尽管中国与巴西几乎位于地球两端，但圣保罗车展的中国品牌比例已达近四成。参展的近30个全球汽车品牌中，包括比亚迪及旗下腾势、长城、吉利、奇 瑞、江淮、广汽、长安、零跑等十余家中国汽车品牌。 2025年11月的圣保罗，南半球初夏的热浪，与南美大陆规模最大车展现场的人气相互交织。 时隔七年，巴西圣保罗国际车展回归，不仅重新点亮了南美汽车工业的舞台，也成为中国车企在巴西市场的一次集体亮相。从络绎不绝的展台，到陡升的销 售数据，中国品牌似乎已在这片热土上站稳了脚跟。 作者 | 《财经》研究员 尹路 马铭泽 编辑 | 黄凯茜 中国车企在巴西需与时间赛跑，能否尽快跑通本地供应链、补上售后短板，是巴西考场拿高分的关键 据《财经》现场观察，本届车展几乎成了中国品牌的"主场"。场馆外，长城汽车多款车型一字排开，观众驻足拍照。比亚迪及旗下腾势（DENZA）的展台 在国民级歌手和巴西F1车手助阵下，被围得水泄不通。 高举高打的定价策略，直观地反映了中国品牌市场地位的转变。比亚迪发布的唐L车型预售价39.99万雷亚尔（约合人民币53万元），远高于其在中国市场的 售价。腾势发布的Z9GT、D9等车型同样瞄准了高端豪华区间。 主打皮卡和S ...

三年有息负债降400亿 近几日，龙湖集团股价呈现连续上涨态势。 1月2日收盘报价8.74港元，较前一交易日上涨2.1%；后续两个交易日持续走高，1月6日晚间以9.57港元/ 股收盘，上涨4.48%，总市值为674亿港元。 据21世纪经济报道消息，完成"21龙湖02"兑付后，龙湖集团境内信用债余额约34亿元，分别为2026年3 月到期1.47亿元，5月到期15亿元，8月到期10亿元，以及2027年1月到期8亿元。 2025年是龙湖集团偿债大年，公司全年偿债动作密集。上半年，提前回售"22龙湖01""20龙湖02"两支债 券，合计39.775亿元，并如期兑付"20龙湖04""22龙湖03"。 公司在下半年持续履约，兑付"22龙湖04""20龙湖06""20龙湖拓展MTN001B""22龙湖拓展MTN001""22 龙湖拓展MTN002"等债券。 同时，龙湖集团已于2025年12月，将规模达92.27亿港元的港币银团提前结清，这一操作也印证了其"提 前铺排、有序偿债"的策略。 这一行情与公司偿债表现密切相关。 1月5日，龙湖集团完成"21龙湖02"公司债券的本金兑付与付息，涉及总金额约10.38亿元。 2025年密 ...

近日，京津冀"3+N"联盟止血材料类医用耗材带量联动采购项目发布中选结果。奥精医疗全资子公司——北京奥精医疗器械有限责任公司旗下"奥愈凝®"可 吸收胶原蛋白止血海绵成功中选，被正式纳入联盟带量联动采购目录。 | | | | | 京津冀"3+N"联盟止血材料类医用耗材带量联动采购中选结果公示表 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 注册证号 | 申报企业名称 | 便用部位 | 注册证管理类别 | 采购品种 | 最小竟价单位拟中选价格(元) | | 70 | 国械注准20233140614 | 杭州协合医疗用品有限公司 | 体内便用 | 三类 | 股原海绵 | 8.77 | | 71 | 国械注准20153142142 | 北京益而康生物工程有限公司 | 体内使用 | | 胶原海绵 | 10.55 | | 72 | 国械注准20173140592 | 重庆迈科唯医疗科技有限公司 | 体内使用 | 第三次 | 胶泉酒编 | 11 | | 73 | 国械注准20253141207 | 河北柯瑞生物医药有限公司 | 体内使用 | | 胶原海绵 ...

Core Insights - The new National Medical Insurance Drug List will take effect on January 1, 2026, allowing innovative drugs with high clinical value to enter the reimbursement system, significantly reducing the financial burden on patients [1] - The inclusion of the BTK inhibitor, Obutinib, for first-line treatment of Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) marks a significant advancement in the treatment landscape, transitioning from second-line to first-line therapy [1][3] - The entry of Obutinib into the National Medical Insurance system signifies recognition of this treatment pathway and positions domestic innovative drugs on par with international competitors [3] Industry Overview - CLL primarily affects the elderly, with a median onset age of 65 in China, and its incidence is rising due to an aging population and improved diagnostic capabilities [2] - Despite a lower incidence rate compared to Western countries, the rapid increase in CLL cases in China presents challenges in treatment accessibility and patient compliance [3] - The introduction of targeted therapies, particularly BTK inhibitors, has revolutionized CLL treatment, moving towards a "chemotherapy-free era" [2][4] Market Dynamics - The global market for BTK inhibitors has reached significant scale, with combined sales of five products totaling approximately $11.1 billion in 2022 [4] - New-generation BTK inhibitors are designed to enhance efficacy and safety, addressing the quality of life for patients requiring long-term treatment [4][5] - Obutinib has shown promising clinical results, with an objective response rate of about 93% and a complete response rate of 21.3% in relapsed/refractory CLL/SLL patients [5][6] Future Directions - The successful integration of BTK inhibitors into first-line treatment protocols is supported by major clinical guidelines, indicating a shift towards more effective treatment strategies [6] - Ongoing research is exploring combination therapies, such as Obutinib with new BCL2 inhibitors, aiming for deeper remission and potentially limited-duration treatments [6]

Core Viewpoint - Tianbang Foods reported a decrease in sales volume and revenue for December 2025, indicating potential challenges in the market for pork products [1] Group 1: December 2025 Sales Performance - The company sold 662,300 pigs in December 2025, including 238,000 piglets, generating a revenue of 613 million yuan [1] - The average selling price was 11.87 yuan/kg, with the average price for fat pigs at 11.23 yuan/kg, showing a month-on-month decline of 2.29% in sales volume, 6.27% in revenue, and 1.97% in average price [1] Group 2: Annual Sales Performance (2025) - For the entire year of 2025, the company sold 6,663,500 pigs, including 2,393,600 piglets, with total revenue reaching 7.959 billion yuan [1] - The average selling price for the year was 14.65 yuan/kg, while the average price for fat pigs was 13.54 yuan/kg, reflecting year-on-year changes of 11.21% in sales volume, a decrease of 8.95% in revenue, and a drop of 17.85% in average price [1] Group 3: Slaughter Data - In December 2025, the company slaughtered 149,522 pigs, with a total of 1,601,178 pigs slaughtered throughout the year [1] - The sales data only includes the company's wholly-owned subsidiaries and does not account for its affiliated companies, which sold a total of 144,996 pigs in December 2025 [1]

1月5日，工商银行发布关于个人客户积存金业务调整风险测评等级准入要求的公告，鉴于近期影响市场不稳定的因素较多，为进一步保护个人投资者权益， 该行将对个人客户积存金业务风险承受能力等级进行调整。具体如下： 自北京时间2026年1月12日起，个人客户办理积存金业务的开户、主动积存或新增定投计划（即"定期积存计划"）的，需通过工商银行营业网点、网上银行 或中国工商银行APP等渠道，按工商银行统一的风险测评问卷进行风险承受能力评估、取得C3-平衡型及以上的评估结果（已有前述评估结果且在有效期内 的无需重测）并签订积存金风险揭示书（已签署风险揭示书的无需重签）。 已开立积存金账户的个人客户办理积存金的赎回与兑换，有效期内定投计划的执行、修改和终止，积存金账户的注销等操作的，不受前述条件的限制。 工商银行同时建议客户提高风险防范意识，基于自身财务状况和风险承受能力理性办理积存金业务。 （工商银行） ...

1月6日，唐人神发布公告称，公司近日收到公司持股5%以上股东大生行饲料有限公司（以下简称"大生 行"）函告，获悉大生行于2025年12月10日至2026年1月5日通过深圳证券交易所大宗交易方式累计减持 公司股份278.8万股，占公司总股本的0.20%，大生行持有公司股份比例由6.20%下降至6%，权益变动触 及1%的整数倍。大生行本次减持不会导致公司控制权发生变更，也不会对公司治理结构及持续经营产 生重大影响。 （企业公告） ...

Core Viewpoint - Dongfeng Motor has outlined its "14th Five-Year" development strategy and key tasks for 2026 during its recent work conference, while also summarizing its achievements from 2025 and the "13th Five-Year" period [1]. Group 1: Sales and Market Performance - In 2025, Dongfeng's total sales reached 1.04 million units of new energy vehicles (NEVs), marking a 21% year-on-year increase, with a penetration rate up by 7 percentage points [2]. - The company aims for a total sales target of 3.25 million units in 2026, including 1.7 million NEVs and 600,000 units for export [2][6]. Group 2: Product Development and Innovation - Dongfeng's product lineup for its self-owned NEV brands expanded in 2025, featuring flagship models from Lantu and new products from Yipai and other brands [3]. - The company made significant advancements in hybrid, pure electric, and hydrogen technologies, achieving a thermal efficiency of over 48% for its Mahle hybrid engine and progressing in solid-state battery development [5]. Group 3: Strategic Initiatives and Partnerships - Dongfeng is transitioning its joint ventures towards new models, with the launch of new energy models from Dongfeng Nissan and upgrades in intelligent products [5]. - The company has established strategic partnerships with tech firms like Tencent and Huawei to enhance its "car-internet" integration and smart technology applications [5][8]. Group 4: Organizational and Operational Enhancements - Since 2025, Dongfeng has implemented reforms in organizational structure, process mechanisms, and supply chain collaboration to improve operational efficiency and profitability [8]. - The company plans to strengthen its global business layout, particularly in Europe and Southeast Asia, to drive growth through localized production and marketing networks [8].

1月6日，大模型初创公司MiniMax（0100.HK）港股IPO申购正式收官。根据富途证券数据，MiniMax此 次IPO孖展金额录得超2533亿港元，公开发售部分超额认购1209倍。港交所公告显示，MiniMax预计在1 月9日正式登陆港股，拟在香港发售2540万股股票，发售价区间为每股151至165港元，预计募资金额约 为38.34-41.89亿港元。（第一财经） ...

Core Viewpoint - The article highlights the competitive challenges in the global photovoltaic (PV) industry, particularly the phenomenon of "involution," characterized by price wars and homogenized products. Wuxi Jiangsong Technology Co., Ltd. (referred to as "Jiangsong Technology"), currently in the IPO stage, exemplifies a "counter-involution" trend through its innovative and differentiated approach in the PV battery automation equipment sector [1]. Group 1: Technological Innovation - The essence of the PV industry's involution is the homogenization of technology, leading to price wars as the primary competitive strategy. Jiangsong Technology focuses on technological innovation to break this deadlock by developing advanced automation equipment for PV battery production [2]. - The company has successfully developed automation equipment for various processes in PV battery manufacturing, including diffusion annealing, PECVD, etching, texturing, and alkali etching, making it one of the few domestic manufacturers capable of providing comprehensive production solutions [2]. - Jiangsong Technology's automation equipment features high operational efficiency, precision, low breakage rates, and customization capabilities, enabling smart production and data collection for clients' digital factories [2]. Group 2: Market Position and Growth - Jiangsong Technology's diffusion annealing automation equipment achieves a capacity of 13,500 wafers per hour with a breakage rate as low as 0.01%, outperforming both domestic and international competitors [3]. - The company's PECVD automation equipment has increased production capacity from 4,500-6,000 wafers per hour to 8,500 wafers per hour, significantly aiding in cost reduction and efficiency improvement in PV battery production [3]. - Jiangsong Technology ranks first among PV battery automation equipment manufacturers according to the China Photovoltaic Industry Association's 2022-2023 annual report, with a compound annual growth rate of 58.15% in revenue from 2022 to 2024, indicating strong market recognition [3]. Group 3: Industry Dynamics and Future Outlook - Equipment manufacturers play a crucial role in the PV industry's value chain, influencing production efficiency, quality, and costs. Jiangsong Technology's focus on N-type battery technology positions it well to meet new market demands and facilitate the transition to advanced technologies [4]. - The global PV industry continues to grow, with 2023 witnessing a record 390 GW of new installations, including 216.88 GW in China. This growth is expected to drive demand for equipment manufacturers like Jiangsong Technology [5]. - Jiangsong Technology's IPO funding aims to expand production capacity, enhance product offerings, and strengthen R&D capabilities, reflecting a strategic shift in the Chinese PV industry towards high-end equipment and innovative technologies [5].