转自：成都日报锦观 市人大代表李晓琳： 打造"成都医药中试"金字招牌 全面提升创新生态能级和竞争力 1月30日，市十八届人大四次会议期间，市人大代表、成都通德药业有限公司总经理李晓琳针对"生物医 药中试平台建设"带来建议。她建议，成都不仅要支持建设中试平台，更要对已建成的优秀平台进行重 点培育、品牌赋能与宣传推广，打造在全国乃至全球具有影响力的"成都医药中试"金字招牌，全面提升 成都医药创新生态的能级和竞争力。 她提出以下建议：一是建立标杆中试平台遴选与动态评价机制。由市级主管部门联合，制定成都市医药 领域标杆中试平台认定与管理办法。定期开展标杆平台认定工作，对认定的"成都市医药标杆中试平 台"予以正式授牌。 二是通过政策支持、实施品牌宣传补贴、纳入城市产业宣传体系等办法，加大对标杆平台的专项支持与 品牌推广力度。 三是鼓励标杆平台面向全市、全国乃至全球创新团队开放服务，推动标杆平台经验标准化输出，支持其 牵头或参与制定中试服务相关的地方、行业甚至国家标准，将"成都经验"固化为"行业范式"。成都日报 锦观新闻记者 李娟 ...

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the full circulation of H-shares, allowing for the conversion of unlisted shares into H-shares [1] Group 1 - The company has completed the filing for the conversion of a total of 142 million unlisted shares held by 28 shareholders into H-shares [1] - The filing notice is valid for 12 months starting from January 13, 2026 [1] - The company will apply to the Hong Kong Stock Exchange for the approval of the listing and trading of the relevant H-shares [1]

Group 1: Fund Selection Results - The Shanghai leading industry mother fund has announced the selection results for the third batch of sub-funds, with 17 sub-funds selected and a total proposed investment amount of 4.71 billion RMB, resulting in a total fund scale of 22.89 billion RMB and a multiple of 4.86 times [1] - In the integrated circuit sector, 4 sub-funds were selected with a total proposed investment of 1.4 billion RMB and a multiple of 5 times. Key players include Chip Alliance Capital and Stone Creek Capital, with a focus on mergers and acquisitions [1] - The biopharmaceutical sector saw 7 sub-funds selected with a total proposed investment of 1.74 billion RMB and a multiple of 3.9 times, featuring funds from DeFu Capital and Ben Cao Capital, targeting gene therapy and synthetic biology [2] - The artificial intelligence sector had 6 sub-funds selected with a total proposed investment of approximately 1.57 billion RMB and an overall multiple of about 5.8 times, focusing on embodied intelligence and AI applications [2] Group 2: Investment Projects - The 4 selected integrated circuit sub-funds provided 41 investment projects in Shanghai, with a total proposed investment exceeding 3 billion RMB, covering areas such as storage, AI chips, and advanced packaging [1] - The 7 selected biopharmaceutical sub-funds offered nearly 30 investment projects in Shanghai, with a total proposed investment exceeding 1 billion RMB, including projects in gene cell therapy and brain-machine interfaces [2] - The 6 selected AI sub-funds provided 44 investment projects in Shanghai, covering key areas like foundational models, robotics, and AI applications, along with 40 projects for attracting businesses [2] Group 3: Corporate Actions - China Oil Capital announced plans to acquire 100% of Yingda Futures for 1.129 billion RMB, with the transaction approved by the State-owned Assets Supervision and Administration Commission [3] - Yingda Futures, established in 1996, has a registered capital of 658 million RMB and operates a nationwide marketing service network [3] - Bank of China Securities has established an artificial intelligence industry investment fund focusing on the AI sector, including hardware, software, and core application technologies [4]

Investment Rating - The report maintains a neutral rating for the biopharmaceutical industry, specifically focusing on the ADC (Antibody-Drug Conjugate) sector [1]. Core Insights - The global ADC market is experiencing rapid growth, with the total market size reaching approximately $10.4 billion in 2023 and projected to grow to $66.2 billion by 2030, reflecting a compound annual growth rate (CAGR) of over 30% [11]. - Domestic Chinese companies are catching up in ADC drug development, with the number of research pipelines expected to surpass that of the United States by 2024, positioning China as the leader in ADC research pipelines [11][16]. - Several domestic companies are optimizing ADC drugs by leveraging existing technologies and platforms developed by international firms, leading to the development of more effective and stable ADC products [7][9]. - Key targets for ADC drugs include HER2, TROP2, EGFR, and HER3, with multiple domestic companies showing promising clinical data for their pipelines in these areas [7][9]. Summary by Sections Section 1: Introduction to ADC Drugs - ADCs are a class of targeted cancer therapies that combine monoclonal antibodies with cytotoxic drugs, allowing for precise delivery of treatment to cancer cells while minimizing damage to normal cells [19]. Section 2: Domestic and International ADC Platforms - The report highlights the advancements made by domestic companies in establishing ADC platforms, with firms like Hengrui Medicine and Kolon Biotech leading the way in developing innovative ADC technologies [70][62]. Section 3: Popular Targets and Key Pipelines for ADC Drugs - Notable companies such as Hengrui Medicine and Kolon Biotech have developed ADCs targeting HER2 and TROP2, showing strong clinical efficacy in treating breast and lung cancers [7][9]. Section 4: Business Development (BD) Situations for Domestic ADC Drugs - The report notes an increasing trend of domestic ADC drugs being sought after by international firms, with the number of BD transactions for ADCs accounting for 12%-13% of total drug transactions from 2022 to 2024 [9]. Section 5: Related Companies and Investment Opportunities - The report suggests focusing on companies with established ADC platforms and promising product pipelines, including Hengrui Medicine, Kolon Biotech, BaiLi Tianheng, and China National Pharmaceutical Group [9].

Company News - Great Wall Motors (02333.HK) expects a total revenue of RMB 222.79 billion in 2025, representing a year-on-year increase of 10.19%. However, net profit is projected to decline by 21.71% to RMB 9.912 billion due to increased investments in new user channels and marketing for new models and technologies [2] - China Southern Airlines (01055.HK) anticipates turning a profit in 2025, with net profit expected to be between RMB 800 million and RMB 1 billion [2] - CICC (03908.HK) forecasts a net profit of RMB 8.542 billion to RMB 10.535 billion in 2025, reflecting a year-on-year increase of 50% to 85% [3] - Datang Power (00991.HK) projects a net profit of approximately RMB 6.8 billion to RMB 7.8 billion in 2025, indicating a year-on-year increase of about 51% to 73% [4] - Rongchang Bio (09995.HK) expects 2025 revenue of approximately RMB 3.25 billion, a year-on-year increase of about 89%, and a net profit of around RMB 716 million, achieving profitability [4] - Haijia Medical (06078.HK) anticipates revenue of approximately RMB 4.0 billion to RMB 4.05 billion in 2025, a year-on-year decrease of about 9% to 10%, with net profit expected to decline by 66% to 76% to around RMB 140 million to RMB 200 million [4] - Junshi Biosciences (01877.HK) expects 2025 revenue of around RMB 2.5 billion, a year-on-year increase of approximately 28.32%, with a net loss of about RMB 873 million, a reduction of 31.85% compared to the previous year [4] - Kaisa New Energy (01108.HK) issued a profit warning, expecting a year-on-year increase in net loss of approximately RMB 90.07 million to RMB 290 million [4] - Xingye Alloy (00505.HK) issued a profit warning, anticipating a year-on-year decrease in profit attributable to equity shareholders of about 50% [4] - Fudan Zhangjiang (01349.HK) issued a profit warning, expecting a net loss of approximately RMB 120 million to RMB 180 million in 2025 [4] - Chenming Paper (01812.HK) issued a profit warning, expecting a net loss of RMB 8.2 billion to RMB 8.8 billion, a significant increase compared to the previous year [5] - Tianqi Lithium (09696.HK) has commenced production of the first batch of standard chemical-grade lithium concentrate products from its third-phase expansion project [6] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased approximately 4.2 million shares for about HKD 150 million, with repurchase prices ranging from HKD 35.13 to HKD 42.50 [10] - Vitasoy International (00345.HK) repurchased shares worth HKD 24.37 million, acquiring 3.492 million shares at prices between HKD 6.9 and HKD 7 [11] - Yujian Xiaomian (02408.HK) plans to repurchase up to HKD 100 million of H-shares [12] - Nanshan Aluminum International (02610.HK) completed a placement of 31 million shares, raising approximately HKD 1.987 billion [12]

| 企业名称 | 申报类型 | 申报主体 | 拟上市证券交易 | 中介机构 | | | --- | --- | --- | --- | --- | --- | | | | | 所 | 保荐人/主承销商 | 境内律师 | | 广州新济医药股份有限公司 | 直接境外上市 | / | 香港联交所 | 国泰君安融资有限公司 | 广东信达律师 | | 浙江翼菲智能科技股份有限公司 | 直接境外上市 | 1 | 香港联交所 | 农银国际融资有限公司 | 北京国枫律师 | | 广东导远科技股份有限公司 | 直接境外上市 | 1 | 香港联交所 | 中国国际金融香港证券有限公司 | 上海市方达律师 | | | | | | 中信建投(国际)融资有限公司 | | | 无锡车联天下智能科技股份有限公 | 直接境外上市 | 1 | 香港联交所 | 海通国际资本有限公司 | 北京市通商律师 | | ロ | | | | 中国国际金融香港证券有限公司 | | | LXJ International Holdings | | 安徽老乡 | | 中国国际金融香港证券有限公司 | | | Limited | 间接境外上市 | 鸡餐饮有 | 香港 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a report on the status of domestic companies' overseas securities issuance and listing applications, indicating several companies are preparing for initial public offerings (IPOs) in Hong Kong as of January 30, 2026 [1]. Group 1: Companies Preparing for IPOs - Guangzhou New Ji Pharmaceutical Co., Ltd. is applying for a direct overseas listing on the Hong Kong Stock Exchange, with Guotai Junan Securities as the sponsor [3]. - Zhejiang Yifei Intelligent Technology Co., Ltd. is also seeking a direct overseas listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sponsor [3]. - Guangdong Daoyuan Technology Co., Ltd. plans a direct overseas listing on the Hong Kong Stock Exchange, with China International Capital Corporation and CITIC Securities (International) as sponsors [3]. - Wuxi Cheliantianxia Intelligent Technology Co., Ltd. is preparing for a direct overseas listing on the Hong Kong Stock Exchange, with Haitong International Capital as the sponsor [3]. - Beijing Weimai Medical Technology Co., Ltd. is applying for a direct overseas listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sponsor [3]. - Shenzhen Jingwang Electronics Co., Ltd. is also seeking a direct overseas listing on the Hong Kong Stock Exchange, with Guolian Securities International Limited as the sponsor [3]. - Shanghai Junsai Biotechnology Co., Ltd. is preparing for a direct overseas listing on the Hong Kong Stock Exchange, with CITIC Securities (Hong Kong) as the sponsor [3]. - Mainline Technology (Beijing) Co., Ltd. is applying for a direct overseas listing on the Hong Kong Stock Exchange, with Guotai Junan Securities as the sponsor [3]. Group 2: Companies with Other Listing Status - Laoxiangji (indirect overseas listing) is in the application process for a Hong Kong IPO, currently in the opinion solicitation stage [1]. - Chipmai Semiconductor Technology (Hangzhou) Co., Ltd. is in the process of submitting supplementary materials for its Hong Kong IPO application [1].

Core Insights - Dongyangguang Group's collaboration with Qingyun Technology on the "R&D Intelligent Manufacturing New Foundation" project has been recognized as a typical practice in the digital transformation of the biopharmaceutical industry [1][3] - The project addresses key challenges in AI research and development, such as dispersed computing resources, complex research environments, and high operational pressure, by establishing a unified computing resource scheduling and management system [1] - The AI computing platform developed allows for a full-process closed loop from user management to algorithm development and model deployment, significantly enhancing resource utilization through GPU resource sharing mechanisms [1] Project Implementation and Results - The project has led to a significant reduction in the drug molecule design cycle from 18 months to 12 months, improving efficiency by 33% [3] - Simulation time for high-performance composite materials has decreased by 40%, and cross-base collaboration efficiency has improved by 60%, with ineffective waiting time for researchers reduced by 87.5% [3] - Annual experimental costs have been reduced by 400 million yuan, and operational management costs have decreased by over 30% [3] Implications for the Industry - This case exemplifies the practical value of "Intelligent Computing + AI" in pharmaceutical research and provides a replicable path for digital transformation in traditional manufacturing enterprises [3] - It highlights the core driving role of new productive forces in achieving high-quality development [3]

Group 1 - The core focus of Tianjin is to leverage its rich scientific and educational resources to promote the integration of technological innovation and industrial innovation, accelerating the transition of innovative results from laboratories to production lines [1] - In the Tianjin High Education Science and Technology Innovation Park, Nankai University and Tianjin University have introduced 30 projects ready for transformation, collaborating with leading industry enterprises [3] - During the "14th Five-Year Plan" period, Tianjin established 49 innovation alliances, with the number of national high-tech enterprises and national technology-based small and medium-sized enterprises exceeding 12,000, and 8 industries reaching a scale of over 100 billion [5] Group 2 - In the "15th Five-Year Plan" period, Tianjin aims to jointly build the "Beijing (Jing-Jin-Ji) International Science and Technology Innovation Center," focusing on industries such as biomanufacturing, brain-computer interfaces, and embodied intelligence [7] - The city plans to establish a regular mechanism for screening major original achievements and enhance measures for the transformation of scientific and technological results, increasing the construction of platforms for industry-academia-research collaboration and innovation alliances [7]

Core Insights - The report highlights the achievements of the "Gazelle Enterprises" in the Optics Valley, with 505 new recognitions, an average R&D intensity of 25.8%, and a workforce comprising 45.2% R&D personnel [1][3] - Gazelle Enterprises are defined as small to medium-sized tech companies that have successfully crossed the "valley of death" and entered a high-growth phase, serving as indicators of regional economic vitality and innovation capability [1] Group 1: R&D and Innovation - The average R&D investment for Gazelle Enterprises in the Optics Valley is nearly 10 million yuan, reflecting a year-on-year increase of 15% and a compound growth rate of 27.2% over the past two years [3] - The R&D intensity of these enterprises is three times higher than the provincial average in Hubei, indicating a strong focus on innovation [3] - In the past year, 2,714 new authorized invention patents were granted, bringing the total to 13,500 across all Gazelle Enterprises [3] Group 2: Market and Financing Trends - The capital market has shown signs of recovery, with 166 Gazelle Enterprises securing equity investments totaling over 12 billion yuan since the beginning of 2023, marking a 50% increase in the number of companies receiving such investments compared to the previous year [4] - Among the 68 Gazelle Enterprises that received investments from January to October 2025, nearly 70% were covered by state-owned capital, particularly benefiting early-stage companies [4] Group 3: Financial Performance - The 505 Gazelle Enterprises achieved a total revenue of 17.71 billion yuan, representing a year-on-year growth of 34.4%, which is 25 percentage points higher than the national average for specialized and innovative "little giant" enterprises [5] - The total profit for these enterprises reached 1.87 billion yuan, with a profit margin of 13.9%, nearly double the profit margin of similar-sized industrial enterprises nationwide [5]