Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index decreased by 1.00% as of January 14, 2026, with Tianzhihang leading the gain at 18.97% and Rongchang Biopharmaceuticals experiencing the largest drop at 9.83% [1] - Eight departments jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'," emphasizing the promotion of intelligent equipment iteration and supporting AI applications in high-end medical equipment and telemedicine [1] - Nvidia and Eli Lilly announced the establishment of an AI joint laboratory, planning to invest up to $1 billion over the next five years to accelerate drug development, indicating increased investment from leading overseas companies in domestic related fields [1] Group 2 - CITIC Securities reported that the medical AI sector is expected to accelerate the restructuring of the trillion-yuan pharmaceutical market, with a fundamental change in the payment logic for AI medical services anticipated in 2026 [2] - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 48.85% as of December 31, 2025, including companies like United Imaging Healthcare and BeiGene [2] Group 3 - The Jiashi Sci-Tech Medical ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, providing an opportunity for investors to easily access the biopharmaceutical sector [3]

Market Overview - The Hang Seng Index closed at 26,848, down 0.90% for the day, but up 4.75% year-to-date[3] - The S&P 500 Index closed at 6,964, down 0.19% for the day, with a year-to-date increase of 1.73%[3] - The Nikkei 225 Index rose by 3.10%, closing above 53,000 points for the first time, driven by expectations of domestic policy changes and fiscal stimulus[12] Sector Performance - Defensive sectors like pharmaceuticals, gold, and oil showed strong performance, with gold prices surpassing $4,630 per ounce, marking a historical high[9] - The biopharmaceutical sector saw significant gains, with WuXi AppTec's revenue expected to reach 45.456 billion yuan, a year-on-year increase of 15.84%[9] - Automotive stocks also rose, with companies like Li Auto and Great Wall Motors increasing by over 2% due to positive developments in EU electric vehicle export negotiations[9] Geopolitical and Economic Factors - Concerns over geopolitical risks have led to increased demand for safe-haven assets, contributing to the rise in gold and oil stocks[9] - The U.S. December Consumer Price Index (CPI) showed a year-on-year increase of 2.7%, aligning with market expectations and reinforcing predictions of potential interest rate cuts by the Federal Reserve in 2026[10][15] - The U.S. budget deficit for 2025 is projected to narrow to approximately $1.7 trillion, the smallest in three years, due to increased tariff revenues[15]

新华财经上海1月14日电（记者杜康）在全球化与科技革命的双轮驱动下，生命健康领域进入"深度融 合、快速发展"的新阶段，人工智能、脑机接口等前沿技术与转化医学的深度融合，正不断拓宽创新药 物与疗法的转化路径。 近日，第五届光华论坛在复旦大学举办，论坛由复旦大学、复旦大学校友总会、澳门科技大学基金会指 导，复旦大学校友总会光华生命健康分会与澳门转化医学中心联合举办。论坛以"前沿引领、跨界融 合、转化赋能"为主题，聚焦前沿热点搭建思想交流与资源对接的高端平台。 科研创新需"顶天立地" 跨界融合大有可为 搭建高端平台复旦大学助推沪澳联动发展 科研创新的落地离不开高质量的平台支撑与跨区域的资源联动。记者在论坛上获悉，成立四年来，复旦 大学校友总会光华生命健康分会已成为链接学术界、产业界与投资界的重要枢纽。 中国科学院院士、复旦大学校友总会光华生命健康分会理事长陈凯先回顾了分会的发展历程。他表示， 自2022年1月8日成立至今，经过四年多的努力，分会目前已拥有14家理事单位，联络了海内外6000余位 校友，形成了一张遍布全国、连接海内外的泛生命健康领域校友网络，逐步构建起具有较强凝聚力和一 定影响力的生命健康领域的校友生 ...

Core Insights - The early-stage capital ecosystem in Chengdu High-tech Zone has exceeded 23 billion yuan, supporting over 340 early-stage projects, marking it as the most complete and active early-stage capital "jungle" in Central and Western China [1] - Chengdu High-tech Zone has adopted a "patient capital" approach, focusing on "early, small, and hard technology" investments to address the common pain points in early-stage tech investment [1] - The establishment of a comprehensive investment service system covering the entire lifecycle of enterprises, from funding to mergers and acquisitions, is a key strategy for fostering innovation [2] Investment Ecosystem - The seed fund in Chengdu High-tech Zone has invested in 42 projects with nearly 10 million yuan in 2025 alone, highlighting its role in nurturing early-stage tech enterprises [2] - The angel mother fund has expanded its management scale to 20.8 billion yuan, with over 1.2 billion yuan in actual contributions, facilitating efficient capital and project matching [6] - The "2+3" pilot fund system for mid-term testing has been established, combining patient capital with specialized mid-term platforms to enhance the commercialization of scientific achievements [11] Success Stories - The investment from the seed fund has alleviated financial pressures for companies like Yuanli Semiconductor, enabling them to focus on technological breakthroughs [3] - Chengdu High-tech Zone's angel fund has supported companies like Xingweixun in their A+ round of investment, reinforcing their market position in satellite communication [6][7] - The successful cases of Yuanli Semiconductor, Xingweixun, and Ruixinxing demonstrate the effectiveness of the early-stage investment ecosystem in fostering innovation and growth [13] Recognition and Future Outlook - Chengdu High-tech Zone's policies have been recognized nationally, with the angel mother fund receiving multiple awards for its contributions to early-stage investment [14] - The commitment to "early, small, long-term, and hard technology" investments is expected to continue, aiming to attract global innovation resources and contribute to the establishment of a world-leading technology park [14]

（来源：国信证券北京分公司） 编 者 授 近年来,指数体系快速完善,市 场认可度不断提高,指数化投资趋势 加速形成。上交所投教联合中国基金 报、中证指数公司共同推出"一图看 懂指数化投资"系列投教栏目,为广 大投资者带来全面、专业的解读,直 击指数化投资关键要义。 发布背景 随着科创板市场规模的快速扩 大和产业结构的日益完善,投资者迫 切需要一条能够全面、均衡表征科创 板整体运行情况的综合型指数,上证 科创板综合指数(简称科创综指)应 运而生。 科创综指由上海证券交易所与 中证指数有限公司于 2025 年 1 月 20 日发布。该指数的推出,标志着科 创板指数体系建设迈入新阶段,为投 资者提供了首个全面观测和投资科 创板整体走势的权威"全景图 de Property x 8 直 . . . ● . 指数 定位 科创综指定位于覆盖科创板全 市场的综合指数。它纳入了科创板所 有上市时间满一年的非 ST、*ST 证 券,实现对科创板上市公司证券近乎 全域覆盖。目前科创综指样本数量达 576只,市值覆盖度超过90%,总 市值平均数为 163 亿元，与聚焦大 盘龙头股的科创 50 指数形成有效 互补。 总市值平均数 样 ...

Group 1 - The pharmaceutical and biotechnology industry is entering an Innovation 3.0 era, with China leading in innovative drug development across new targets, technologies, and diseases, particularly in ADC, bispecific antibodies, and small nucleic acids [1] - Recent positive clinical data for small nucleic acid drugs, including Arrowhead's ARO-INHBE and ARO-ALK7 early PoC data, has boosted market confidence in their use for weight maintenance, while Reborna's core pipeline FXI siRNA shows promising prospects for thrombotic diseases [1] - The domestic CRO sector is experiencing a clear turning point in demand, with orders increasing in both volume and price since 2025, benefiting from the overseas expansion of innovative drugs and a stabilization in financing, leading to accelerated new orders for multiple CROs [1] Group 2 - The AI+pharmaceutical sector is exploring new business models, with OpenAI launching the ChatGPT Health module, and domestic AI drug companies forming strategic partnerships with global pharmaceutical firms [1] - Significant advancements in brain-computer interface technology have been announced, with Neuralink set to begin mass production in 2026, supported by domestic policies that promote brain-computer interfaces as a new economic growth point [1] - The innovative drug industry chain continues to show upward momentum, with a focus on high-growth CDMO and recovering domestic CROs within the CXO sector [1] Group 3 - The medical device industry still holds potential on the demand side, with supply-side upgrades occurring, and under normalized centralized procurement, domestic manufacturers have room to exchange price for volume [1]

Group 1 - The commercial aerospace sector is experiencing a surge due to frequent launches, with the successful launch of the Long March 8 rocket on January 13, which deployed 18 low-orbit satellite internet satellites [1] - AI applications are gaining traction, with companies like Zhipu and MiniMax listing on the Hong Kong Stock Exchange, potentially enhancing the industry's commercial value [1] - The domestic large model industry in China is entering a systematic layout and ecological construction phase, with expectations to transition from "catching up" to "leading" in certain fields by around 2026 [1] Group 2 - The Science and Technology Innovation Board 100 Index (000698) has seen significant gains, with notable increases in stocks such as Zhongke Xingtou (up 14.87%) and Hehe Information (up 12.71%) [1] - The top three sectors in the Science and Technology Innovation Board 100 Index are electronics (37.42%), power equipment (14.02%), and biomedicine (13.79%) [2] - The top ten weighted stocks in the Science and Technology Innovation Board 100 Index account for 26.21% of the index, including companies like Huahong Semiconductor and East China Semiconductor [2]

1月8日，人工智能赋能新型工业化齐鲁行启动仪式暨"人工智能+装备、医药"(济南站)专场活动在浪潮科技园举办，浪潮云面向山东正式推出人工智能产 业"大礼包"：基于人工智能工厂，招募化工、医药、交通等10个行业龙头企业，在异构算力、多源数据、专业模型、技术团队等方面提供资源支持，依托 完善的运行机制，共建"人工智能+"产业落地示范。 2025年，是人工智能规模化应用元年，也是山东人工智能产业勇立潮头、成果丰硕的一年。山东省委、省政府将人工智能产业链纳入全省19条标志性产业 链，推动人工智能产业实现创新突破、跨越发展。 (浪潮人工智能工厂) 山东工业门类齐全、市场规模庞大、应用场景丰富，加快实施"人工智能+"行动，推进人工智能在垂直领域应用，既是山东省发展人工智能的最大优势， 也是最大潜力所在。 面对众多的垂直领域和应用场景，更呼唤集约算力、算法、数据、工具、人才、安全等的人工智能基础设施，将人工智能从概念创新向工程化和产业化落 地，将技术势能转化为产业动能，以产业为核心打响产业阵地战，向更广更深发展，打造具有国际竞争力的人工智能产业。为此，浪潮建设了由通用算力 中心、模型工厂、智能体工厂和训练场在内的国内首个实体 ...

图为活动现场 光谷商学院揭牌仪式暨首期"卓越班"开班典礼13日在武汉东湖高新区(又称"中国光谷") 举行。该学院由武汉光谷人才集团实体化运营，未来3年计划培育超500名科技企业家与创业 者，推动不少于50家企业年营收突破亿元，并助力光谷瞪羚企业新增500家。 光谷商学院院长、华工科技产业股份有限公司董事长马新强表示，当前，许多科技创业 者能够攻克尖端技术，却往往在将成果转化为市场胜势时面临挑战，其核心在于从"技术逻 辑"到"商业逻辑"的认知跨越。中国光谷正加快迈向"世界光谷"，越来越多的光谷企业出海 全球，企业格局、资源整合、区域布局等都需要快速提升。他表示，学院的核心使命是成为 一个"赋能引擎"，通过精准实战的课程、无缝链接的产业生态以及价值共生的企业家社群， 系统培育具有全球格局的科技企业家。 图为活动现场 首期"卓越班"学员均来自省级以上专精特新企业、光谷瞪羚企业或已获知名投资机构注 资的企业，营收规模在1亿元至5亿元之间，处于规模化突破的关键阶段。课程由光谷商学院 与中欧国际工商学院等顶级学术伙伴共同设计，聚焦成长期企业的真实痛点，涵盖商业模式 创新、数字化经营、国际化战略等实战模块。师资阵容包括知名 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Junshi Biosciences, indicating a significant level of financing activity and a high balance in margin trading [1][2] - On January 13, Junshi Biosciences saw a stock price increase of 1.71% with a trading volume of 635 million yuan, and the net financing purchase was 4.0162 million yuan [1] - As of January 13, the total margin trading balance for Junshi Biosciences reached 1.365 billion yuan, with a financing balance of 1.349 billion yuan, accounting for 4.47% of the circulating market value [1] Group 2 - Junshi Biosciences, established on December 27, 2012, focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with 90.67% of its revenue coming from drug sales [2] - For the period from January to September 2025, Junshi Biosciences reported a revenue of 1.806 billion yuan, reflecting a year-on-year growth of 42.06%, while the net profit attributable to shareholders was -596 million yuan, a 35.72% increase year-on-year [2] - As of September 30, 2025, the number of shareholders for Junshi Biosciences increased by 15.17% to 35,900, while the average circulating shares per person decreased by 12.96% to 21,361 shares [2]