Core Viewpoint - The Hong Kong stock market is experiencing a rebound, with a shift from traditional economic cycles to sectors like AI applications and new energy, indicating a significant change in market dynamics [1] Group 1: Market Performance - The Hang Seng Index opened higher, with the Hang Seng Tech Index rising by 0.33% and the Guozheng Hong Kong Stock Connect Tech Index increasing by 0.36% [1] - Notable stock performances include Kuaishou-W rising nearly 6%, and Alibaba, SMIC, Bilibili-W, Baidu Group-SW, and Xiaomi Group-W showing significant gains [1] Group 2: Analyst Insights - The Guangfa Securities team, led by Liu Chenming, is optimistic about the Hong Kong stock market's potential for a rebound, noting that the weight of new economy sectors in the Hang Seng Index has increased from 17% to nearly 50% [1] - Liu's team attributes previous market suppression to liquidity and sentiment factors, suggesting that market sentiment may have adjusted sufficiently for a potential rebound in the Hang Seng Tech Index [1] Group 3: Liquidity Outlook - The Guangfa Securities team anticipates a dual easing of monetary and fiscal policies in most countries by 2026, which could lead to a reversal in liquidity [1] - A potential liquidity reversal, combined with seasonal market movements, could create upward momentum for the Hong Kong stock market [1] Group 4: Investment Recommendations - Huaxia Fund recommends focusing on the Guozheng Hong Kong Stock Connect Tech Index, which offers liquidity advantages and a balanced distribution across high-end manufacturing, biotechnology, and internet sectors [1] - The current PE valuation of the Guozheng Hong Kong Stock Connect Tech Index is 26.45 times, which is around the 41st percentile of its historical range over the past decade, significantly lower than valuations of A-share ChiNext, STAR Market, and the Nasdaq 100 [1]

Group 1 - The Hong Kong stock market experienced a strong start in 2026, with 385 stocks rising over 100% in 2025, including 14 stocks that increased more than 10 times, indicating a bullish trend [1][2] - Notable high-performing stocks include Base Jinbiao Group with a 41.64 times increase, Beihai Kangcheng with over 18 times increase, and Zhu Feng Gold benefiting from rising gold prices with over 12 times increase [1] - The number of "red bottom stocks," which are stocks priced over 100 HKD, increased significantly from 22 at the beginning of 2025 to 45 by the end of the year, reflecting a growing recognition of quality leading enterprises [2] Group 2 - The increase in "red bottom stocks" indicates a shift towards valuing high market capitalization and high liquidity assets, with major companies like Tencent, Ctrip, and NIO leading this trend [2] - The concentration of "red bottom stocks" in sectors such as internet technology, finance, healthcare, and consumer goods suggests a reassessment of long-term value by the market [2] - Analysts from China Galaxy Securities and Huatai Securities express optimism for the Hong Kong stock market in 2026, highlighting technology as a key investment theme driven by multiple favorable factors [3]

Group 1 - The 2026 Hubei "New Year First Meeting" focused on technological innovation, awarding 312 scientific and technological achievements, with notable contributions recognized by Wuhan University and Huazhong University of Science and Technology [1] - The conference showcased 36 technological innovation achievements from 2025, including 6 major fundamental research projects, 10 key core technologies, and 20 landmark innovative products [1] - Significant breakthroughs in fundamental research were highlighted, such as the discovery of the key gene QT12 for rice heat resistance, which increased yield by up to 78% during high-temperature trials [1] Group 2 - Major core technology breakthroughs included the development of the first domestic 100nm silicon-based gallium nitride RF PDK and the low-loss hollow-core anti-resonant fiber with attenuation as low as 0.05 dB/km [2] - Landmark products entering the market include the "Wuhan No. 1" satellite, designed for urban optical remote sensing with a positioning accuracy better than 5 meters, and a new protein source from yeast with over 80% protein content [2] - Hubei has consistently ranked in the top five nationally for the number of national science and technology awards, with a significant increase in high-tech enterprises and a rise in the local conversion rate of scientific achievements from 37% to 65% over five years [3]

格隆汇1月4日丨中核科技(000777.SZ)公布，公司参股公司深圳市中核海得威生物科技有限公司（简 称"海得威"）近日补缴2021年1月1日至2024年12月31日企业所得税、增值税等税费1.88亿元及滞纳金， 合计约2.71亿元，主要涉及海得威前述年度期间的销售费用、存货非正常损失等事项，不涉及行政处 罚。海得威已完成该税费缴纳，预计上述事项将影响公司2025年度归母净利润约0.75亿元，实际以2025 年度经审计的财务报表为准。 ...

1月4日，天眼查融资历程显示，动力微官（上海）生物科技有限公司近日获得"天使轮"融资，涉及融资 金额数千万人民币，投资机构为【首发】动力微官完成数千万元天使轮融资，加速推进iPSC"即用型"再 生组织产品。 天眼查信息显示，动力微官（上海）生物科技有限公司的股东为：刘莉、乔静、刘洋。 来源：市场资讯 资料显示，动力微官（上海）生物科技有限公司法定代表人为乔静，成立于2025年，位于上海市，是一 家以从事专业技术服务业为主的企业。企业注册资本225万人民币，并已于2026年完成了天使轮，交易 金额数千万人民币。 通过天眼查大数据分析，动力微官（上海）生物科技有限公司共对外投资了1家企业。 ...

Core Viewpoint - Morgan Stanley's latest report indicates that while China's economic growth may slow down, the risks remain manageable, with the CSI 300 index expected to experience a fourth wave of rebound and four key themes to watch for investment opportunities in 2026 [1][3]. Economic Outlook - Morgan Stanley predicts a "slowdown in growth but controllable downside risks" for China's economy in 2026, supported by three key dimensions: increased policy support, emerging productivity investments in high-end manufacturing and technology, and a rebound in competition dynamics across industries [3]. - The firm's China Macro Sentiment Indicator (QMI) serves as a barometer for the market, showing a recovery trend that aligns with the stock market's bottoming characteristics [3]. Industry Analysis - Morgan Stanley categorizes 36 Chinese industries into four stages: expansion, recovery, slowdown, and contraction, noting a gradual decrease in the number of industries in the slowdown phase and an increase in those in expansion and recovery [5]. - The report anticipates a strong momentum for the CSI 300 index, with historical rebounds showing over 90% gains from previous lows, and sets three target levels for the current rebound: approximately 30% to 4500 points, 55% to surpass 5000 points, and 70% nearing 6000 points [5]. Investment Themes - The first key theme is "anti-involution," focusing on industries transitioning from price and scale competition to quality and efficiency competition, particularly in sectors with severe losses [8][10]. - The second theme revolves around AI infrastructure supply chains, driven by significant capital expenditure increases from leading U.S. cloud service providers, which will benefit Asian supply chains, especially in data center and energy storage systems [11][13]. - The third theme highlights the international competitiveness of Chinese companies, drawing parallels with Japan's historical performance, emphasizing sectors like new energy vehicles, consumer electronics, and AI hardware [15]. - The fourth theme addresses K-shaped consumption patterns in China, where high-end markets are recovering while low-end sectors show signs of improvement, particularly in food and beverage [16][18].

（来源：光明日报） 转自：光明日报 本报北京1月3日电（记者晋浩天）如同导演一声令下，舞台演员便能瞬间变换队形、组合或散开，科学 家如今也有望如此精准地指挥生命体内的蛋白质"集体行动"。西湖大学生命科学学院曹龙兴实验室，与 西湖大学医学院解明岐实验室合作实现前沿突破：研究团队成功从头设计出一套能被口服小分子药物精 准调控的蛋白质多聚化系统，如同掌握了让蛋白质"组队"与"解散"的"遥控开关"，向"编程生命"的愿景 迈出了关键一步。相关成果日前在线发表于国际学术期刊《科学》。 此后，团队进一步拆解与改造系统，先后成功创建了"异源二聚体工具"AMA10和更复杂的"异源三 聚体系统"。这意味着，研究者如今可以像指挥不同乐手合奏一样，精确控制两个或三个不同蛋白质仅 在需要时"组队"协作。 "为确保这套系统在活体中同样有效，研究进入了关键的细胞与动物验证阶段。实验结果令人振 奋：在细胞内，新系统成功实现了由药物精准调控的基因开关激活、特定蛋白质的定位引导以及蛋白质 相变调控；在小鼠实验中，静脉注射携带该系统和报告基因的质粒后，仅通过口服金刚烷胺，便成功激 活了小鼠肝脏内的报告基因表达。"解明岐表示："这预示了未来基因治疗 ...

然而该智能体在产业端的规模化应用，差点因为数据存储和隔离机制不明确等合规挑战被搁置。为此， 林哲仁找到数安港寻求帮助。 数安港是以数据安全与合规应用为基础，以数据要素市场化配置为重要探索任务的专业孵化器，2025年 发布了全国首部《人工智能模型开发合规指引》，助力数据合规向模型开发全生命周期转型。 随着黄色菌种原液注入发酵容器，一款注射用人生长激素上市前的最后一批次试验启动。1月2日，虽然 还在假期，但佰诺创睿（温州）生物科技有限公司车间依旧忙碌。这款药剂获批后将成为在温州首个落 地的商业化生产生物药。 从2023年入驻孵化器——中国基因药谷，到获得浙江省首张生物药领域的《药品生产许可证》C证，佰 诺创睿如今手握40多个来自全国各地的新药、改剂药品试验订单，这样的成长速度让该公司副总经理欧 阳冰洁很惊喜。 "1.8万平方米空间和生产试验设备，总投入3亿元，这对于初创企业来说无疑是天文数字。"欧阳冰洁边 带记者参观边介绍，"但这些都由基因药谷垫付，还提供了厂房代建、空间免租、基金融资对接等服 务。拎包入驻让我们能将资金更集中用于研发，缩短药物研发生产周期。"迄今，该孵化器引育的428家 企业贯通了产业链，累计储 ...

美国东部时间2026年1月2日上午，全球生物科技平台公司新桥生物（纳斯达克股票代码：NBP），在纽 约时代广场纳斯达克交易所（Nasdaq MarketSite）敲响新年首个交易日的开市钟，正式开启2026年全球 生物科技新篇章。开市伊始，美股市场中概股集体上扬，纳斯达克中国金龙指数盘初涨幅超4%，百 度、万国数据等多涨幅一度超10%。 此次仪式汇聚全球投资人、战略合作伙伴与新桥生物核心管理团队，庆祝公司正式启用全新交易代 码"NBP"，标志着新桥生物全球生物科技平台战略全面落地，开启全力推进全球化变革性疗法开发与可 及的新篇章。 美国东部时间2026年1月2日上午，全球生物科技平台公司新桥生物（纳斯达克股票代码：NBP），在纽 约时代广场纳斯达克交易所（Nasdaq MarketSite）敲响新年首个交易日的开市钟，正式开启2026年全球 生物科技新篇章。开市伊始，美股市场中概股集体上扬，纳斯达克中国金龙指数盘初涨幅超4%，百 度、万国数据等多涨幅一度超10%。 "今天是一个具有里程碑意义的时刻，标志着新桥生物开启全球生物科技的崭新篇章。"据新桥生物执行 董事长傅唯先生介绍，"三个月前，我们正式启动了向全球 ...

Core Viewpoint - Kunming is transforming into a significant open hub, leveraging the China-Laos Railway to enhance its connectivity and trade with Southeast Asia, thereby reshaping its economic landscape and fostering high-quality development [1][2][3]. Group 1: Infrastructure and Connectivity - The China-Laos Railway serves as a strategic pivot for Kunming, creating a new land route to Southeast Asia and enhancing trade efficiency with countries like Laos and Thailand [2][3]. - The railway has significantly improved logistics, reducing transportation time for goods such as fresh durians from Thailand to Kunming by 30% compared to traditional methods [2]. - By 2025, the railway is expected to have facilitated over 62.5 million passenger trips and transported more than 72.5 million tons of goods, connecting 19 countries and regions [3]. Group 2: Trade and Economic Growth - Kunming's foreign trade has seen substantial growth, with total import and export value increasing from 111.1 billion yuan in 2020 to 143.2 billion yuan in 2024, reflecting an annual growth rate of 6.6% [4]. - In the first ten months of 2025, the city's foreign trade reached 145.7 billion yuan, marking a year-on-year increase of 14.4% [4]. - The Menghan port has become the largest land port for durian imports in China, with its trade value surging by 186% over four years [4]. Group 3: Policy and Institutional Innovation - Kunming is actively reforming customs processes, reducing cargo clearance times at the Mohan Railway Port from 40 hours to between 2 to 5 hours [6]. - The city has implemented a "linkage" customs model, cutting clearance times by over 50% and reducing labor costs by 30% [7]. - Kunming is expanding its Free Trade Zone, aligning its regulations with international standards, and has established trade relations with 192 countries [8]. Group 4: Industrial Coordination and Development - The city has initiated a cross-regional industrial cooperation mechanism, enhancing collaboration with neighboring regions and promoting the development of key industrial parks [10]. - Since the management of the Mohan area was transferred to Kunming, investments have exceeded 14 billion yuan, with a significant increase in population and business activity [9]. Group 5: Innovation and Talent Development - Kunming is focusing on innovation-driven strategies, with the number of high-tech enterprises growing from 1,427 in 2021 to over 2,500 by 2025 [11]. - The city has hosted numerous international technology transfer training sessions, enhancing its talent pool and fostering international collaborations [12]. - Kunming aims to become a technological innovation hub for South and Southeast Asia, leveraging its resources and strategic location [11][12]. Group 6: Future Outlook - Kunming is positioned to leverage its ecological, resource, and developmental advantages to achieve higher quality growth and play a more significant role in China's broader opening-up strategy [13].