Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Insights - The report highlights a recovery trend in the pharmaceutical market, driven by the passage of the revised Biological Safety Act in the U.S., which is expected to improve valuations and performance in the CXO sector [3][10] - The report emphasizes the potential for growth in the AI and healthcare sectors, particularly with the recent upgrade of Ant Group's AI health application, which has seen significant user engagement [3][10] - The upcoming JPM Healthcare Conference is anticipated to be a major catalyst for innovation in the pharmaceutical sector, with over 8,000 participants expected [3][10] Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's weekly return was -0.14%, ranking 22nd among 31 primary sub-industry indices, while the pharmaceutical commercial sector had the highest weekly return of 4.94% [3][10] - Over the past month, the sector's return was -2.50%, ranking 19th, with the pharmaceutical commercial sector again leading with a return of 4.68% [3][10] Policy Dynamics - On December 17, 2025, the National Health Commission released an action plan to enhance elderly care services, aiming to improve the care system by 2027 [3][10] - The National Medical Products Administration published guidelines for clinical trial institutions to enhance regulatory oversight [3][10] CXO and Life Sciences - Recommended leading CXO companies include WuXi AppTec, WuXi Biologics, and others, while domestic clinical CRO leaders such as Tigermed and others are also highlighted [3][10] - The life sciences upstream supply chain includes companies like BGI and others [3][10] AI + Healthcare - Key companies in AI healthcare models include Zhiyun Health and others, while AI imaging and diagnostics sectors also have notable players [4][10] High-end Medical Devices - Companies benefiting from the recovery in hospital procurement include Mindray and others, while domestic demand for consumer medical devices is gradually recovering [4][10] Innovative Drugs - Focus areas include small nucleic acids, ADCs, and dual/multi-antibody therapies, with recommended companies in each category [4][10]

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of practical actions and a correct performance view, focusing on achieving tangible results for the people and fostering a new phase of Chinese-style modernization [1] Group 1: Economic Work Strategies - The conference outlines the urgent need to refine and implement economic work strategies for the coming year, emphasizing meticulous execution and tangible benefits for the public [1] - Local governments are encouraged to adopt a persistent and detailed approach to their work, ensuring that both immediate and long-term benefits are realized [1] Group 2: Green Development - The conference highlights the necessity of integrating ecological development into economic strategies, aiming for a significant improvement in air quality, with a target of 87.2% of days in 2024 being classified as good air quality [1] - A focus on building the world's largest and fastest-growing renewable energy system is emphasized, alongside the commitment to carbon peak and carbon neutrality goals [1] Group 3: Social Welfare and Public Services - The economic work for the coming year will prioritize high-quality development and address pressing social issues, particularly in education and childcare [3] - Initiatives such as increasing the number of childcare slots to 5.737 million and achieving a 98.5% coverage rate for childcare services at the county level are set to enhance public welfare [3] - The government aims to alleviate the burden on families by providing annual childcare subsidies of 3,600 yuan per child until the age of three and promoting free preschool education [3]

Group 1 - The core focus of the article is on the significant investment achievements in Hainan Autonomous Prefecture during the "14th Five-Year Plan" period, with a total fixed asset investment of 1,027 billion yuan, marking a historical high [1] - Clean energy investment reached 749 billion yuan, showing a growth of 12% and 91% compared to the "13th Five-Year Plan" [1] - The clean energy sector is emphasized as a key support area, with major projects like the Qingyu Direct Current and Yangqu Hydropower Station being prioritized to dominate the fixed asset investment landscape [1] Group 2 - A total of 598 projects have been implemented with a total investment of 188.58 billion yuan, including 100.93 billion yuan from central and provincial funds, which is a 25% increase from the "13th Five-Year Plan" [1] - Over 50% of the projects are in infrastructure, focusing on upgrades in water conservancy, transportation, energy, and public service facilities [1] - The implementation of 337 major provincial and state-level projects has an opening rate exceeding 96%, contributing over 85% to fixed asset investment with a total investment of 855 billion yuan [2]

Core Viewpoint - The news highlights the economic and social development of Sanming City during the 14th Five-Year Plan period, emphasizing its achievements in various sectors and the strategic direction for the upcoming 15th Five-Year Plan. Economic Development - During the 14th Five-Year Plan, Sanming's per capita GDP exceeded 125,000 yuan, ranking second among 20 key revolutionary old districts in China [1] - The city has been approved as the first cross-strait rural integration development experimental zone in the country [1] - Sanming's urban brand index improved to 32nd nationally, advancing 6 places since 2021 [1] Industrial Growth - Sanming has focused on revitalizing its old industrial base, with 11 city-level characteristic industrial chains and 55 specialized projects each exceeding 1 billion yuan initiated [2] - New industries, such as fluorine new materials, have maintained double-digit growth annually [2] - The city has seen a 18% reduction in energy consumption per unit of GDP since the beginning of the 14th Five-Year Plan [2] Innovation and Talent - Sanming has established a robust innovation framework supported by partnerships with universities and research institutions, including the establishment of expert teams to drive integration of innovation, industry, finance, and talent [3] - The city has signed 98 industrial project agreements with a total investment of 53.26 billion yuan through cooperation with Shanghai [3] Healthcare Reform - Sanming has implemented over 40 national and provincial reform pilot projects, with its healthcare reform experience being promoted nationally [4] - The city aims to transition from a disease treatment model to a health management model, enhancing the quality and efficiency of medical services [4] Environmental Initiatives - Sanming has pioneered the "Two Mountains" transformation path, issuing 720 million yuan in forest tickets and developing a carbon trading platform with a transaction volume of 6.8 billion yuan [5] - The city has achieved a forest coverage rate of 77.12% and has been recognized as one of the "Green Cities" in China for four consecutive years [6] Tourism and Culture - Sanming has developed its cultural and tourism sectors, with a 45.7% increase in total tourism numbers and a 55% increase in total revenue during the 14th Five-Year Plan [6] - The city has successfully promoted its unique cultural heritage, leading to the establishment of national-level cultural parks and ecological protection zones [6] Social Welfare - Sanming has completed 164 practical projects for the public, with healthcare and elderly care facilities exceeding provincial averages [7] - The city plans to leverage its unique advantages to create new hubs for cross-strait integration and high-quality development in the upcoming 15th Five-Year Plan [7]

Group 1 - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to address false information related to the capital market, taking legal action against accounts spreading rumors and illegal stock recommendations [3] - Specific accounts mentioned include "Eight Sister Invincible" for spreading regulatory rumors, "Financial Report Wind and Cloud" for aggregating false information about listed companies, and "Finance Weekend Teacher" for using AI to fabricate market information [3] - The authorities remind the public to establish correct investment concepts, enhance risk awareness, and improve the ability to discern financial information [3] Group 2 - The Ministry of Commerce reported that from January to November, the national online retail sales increased by 9.1%, with digital products growing by 8.2%, and online service consumption rising by 21.7% [3] - The Ministry of Education announced that the national master's degree entrance examination will take place on December 20-21, urging candidates to comply with examination regulations [3] - The State Administration for Market Regulation has amended the "Provisions on Prohibiting Monopoly Agreements," which will take effect on February 1, 2026, clarifying conditions for permissible vertical monopoly agreements [3]

Group 1 - Shenzhen focuses on strategic emerging industries and future industry layout, promoting an "innovation upstairs, entrepreneurship downstairs" model to attract young entrepreneurs and workers [1] - The Shenzhen Innovation and Entrepreneurship Competition attracted nearly 3,000 projects, with 49% of participants holding doctoral degrees, highlighting the city's appeal to high-end talent [9] - Government support for startups includes rent exemptions and connections to investors, allowing teams to concentrate on product development [5][7] Group 2 - The Shenzhen government offers substantial financial support, with up to 600,000 yuan for key industry talents in artificial intelligence and up to 20 million yuan for qualifying youth teams [11] - Shenzhen is a preferred location for graduates, providing numerous opportunities and convenient support services, particularly in the robotics sector [13] - Young job seekers, especially those born after 1995, prioritize innovative environments and cultural industries when choosing employment cities [17]

（来源：石狮市金融服务中心） 12月18日，人民日报头版头条刊发题为《福建深入实施新时代山海协作》通讯。近年来，福建深入贯彻 落实习近平总书记重要指示精神，统筹"山"与"海"、联动"城"与"乡"、促进基本公共服务均等化，着力 念好新时代"山海经"，探索具有福建特色的共同富裕之路。 全文如下—— 泉州、三明两地联手打造"科创飞地""产业飞地"，加快构建优势互补、互利共赢的山区与沿海一体化高 质量发展新格局。福建深化新时代山海协作工作机制，建立福州—南平及宁德，厦门—龙岩，泉州—三 明对口协作关系，优化32对县级协作关系。 山海携手共进，区域协调发展动能澎湃。截至今年10月，福建山海协作重点项目达218个、总投资约595 亿元。"产业联动发展、资源优势整合，全省区域生产力布局不断优化，山区'造血'能力持续增强。"福 建省发展改革委主任孟芊介绍。 联动"城"与"乡"，工农互促、城乡互补、协调发展、共同繁荣的新型工农城乡关系加速形成。 傍晚，漳州市东山县陈城镇澳角村码头，一艘艘渔船满载归来。履带翻转，鳗鱼、各类虾蟹等进入冷藏 保鲜车，再通过电商销往全国。 福建深入实施新时代山海协作 投料、研磨、分离、提纯……在福建龙 ...

Core Viewpoint - The article provides an overview of the trading activities in the Shanghai and Shenzhen stock markets, highlighting significant stock transactions, sector performances, and ETF trading volumes. Trading Summary - The total trading volume for the Shanghai and Shenzhen Stock Connect today reached 198.94 billion yuan, with Zhaoyi Innovation and Zhongji Xuchuang leading in individual stock trading volumes [1][2]. - The Shanghai Stock Connect recorded a total trading amount of 94.04 billion yuan, while the Shenzhen Stock Connect reached 104.89 billion yuan [2]. Top Trading Stocks - In the Shanghai Stock Connect, the top traded stocks included: - Zhaoyi Innovation (23.86 billion yuan) - Zijin Mining (16.87 billion yuan) - Luoyang Molybdenum (15.55 billion yuan) [3]. - In the Shenzhen Stock Connect, the leading stocks were: - Zhongji Xuchuang (26.44 billion yuan) - Sunshine Power (26.09 billion yuan) - Xinyi Technology (25.89 billion yuan) [4]. Sector Performance - The mechanical equipment sector saw the highest net inflow of funds, totaling 38.67 billion yuan, with a net inflow rate of 2.91% [6]. - Other sectors with significant net inflows included non-ferrous metals (35.32 billion yuan) and transportation equipment (31.28 billion yuan) [6]. - Conversely, the electronics sector experienced the largest net outflow, amounting to -57.70 billion yuan, with a net outflow rate of -2.26% [7]. ETF Trading Activity - The top ten ETFs by trading volume included: - A500 ETF Huatai Baichuan (13.37 billion yuan) - Hong Kong Securities ETF (10.43 billion yuan) [13]. - The A500 ETF Huatai Baichuan also saw a trading volume increase of 7.50% compared to the previous trading day [13]. - The ETF with the highest growth in trading volume was the Hang Seng Dividend Low Volatility ETF, which surged by 183% [14]. Market Dynamics - The article notes that AI healthcare stock Huaren Health experienced a pullback after a rise, with significant sell-offs from major trading desks [1][19]. - The stock Pingtan Development saw a dramatic drop from a nearly 5% increase to over a 7% decline, despite some buying activity from institutional investors [1][19].

Group 1 - The first Hong Kong stock information technology ETF, 159131, is set to shine, focusing on the "Hong Kong stock chip" industry chain [1][6] - The Hong Kong internet ETF, 513770, overlaps with major internet giants in Hong Kong and has a scale of over 10 billion [1] - The Hong Kong stock innovation drug ETF, 520880, is designed to cover the innovative drug sector with 100% pure innovation [2][6] Group 2 - The Hong Kong large-cap 30 ETF, 520560, is positioned to capture both high dividends and low volatility advantages [2][6] - The Hong Kong stock medical ETF, 159137, aims to comprehensively cover leading companies in the medical sector [2][6] - The Hong Kong stock automotive ETF, 520780, is set to be launched, focusing on scarce leading automotive companies in Hong Kong [2][6]

Group 1 - The Hainan stock sector experienced a significant surge, with the Hainan Free Trade Zone index rising by 5.33% and 29 constituent stocks collectively increasing, driven by the official launch of the island-wide closure operation on December 18 [1] - The core regulatory model of the closure operation focuses on "opening up the first line, controlling the second line, and allowing freedom within the island," with key policies including the expansion of the "zero tariff" product range, optimization of trade management measures, clarification of port layout and passage rules, and strengthening the implementation of tax incentives [1] - The launch of the island-wide closure operation marks a critical milestone in the construction of the Hainan Free Trade Port, opening new development opportunities for various industries, particularly in tourism, trade, transportation, finance, duty-free shopping, and high-end healthcare [1] Group 2 - Four categories of companies are expected to benefit significantly: those with substantial foreign trade operations in Hainan, infrastructure companies benefiting from Free Trade Port construction, tourism-related companies gaining from expanded duty-free shopping, and local enterprises enjoying "zero tariff, low tax rate, and simplified tax system" policies [2] - Industries closely aligned with the closure policies, such as tourism and trade, are poised for certain development opportunities, with companies like China Duty Free Group, Hainan Development, and Hainan Airlines expected to leverage consumption benefits from duty-free business layouts [3] - Transportation companies like Hainan Airlines and Haixia Co. can capitalize on their route and hub advantages to share in the growth of traffic, while healthcare companies like Kangzhi Pharmaceutical and Hainan Haiyao can reduce costs and increase efficiency through zero tariff policies [3]