Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [5]. Core Insights - The company has received approval for its innovative drug, Ruira Fup α, which is a dual-function fusion protein targeting PD-L1 and TGF-βRII, marking it as the first of its kind to be approved in the market [5][8]. - The company has a robust pipeline with over 300 new drugs under development, and it is expected to launch 7 new drugs by 2025, with Ruira Fup α being approved at the start of 2026 [8]. - The company is actively pursuing business development (BD) transactions, with expected revenues from these deals exceeding USD 16 billion, which will significantly enhance profitability [8]. - Projected net profits for the company are estimated at RMB 10.1 billion, RMB 9.1 billion, and RMB 10.4 billion for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 59.3%, -9.9%, and 14.5% [10]. Financial Summary - The company’s revenue is projected to grow from RMB 22.82 billion in 2023 to RMB 45.40 billion by 2027, reflecting a strong growth trajectory [12]. - The earnings per share (EPS) are expected to be RMB 1.52, RMB 1.37, and RMB 1.57 for the years 2025, 2026, and 2027 respectively, with a notable increase in 2025 [10]. - The company’s net profit margin is projected to be 18.5% in 2025, decreasing to 16.5% in 2026, and recovering to 17.5% in 2027 [10].

Group 1 - The average stock price of the Sci-Tech Innovation Board is 46.40 yuan, with 90 stocks priced over 100 yuan and the highest being Cambrian-U at 1444.00 yuan, which increased by 3.52% [1][2] - Among the stocks priced over 100 yuan, 43 stocks rose today with an average increase of 0.43%, while 47 stocks fell, with notable declines in stocks like Kaipu Cloud and Dekoli [1][2] - The average premium of the stocks priced over 100 yuan relative to their issue price is 501.68%, with the highest premiums seen in companies like Shunwei New Materials and Cambrian-U, at 5344.45% and 2142.58% respectively [1] Group 2 - The net outflow of main funds from the stocks priced over 100 yuan today was 7.63 billion yuan, with Cambrian-U, Haiguang Information, and Moer Thread-U seeing the highest net inflows [2] - The total margin financing balance for stocks priced over 100 yuan is 1159.10 billion yuan, with Cambrian-U and SMIC having the highest financing balances of 152.34 billion yuan and 135.19 billion yuan respectively [2] Group 3 - The stocks with the highest trading volumes today include Cambrian-U, Moer Thread-U, and Haiguang Information, with trading rates of 3.57%, 24.36%, and 2.23% respectively [3][5] - The electronic industry has the highest concentration of stocks priced over 100 yuan, with 44 stocks, followed by the computer and mechanical equipment industries with 12 and 10 stocks respectively [1]

（文章来源：证券时报网） Choice统计显示，1月8日，沪深两市可交易A股中，上涨个股有3533只，下跌个股有1514只，平盘个股 有126只。不含当日上市新股，共有112只个股涨停，7只个股跌停。从所属行业来看，涨停个股主要集 中在机械设备、国防军工、电力设备、化工、建筑装饰、医药生物等行业。 ...

Core Viewpoint - The article highlights that the recovery of the pharmaceutical industry in China is driven by innovation and policy optimization, with expectations for continued growth in 2026 due to advancements in AI and innovative drugs [1] Group 1: Industry Trends - The pharmaceutical and biotechnology market is expected to be propelled by AI and innovative drugs by 2025, indicating a significant leap in China's innovation capabilities and the potential for international expansion [1] - Despite a temporary pullback in Q4, the industry is gradually recovering after undergoing policy reforms and governance challenges, with a positive outlook for 2026 [1] - The medical device sector is anticipated to experience a fundamental turning point in 2025, with opportunities for recovery in certain sub-sectors, and this trend is expected to continue into 2026 [1] Group 2: Market Dynamics - The CRO/CDMO industry is seeing a resonance of both domestic and international demand, with improvements in demand as global investment and financing recover, while supply is gradually being cleared, leading to a potential rapid recovery in industry profitability [1] - Continuous policy support for innovation is evident, as the National Medical Products Administration has released the "Priority Approval List for High-end Medical Devices (2025 Edition)," which aims to further optimize the review and approval mechanisms to promote innovation in high-end medical devices [1] Group 3: ETF Performance - The Guotai ChiNext Pharmaceutical ETF (159377) has seen an intraday increase of over 1.7%, reflecting the performance of the innovative pharmaceutical sector [1] - This ETF tracks the Innovation Pharmaceutical Index (399275), which focuses on companies with high R&D investment and innovation capabilities across various segments, including biopharmaceuticals, chemical pharmaceuticals, traditional Chinese medicine, and medical services [1]

三只新股首日上市均高开，天数智芯高开31.54%，精锋医疗-B高开36.45%，智谱高开3.27%。 | < W | 天数智芯(9903) | | | | | --- | --- | --- | --- | --- | | | 集合竞价 01-08 09:20:08 | | | | | 190.200 | 额 4.14亿 股本 2.54亿 市盈 -40.2 | | 万得 | | | +45.600 +31.54% | 换 0.90% 市值1483亿 市净 17.53 | | 型口 | | | 分时 五日 | 日K | 周K 月K | 电子 | | | 置加 | | 均价:187.905 盘口 | 成交 | | | 200.000 | | 38.31% - | | 0.00(0) | | | | 卖9 191.800 | | 0.00(0) | | | | 卖8 191.700 | | 0.00(0) | | | | 卖7 191.600 | | 0.00(0) | | | | 卖6 191.500 | | 0.00(0) | | | | 卖5 191.400 | | 0.00(0) | | 144.600 | ...

创业板股最新融资余额为5660.07亿元，环比增加55.13亿元，43只股融资余额环比增长超10%，融资余 额环比降幅超10%的有11只。 证券时报·数据宝统计显示，1月7日创业板指上涨0.31%，创业板股两融余额合计5679.25亿元，较上一 交易日增加54.95亿元，已连续3个交易日增加。其中，融资余额合计5660.07亿元，环比上一日增加 55.13亿元；为连续3个交易日增加。融券余额19.18亿元，环比减少1817.98万元。 具体来看，融资余额增长的创业板股有582只，其中，43股融资余额增幅超过10%。增幅最大的是美好 医疗，该股最新融资余额3.83亿元，环比上一交易日增幅为182.84%；股价表现上，该股当日上涨 20.01%，表现强于创业板指；融资余额增幅较多的还有珂玛科技、三博脑科等，分别增长64.47%、 49.24%。 融资余额增幅10%以上的个股中，从市场表现来看，当日平均上涨3.71%，上涨的有32只，涨停的有美 好医疗、邵阳液压等3只，涨幅居前的有欣锐科技、长川科技、英诺激光，涨幅分别为13.28%、 13.09%、12.31%。跌幅居前的有熵基科技、雷尔伟、可孚医疗，跌幅分别为9 ...

分行业来看，上述预增或扭亏的47股中，属于基础化工行业的最多，共7股；其次是机械设备、电子、有色金属，分别有6股、5股、4股。 6股晚间公告业绩预增 1月7日晚间，16股发布2025年度业绩相关公告，其中川金诺、泉阳泉、北方导航、高能环境、康辰药业、中科蓝讯6股业绩预增，报喜比 例为37.5%。 从预告净利润同比增幅下限来看，中科蓝讯预计增幅最高，预计实现归母净利润14亿元—14.3亿元，同比大幅增长366.51%—376.51%。公 司表示，本报告期非经常性损益主要为投资摩尔线程和沐曦股份取得的公允价值变动，较上年有大幅增长，导致公司2025年度实现归母净 利润较上年大幅增长。数据显示，摩尔线程和沐曦股份上市以来较发行价分别上涨440.37%、477.07%。 截至目前，已有67股发布2025年度业绩相关公告，其中47股实现归母净利润同比增长或扭亏，报喜比例超过七成。 从预告净利润同比增幅下限来看，中科蓝讯、百奥赛图、传化智联、康辰药业4股预告净利润同比增幅居前，均超过200%。 预计2025年度净利润增幅居前的个股 | 代码 | 简称 | 预告净利润同比 增长下限 | 申万行业 | 总市值 (亿元) | ...

Core Insights - The North Exchange 50 index increased by 0.22% to close at 1,496.28 points on January 7, 2026, with a trading volume of 275.48 billion yuan and a turnover rate of 4.09% [1][2] - The overall valuation of the North Exchange is at 47.70 times earnings, which is higher than the valuations of the ChiNext and STAR Market [1][8] - The sectors with the largest gains include Oil & Petrochemicals (+6.0%), Nonferrous Metals (+5.4%), and Communications (+1.6%), while the sectors with the largest declines include Computers (-2.2%), Defense & Military (-1.8%), and Pharmaceuticals & Biology (-1.5%) [1][2] Trading Performance - On January 7, 2026, the North Exchange had a total market capitalization of 903.09 billion yuan, with a circulating market value of 549.77 billion yuan [1] - The trading volume was 10.35 billion shares, indicating a recovery compared to the average daily trading volume of 19.40 billion yuan from the previous week [1][5] Stock Performance - Among the 287 listed companies, 95 saw an increase in stock price, while 187 experienced a decline. The top gainers included Jiaxian Co. (+25.68%), Huitong New Materials (+16.83%), and Jiuling Technology (+8.29%) [1][6] - The largest declines were observed in Jinhao Medical (-14.76%), Tianming Technology (-12.58%), and Guoyuan Technology (-11.59%) [1][7] Valuation Insights - The average price-to-earnings (P/E) ratio for North Exchange companies is 47.70 times, with the highest sector being Nonferrous Metals at 130.5 times, followed by Household Appliances at 90.9 times and Food & Beverage at 82.3 times [1][8] - The P/E ratios for STAR Market and ChiNext are 76.06 times and 45.01 times, respectively, indicating that the North Exchange maintains a higher valuation compared to these markets [1][9] Sector Analysis - The North Exchange shows a mixed performance across various sectors, with significant gains in Oil & Petrochemicals and Nonferrous Metals, while sectors like Computers and Pharmaceuticals are underperforming [1][10] - The distribution of listed companies across sectors indicates a diverse market presence, with a notable concentration in sectors such as Machinery and Chemicals [1][11]

1月7日，A股市场主要指数整体上涨。 截至收盘，上证指数收报4085.77点，上涨0.05%，深证成指收报14030.56点，上涨0.06%，创业板指收报3329.69点，上涨0.31%，北证50指数上涨0.22%， A股市场合计成交约2.88万亿元，已连续两个交易日超过2.8万亿元。 1.A股市场全天主力资金净流出471.98亿元 今日A股市场主力资金开盘净流出191.26亿元，尾盘净流入8.31亿元，A股市场全天主力资金净流出471.98亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2026-1-7 | -471.98 | -191. 26 | 8. 31 | -213.68 | | 2026-1-6 | -176. 68 | -147.71 | 18. 05 | 33. 67 | | 2026-1-5 | -62.98 | -54. 18 | 17. 34 | 90. 80 | | 2025-12-31 | -270. 79 | - ...

1月7日，A股市场主要指数整体上涨。 截至收盘，上证指数收报4085.77点，上涨0.05%，深证成指收报14030.56点，上涨0.06%，创业板指收报3329.69点，上涨0.31%，北证 50指数上涨0.22%，A股市场合计成交约2.88万亿元，已连续两个交易日超过2.8万亿元。 今日A股市场主力资金开盘净流出191.26亿元，尾盘净流入8.31亿元，A股市场全天主力资金净流出471.98亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2026-1-7 | -471.98 | -191. 26 | 8. 31 | -213.68 | | 2026-1-6 | -176. 68 | -147.71 | 18. 05 | 33. 67 | | 2026-1-5 | -62.98 | -54. 18 | 17. 34 | 90. 80 | | 2025-12-31 | -270. 79 | -129.42 | -36. 63 | -63.8 ...