(本文来自第一财经) 高测股份公告，公司关注到有媒体报道称，公司与马斯克团队有过接触，引起市场关注与讨论。经公司 核查，公司目前尚未开展太空光伏相关业务，未与相关团队开展合作，未签署任何框架性协议或正式协 议，未产生相关订单和形成相关收入，未对公司经营业绩造成影响。 ...

上海是持续推动科研创新的高地。如何将科技创新与产业创新深度融合，成为本届上海两会上热议的话 题。 "成果在产业内扩散应用和转化的活动，是科技价值的最终实现。"在4日下午举行的上海两会人大专题 审议会"强化国际科技创新中心策源功能推动科技创新和产业创新"上，上海市人大代表、农工党上海市 科技委主委刘宣勇发言时说。 4日最新发布的《2025上海科技进步报告》显示，过去一年上海基础研究投入强度预计12%左右，上海 科学家在《细胞》《自然》《科学》上发表论文占全国30.6%。 根据今年的上海市政府工作报告，"着力推进科技创新和产业创新深度融合，培育发展新质生产力"，是 其中一个主要任务。具体包括加快重大科技成果高效转化应用；推进产业智能化、绿色化、融合化发 展；一体推进教育科技人才发展几个方面。 让学术智慧源泉流动起来，不断转化为产业的生产力达成价值实现，助力上海国际科创中心建设，代表 委员们就此提出了多个层面的建议。 科技成果如何转化 刘宣勇说，目前高校和企业界的创新供需存在一个双盲配置：科研追求学术前沿，而企业需要的是接地 气的一个技术，双方目标存在一定的错位，另外中试平台等建设力度也要加强。 他建议通过产教融合 ...

Group 1 - The representatives at the Shanghai People's Congress are reviewing the draft of the 15th Five-Year Plan, acknowledging the achievements of the past five years and providing suggestions for future work [1] - Lin Zhongqin suggested developing advantageous industries and new productive forces to enhance the city's capabilities and international influence, emphasizing the importance of improving higher education quality [1] - Yang Zhijian highlighted the need for the shipping industry to play a foundational and strategic role, advocating for digitalization and green transformation in the sector [1] Group 2 - Representatives are focusing on livelihood issues, with Zhang Tingting proposing a precise layout of facilities based on elderly care service needs and advocating for resource allocation towards healthcare for the elderly [2] - Liu Ke emphasized enhancing Shanghai's cultural soft power through the development of the "One River, One River" waterfront tourism area and revitalizing industrial heritage along the Suzhou River [2] - Wu Zuqiang noted the importance of a quality improvement project for school meals and suggested establishing a traceability mechanism for student lunch quality [2][3] Group 3 - Tian Chunhua recommended deepening the reform of financial management for scientific research projects and expanding the pilot implementation of the package system [3] - Wang Hong expressed hope for increased funding for social security to improve the quality of life for citizens, despite tight fiscal conditions [3]

Core Insights - The new round of technological revolution and industrial transformation presents new opportunities for agricultural and rural development, as highlighted in the first Central Document of the "14th Five-Year Plan" [1] - The document emphasizes enhancing agricultural production capacity and quality, implementing precise assistance, promoting stable income growth for farmers, and advancing rural construction [1][6] - The integration of technologies such as drones, IoT, and robotics into agriculture is a key focus, marking their first inclusion in a Central Document [1][3] Group 1: Agricultural Technology and Innovation - The document outlines the need for a systematic approach to agricultural technology innovation, focusing on key core technologies and efficient application of scientific achievements [3][4] - The integration of artificial intelligence with agriculture is emphasized, aiming to transform traditional farming practices into data-driven and algorithm-enhanced operations [2][3] - The development of low-altitude economy represented by drones is expected to synergize with other agricultural innovations, creating a modern agricultural production system [2][3] Group 2: Farmer Income and Support Policies - The document sets a target for per capita disposable income of farmers to reach 24,456 yuan by 2025, with a 6% increase from the previous year, while also aiming to reduce the income gap between urban and rural residents [6][8] - A comprehensive set of policies is proposed to stabilize farmers' income from farming, support county-level economic development, and enhance employment opportunities for migrant workers [6][7] - The focus on stabilizing grain prices and providing subsidies is crucial to ensure farmers' income security and prevent losses due to low market prices [7][8] Group 3: Employment and Skills Development - The document emphasizes the importance of supporting migrant workers through job stability policies, vocational training, and ensuring timely wage payments [8] - It highlights the need for matching training programs with job market demands to enhance the employability of rural workers [8] - Strengthening the integration of migrant workers into urban life through access to public services is also a key focus to improve their overall quality of life [8]

在科技实现创新与国际引领的同时，也要积极参与国际规则的制定。 2026年持续提升"五个中心"建设，"十五五"期间坚定不移加快"五个中心"建设，上海已拿出施工图，这 也成为今年上海两会上人大代表们高度关注的议题。 2月4日，上海两会围绕"加快建设五个中心，提升城市能级和竞争力"举行专题审议，多名人大代表提出 建议。 在深化国际经济中心建设方面，今年上海市政府工作报告（下称"报告"）明确，积极支持智能网联新能 源汽车、海洋经济、低空经济、航空航天、卫星互联网等产业发展，培育特色数字产业集群，大力推动 服务业扩能提质、集聚发展。 作为上海"五大中心"之一的国际航运中心建设，正在从"基本建成"向"全面建成"全速迈进。 上海市人大代表陈燕提出，上海国际航运中心的"软实力"建设仍然面临多重挑战，口岸营商环境存在进 一步提升与优化的空间，航运要素集聚水平有待进一步增强，航运配套服务的深度与广度仍需加强，尤 其对于引导航运数智化、绿色化转型发展的配套机制方面需要进行系统化的设计。 为此，陈燕建议，在持续优化口岸营商环境方面，一要在现有与洛杉矶、汉堡、巴塞罗那、墨尔本等国 际大港签署港际共建协议的基础上，深入推动绿色航运走廊、 ...

"我国已成为农用无人机保有量第一大国，全球约有50万台农用无人机，我国就超过了30万台。" 新一轮科技革命和产业变革，给农业农村发展带来了新机遇。 "十五五"首个中央一号文件《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意 见》要求，提升农业综合生产能力和质量效益、实施常态化精准帮扶、积极促进农民稳定增收、因地制 宜推进宜居宜业和美乡村建设。文件还提出"拓展无人机、物联网、机器人等应用场景"，这是无人机和 机器人首次写入中央一号文件。 中央财办分管日常工作的副主任、中央农办主任韩文秀2月4日在国新办新闻发布会上表示，中央一号文 件既突出年度性，部署2026年必须完成的任务，又明确"十五五"乃至更长一个时期的战略性、方向性要 求。围绕解决农民群众急难愁盼，集成推出了务实管用、有含金量的政策举措，着力办好一批民生实 事。 "我国已成为农用无人机保有量第一大国，全球约有50万台农用无人机，我国就超过了30万台。"中央财 办副主任、中央农办副主任祝卫东在发布会上回答第一财经记者提问时表示，要抓住这一轮科技革命机 遇，促进人工智能与农业发展相结合，让更多新质生产力成为现代农业发展的"新引擎"。 农业科 ...

Core Viewpoint - The nomination of Kevin Warsh as the new Federal Reserve Chairman is expected to lead to significant adjustments in market investment structures and narratives, marking a return to a more conservative monetary policy paradigm since the 2008 financial crisis [1][2]. Group 1: Market Reactions - Following Warsh's nomination, the US dollar index rose, and precious metals like gold and silver experienced significant price fluctuations, indicating a potential restructuring of market pricing paradigms and narratives [2]. - The anticipated end of expansionary monetary policies, such as quantitative easing, is likely to strengthen the dollar's credit system and alter global risk asset pricing mechanisms [2]. Group 2: Economic Context - The current US economic conditions are deemed capable of withstanding a "violent" balance sheet reduction by the Federal Reserve, which could lower interest costs for the Treasury and enhance its influence over dollar pricing [2]. - The US economy is entering a mid-to-high growth phase, which increases its resilience against the impacts of aggressive balance sheet reduction [2]. Group 3: Risk Management Strategies - Market participants are urged to prepare for potential market volatility risks associated with the Fed's balance sheet reduction, as expectations alone can trigger adjustments in investment structures [3]. - There is a need for prudent risk mitigation strategies, including institutional safeguards, to manage extreme market conditions effectively [4]. Group 4: Global Implications - China is advised to assess potential dollar asset premiums and global dollar liquidity risks, preparing multiple risk mitigation strategies, particularly in precious metals [5]. - Investors should control their exposure to arbitrage risks and align their risk profiles with their capacity to bear risks, ensuring preparedness for the Fed's potential balance sheet reduction impacts [5].

上游医美供应链厂商单纯依靠控价维持高利润的时代或许一去不复返了。 近日，新氧宣布与索塔、艾尔建、爱美客、华熙生物、锦波生物、四环医药等首批14家上游厂商达成合 作。 其中，不少企业曾与新氧围绕着定价的问题闹得不可开交，供应商甚至一度断供。不过，目前看来。这 场贯穿了去年整年的定价权大战随着此次合作的达成摁下了暂停键。 中国的医美行业正告别野蛮生长，进入一个更加规范、理性、注重价值的新时代。 在不少行业人士看来，这背后折射出医美行业上下游力量的重构，也预示着整个行业发展逻辑的重大转 变。 打破传统高价体系 新氧集团董事长金星想要单价更低的医美项目。这或许是这位创始人一开始做线下连锁门店时就想好 的。他曾在一档播客节目里讲述自己去韩国做医美项目的经历，并疑惑为何在韩国做同样的项目要比在 国内便宜几倍。 在他看来，国内一些美容项目之所以动辄就是五位数，一方面是因为机构自己运营没有控制好（比如过 多的营销导致价格居高不下），另一方面则是因为供应商的要价过高。 作为医美抗衰领域的热门品类，童颜针长期以来维持着万元以上的终端售价，上游厂商标价通常在1.68 万元至1.88万元/支。但2025年4月，新氧推出"奇迹童颜1. ...

Core Insights - The issue of "delivery difficulties" in the real estate sector, which once caused market panic, is gradually becoming a thing of the past as many real estate companies report their housing delivery data for 2025, indicating that the delivery work is nearing completion [1][3][4]. Group 1: Delivery Progress - By the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been delivered nationwide, with Country Garden delivering about 1.85 million units [1][4]. - Greenland Holdings announced that it expects to deliver over 8 million square meters of residential projects in 2025, translating to around 80,000 units, following previous deliveries of 260,000, 280,000, and 140,000 units from 2022 to 2024 [3]. - Sunac Group reported cumulative deliveries of over 720,000 units from 2022 to 2025, with the delivery work nearing completion [3]. Group 2: Industry Recovery - With the pressure of delivery alleviated, the real estate sector is entering a new phase of industry recovery [2]. - The national housing and urban-rural development meeting confirmed that the delivery tasks for 2025 have been fully completed, with a delivery rate of 99% for the 3.96 million units targeted in the "guaranteed delivery" campaign [4]. - The financial support for projects has exceeded 7 trillion yuan, facilitating smooth construction and delivery [4]. Group 3: Risk Mitigation - The past three years have seen a systematic risk mitigation effort, with collaboration among national, provincial, and municipal work teams to ensure accountability among local governments, real estate companies, and financial institutions [5]. - The implementation of targeted policies has significantly reduced concerns about project delays, with many previously troubled projects now successfully delivered [5][8]. - Experts indicate that real estate risks have notably subsided, with a shift in focus for many companies towards debt resolution, asset management, and revitalizing land holdings [6][7]. Group 4: Market Stability - There are signs of stabilization in housing prices, particularly in first-tier cities, which lays a solid foundation for market recovery and rebuilds confidence in the industry [8]. - The reduction in project suspensions and the increase in timely and high-standard deliveries have effectively safeguarded buyers' rights, contributing to a more stable market environment [8].

Core Viewpoint - Nearly half of the 2957 A-share listed companies that disclosed their 2025 annual performance forecasts are expected to incur losses, indicating a significant downturn in the market [1][2]. Provincial Distribution - The provinces with the highest proportion of companies expecting losses are Hainan (44.44%), Jilin (41.67%), and Qinghai (40%) [3][4]. - Guangdong has the highest number of companies expecting losses at 257, followed by Beijing (172), Jiangsu (160), and Zhejiang (133) [3]. Industry Analysis - The real estate sector is identified as the most affected, with Vanke A (000002.SZ) projected to be the "loss king" with an expected net profit loss of approximately 82 billion yuan [6][7]. - Other industries with significant losses include IT services, semiconductors, and chemical pharmaceuticals, with the number of companies expecting losses in these sectors ranging from 40 to 60 [6][8]. Notable Companies - Vanke A leads the losses in the real estate sector, followed by China Fortune Land Development (华夏幸福) with expected losses between 16 billion to 24 billion yuan, and Greenland Holdings (绿地控股) with losses estimated at 16 billion to 19 billion yuan [6][7]. - In the retail sector, M.K. Home (美凯龙) is projected to incur losses between 15 billion to 22.5 billion yuan, primarily due to investment property valuation losses [7]. - In the electronics sector, Deep Kangjia A (深康佳A) is expected to report losses of 12.58 billion to 15.57 billion yuan, attributed to increased impairment provisions and declining revenue [7]. Sector-Specific Losses - The photovoltaic industry is also facing challenges, with Tongwei Co. (通威股份) expected to incur losses of 9 billion to 10 billion yuan due to supply surplus and rising raw material costs [8]. - In the semiconductor sector, Wentai Technology (闻泰科技) anticipates losses of 9 billion to 13.5 billion yuan, influenced by significant investment losses and asset impairments [8].