Core Viewpoint - The Shenyang Beixin District Trade Union is actively enhancing worker support facilities, with significant progress in establishing various worker service stations and innovation studios to address the needs of employees and boost productivity in 2025 [1]. Group 1: Worker Support Facilities - In 2025, the district trade union plans to add 14 new workstations, bringing the total to 43, providing differentiated services tailored to industry characteristics [2] - The workstations include features such as massage facilities and fitness equipment in the aviation and equipment manufacturing sectors, and convenient drinking and dining areas in agricultural processing stations [2] - A "three-level acceptance" system is implemented for ongoing maintenance, ensuring sustainable service delivery [2] Group 2: Union Stations for Outdoor Workers - The district trade union has established over 50 union stations to support outdoor workers, serving approximately 15,000 individuals from key groups such as delivery personnel and sanitation workers [3] - These stations are strategically located in high-demand areas like transportation hubs and community service centers, ensuring accessibility for workers [3] Group 3: Innovation and Development Initiatives - The district trade union has initiated the establishment of over 40 innovation studios to stimulate employee creativity and address business challenges, with a focus on collaboration between unions, model workers, and enterprises [4] - In 2025, five new district-level studios will be created with a funding support of 250,000 yuan [4] - Additional facilities include 52 worker libraries and 25 women’s care rooms, with over 800 cultural and sports activity rooms serving more than 60,000 employees [4]

- The report does not contain any quantitative models or factors for analysis, as it primarily focuses on the analysis of active equity funds' holdings, preferences, and structural changes in Q4 2025[3][6][7] - The report provides detailed insights into the number, scale, and allocation preferences of active equity funds, including their industry and sectoral adjustments, but does not include any specific quantitative models or factor construction methodologies[3][6][7] - The analysis highlights the changes in fund holdings and preferences, such as increased allocation to cyclical and financial sectors and reduced allocation to technology and healthcare, but no quantitative models or factors are discussed[44][48][49]

登录新浪财经APP 搜索【信披】查看更多考评等级 *ST长药1月23日公告，公司收到深圳证券交易所下发的《事先告知书》，因2021年至2023年年度报告 信息披露存在虚假记载，触及《创业板股票上市规则》规定的股票终止上市情形，深交所拟决定终止公 司股票上市交易。公司股票自2026年1月26日开市起停牌。 ...

Group 1 - The report indicates that in Q4 2025, the issuance of actively managed equity funds continued to recover, with a total issuance of 562 billion, which is stable compared to Q3 [1][10] - The report highlights a significant decrease in the redemption of existing funds, dropping to 126.1 billion from 218.4 billion in Q3, reflecting improved market conditions and risk appetite [1][10] - The report notes that the market showed a volatile trend in Q4, influenced by factors such as improved overseas liquidity, the implementation of the "14th Five-Year Plan," and the political bureau meeting [1][10] Group 2 - The report suggests an increase in allocation to cyclical sectors and financial real estate, with the proportion of cyclical stocks rising from 11.9% in Q3 to 15.4% in Q4, and financial real estate increasing from 3.9% to 4.5% [2][22] - Conversely, the report indicates a reduction in allocation to consumer sectors and TMT, with consumer stock allocation decreasing from 20.1% to 18.0% and TMT from 39.8% to 38.0% [2][22] Group 3 - The report identifies that in Q4 2025, the top five industries for increased allocation were non-ferrous metals (up 2.1 percentage points), communication (up 1.8 percentage points), non-bank financials (up 0.9 percentage points), chemicals (up 0.8 percentage points), and machinery (up 0.7 percentage points) [3][30] - The report also highlights that the top five industries for reduced allocation were electronics (down 1.6 percentage points), pharmaceuticals (down 1.6 percentage points), media (down 1.2 percentage points), new energy (down 0.9 percentage points), and computers (down 0.8 percentage points) [3][30] Group 4 - The report states that the concentration of holdings in the top three industries decreased to 46.5% in Q4, down 1.1 percentage points from Q3, while the top five industries accounted for 62.7%, down 0.2 percentage points [4][37] - The report mentions that there were six changes in the top 20 holdings compared to Q3, with new entries including China Ping An, Shengyi Technology, and Haiguang Information, while exits included Yiwei Lithium Energy, Shenghong Technology, and Shenzhen South Circuit [4][40]

中证智能财讯力生制药（002393）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润4亿元至4.4亿元，同比增长116.77%-138.44%；扣非净利润预 计1.6亿元至1.9亿元，同比增长55.34%-84.47%；基本每股收益1.5元/股-1.8元/股。以1月23日收盘价计算，力生制药目前市盈率（TTM）约为13.22倍-14.54 倍，市净率（LF）约1.17倍，市销率（TTM）约4.41倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 350 327.17 @00 250 200 150 100 50 28:07 28.55 30825 4:86 0 2020-12-37 1 2027-12-37 022-12-37 2-06-30 2n- 公司 -{○- 行业均值 100 95 58 07 ହ 90 80 70 ed 2 60 50 45.02 44616 40 30 20 10 7.63 0 2021-12-37 1 2020-12-37 ' <022-72-37 ' 5-12-37 . -06-30 2-06-30 2n- ← ...

Core Viewpoint - The company is actively expanding its product lines in the health sector, including beverages, cosmetics, and health drinks, with a focus on brand and channel development for future growth [1] Group 1: Beverage Business - The beverage segment includes products such as electrolyte supplements, purified water, large bottled water, glucose rehydration solutions, and solid beverages [1] Group 2: Cosmetics Business - The cosmetics division features products developed through a collaboration between the subsidiary Hubei Huaren Tongji and Tongji Hospital, focusing on medical science skincare [1] - Key products include collagen sleep masks, small molecule collagen water, vitamin E moisturizing cream, aurora night essence, vitamin E lotion, and sunscreen [1] Group 3: Health Drinks - The health drink line includes the "Huaren Tongji Bird's Nest Collagen Tripeptide Drink," which has been launched and is supported by the "Huaren Tongji Joint Laboratory" [1] - Currently, the sales revenue from this product line is relatively small, but the company plans to enhance brand and channel development for both online and offline sales [1]

Group 1: Asset Side and Fund Performance - In Q4 2025, the stock allocation of active equity funds decreased to 86.30%, with A-shares rising to 73.96% and Hong Kong stocks falling to 12.34% [1][9] - The median return of active equity funds turned negative at approximately -0.11%, with about 47.82% of active funds outperforming their benchmarks, a significant drop from 76.71% in the previous quarter [1][15] - The performance of top-performing funds (P10) showed a notable net subscription, indicating an improvement compared to Q3 2025, regardless of previous performance [21][24] Group 2: Fund Flows and Market Dynamics - In Q4 2025, the net outflow of active equity funds significantly narrowed from 2178.52 billion to 1114.41 billion, while passive funds saw an increase in net inflow from 1908.60 billion to 2377.98 billion [1][21] - The concentration of holdings in active equity funds continued to rise, with increased allocations to large/small growth and large/mid-value stocks, particularly in sectors like non-ferrous metals, chemicals, and machinery [2][18] - The overall average floating profit of active equity fund holders continued to rise, suggesting a gradual improvement in redemption pressure [21][25] Group 3: "Fixed Income Plus" Funds - The scale of "fixed income plus" funds continued to rise in Q4 2025, reaching a new high since 2024, with significant net subscriptions and increased allocations to sectors like non-ferrous metals, finance, and public utilities [3][31] - Similar to active equity funds, "fixed income plus" funds also increased their allocations to non-ferrous metals and public utilities while reducing exposure to sectors like pharmaceuticals and electronics [3][31] - The performance of "fixed income plus" funds indicates a potential alignment with active equity funds in terms of sector preferences and market dynamics [3][31]

Market Performance - The stock indices in the two markets experienced fluctuations and rose, with the North Stock 50 Index increasing by nearly 4% [1] - Over 3,900 stocks in the A-share market were in the green, and the total trading volume exceeded 30 trillion yuan [1] - The Shanghai Composite Index rose by 0.33% to 4,136.16 points, the Shenzhen Component Index increased by 0.79%, and the ChiNext Index went up by 0.63% [1] Sector Analysis - The insurance and banking sectors declined, while sectors such as non-ferrous metals, steel, chemicals, pharmaceuticals, and semiconductors saw significant gains [1] - The photovoltaic industry chain stocks surged, and concepts related to commercial aerospace, gold, and solid-state batteries were active [1] Investment Insights - Tianfeng Securities noted that since January 2026, the upward trend from December 2025 has continued, with the Shanghai Composite Index approaching 4,200 points, setting a new stage high [1] - The trading volume in the two markets has been continuously increasing, with a decline in newly issued shares of equity public funds and a significant net outflow of funds from existing stock ETFs [1] - In contrast, margin trading funds saw a substantial net inflow, indicating a divergence in market dynamics [1] - Attention is drawn to the upcoming macro policy expectations from the National People's Congress in March and the micro fundamental expectations for the 2025 annual reports [1]

Core Viewpoint - The pharmaceutical sector is experiencing a rebound, with the pharmaceutical ETF (159929) rising by 0.8% and a total trading volume exceeding 86 million yuan, indicating strong investor interest and capital inflow [1]. Group 1: Market Performance - The pharmaceutical ETF (159929) has seen a capital inflow of over 320 million yuan in the last 20 days, with 15 of those days showing increased funding [1]. - The latest financing balance has surged to over 75 million yuan, reflecting continued leverage in the market [1]. - Major stocks within the ETF, such as Mindray Medical and United Imaging, have shown positive performance, with several stocks rising over 1% [4]. Group 2: Sector Analysis - The report highlights a shift in focus within the pharmaceutical sector towards innovative fields such as AI healthcare and medical robotics, moving away from previously strong areas like brain-computer interfaces [3]. - The CRO (Contract Research Organization) sector has also shown some performance, driven by market sentiment and expectations of turning points in the industry [3]. - The top three investment directions identified for 2026 include BD 2.0, small nucleic acids, and supply chain (CXO and upstream), emphasizing the importance of innovation and international expansion [5]. Group 3: Company Highlights - Key companies in the ETF include WuXi AppTec, with an estimated weight of 10.77%, and Hengrui Medicine, with a weight of 9.41%, both of which are significant players in the pharmaceutical industry [2]. - Tempus AI reported a revenue of approximately 1.27 billion USD for 2025, marking an 83% year-on-year growth, showcasing the commercial viability of AI in healthcare [6]. - NVIDIA and Eli Lilly announced a partnership to establish an AI innovation lab, investing up to 1 billion USD over five years to address challenges in drug discovery and development [5].

Group 1: Market Overview - The A-share market is expected to continue its upward trend in 2026, characterized by an elevated index center, balanced styles, and increased volatility, aligning with the "slow bull" market phase [4][20][24] - The macroeconomic environment and monetary policy are crucial variables influencing A-share performance, with a focus on the "14th Five-Year Plan" and potential policy resonance with the U.S. midterm elections [3][18][26] - The market is anticipated to see a shift from valuation expansion to profit recovery as the main driver, supported by long-term confidence in China's economic prospects [3][20][19] Group 2: Industry Analysis - Semiconductor industry is highlighted for its trend towards self-sufficiency and independence [4][20] - The robotics sector is expected to benefit from technological leadership and policy support [4][20] - The TMT (Technology, Media, and Telecommunications) sector remains promising in the digital age, with a focus on performance and growth expectations [4][20] - The renewable energy sector is projected to see improved conditions, with a rebound likely to continue [4][20] - Brokerage firms are set to directly benefit from increased market activity [4][20] - The cyclical sectors are expected to gain from anti-involution policies and economic recovery [4][20] - Real estate is viewed as having rebound opportunities under the "survival of the fittest" principle [4][20] - The pharmaceutical sector is anticipated to experience a catch-up demand while providing defensive value [4][20] - Domestic consumption trends, including the "silver economy" for the elderly and "self-indulgent consumption" for the youth, are expected to drive growth [4][20] - High-dividend stocks are still considered valuable for investment [4][20] Group 3: Thematic Investments - Focus on emerging industries and core technological breakthroughs as outlined in the "14th Five-Year Plan" [4][20] - Opportunities in the AI theme, emphasizing the "computing power-application-end" chain [4][20] - Rare earth materials are highlighted for their supply control capabilities [4][20] - The military industry is supported by policy and driven by events, with a focus on military-civilian integration and military trade exports [4][20] - The industrial mother machine sector is expected to see demand growth driven by policy support [4][20] - The low-altitude economy is projected to expand due to policy drivers and diverse application scenarios [4][20] - The digital economy is anticipated to thrive with technology and policy support, focusing on computing power, cybersecurity, data elements, industrial digitization, and digital currency [4][20] - Commercial aerospace is expected to develop driven by policy implementation, focusing on satellite internet construction and the rocket launch and manufacturing supply chain [4][20]