■毛艺融 中东资本投资中国的热情愈发高涨。1月5日，阿布扎比投资局旗下全资子公司正式以领投方身份，完成 了对鼎晖投资管理有限公司第五期美元基金（CDHFundV）的接续基金注资。另外，精锋医疗科技股份 有限公司、MiniMax正式登陆港股，两家公司基石投资阵容里均出现了阿布扎比投资局的身影。 近年来，中东资本青睐中国科技企业，在笔者看来，这基于中东国家经济转型的战略需求、全球资本再 平衡背景下中国资产的独特吸引力，以及中国企业与中东资本的"双向奔赴"。 其一，中东国家转型诉求强烈，将科技等产业视为"新的石油"。 从传统能源到新能源，从一级市场到二级市场，从大型基建项目到初创科技企业，中东资本的投资触角 正加速延伸，折射出其对中国优质资产愈发浓厚的兴趣。 这一转变的底层逻辑，是中东国家的转型焦虑。沙特"2030愿景"、阿联酋的全球投资战略，为中东资 本"出海"投资提供了明确的政策支撑，也勾勒出了其欲摆脱石油经济依赖的发展路径。 通过投资，中东资本有力推动了本土石油产业升级。例如，2025年9月份，科威特石化工业公司斥资 6.38亿美元拿下万华化学集团股份有限公司旗下烟台万华石化有限公司25%的股权。同月，中国石 ...

Core Viewpoint - Global capital is increasingly enthusiastic about allocating to Chinese assets, driven by a combination of fundamental stability, valuation advantages, and ongoing policy benefits [1] Group 1: Foreign Investment Actions - Foreign capital, represented by firms like JPMorgan and BlackRock, has actively increased holdings in Chinese assets since the beginning of 2026, with JPMorgan investing over 1 billion HKD in various sectors including renewable energy and biomedicine [2] - The Invesco China Technology ETF has seen significant inflows, growing from 2.818 billion USD at the end of last year to 3 billion USD by January 8, 2026, reflecting strong interest in technology-related investments [2] Group 2: Sector Focus and Market Dynamics - Foreign capital is particularly attracted to advanced industries such as biomedicine and renewable energy, which are seen as competitive sectors for investment [3] - The bond market is also becoming a new focus for foreign investment, with the issuance of panda bonds by international firms like Henkel and Barclays, indicating recognition of RMB-denominated assets [3] Group 3: Institutional Outlook - Major financial institutions like Goldman Sachs and Morgan Stanley have raised their economic growth forecasts for China, with Goldman Sachs predicting a 4.8% GDP growth for 2026 and significant increases in major indices [4] - The recovery in corporate earnings is a key factor supporting the positive outlook for Chinese assets, with expected earnings growth of 14% and 12% for 2026 and 2027, respectively [4][5] Group 4: Valuation and Policy Support - The current valuation of the Hang Seng Index at approximately 8.2 times earnings is significantly lower than that of the S&P 500 and Nasdaq, suggesting substantial room for valuation recovery [5] - New policies aimed at encouraging foreign investment, including an expanded list of encouraged industries and improved access for foreign investors, are expected to enhance the attractiveness of Chinese markets [5]

（编辑 袁冠琳） 证券日报网讯 1月11日，川宁生物发布公告称，公司2026年第一次临时股东会审议通过《关于预计公司 2026年度日常关联交易情况的议案》《关于部分募投项目结项并将节余募集资金用于其他募投项目建设 的议案》。 ...

Core Viewpoint - Zhuhai Maidefa Biotechnology Co., Ltd. (referred to as "Maidefa") has successfully completed a Series B financing round, which is a recognition of its technological strength and market prospects, as well as an important step in accelerating its industrialization process [2][6]. Group 1: Financing Events - Maidefa completed its angel round financing in March 2021, followed by a Series A financing of tens of millions of RMB in May 2022, and a Series A+ financing of several tens of millions of RMB in December 2023 [5]. - The recent Series B financing was led by China Taiping Innovation and Guangzhou Pharmaceutical Capital, with specific amounts undisclosed [2][6]. Group 2: Company Positioning - Maidefa's name "MedPHA" combines "Medicine" and "PHA," indicating its unique positioning as an innovative enterprise in the "medicine + PHA" sector, rather than just a PHA materials company [7]. - The third-largest shareholder, Lijuzhiyuan Pharmaceutical Group Co., Ltd., has been involved with Maidefa since its inception, indicating a deep-rooted strategic partnership rather than a mere financial investment [10]. Group 3: Product Lines - Maidefa has three major product lines: industrial-grade PHA, medical-grade PHA, and beta-hydroxybutyrate (β-hydroxybutyric acid) health-active small molecules, forming a complete PHA value chain [15]. - The industrial-grade PHA includes PHB and P34HB, which are recognized by major companies like Walmart and Costco for applications in biodegradable packaging and utensils [18]. - The medical-grade PHA is a core differentiated product, with Maidefa being the first global supplier to receive regulatory approvals from the National Medical Products Administration and the FDA [19]. - The beta-hydroxybutyric acid product, branded as "Sainao Si," has been launched in Macau and the United States, targeting markets in brain health and anti-aging [20]. Group 4: Milestones - Maidefa achieved significant milestones in 2025, including medical certifications, capacity expansions, and the completion of Series B financing [23]. - The company expanded its industrial-grade PHA production capacity to over 2,000 tons with a new production line in Zhanjiang, which began operations in early 2025 [25]. - Maidefa became the first in China to obtain documentation for medical-grade PHA microspheres, which will serve clinical applications in absorbable medical devices [27]. - The company also received ISO13485:2016 certification for its medical device quality management system, marking a key qualification for entering the medical device market [27].

Market Performance - The Hong Kong stock market experienced volatility, with the Hang Seng Index closing down 0.41% or 106 points, ending at 26,231 points, and total trading volume reaching approximately 1.36 trillion HKD [1][5] Sector and Stock Movements - The technology sector saw most stocks decline, with the Hang Seng Tech Index dropping 0.86% to 5,687.14 points. Notable declines included Tencent down 1.93% to 611.0 HKD, Alibaba down 1.68% to 146.50 HKD, and Meituan down 5.83% to 98.50 HKD. However, Bilibili rose 11.87% to 223.40 HKD, and Trip.com increased by 2.32% to 596.50 HKD [3][4] - Gold prices surpassed 4,500 USD/ounce, attracting interest as a safe-haven asset, which positively impacted gold stocks such as Zijin Mining up 3.57% and Shandong Gold up 11.27% [3][4] Innovation and IPO Market - Reports indicate that China will enhance support for innovative drugs, leading to a rise in the biotech sector. Notable stock increases included Rongchang Biopharma up 28.51% and Jinfang Biopharma up 44.85% [4] - The IPO market in Hong Kong was active, with six new stocks listed, all recording gains on their debut. MiniMax saw a remarkable first-day increase of 109%, reaching a market value exceeding 100 billion HKD [4][7] Economic Indicators - China's December CPI data was released at 0.8%, the highest in nearly two years, while PPI showed a narrower decline, indicating positive price changes in some sectors [5] - The recent IPO activity and adjustments in Hong Kong Stock Connect are expected to attract additional southbound capital, creating a favorable trading environment [5][7]

Investment Rating - The investment rating for the company is "Buy" [11] Core Insights - The "second-generation IO+ADC" is expected to become the next trend in cancer treatment, attracting multiple multinational corporations (MNCs) such as Merck, BMS, BioNTech, AstraZeneca, and Pfizer. In this new global competition, the company has distinguished itself with strong innovation capabilities and a rapidly advancing pipeline, having formed a deep partnership with BioNTech, which has also established a strategic collaboration with BMS. This collaboration is expected to maximize the global value of the company's ADC pipeline [3][9]. Summary by Sections Company Overview - The company, established in 2019, focuses on the development of ADC drugs and has built four leading technology platforms: DITAC (Duality Immune Toxin Antibody Conjugate), DIBAC (Duality Innovative Bispecific Antibody Conjugate), DIMAC (Duality Immune Modulating Antibody Conjugate), and DUPAC (Duality Unique Payload Antibody Conjugate). It has developed a competitive ADC pipeline targeting various promising cancer antigens [6][26]. ADC Pipeline and Collaborations - The company has multiple ADC pipelines that have gained recognition and partnerships with well-known pharmaceutical companies. Notably, DB-1303 (HER2 ADC), DB-1311 (B7-H3 ADC), and DB-1305 (TROP2 ADC) have been licensed to BioNTech, while DB-1324 (CDH17 ADC) has been licensed to GlaxoSmithKline, and DB-1312 (B7-H4 ADC) has been licensed to BeiGene [6][29]. Specific Drug Insights - DB-1311 (B7-H3 ADC) shows significant potential across various cancers, with promising efficacy and safety profiles, particularly in prostate cancer, where it is positioned as a global best-in-class candidate. The drug is currently in advanced clinical stages [7][35]. - DB-1303 (HER2 ADC) is advancing in the U.S. and aims to differentiate itself in the uterine cancer market, with potential sales exceeding $5 billion by 2025. It is the only HER2 ADC in advanced clinical stages besides DS-8201 [8][9]. - The company has established a strong foothold in the ADC market, with a focus on global clinical trials and strategic collaborations, positioning itself as a potential international biopharma leader [6][29].

Core Viewpoint - WuXi Biologics (02269.HK) is set to participate in the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2024, where it will present updates on its business operations and financial performance [1] Group 1: Business Performance - The company reported a strong business and financial performance, with 209 new projects expected in 2025, bringing the total to 945 projects, including 74 in Phase III clinical trials and 25 CMO (Contract Manufacturing Organization) projects [1] - The research platform continues to show robust momentum, with record upfront and total payments in 2025, and new research contracts with potential milestone payments exceeding $4 billion [1] Group 2: Market Opportunities - Two-thirds of the new projects are focused on bispecific antibodies, multispecific antibodies, and ADCs (Antibody-Drug Conjugates), which are expected to drive innovation and open exciting market opportunities for the company [1] - The company completed 28 PPQ (Process Performance Qualification) projects in 2025, with 34 PPQ projects confirmed as of the announcement date in 2024, indicating a continuous increase in project activity [1] Group 3: Future Outlook - The company expresses confidence in maintaining growth momentum into 2026 and remains optimistic about its future prospects [1]

本报讯(记者马宇薇)1月8日，由吉林省基金业协会、长春市南关区人民政府联合主办的"跨域联动.共启 新篇"上市公司及投资机构交流活动在长春举行。来自长三角地区的20余家上市公司、投资机构及行业 组织代表，与吉林省本地相关政企代表围绕产业协同、资本对接、创新发展等核心议题深入交流，共商 合作，为区域发展注入新动能。 吉林省基金业协会相关负责人表示，此次活动是协会履行"服务、协调、自律、桥梁"职能的具体实践。 未来，协会将继续致力于构建常态化、机制化的资本对接平台，进一步发挥行业资源整合优势，推动更 多合作意向转化为落地项目，助力资本与产业深度融合，以更高效地对接服务、更广泛的资源联动，为 吉林经济高质量发展与东北全面振兴贡献力量。 本次活动通过"产业研讨+资本对接+文化体验"的多元融合形式，旨在搭建跨区域、高实效的产融合作 平台，全面展示吉林省及长春市在产业发展、政策环境与投资机遇等方面的整体优势，为深化区域合 作、引入优质资本开辟了新渠道。 长春市南关区委书记申洪业在与企业家交流时表示，立足东北全面振兴战略大局，此次主动对接长三角 优质资源，是南关区抢抓"十五五"开局关键机遇、全面融入长春现代化都市圈建设的战略 ...

Core Insights - The article highlights the collaborative development of two key areas in Changchun: the North Lake Future Science City and the Yongchun Pharmaceutical City, emphasizing their roles in driving industrial upgrades through a "science and technology + industry" approach [5][21]. Group 1: Strategic Development - The dual-city layout is not merely an expansion of spatial territory but a critical strategy for cultivating new productive forces in Changchun, aligning with the provincial high-quality development strategy [5][7]. - The North Lake Future Science City is positioned as an "innovation source and talent hub," while the Yongchun Pharmaceutical City is designated as an "industrial growth pole and transformation demonstration area" [5][7]. Group 2: Implementation Mechanisms - Changchun has established specialized working groups led by city leaders to ensure the effective implementation of the dual-city development strategy, creating a collaborative framework for progress [7]. - A closed-loop mechanism for task execution has been established, including weekly scheduling, monthly inspections, and quarterly reports to ensure accountability [7]. Group 3: Policy and Resource Allocation - The city has initiated a "one-window acceptance, parallel approval, and time-limited completion" model for project approvals, significantly streamlining processes [7]. - Over 1 billion yuan in policy benefits have been distributed to enterprises through an "automatic push" system, reducing institutional transaction costs [7][8]. Group 4: Talent and Innovation - A "dual-city talent pool" has been created to prioritize the allocation of resources such as land, funding, and talent to major projects, with over 20,000 various talents introduced [8][19]. - The integration of scientific research and industrial innovation is emphasized, with a focus on avoiding homogeneous competition and fostering a collaborative ecosystem [8][9]. Group 5: Infrastructure and Connectivity - Transportation infrastructure is being enhanced to facilitate connectivity between the two cities, including the construction of a rapid transit route that will reduce travel time to 30 minutes [16][18]. - The establishment of a talent-sharing mechanism aims to break regional barriers, allowing for mutual recognition of qualifications and shared benefits [18][19]. Group 6: Environmental and Ecological Initiatives - Both cities are committed to ecological governance, with initiatives to improve environmental quality and create a sustainable development model [20]. - The North Lake Wetland has been transformed into a recreational area, while the Yongchun Pharmaceutical City is implementing projects to enhance local ecology [20]. Group 7: Future Outlook - The North Lake Future Science City aims to develop three trillion-yuan industrial clusters in optical information, intelligent manufacturing, and new materials, while the Yongchun Pharmaceutical City targets becoming a leading hub for biopharmaceuticals by 2030 [20][21]. - The collaborative advancement of these two cities is seen as a vital exploration for the revitalization of Northeast China's old industrial base [21].

Group 1: Economic Focus of Major Provinces - Major provinces in China are prioritizing economic development themes for 2026, with a focus on manufacturing, artificial intelligence, agriculture, and cultural tourism [1][4][10] - Henan province emphasizes high-quality development in manufacturing, aiming to implement significant infrastructure projects and align with national industrial policies [4][5] - Jiangsu province is concentrating on artificial intelligence, with local governments holding meetings to enhance AI integration in various industries [6][7][8] Group 2: Specific Initiatives and Goals - Henan plans to implement over 150 digital transformation projects with an investment of more than 19 billion yuan in the first quarter of 2026 [5] - Zhejiang province's government meeting focused on setting economic indicators for the first quarter without specifying numerical targets, aiming for stability and growth in the service sector [5] - Guangdong's leadership is prioritizing low-altitude economy and biomedicine, with a goal to significantly contribute to the province's economic growth [10][11] Group 3: Agricultural and Cultural Tourism Development - Shandong province is focusing on enhancing agricultural production and water conservancy to ensure food security, with a grain output target of over 1.14 billion jin in 2025 [13] - Sichuan province is promoting cultural tourism and consumption, emphasizing the development of modern regional centers and the integration of tourism with local resources [14]