2026年2月25日星期三 ➢ 特朗普国情咨文；中国春节旅游创新高。 A股春节后首个交易日早盘急跌后反弹， 午后弱势。上证指数收涨0.87%报4117.41 点，深证成指涨1.36%，创业板指涨0.99%。 油服掀涨停潮、油气股全面领涨。港股 下挫。恒生指数收跌1.82%，报26590.32 点；恒生科技指数跌2.13%，恒生中国企 业指数下挫2.06%。石油板块涨幅居前， 贵金属涨幅居前。大市成交额2509.921亿 港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收涨，道指 涨0.76%报49174.5点，标普500指数涨 0.77%报6890.07点，纳指涨1.04%。特朗普 即将发表国情咨文，料针对国内经济宣 布若干新政策。中国春节假期国内出游 总花费和出游人次均创纪录。 资料来源：彭博 | 26590.32 | -1.82 | 3.74 | | --- | --- | --- | | 9007.86 | -2.06 | 1.06 | | 5270.70 | -2.13 | -4.45 | | 116.99 | 2.91 | -5.24 | | 4117.41 | 0.87 | 3.74 ...

Market Performance - A-shares experienced a rebound after an initial drop, with the Shanghai Composite Index closing up 0.87% at 4117.41 points, and the Shenzhen Component Index rising 1.36%[1] - The Hang Seng Index fell 1.82% to 26590.32 points, while the Hang Seng Technology Index and the Hang Seng China Enterprises Index dropped 2.13% and 2.06%, respectively[1] - The total market turnover in Hong Kong was 2509.921 million HKD[1] Economic Indicators - The U.S. stock indices all closed higher, with the Dow Jones up 0.76% at 49174.5 points, the S&P 500 rising 0.77% to 6890.07 points, and the Nasdaq increasing by 1.04%[1] - The Chinese Spring Festival saw record domestic travel spending of 8034.83 billion CNY, an increase of 1264.81 billion CNY compared to the previous year, with 596 million domestic trips taken[12] - The average daily spending by inbound foreign tourists increased by 22% compared to the previous year during the Spring Festival[8] Corporate Developments - RedotPay, a Hong Kong stablecoin payment company, is reportedly planning an IPO in the U.S. with a fundraising target exceeding 1 billion USD[10] - The industrial robot manufacturer Estun reported a revenue of 3.804 billion CNY for the first nine months of the previous year, a year-on-year increase of 12.86%[10] - The company plans to use the proceeds from its IPO to expand global production capacity and invest in R&D for next-generation industrial robot technology[10]

《科创板日报》2月24日讯 今日科创板晚报主要内容包括：马斯克设想从月球电磁弹射AI卫星；申联生 物拟2.37亿元收购世之源控股权并开展创新药业务；中微半导发布业绩快报，2025年净利润2.85亿元， 同比增长108.05%。 【热点聚焦】 简讯： 广东省委书记黄坤明：最大限度为技术创新和市场探索"松绑" 让低空经济"飞"起来、自动驾驶"跑"起 来、具身智能"用"起来 广东省委书记黄坤明2月24日在广东省高质量发展大会上表示，要充盈营商环境阳光雨露。两业协同发 展必然伴随新产品、新业态、新模式的持续涌现，迫切需要构建开放、包容、稳定的营商环境，呵护新 生事物成长。要以深化改革强化新赛道新领域制度供给，着力破解"老规矩管新质生产力"的问题，最大 限度为技术创新和市场探索"松绑"，让低空经济"飞"起来、自动驾驶"跑"起来、具身智能"用"起来，确 保既"放得活"又"管得好"。要以扩大开放走在两业协同发展最前沿，深度融入全球产业分工网络，加快 集聚全球制造资源、服务资源，在高水平"引进来"、高质量"走出去"中擦亮"广东制造"、"广东服务"双 品牌。生态好不好、环境行不行，企业满意度是评判标准。全省各级党委政府将一以贯 ...

Group 1 - Hengyu Environmental reported a revenue of 294 million yuan for 2025, an increase of 89.87%, and a net profit of 35.93 million yuan, up 106.25% year-on-year [1] - Yongxi Electronics achieved a revenue of 4.4 billion yuan in 2025, a growth of 21.92%, with a net profit of 82.24 million yuan, reflecting a year-on-year increase of 23.99% [2] - Zhongwei Semiconductor reported a revenue of 1.122 billion yuan for 2025, a 23.09% increase, and a net profit of 285 million yuan, up 108.05% year-on-year [3] - Sry New Materials achieved a revenue of 1.564 billion yuan in 2025, a growth of 17.66%, with a net profit of 154 million yuan, reflecting a year-on-year increase of 35.04% [14] - Jiaokong Technology reported a revenue of 2.537 billion yuan for 2025, a growth of 16.08%, and a net profit of 156 million yuan, up 86.13% year-on-year [15] - SanSheng Guojian reported a revenue of 4.199 billion yuan for 2025, a significant increase of 251.81%, with a net profit of 2.939 billion yuan, up 317.09% year-on-year [30] Group 2 - Aidi Pharmaceutical reported a revenue of 721 million yuan for 2025, a growth of 72.49%, but incurred a net loss of 19.73 million yuan, reducing losses from 142 million yuan in the previous year [5] - Weidao Nano reported a revenue of 2.632 billion yuan for 2025, a decrease of 2.52%, with a net profit of 213 million yuan, down 6.12% year-on-year [9] - Wens Foodstuff Group reported a revenue of 103.884 billion yuan for 2025, a decline of 1.67%, with a net profit of 5.235 billion yuan, down 43.59% year-on-year [29] - Supor reported a revenue of 22.772 billion yuan for 2025, a growth of 1.54%, with a net profit of 2.097 billion yuan, down 6.58% year-on-year [33] Group 3 - ShaoNeng Co. signed a significant operational contract worth 22 million yuan for a biomass power generation project [6] - Shunlian Bio plans to use 237 million yuan to acquire controlling interest in a joint venture, increasing its stake from 16.99% to 51% [7] - Huason Pharmaceutical's subsidiary received clinical trial approval for an innovative drug, indicating progress in its product pipeline [8] - Xinyang Technology's subsidiary received a medical device registration certificate, enhancing its product offerings [10][11] - Yida Co. obtained an investment project filing certificate for a chemical production project with a total investment of 642 million yuan [12]

Core Insights - The Chongqing Private Economy Innovation and Development Conference recognized Zhifei Biological Products Co., Ltd. for its outstanding performance in technological innovation, ranking 3rd in the "2025 Chongqing Private Enterprises Technology Innovation Index Top 100" and 4th in the "2025 Chongqing Private Enterprises R&D Investment Top 50" [1][3] Group 1: Company Achievements - Zhifei Biological has made significant advancements in its R&D projects, particularly in the preventive field, with two vaccines, including a quadrivalent influenza virus split vaccine, launched this year [2] - The company has 34 self-developed projects in the preventive field, with 24 in the application, clinical, or listing application stages [2] - In the therapeutic area, Zhifei has 8 self-developed projects, with 7 in clinical or registration stages, including liraglutide injection awaiting listing application [2] Group 2: R&D Investment and Strategy - Over the past three years, Zhifei Biological has invested more than 6 billion yuan in R&D, reflecting its strong commitment to understanding market demands and technological trends [1][2] - The company follows an innovation strategy of prioritizing independent R&D, supplemented by collaborative R&D and investment incubation, which has laid a solid foundation for its sustainable development [1] Group 3: Future Outlook - Zhifei Biological aims to strengthen its position as an innovation leader, focusing on core technologies and addressing public health needs to contribute to the high-quality development of the biopharmaceutical industry and the construction of a healthy China [3]

Core Viewpoint - The vaccine industry is undergoing significant adjustments, and the company is focusing on high R&D investment, risk mitigation, and diversified business layout to navigate through the industry volatility and share in the market recovery benefits [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 26.07 billion yuan and a net profit attributable to shareholders of 2.018 billion yuan; in Q1 2025, the operating revenue was 2.374 billion yuan [2]. - The company's self-developed product revenue reached 1.182 billion yuan in 2024, a year-on-year increase of 14.98%; the net cash flow from operating activities in Q1 2025 was 304 million yuan, up 107.12% year-on-year [3]. - The accounts receivable balance decreased from 27.059 billion yuan at the beginning of 2024 to 14.645 billion yuan in Q1 2025, addressing a common industry issue [3]. R&D Investment and Product Pipeline - The company invested 1.391 billion yuan in R&D in 2024, with the number of R&D personnel increasing to 1,072, and cumulative R&D investment exceeding 5.1 billion yuan over the past five years [3]. - Significant progress has been made in self-developed pipelines, including the approval of the quadrivalent influenza virus split vaccine and the acceptance of production registration applications for the freeze-dried human rabies vaccine and trivalent influenza virus split vaccine [3][4]. Market Strategy and Risk Mitigation - The company has optimized its strategic cooperation with GlaxoSmithKline (GSK) to enhance flexibility in procurement and supply of the shingles vaccine, extending exclusive rights until the end of 2034 [5][6]. - Adjustments in collaboration with Merck have been made to phase the delivery schedule based on consumer demand, improving supply chain efficiency and risk resilience [6]. - The company has taken significant steps to gain control over Chanan Bio, expanding its pipeline in GLP-1 and insulin analogs to mitigate single-business risks [6][7]. Global Expansion - The company is actively pursuing overseas clinical trials and registrations, with products like the tuberculosis diagnostic reagent "Yika" approved in Indonesia and the 23-valent pneumonia vaccine receiving GMP certification in the Philippines [7].