瑞银全球投资银行亚太股票资本市场联席主管胡凌寒在接受《证券日报》记者采访时表示，2025年港股IPO市场火热，不 少外资机构已重返基石投资阵营，一些外资机构首次参与港股IPO基石投资。例如，英国投资巨头M&Gplc旗下 M&GInvestments（英卓投资管理）参与了蜜雪冰城股份有限公司等IPO项目。 本报记者 毛艺融 2026年以来，国际"长钱"踊跃争当港股IPO的基石投资者，成为多家公司上市阶段的重要力量。 例如，MiniMaxGroupInc.（以下简称"MiniMax"）在1月9日上市，其IPO引入了阿布扎比投资局、MiraeAssetSecurities等国 际长线基金作为基石投资者，反映出外资机构对AI大模型赛道的深度关注。深圳市精锋医疗科技股份有限公司1月8日上市，吸 引了阿布扎比投资局等基石投资者。1月13日，豪威集成电路（集团）股份有限公司H股上市，瑞银环球资产管理（新加坡）有 限公司成为其基石投资者之一。 汇生国际资本有限公司总裁黄立冲向《证券日报》记者表示，国际长线资金与主权基金扎堆参与港股IPO的核心逻辑，在 于中国资产的估值修复潜力以及科技创新赛道的潜在增长空间。随着外资机构对中国 ...

Core Viewpoint - The company Yipinhong (300723) has released an annual performance forecast indicating a projected net loss for 2025, despite a year-on-year increase in net profit range, primarily due to declining sales and increased costs from new production facilities and R&D investments [1][4]. Group 1: Financial Performance - The forecasted net profit attributable to shareholders for 2025 is expected to be between -441.64 million to -312.83 million yuan, representing a year-on-year increase of 18.22% to 42.07% [1]. - The projected net profit after deducting non-recurring gains and losses is expected to be between -474.61 million to -336.18 million yuan, indicating a year-on-year decrease of 16.35% to 64.26% [1]. - The company reported a total revenue of 814 million yuan for the first three quarters of the previous year, a decline of 34.35% year-on-year, with a net loss of 136 million yuan [4]. Group 2: Factors Influencing Performance - The anticipated loss is attributed to three main factors: a decline in product sales and gross margin, increased depreciation costs from the new production base in Guangdong, and ongoing investments in R&D [1]. - Non-recurring gains are expected to contribute approximately 27 million yuan, mainly from government subsidies and asset impairment provisions [1]. Group 3: Positive Developments - The company has entered into a merger agreement where its associate, Arthrosi Therapeutics, will be acquired by Sobi US Holding Corp for a total of up to 950 million USD (approximately 6.713 billion yuan), which is expected to have a positive impact on the company [2]. - Additionally, the controlling shareholder, Guangdong Guangrun Group, will transfer a 9.07% stake in Arthrosi to the company to support its R&D efforts, which is also expected to positively influence the company's development [2]. Group 4: Historical Context - The company has experienced a decline in performance over the past three years, with negative net profit growth rates, and reported a loss of 540 million yuan in 2024 [4].

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 14 日 [Table_Title] 资产配置日报：回归理性 [Table_Title2] [Table_Summary] 1 月 14日， 股市经历显著的"倒 V型"反转行情，继昨日的调整行情过后，今日早盘机构与主力资金追高情 绪较强，上证指数午间收盘前上涨 1.20%至 4189 点，午间监管发文调整融资保证金比例，通过限制杠杆水平抑制 股市投机，午后市场自发矫正定价，各大股指普遍迎来回落。债市则继续"佛系定价"，长端品种收益率多随股 市风险摇摆窄幅震荡。 权益市场在上涨后回落。万得全 A上涨 0.31%，全天成交额 3.99 万亿元，较昨日（1 月 13 日）放量 2881 亿元。港股方面，恒生指数上涨 0.56%，恒生科技上涨 0.66%。南向资金净流入 28.65 亿港元，其中腾讯控股、 阿里健康、阿里巴巴分别净流入 20.09 亿港元、14.58 亿港元和 11.34 亿港元，中国移动则净流出 9.13亿港元。 市场情绪有望回归理性。1 月 14 日中午，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证 券时的 ...

Group 1 - Exegenesis Bio Inc. has submitted a listing application to the Hong Kong Stock Exchange [1]

药明合联(02268)发布公告，预期集团截至2025年12月31日止年度取得以下财务业绩：(1)收入：较截至 2024年12月31日止年度增长超过45%;(2)毛利：较截至2024年12月31日止年度增长超过70%。毛利增长 率高于收入增长率，显示集团产品╱服务利润率及成本控制能力的有效优化;(3)扣除利息收入及开支前 的经调整纯利：较截至2024年12月31日止年度增长超过45%。撇除汇率变动影响后，该增长率预期将超 过65%，证实了集团核心经营业务强劲的利润增长动力;(4)净利润：尽管受到汇率及利率变动的不利影 响，较截至2024年12月31日止年度增长超过38%。 ...

Economic Growth and Industrial Structure - During the "14th Five-Year Plan" period, Yunfu's economic growth has significantly accelerated, with the GDP surpassing three hundred billion levels, and per capita GDP rising from 18th to 16th in the province from 2021 to 2024 [4] - The city has added approximately 30% to its economic volume, 30% more industrial enterprises, 50% increase in industrial output value, 70% increase in business entities, and 80% increase in total electricity consumption [4] - The industrial structure is continuously optimizing, focusing on the real economy and manufacturing, with three major trillion-yuan industrial clusters being developed: metal manufacturing, green building materials, and modern agriculture [4] Industrial Upgrading and Innovation - Yunfu is promoting high-end, intelligent, and green transformation of industries, with significant developments in metal manufacturing, green building materials, and emerging strategic industries such as biomedicine and electronic information [7] - Over 60% of industrial enterprises have completed digital transformation, showcasing projects like the first fully automated production line for stainless steel products [7] - The city has established a green manufacturing system, creating several national and provincial-level green factories, maintaining high levels of industrial water reuse and solid waste utilization [7] Open Economy and Infrastructure Development - Yunfu is enhancing its high-level openness by implementing strategies to connect with the Greater Bay Area and RCEP, with major transportation projects completed [8] - The city has signed 177 new projects with a total investment of nearly 50 billion, actively attracting industries from the Pearl River Delta [8] - The establishment of a cross-border e-commerce clearance center marks a breakthrough in cross-border e-commerce [8] Urban-Rural Coordination and Ecological Development - The city is advancing urban-rural coordination through the "Hundred Million Project," achieving full coverage of provincial industrial parks in counties [9] - The forest coverage rate has increased to 68.78%, and the water quality of the Xijiang River remains excellent, reflecting the city's commitment to ecological development [9] - Yunfu has made significant progress in converting ecological resources into economic value, including innovative green finance initiatives [9] Social Welfare and Quality of Life - During the "14th Five-Year Plan," Yunfu's social welfare spending exceeded 100 billion, accounting for over 70% of fiscal expenditure [10] - The city has introduced quality educational resources, expanded healthcare coverage, and created 95,000 new urban jobs, with per capita disposable income growing at an annual rate of 6.48% [10] - These efforts have contributed to Yunfu being recognized as one of the "most livable cities," reflecting a people-centered development approach [10]

截至招股说明书签署日，舒晓正直接持有公司27.84%的股份，并通过常州新跃、常州新栎控制公 司4.51%股份对应的表决权，合计控制公司32.36%股份对应的表决权，为百瑞吉的第一大股东和控股股 东、实际控制人。 (责任编辑：田云绯) 中国经济网北京1月14日讯 据北交所网站消息，北京证券交易所上市委员会定于2026年1月21日上 午9时召开2026年第6次审议会议，审议的发行人为常州百瑞吉生物医药股份有限公司（以下简称"百瑞 吉"）。 百瑞吉本次发行的保荐机构为中国国际金融股份有限公司，保荐代表人为马平恺、朱强。 百瑞吉本次拟在北交所上市，拟募集资金35,000.00万元，分别用于可吸收可降解生物医用材料产业 基地建设项目、可吸收可降解生物医用材料研发中心建设项目。 ...

虹桥商务区具备大交通、大会展、大商务、大科创四大功能，以及区位、政策、国际资源、人才四大独 特优势。 作为"十五五"规划的开局之年，融中第十五届中国资本年会暨大虹桥科创投资大会应势启幕。2026年1 月13日的大会上，上海虹桥国际中央商务区管委会党组书记、常务副主任孔福安发表了致辞。 孔福安介绍，虹桥商务区是服务企业"走出去"先行区与长三角企业"走出去"服务第一站，正着力构筑出 海企业总部高地、海外综合服务高地和出海制度创新高地。 孔福安表示，虹桥是长三角经济地理中心，1—2小时可覆盖长三角主要城市，依托长三角世界第三大经 济体的体量优势，新兴产业领域产业链完整。作为上海"两翼齐飞"的西翼和双向开放枢纽门户，既是国 内大循环中心节点，也是国内国际双循环战略链接，依托中国国际进口博览会等重大战略功能，助力其 向世界分享中国市场。 虹桥商务区具备大交通、大会展、大商务、大科创四大功能，以及区位、政策、国际资源、人才四大独 特优势。孔福安进一步介绍，虹桥重点发展总部、服务、会展、贸易四大经济，产业布局紧扣绿色低碳 转型、数字化转型、消费转型三大方向，时尚新消费、低碳新能源、数字新经济、生命新科技、汽车新 势力等领域 ...

缘起黄浦：平台聚力，共筑合作生态圈 专家论道：多维解读赴港上市核心要点 核心分享环节，三位行业专家分别从政策、法律与企业实践角度，提供了实用的赴港上市指南，帮助科技企业厘清思路、应对挑战。 科技企业出海上市，是链接全球资本、拓展国际市场的关键步伐。香港作为联通内地与世界的"超级联系人"，正日益成为科技企业汇聚的核心资本高地。 日前，由麻省理工学院上海校友会与港大上海校友会联合主办，黄浦海外联谊会鼎力支持的"科技与资本沙龙"在外滩FTC举行，汇聚沪港澳高校校友及政 策、法律、投资等多领域专家，通过主题分享、圆桌对话等形式，为企业打通政策解读、实务指导与资源对接的"最后一公里"，共探科技与资本融合的新 机遇。 本次沙龙聚焦"企业赴港上市"，从政策环境、科技企业实践、上市与出海战略等多个维度，帮助企业主系统理解香港市场的最新变化与关键机遇。 上海黄浦港澳联会会长叶向德在致辞中介绍了黄浦的区位优势，希望继续凝聚彼此的力量，把握当下的契机，共同书写沪港澳合作共赢的崭新篇章，为黄 浦增添更加璀璨的国际化光彩。 沙龙现场，麻省理工学院上海校友会会长高源表示，希望通过活动为校友企业搭建对接全球资本的桥梁；港大上海校友会副会长 ...

Group 1 - The event "Investment Qilu, Win the Future" focused on high-quality development and capital matching, attracting 7 national funds, 5 major AICs, and 117 domestic private equity investment institutions and financial representatives, totaling 380 participants [1] - A total of 150 quality investment projects from Shandong Province were promoted, covering strategic emerging industries such as artificial intelligence, high-end equipment manufacturing, new energy materials, and biomedicine, showcasing Shandong's solid foundation and broad space for industrial transformation and upgrading [1] - The event resulted in 37 funds and 13 key projects successfully landing in Shandong, with a total signed scale of 34.7 billion yuan, injecting strong capital momentum into the transformation of old and new kinetic energy and enhancing industrial quality and efficiency [1] Group 2 - Shandong's Vice Governor Zhang Haibo invited entrepreneurs and investors to deeply participate in Shandong's development, emphasizing the importance of focusing on industrial upgrades and technological innovation [2] - The Shandong Development and Reform Commission highlighted the event as a significant window to showcase the province's solid industrial foundation, huge investment potential, and favorable business environment, committing to a full-chain tracking service mechanism for signed funds and projects [2] - The recently introduced "Action Plan for Promoting High-Quality Development of Venture Capital in Shandong Province" aims for an annual growth of over 10% in venture capital investment by the end of 2027, with a management scale exceeding 400 billion yuan [3]