Core Viewpoint - China Medical (600056.SH) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a total face value of up to 2 billion yuan to professional investors [1] Group 1 - The approval is documented in the regulatory notice (Zheng Jian Xu Ke [2026] No. 21) [1] - The company can issue the bonds within 24 months from the date of approval [1] - The issuance can be conducted in multiple tranches during the validity period of the registration [1]

Economic News - The Ministry of Finance and the State Administration of Taxation announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026, and a reduction in the VAT export tax rebate rate for battery products from 9% to 6% until December 31, 2026, with a complete cancellation from January 1, 2027 [1] - The National Internet Information Office is drafting regulations on the collection and use of personal information by internet applications, emphasizing legality, necessity, and integrity in data collection practices [1] - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee is investigating the competitive landscape of the food delivery platform service industry, addressing issues like subsidies and price competition [1] - The National Business Work Conference aims to implement actions to boost consumption in 2026, promoting the "Buy in China" brand and optimizing policies for upgrading consumer goods [1] - The Ministry of Commerce supports nine cities, including Dalian, in expanding service industry pilot programs, with 103 tasks to be integrated and implemented [1] - The State Administration for Market Regulation will expedite the development of national standards for the new energy vehicle, lithium battery, and photovoltaic industries [1] - The National Medical Products Administration is publicizing plans for two recommended industry standards for medical devices using brain-computer interface technology [1] - Changes in U.S. interest rate expectations indicate a significant probability of maintaining rates, with a drop in the likelihood of a rate cut in January [1] - The U.S. has declared a national emergency to protect Venezuelan oil revenues from legal actions [1] - A criminal investigation has been initiated against the Federal Reserve Chairman regarding renovations at the Fed's Washington headquarters [1] Important Company Information - Defu Technology has terminated its acquisition of 100% of a Luxembourg copper foil company due to restrictions imposed by the Luxembourg Ministry of Economy, with a refund of €17.4047 million to be processed within 10 working days [2] - Huadong Medicine's subsidiary has had its product included in the list of breakthrough therapeutic varieties, targeting severe hypertriglyceridemia [4] - China Nonferrous Mining announced the completion of repairs at its Qianbixi Southeast mine, with an expected copper production of approximately 484,000 tons in 2026 [4] - Sichuan Chuang Electronics expects a net loss of between ¥265 million and ¥340 million, widening from a loss of ¥246 million in the previous year due to intensified market competition [4] - Dechang Co. anticipates a net profit of ¥160 million to ¥200 million for 2025, a decrease of ¥251 million to ¥211 million compared to the previous year [4] Daily Research Report - The oil and petrochemical industry reports a decrease in crude oil prices, with Brent crude futures settling at $60.75 per barrel, down 2.72% [5] - U.S. refinery capacity utilization has increased to 94.7%, with gasoline supply rising by 2.85% [6] - U.S. crude oil imports have increased by 8.44%, while China's crude oil imports rose by 5.23% [6]

此外，防城港市持续强化食品、药品、工业产品和特种设备等"三品一特"安全监管，食品安全评价性抽检合格率 稳定在99.55%以上，监督抽检不合格样品核查处置按时完成率连续5年保持100%。"十四五"期间，全市查处药品 领域违法违规案件733起，为医药产业健康发展营造公平有序的市场环境。药品检验能力显著提升，相关资质项目 较"十三五"末增长13.22倍，并顺利通过中国合格评定国家认可委员会实验室认可。创新药物滥用监测机制相关经 验获国家药监局肯定。(刘子寒) 据介绍，"十四五"期间，防城港全市医疗器械备案注册量由全区末位跃升至第四位，二类医疗器械生产企业由3家 增至40家，产业规模加快壮大。3款一、二类生物创新药获药物临床试验批件，实现历史性突破；负离子磁疗仓、 心理诊疗数据管理软件等6个医药产品实现全区首产。通过精准帮扶，企业成功获批辖区首张三类医疗器械注册 证，实现防城港市三类医疗器械注册"零的突破"。 防城港市市场监管部门相关负责人表示，围绕医药产业发展需求，市场监管部门坚持"监管提质、服务赋能"，在 审评审批、检验检测等关键环节组建专业服务团队，形成前后联动、上下协同的服务机制，助力医药产品在医学 试验区提 ...

Macroeconomic Insights - December CPI year-on-year growth expanded, primarily due to a low base and rising food prices[8] - PPI year-on-year decline narrowed, influenced by rising non-ferrous metal prices and the ongoing effects of "anti-involution" policies[8] - The price environment may continue to improve in 2026, with PPI supported by deepening "anti-involution" policies and tightening competition for key minerals[8] Market Trends - In December, the top 100 real estate companies achieved a total sales amount of CNY 341.5 billion, a month-on-month increase of 39.7%[33] - For the full year 2025, the cumulative sales amount for the top 100 real estate companies was CNY 3.36 trillion, a year-on-year decrease of 19.8%[33] - The new stock market saw 18 new listings in December, raising over CNY 30 billion, with average first-day gains of 214% for the main board and 296% for the dual innovation board[18] Industry Performance - The credit bond issuance volume increased seasonally, with a total of 332 bonds issued, amounting to CNY 312.27 billion, a week-on-week increase of 306%[22] - The domestic electrolytic aluminum price reached CNY 23,300 per ton, the highest since March 2022, with the aluminum-to-copper price ratio hitting a 20-year high[42] - The solid-state battery industry is entering a new phase of industrialization, with expectations for mass production by 2026-2027[47]

Group 1 - In early January 2026, the Hong Kong stock market experienced a wave of significant share purchases by company executives and investment institutions, with over 30 listed companies receiving increased holdings from January 1 to 8 [1] - The share purchases spanned multiple industries, including consumer goods, industrial manufacturing, and others, with notable increases such as GIC Private Limited acquiring 179,700 shares of Haitian Flavoring and Food [1][2] - A noteworthy trend is the increase in cornerstone investors purchasing shares in the secondary market, exemplified by Horizon Together Holding Ltd. acquiring 688,200 shares of Youjia Innovation, indicating strong confidence in the company's future [1][2] Group 2 - Legal expert Xu Haonan noted that cornerstone investors increasing their holdings in the secondary market is seen as a strong confidence signal, representing strategic endorsement from core industry players [2] - Internal company executives are also actively participating in share purchases, with Youjia Innovation's chairman Liu Guoqing buying 50,000 shares and Tianli International Holdings' chairman Luo Shi acquiring approximately 4.03 million shares over several trading days [2] - The companies that received increased holdings are leaders or significant participants in their respective sectors, including consumer products, gold, building materials, apparel, and education [2]

对于2024年公司亏损，中恒集团表示，一是因为公司高毛利核心产品销量及单价同时下降，减损公司利润，二是子公司业绩未达预期，确认商誉减值准备 同比增加，三是公司对外投资的理财产品公允价值下跌及赎回时产生处置损失所致。 进入2025年，公司业绩稍有好转。2025年前三季度，公司实现营业总收入19.48亿元，同比增长1.10%；归母净利润2464.04万元，同比增长119.61%；扣非 净利润599.11万元，同比扭亏。不过，公司经营活动产生的现金流量净额为-1.56亿元，同比下降135.05%，上年同期为4.46亿元，这意味着公司主营业 务"造血"能力大幅下滑。 1月11日晚间，中恒集团（600252）发布公告称，经公司财务部门初步测算，预计2025年年度归属净利润为负值，公司2025年年度经营业绩将出现亏损。 中恒集团表示，公司将严格遵循《上海证券交易所股票上市规则》等相关规定，加快推进财务核算工作，尽快披露2025年年度业绩预告。 资料显示，广西梧州中恒集团股份有限公司成立于1993年，2000年在上交所上市，由广西首家"世界500强"企业广西投资集团有限公司控股，并表企业约 43家(其中控股上市公司1家，莱 ...

《2026医健可持续创新案例推荐榜》 案例征集类别 国际创新本土化 本土研发投入与创新平台建 设;创新产品的本土化生 产;对本土企业的投资并购 或商业化合作;上下游供应 链本地化;营销及服务的本 地化、数字化 本土创新全球化 产品创新力与质量保证;聚 焦海外目标市场匹配最具优 势的产品;建立海外本地化 网络提升海外商业化能力； 海外人才团队的招募与培 养;海外市场的品牌能见度 ESG创新实践 可持续的中国市场策略与规 划;可持续的生态环境;有 效的社区服务及公众沟通; 良好的薪酬待遇、工作环境 和职业发展机会;可持续发 展的上下游供应链体系 第一财经、健闻咨询与上海现代服务业联合会医疗服务专业委员会联合发起的《2026医健可持续创新案例 推荐榜》如约而至，于2026年1月15日开始接受企业报名。 《2026推荐榜》以"智创融合，赋能医健产业可持续发展"为年度主题，突出人工智能与医疗健康的深度融 合，寓意以技术革新推动医健产业可持续发展。本届《推荐榜》在此前"国际创新本土化"、"本土创新全球 化"、"ESG创新实践"三个类别子榜单基础上，特别增设"医健+AI创新"类别，以响应人工智能为医健行业 带来的变革。 《 ...

Core Viewpoint - The article discusses the recent B-round financing of Zhuhai Maidefa Biotechnology Co., Ltd. (referred to as "Maidefa"), highlighting its unique positioning in the pharmaceutical and PHA (polyhydroxyalkanoates) materials market, and the strategic partnerships that support its growth [4][7][8]. Financing and Growth - Maidefa successfully completed its B-round financing, with investments from China Taiping Innovation and Guangzhou Pharmaceutical Capital, although the specific amount remains undisclosed [4][7]. - The company has a history of financing rounds, including an angel round in March 2021, a series A round in May 2022, and an A+ round in December 2023, indicating a steady growth trajectory [5][6]. Product Lines and Market Position - Maidefa operates three main product lines: industrial-grade PHA, medical-grade PHA, and beta-hydroxybutyrate (β-HB), which together form a complete PHA value chain [14]. - The industrial-grade PHA is used in biodegradable packaging and has gained recognition from major companies like Walmart and Costco [16]. - The medical-grade PHA is a core differentiator for Maidefa, making it the world's first supplier of medical-grade PHA materials, with necessary regulatory approvals from both China and the USA [18]. - The beta-hydroxybutyrate product, branded as "Sainao Si," targets brain health and has been launched in markets including Macau and the USA [19]. Strategic Partnerships - Maidefa's third-largest shareholder is Lijun Pharmaceutical Group, which has been involved since the company's inception, indicating a deep-rooted strategic alignment in the pharmaceutical sector [10][12]. - Guangzhou Pharmaceutical Capital's investment is expected to provide not only financial support but also additional resources in the pharmaceutical domain, enhancing Maidefa's market capabilities [13]. Milestones and Future Plans - The company has achieved significant milestones, including the establishment of a cleanroom for medical-grade PHA production and the expansion of its production capacity for industrial-grade PHA [23][25]. - The successful completion of the B-round financing is seen as a new impetus for Maidefa's industrialization in the PHA sector, reinforcing its dual strategy of "pharmaceutical + PHA" [27].

Major Events - Defu Technology announced the termination of the acquisition of 100% equity in Luxembourg Copper Foil due to additional restrictions imposed by the Luxembourg Ministry of Economy, with a contract deposit of €17.4047 million to be fully refunded within 10 working days after termination [1] - China Nonferrous Mining expects a total copper production of approximately 484,000 tons in 2026, including 134,000 tons of cathode copper and 350,000 tons of crude/anode copper, with a decrease in crude/anode copper production due to planned maintenance [3] - Huadong Medicine's subsidiary, Zhejiang Daor Biotechnology, has its DR10624 injection included in the breakthrough therapy designation list for severe hypertriglyceridemia, with clinical research approvals from China CDE and the US FDA [4] Performance - Xiantan Co. reported chicken product sales revenue of CNY 530 million in December 2025, with a year-on-year increase of 9.41% and a sales volume of 55,100 tons [5] - Jinzizi Liquor expects to report a net loss for the fiscal year 2025, although the loss is anticipated to narrow compared to the previous year [6] - Dechang Co. forecasts a net profit of CNY 160 million to CNY 200 million for 2025, representing a year-on-year decrease of 51% to 61% [7] Stock Suspension and Resumption - Jiamei Packaging's stock will resume trading on January 12, 2026, after a price increase of 230.48% from December 17, 2025, to January 6, 2026, leading to a temporary suspension for investigation [8] - Yanjing Co. continues to suspend trading due to uncertainties related to asset acquisition plans, with an expected disclosure of the transaction plan by January 19, 2026 [9]

Core Insights - The Liaoning Provincial Department of Industry and Information Technology has announced the second batch of advanced intelligent factories for 2025, with 35 companies selected, covering various sectors including biomedicine, automotive parts manufacturing, equipment manufacturing, electronic information, and new metallurgical materials [1] - The total number of advanced intelligent factories in the province has reached 273 [1] - Advanced intelligent factories focus on digital transformation and networked collaboration, aiming to establish industry-leading benchmarks [1] Group 1: Intelligent Factory Development - The intelligent factories are categorized into four levels: basic, advanced, excellent, and leading [1] - The Dalian Zhongbi Power Battery Co., Ltd. is highlighted for its intelligent battery production base, achieving significant results in automation and smart management [1] - The production line at Dalian Zhongbi has a 100% automation rate for key processes such as winding, baking, and liquid injection, with a smart control center enabling full process visualization and traceability [1] Group 2: Future Plans - The province plans to implement a gradient construction action for intelligent factories, promoting the upgrade of production processes and the establishment of advanced-level factories [2] - The goal is to add over 80 advanced and above intelligent factories by 2026 [2]