Market News - The Ministry of Finance announced that a more proactive fiscal policy will continue in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and improving expenditure structure [3] - The National Bureau of Statistics will release the December PMI data on December 31, with November's manufacturing PMI at 49.2%, a slight increase of 0.2 percentage points from October [4] - The People's Bank of China aims to significantly increase the scale and proportion of various long-term funds invested in A-shares, promoting a virtuous cycle between capital market stability and high-quality economic development [6] - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, expected to save over 1.9 billion yuan in total [7] Sector Developments - The Ministry of Industry and Information Technology established a standardization committee for humanoid robots and embodied intelligence, focusing on key technologies and industry standards [11] - The 2025 Shenzhen Brain Conference aims to create a platform for industry integration and innovation [13] - The 2025 China Green Hydrogen Industry Conference will discuss policies and technological breakthroughs that will impact the green hydrogen industry chain [14] Individual Stock Events - CATL plans to apply sodium batteries on a large scale in various sectors including battery swapping and energy storage in 2026 [17] - Xiaomi's co-founder plans to reduce holdings of up to $2 billion in B-class common stock [17] - ST Huluwawa and its chairman are under investigation for information disclosure violations [17] Lock-up Expiration - A total of 34 companies will have lock-up shares released this week, amounting to 3.697 billion shares with a total market value of approximately 58.895 billion yuan [18] - The peak lock-up expiration date is December 30, with 13 companies releasing shares worth a total of 27.645 billion yuan [18] Institutional Outlook - CITIC Securities highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on communication and resource-related ETFs [25] - Guojin Securities identifies new investment themes emerging in 2026, emphasizing the importance of AI investments and the recovery of global manufacturing [26] - Zhongtai Securities believes there is still upward potential in the market before the Spring Festival, with opportunities for low-cost positioning [27]

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. plans to apply for the registration and issuance of debt financing instruments to optimize its debt structure and promote sustainable development, with a proposed issuance scale of up to RMB 10 billion [1][12]. Group 1: Issuance Plan - The company intends to issue debt financing tools in the interbank market, with a maximum scale of RMB 10 billion, including but not limited to medium-term notes, short-term financing bonds, and targeted debt financing tools [1]. - The issuance will be based on actual funding needs and may occur in a single tranche or multiple tranches, with either public or private offerings [2]. - The bond issuance period will not exceed 10 years, with specific terms and scales to be determined by the board of directors based on regulations and market conditions [3]. Group 2: Use of Proceeds - The funds raised will be used for research and development, repayment of interest-bearing debts, replenishment of working capital, and/or project equity investments and mergers and acquisitions, in compliance with legal regulations [4]. Group 3: Approval and Authorization - The proposal requires approval from the shareholders' meeting and must be registered with the China Interbank Market Dealers Association before implementation [1][13]. - The board of directors is authorized to handle all matters related to the bond issuance, including determining the type, specific plan, and conditions of the bonds [9][10]. Group 4: Impact on the Company - The issuance of debt financing tools is expected to optimize the company's debt structure and support high-quality, stable, and sustainable development, aligning with the overall interests of the company and its shareholders [12].

Group 1 - The company, Baili Tianheng, announced the approval of several proposals during the fourth meeting of its fifth board of directors, including the application for the registration and issuance of debt financing instruments [1] - The company also approved the establishment of a management system for the disclosure of credit bond information [1] - Additionally, the company decided to extend the validity period of the resolutions related to the issuance and listing of H-shares [1]

证券代码：688506 证券简称：百利天恒 公告编号：2025-091 四川百利天恒药业股份有限公司 关于拟申请注册发行债务融资工具的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 四川百利天恒药业股份有限公司（以下简称"公司"）于2025年12月26日召 开第五届董事会第四次会议，审议通过了《关于拟申请注册发行债务融资工具的 议案》。为优化公司债务结构，促进公司高质量、稳健、可持续发展，在符合相关 法律、法规和监管规则的前提下，公司拟申请注册发行债务融资工具（以下简称 "本次债务融资工具"或"本次债券"），发行规模不超过人民币100亿元。本次注 册发行债务融资工具事项尚需提交公司股东会批准，并经中国银行间市场交易商 协会批准注册后方可实施。现将主要情况公告如下： 一、发行方案 1、融资额度及种类 公司本次拟在中国银行间交易市场申请注册发行债务融资工具，发行规模不 超过人民币100亿元，品种包括但不限于中期票据、短期融资券、超短期融资券、 定向债务融资工具等。根据中国银行间市场交易商协会相关法律、法规和监管规 则，本 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-090 四川百利天恒药业股份有限公司 第五届董事会第四次会议决议公告 二、董事会会议审议情况 本次会议按照《公司法》和《公司章程》的有关规定，对以下议案进行审议， 经表决，会议决议如下： 1、审议通过《关于拟申请注册发行债务融资工具的议案》 表决结果：同意 9 票；反对 0 票；弃权 0 票。 具体内容详见与本公告同日刊登于上海证券交易所网站（www.sse.com.cn）的 《四川百利天恒药业股份有限公司关于拟申请注册发行债务融资工具的公告》（公 告编号：2025-091）。 本议案尚需提交公司 2026 年第一次临时股东会审议。 2、审议通过《关于制定<四川百利天恒药业股份有限公司信用类债券信息披 露管理制度>的议案》 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 四川百利天恒药业股份有限公司（以下简称"公司"）第五届董事会第四次 会议（以下简称"本次会议"）于 2025 年 12 月 26 日在公司会议室召开。本次会 议以现场及 ...

百利天恒(688506)12月28日公告，公司拟申请注册发行债务融资工具，发行规模不超过100亿元。募集 资金按照相关法规及监管部门要求，用于研发投入、偿还有息债务、补充流动资金和/或项目股权投 资、收购兼并等符合法律法规规定的用途。 ...

Company Overview - Baili Tianheng (SH 688506) announced that its fifth board meeting will be held on December 26, 2025, to discuss the proposal for the 2026 first extraordinary shareholders' meeting [1] - As of the report, Baili Tianheng has a market capitalization of 139.8 billion yuan [1] Revenue Composition - For the year 2024, Baili Tianheng's revenue composition is as follows: 99.97% from the pharmaceutical manufacturing industry and 0.03% from other businesses [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：Mark一下-马克 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：Mark一下-马克 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 责任编辑：宋雅芳 ...

Core Viewpoint - Baili Tianheng's stock has shown significant volatility, with a year-to-date increase of 76.17%, but recent declines in the short term raise concerns about its performance and investor sentiment [1][2]. Group 1: Stock Performance - On December 26, Baili Tianheng's stock price increased by 2.05%, reaching 337.78 CNY per share, with a trading volume of 2.21 billion CNY and a turnover rate of 0.65% [1]. - The company's market capitalization stands at 139.46 billion CNY [1]. - Year-to-date, the stock has risen by 76.17%, but it has experienced a decline of 4.75% over the last five trading days, 10.99% over the last 20 days, and 10.76% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Baili Tianheng reported a revenue of 2.066 billion CNY, a year-on-year decrease of 63.52% [2]. - The company recorded a net profit attributable to shareholders of -495 million CNY, reflecting a year-on-year decrease of 112.16% [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 25.08% to 5,979, while the average number of circulating shares per person decreased by 20.05% to 17,208 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by major funds such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited [3].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688506 证券简称：百利天恒 公告编号：2025-089 四川百利天恒药业股份有限公司 首次公开发行部分限售股上市流通暨控股股东、实际控制人自愿承诺不减持的公告 ● 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为298,108,880股。 本次上市流通的限售股属于公司首次公开发行部分限售股，自公司首次公开发行股票限售股形成至今， 公司股本数量变化情况如下： ● 本次股票上市流通总数为298,108,880股。 ● 本次股票上市流通日期为2026年1月6日。 ● 本次申请股份解除限售的股东除遵守作出的关于所持四川百利天恒药业股份有限公司（以下简称"公 司"或"发行人"）股份锁定、减持相关承诺外，还需遵守《上市公司股东减持股份管理暂行办法》《上 海证券交易所上市公司自律监管指引第15号一一股东及董事、高级管理人员减持股份》等法规及规范性 文件中关于股份减持的相关规定。根据前述规定，截至本公告披露日，公司最近三个已披露经审计的年 度报告 ...