Core Viewpoint - Wanfu Bio is expected to report its worst performance since its IPO in 2015, with a projected net profit of 46 million to 69 million yuan for 2025, representing a year-on-year decline of 87.71% to 91.81% [1] Group 1: Financial Performance - The company anticipates a non-net profit of -7.5 million to -15 million yuan for 2025, marking its first-ever loss in this category since going public [2] - The decline in main business revenue is attributed to a drop in domestic income, influenced by VAT rate adjustments and policy impacts on hospital business, leading to pressure on both volume and price [2] - Factors contributing to the decline in net profit include price reductions in the domestic market, changes in product structure, a decrease in consolidated gross margin, high R&D and sales expenses, and impairment losses from divesting non-core, low-profitability businesses [2] Group 2: Market Performance - Despite domestic market challenges, Wanfu Bio has seen stable growth in overseas markets, particularly in North America, where a long-term supply agreement for respiratory products has been established [3] - The company's stock price has underperformed, with a cumulative decline of 9.15% in 2025, compared to a 29.87% increase in the overall market, and a drop of over 70% from its peak in 2020 [3][4] Group 3: Strategic Initiatives - To reverse the declining performance and stock price, the company is focusing on product specialization, cost control, channel upgrades, accelerated overseas expansion, governance optimization, and market value management [4] - The company has decided to postpone the implementation of the "Knowledge City Production Base Construction Project" to avoid resource waste and improve the efficiency of fundraising, given the significant changes in the internal and external operating environment [4] Group 4: Future Outlook - For 2026, the company plans to leverage market recovery in the domestic sector, focusing on core product lines to improve revenue, while continuing to expand in overseas markets [5] - The company aims to commercialize AI applications in pathology and clinical diagnostics, and to enhance its business from point-of-care (POC) to in vitro diagnostics (IVD), accelerating its international expansion [5]

原本免费注册的账号昵称，如今却被玩家吐槽"千金难求""抢到怀疑人生"。1月7日，《鹅鸭杀》手游开 启全平台公测。公开资料显示，此次官方一次性释放2000万账号池，而热门词库仅4.6万个。数小时 后，二手平台上便出现从数十元到上千元不等的挂单。事实上，每当热门游戏上线，职业抢注人对账号 昵称抢注的现象早已不是新鲜事，平台貌似也在"默许"这种行为。昵称抢注乱象暴露出市场的极端供需 失衡与投机炒作链条，形成零成本暴利、平台默许与法律真空下的灰色狂欢。律师提醒消费者：如交易 脱离官方渠道且昵称本身法律属性模糊，一旦发生卖家找回或官方封禁，买家难以依据《中华人民共和 国消费者权益保护法》维权，面临财物两空的风险。 挂单价最低1元、最高近万 作为曾经风靡Steam端游的爆款游戏，《鹅鸭杀》国服回归直接席卷了社交媒体。截至1月11日上午 10:30，微博上，"鹅鸭杀"话题讨论量超过128万、阅读量达18.4亿，"鹅鸭杀"相关话题达40多个。 与此同时，热门昵称如"鹅鸭杀""大司马""如花"等在1小时内被抢注一空，2000万预约玩家集体涌入导 致ID争夺激烈程度堪比"春运抢票"。 在咸鱼平台上，"鹅鸭杀号""鹅鸭杀极品id" ...

Core Viewpoint - The exclusive commercial pension insurance has shown competitive settlement interest rates for 2025, ranging from 0.75% to 4.02%, with most products exceeding 3% despite a general downward trend in preset interest rates in the industry [1][3]. Group 1: Product Performance - A total of 37 exclusive commercial pension insurance products have disclosed their 2025 settlement interest rates, with the stable accounts averaging 3.2% and aggressive accounts averaging 3.12% [3]. - The majority of products have settlement interest rates above 3%, with 30 stable accounts and 34 aggressive accounts exceeding this threshold [3][4]. - Some products, such as those from Guomin Pension and Xinhua Pension, have settlement interest rates of 4.01% and 4% respectively [4]. Group 2: Investment Strategy - The steady returns of exclusive commercial pension insurance are attributed to rigorous investment strategies and unique policy positioning, utilizing a "fixed income base, equity enhancement" asset allocation model [4][6]. - Insurance companies focus on long-term government bonds and high-grade credit bonds to secure stable returns, while also investing in high-dividend, low-volatility blue-chip stocks [4][6]. - Active management capabilities of insurance companies have improved, allowing for dynamic adjustments in investment portfolios to capitalize on market opportunities [6]. Group 3: Market Trends and Future Outlook - The exclusive commercial pension insurance has evolved since its pilot in 2021, becoming a significant component of the multi-tiered pension system in China, with increasing demand due to aging population trends [1][7]. - Recent policy support has encouraged the development of third-pillar pension insurance, promoting the creation of new products that align with personal pension systems [7][8]. - To enhance market competitiveness, insurance companies are advised to improve investment management and service quality, innovate product designs, and expand sales channels [8].

Core Viewpoint - The regulatory authorities in China are taking action against the chaotic competition in the food delivery industry, initiating an investigation into the market competition status of food delivery platforms [1][3]. Group 1: Regulatory Actions - The State Administration for Market Regulation announced that the Office of the State Council Anti-Monopoly and Anti-Unfair Competition Committee will investigate and assess the competitive conditions in the food delivery platform service industry [1][3]. - The investigation aims to address issues such as excessive subsidies, price wars, and traffic control that have been detrimental to the real economy and have intensified "involution" competition within the industry [3]. Group 2: Industry Response - Major food delivery platforms, including Meituan, Taobao Shanguo, and JD, have expressed their support for the investigation and committed to cooperating fully with the regulatory authorities [4]. - Meituan stated that it will use this investigation as an opportunity to work with other platforms to fulfill market responsibilities and promote healthy development in the food delivery service industry [4]. Group 3: Historical Context - This is not the first time regulatory authorities have intervened in the food delivery industry; previous actions included discussions with major platforms in response to the intense competition and subsidy wars that escalated in 2025 [5][6]. - In 2025, significant subsidy investments were made by platforms, including a joint investment of 50 billion yuan by Taobao and Ele.me, and 10 billion yuan by JD [5]. Group 4: Financial Impact - The ongoing price wars have negatively impacted the profitability of major players; for instance, JD's operating profit margin fell to -0.2% in Q2 2025, down from 3.6% in the same period of 2024 [6]. - Meituan reported a net profit of 1.49 billion yuan in Q2, a staggering 89% decrease year-on-year, attributed to industry competition [6].

2025年政府工作报告明确提出综合整治"内卷式"竞争，电商是重点行业之一。"内卷式"竞争最突出的特 点是低价、低质，重复且缺乏创新。 外卖行业一味进行存量博弈，平台厮杀导致资源浪费、效率低下和利润下降，不会有真正的赢家。这种 现象在早年的互联网大战中就有不少教训。 近日，国务院反垄断反不正当竞争委员会办公室依据反垄断法，决定对外卖平台服务行业市场竞争状况 开展调查、评估。三大外卖平台第一时间表态支持，希望行业能够进行合理竞争，反对"内卷"。 国务院反垄断反不正当竞争委员会办公室有关负责同志表示，近段时间以来，外卖平台服务行业拼补 贴、拼价格、控流量等问题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈。 过去一年，外卖大战最先由京东掀起，此后在淘宝闪购与美团之间激烈展开。随后更是在电商多业态混 战中不断升级加码。 外卖平台的竞争也持续受到监管关注。2025年，监管曾不止一次针对外卖平台行业竞争中存在的问题， 对京东、美团、阿里等平台进行约谈，要求平台公平有序竞争。 外卖关乎基础民生，其影响不仅限于参与竞争的平台。餐饮行业是老百姓衣食住行的重要组成部分，连 接消费市场的方方面面。 对平台自身，持续 ...

第三方观察人士的关注点是前后脚上市的两家大模型公司的异同。文渊智库创始人王超向北京商报记者 表示，不管是智谱还是MiniMax，都抓住了AI上市第一波，尤其是中国资本市场先机的战略窗口。"实 际上两者的技术差距不是代际式的，有一定差距，但差距较小。普通投资人分不清两个公司各是什么背 景，但两家公司业务明显不同——一个注重C（用户）端，一个注重B（企业）端。" MiniMax的财报数据印证了这一点。2023年，MiniMax产生营收，当年AI原生产品给MiniMax贡献21.9% 的营收；2024年和2025年前9个月，这一部分营收占比分别是71.4%、71.1%。 大多数大模型公司在卖API（应用程序编程接口），MiniMax则把大模型应用推广到全球。1月9日，这 家强调多模态的大模型公司正式登陆港交所，成为继智谱之后第二家上市的国产大模型企业。与前一日 上市的智谱不同，MiniMax的营收主要来自全球消费者的钱包，产品包括虚拟AI扮演社交应用星野和 Talkie、AI视频平台海螺AI等。截至2025年9月，其产品覆盖超200个国家，累计用户达2.12亿，海外收 入占比超过70%。2025年前9个月，Mini ...

Core Viewpoint - The transition from "whistleblower" to "whistleblower" reflects a significant shift in the role of individuals reporting violations, emphasizing proactive engagement in safeguarding public interests and enhancing regulatory effectiveness [1][2][3] Group 1: Regulatory Changes - The China Securities Regulatory Commission and the Ministry of Finance have revised the interim regulations on reporting illegal activities in securities and futures, establishing a new reward system for whistleblowers [1] - The change in terminology from "reporter" to "whistleblower" signifies a fundamental shift in role perception, moving from passive informants to active defenders of public interest [1][2] Group 2: Market Dynamics - The upgrade in regulatory philosophy is a necessary response to the evolving complexities of the securities and futures markets, where illegal activities have become more concealed and diverse [2] - The whistleblower system aims to mobilize market participants' initiative, leveraging their frontline position to detect hidden violations and provide timely information to regulatory authorities [2] Group 3: Incentives and Impact - The significant increase in reward amounts for whistleblowers serves as a strong incentive for individuals to report violations, recognizing the risks they undertake [2] - Higher rewards are expected to encourage more individuals to step forward, fostering a culture of collective supervision and reinforcing the regulatory authority's commitment to combating market misconduct [2]

中国汽车流通协会乘用车市场信息联席分会（以下简称"乘联分会"）近日发布的数据显示，2025年全国 乘用车零售量2374.4万辆，同比增长3.8%；全国乘用车厂商批发量达2955.4万辆，同比增长8.8%。乘用 车全年零售量、批发量双增的背后，新能源乘用车贡献过半。乘联分会方面表示，2025年全国乘用车批 发增速为8.8%，新能源乘用车批发增速达25.2%，圆满实现"十四五"的新能源车市增长预期。 北京商报记者 刘晓梦 除动力形式结构转变外，新势力品牌的地位也不断提升。数据显示，2025年12月，新势力品牌零售份额 为23.5%，同比增长4.9个百分点。其中，自主传统车企的独立新能源汽车品牌"创二代"表现较强，份额 达16.17%，同比增长2.7个百分点。 同时，新能源车型在汽车出口中的比重也同步提升。据统计，2025年12月，乘用车出口（含整车与 CKD）58.8万辆，同比增长46.2%。其中，新能源车出口量占出口总量的46.4%，同比增长15.6个百分 点。在新能源汽车出口中，纯电动车型仍是主要构成。据统计，纯电动车型占新能源汽车出口的 57.9%，而作为主力的A00+A0级纯电动车占纯电动车型出口的68% ...

随着AI浪潮从训练阶段向推理应用大规模迁移，被视为"AI工作记忆"的存储板块正迎来前所未有的价值 重估。2026年首个完整交易周，美股三大股指全线大幅上涨。道指周涨2.32%，报49504.07点；标普500 指数周涨1.57%，报6966.28点；而纳指周涨1.88%，报23671.35点。其中，道指、标普500指数均创历史 收盘新高。 存储概念股也走高，闪迪单周大涨37.12%，股价再创新高，美光科技涨9.41%，西部数据和希捷科技分 别涨6.8%和5.73%。野村证券的一份研报指出，企业级SSD使用的大容量3D NAND需求持续火爆，闪迪 本季度相关产品价格环比或暴涨逾100%。 消息面上，一份野村证券近期的研报引发了市场传播。分析师指出，面对未来几个季度服务器级存储需 求保持强劲的背景，闪迪可能在本季度将其面向企业级固态硬盘（SSD）的大容量3D NAND闪存价格 上调一倍。 市场对存储板块的重估，核心逻辑在于AI工作负载的性质转变。IDC数据显示，全球年度数据生成量预 计将从2024年的173 ZB飙升至2029年的527 ZB，五年内增长两倍以上，复合年增长率约为25%。而AI模 型数据爆炸对存储 ...

商业供给多元 过去一年，北京实体商业在商业供给、空间布局与体验创新上实现多重突破，为消费市场注入强劲活 力。北京商报记者从北京市商务局获悉，2025年前11个月，北京新增首店数量960余家，在消费场景创 新、业态多元拓展与区域布局优化上实现高质量发展。自2019年以来北京市累计吸引超5000家首店落 地，培育三里屯太古里等12个全球首发中心。 在品牌培育方面，北京市场上国际风范与京韵文化交相辉映。国际品牌集聚度稳居全国前列，累计认定 老佛爷、星巴克等26家消费类跨国公司地区总部。2026北京时装周联动隆福寺、古北水镇等标志性场 地，汇集300余个全球品牌，打造超150场线下时尚盛宴。本土品牌同样繁荣，北京市拥有老字号总数 274家，其中中华老字号137家。 此外，北京实体商业不再局限于"商品交易"功能，而是转向"场景化、沉浸式"体验打造。在商圈升级方 面，北京连续两年出台品质提升政策，重点支持消费空间从"单一功能"向"多元体验"转型。同时，北京 构建"街区、近山、亲水、演艺、赛事、数字、夜间"的融合矩阵，推出蓝色港湾、檀谷等百余个典型案 例。 另一方面，特色商业街区成为"城市名片"。2025年上半年，丰台区长 ...