【Today's Headline】NMPA: Strengthen Supervision of Marketed Drug Contract Production The National Medical Products Administration (NMPA) has issued an announcement to enhance the supervision of contract production for marketed drugs, clearly defining the obligations and responsibilities of all parties involved. It urges both the Marketing Authorization Holders (MAHs) and the contract manufacturers to jointly fulfill their primary responsibility for ensuring drug quality and safety. The announcement primarily consists of three parts: strengthening the responsibilities of contract manufacturers, enhancing the supervision and management of contract production, and other miscellaneous items. Furthermore, it specifies the application materials, issuance requirements, and templates for the "Drug Contract Production Opinion Letter" in an appendix. This regulatory upgrade by the NMPA signifies a new phase for China's drug contract production, transitioning from "deregulation and revitalization" to "standardization and quality improvement." The policy aims to both plug loopholes by restricting inefficient outsourcing and give the green light to support innovation and urgently needed drugs, with the core objective of safeguarding the bottom line of drug safety and promoting high-quality development in the industry.
【Market Outlook】Precious Metals Continue Their Rally Overnight, U.S. stocks closed higher: the Dow Jones Industrial Average rose by 484.9 points, or 0.99%, to close at 49,462.08; the S&P 500 index gained 42.77 points, or 0.62%, finishing at 6,944.82; and the Nasdaq Composite Index increased by 151.35 points, or 0.65%, settling at 23,547.17. Large-cap tech stocks were mixed, with Amazon rising over 3%, and Microsoft and Intel gaining more than 1%. U.S. memory chip concept stocks collectively surged to new highs: Micron Technology jumped over 10%, SanDisk soared more than 27%, Western Digital climbed over 16%, and Seagate Technology advanced 14%. Most popular Chinese ADRs declined: Hesai Group gained over 10%, Pony.ai rose more than 5%, and Huazhu Group increased over 4%; conversely, Kanzhun Limited fell more than 6%, and Alibaba dropped over 3%. The Hang Seng Index ADR retreated, calculated proportionally to close at 26,526.37 points, down 184.08 points or 0.69% from the Hong Kong close. Precious metals continued their significant rally. The COMEX gold continuous contract rose by $54.20, or 1.22%, to $4,505.7 per ounce. Spot silver surged by $4.64, or 6.06%, to $81.25 per ounce. Nickel on the LME advanced by $1,427, or 8.39%, to $18,430 per tonne.
【Hotspot Preview】Ministry of Commerce: Prohibits All Dual-Use Item Exports for Japanese Military End-Users, Military Uses, and Any Other End-Uses That Enhance Japan's Military Strength In accordance with relevant laws and regulations including the "Export Control Law of the People's Republic of China," and to safeguard national security and interests while fulfilling international non-proliferation obligations, it has been decided to strengthen export controls on dual-use items destined for Japan. The relevant matters are announced as follows: All exports of dual-use items to Japanese military end-users, for military purposes, and for any other end-uses that contribute to enhancing Japan's military strength are prohibited. Any organizations or individuals, regardless of country or region, that violate the above provisions by transferring or supplying relevant dual-use items originating from the People's Republic of China to Japanese organizations or individuals will be held legally accountable in accordance with the law. This announcement takes effect immediately upon its release.
Brain-Computer Interface Becomes a Capital "Darling": BrainCo Completes 20 Billion Yuan Financing, Second Only to Neuralink in Scale BrainCo has reportedly completed a financing round of approximately 20 billion yuan, marking the world's second-largest financing in the brain-computer interface field after Elon Musk's Neuralink. Reportedly, the investor lineup is formidable, including prominent investment firm IDG, Walden International founded by Intel CEO Lip-Bu Tan, "Apple supply chain" giants Lens Technology and Lingyi iTech, strategic investors Will Semiconductor, Runze Technology, Huazhu Group, and TAL Education Group, as well as top family offices from Hong Kong and the U.S. From an industry perspective, Musk's Neuralink remains the highest-valued brain-computer interface company globally, reaching a valuation of $9 billion after its Series E round in 2025.
Morgan Stanley: Forecasts 10% Rise in Hong Kong Residential Property Prices This Year; Prefers SHKP, Henderson Land, and CK Asset in Property Stocks Morgan Stanley released a research report stating it has raised target prices for several property stocks. Its top picks are Sun Hung Kai Properties and Henderson Land, with target prices increased from HK$105 and HK$30 to HK$120 and HK$36 respectively, both maintaining an "Overweight" rating. CK Asset Holdings is also among the bank's preferred stocks, upgraded from "Equal-Weight" to "Overweight," with its target price raised from HK$39 to HK$47.
WEIMOB INC (02013) Enters Business Cooperation with Taobao Quick Purchase WEIMOB INC (02013) announced that the Group has formally initiated business cooperation with Taobao Quick Purchase, a local lifestyle service platform under Alibaba Group. The Group's subsidiary, Shanghai Weimob Enterprise Development Co., Ltd., recently signed a strategic cooperation agreement with Shanghai Lazashi Information Technology Co., Ltd. (Lazashi), the entity operating the Taobao Quick Purchase platform. The collaboration will involve multi-dimensional business cooperation and exploration in common industries, including but not limited to: (1) Interconnection of merchant solutions and co-building of the instant retail ecosystem; (2) Public-private joint operations, membership integration, and one-stop marketing upgrades; and (3) Joint innovation and exploration in scenarios such as enterprise client expansion, AI, and data operations.
Jiufang Zhitong Holdings (09636) Completes Acquisition of 100% Equity in JF Financial and Core Information System Jiufang Zhitong Holdings (09636) announced that, following the completion, the member companies of the target group are 100% owned by the Company and have been consolidated as its wholly-owned subsidiaries; and the Company has obtained ownership of the core information system. Yintech Financial holds Type 1, 2, 4, 5, and 9 licenses from the Hong Kong SFC and conducts securities business through its subsidiaries, Founder Securities and Founder Capital.
Eternal Beauty (06883) Establishes Partnership with Italian High-End Fragrance Brand CULTI The Group has established a partnership with the Italian high-end fragrance brand CULTI. Through this collaboration, the Group has secured the exclusive distribution rights for CULTI's products in Mainland China, Hong Kong, and Macau markets, and will be responsible for implementing a customized market entry and expansion plan for the brand.
LINMON MEDIA (09857): New Drama "Simul-shooting" Scheduled for January 9, 2026, to Air Simultaneously on iQiyi and Dragon TV LINMON MEDIA (09857) announced that "Simul-shooting," an immersive murder mystery urban sweet-healing drama jointly produced by Linmon Media, its subsidiary Qing Ning Meng, iQiyi, and Dragon TV Entertainment, is scheduled to premiere exclusively on iQiyi's "Love Theater" starting January 9, 2026, with simultaneous broadcast on Dragon TV. The drama is written by Li Xinwei, Shi Yuchen, Shi Ye, and Liu Yue, directed by Cat's Tree, with Qi Shuai serving as the executive producer, Wu Ruoyan as the producer, and starring Chen Xingxu and Lu Yuxiao.
YADEA (01585) Issues Profit Alert, Expects Annual Net Profit of No Less Than RMB 2.9 Billion YADEA (01585) announced that the Group expects to record a net profit of no less than RMB 2.9 billion for the year ending December 31, 2025, compared to a net profit of RMB 1.27 billion for the same period in 2024. The anticipated increase in net profit is primarily attributable to increased sales of electric two-wheelers and an optimized product mix.
【Stock Focus】DRINDA (02865): Commercialization Progress in Space Photovoltaic Industry Accelerates DRINDA released information related to the space photovoltaic field on an interactive platform on January 5th. The company's partner, Shangyi Optoelectronics, is a rare domestic producer of satellite batteries. Its core team has deep expertise in perovskite aerospace applications for years and has built a unique space simulation R&D platform. They have currently completed first-principles verification of perovskite materials under space conditions, laying a solid foundation for subsequent in-orbit verification. The company is closely collaborating with Shangyi Optoelectronics to advance in-orbit verification and subsequent industrialization efforts. A recent research report from Sinolink Securities mentioned that in the orbital environments designed for functional satellites, computing constellations, and even future Mars bases, solar energy is the only energy form capable of achieving long-term, stable, and lightweight power supply. CICC released a report stating that as satellite manufacturing enters an "industrialized" mass-production era, the growing demand for low-earth orbit satellites and space computing is driving new requirements for cost reduction and efficiency improvement in space solar cell arrays (solar wings). In the short term, the perovskite-crystalline silicon tandem cell model (jointly supplying power with existing cells) is the mainstream development direction for space applications. In the long run, the bank believes perovskite technology is expected to accelerate its transition to independent space power supply scenarios. Furthermore, recent commercialization progress in space photovoltaic applications by domestic manufacturing companies has been positive.
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