Core Viewpoint - The announcement highlights a licensing and collaboration agreement between the company and AstraZeneca regarding the pan-KRAS inhibitor JAB-23E73, which is expected to enhance the company's global cooperation network and maximize the scientific and commercial value of its technology platform [1]. Group 1: Agreement Details - The company will receive an upfront payment of $100 million from AstraZeneca and is eligible for additional milestone payments totaling up to $1.915 billion upon achieving various development, regulatory, and commercial milestones [1]. - AstraZeneca will obtain exclusive rights to research, develop, register, manufacture, and commercialize JAB-23E73 globally, excluding China (including Hong Kong, Macau, and Taiwan) [1]. - The company is required to provide necessary technology transfer, data, and reasonable assistance to AstraZeneca [1]. Group 2: Responsibilities and Costs - AstraZeneca will be responsible for the main activities and costs related to development, regulatory affairs, and commercialization in its regions, while activities and costs in China will be jointly borne by both parties [1]. - The board believes that this agreement aligns with the overall best interests of the company and its shareholders [1].

12月22日，中国人民银行授权全国银行间同业拆借中心公布，2025年10月20日贷款市场报价利率(LPR) 为：1年期LPR为3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 ...

Core Insights - MiniMax, a leading AGI company, aims to become the fastest AI company from establishment to IPO, marking a significant step for Chinese influence in international capital markets [1] - The company has developed a comprehensive AI product matrix and serves over 2.12 million users and 130,000 enterprise clients globally, with over 70% of revenue coming from international markets [1][3] - MiniMax's innovative models in voice, video, and text have achieved top rankings globally, showcasing its technological advancements and market competitiveness [2] Group 1 - MiniMax was founded in early 2022 and focuses on developing globally competitive general models [1] - The company has over 200 million individual users across more than 200 countries and regions, with a revenue growth of over 170% year-on-year for the first nine months of 2025 [1][3] - MiniMax is recognized as one of the "top four" companies in the global full-modal model sector, demonstrating its strong technological capabilities [1] Group 2 - In the voice domain, MiniMax launched the Speech 01 model in 2023 and plans to release the superior Speech 02 model in 2024, generating over 220 million hours of speech [2] - The company has also made significant strides in video generation, with its Hailuo-02 model ranking second globally in evaluations, generating over 590 million videos [2] - The MiniMax M2 text model, released in October 2025, quickly rose to the top ranks in global model usage, marking a significant achievement for Chinese open-source models [2] Group 3 - MiniMax has maintained efficient commercialization and organizational effectiveness, with adjusted net losses nearly flat year-on-year despite rapid growth [3] - The company has spent approximately $500 million (around 3.5 billion RMB) since its inception, significantly less than competitors like OpenAI, while achieving global leadership in full-modal models [3] - With a young workforce averaging 29 years old and a high proportion of R&D personnel, MiniMax has established a flat management structure that supports rapid innovation and operational efficiency [3] Group 4 - MiniMax has received investments from top firms such as MiHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing and highest-valued AI technology companies [4] - As the AGI sector transitions from a "hundred models battle" to a consolidation phase, MiniMax's proven global commercialization path and efficient organization make it a highly anticipated IPO candidate [4] - The company is expected to become a rare asset in the global AGI market and a leading AI enterprise with international competitiveness [4]

Core Viewpoint - The Ministry of Industry and Information Technology of China is soliciting public opinions on seven mandatory national standards, including safety technical requirements for automotive door handles, indicating a significant step towards enhancing safety standards in the automotive industry for high-quality development [1] Group 1: National Standards Implementation - The upcoming national standards will enforce critical safety measures in the automotive sector, particularly focusing on intelligent connected new energy vehicles [1] - The new standard for automotive door handles mandates that each car door must be equipped with a mechanical exterior handle, allowing for manual opening in case of accidents or battery fires without the need for tools [1] - The implementation of the "Safety Requirements for Intelligent Connected Vehicle Combined Driving Assistance Systems" is scheduled to begin on January 1, 2027 [1] Group 2: Technical Testing and Innovations - A series of technical validations themed "National Standards Co-Verification" has been initiated by the China Automotive Technology Research Center in collaboration with key industry enterprises [1] - Multiple technical tests have been conducted, demonstrating that vehicles can autonomously steer and change lanes at a speed of 90 km/h when encountering construction ahead [1] - In a high-speed scenario, a vehicle traveling at 120 km/h successfully managed a simulated tire blowout, with the vehicle showing only minor vibrations and maintaining a yaw angle of less than 1 degree, which is below the national standard limit [2]

编辑丨安安 据《福布斯》亿万富豪指数显示，特拉华州最高法院恢复了去年被作废的价值1390亿美元特斯拉股票期 权后，特斯拉首席执行官埃隆・马斯克的身家于上周五晚间飙升至7490亿美元。 作者丨彭鑫 本周早些时候，有报道称其航天初创企业太空探索技术公司（SpaceX）或即将上市，随后马斯克的身 家突破 6000 亿美元，成为全球首位达成该成就的富豪。（新浪财经） 马斯克2018年的薪酬方案曾价值560亿美元，两年前被下级法院认定 "离谱" 而驳回，如今特拉华州最高 法院于本周五宣布恢复该方案。最高法院表示，2024年撤销这份薪酬方案的裁决存在不当之处，且对马 斯克有失公允。 ...

近日，有博主发文称"埃隆马斯克并不在乎世界首富的头衔。财富不过是推动一项使命的燃料——让人 类登陆火星，延续文明火种"，并配图马斯克身家于上周五晚间飙升至7490亿美元。马斯克回应称："的 确如此。要实现生命的多行星生存、保障文明的长久延续，这项事业必将耗资不菲。" ...

Group 1 - Polestar Automotive has signed a loan agreement with Geely Holding Group worth up to $600 million (approximately 4.224 billion RMB) to address funding shortages [1] - This funding support follows a previous equity injection of $200 million from PSD Investment Limited five months ago [1]

Group 1 - The conference "2026 Annual Dialogue and Global Wealth Management Forum" focuses on the theme "China's Determination in Changing Circumstances" [1] - Liu Gang, Chief Analyst at CICC, emphasized the significant impact of market sentiment and capital accumulation on the market in Q3 2025, highlighting the importance of distinguishing between short-term momentum and long-term trends [6][10] - Liu Gang suggested that to sustain market growth, more focus should be placed on social welfare, expanding domestic demand, and debt reduction, in addition to technological investments [4][11] Group 2 - Liu Gang views the term "bubble" as neutral and believes discussions about whether AI will become a bubble may be unproductive, as bubbles often form during significant market upswings [3][7] - He noted that the definition of a bubble should consider whether investments match demand and whether they exceed capacity, indicating potential issues if investments are heavily leveraged [3][7] - Liu Gang acknowledged that while AI can assist in analysis, it cannot fully replace human analysts due to limitations in understanding context and emotional influences in financial markets [3][8] Group 3 - Liu Gang pointed out that the current credit cycle in the U.S. is declining, while AI presents a positive outlook, suggesting a dual effect on market dynamics [10] - He indicated that while the real estate sector has a small direct impact on the economy and stock market, it significantly affects household balance sheets and income expectations [10][11] - Liu Gang's investment advice for 2026 includes embracing change, being responsible for personal investments, and adhering to common sense in decision-making [12]

Core Insights - The conference "2026 Annual Dialogue and Global Wealth Management Forum" focuses on the theme "China's Determination in Changing Circumstances" and highlights the advancements in embodied intelligence as a means to liberate productivity and improve living standards [1][3] Group 1: Industry Trends - The embodied intelligence sector is rapidly evolving, transitioning from experimental phases to real-world applications in various settings such as hotels and factories [3] - There is a competitive dynamic between China and the U.S. in the field of embodied intelligence, with China aiming to lead rather than follow in technological advancements [5] - Concerns about potential market bubbles and overvaluation in the embodied intelligence sector have been raised, prompting discussions on regulatory measures [4][6] Group 2: Investment Perspectives - Investment in embodied intelligence is driven by the belief in human capital, with varying opinions on the timelines for technological advancements [2][9] - The importance of storytelling and imagination in technology development is emphasized, as successful companies often need to present compelling narratives to attract investment [7][8] - The investment strategy focuses on identifying companies that genuinely contribute to embodied intelligence rather than those merely adopting trendy labels [6][10] Group 3: Future Outlook - The development of embodied intelligence is viewed as a long-term journey, requiring patience and sustained investment in talent and resources [5][10] - The industry is expected to see significant advancements over the next decade, with the potential for China to emerge as a leader in various technological fields, including embodied intelligence [5][10]

作者 | 《财经》研究员 丁艳 编辑 | 杨芮 张孝礼为相关单位和个人在承揽保险业务、资金拨付、人员入职、工作调整等方面谋取利益 12月19日，据"东营市中级人民法院"微信号消息，山东省东营市中级人民法院一审公开宣判中国人民财 产保险股份有限公司（下称"人保财险"）原党委委员、监事会主席张孝礼受贿一案，对被告人张孝礼以 受贿罪判处有期徒刑十年六个月，并处罚金人民币一百万元；对张孝礼受贿犯罪所得予以没收，上缴国 库。 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任人保财险董事会秘书局/监事会办公室主 任、党委委员、副总裁、一级资深专家等职务上的便利以及职权、地位形成的便利条件，直接或通过其 他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨付、人员入职、工作调整等 方面谋取利益，非法收受财物共计折合人民币990万余元。 从时间线来看，2024年8月，人保财险原党委委员、监事会主席张孝礼涉嫌严重违纪违法而"落马"。今 年4月，张孝礼被开除党籍。8月12日，东营市中级人民法院一审公开开庭审理了张孝礼受贿一案。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依 ...