消息面上，据媒体消息，第44届摩根大通医疗健康大会（JPM2026）于1月12日至15日在美国旧金山召 开，此次会议聚焦生物技术、生物制药、AI+医药等六大领域。作为全球生物医药行业的"春晚"，每年 1月举办的JPM大会是全球医药行业最重要的投资与交易窗口之一，可一睹全球医药生物产业发展的最 新动态。 中泰证券认为，多重因素推动下，医药板块中CRO、CDMO需求端呈逐步恢复态势，叠加过去三年供 给端持续出清，板块有望迎来盈利与估值同时提升的"戴维斯双击"。 中信建投证券表示，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业 链制造能力构成核心支撑，企业积极探索多元化的出海路径。展望2026年，可以重点关注创新商业化、 全球化突破、政策优化带来的新增量及行业并购整合的机遇。 （文章来源：21世纪经济报道） 1月16日，市场早盘高开回落，三大指数集体翻绿。 相关ETF方面，创新药ETF天弘（517380）截至午间收盘成交额超2200万元。 资金流向方面，截至1月15日，该ETF近10个交易日累计净流入额近3亿元。 创新药ETF天弘（517380）为全市场唯一一只跟踪恒生沪港深创新药精选5 ...

Group 1 - As of January 15, 2025, a total of 243 A-share listed companies have disclosed their performance forecasts, with 120 companies expecting positive results, indicating resilience in corporate operations and industry outlook [1] - Among the companies that disclosed their 2025 performance forecasts, 142 expect a year-on-year increase in net profit attributable to shareholders exceeding 100%, with notable increases from companies like Huisheng Biological, Zhongtai Co., and Baiwei Storage [3] - For instance, Zhongke Lanyun anticipates a net profit of 1.4 billion to 1.43 billion yuan for 2025, representing a year-on-year growth of 366.51% to 376.51%, while its revenue is expected to be between 1.83 billion and 1.85 billion yuan [3] Group 2 - Industries such as semiconductors, biomedicine, chemicals, machinery, and non-ferrous metals are showing significant performance recovery among listed companies [3] - For example, Chifeng Gold expects a net profit of 3 billion to 3.2 billion yuan for 2025, reflecting a year-on-year increase of 70% to 81%, driven by a 49% rise in gold product sales prices [3]

西北唯一——西高新企业数字怪兽参与制作《哪吒2》 2025年初，一个扎着冲天鬏、画着烟熏妆的"魔童"闯入全球影院，《哪吒之魔童闹海》以154.46亿元国内票房、全球159亿元的总收入，成为全球动画电 影票房冠军，并跻身全球影史票房榜第五位。 在这场中国动画的"科技协作"中，陕西本土力量首次站上关键舞台——西安高新区企业西安数字怪兽科技有限公司作为西北地区唯一参与《哪吒2》的特 效公司，主导了海底龙宫坍塌、陈塘关环境特效等标志性镜头，以工业级技术实力助力中国动画迈向国际赛道。 兰桂坊签约落户丝路科学城 转自：西安高新 文 | 于秋瑾 岁月为卷，奋斗作笔。回望2025年，西安高新区以产业硬实力为基、科创强动能为翼、文化新魅力为魂，在高质量发展的赛道上强势"出圈"，涌现出一大 批让人铭记的高光节点。这些创新的印记、奋进的力量，都已成为最珍贵的年度注脚，在高质量发展的轨迹上，镌刻下以新质为核、以科创为路的坚实足 迹。 让我们一同回望，那些定义了这一年奋进历程的"出圈"时刻。 2025年1月，西安高新区与香港兰桂坊集团举行签约仪式，双方就永安渠商旅文化街区永安格韵坊项目进行正式签约。 香港兰桂坊集团是亚洲最顶尖的娱乐、 ...

Core Insights - The establishment of the Shaanxi Provincial Quality Supervision and Inspection Research Institute's high-tech laboratory in the Qinhan Health Industry Park marks a significant step in creating a leading health industry innovation hub in Western China [1][2] - The collaboration between Qinhan New City and the Shaanxi Provincial Market Supervision Administration aims to enhance the quality support of the health industry chain and improve the competitiveness and safety levels of the health industry in Shaanxi Province [2] Group 1 - The high-tech laboratory's entry signifies a new phase in the cooperation between the Shaanxi Provincial Quality Supervision Institute and local authorities, focusing on building a national-level health product quality inspection center and various innovation platforms [1] - The upcoming relocation of additional laboratories from the Shaanxi Provincial Quality Supervision Institute will lead to the establishment of two national-level centers, which will provide comprehensive inspection, quality evaluation, and technical research services in cutting-edge fields such as biomedicine and high-end medical devices [1] Group 2 - The integration of provincial quality inspection resources in the Qinhan Health Industry Park is crucial for bridging the gap in result transformation and enhancing the overall health industry ecosystem [2] - The presence of the Shaanxi Provincial Quality Supervision Institute is expected to attract high-quality enterprises, accelerate talent aggregation, and support the integrated model of "construction, operation, and management" within the park [2] - The ongoing construction of key projects, including the National Emergency Medical Rescue Base and a flagship hospital for integrated Chinese and Western medicine, will further enhance the health industry chain in the region [2]

消息面上，药明合联和东曜药业两家ADC领域CDMO公司宣布，药明合联发出现金收购要约，以4港元/ 股价格控股收购东曜药业。据公告，相较东曜药业上一交易日收盘价2.01港元/股溢价约99%。该要约总 估值约31亿港元，要约最高代价约为27.9亿港元。 收购完成后，药明合联计划维持东曜药业上市地位，这也表明其战略意图并非私有化套利，而是战略性 控股整合，保留东曜药业作为独立运营实体，继续服务现有客户。 东曜药业-B(01875)再涨超11%，截至发稿，涨10.74%，报4.64港元，成交额2585.58万港元。 ...

Core Insights - The article emphasizes the importance of "Doudizhu" thinking in the context of private enterprises, highlighting their role as core players in wealth creation and social development [2][6]. Group 1: Collaborative Wisdom - The essence of "Doudizhu" thinking lies in collaborative alliances and mutual benefits, where individual strengths are combined to maximize impact, similar to how private enterprises form clusters for collective growth [3][4]. - Private enterprises often start as small businesses and can easily be affected by market fluctuations; however, through collaboration along the industrial chain, they can achieve multiplier effects [3][4]. Group 2: Adaptive Innovation - The core advantage of private enterprises is their inherent flexibility, allowing them to quickly adapt to market changes and consumer demands, which is crucial for maintaining competitiveness [4][5]. - Over 70% of technological innovations and 80% of new product developments in China are attributed to private enterprises, underscoring their role as key sources of innovation [4][5]. Group 3: Steady Progress - The growth trajectory of private enterprises follows a pattern of gradual advancement, emphasizing the importance of steady accumulation and avoiding reckless expansion [5][6]. - Many successful private enterprises focus on niche markets, dedicating years to mastering specific technologies or products, which ultimately leads to significant breakthroughs [5][6]. Group 4: Compliance Awareness - The development of private enterprises is supported by a legal framework that promotes fair competition and protects property rights, enabling a transition from "wild growth" to "regulated development" [6][7]. - The adherence to rules and regulations is crucial for maintaining order in the economic landscape, ensuring that the benefits of wealth creation are distributed more broadly [6][7]. Conclusion - The article concludes that private enterprises, through collaborative efforts, adaptive strategies, steady growth, and compliance with regulations, are essential for driving high-quality development and shaping the future of social progress [6].

Core Insights - A Chinese research team has successfully treated patients with refractory autoimmune hemolytic anemia (AIHA) using self-developed CD19 CAR T cells, providing a new therapeutic option for patients who have failed conventional treatments [1][2] Group 1: Treatment Breakthrough - The research team established a new cell immunotherapy system specifically for patients with refractory or relapsed AIHA, achieving significant efficacy and safety, with patients experiencing long-term remission without medication [2] - For patients who relapsed after CAR T treatment, the team utilized BCMA×CD3 bispecific antibodies for targeted secondary rescue therapy, which also yielded successful outcomes [2] Group 2: Mechanism and Future Implications - The research provided a clear immunological explanation for disease relapse after CAR T cell therapy, advancing cell immunotherapy from empirical exploration to mechanism-guided precision intervention [2] - The findings suggest that relapse is not the endpoint of treatment failure, and targeted cell immunotherapy strategies can be implemented based on defined immunological mechanisms, paving the way for a sustainable model of sequential cell immunotherapy [2] Group 3: Research Support and Contributors - The study was led by Dr. Shi Jun and researcher Xiong Haiqing from the Chinese Academy of Medical Sciences Blood Disease Hospital, with contributions from several co-authors and support from various national and local funding programs [3]

持续推动关键核心技术攻坚。瞄准光子、新能源、新材料、生物医药等重点产业链发展的"难点、 堵点、卡点"，以企业需求为牵引，部署实施关键核心技术攻关计划，支持高校、院所、企业联合攻 关，集中优势科研力量，突破一批制约产业升级的技术瓶颈，实现科技供给与产业需求精准对接、深度 融合。 1月14日，记者从省科技厅获悉：陕西立足基础研究和原始创新核心优势，通过完善实验室体系、 强化基础研究投入、培育青年人才、优化奖励导向等举措夯实创新根基，同时锚定新质生产力培育目 标，优化科研项目布局，加强关键核心技术攻关。 省科技厅相关负责人介绍，近年来，陕西完成在陕全国重点实验室重组，建成5个陕西实验室、235 个省重点实验室，构建起特色鲜明的实验室体系；基础研究投入持续加大，2024年首设国家自然科学基 金区域创新发展联合基金（陕西），2025年获批国家自然科学基金2848项，资助经费16.66亿元，推动 高水平成果持续涌现。在此基础上，陕西将进一步优化科研项目布局，加强关键核心技术攻关，促进科 技成果转化，加快培育发展新质生产力。 加强基础研究和应用基础研究。陕西将加大基础研究项目长期稳定投入力度，完善科研经费"包干 制" 等支 ...

Core Insights - The financial data for 2025 indicates a robust performance, with new loans totaling 16.27 trillion yuan, reflecting the effectiveness of moderately loose monetary policies and sustained credit demand from businesses and households [1][2] - The total social financing scale increased by 35.6 trillion yuan, with M2 money supply exceeding 340 trillion yuan and RMB loan balance surpassing 270 trillion yuan, showcasing a solid financial system supporting economic stability and internal demand [1] Monetary Policy Impact - The past year saw precise monetary policy actions, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point cut in policy interest rates, which have led to reasonable growth in social financing and maintained low loan interest rates [1][3] - By December 2025, the weighted average interest rate for newly issued corporate loans was around 3.1%, a decrease of 2.5 percentage points since the second half of 2018, reducing financing costs for businesses [1] Loan Distribution and Economic Trends - In 2025, new loans to enterprises amounted to 15.47 trillion yuan, indicating that over 90% of new loans were aligned with corporate needs, with more than half of these being medium to long-term loans, reflecting stable expectations for future development [2] - Key sectors attracting loans included technology (11.5% growth), green initiatives (23% growth), inclusive finance (10.3% growth), elderly care (60.2% growth), and digital fields (14.6% growth), all surpassing the overall loan growth rate [2] Structural Policy Enhancements - Continuous optimization of structural monetary policy tools has been observed, including increased quotas for loans supporting technological innovation and agricultural financing, as well as the introduction of risk-sharing tools for technology innovation bonds [3] - The financial sector is supporting rapid growth in industries such as humanoid robotics, biomedicine, and high-end equipment manufacturing, contributing to the high-quality development of the economy [3] Future Outlook - The People's Bank of China has committed to maintaining a moderately loose monetary policy in 2026, focusing on counter-cyclical adjustments to expand domestic demand and optimize supply, thereby fostering a stable economic growth environment [3] - As financial support quality improves, the alignment between financial supply and high-quality development of the real economy is expected to strengthen, contributing to a positive economic trajectory [3]

Core Insights - The Qingdao Free Trade Zone has strategically developed the life and health industry, with 69 projects, 5 provincial-level R&D institutions, and over 3,700 talents in the sector [1] Group 1: Industry Development - The Qingdao Free Trade Zone has established a strong foundation for the life and health industry, focusing on basic research, applied research, and industrial transformation [1] - The region has successfully introduced over 10 biopharmaceutical companies, leveraging leading enterprises to create a 288,000 square meter development platform for the life and health industry [1] Group 2: Technological Innovation - Breakthroughs in various cutting-edge technology fields have been achieved, including over 100 authorized invention patents in molecular breeding and more than 200 PCT international invention patents [1] - The global first immune anti-tumor marine polysaccharide new drug BG136 is expected to release its phase II clinical report in March [1] Group 3: Future Plans - The Qingdao Free Trade Zone aims to introduce 18 globally leading projects in exosome and cell transformation applications by 2025, doubling the number of projects within two years [1] - The focus will be on exploring application scenarios and optimizing the life and health industry ecosystem to better serve enterprise development [2]