（责任编辑：张晓波 ） 今日截至 11点，科创人工智能ETF （589010）开盘后小幅震荡，盘中最高涨幅0.81%，最新价 1.631元，较开盘价上涨0.308%。持仓股方面，30只成分股中19只飘红，中科星图领涨超10%，复旦微 电、金山办公、星环科技、合合信息等核心个股均涨超3%。流动性方面，科创人工智能ETF (589010) 成交额达7985万元，换手率1.48%，成交活跃度处于较高水平。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息方面，当地时间1月22日，OpenAI首席执行官山姆·奥特曼在X平台上发文透露，过去一个月 里，公司通过API业务新增了超过10亿美元的年化经常性收入（ARR）。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼 具高研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 每日经济新闻 东 ...

转自：智通财经 【智通财经1月23日早间新闻精选】 1、央行行长潘功胜在接受采访时表示，2026年，中国人民银行将 继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的重要考量；今年 降准降息还有一定的空间；要继续维护好金融市场的平稳运行。 2、2026年1月23日，中国人民银行将 以固定数量、利率招标、多重价位中标方式开展9000亿元MLF操作，期限为1年期。 3、国务院食安办 等部门将对预制菜国家标准等公开征求意见。下一步，相关部门将在充分吸纳各方意见建议的基础上， 进一步修改完善，按程序发布。 4、商务部等9部门发布《关于促进药品零售行业高质量发展的意 见》。其中提出，指导药品零售企业在销售药品时准确采集、核验药品追溯码并上传至全国统一的医保 信息平台；鼓励药品零售企业依法开展横向并购与重组。 5、有媒体提问：有报道称，知情人士透露中 国政府告知一些科技公司，只有在特殊情况下才会批准他们购买H200芯片，请问是否属实？是否正在 进行相应措施？对此，商务部新闻发言人何咏前22日回应表示，我不了解你所说的情况。 6、据报道， 全国统一大市场建设条例、妨碍建设全国统一大市场事项清单、招 ...

Core Insights - Prolo Pharma reported a revenue of approximately 7.764 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.43% [1] - The net profit attributable to shareholders was around 700 million yuan, down 19.48% year-on-year [1] Group 1: Business Performance - CDMO business revenue reached 1.69 billion yuan, showing a nearly 20% year-on-year growth, with an expected annual growth rate of over 20% [1] - API business revenue was 5.19 billion yuan, while pharmaceutical business revenue was 830 million yuan [1] - The decline in overall revenue was primarily due to the proactive reduction of low-margin API business and weak market demand in certain categories [1] Group 2: Profitability and Order Structure - The gross margin for the CDMO business improved to 44.5%, up from 40.8% in the same period last year [1] - The total amount of orders on hand for the next 2-3 years is 5.2 billion yuan, mainly consisting of commercial orders and secondary supply commercial production orders [1] - The order structure indicates an increase in the proportion of DS (active pharmaceutical ingredient) projects, with the number of peptide projects totaling 114, including 9 DS projects [1] Group 3: Client Base and Market Distribution - Approximately 60% of the top 20 MNC clients have initiated R&D project collaborations, with a rapid increase in domestic biotech client projects [2] - The number of clients reached 670 in Q3, expected to exceed 700 by year-end [2] - Currently, the CDMO business revenue distribution is about 70% from overseas and 30% from domestic markets, with future expectations of 40% from the US, 30% from China, and 30% from Europe and Japan [2]

Group 1: Financial Performance - The company achieved a revenue of 7.76 billion CNY in the first three quarters, a year-on-year decrease of 16% [3] - Net profit for the same period was 700 million CNY, down 19% year-on-year [3] - Gross margin stood at 25%, showing a slight increase compared to the previous year [3] Group 2: Business Segment Performance - CDMO business revenue reached 1.69 billion CNY, with a year-on-year growth of nearly 20% [4] - API business revenue was 5.19 billion CNY, with a gross margin of approximately 20%, at a historical low [5][7] - Pharmaceutical business revenue was 830 million CNY, down about 10% year-on-year, with a gross margin maintained at 50%-60% [6] Group 3: Order and Project Status - The company has 391 commercial projects (+15%) and 853 clinical projects (+41%) [4] - The total amount of orders to be delivered in the next 2-3 years is 5.2 billion CNY, primarily from commercial orders [4] - The number of CDMO clients reached 670 in Q3, expected to exceed 700 by year-end [10] Group 4: Strategic Initiatives - The company plans to expand its R&D team to 2,000 personnel within 2-3 years, currently having about 900 in the CDMO sector [4][6] - The company is focusing on differentiating its pharmaceutical products and expanding into international markets, with U.S. generic drug shipments starting in Q4 [6] - The company is actively pursuing new projects in the peptide and ADC fields, with significant potential for growth [8][10] Group 5: Market Outlook - The company anticipates that the third quarter will be the lowest point for overall performance, with a recovery expected in Q4 [7] - The gross margin for CDMO is projected to remain between 40%-50% in the future, while API margins are expected to improve next year [7] - The company is managing exchange rate risks effectively, with 70% of exposure hedged [13]

Group 1: Company Performance Overview - API business revenue decreased by 23.41% due to industry downturn and active contraction of low-margin trading business [3] - CDMO business achieved over 20% growth with significant margin improvement, now accounting for nearly 40% of total gross profit [6] - Total number of CDMO clients exceeded 650, projected to surpass 700 by year-end [6] Group 2: Market Trends and Opportunities - China's CDMO industry has returned to a healthy growth state after disruptions in 2022 and 2023 [4] - The license-out fees for Chinese innovative drugs rose from tens of billions in 2021-2022 to nearly $50 billion in 2022, with 2023 already exceeding last year's total [3] - The US and China are leading in innovative drug development, creating significant opportunities for the CDMO sector [4] Group 3: Future Projections - CDMO business revenue is expected to reach 6-7 billion by 2030, with a balanced market share between China and the US [11] - The overall industry is anticipated to recover gradually, with a clear bottom observed in 2023 [12] - The average gross margin for CDMO projects is projected to increase from 35%-40% to 45%-55% as project structures optimize [13] Group 4: Product and Service Development - The company has over 1,180 CDMO projects, with 377 commercialized and 803 in clinical stages, reflecting a 35% year-on-year growth [6] - The multi-peptide CDMO business is expanding, with over 60 projects in various stages of development [15] - The company is enhancing its R&D capabilities, with plans to increase CDMO R&D personnel from 900 to over 2,000 by 2030 [16] Group 5: Financial Returns and Shareholder Value - Total cash dividends and buybacks have exceeded $3.2 billion, significantly higher than the total cash raised of $1.458 billion since listing [9] - The company is committed to shareholder returns while ensuring operational and developmental sustainability [10] Group 6: API Business Insights - API prices are stabilizing, with a projected recovery in the market, particularly in the antibiotic sector [17] - The company aims to adjust its product structure, reducing antibiotic reliance and increasing non-antibiotic offerings [18] - The industrial segment of API business is expected to reach 7 billion, focusing on a diverse product portfolio [18] Group 7: International Market Dynamics - Overseas revenue accounted for approximately 40% last year, expected to maintain between 40%-50% in the future [19] - The company maintains a competitive edge in API manufacturing, with expectations of limited impact from potential tariff changes [19]

Core Viewpoint - The report from Changcheng Guorui Securities on August 11 recommends a "buy" rating for Jiuzhou Pharmaceutical (603456.SH, latest price: 18.45 CNY) based on several positive indicators of the company's performance [2] Group 1: Company Performance - The main operating performance of Jiuzhou Pharmaceutical is recovering, with a favorable cash flow situation [2] - The CDMO project pipeline is continuously enriching, and the expansion of new customers is progressing smoothly [2] Group 2: Business Development - The TIDES division and related technology platforms are rapidly developing, actively promoting capacity expansion [2] - Revenue from the API business has shown slight fluctuations, but the gross margin is continuously recovering [2]