"十五五"规划开局之年，上海站在建设具有全球影响力的科技创新中心和健康城市建设的新起点。在此背景下，2月2日，中国人民政治协 商会议上海市第十四届委员会第四次会议在上海开幕。 面对国家层面多层次医疗保障体系的顶层设计出台、生物医学新技术监管新政实施，以及"新质老龄化"带来的结构性挑战，此次会议，上 海市政协常委、复星国际联席CEO陈启宇以医疗、医保、医药"三医协同"的系统思维递交多份提案，为上海在大健康产业领域构筑全球竞 争优势建言献策。 陈启宇指出，当前上海生物医药产业发展正处于从"跟跑"向"并跑""领跑"跨越的关键阶段，但创新链与产业链脱节、支付端与供给端错 配、老龄化需求与服务供给失衡等仍待进一步破题。特别是在国务院《生物医学新技术临床研究和临床转化应用管理条例》即将实施、国 家医保局发布首版《商业健康保险创新药品目录》的政策背景下，上海要充分发挥改革开放排头兵作用。 此次陈启宇提出的系列提案立足于上海作为生物医药产业高地、医疗保障改革先行区、深度老龄化超大城市的三重定位，从临床转化体 系、多层次支付保障、科学智能基础设施、产业创新生态等维度提出具体建议。 陈启宇。资料图 打通生物医药前沿技术转化通道 ...

Core Viewpoint - The performance forecasts for A-share vaccine companies in 2025 reveal significant industry adjustments, with major players like Zhifei Biological, Wantai Biological, and Baike Biological reporting losses, while companies like CanSino and Watson Biologics achieve growth through innovative products and overseas market expansion [1][2]. Industry Overview - The vaccine industry is facing multiple pressures, including price wars, shrinking demand, and product homogenization, which are forcing companies to shift from channel-driven to innovation-driven strategies [1][4]. - The overall profitability of the industry has sharply declined, with Zhifei Biological expecting its first annual loss since its listing, projecting a net loss of 10.698 billion to 13.726 billion yuan, a year-on-year decline of 630% to 780% [1][2]. Company Performance - Zhifei Biological, Wantai Biological, and Baike Biological have all transitioned from profit to loss due to various factors, including price cuts and inventory issues [1][2]. - CanSino has turned a profit in 2025, with a projected net profit of 24.5 million to 29 million yuan, benefiting from the strong sales of its four-valent meningococcal vaccine, which accounts for 90% of its revenue [2][6]. - Watson Biologics has seen a 35% year-on-year increase in overseas vaccine exports, achieving a net profit of 16 million to 19 million yuan, reflecting its ability to counter domestic declines [2][7]. Market Dynamics - The ongoing price war is compressing profit margins, with significant price drops observed in various vaccine categories, such as the HPV vaccine and flu vaccine, leading to reduced gross margins for companies [4][8]. - Demand for vaccines is declining due to a falling birth rate and low vaccination rates among adults, exacerbating the industry's growth challenges [4][5]. Strategic Shifts - Companies are increasingly focusing on innovation and overseas expansion as key strategies to navigate the current market challenges [5][9]. - The inclusion of the HPV vaccine in the national immunization program is expected to stabilize market demand but will also pressure companies to reduce costs and innovate further [8][9]. Future Outlook - 2025 is seen as a pivotal year for the vaccine industry in China, with a shift towards high-quality development and a focus on core competencies and innovation [9]. - The industry is expected to gradually recover as innovative products are launched, overseas markets are expanded, and public awareness of vaccination increases [9].

周二（2月3日），美国三大股指全线收跌，道指跌0.34%，标普500指数跌0.84%，纳指跌1.43%。 能源股全线上涨，埃克森美孚涨近4%，西方石油涨超3%，雪佛龙涨超2%。 中概股多数下跌，纳斯达克中国金龙指数跌0.94%。热门个股方面，哔哩哔哩跌超4%，霸王茶姬跌近4%，汽车之家跌超3%，阿里巴巴跌近3%，阿特斯太 阳能涨近5%，小鹏汽车涨超4%，理想汽车涨近3%。 热门个股方面，传统零售巨头沃尔玛涨近3%，市值首次突破1万亿美元大关。 贵金属方面，黄金、白银保持反弹态势，现货黄金盘中一度大涨逼近5000美元，尾盘报4945美元/盎司；现货白银盘中涨幅一度扩大至12%，尾盘报85美 元/盎司。 国际原油价格回升，WTI原油期货价格收涨1.72%，报63.21美元/桶。布伦特原油期货合约价格收涨1.55%，报67.33美元/桶。 加密货币方面，主要币种再度下挫，比特币跌破7.6万美元/枚，此前一度上涨触及7.9万美元/枚，过去24小时，全市场超17万人被爆仓。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49240.99 | 23255.19 | 69 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国际银价史诗级暴跌，撞上国内涨跌停板限制，一场因估值调整引发的风暴席卷基金行业。 2月2日晚10点，国投瑞银白银期货LOF（以下简称"白银LOF"）更新净值数据，其最新净值为2.2494 元，较前一日的3.2838元，单日暴跌31.5%，创下公募基金史上最大单日跌幅纪录。 同日晚间，国投瑞银基金公告，因国际白银价格出现显著波动，为公允反映基金资产价值，决定自当日 （2月2日）起，对基金持有的白银期货合约参考国际市场价格的变动进行估值调整。 公告一出，舆论哗然。在蚂蚁财富、天天基金、小红书等平台上，大量投资者发出投诉帖，直指基金公 司"临时改规则""不讲武德"。 一位投资者愤怒地写道："白天刚赎回，以为最多亏17%，晚上一看净值，多亏了14.5%，这找谁说理 去？" 这场由社交媒体助推、席卷大量新手投资者的套利热潮，以净值创纪录大跌收场，其中暴露的估值争 议、风险认知与应对得失，正在成为基金行业的新课题。 投资者遭遇双重打击 2月2日，对于持有国投瑞银白银期货LOF的投资者来说，无疑是心惊肉跳的一 ...

Core Viewpoint - The central document emphasizes the importance of modernizing agriculture and rural areas, outlining 27 key tasks to promote comprehensive rural revitalization during the "14th Five-Year Plan" period, marking a strategic shift in agricultural policy [1][2]. Group 1: Key Areas of Focus - The document highlights six key areas: enhancing agricultural production capacity and quality, implementing regular precise assistance, promoting stable income for farmers, advancing the construction of livable and workable beautiful villages, and strengthening institutional innovation [1][2]. - The first task is to stabilize grain and oil production, with a target of maintaining grain output at around 1.4 trillion jin (approximately 700 million tons) [3][4]. Group 2: Methodological Upgrades - The approach to food security has shifted from merely ensuring area and yield to a more integrated focus on production capacity, ecology, and income enhancement, reflecting a significant upgrade in work methods [3][6]. - The document introduces a dynamic management mechanism for permanent basic farmland, allowing for structural adjustments, which represents a major evolution in farmland protection philosophy [4][5]. Group 3: Farmer Income Stability - Ensuring farmers' profitability in grain production is crucial for national food security, with measures including increasing yields, stabilizing prices, and improving minimum purchase prices and subsidies [5][6]. - The establishment of horizontal compensation policies between grain-producing and consuming regions aims to support farmers while ensuring national food security [5]. Group 4: Systemic Resilience - The understanding of agricultural production capacity has evolved from a focus on resource accumulation to a systemic resilience approach, emphasizing soil quality, disaster reduction, and technological application [6]. - The document stresses the integration of new agricultural productivity with advanced technologies like AI and high-end agricultural machinery, while advocating for practical applications tailored to local conditions [6].

Core Insights - The performance forecasts for A-share vaccine companies in 2025 reveal significant industry adjustments, with major players like Zhifei Biological, Wantai Biological, and Baike Biological reporting losses, while companies like CanSino and Watson Biologics achieve growth through innovative products and overseas market expansion [1][2][5] Industry Overview - The vaccine industry is facing multiple pressures, including price wars and shrinking demand, leading to a significant contraction in profitability [5][6] - The continuous price competition has compressed profit margins, with HPV vaccines and flu vaccines reaching historical lows in pricing, impacting overall industry profitability [5][6] - The decline in birth rates has reduced the core vaccination population for children's vaccines, while adult vaccine uptake remains low due to vaccine hesitancy [5][6] Company Performance - Zhifei Biological is expected to report its first annual loss since its listing, with a projected net loss of 10.698 billion to 13.726 billion yuan, a year-on-year decline of 630% to 780% [1] - Wantai Biological and Baike Biological also shift from profit to loss, with projected net losses of 330 million to 410 million yuan and 220 million to 280 million yuan, respectively [1] - CanSino is projected to turn a profit with a net income of 24.5 million to 29 million yuan, benefiting from the strong sales of its quadrivalent meningococcal vaccine [2] - Watson Biologics expects a net profit of 160 million to 190 million yuan, driven by a 35% increase in overseas vaccine exports [2] Market Dynamics - The industry is experiencing severe product homogeneity, leading to intensified competition among companies in popular vaccine segments like HPV and shingles [6] - Companies overly reliant on agency models are facing challenges, as seen with Zhifei Biological, which has a high dependency on agency products [6] - Inventory and cash flow pressures are evident, with companies like Zhifei Biological and Wantai Biological facing significant inventory write-downs [6] Innovation and Opportunities - Companies with unique innovative products are achieving performance rebounds, with CanSino's quadrivalent vaccine capturing over 90% market share [7] - The overseas market is becoming a crucial growth point, with Watson Biologics exporting to 24 countries and CanSino's inhaled vaccine gaining market share in Southeast Asia and Latin America [8] - The inclusion of the bivalent HPV vaccine in the national immunization program is expected to stabilize market demand while also compressing profit margins for companies [9] Future Outlook - 2025 is seen as a pivotal year for the vaccine industry to transition towards high-quality development, with a focus on innovation and overseas market expansion [10] - The industry is expected to gradually emerge from the adjustment period as innovative products are launched and vaccination awareness increases among residents [10] - The China Vaccine Industry Association has initiated measures to curb irrational price competition, aiming for a more rational pricing environment in the future [10]

近日，中共中央政治局就前瞻布局和发展未来产业进行第二十四次集体学习。"十五五"开局之年，中央 政治局首次集体学习聚焦这个课题，传递出新征程上我国将加快培育和发展未来产业，以现代化产业新 优势把握未来发展主动权的鲜明信号。 当前，全球新一轮科技革命和产业变革加速演进，前沿技术不断涌现，引领和支撑未来产业快速成长。 培育发展未来产业，发展新质生产力，是应对大国竞争、抢占科技与产业制高点的重要路径，也是把握 发展主动权的关键。 未来产业由前沿技术驱动，具有前瞻性、战略性、颠覆性等特点。我国"十五五"规划建议提出，推动量 子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。 这些领域是未来产业的典型代表。目前，我国在这些领域已经积累了全球引领优势，需要持之以恒并更 大力度推动未来产业发展延续良好势头。 科技突破的程度会决定未来产业发展的速度、广度、深度，未来产业的发展也具有牵引作用，即"产业 出题、科技答题"，倒逼基础研究战略性、前瞻性、体系化布局。这是一种需求驱动、问题导向的创新 范式。由产业界提出突破未来产业发展的技术难题，科技界加大对重点领域关键核心技术攻关力度，最 终形成 ...

随着黄金价格波动加剧、市场不确定性增强，黄金是否仍是投资的"避风港"？ 南方财经21世纪经济报道记者施诗迪拜报道 近期，国际金价在高位震荡。在1月下旬创下历史新高后，国际金价持续下跌，一度跌超12%，最低触 及4682美元/盎司。不过，2月3日，国际金价又重回4800美元/盎司上方。 桥水基金创始人瑞·达利欧认为，与其他资产相比，黄金仍是安全的资产。与股票或其他风险资产不 同，黄金并不会随着市场情绪每天发生本质性的变化。从数据来看，黄金价格相比一年前上涨了约 65%，但同时也从历史高点回落了约16%。这正是市场波动的典型体现。 达利欧指出，许多投资者容易陷入一个常见误区：盯着短期涨跌反复纠结，是不是该买、是不是该卖。 然而，这种以短期波动为核心的决策方式，往往偏离了资产配置的本质。 达利欧强调，黄金是一种非常有效的分散化工具。当困难时期到来时，黄金往往表现相对更好；而在经 济繁荣、风险偏好上升的阶段，它的表现则通常不如风险资产突出。正是这种与其他资产不同步的特 性，使黄金成为投资组合中的重要资产。 （文章来源：21世纪经济报道） 在达利欧看来，更重要的问题并不是"现在该不该买黄金"，而是"在整体资产中，黄金应 ...

记者丨张嘉钰 吴斌 编辑丨黎雨桐 2月3日，美股开盘涨跌不一，截至23:37，道指涨0.05%，标普500指数跌0.56%，纳指小幅高开后转跌超 1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 道琼斯工业平均 | 49431.43 | 23.77 | 0.05% | 2.85% | | 纳斯达克指数 | 23310.90 | -281.21 | -1.19% | 0.30% | | 标普500 | 6937.33 | -39.11 | -0.56% | 1.34% | | 纳斯达克100 | 25409.34 | -329.27 | -1.28% | 0.63% | | 万得美国科技七巨头指数 | 65331.94 | -1004.40 | -1.51% | -1.42% | | 万得中概科技龙头指数 | 4224.14 | -88.50 | -2.05% | -1.29% | | 纳斯达克中国金龙指数 | 7628.12 | -53.75 | -0.70% | 1.31% | 科技股多数下挫，美股科技七巨头全员飘绿，英伟 ...

记者丨李山 编辑丨黄敏 根据最新发布的业绩预告，ST岭南（002717）和ST华西（002630）两家公司因业绩指标触及红线，即 将被戴上"*ST"的帽子。 投资快报记者留意到，两公司此前均因信披违规被起诉索赔中，相关受损股民依然可以关注"投资快 报"公众号，通过右侧"股民索赔"菜单栏加入。 业绩恶化将被*ST 2026年1月底的业绩预告发布后，这两家公司面临的退市风险已变得清晰可见。 ST岭南的财务指标同时触及了《深圳证券交易所股票上市规则》第9.3.1条中的两项退市红线：最近一 个会计年度的利润总额、净利润和扣非净利润三者孰低为负值，且扣除后的营业收入低于3亿元；同 时，期末净资产也为负值。 这两家公司并非首次遭遇警示。在此之前，它们早已因各自问题被实施了其他风险警示（ST）。 ST岭南的情况尤为复杂。该公司此前已连续三年亏损，累计亏损超过36亿元。2024年，其内部控制审 计报告被年审会计师事务所出具了否定意见。 更严重的是，公司董事通过供应商占用资金达1.41亿元，挪用销售货款近5000万元，合计近1.91亿元的 资金被侵占。 而ST华西虽未明确提及收入未达标的情况，但其预计2025年度期末净资产为负 ...