Core Viewpoint - The in vitro diagnostic company, YHLO (688575.SH), has announced its entry into the brain-computer interface (BCI) sector, but faced immediate regulatory scrutiny due to inconsistent disclosures regarding its partnership with Shenzhen Brain Machine Starlink Technology Co., Ltd. [1][2] Group 1: Regulatory Scrutiny - The Shanghai Stock Exchange issued an inquiry and warning to YHLO for inaccurate and incomplete information disclosure regarding its collaboration with Brain Machine Starlink, particularly concerning the technical pathways and risks associated with the partnership [2][3] - YHLO's initial announcement described Brain Machine Starlink as a company utilizing both non-invasive and invasive technologies, but later retracted this statement under regulatory pressure, clarifying that the partner only focuses on non-invasive technology [2][3] Group 2: Company Performance - YHLO's financial performance has been under pressure, with a net profit decline of 72.36% year-on-year for the first three quarters of 2025, continuing a downward trend that began in 2023 [1][5] - The company reported a revenue of 1.287 billion yuan, a decrease of 7.69% year-on-year, and has experienced a continuous decline in revenue and net profit over the past three years [5][6] Group 3: Strategic Move into BCI - The partnership with Brain Machine Starlink appears to be a strategic attempt to revitalize market confidence amid declining performance, with the BCI sector being a trending technology area [4][6] - YHLO plans to invest no more than 15 million yuan in Brain Machine Starlink, with total estimated project costs around 30 million yuan, indicating a low financial commitment relative to its cash reserves [5][6] - The company has stated that the collaboration will not yield significant performance improvements in the short term, with potential revenue generation not expected before November 2026 [6]

美国"退群"已经不是什么新闻。 从《联合国气候变化框架公约》（UNFCCC）到联合国贸易和发展会议，再到国际可再生能源署（IRENA），特 朗普政府的"退群"范围进一步扩大。 当地时间1月7日，美国总统特朗普签署行政命令，宣布退出66个国际机构，其中包括31个联合国实体及35个非联 合国组织。特朗普还通过总统备忘录，指示各联邦机构停止参与相关活动并终止向这些组织提供资金支持。 美国国务卿鲁比奥在一份声明中阐述了此举的理由："特朗普政府认定这些机构在其职能范围内存在冗余、管理不 善、不必要、浪费、运作不当等问题，或被那些推进自身议程、与我们利益相悖的相关方操控，甚至对我国的主 权、自由与总体繁荣构成威胁。" 对此，中国外交部发言人毛宁在1月8日的例行记者会上回应称，美国"退群"已经不是什么新闻，事实上国际组织 和多边机构存在的意义就在于不代表任何一个国家的私利，而是维护成员国的共同利益。正是因为如此，以联合 国为核心的国际体系，80多年来维护了世界的和平与稳定，促进了经济社会发展，保障了各国的平等权益。 她称，当前国际形势再次证明，多边体系有效运行，才能防止"丛林法则"蔓延，才能让国际秩序不被"强权即真 理、武 ...

Core Insights - The competition in the field of artificial intelligence (AI) has become a new focus of international technological and economic competition [1][5] - The Chinese government has issued the "Implementation Opinions on the 'AI + Manufacturing' Special Action," emphasizing the need for secure and reliable supply of key core technologies by 2027, with the industry scale and empowerment level to remain at the forefront globally [1][3] Industry Development - China's AI industry has made significant progress, forming an industrial chain from foundational support and core technologies to industry applications, with emerging innovative enterprises and new business models [1][2] - The AI industry is recognized as a national strategy, with multiple policies being introduced to promote its development, including the "14th Five-Year Plan" which emphasizes the comprehensive implementation of "AI +" actions [2][3] Technological Challenges - Despite advancements, the AI industry in China faces challenges such as weak core foundational technologies and limited application scenarios, necessitating innovation to accelerate development [2][3] - The "Implementation Opinions" highlight the need for secure and reliable supply of core technologies, indicating significant room for improvement in foundational technologies [3] Competitive Advantages - China is expected to lead the world in AI computing power, with advantages in electricity supply, as estimated by Tesla CEO Elon Musk, who predicts that China's power generation could reach three times that of the U.S. by 2026 [2] - The country possesses policy, market, and innovation advantages that are crucial for the rapid development of the AI industry [2][3] Economic Impact - The intelligent economy driven by AI is becoming a new engine for economic development, with AI's strategic value surpassing that of any other single technology [4][5] - Mastering core AI technologies and achieving a leading position in industry scale and empowerment is essential for seizing the opportunities presented by AI development [5]

L3级自动驾驶正在加速落地。2025年12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾 驶车型准入许可。到12月末，首批获颁L3号牌的车辆已经在北京、重庆的试点路段上路。 当智驾更进一步，当方向盘开始更多地在人与机器之间切换控制权，延续数十年的车险行业未来又将随 之面临怎样的变化？L3真的到来时，智驾险是否会取代车险成为新的"主角"？ "未来很长一段时间仍会以车险为主，智驾险不会取代现在的车险。"平安产险上海分公司总经理何莹对 第一财经表示。这也是记者采访的多位业内人士的一致判断。但这并不意味着车险市场会一成不变。受 访的业内人士表示，一旦L3大范围铺开，会有更多新的场景出现，从而催生新的保险责任。但同时， 如何定责、数据匮乏等也成为L3下智驾保险发展所要面临的挑战。 车险会被替代吗？ 据了解，平安产险参与了重庆、北京的L3试点车辆保险方案。其中，根据媒体报道，针对L3级自动驾 驶"人机共驾"的独特场景，平安产险北京分公司相关产品为开启L3功能时发生交通事故造成的损失，提 供每座最高200万元的车上人员保额及最高500万元的第三者损失保额，同时覆盖自动驾驶系统缺陷、软 件更新风险、网络安全攻击等 ...

各地生育支持政策也在密集出台。日前，贵州省政府办公厅印发《贵州省加快完善生育支持政策体系推 动建设生育友好型社会的若干措施》（以下简称《措施》），围绕生育服务、育幼服务、教育住房就业 支持及社会氛围营造四个方面，出台14条具体举措，系统支持生育，推动人口高质量发展。 《措施》明确，将强化生育保险保障，完善生育休假制度。3周岁以下婴幼儿的父母每年各享受10天育 儿假，可连续或分开休假。同时，落实生育补贴等制度，支持金融机构为符合条件的夫妻提供婚育消费 贷款。推动将普惠托育纳入企事业单位职工福利体系，用人单位开展职工子女普惠托育服务的有关支 出，可按规定从职工福利费中列支，用人单位工会经费可适当补充。 2025年12月，河南省政府办公厅发布《河南省加快完善生育支持政策体系推动建设生育友好型社会若干 政策措施》，推出了13条生育支持政策措施，推动生育友好型社会建设，让育龄群众愿意生、养得起、 教得好。 此外，湖北省竹山县对二孩、三孩家庭分别给予25平方米、50平方米购房奖励的政策，引发社会广泛关 注。 同时，越来越多的村庄、社区也出台鼓励婚育的措施。 当前，生育支持体系正持续完善。 今年1月5日至6日，全国卫生健康 ...

Core Insights - Digital consumption is increasingly contributing to overall consumption growth in China, driven by technological advancements, innovative product models, and changing consumer demands [1][2][4] Group 1: Digital Consumption Trends - The proportion of online retail sales of physical goods has risen from 10.8% a decade ago to an expected 26.8% in 2024 [1] - The digital consumer base is expanding across age, gender, and regional boundaries, with significant participation from the "Z generation" and the elderly [1][5] - By mid-2025, the digital consumption amount in China is projected to reach 9.37 trillion yuan, accounting for 46.5% of total household consumption expenditure [4] Group 2: User Demographics and Behavior - As of June 2025, the number of digital consumption users has surpassed 958 million, with the "Z generation" accounting for 27.2% of this group [5] - The "Z generation" shows a high engagement with digital services, with 71.4% using generative AI, significantly higher than the overall internet user rate [5] - The elderly demographic is also becoming a significant force in digital consumption, with 71.7% willing to pay for convenient online products and services [6] Group 3: Market Growth and Innovations - The digital economy's core industry value added reached 14.08 trillion yuan in 2024, growing by over 10% year-on-year [7] - The integration of AI in consumer products is expected to enhance market penetration, with AI smartphones and PCs projected to exceed 50% and 80% penetration rates, respectively, in the next three years [7] - The growth of digital services is evident in sectors like healthcare, with internet hospitals increasing from about 1,600 in 2021 to 3,340 by the end of 2024 [7] Group 4: Future Outlook - The digital consumption landscape is evolving with new consumption patterns, including online-offline integration and immersive experiences [1][2] - Emerging consumption trends such as digital and green consumption are expected to further stimulate overall consumption growth [8]

Core Viewpoint - The implementation of the first version of the commercial insurance innovative drug directory has begun, with significant implications for the use of innovative drugs in hospitals and outpatient settings, particularly under the "three exclusions" policy [1][3][7]. Group 1: Policy Implementation and Impact - The "three exclusions" policy allows innovative drugs included in the commercial insurance directory to be reimbursed separately from the bundled payment for hospital cases, which is seen as a major benefit for the inclusion of these drugs in hospitals [1][3]. - As of January 8, at least 28 provinces have issued notifications to implement the 2025 version of the national drug directory and the commercial insurance innovative drug directory, indicating a broad acceptance of these policies [3][4]. - The sales data from the National Medical Insurance Administration shows that from January 1 to 6, over 15 medical institutions recorded sales of commercial insurance innovative drugs, although most of these were completed before the directory was published [3][4]. Group 2: Challenges in Drug Utilization - There is uncertainty regarding the allocation of special case approvals for commercial insurance innovative drugs, as these approvals are limited to a small percentage of total cases, which may restrict access for patients [8][9]. - The outpatient use of commercial insurance innovative drugs remains largely unregulated, with no existing incentives or policies to support their prescription in outpatient settings [6][12]. - The lack of clear guidelines for the inclusion of commercial insurance innovative drugs in hospital formularies is hindering their adoption compared to nationally negotiated drugs [4][5]. Group 3: Market Dynamics and Future Directions - The market for commercial insurance innovative drugs is expected to grow, but many stakeholders remain cautious due to unresolved issues regarding prescription and payment processes [2][6]. - There is a call for clearer standards and collaboration among departments to ensure the effective use of commercial insurance innovative drugs without being subject to self-payment rate assessments [8][9]. - The potential for outpatient pharmacies to stock commercial insurance innovative drugs is being explored, with some regions already supporting this initiative, but concerns about the integration of outpatient prescriptions into hospital billing remain [11][12].

2026年开局，股债市场上演"冰与火之歌"。 一边是上证指数连阳突破4000点，剑指4100点大关；另一边则是债市迎头撞上"逆风"。在此背景下，超 四成债基开年即出现回撤，中长期纯债型产品成为调整"重灾区"，多只产品年内跌幅超1%；与之相 对，可转债基金表现亮眼，部分产品同期回报已超6%。 市场波动引发资金敏感流动，短短数日，至少有20家基金公司旗下债基因大额赎回被迫提升净值精度， 债券ETF也一改去年巨额流入的态势，出现显著资金外流，超567亿元资金从中撤离。 金鹰基金固定收益研究部人士对第一财经表示，年初债市或有调整压力，但资金面预期长期向好，机构 年度配置逐步展开，中等久期债券性价比或仍存，后续需重点关注银行、保险、理财配置情况。 摩根士丹利基金固定收益投资部联席总监吴慧文告诉第一财经，2026年债市核心运行逻辑将围绕对基本 面和通胀强预期和弱现实之前的差距放大和收敛展开，预计市场呈现宽幅震荡、利率中枢温和抬升的特 征。 债市开年再吹逆风 开年以来，A股市场延续此前强势，上证指数连阳多日突破4000点，并一度逼近4100点。截至1月8日收 盘，上证指数报收4082.98点，年内累计上涨2.88%。与之形 ...

Group 1 - Moole Technology released version 1.1 of the open-source large model distributed training simulation tool SimuMax [1] - Alibaba Cloud launched a multimodal interaction development kit aimed at AI hardware [1] - Xiaopeng Motors Chairman He Xiaopeng announced plans for mass production of humanoid robots and flying cars this year [1] Group 2 - JD.com established a "Chameleon Business Unit" to undertake AI initiatives [1] - Tesla CEO Elon Musk stated that within three years, robot surgeons will surpass top human doctors, and China's AI computing power will lead the world [1] - Caterpillar partnered with NVIDIA to transform heavy industry through physical AI and robotics technology [1] Group 3 - Anthropic, a rising star in artificial intelligence, plans to raise $10 billion, with its valuation nearing that of OpenAI [1] - Arm restructured the company and established a physical AI department [1] - Datavault AI expanded its collaboration with IBM [1] - Tensu Zhixin will unveil the roadmap for its next three generations of GPGPU on January 26 [1] - Leju Robotics formed a full-stack AI partnership with Alibaba Cloud [1]

龚正代表市政府向各位参事为上海发展作出的积极贡献和付出的智慧汗水表示衷心感谢。他说，各位参 事认真履职尽责、主动建言献策，形成了一批质量高、针对性强的政策咨询报告和建议，有效发挥 了"思想库""连心桥""宣传员"的作用，有力支持了政府的科学决策、民主决策，为上海经济社会发展贡 献了力量。 各位参事有效发挥了"思想库""连心桥""宣传员"的作用，为上海经济社会发展贡献了力量。 龚正说，各位参事都是各个领域的行家里手，学识深厚、阅历丰富、视野广阔。今年是"十五五"开局之 年，希望大家一如既往关心支持政府工作，更好履职尽责、开拓创新，提出更多有价值、有分量的真知 灼见。希望各位参事立足全局、放眼长远，紧扣上海"十五五"时期经济社会发展的重大命题，加强前瞻 性战略性研究，更好服务科学决策。希望各位参事聚焦服务国家重大战略任务，进一步深化规律认识， 加强跟踪调研，多关心实践中的热点难点问题，更好推动改革发展。希望各位参事深入基层、倾听民 声，发挥好桥梁纽带作用，更好地帮助政府察民情、听民声、汇民智，及时反映群众关切，更好凝聚社 会共识。市政府将一如既往支持参事开展工作，努力为各位参事履职尽责创造更好条件，认真听取大家 ...