2026 年 3 月 2 日 星期一 宏观动态： 人民币兑美元汇率收报 6.8559，跌 162 点子。2 月官方收市价升 1.35%，创 1 年半以来最大单月升幅。人民银行宣布下 调远期售汇风险准备金率，并加强对单边预期管理，预计可纾缓人民币升势。市场相信在中美元首 3 月底会面前，人民 币仍偏向上行，后市或逐渐升至近 6.8 兑 1 美元关口。 行业动态： 汽车板块：MSCI 中国指数在周五收盘后更换成分股，汽车板块的小马智行（2026 HK）和禾赛（2525 HK）被纳入。早前 数据显示，小马智行在马年春节期间(2 月 15 日至 23 日)，实现北上广深运营数据节节攀升。其中深圳增长尤为迅猛： 截至 2 月 16 日，小马智行 2026 年在深圳完成的付费订单数已超过 2025 年深圳全年付费订单总数；在此基础上，春节假 期期间每日付费订单数屡创新高。周五小马智行和禾赛尾盘拉升，分别上升 10%和 4.4%。 医药：恒生医疗保健指数周五反弹 1.7%，CXO 板块普涨。药明合联（2268 HK）宣布与 Earendil Labs 就药明合联自主研 发的 WuXiTecan-2 载荷连接子技术授权达成战 ...

本报讯（记者 马晓冬）昨日，京津冀三地自贸试验区共同发布第一批全产业链协同发展机会清单（以 下简称清单），聚焦生物医药、数字经济、现代物流等重点领域，梳理41家重点企业在产供链体系建设 和区域协作方面的供给能力和合作需求，搭建精准对接平台。 在生物医药产业链方面，清单整合了医药研发、生产、流通、临床应用等领域企业的信息，涉及人工智 能与药物研发、基因编辑与细胞治疗、临床试验与转化服务、进出口与通关服务等方面的合作机会。在 数字经济产业链方面，清单整合算力、数据、安全、信创等领域企业的信息，内容包含资源共享、数据 跨境流通、网络安全共建、产业数字化赋能等。在现代物流产业链方面，清单涵盖国际物流、运输服 务、供应链金融、冷链仓储等行业领域的信息，例如多式联运、冷链物流、保税仓储、物流信息平台共 建等。 转自：天津日报 据了解，京津冀三地自贸试验区将围绕全产业链协同创新，结合企业实际需求持续搭建对接交流平台， 结合北京科技创新优势、天津先进制造研发优势和河北环京津地缘优势，推动技术联合攻关、科技资源 开放共享、应用场景联建联用，合力打造区域协同开放典范、全产业链创新高地，持续提升京津冀自贸 试验区全产业链创新发展水 ...

"刘医生，鼻用糖皮质激素我已经坚持用了3个月，怎么脓鼻涕还是止不住？我上课听讲都不能专心，还 容易感冒。"20多年前，一名17岁慢性鼻窦炎患者的发问，让刘争满心焦灼。 慢性鼻窦炎困扰我国超1亿人，西方诊疗方法在部分中国患者身上收效甚微，高复发率让众多家庭承 压。这份临床困境，燃起了刘争的攻坚之志：要让每个患者都能顺畅呼吸！ 此后20余年间，他深耕慢性鼻病精准诊疗，率先揭示国人慢性鼻窦炎免疫病理学特征，系统性建立免疫 分型体系和精准诊疗策略。相关成果写入中国和欧美权威指南，推动中国慢性鼻病诊疗实现从"跟 跑"到"领跑"的跨越。 如今，刘争已是武汉大学中南医院党委书记、眼耳鼻喉口腔医院首席专家，并于近期荣获2025年度吴阶 平医药创新奖。 勇于质疑，深挖国人病因 刘争为患者手术。 刘争（左二）在住院病房查房。照片均由受访者提供 上世纪末，刚踏入耳鼻咽喉头颈外科的刘争，和同行们有着共同的困惑：遵循国际指南治疗后，近半数 中国慢性鼻窦炎患者病情反复。彼时权威文献指出，80%的慢性鼻窦炎伴鼻息肉患者，炎症由嗜酸粒细 胞驱动，针对该靶点的鼻用糖皮质激素，在白种人群中疗效显著，2003年左右该疗法引入国内后被大量 使用。但 ...

2月24日，水滴公司创始人兼CEO沈鹏发布2026新春信，对过去一年公司发展进行总结，并畅谈未来的 发展策略。他提出AI大模型正成为人人触手可及的基础设施，要将AI能力内化为每个水滴人的核心竞 争力。同时，在公司发展十周年之际，他鼓励员工坚守工匠精神，朝着"成为全球领先、科技驱动的金 融和医疗服务平台，助力美好生活"的新愿景而努力奋斗。 沈鹏表示："作为一名中国科技领域的创业者，既自豪，亦振奋。自豪于中国科技的步步突围、蓄势跃 升，振奋于AI浪潮给产业创新打开的无限想象空间。"过去一年，水滴公司坚定推进"All in AI"战略， 在"水滴水守大模型"的驱动下，水滴公司的营收与利润双双实现增长，AI智能客服"保小慧"实现了"边 说边办"的沉浸式服务，语音回复时效性平均仅1.5秒；AI数字员工"帮帮"全年为用户完成超万次理赔结 论解读，理赔时效预测准确率最高超90%；升级线上经纪人，构建专业化、数字化、以用户为中心的服 务新生态。 水滴公司的社会价值，也获得了国家与公众的高度认可。水滴筹被民政部指定为个人求助网络服务平 台，累计帮助了361万个大病患者，汇聚了712亿元爱心善款。同时，翼帆医药在临床试验领域取得 ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

Market Overview - The A-share pharmaceutical and biotechnology index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points and the ChiNext index by 2.06 percentage points, ranking 15th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index fell by 1.41%, outperforming the Hang Seng Index by 1.65 percentage points [4] R&D Progress - Heng Rui Medicine submitted an NDA for HRS-9531; He Yu Bio's ABSK043 clinical application is under new undertaking [5] - Xianwei's Enogrelide is in Phase III clinical trials; Xiansheng Pharmaceutical's SIM0278 is in Phase II clinical trials; Yingxi Intelligent's ISM-4808 is in Phase I clinical trials [5] Investment Outlook - Continuous attention to AI healthcare-related investment opportunities is advised [6] - The Ministry of Industry and Information Technology, along with eight other ministries, issued the "Implementation Plan for High-Quality Development of Traditional Chinese Medicine Industry (2026-2030)", aiming to establish a collaborative development system for the entire industry chain by 2030 [6] - The plan focuses on enhancing the stable supply of key traditional Chinese medicine raw materials, improving digital and green levels, and optimizing the structure of the traditional Chinese medicine industry, which is expected to benefit the sector through policy dividends [6] Investment Strategy for 2026 - Future investments in the pharmaceutical sector should increasingly focus on the intrinsic clinical value of medicines, addressing clinical needs of patients [7] - Both domestic medical insurance policies and global expansion strategies are placing higher premiums on clinical value [7]

华兰股份公告，全资子公司海南灵擎数智医药科技有限公司拟与美国Insilicom LLC前首席技术官俞开先 及美国科学院院士LIU JUN（刘军）领衔的技术团队共同出资设立合资公司，其中灵擎数智出资600万 元，持股60%。合资公司聚焦以知识图谱为核心的药物重定向与药物警戒相关服务，旨在探索 人工智 能技术在医药研发与药物安全管理领域的应用场景。 ...

1月29日，2026年省级重点工程及重点民间投资项目融资推介会在太原举行。金融机构与15个重点项目 签署融资意向书，意向金额超230亿元，涉及交通、能源、环保、文旅等多个领域。 项目与金融机构推介环节，4家企业介绍了抗癌新药研发、光存储生态等科创绿色项目，国家开发银 行、工商银行、中国银行、浦发银行、山西银行等5家金融机构积极推出专项融资方案，助力重点工程 落地生效。 会议由省发展改革委、省地方金融管理局、省民营经济发展局联合主办，省项目推进中心承办。以"优 化金融要素保障 服务重大项目建设"为主题，会议紧扣省委省政府"重大项目建设年行动"部署，旨在为 全年稳增长注入强劲金融动能。350余位参会嘉宾通过政策解读、项目推介、集中签约、业务培训等环 节，打通信息壁垒，凝聚合作共识。 业务培训环节特别邀请了国家发展改革委专家徐鹏、招商银行专家陆媛分别解读宏观经济政策与新型融 资工具，为项目建设提供理论指导与实践借鉴。（记者姚毅） 据介绍，2026年我省推出629项省级重点工程，总投资超2.4万亿元，年度计划投资2829.3亿元。省发展 改革委相关部门负责人表示，将以更大力度、更实举措推动重大项目建设和民间投资增长。 ...

Economic Growth and Development - In 2025, Beijing's GDP grew by 5.4%, surpassing the national average by 0.4%, with the total economic output exceeding 5 trillion yuan [2] - The city's general public budget revenue increased by 4.8%, and the urban unemployment rate was recorded at 4.1% [2] - The average annual concentration of fine particulate matter (PM2.5) was reduced to 27 micrograms per cubic meter, marking a significant environmental achievement [2] Major Activities and Cultural Development - Successful hosting of the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression, enhancing the capital's image [3] - Expansion of cultural initiatives, including the establishment of the Asian Cultural Heritage Protection Alliance and the opening of several museums [4] - The "Beijing Model" brand gained influence, with various cultural events attracting significant public participation [4] International Engagement and Tourism - Beijing's international connectivity improved, with an increase in inbound tourists by 39% to 5.48 million, and tourism revenue grew by 44.7% to 50.56 billion yuan [5] - The city hosted significant international events, enhancing its global service capacity [5] Technological Innovation - Establishment of three national laboratory permanent parks and the launch of major scientific infrastructure projects [6] - Beijing maintained its position as the top city globally in scientific research output, with 65 new academicians elected [6] - The city supported the establishment of various technology transfer platforms and innovation centers [6] Economic Policy and Investment - Implementation of a reserve mechanism for central funding projects, with local government special bonds amounting to 123.3 billion yuan [10] - The issuance of technology innovation bonds reached 664.34 billion yuan, reflecting a 13% increase [10] - Fixed asset investment grew by 5.5%, with high-tech industry investment surging by 40.1% [10] Green Development Initiatives - The establishment of the National Green Technology Trading Center and a significant increase in green technology patents [14] - Implementation of renewable energy regulations and the construction of charging infrastructure, with over 490,000 charging stations built [14] Social Welfare and Employment - The city created 330,000 new urban jobs and raised the minimum wage to 2,540 yuan per month [23] - New policies were introduced to enhance elderly care services and improve educational facilities [24] Urban Infrastructure and Governance - Expansion of public transportation, with the total operational mileage of rail transit reaching 909 kilometers [25] - Implementation of smart city initiatives, improving urban management efficiency [25] Environmental Quality Improvement - Significant reductions in pollution levels, with ongoing efforts to enhance water quality and green space [26] - The city completed various environmental projects, including the construction of parks and green corridors [26]

Market Overview - The US stock market experienced a decline, with the Chinese concept index dropping by 0.94%. The Hang Seng Index fell by 110.27 points, a decrease of 0.41%, closing at 26,724.50 points, while the Hang Seng Tech Index dropped by 120.19 points, down 2.20%, reaching a new low since mid-July 2025 [1] - Technology stocks, particularly those considered riskier, continued to decline, with Tencent falling nearly 4% after restrictions on its "Yuanbao Red Packet" link by WeChat. Other major players like Baidu, Meituan, and Xiaomi also saw declines of over 2%, while Bilibili dropped nearly 5% [1] - Chip stocks faced significant losses, with Shanghai Fudan down nearly 9%, Huahong Semiconductor down over 5%, and SMIC down nearly 3% [1] - The coal sector showed strength, with Feishang No Smoke Coal rising over 33%. Real estate stocks also performed well, with Sunac China up over 7% and China Resources Land up nearly 4% [1] Corporate Developments - In the technology sector, InnoCare successfully completed a significant design integration for AI hardware with Google, establishing a solid foundation in the AI hardware market [1] - Enoch Intelligent received a milestone payment of HKD 39 million from Menarini, marking a significant step in its pharmaceutical technology research [1] - Capital investment firm Shumeng Capital signed a contract worth USD 3 million with a Macau distributor, expanding its business footprint [1] Pharmaceutical Industry Highlights - Youzhiyou Biotech's M701 received FDA IND approval for a novel therapy targeting malignant pleural effusion, marking a new phase in international clinical development [2] - Xiansheng Pharmaceutical received a milestone payment of USD 40 million from AbbVie for the overseas licensing option agreement for SIM0500, highlighting its competitiveness in the international pharmaceutical market [2] - Kangfang Biotech granted exclusive commercialization rights for Yixinning® to Jichuan Pharmaceutical, resulting in significant licensing fees and milestone payments [2] - Federal Pharmaceuticals' UBT251 injection received implied clinical trial approval for a new indication, providing new treatment options for patients [2] Food Industry Performance - Nissin Foods reported strong performance in its China business segment, with revenue reaching JPY 54.948 billion, a year-on-year increase of 2.7%, and core operating profit of JPY 5.859 billion, up 9.3% [2] Capital Market Insights - Guotai Junan International noted a market shift from "liquidity-driven" to "profit-driven" dynamics, suggesting a focus on fundamental analysis rather than speculative trading [4] - CITIC Securities observed significant adjustments in Hong Kong stock earnings expectations, predicting a continuation of the spring market rally with large-cap stocks outperforming [4] - Huatai Securities indicated that the current market sentiment has shifted to optimism, suggesting a focus on companies with earnings certainty and potential for growth in technology and cyclical sectors [5] - Guoyuan International highlighted that Hong Kong stocks may continue to outperform US stocks due to favorable conditions for non-US assets and the potential recovery of domestic demand [5]