(本文来自第一财经) WTI原油涨2%，报58.793美元/桶；布伦特原油涨1.68%，报63.03美元/桶。 WTI原油涨2%，报58.793美元/桶；布伦特原油涨1.68%，报63.03美元/桶。 (本文来自第一财经) ...

多只知名美元基金参与其中。 中国创新药对外授权交易在2025年创下超过1300亿美元总额战绩。2026年开年，新一轮的对外授权交易 逐渐拉开序幕。 2026年1月9日晚间，海思科（002653.SZ）发布公告称，公司与美国AirNexis签署独家许可协议，将自 主研发1类创新药HSK39004的全球（除大中华区）开发、生产及商业化权利授权给对方。 这次授权交易通过Newco的形式进行。这种模式一般由资本攒局成立一家新公司，药企将管线剥离出来 授权给这家公司后，获得一定的股权和现金。 AirNexis是一家于2025年12月23日在美国特拉华州设立的公司。 海思科这次对外授权的药物HSK39004，是一种PDE3/4的双重抑制剂，通过双重机制协同作用，扩张支 气管、减少炎症因子释放，从而改善气流受限和气道炎症，用于慢性阻塞性肺病（COPD）辅助维持治 疗。该药物目前拥有吸入混悬液、吸入粉雾剂两种剂型，当前均在中国进行II期临床试验。截至2025年 12月31日累计研发投入约7000万元。 这次交易下，AirNexis将向海思科支付1.08亿美元首付款（含4000万美元现金及等值约6800万美元的 AirNexi ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 据贵州茅台官微消息，1月9日，2026年茅台酒全国经销商会长联谊会在武汉召开。茅台集团党委书记、 董事长陈华表示，i茅台的根本目的是解决触达和效率，摸清真实消费边界。在防止炒作、供需适配、 市场稳定三条原则下，i茅台动态投放，让产品直达消费端，有助于建立良好的渠道生态。数据显示， 53%vol 500ml贵州茅台酒上线第9日，i茅台新增用户已超270万，成交用户已超40万。 (本文来自第一财经) ...

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration regarding the cancellation of VAT export rebates for photovoltaic products starting April 1, 2026, signals the end of the "rebate subsidy era" for the solar industry [1]. Group 1: Impact on the Industry - The current VAT export rebate rate for photovoltaic products is 9%, which will be reduced from 13% to 9% on December 1, 2024 [1]. - The cancellation of export rebates is expected to significantly impact photovoltaic module products, leading to increased direct costs for companies and reduced price competitiveness [1]. - The removal of export rebates means that photovoltaic module exporters will no longer benefit from VAT refunds, resulting in a profit reduction of approximately 46 to 51 yuan per 210R module, compressing export gross margins and increasing export costs [1]. Group 2: Short-term and Long-term Effects - In the short term, overseas terminal companies are expected to increase order demand rapidly before the rebate cancellation, potentially leading to a surge in export volumes [2]. - However, long-term projections indicate a significant decline in photovoltaic module export volumes by 5% to 10% due to the cancellation of export rebates, with a notable drop in overseas demand [2]. - The gross margins of exporting companies are anticipated to decrease, posing a risk to their cash flow [2]. Group 3: Industry Reactions and Adjustments - A domestic second-tier photovoltaic company expressed that the cancellation of export rebates would severely impact short-term operations, as some companies previously relied on the 9% rebate for profitability [2]. - Companies are expected to ramp up production and may not take breaks during the upcoming holiday season to stockpile products for export [2]. - The cancellation of export rebates could also create a supply-demand imbalance, prompting customers to purchase solar panels before prices rise, which may help clear overseas inventory [2]. Group 4: Strategic Industry Perspective - The cancellation of export rebates is viewed as a measure to combat unhealthy price competition within the industry, encouraging companies to abandon low-price strategies [3]. - The China Photovoltaic Industry Association stated that adjusting export rebates could help rationalize foreign market prices, reduce trade friction risks, and alleviate the fiscal burden on the government [3]. - While the adjustment of export rebates is not the sole solution to the issue of "externalized internal competition," it is expected to help stabilize export prices and lower the likelihood of trade disputes in the long run [3].

Core Viewpoint - The cancellation of the export tax rebate for photovoltaic (PV) products, effective April 1, 2026, signifies the end of the "rebate subsidy era" for the industry, leading to increased costs for export companies [1]. Group 1: Impact on Industry - The current export tax rebate rate for PV products is 9%, down from 13% as of December 1, 2024, which indicates a significant reduction in financial support for exporters [1]. - Analysts predict that the cancellation will primarily impact PV module manufacturers, resulting in increased direct costs and reduced price competitiveness [1]. - The cancellation is expected to reduce profit margins for exporters, with estimated profit reductions of 46 to 51 yuan per 210R PV module, compressing export gross margins [1]. Group 2: Short-term and Long-term Effects - In the short term, there may be a surge in orders from overseas clients as they seek to capitalize on the remaining rebate period, potentially alleviating pessimistic expectations within the supply chain [2]. - However, long-term projections indicate a potential decline in PV module exports by 5% to 10% due to the removal of the rebate, leading to a significant drop in overseas demand [2]. - The cash flow of export companies is anticipated to become a major risk factor as profit margins decrease [2]. Group 3: Industry Reactions and Adjustments - Some industry insiders express that the cancellation will have a substantial impact on all companies, not just small and medium-sized enterprises, as many rely heavily on the rebate for profitability [2]. - Companies are expected to ramp up production and shipping to overseas markets in anticipation of price increases post-cancellation, potentially leading to a supply-demand imbalance [2]. - The cancellation is viewed as a measure to combat unhealthy price competition within the industry, encouraging companies to abandon low-price strategies [3]. Group 4: Regulatory Perspective - The Chinese Photovoltaic Industry Association supports the adjustment of export tax rebates as a means to promote rational pricing in foreign markets and reduce trade friction risks [3]. - The association acknowledges that while adjusting export tax rebates is not the sole solution to external competition issues, it is beneficial for stabilizing export prices and mitigating trade disputes in the long run [3].

（文章来源：第一财经） 中国光伏行业协会发文表示，适时降低或取消光伏产品的出口退税，有助于推动国外市场价格理性回 归，降低了我国面临的贸易摩擦的风险，同时能够有效缓解国家财政负担，促进财政资源更合理、更高 效的配置。尽管调整出口退税并非从根本上解决"内卷外化"问题的唯一手段，但从长期看，有利于抑制 出口价格的过快下滑，降低贸易摩擦发生的概率。 ...

国家整治光伏产业低价无序竞争，取消出口退税支持 光伏、电池等产品取消出口退税"靴子落地"。 继2024年底中国将光伏、电池出口退税率由13%下调至9%后，1月9日财政部税务总局发布《关于调整 光伏等产品出口退税政策的公告》（下称《公告》），决定自2026年4月1日起，取消光伏等产品增值税 出口退税。自2026年4月1日起至2026年12月31日，将电池产品的增值税出口退税率由9%下调至6%； 2027年1月1日起，取消电池产品增值税出口退税。 上海国家会计学院副教授葛玉御对第一财经分析称，国家将陆续取消光伏等产品和电池产品增值税出口 退税，反映了不再通过出口退税的方式来支持这两类行业。经过多年出口退税支持，我国光伏和电池产 业在国际上已经具备竞争优势，但也存在一些问题，比如出现内卷式竞争以及其他一些国家反补贴调查 等。 对此，中国光伏行业协会名誉理事长王勃华认为，这一变化与企业主动调整经营策略密切相关，越来越 多的企业开始响应"不低于成本价销售"的行业共识，减少低价、低利润订单，推动盈利能力边际改善。 此外，自2024年第三季度以来，主要产业链企业固定资产和在建工程规模逐步下降，新建产能扩张节奏 明显放缓，行 ...

Group 1 - The core focus of the initiative is to support the opening up of the service industry in nine cities, including Dalian, with 159 pilot tasks across three main areas: telecommunications and digital industries, healthcare and wellness, and financial international cooperation [1][2] - The plan aims to enhance the efficiency of pilot work by implementing 103 common tasks and 3 additional tasks approved by relevant departments in the nine cities by April 2025 [1] - The initiative encourages cities to develop tailored tasks based on their unique advantages and industries, promoting innovation and collaboration among the cities [2] Group 2 - Specific support measures include enhancing logistics in Dalian, promoting cross-border trade in Ningbo, facilitating cultural trade in Xiamen, and advancing marine technology in Qingdao [2] - The initiative emphasizes the importance of organizational implementation, with clear requirements for strengthening responsibilities and ensuring compliance with regulations [2]

Core Insights - Guangzhou aims to establish itself as a global hub for low-altitude economy and commercial aerospace by 2035, with a focus on developing intelligent aircraft and key enterprises in the commercial aerospace sector [1] Low-altitude Economy - The planning document outlines Guangzhou's ambition to become a manufacturing and design center for low-altitude economy, with applications in various sectors such as agriculture, emergency services, and urban management [1] - The city plans to explore "drone + smart logistics" initiatives, including urban drone delivery and intercity drone transport, to enhance logistics efficiency [2] - Guangzhou has a competitive advantage in the low-altitude economy due to its concentration of high-tech companies, a supportive electric vehicle industry, and established regulatory frameworks [2] Commercial Aerospace - The planning document emphasizes strengthening Guangzhou's capabilities in communication and navigation equipment manufacturing, aiming to capitalize on satellite internet opportunities [3] - The city plans to support the development of a complete industrial chain for the Beidou satellite system, integrating various technologies such as 5G and artificial intelligence [3] - Challenges in the commercial aerospace sector include navigating complex airspace environments and the lack of launch facilities, which need to be addressed for effective development [4] Industry Collaboration and Development - To enhance competitiveness, Guangzhou must focus on integrating various industry segments and fostering collaboration among enterprises [3] - The city is encouraged to provide policy support for commercial aerospace companies and promote capital operations to attract new businesses [6] - Emphasis on research in key areas such as rocket recovery technology is necessary to build a solid technological foundation for the industry [6]

对上述产品中征收消费税的产品，出口消费税政策不作调整，继续适用消费税退（免）税政策。 表面上减少了税费补贴，但实际上直指"反内卷"。 与客户自提模式相比，电池厂自送海外的模式下，电池厂商需要承担更高的税收成本。因为他们不仅要 承担国内的增值税，还需要处理出口过程中的各类税务问题。这意味着电池厂商将面临直接的成本压 力，可能影响其利润率和市场定价策略。 1月9日，财政部、税务总局发布关于调整光伏等产品出口退税政策的公告。公告显示，2026年4月1日起 至2026年12月31日，将电池产品的增值税出口退税率由9%下调至6%；2027年1月1日起，取消电池产品 增值税出口退税。 杨玏认为，这项政策的出台，表面上看减少了对电池行业的出口补贴，事实上却对解决电池产业"内 卷"问题有着更深远的意义。中国电池产业，尤其是动力电池和储能电池领域，经历了多年的过度竞 争。低价竞争、技术模仿叠加过度依赖政策补贴，导致许多中小企业难以脱颖而出，技术创新动力不 足。在此背景下，相关政策希望通过下调退税率，进一步推动行业淘汰低端产能，转向研发技术含量更 高、附加值更强的产品。 中国出口退税制度自1985年4月1日起正式实施，电池类产品 ...