Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]

Core Insights - The new National Medical Insurance Directory has added 114 new drugs, surpassing last year's addition of 91, with 50 being first-class innovative drugs, achieving an overall success rate of 88%, an improvement from 76% in 2024 [1][2] Group 1: New Drug Additions - The total number of drugs in the directory has increased to 3,253, significantly enhancing coverage for key areas such as oncology and chronic diseases [2] - The directory includes 38 global innovative drugs and 50 first-class innovative drugs, marking a historical high for new additions [2] - Notable inclusions are the first globally approved red blood cell maturation agent, Rotecip, for treating lower-risk myelodysplastic syndromes, and the first domestically developed IL-4Rα antibody drug, Kangyueda, for multiple indications [3][4] Group 2: Oncology Innovations - Several innovative oncology drugs have been added, including Tagolizumab, the first PD-L1 monoclonal antibody approved for nasopharyngeal carcinoma, and non-covalent BTK inhibitor, Jebatib, for relapsed mantle cell lymphoma [4][5][6] - ADCs (antibody-drug conjugates) have gained attention, with new entries like Lukanasatuzumab and Ruikangquzuzumab, targeting advanced breast cancer and non-small cell lung cancer [7][8] Group 3: Chronic Disease Treatments - The directory has included innovative drugs for chronic diseases, such as Novartis' PCSK9 mRNA interference drug for cholesterol management, addressing patients who cannot reach LDL-C targets [14] - AstraZeneca's biologic drug Benralizumab for severe eosinophilic asthma has also been added, providing targeted treatment options for patients [15][16] Group 4: Influenza Treatments - The new directory has incorporated two domestic antiviral drugs for influenza, Masurashave and Angladiv, which have shown promising clinical results in reducing symptoms and viral load [17]

Core Viewpoint - 康诺亚-B's stock price increased by over 4% following the announcement that its self-developed drug, 康悦达 (司普奇拜单抗), has been included in the National Basic Medical Insurance Drug List for 2025, effective from January 1, 2026 [1] Group 1: Company Developments - 康诺亚 announced that 康悦达 (司普奇拜单抗) is the first domestically developed IL-4Rα humanized monoclonal antibody approved for market, targeting type 2 inflammatory diseases through dual blockade of the IL-4/IL-13 signaling pathway [1] - 康悦达 has received approval for three indications: moderate to severe atopic dermatitis in adults inadequately controlled by topical medications, chronic rhinosinusitis with nasal polyps inadequately controlled by corticosteroids and/or surgery, and moderate to severe seasonal allergic rhinitis in adults inadequately controlled by nasal corticosteroids combined with antihistamines [1] Group 2: Market Impact - Following the announcement, 康诺亚-B's stock rose by 4.23%, reaching a price of 61.6 HKD, with a trading volume of 1.3244 million HKD [1]

Core Viewpoint - The company 康诺亚 has announced that its self-developed drug 康悦达 (Siplizumab Injection) has been included in the National Medical Insurance Drug List for 2025, effective from January 1, 2026, marking a significant milestone for the company and the industry [1] Group 1: Drug Development and Approval - 康悦达 is the first IL-4Rα antibody drug independently developed and approved for market in China [1] - The drug has received breakthrough therapy designation and priority review, supported by the national "13th Five-Year Plan" for major new drug creation [1] - 康悦达 has been approved for three indications: moderate to severe atopic dermatitis inadequately controlled by topical treatments, chronic sinusitis with nasal polyps inadequately controlled by corticosteroids and/or surgery, and moderate to severe seasonal allergic rhinitis inadequately controlled by nasal corticosteroids combined with antihistamines [1] Group 2: Strategic Vision and Commitment - The CEO of 康诺亚, Dr. Chen Bo, emphasized the company's commitment to "true innovation" and addressing unmet clinical needs [1] - The company aims to develop more globally competitive innovative drugs to benefit patients in China and worldwide, contributing to the improvement of public health and the high-quality development of the pharmaceutical industry [1]

Core Viewpoint - The company announced that its self-developed Class 1 new drug, Kangyueda (Supuqi Baidong Injection), has been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory (2025) [1] Group 1: Drug Approval and Indications - Kangyueda (Supuqi Baidong) has received approval for three indications: 1. Moderate to severe atopic dermatitis in adults inadequately controlled by topical medications or unsuitable for topical treatment 2. Chronic sinusitis with nasal polyps inadequately controlled by glucocorticoid treatment and/or surgery 3. Moderate to severe seasonal allergic rhinitis in adults with symptoms inadequately controlled by nasal glucocorticoids combined with antihistamines [1]