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]

Company Announcements - Tianpu Co., Ltd. has seen a cumulative increase of 718.39% in stock price from August 22 to December 30, leading to a suspension for verification starting December 31, 2025 [1] - Dongjie Intelligent has terminated its major asset restructuring plan and will resume trading on December 31, 2025 [2] - Zijin Mining expects a net profit increase of 59%-62% for 2025, with significant increases in the sales prices of gold, copper, and silver [2] - Jinpan Technology signed a contract for an overseas data center project worth approximately 696 million yuan [3] - Yanhai Co., Ltd. plans to acquire 51% of Wenkang Salt Lake for 4.605 billion yuan to enhance its salt lake industry base [5] - Shengxin Lithium Energy intends to acquire 30% of Qicheng Mining for 2.08 billion yuan, which is developing a lithium mine with an annual capacity of 3 million tons [7] - Mingde Bio plans to acquire 100% of Wuhan Bikaier Rescue Supplies Co., Ltd. in a significant asset restructuring [8] - Guotou Zhonglu plans to issue shares to acquire 100% of China Electronics Engineering Design Institute for 6.026 billion yuan [9] - Zhaoxing Co., Ltd. plans to invest 1.53 billion yuan in intelligent robotics and high-precision components for automotive applications [10] Stock Movements - Chaojie Co., Ltd. reported a reduction of 3.00% in shares by its controlling shareholder from November 25 to December 29, 2025 [6] - Five Continents New Spring's third-largest shareholder reduced holdings by 2.73% from November 3 to December 29, 2025 [13] - Zhongju Gaoxin plans to repurchase shares worth 300 million to 600 million yuan for capital reduction [20] Contracts and Projects - Zhejiang Construction signed an 18 billion yuan construction contract for a campus project [23] - Shen Si Electronics won a 199.8 million yuan project for low-altitude flight management services in Jinan [24] - Wangfujing signed a contract for a duty-free project at Beijing Capital International Airport, with a minimum operating fee of 113 million yuan [25] Investments and Financing - Tianyuan Co., Ltd. plans to invest 1.483 billion yuan in a titanium dioxide project [15] - Zhongke Co., Ltd. plans to invest 1.741 billion yuan in an expansion project for lead-zinc mining [16] - Zongheng Co., Ltd. plans to raise up to 548 million yuan for drone systems and AI technology projects [26]

2025.12. 30 本文字数：1160，阅读时长大约2分钟 此后上述政策略微调整，多次延续，上一次延续是2020年底，该政策到2025年底到期废止。而上述 《公告》则将这一政策延续至2027年底。这也给化妆品制造或销售、医药制造和饮料制造（不含酒 类制造）企业短期吃下"定心丸"，减轻企业现金流压力。 作者 | 第一财经 陈益刊 化妆、医药和饮料制造业迎来利好政策。 近日，财政部、税务总局发布《关于广告费和业务宣传费支出税前扣除有关事项的公告》（下称《公 告》），明确对化妆品制造或销售、医药制造和饮料制造（不含酒类制造）企业发生的广告费和业务 宣传费支出，不超过当年销售（营业）收入30%的部分，准予扣除；超过部分，准予在以后纳税年 度结转扣除。本公告自2026年1月1日起至2027年12月31日止执行。 上海国家会计学院副教授葛玉御告诉第一财经，上述政策与此前规定相比并没有新变化，是既有政策 到期后延续。 "上述政策延续多年，我们公司广告宣传费少，因此对我们来说并没有影响。"一位化妆品直销企业 税务总监告诉第一财经。 根据现行的企业所得税法及实施条例，企业实际发生的与取得收入有关的、合理的支出，包括成本、 ...

Core Viewpoint - The establishment of the Fangchenggang International Medical Open Experimental Zone has effectively addressed local pharmaceutical industry bottlenecks and facilitated the development of the medical industry, extending service chains to overseas markets, particularly in ASEAN countries [1] Group 1: Service System and Structure - The "One Station, Two Centers" service system was created to enhance the efficiency of the pharmaceutical industry in Fangchenggang, addressing issues such as weak industry foundation and lack of leading enterprises [1][2] - The system includes the Fangchenggang Service Workstation of the Guangxi Zhuang Autonomous Region Drug Administration and the Food and Drug Review and Inspection Center, providing comprehensive services from consultation to inspection [2] Group 2: Efficiency and Growth - The innovative service model has significantly improved local registration and approval efficiency, with the number of medical device registrations increasing from 3 in 2019 to 174, and the number of Class II medical device manufacturers rising from 3 to 40 [3] - The establishment of a local medical device review team has alleviated the shortage of professional talent by implementing a dual-channel personnel exchange mechanism with the regional level [2][3] Group 3: International Cooperation and Market Expansion - The Fangchenggang International Medical Open Experimental Zone has actively pursued international cooperation, organizing promotional activities in countries like Vietnam and Uzbekistan, and establishing a product export service station in Vietnam [3] - The zone has attracted nearly 200 domestic pharmaceutical companies and several foreign buyers through the China-ASEAN regional pharmaceutical trading platform, facilitating cross-border online transactions [4] Group 4: Future Development Plans - The city plans to further deepen reforms and optimize the "One Station, Two Centers" service mechanism, enhancing collaboration between policy, finance, and international expansion to establish the medical experimental zone as a hub for pharmaceutical innovation in the ASEAN region [4]

Group 1 - The core point of the article is that Zhuhai Yisheng Biopharmaceutical Co., Ltd. has obtained a patent for a management method, device, system, and storage medium related to pharmaceutical documentation, with the patent announcement number CN119090446B and an application date of September 2024 [1] - Zhuhai Yisheng Biopharmaceutical Co., Ltd. was established in 1999 and is located in Zhuhai City, primarily engaged in the pharmaceutical manufacturing industry [1] - The company has a registered capital of 150 million RMB and has made investments in 9 enterprises, participated in 1,385 bidding projects, and holds 100 trademark records and 57 patent records [1] Group 2 - Additionally, the company possesses 188 administrative licenses, indicating a robust operational framework [1]

根据现行的企业所得税法及实施条例，企业实际发生的与取得收入有关的、合理的支出，包括成本、费 用、税金、损失和其他支出，准予在计算应纳税所得额时扣除。其中，企业发生的符合条件的广告费和 业务宣传费支出，除国务院财政、税务主管部门另有规定外，不超过当年销售(营业)收入15%的部分， 准予扣除；超过部分，准予在以后纳税年度结转扣除。 而由于化妆品制造或销售、医药制造和饮料制造业往往需要更多的市场推广和品牌建设，因此这三个行 业的广告费和业务宣传费占营业收入比重相对较高。 为了缓解这些行业当期现金流压力，鼓励这三大行业加大广告宣传方面投入，2009年财政部、税务总局 发文首次对上述三个行业企业发生的广告费和业务宣传费支出，不超过当年销售（营业）收入30%的部 分，准予扣除；超过部分，准予在以后纳税年度结转扣除。化妆、医药和饮料三个行业这一30%扣除比 例，明显高于其他行业的15%扣除比例。 此后上述政策略微调整，多次延续，上一次延续是2020年底，该政策到2025年底到期废止。而上述《公 告》则将这一政策延续至2027年底。这也给化妆品制造或销售、医药制造和饮料制造（不含酒类制造） 企业短期吃下"定心丸"，减轻企业现 ...

Core Viewpoint - The restructuring of *ST San Sheng has been completed, leading to a new board of directors and management team, marking a significant governance overhaul under the new controlling shareholder Hebei Jiheng Group [1][2][3] Group 1: Board Restructuring - The company held its 2025 second extraordinary general meeting on December 29, where the election of the sixth board of directors was approved, including both non-independent and independent directors [1] - The new board consists of four non-independent directors and three independent directors, all nominated by the new controlling shareholder, Hebei Jiheng Group, which effectively controls the majority of the board [2] Group 2: Management Appointments - The first meeting of the new board resulted in the election of Song Yingjian as chairman and legal representative, with Duan Weiwei as vice chairman [1] - Key management appointments include Huang Zhongqiang as general manager, Gao Xuying and Dong Yongting as deputy general managers, Liu Xuemei as financial director, Zhang Xiao as board secretary, and Xu Huaijun as head of the audit and supervision department [1] Group 3: Completion of Restructuring - On December 26, the company announced the completion of its restructuring plan, which involved introducing investors and adjusting equity to resolve its debt crisis and avoid bankruptcy [3] - The completion of the restructuring is expected to significantly improve the company's asset-liability structure and enhance its core competitiveness and profitability, aiming for sustainable development [3] - Following the restructuring, the company has applied to the Shenzhen Stock Exchange to lift the delisting risk warning that was triggered by the court's acceptance of its restructuring [3]

Group 1 - The company *ST San Sheng (002742)* has applied to the Shenzhen Stock Exchange to revoke the delisting risk warning due to its restructuring, but uncertainty remains regarding the approval [2] - The company has negative net assets and has reported losses for consecutive years, which means that even if the delisting risk warning is lifted, the stock will still face other risk warnings [2] - The restructuring plan has been completed, and relevant reports confirm its execution, eliminating the delisting risk warning related to the court's acceptance of the restructuring [2] Group 2 - The company operates primarily in the building materials and chemical industry, as well as pharmaceutical manufacturing [3] - For the first three quarters, the company reported total operating revenue of 737 million yuan, a year-on-year decrease of 25.24%, and a net loss attributable to shareholders of 178 million yuan, compared to a loss of 4 million yuan in the same period last year [3]