当日关注点 君实生物发布业绩预告，预计2025年全年营业收入25亿元；扣非后净利润亏损约9.85亿元；归属净利润 亏损约8.73亿元。 公司公告汇总君实生物2025年年度业绩预告 上海君实生物医药科技股份有限公司预计2025年年度实现营业收入250,000.00万元左右，同比增长 28.32%；研发费用为135,300.00万元左右，同比增长6.10%。归属于母公司所有者的净利润预计 为-87,300.00万元左右，亏损同比减少31.85%。亏损收窄主要因商业化能力提升及费用管控加强。特瑞 普利单抗注射液在国内市场销售收入同比大幅增长，已在中国内地获批的12项适应症全部纳入国家医保 目录。公司持续推进多项创新药临床试验，包括JS207、JS212等。本次业绩预告未经注册会计师审计。 截至2026年1月30日收盘，君实生物(688180)报收于35.88元，下跌2.55%，换手率2.07%，成交量15.88万 手，成交额5.76亿元。 交易信息汇总资金流向 1月30日主力资金净流出2036.99万元，占总成交额3.53%；游资资金净流入2655.42万元，占总成交额 4.61%；散户资金净流出618.43万元， ...

Company Recommendations - China Telecom (0728) is recommended for purchase with a target price of 6.50 HKD, indicating a potential upside of 15.0% from the current price of 5.65 HKD [2][11] Market Overview - The Hang Seng Index (HSI) closed at 25,976 points, with a year-to-date increase of 29.50% [4] - The market is currently observing a short-term support level around 25,000 points, influenced by the Federal Reserve's expected interest rate cuts and the economic outlook in China [2] Financial Performance - For the first three quarters of 2025, China Telecom reported a slight revenue increase of 0.6% year-on-year, with service revenue growing by 0.9% [7] - EBITDA increased by 4.2%, and net profit attributable to shareholders rose by 5.0% year-on-year [7] - In Q3 2025, revenue slightly declined by 0.9% year-on-year, while service revenue grew by 0.5% [7] Cloud Services - China Telecom's Tianyi Cloud is in a transitional phase, with revenue growth slowing down; however, AI-driven smart computing services saw a significant increase of 62.3% year-on-year [8][9] - The company did not disclose Tianyi Cloud's revenue for Q3 2025, but it reported 57.3 billion RMB in revenue for the first half of 2025, reflecting a 3.8% year-on-year growth [8] Government Policies and Economic Outlook - The government is expected to encourage the application of AI-related cloud computing technologies during the 14th Five-Year Plan period, which may benefit China Telecom's cloud business [9] - The anticipated rise in Chinese government bond yields is expected to be limited, making China Telecom a relatively attractive high-dividend stock choice [10] Financial Projections - Revenue projections for China Telecom are as follows: 5,342.9 billion RMB for FY25 and 5,466.6 billion RMB for FY26 [11] - The forecasted net profit attributable to shareholders is 349.6 billion RMB for FY25 and 370.2 billion RMB for FY26 [11]

2025年1月，JS212的临床试验申请获得国家药品监督管理局(国家药监局)受理，并于2025年3月获得国 家药监局批准。截至本公告日期，JS212正在中国内地开展一项开放标签、剂量递增和剂量扩展的I/II期 临床试验，旨在晚期实体瘤患者中评估JS212的安全性、耐受性、药代动力学和初步疗效。此外，JS212 多队列联合用药的临床试验申请已于2025年11月获得国家药监局批准，计划于近期开展相关临床研究。 本文源自：智通财经网 消息面上，12月14日，君实生物发布公告，本公司收到美国食品药品监督管理局(FDA)的通知， EGFR/HER3双特异性抗体偶联药物(代号：JS212)用于治疗晚期实体瘤的临床试验申请获得FDA批准。 智通财经获悉，君实生物(01877)涨超4%，截至发稿，涨4.33%，报25港元，成交额3483.03万港元。 ...

Group 1 - Anbotong plans to issue H-shares and list on the Hong Kong Stock Exchange, with the board authorizing management to start preparations within 12 months [1] - Xiangsheng Medical proposes a cash dividend of 3 yuan per 10 shares for the first three quarters of 2025 [2] - Junshi Biosciences receives FDA approval for clinical trials of JS212, a dual-specific antibody-drug conjugate for treating advanced solid tumors [3] Group 2 - Zhonghuan Environmental plans to raise up to 300 million yuan by issuing shares to a specific entity, with funds allocated for working capital and bank loan repayment [4] - Guao Technology announces a change in actual control to Xu Yinghui, with stock resuming trading on December 15 [5] - Jiaze New Energy intends to invest approximately 3.557 billion yuan in a green hydrogen and methanol project in Heilongjiang [6] Group 3 - Shanghai Airport reports a 15.47% year-on-year increase in passenger throughput at Pudong International Airport for November [7] - Innovent Biologics achieves primary endpoint in a Phase IIb study of Obinutuzumab for systemic lupus erythematosus, with plans for a Phase III trial [8] - Saiyi Information leads a national major science and technology project on intelligent manufacturing systems and robotics [9] Group 4 - Yipin Hong's Qinxing Qingjie oral solution is approved as a national second-level protected traditional Chinese medicine [10] - Yipin Hong's stake in US-based Arthrosi Therapeutics is set to be acquired by Sobi for a total of up to 950 million USD [11] - Pudong Jinqiao announces the resignation of Chairman Wang Ying due to job transfer [12] Group 5 - Jiaze New Energy plans to invest in two wind power projects with a total estimated investment of approximately 2.366 billion yuan [13] - Jinpan Technology receives approval from the CSRC for issuing convertible bonds to unspecified investors [14] - Zoli Pharmaceutical intends to acquire a multi-trace element injection asset group for 356 million yuan [15] Group 6 - Jiuan Medical's US subsidiary receives pre-market notification from the FDA for multiple testing products [16][17] - Changfei Optical Fiber's subsidiary plans to participate in establishing an investment fund with a total subscription amount of 830 million yuan [18] - Chenfeng Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [19][20][21][22]

智通财经APP获悉，君实生物(01877)涨超4%，截至发稿，涨4.33%，报25港元，成交额3483.03万港 元。 2025年1月，JS212的临床试验申请获得国家药品监督管理局(国家药监局)受理，并于2025年3月获得国 家药监局批准。截至本公告日期，JS212正在中国内地开展一项开放标签、剂量递增和剂量扩展的I/II期 临床试验，旨在晚期实体瘤患者中评估JS212的安全性、耐受性、药代动力学和初步疗效。此外，JS212 多队列联合用药的临床试验申请已于2025年11月获得国家药监局批准，计划于近期开展相关临床研究。 消息面上，12月14日，君实生物发布公告，本公司收到美国食品药品监督管理局(FDA)的通知， EGFR/HER3双特异性抗体偶联药物(代号：JS212)用于治疗晚期实体瘤的临床试验申请获得FDA批准。 ...

商务部+央行+金融监管局三部门，发布关于加强商务和金融协同，更大力度提振消费的通知。其中提 到，强化政策合力。鼓励地方商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持 形成合力，更好激发消费潜力。鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质 效。结合地方实际探索运用融资担保、贷款贴息、风险补偿等多种方式，加强财政、商务、金融政策协 同配合，引导信贷资金加大向消费重点领域投放。鼓励有条件的地方通过多种方式支持参与康养、文旅 等消费重点项目和数字、绿色等新型消费领域。鼓励银行和非银行金融机构发挥各自特点，加强优势互 补，协同参与促消费活动，促进消费提质升级。 三部门：鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质效 【大势展望】 【今日头条】 隔夜美股道琼斯工业平均指数比前一交易日下跌245.96点，收于48458.05点，跌幅为0.51%，上周累计 上涨1.05%；标准普尔500种股票指数下跌73.59点，收于6827.41点，跌幅为1.07%，上周累计下跌 0.63%；纳斯达克综合指数下跌398.69点，收于23195.17点，跌幅为1.69%，上周累计下跌1 ...

Macroeconomic Highlights - The Central Economic Work Conference indicates that China's major economic indicators are expected to perform better than anticipated, with the economy projected to reach approximately 140 trillion yuan by 2025 [1] - In 2026, policies will be implemented based on changing circumstances to synergize existing and new policies to promote stable economic growth [1] Consumer Support Initiatives - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau jointly issued a notice to enhance collaboration between commerce and finance to boost consumption [2] - The notice outlines 11 policy measures focusing on deepening cooperation, increasing financial support for key consumption areas, and expanding government-business cooperation to stimulate consumption [2] Natural Resources and Marine Economy - The Ministry of Natural Resources emphasizes the need to develop emerging marine industries and promote high-quality development of the marine economy [3] - The Ministry of Finance plans to utilize personal consumption loans and service industry loans to support consumption initiatives and optimize government investment in key projects [4] Industry Developments - Multiple leading companies in the lithium iron phosphate sector are adjusting product prices due to a shortage of raw materials and rising costs, with a cautious approach to capacity expansion [6] - The China Chemical and Physical Power Industry Association plans to establish a complete standard system for the lithium iron phosphate industry by 2026 to enhance technical barriers [6] Company News - Guoao Technology's actual controller has changed to Xu Yinghui, with stock resuming trading on December 15 [8] - Zhonghuan Environmental Protection plans to raise no more than 300 million yuan for working capital and loan repayment [9] - Baicheng Pharmaceutical's employee strategic placement asset management plan intends to reduce holdings by no more than 0.5077% of the company's shares [10] - Junshi Biosciences received FDA approval for the clinical trial of JS212 [11] - Xue Ren Group is advancing the large-scale production of hydrogen fuel cells and core components domestically [12] - Jiuan Medical's U.S. subsidiary received pre-market notification from the FDA for its four-link and three-link products [13] - Zoli Pharmaceutical plans to acquire a group of assets related to multi-trace element injection solutions for 356 million yuan [14] - Nuocheng Jianhua's treatment for systemic lupus erythematosus reached its primary endpoint in a Phase IIb study and has been approved for Phase III registration clinical trials [15] - Shanghai Airport reported a 15.47% year-on-year increase in passenger throughput at Pudong International Airport in November [16] - Jinpan Technology's application for issuing convertible bonds to unspecified objects has been approved by the China Securities Regulatory Commission [17]

Group 1 - The company has received FDA approval for its dual-specificity antibody-drug conjugate JS212, aimed at treating advanced solid tumors [1] - JS212 targets both EGFR and HER3, which are highly expressed in various tumor cells, including lung cancer, colorectal cancer, and head and neck tumors [1] - Preclinical studies have shown that JS212 exhibits high affinity and specificity for EGFR and HER3, demonstrating significant tumor suppression in multiple animal models [1] Group 2 - As of the announcement date, JS212 is undergoing an open-label, dose-escalation, and dose-expansion Phase I/II clinical trial in mainland China to evaluate its safety, tolerability, pharmacokinetics, and preliminary efficacy in patients with advanced solid tumors [2] - A clinical trial application for a multi-cohort combination therapy involving JS212 has also been approved by the National Medical Products Administration, with plans to initiate related clinical research soon [2]

点评：分娩"无自付"若落地，将有望改善全国生育预期并利好妇幼医疗与镇痛相关产业链。 丨2025年12月15日星期一丨 NO.1 国家医保局：力争全国2026年基本实现政策范围内分娩个人"无自付" 12月13日，国家医保局党组书记、局长章轲在全国医疗保障工作会议上表示，2026年将根据医保基金可 承受能力，合理提升产前检查医疗费用保障水平，探索制定包括产前检查项目在内的基本服务包，减轻 参保人生育医疗费用负担，力争全国基本实现政策范围内分娩个人"无自付"。所有省份均要将适宜的分 娩镇痛项目按程序纳入基金支付范围，落实完善辅助生殖技术项目医保支付管理。 NO.4 佐力药业：拟购买西藏未来及其两家全资子公司的"多种微量元素注射液资产组" 12月14日，佐力药业发布公告称，根据公司战略布局和经营发展需要，为了进一步优化产品结构，巩固 和提升公司的综合竞争力及可持续发展能力，公司拟购买西藏未来及其两家全资子公司许昌未来和合肥 未来的"多种微量元素注射液资产组"，并签署《多种微量元素注射液资产组收购协议书》。根据天源资 产评估有限公司出具的资产评估报告，并经各方友好协商，资产组的转让总价（含税）为人民币3.56亿 元。 ...

Group 1 - The company, Shanghai Junshi Biosciences Co., Ltd., has received FDA approval for the clinical trial application of JS212, a bispecific antibody-drug conjugate targeting EGFR and HER3 for the treatment of advanced solid tumors [1] - JS212 is designed to target tumors with high expression of EGFR and HER3, such as lung cancer, colorectal cancer, and head and neck tumors, and aims to overcome drug resistance mechanisms associated with various anticancer therapies [1] - Preclinical studies have shown that JS212 exhibits high affinity and specificity for EGFR and HER3, demonstrating significant tumor suppression effects in multiple animal models, along with acceptable safety profiles [1] Group 2 - In January 2025, the clinical trial application for JS212 was accepted by the National Medical Products Administration (NMPA) of China, and it received approval in March 2025 [2] - As of the announcement date, JS212 is undergoing an open-label, dose-escalation, and dose-expansion Phase I/II clinical trial in mainland China to evaluate its safety, tolerability, pharmacokinetics, and preliminary efficacy in patients with advanced solid tumors [2] - A clinical trial application for a multi-cohort combination therapy involving JS212 was approved by the NMPA in November 2025, with plans to initiate related clinical research soon [2]