务持续增长，2025年前三季度营业收入18，144.26万元，同比上升 5.92%。 ...

Group 1 - Hainan Free Trade Port officially launched its island-wide customs closure on December 18, marking a significant milestone in its development [1] - The first batch of international vessels, including "De Fu 1200," "Hua Shun Oil 698," and "Hong Jin Shuo," received ownership certificates from the Hainan International Ship Registration Authority, becoming the first international ships registered at "China Yangpu Port" [3] - Siemens Energy became the first Fortune 500 company to establish operations in Hainan, with the project manager receiving the business license for Siemens Energy (Hainan) Co., Ltd. [4] Group 2 - The first five foreign nationals received work and residence permits in Hainan, with the process streamlined to allow completion within four days [6] - The first batch of "zero tariff" petrochemical raw materials, totaling 179,000 tons and valued at nearly 400 million yuan, arrived at Yangpu, allowing companies to save approximately 10 million yuan [7] - The first batch of processed goods, including 3,300 boxes of chocolate from Hainan, passed through the "second line port" at Haikou Meilan Airport, benefiting from tax exemptions due to a 30% value-added processing requirement [8] Group 3 - Hainan Refining and Weida Chemical completed the customs clearance for the first batch of goods eligible for tax exemptions due to cumulative processing value, significantly reducing procurement costs for Hainan Refining and lowering polyethylene costs by 400 yuan per ton for Weida Chemical [9] - Sanya Phoenix International Airport processed its first batch of "zero tariff" imported goods, including scientific equipment from Germany and Hong Kong, with total tax reductions amounting to approximately 128,000 yuan and 182,100 yuan respectively [11]

Economic News - In November, Shanghai's import and export value reached 387.49 billion yuan, a year-on-year increase of 10.6%, with exports at 186.6 billion yuan, up 18.2%, marking a monthly historical high [1] - The Ministry of Commerce reported that China and Europe are negotiating on electric vehicle issues, with China willing to resolve differences through dialogue [1] - The National Bureau of Statistics released unemployment rates for November, showing a youth unemployment rate of 16.9% for ages 16-24 and 7.2% for ages 25-29 [1] - The National Development and Reform Commission emphasized the need to optimize investment structure and maintain stable growth in traditional sectors while fostering new investment growth [1] - Yantai, Shandong, announced the discovery of Asia's largest underwater gold mine with proven reserves of over 39,000 tons, accounting for 26% of the national total [1] - The China Meteorological Administration aims to establish an advanced earth system forecasting system by 2035 [1] - The Sichuan Provincial Government plans to form a diversified R&D investment pattern by 2027, targeting a R&D investment intensity of 2.5% [1] - The People's Bank of China completed three financial preparations for Hainan Free Trade Port, enhancing cross-border financial risk prevention capabilities [1] - The China Photovoltaic Industry Association reported a total export value of photovoltaic products at $24.42 billion from January to October 2025, a decrease of 13.2% year-on-year, but a significant improvement from the previous year's decline [1] - The Hubei Provincial Government is advancing the asset reform of state-owned water resources [1] Important Company News - China National Airlines' subsidiary Shenzhen Airlines plans to raise 16 billion yuan through equity financing [2] Metal Industry Outlook - The metal industry is experiencing an optimization in supply-demand structure, with a weak supply cycle expected to continue until 2028, while demand is anticipated to rise due to green energy transitions and new productivity developments [5] - The liquidity cycle shift is expected to enhance metal price elasticity, with small metals projected to see significant price and valuation increases due to supply-demand improvements and liquidity premiums [5] - Small metals like rare earths, rubidium, cesium, lithium, antimony, molybdenum, and magnesium are highlighted for their potential in terms of supply-demand dynamics and future trends [5] Rare Earth Industry - The rare earth industry is undergoing a supply-demand optimization, with supply growth slowing and demand increasing due to sectors like electric vehicles and robotics [6] - The introduction of export controls has redefined the value of the rare earth industry, enhancing China's global pricing power [6] - Related companies include China Rare Earth, Northern Rare Earth, and others [7] Rubidium and Cesium Market - The global rubidium and cesium market is entering a rapid expansion phase, with significant supply growth expected from companies like Zhongmin Resources and Jinyin Galaxy [8] - Demand is projected to grow significantly due to upgrades in consumption structures and emerging applications [8] - Related companies include Zhongmin Resources and Jinyin Galaxy [9] Lithium Industry - The lithium supply-demand relationship is expected to improve, with supply growth driven by low-cost production in South America and increasing demand from the electric vehicle sector [10] - Global lithium supply is projected to grow from 1.231 million tons LCE in 2024 to 1.86 million tons LCE by 2027, with a CAGR of 15% [10] - Related companies include Zhongmin Resources, Jinyin Galaxy, Tianqi Lithium, and others [11] Antimony Industry - The antimony industry is entering a strong growth cycle due to supply constraints and increasing demand from the photovoltaic sector [11] - The global antimony supply-demand gap is expected to widen, leading to price increases and enhanced profitability for related companies [11] - Related companies include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [12] Molybdenum Industry - The molybdenum market is expected to maintain a tight balance, with prices projected to rise due to increased demand from high-end steel and aerospace sectors [12] - Global molybdenum supply is expected to grow slowly, with demand projected to increase at a CAGR of 3.8% [12] - Related companies include Luoyang Molybdenum, Jintong Molybdenum, and Western Mining [13] Magnesium Industry - The magnesium industry is entering a state of sustained balance, with significant demand growth expected from sectors like automotive lightweighting and renewable energy [14] - Global magnesium demand is projected to grow from 1.12 million tons in 2024 to 2 million tons by 2027, with a CAGR of 21% [14] - Related companies include Baowu Magnesium, Xingyuan Zhuomai, and Wanfu Aoxian [15]

Group 1: Core Themes and Investment Strategies - UBS emphasizes selective overweights in growth themes while balancing valuation protection and risk defense strategies amid moderate economic growth, persistent inflation, and geopolitical and technological changes [1] - The report identifies seven key themes for investment, focusing on technology stocks, artificial intelligence, electrification, European consumer potential, European and Japanese bank stocks, defensive stocks, and gold-related stocks [1][2][3][4] Group 2: Technology and AI Focus - UBS adopts a cautious stance on technology stocks, highlighting Microsoft, Amazon, TSMC, Tencent, and strategically SAP, while being cautious on Apple, Tesla, and ad-based business models [1] - The report underscores the importance of reasonably valued pure data center stocks and emphasizes application scenarios benefiting various sectors, including food retail and financial institutions [2] Group 3: Electrification and European Consumer Insights - UBS believes electrification is still in its early stages, with only 20% of global energy consumption coming from electricity, which needs to rise to 55%-70% by 2050 [2] - The report highlights potential surprises from European consumers in 2026, focusing on banks, retail, and consumer-centric companies like Ryanair and Accor [2][3] Group 4: Banking Sector Outlook - UBS remains optimistic about European and Japanese bank stocks for the third consecutive year, citing strong macroeconomic fundamentals and valuation support [3] - The report suggests that bank stock valuations should adjust to reflect their superior fundamentals and potential earnings compared to historical averages [3] Group 5: Defensive Stock Recommendations - UBS recommends buying undervalued defensive stocks, including household products, medical devices, and food retail, due to concerns over high valuations in cyclical stocks [4] - The report highlights a preference for gold mining equipment companies over gold equities as a hedge against currency devaluation and sovereign credit rating risks [4] Group 6: Investment Style Preferences - UBS continues to overweight low PEG, low leverage, and upward earnings revision factors, while also favoring quality stocks with reasonable valuations [4] - The report suggests a slight overweight in small-cap stocks relative to large-cap stocks in Europe and the UK due to their lower valuations [4]

中金资本董事总经理沈圆江表示："荷声科技自成立以来，专注于突破高端超声核心技术，展现出显著 成长潜力，同时在新一代超声系统发展趋势中具备前瞻性布局。本轮Pre-A融资完成，是对其技术实力 和行业前景的积极认可。我们相信，在产业资源的协同下，荷声科技将稳步推进产品落地与规模化应 用，持续引领中国高端医疗超声创新发展。" 专注于微型片上超声模组与系统，荷声科技（Sonosilicon）依托面阵ASIC、硅基超声换能器与基于边缘 计算的超声AI，构建从芯片、模组到智能系统的自主技术链；作为国内唯一具备四维面阵超声成像芯 片自研能力、全球少数拥有片上超声闭环体系的创新主体，公司持续推动高端超声国产化，填补国内在 大规模面阵超声、四维心腔内超声（4D-ICE）、微型环阵血管内超声（R-IVUS）等关键领域的产业空 白，并以自主eMUTrix™有源面阵超声与柔性互联技术，积极布局可穿戴超声贴片与超声脑机接口等前 沿应用，面向全球提供新一代生命健康监测与医疗诊断解决方案。 阿斯利康国际业务拓展合作与战略投资副总裁陈冰表示："我们很高兴领投荷声科技本轮融资。随着半 导体与片上系统的融合加速，医疗影像正迈向芯片化、模块化与智能 ...

Core Viewpoint - The company, Shantou Ultrasonic Instrument Research Institute Co., Ltd., is engaged in the research, development, production, and sales of medical imaging equipment and industrial non-destructive testing equipment, with a focus on the pet economy and medical device sectors [2][3]. Company Overview - Shantou Ultrasonic Instrument Research Institute Co., Ltd. was established on November 15, 1982, and went public on January 22, 2025. It is recognized as a national key high-tech enterprise [7]. - The company's main business revenue composition includes: medical ultrasound (71.16%), industrial ultrasound (17.30%), accessories (5.72%), X-ray (4.56%), and others (1.26%) [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 254 million yuan, representing a year-on-year decrease of 2.90%. The net profit attributable to the parent company was approximately 88.94 million yuan, down 3.66% year-on-year [8]. - As of September 30, 2025, the company had a total market capitalization of 9.338 billion yuan [1]. Market Position and Trends - The company benefits from a 55.26% share of overseas revenue, aided by the depreciation of the Chinese yuan [3]. - The stock has shown a recent increase of 1.07% with a trading volume of 23.52 million yuan and a turnover rate of 1.85% [1]. Shareholder Information - As of September 30, 2025, the number of shareholders was approximately 17,000, a decrease of 23.90% from the previous period. The average number of circulating shares per person increased by 39.99% to 3,438 shares [7]. - The largest shareholder is Huabao Zhongzheng Medical ETF, holding 1.5245 million shares, which decreased by 388,200 shares compared to the previous period [9].