Core Viewpoint - The announcement details the daily related transactions between Hainan Haiyao Co., Ltd. and its affiliate Chongqing Jinsai Pharmaceutical Co., Ltd., with expected transaction amounts for 2026 not exceeding 16 million yuan, following a cash-before-delivery model [1][3]. Group 1: Daily Related Transactions Overview - Hainan Haiyao's board approved the related transactions on December 30, 2025, with revenue from these transactions amounting to 2.81 million yuan in 2025 [1]. - The expected transaction amount for 2026 is capped at 16 million yuan, with payments made in full before delivery [1][3]. Group 2: Affiliate Information - Chongqing Jinsai Pharmaceutical Co., Ltd. is identified as an affiliate, previously holding over 5% of shares in Hainan Haiyao, and is influenced by Liu Xicheng, the actual controller of Shenzhen Nanfang Tongzheng Investment Co., Ltd. [2][3]. Group 3: Transaction Terms and Conditions - The transactions are based on normal commercial practices, adhering to principles of equality, mutual benefit, and fairness, with prices determined through market references [3][7]. - Payment arrangements and settlement methods are executed according to contractual agreements [5][6]. Group 4: Impact on the Company - The related transactions are deemed normal business activities that do not harm the interests of the company or its shareholders, particularly minority shareholders [7][8]. - The company maintains independence from the affiliate in various aspects, ensuring no adverse effects on its financial status or operational results [7][8]. Group 5: Independent Directors' Opinions - Independent directors have reviewed and approved the related transactions, affirming their alignment with the company's business needs and compliance with legal regulations [8].

Core Viewpoint - The A-share market is expected to perform positively in 2025, driven by the enhancement of China's economic strength, technological capabilities, and overall national power [1] Industry and Company Insights - The "14th Five-Year Plan" will solidify the foundation and fully exert efforts, aiming to continue the rapid economic development and long-term social stability by 2026, which may lead to a "bull market" in the capital market [1] - In terms of sector allocation, three recommendations are provided: 1. Focus on industries with high overseas business ratios, such as electronics, home appliances, automobiles, and power equipment, as the third quarter report of 2025 indicates a strong correlation between economic prosperity and exports [1] 2. As the economic cycle recovers and inflation rises as a lagging indicator, cyclical stocks are likely to attract incremental funds in the later stages of a bull market [1] 3. Pay attention to industries with potential bottom reversals, such as food and beverage, agriculture, social services, and pharmaceuticals, which have high odds of recovery [1] Thematic Investment Opportunities - Emphasis should be placed on breakthroughs in frontier technologies and industrial transformations, including AIDC (Artificial Intelligence Data Centers), embodied intelligence, brain-computer interfaces, controllable nuclear fusion, and quantum computing [1] Policy Recommendations - To enhance the capital market's function of coordinating investment and financing, suggestions include improving flexibility and confidentiality, diversifying listing standards, optimizing investor structure, building a technology-finance ecosystem, and deepening integration with Hong Kong and international collaboration [1]

Core Viewpoint - The A-share market is expected to perform positively in 2025, driven by the enhancement of China's economic strength, technological capabilities, and overall national power [1] Industry Insights - Three key recommendations for industry sector allocation in 2025 include: 1. Focus on industries with high overseas business exposure, such as electronics, home appliances, automobiles, and power equipment, as indicated by the third-quarter reports and industry data showing a correlation with export strength [1] 2. As the economic cycle recovers, cyclical stocks are likely to attract incremental capital in the later stages of a bull market due to inflation being a lagging indicator [1] 3. Monitor industries with potential bottom reversals, including food and beverage, agriculture, social services, and pharmaceuticals, which offer high odds of recovery [1] Thematic Investment Opportunities - Emphasis on breakthroughs in frontier technologies and industrial transformations, such as AIDC (Artificial Intelligence Data Center), embodied intelligence, brain-computer interfaces, controllable nuclear fusion, and quantum computing [1] Policy Recommendations - Suggestions to enhance the capital market functions that coordinate investment and financing include improving flexibility and confidentiality, diversifying listing standards, optimizing investor structure, building a technology finance ecosystem, and deepening integration with Hong Kong and international collaboration [1]

Group 1 - The core view is that the Hong Kong stock market in 2026 will experience valuation contraction combined with profit growth, with leading sectors identified as those undergoing bottom reversal and those benefiting from strengthened industrial trends or long-term logic [1] - The technology sector is highlighted for its mid-to-long-term investment value, with short-term pullbacks providing better allocation opportunities for investors [1] - Key indices such as the Hang Seng Technology Index and the Hang Seng Index show a long-term upward momentum, and the current short-term pullback is seen as a favorable entry point from an institutional allocation perspective [1] Group 2 - The fundamentals driving the Hong Kong technology sector are clear, with the Hong Kong Stock Connect gathering core domestic AI assets across the entire industry chain, including computing power, models, software applications, and hardware terminals [2] - The emergence of DeepSeek is expected to reposition Chinese technology companies in the global competitive landscape, leading to a reassessment of investment opportunities by domestic and foreign investors, which may narrow the valuation gap between Chinese and U.S. tech stocks [2] - It is anticipated that southbound capital will continue to flow into the Hong Kong stock market in 2026, supported by the correlation of Hong Kong stocks with overseas liquidity and the expected continuation of a loose monetary trend following the Federal Reserve's new rate cut cycle starting in September 2025 [2]

Core Insights - The report highlights a potential decline in the scale of consumer goods trade-in programs, projecting a reduction to approximately 250 billion yuan in 2026, down from previous levels due to policy adjustments and a focus on quality and precision in implementation [6][7] - The manufacturing sector shows signs of recovery, with the PMI for December 2025 rising to 50.1%, indicating a return to growth, driven by increased working days and effective policy measures [34][35] - The automotive industry is expected to benefit from the continuation of trade-in subsidies, with BYD surpassing Tesla to become the global leader in electric vehicle sales in 2025 [66] Macro Economic Analysis - The report discusses the marginal decline in the leverage effect of trade-in programs on retail sales, with the multiplier effect decreasing from 2.3 to approximately 1.9 [7] - It notes that the overall economic growth target for 2025 is around 5.0%, supported by early implementation of demand expansion policies [10][11] Industry Performance - The report identifies the top-performing sectors, including defense and military, media, real estate, non-ferrous metals, and social services, with respective gains of 2.129%, 1.535%, 1.131%, 1.086%, and 1.042% [3][4] - Conversely, sectors such as telecommunications, agriculture, electronics, and comprehensive services experienced declines, with telecommunications down by 1.345% [4] Investment Strategies - The report suggests a focus on technology and cyclical sectors, emphasizing the importance of structural opportunities in the market, particularly in commercial aerospace, robotics, and petrochemicals [13][14] - It recommends a diversified investment approach, highlighting sectors like military, chemicals, non-bank financials, and steel as favorable for investment [45][47] Company-Specific Insights - Neuralink is set to begin large-scale production of brain-machine interface devices in 2026, which could revolutionize human-robot collaboration [59][60] - BYD's dominance in the electric vehicle market is underscored by its sales figures, with 4.6 million units sold in 2025, marking a significant achievement in the automotive sector [66]

值得注意的是，在这波预增浪潮中，既有立讯精密、紫金矿业这样的老牌龙头企业，也有不少2025年新上市的次新股。例如，医药生物领域的百奥赛图， 预计净利润增幅中值高达303.57%，这主要得益于其海外市场的积极拓展以及国内市场对研发需求的释放；物流化工双轮驱动的传化智联，预计净利润同比 增长256.07%至261.57%，这主要归功于转让股权带来的投资收益以及主营业务的持续优化。当然，投资者也需保持理性，32家公司中仍有2家预告业绩下 降，1家预告亏损，A股盈利虽整体向好，但并非所有企业都能从中受益。 从预增公司的行业分布来看，2025年的"赚钱密码"已然浮出水面。电子、有色金属、医药生物、电力设备这四大领域成为了业绩预增的"主力军"。电子行 业受益于技术升级，光库科技凭借光通信器件、激光雷达光源模块的需求爆发，预计净利润同比增长65%至80%；有色金属行业则搭上了大宗商品牛市的顺 风车，除了紫金矿业之外，中国铀业、北方稀土等公司也受益于矿产品价格上涨和产能释放，实现了盈利增长；新能源领域同样不甘示弱，天赐材料受益 于储能和新能源汽车需求的快速增长，以及六氟磷酸锂价格的回暖，预计净利润同比增幅最高可达230.63 ...

1885 医药生物 2026 年 01 月 04 日 版 行业 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市 -- 医药行业周报 (2025/12/22-2025/12/26) 》 2025/12/29 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 (2025/12/15-2025/12/19)》 2025/12/22 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 本期投资后示 2.1%，关注脑机接口产业 ―― 医药行业周报（2025/12/29-2026/01/02） 请务必仔细阅读正文之后的各项信息披露与声明 本 周 申 万 医 药 生 物 指 数 T 看好 相关研究 市场表现：本周申万医药生物指数下跌 2.1%，同期上证指数上涨 0.13%，万得全 A ● （除金融石油石化） 下跌 0.3%。本周医药生物指 ...

贵州茅台2025年11月28日召开股东会，通过了回购方案，计划回购金额15亿元至30亿元，回购股份将用 于注销并减少公司注册资本。根据今晚公告，该公司2025年12月31日首次回购股份超过8.7万股，已支 付的总金额为1.2亿元。 2026年开年，沪市上市公司密集发布股份回购增持进展公告。截至1月4日17时，共有105家沪市公司披 露最新回购增持进展，包括回购类公告98份，增持类公告7份。其中，主板70家公司披露回购进展，对 应回购上限超过278亿元；6家公司发布股东增持进展或结果公告，对应增持上限超过40亿元。 今晚披露的回购类公告均为回购进展，其中，贵州茅台、海尔智家、三一重工、恒瑞医药、中远海控、 国电南瑞、中国核电等7家上证50指数公司披露的回购进展对应的已实施回购金额超过48亿元。 在大额回购计划中，部分公司已回购金额较为可观。中远海控董事会于2025年10月13日通过A股回购方 案，将在3个月内回购7.49亿元至14.98亿元。根据今晚公告，截至2025年12月31日，公司已累计回购A 股股份5511万股，累计已支付的总金额为8.25亿元。此外，海尔智家、三一重工今晚披露的回购进展显 示，已回购金 ...

值得注意的是，传化智联（002010.SZ）以高达256.07%至361.57%的净利润预计增幅，暂列目前"预增 王"。公司预计2025年归母净利润为5.4亿至7亿元。公告显示，业绩大幅增长除因主营业务取得良好增 长外，也受益于转让部分子公司股权确认的投资收益及回购子公司股权提升持股比例等因素。 传统制造业在此轮业绩预告中表现尤为亮眼。钢铁行业方面，首钢股份（000959.SZ）预计2025年归母 净利润为9.2亿元至10.6亿元，同比增长95.29%至125.01%，增速上限在已披露公司中位居前列。公司表 示，业绩增长得益于产品结构优化、高端化发展及"极低成本"管理理念的贯彻。 同样属于钢铁板块的华菱钢铁（000932.SZ）在消化了补缴环保税及滞纳金约6.57亿元的情况下，依然 预计净利润增长27.97%至47.66%。对此，公司解释，主要得益于降本增效以及高端化、绿色化、智能 化、精益化四化转型等工作的开展。 以电子、医药生物为代表的高景气赛道则呈现批量报喜的态势。其中，电子行业的强一股份 （688809.SH）预计净利润增长52.30%至80.18%；医药行业的百奥赛图（688796.SH）则凭借海外 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The pharmaceutical sector experienced a significant rebound in 2025, driven by innovation, and is expected to reach new highs in 2026 [4][17] - The A-share market saw a 12.9% increase year-to-date, while the H-share market surged by 57% [18] - The report emphasizes the importance of tracking macroeconomic conditions and the potential for valuation recovery in the consumer healthcare sector [4][24] Market Review - The CITIC Pharmaceutical Index fell by 2.0% in the week of December 29, 2025, to January 2, 2026, underperforming the CSI 300 Index by 1.4 percentage points [3][32] - Year-to-date, the CITIC Pharmaceutical Index has risen by 12.9%, lagging behind the CSI 300 Index by 4.8 percentage points [32] - The top-performing stocks for the week included Duorui Pharmaceutical (+15.9%) and Mailland (+10.3%) [47] Sector Performance - The report highlights significant sector differentiation, with the medical services sector (including CXO and innovative supply chains) showing the highest growth, exceeding 50% [24] - The quarterly performance showed a strong start in Q1, followed by fluctuations in Q2 and Q4 due to various market catalysts [27] Investment Strategy - The report suggests focusing on innovative drugs, particularly those with revenue and performance exceeding expectations, as well as companies benefiting from technological advancements [5][4] - Specific stocks recommended for January include Kangfang Biotech, WuXi AppTec, and Aidi Pharmaceutical [5][4]