1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The short - term economy is in an upward repair phase in terms of both quantity and price, but the bond market has a low winning rate and reduced odds compared to January - February, with limited adjustment space. It is recommended to focus on 1 - 3 - year short - to - medium - term credit bonds and moderately increase leverage [33]. - Against the backdrop of low domestic bond yields, the demand for "fixed - income plus" strategies and multi - asset allocation is rising, and overseas bond assets may fill the "yield gap". The channels for domestic investors to invest in overseas bonds are diversifying [33]. - Chinese government policies related to the banking industry are tilting towards the market, reducing government intervention in bank risk pricing, which is expected to ease bank profit pressure and support credit growth [34]. 3. Summary by Directory 3.1 Macro Data Quick View - GDP growth rate in Q4 2025 was 4.5%, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In February 2026, the manufacturing PMI was 49.0%, down from 49.2% in the previous month and 50.2% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, unchanged from the previous month but down from 50.4% in the same period last year [1]. - In February 2026, the monthly value of social financing scale was 2385.5 billion yuan, down from 2492.6 billion yuan in the previous month but up from 2233.1 billion yuan in the same period last year [1]. - In February 2026, M0, M1, and M2 year - on - year growth rates were 14.1%, 5.9%, and 9.0% respectively, all higher than the previous month and the same period last year [1]. - In February 2026, the monthly value of new RMB loans from financial institutions was 900 billion yuan, up from 390 billion yuan in the previous month but down from 1010 billion yuan in the same period last year [1]. - In February 2026, CPI and PPI year - on - year growth rates were 1.3% and - 0.9% respectively, showing an improvement compared to the previous month and the same period last year [1]. - In February 2026, the cumulative year - on - year growth rates of fixed - asset investment and total retail sales of consumer goods were 1.8% and 2.8% respectively, with the former turning positive from negative and the latter showing a slowdown [1]. - In February 2026, the year - on - year growth rates of export and import amounts were 39.6% and 13.8% respectively, showing significant growth compared to the previous month and the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The Ministry of Finance will continue to implement a more proactive fiscal policy in 2026 to promote economic growth and social stability [2]. - The National Development and Reform Commission has launched a new batch of 13 landmark major foreign - funded projects with a planned investment of $13.4 billion, mainly in manufacturing and also including logistics and R & D center projects in the service industry [2]. - The Fed's March 17 - 18 meeting is expected to keep the interest rate unchanged at 3.50% - 3.75%, with a nearly 100% probability of a pause, and there are internal differences and increased policy uncertainty [3][4]. 3.2.2 Metals - On March 16, zinc and copper inventories reached new highs, while aluminum, lead, and nickel inventories reached new lows. Gold production of Polyus in 2025 decreased by 16% and is expected to be 2.5 - 2.6 million ounces in 2026 [5]. - As of March 17, the gold holding of SPDR Gold Trust decreased by 1.15 tons (0.11%) compared to the previous trading day [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Japan and the US will reach an agreement on the joint development of rare earth elements, lithium, and copper [7]. 3.2.4 Energy and Chemicals - From January to February, the total social electricity consumption was 1654.6 billion kWh, a year - on - year increase of 6.1%. The electricity consumption of the three industries all increased [8]. - The natural gas consumption during the heating season reached 180 billion cubic meters, a year - on - year increase of over 2% [8]. - The US government plans to further relax sanctions on Venezuela's oil industry to increase crude oil production [9]. - The main port in the UAE, Fujairah, has suspended oil loading [9]. - The IEA member countries agreed to release 400 million barrels of strategic oil reserves [9]. - The US diesel retail price has exceeded $5 per gallon for the second time in history [9]. - The EU should prepare for dialogue with Russia in the future, focusing on European security and the Ukraine peace issue [10]. - The US API crude oil inventory last week was 6.556 million barrels, higher than the expected 730,000 barrels [11]. 3.2.5 Agricultural Products - The tariff - rate quota for cotton imports in 2026 is 300,000 tons, with a contract - based application method [12]. - Zhejiang Province aims to improve the fertilizer utilization rate of grain and oil crops and increase yields [12][13]. - Since the Spring Festival, domestic hog prices have been falling, and the current price is close to the historical low. Hog farming is in a loss - making state [13]. - The European Grain Association predicts that the corn and rapeseed yields in the EU and the UK in 2026 will be 60.7 million tons and 21.1 million tons respectively [13]. - The blockade of the Strait of Hormuz has affected the global fertilizer supply chain, leading to a 30% increase in urea prices and potential food crises in some regions [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On March 17, the central bank conducted 51 billion yuan of 7 - day reverse repurchase operations, with a net investment of 11.5 billion yuan [15]. 3.3.2 Important News and Information - The Ministry of Finance will support the construction of a strong domestic market in 2026 and implement a more proactive fiscal policy in five aspects [16][17]. - The National Development and Reform Commission is organizing the application for national - level landmark major application scenario projects and has launched a new batch of 13 landmark major foreign - funded projects [18]. - The State - owned Assets Supervision and Administration Commission of the State Council will promote the implementation of major projects and the transformation of central enterprises [18]. - From January to February, the total social electricity consumption increased by 6.1% year - on - year, with high - growth rates in some industries [18]. - The property market in core cities is showing a "small spring" in March [19]. - Some city - commercial banks' wealth management products may continue to operate, and the application path for wealth management subsidiaries has changed [19]. - The financial regulatory authority has issued a new regulation on the supervision and rating of wealth management companies, excluding the scale indicator [20]. - The convertible bond market has shown an indexation trend this year, with a significant increase in the scale of convertible bond ETFs [20]. - Tianneng Power's green technology innovation bond was successfully issued, with a scale of 500 million yuan and a low interest rate [21][22]. - The Ministry of Finance plans to issue 175 billion yuan of 7 - year book - entry interest - bearing treasury bonds on March 24 [22]. - The Fed will discuss the impact of the energy shock on inflation and economic growth, and the market's expectation of a rate cut this year has decreased [24]. - The Bank of Japan will flexibly operate the bond market under certain conditions, and potential inflation is rising [25]. 3.3.3 Bond Market Summary - The inter - bank bond market in China is warming up, with the yields of major interest - rate bonds generally falling, and the bond futures closing higher. The money market is stable [26]. - The exchange - traded bond market has mixed performance, with some bonds rising and some falling [26]. - The convertible bond index has fallen, with some bonds having significant price changes [27]. - The money market interest rates are mostly down, and the yields of some financial bonds and government bonds have changed [27][28][29][30]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar rose on March 17, and the US dollar index fell, with non - US currencies generally rising [31][32]. 3.3.5 Research Report Highlights - Huatai Fixed - Income comments that the short - term economy is in an upward repair phase, and the bond market has limited adjustment space. It is recommended to focus on short - to - medium - term credit bonds [33]. - CITIC Securities believes that overseas bond assets can fill the "yield gap", and the channels for domestic investors to invest overseas are diversifying [33]. - S&P Global Ratings says that Chinese government policies related to the banking industry are more market - oriented, which is beneficial to banks [34]. 3.3.6 Today's Reminders - On March 18, 216 bonds will be listed, 158 bonds will be issued, 161 bonds will be paid, and 278 bonds will pay principal and interest [35][36]. 3.4 Stock Market Important News - The A - share market fell, with the Shanghai Composite Index down 0.85%, and sectors such as computing power hardware and super - hard materials leading the decline [37]. - The Hang Seng Index rose 0.13%, with semiconductor and other sectors falling and real estate and financial stocks rising. Southbound funds had a net selling of over HK$11 billion [37].

2026 年 3 月 16 日，中国科学院 分子细胞科学卓越创新中心/复 旦大学 陈飞 团队 、 复旦大学附属肿瘤 医院 俞晓立 、 郭小毛 和 沈敏洪 团队 合作 （ 复旦大学附属肿瘤医院 饶欣欣 、 王静雯 为论文共同第一 作者 ） ， 在 Cell Stem Cell 期刊 发表了题为： Paired patient-derived organoids reveal transcription factor-driven epigenetic remodeling in breast cancer metastasis 的研究论文。 该研究首次建立了大规模乳腺癌原发肿瘤、癌旁正常组织及淋巴结转移灶的配对的 患者来源类器官 （PDO） 生物样本库，结合基因组、转录组和染色质可及性等多组学分析，系统揭示了乳腺癌进展过程中 的表观遗传重编程规律，定义了全新的 表观遗传聚类 体系，并阐明了 转录因子 协同网络驱动淋巴结转移 的关键分子机制，为突破传统乳腺癌分型局限、推进精准治疗提供了新的理论依据和实验平台。 撰文丨王聪 编辑丨王多鱼 排版丨水成文 乳腺癌 在临床表现上具有显著的异质性，并且在肿瘤进展过程中会出现 ...

Group 1 - The Chinese government has launched a new batch of 13 major foreign investment projects with a planned investment of $13.4 billion, focusing on manufacturing sectors such as electronics, chemicals, automotive, and machinery [2] - The new projects include logistics and biopharmaceutical R&D centers, signaling increased support for the service industry and the integration of modern services with advanced manufacturing [2] - The investment sources are diversified, including multinational companies from the UK, Germany, Switzerland, Sweden, and Turkey [2] Group 2 - The China Securities Regulatory Commission has approved a new batch of 15 hard technology-themed fund products, focusing on core technology and strategic emerging industries [3] - These funds will track indices related to artificial intelligence and China's strategic emerging industries, with plans to start fundraising soon [3] Group 3 - Nvidia's CEO announced at the GTC conference that the AI inference market has reached a turning point, with exponential growth in demand for inference computing power [4] - Nvidia plans to collaborate with a startup focused on inference technology to launch AI server systems, targeting the trillion-level computing market [4] - Huawei introduced new AI data infrastructure aimed at enhancing AI inference efficiency and reducing deployment barriers, with significant improvements in accuracy and utilization rates [4] Group 4 - Tencent Music's stock dropped by 24.65% after reporting a gross margin of 44.7%, below market expectations of 45.1%, and lower-than-expected active user numbers [7] - The company reported total revenue of 8.64 billion yuan for the fourth quarter, a year-on-year increase of 15.9% [7] Group 5 - The U.S. stock market saw slight gains, with the S&P 500 up 0.25%, the Nasdaq up 0.47%, and the Dow Jones up 0.10% [5] - Major tech stocks showed mixed performance, with Tesla, Amazon, and Google all rising, while Nvidia and other tech stocks experienced declines [6]

Group 1 - The National Development and Reform Commission is organizing the application for approximately 100 major application scenario projects, which will be prioritized for funding support [4] - The Ministry of Finance will continue to implement a more proactive fiscal policy in 2026, focusing on seven key areas including supporting the construction of a strong domestic market and promoting green transformation [7] - The State-owned Assets Supervision and Administration Commission emphasizes the implementation of major projects and the promotion of AI initiatives to accelerate the digital transformation of state-owned enterprises [7] Group 2 - The A-share market experienced a pullback, with the ChiNext index dropping over 2%, particularly in the computing power sector [9] - The China Securities Regulatory Commission has approved a new batch of 15 hard technology-themed funds, which are expected to launch fundraising soon [9] - The Hong Kong Stock Exchange is rumored to limit IPOs for red-chip companies, but local investment bankers have dismissed these rumors as unfounded [9] Group 3 - The North American stock indices showed slight gains, with the Dow Jones up 0.1% and the S&P 500 up 0.25%, while the Nasdaq increased by 0.47% [20] - The European stock indices closed higher, with the German DAX rising by 0.71% and the UK FTSE 100 increasing by 0.83% [20] - The Korean Composite Index rose by 1.63%, while the Japanese Nikkei 225 index fell by 0.09% [20] Group 4 - The Ministry of Health and the National Health Commission announced a focus on improving the standard treatment rates for acute cerebrovascular diseases by 2026 [7] - The Beidou satellite navigation system is set to undergo in-orbit upgrades to enhance service quality, with 50 satellites currently operational [13] - The real estate market in major cities is showing signs of recovery, with Shanghai's second-hand housing market expected to reach high transaction volumes [13]

Core Viewpoint - The article discusses a groundbreaking achievement in the treatment of Type 1 diabetes through the use of regenerated islets (E-islet) derived from both autologous and allogeneic stem cells, marking a significant advancement in diabetes management and potential cure [3][4][6]. Group 1: Research and Development - A new technology system based on endodermal stem cells has been established over two decades, leading to the successful creation of E-islets for treating severely impaired pancreatic function in diabetes patients [4]. - Clinical studies involving three patients demonstrated that both autologous and allogeneic E-islet transplants can restore pancreatic function and enable blood sugar control without external insulin dependency [6]. Group 2: Clinical Implications - The research team has proven that E-islet transplantation can significantly improve blood sugar levels and reduce the occurrence and progression of complications associated with Type 1 diabetes [6]. - Current treatment still requires long-term immunosuppressive therapy to prevent autoimmune relapse, but future plans include gene editing to modify the E-islets to avoid immune system recognition, aiming for a complete cure of diabetes [6].

Investment Rating - The report assigns a "Buy" rating for King’s Ray Biotechnology (1548.HK) based on its strong performance and growth potential in the biopharmaceutical market [1]. Core Insights - King’s Ray Biotechnology reported robust growth in 2025, with total revenue reaching $960 million, a year-on-year increase of 61.4%. The adjusted net profit was $230 million, reflecting a significant growth of 285% [2][6]. - The company operates three main business segments: Life Sciences, Prosperity Bio, and BestJet, all showing positive operational trends [2]. Business Segment Summaries Life Sciences - In 2025, the Life Sciences segment generated $522 million in revenue, a 14.8% increase year-on-year, with an adjusted gross profit of $267 million, up 12.5% [3]. - The European market showed significant growth, with revenue share increasing from 16% in 2024 to 19% in 2025 [3]. - The segment aims for a revenue growth of 15-18% in 2026, targeting an adjusted gross margin of approximately 52% [5]. Prosperity Bio - Prosperity Bio achieved $389 million in revenue in 2025, a remarkable 309.1% increase. Excluding milestone revenues, the organic growth was 21% [4]. - The segment added 41 new CDMO projects, a 46% increase, and aims for a revenue growth of 20-25% in 2026 [5]. - The segment is expected to maintain high growth rates as more projects enter late-stage clinical trials [4]. BestJet - BestJet reported $58 million in revenue for 2025, a 7.9% increase, with an adjusted gross profit of $23 million [5]. - The segment is focusing on innovative product development, with AI enhancing research efficiency by 140% [5]. - The revenue from innovative products increased from 40% in 2024 to 44% in 2025, indicating strong potential for future growth [5]. Financial Projections - The company forecasts revenues of $807 million, $948 million, and $1.116 billion for 2026, 2027, and 2028, respectively, with corresponding net profits of $91 million, $183 million, and $239 million [7]. - The projected P/E ratios for these years are 34.35, 17.13, and 13.14, indicating a favorable valuation outlook [7].

Investment Rating - The report maintains an investment rating of "Buy" with a target price of HKD 16.26 [1][10]. Core Insights - The company reported a revenue of USD 960 million for 2025, representing a year-on-year increase of 61.4%, primarily due to the recognition of licensing revenue from Legend Biotech. However, it incurred a net loss of USD 532 million, which is an increase in loss compared to the previous year, mainly due to losses from Legend Biotech and impairment charges [6][9]. - The adjusted net profit from continuing operations was USD 230 million, reflecting a significant year-on-year increase of 285% [6]. - The report expresses optimism regarding the orderly growth and recovery of profitability across various business segments, maintaining a "Buy" rating based on industry trends and scale effects [6]. Financial Performance Summary - **Revenue Growth**: The life sciences segment generated USD 522 million (+14.8% YoY), while the CDMO segment saw a remarkable increase of USD 389 million (+309.1% YoY) due to licensing revenue [7]. - **Profitability**: The adjusted operating profit for the life sciences segment was USD 95 million with a profit margin of 18%, and the CDMO segment turned profitable with an adjusted operating profit of USD 194 million [7]. - **Future Projections**: For 2026, the company expects revenue growth of 15-18% in the life sciences segment and a 20-25% increase in FFS revenue for CDMO [8]. Business Segment Analysis - **Life Sciences**: Expected revenue growth of 15-18% in 2026, with an adjusted gross margin improvement to approximately 52% [8]. - **CDMO**: Anticipated to achieve EBITDA breakeven by 2027, with a projected revenue increase of 20-25% [8]. - **Synthetic Biology**: Expected revenue growth of 10-15% with an adjusted gross margin improvement to around 43% [8]. Valuation and Earnings Forecast - The company is projected to generate revenues of USD 788 million and USD 910 million for 2026 and 2027, respectively, with a forecasted net profit of USD 22 million in 2026 and USD 343 million in 2027 [10][12]. - The estimated fair value of the company is HKD 35.543 billion, with a target price of HKD 16.26, reflecting a 20% discount based on comparable company valuations [10][14].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Ark Biopharmaceutical Co., Ltd. (a) 在聯交所網站登載本公告，並不會引致本公司、其聯席保薦人、聯席保薦人 兼整體協調人、整體協調人、聯席全球協調人、顧問或包銷團成員須於香港 或任何其他司法管轄區進行發售或配售的責任。概不保證本公司將會進行發 售或配售； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘使認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬公司、顧問或包銷團成員概無透過刊發本公告而於任何 司法管轄區發售任何證券或招攬要約認購或購買任何證券； 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港 公司註冊處處長登記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當 時候向香港公眾人士提出要約或邀請，有意投資者務請僅 ...

Core Viewpoint - The article emphasizes the transformation of mergers and acquisitions (M&A) in China from a focus on "scale expansion" to "value creation," driven by the restructuring of global supply chains and industrial chains [3][4]. Summary by Sections M&A Market Overview - The M&A market in China is entering a golden development period, supported by policy, industrial upgrades, and capital demand, which will enhance economic structure optimization and corporate value [3][4]. - Factors driving the maturity of the Chinese M&A market include sluggish growth of old enterprises, succession challenges, the trend of professional managers, investment banking business transformation, and a low-interest-rate environment [3]. Shanghai's M&A Strategy - Shanghai's M&A strategy will focus on three areas: accelerating the aggregation of entities, enhancing demonstration effects, and strengthening service support [7]. - The city has completed 31 M&A transactions by the end of last year, with a total transaction value of 220.7 billion yuan, indicating a clear M&A path and quality improvement [7]. Policy Support and Market Dynamics - The "14th Five-Year Plan" emphasizes optimizing M&A regulations and establishing a "green channel" for financing and M&A in key technology sectors [6]. - The establishment of large-scale M&A funds, such as the 30 billion yuan Taiping New M&A Fund and the 10 billion yuan Biopharmaceutical M&A Fund, highlights the role of state-owned enterprises in leading M&A activities [9]. Ecosystem Development - The M&A ecosystem in Shanghai is transitioning from "fragmented supply" to "systematic operation," focusing on nurturing new productive forces and optimizing industrial layouts [8][10]. - By 2025, the M&A market in Shanghai is expected to see a systematic improvement in policy environments, with a focus on collaborative efforts between national strategies and local implementations [9]. Principles and Recommendations - M&A activities should adhere to four principles: strategic alignment, emphasis on benefits, enhanced collaboration, and risk control [11]. - Recommendations include precise policy guidance for M&A, enhancing the credibility of market-driven M&A, and improving capital allocation efficiency [12].

昭衍新药（603127）(06127)发布公告，股东顾晓磊及其一致行动人顾美芳拟自本减持计划公告之日起3 个交易日后的3个月内，通过上海证券交易所以集中竞价的方式分别减持2042.05万股、1032.2万股，合 计减持3074.25万股，占公司当前总股本的4.1026%。 ...