Core Insights - The 2025 National Medical Insurance Drug List has been officially released, adding 114 new drugs, including 50 innovative Class 1 drugs, with a negotiation success rate of 88%, the highest in seven years [1][3] - The first version of the commercial insurance innovative drug list has been introduced, featuring 5 CAR-T cell therapies and 19 high-priced innovative drugs, marking a significant expansion in coverage [1][5] - The adjustment reflects a strategic upgrade in China's medical insurance from "basic coverage" to "basic + high-end coverage," addressing the demand for accessible and affordable innovative drugs [1][9] Drug Additions and Market Impact - The new drug list includes 114 drugs, with 44% being Class 1 innovative drugs, and a total of 3,253 drugs now covered under the insurance [3] - Notable winners include Heng Rui Pharma, which secured 20 new drug approvals, and Eli Lilly, whose drug Tirzepatide has entered the Chinese market, benefiting 140 million diabetes patients [3][4] - The inclusion of CAR-T therapies in the commercial insurance list allows for reimbursement of high-cost treatments, which were previously inaccessible to many patients [5][7] Innovations in Treatment - The new list includes significant advancements in treatments for Alzheimer's disease, with two new drugs targeting amyloid beta accumulation, providing options for over 10 million patients in China [7] - The addition of 13 rare disease drugs fills coverage gaps in four rare disease areas, expanding the total number of rare disease drugs covered to approximately 100 [8] - The adjustment also emphasizes pediatric medications, with a separate review channel for children's formulations, indicating a positive shift in addressing children's healthcare needs [9] Strategic Implications - The 2025 adjustment signifies a shift towards a dual-track medical payment system in China, combining basic medical insurance with commercial insurance to meet both fundamental and advanced healthcare needs [9] - The rapid inclusion of innovative drugs into the insurance system reflects a decade of progress in China's pharmaceutical landscape, transitioning from rare domestic innovations to a robust pipeline of new therapies [9]

企查查信息显示，近日，现制酸奶头部品牌"茉酸奶"关联公司——上海伯邑餐饮管理有限公司发生工商变更，创始人赵伯华卸任法定代表人、总经理、董 事、财务负责人并完全退出股东行列。联合创始人顾豪接任法定代表人，持有公司57.14%的股份。 更关键的变化在于股权结构。君乐宝集团通过旗下君乐宝（河北）企业管理有限公司再次投资入股，持股比例从最初的30%提升至42.86%，成为与顾豪并列 的唯二股东。这意味着，在品牌创立十一年后，其彻底告别了"夫妻店"模式，进入了由产业资本深度主导的新阶段。 | | | 顾莹* | 顾豪*(持股+17.14%) | | --- | --- | --- | --- | | 2025-12-04 | 投资人(股权)变更 | 君乐宝（河北）企业管理有限公司 | 君乐宝(河北)企业管理有限公司 (持股+12.86%) | | | | 赵伯华【退出】 (持股-30%) | | | 2025-12-04 | 联络员 | 部盈飲【退出】 | 顾豪*【新进】 | | 2025-12-04 | 经营期限（营业期限）变 | 2014-05-27~2034-05-26 | 2014-05-27~ | | 202 ...

近日，观察者网从知情人士处获悉，原国联民生承销保荐联席总裁王世平已入职申港证券，或将出任副 总裁。 4月22日，国联民生公告，全资子公司华英证券有限责任公司（简称"华英证券"）完成名称变更登记手 续，其名称由"华英证券有限责任公司"变更为"国联民生证券承销保荐有限公司"（以下简称"国联民生 承销保荐"）。此后关于原华英证券管理层的变动也备受行业关注。 公开信息显示，王世平，生于1968年12月，武汉大学法学博士，具有律师资格、保荐代表人资格。历任 南方证券股份有限公司GT CAPITAL董事，长江证券承销保荐有限公司（原长江巴黎百富勤证券有限责 任公司）总裁、法定代表人，华英证券有限责任公司总裁等职。 王世平早年任职于中投证券（现为中金财富证券）。2006年3月，加入长江证券旗下投行子公司长江证 券承销保荐有限公司；2009年4月，获批出任长江投行总经理。2012年12月，其取得保代资质，名下9单 投行项目均在长江投行签署。2017年3月，王世平加入华英证券，同年10月担任公司总经理。 王世平曾主持完成多项具有市场影响力的案例，包括京东方B股IPO、A股IPO和多次非公开发行A股 （筹资额超过1000亿）；中 ...

Core Viewpoint - The U.S. government has allowed Nvidia to export H200 AI chips to China with a 25% revenue share, aiming to challenge Chinese tech giants like Huawei, although there are doubts about the effectiveness of this strategy [1][3]. Group 1: Export Policy and Market Impact - The U.S. aims to promote competition in the Chinese market by allowing the export of H200 chips, which are considered "lagging" technology [1]. - David Sacks, a key proponent of this policy, expressed uncertainty about whether China would accept these chips, as they are pursuing semiconductor independence [1][3]. - Nvidia has removed Chinese market revenue from its forecasts, with analysts estimating potential annual revenue of $10 billion from H200 chips if accepted by China [3]. Group 2: Chip Specifications and Performance - The H200 chip features higher bandwidth memory compared to its predecessor, H100, enabling faster data processing, with performance nearly six times that of H20 [5]. - The export of H200 chips could allow Chinese AI labs to build supercomputers with performance close to top U.S. AI supercomputers, albeit at a higher cost [5]. Group 3: Competitive Landscape and Challenges - Chinese companies are actively developing domestic AI chips to replace Nvidia's market share, with Huawei announcing a roadmap for its Ascend AI chips [8][9]. - Concerns over security vulnerabilities and monopoly risks have led to increased scrutiny of Nvidia's operations in China, with regulatory investigations ongoing [7][9].

Group 1 - The current spring plowing preparation for fertilizers is at a critical stage, with a focus on stabilizing the supply and price of phosphate fertilizers [1] - A meeting was held to analyze the phosphate fertilizer market situation and discuss measures for supply assurance and price stabilization [1][3] - There is a consensus among key phosphate fertilizer production and circulation enterprises on the need for enhanced supply and price control measures [3] Group 2 - Recent fluctuations in the phosphate fertilizer market have negatively impacted winter storage and spring plowing preparations, attributed to rising production costs and increased short-term demand [3] - Recommendations include maintaining high production rates without reducing output, avoiding exports until August 2026, and ensuring domestic market supply [3] - Industry associations are urged to guide enterprises in conducting sales at reasonable prices and to prevent hoarding and price gouging [3] Group 3 - Sulfur prices have surged significantly, reaching a near ten-year high of 4115 yuan/ton, with a year-on-year increase of nearly 200% [4] - China is the largest sulfur importer, with approximately 50% of its consumption relying on imports, and the sulfur production for 2024 is projected at 11.07 million tons [4] - The rise in sulfur prices poses challenges for the stability of the domestic fertilizer market, especially as the spring plowing season approaches [4][5] Group 4 - The recent spike in sulfur prices is primarily due to global supply shortages and rising external prices, with Russia's production being significantly affected [5] - The average import price of sulfur in China increased from $175.79/ton in January to $314.94/ton in October, marking a 79.21% increase [5] - The increase in sulfur prices has led to a rise in industrial-grade monoammonium phosphate prices, which saw a monthly increase of approximately 500 yuan/ton [5]

商务部网站12月12日消息，商务部、海关总署公布对部分钢铁产品实施出口许可证管理。全文如下： 附件：纳入出口许可证管理的部分钢铁产品目录 商务部 海关总署 一、将部分钢铁产品（详见附件）纳入目录。 二、对外贸易经营者出口上述货物，应凭货物出口合同、生产商开具的产品质量检验合格证明申领出口 许可证。商务部和受商务部委托的省级地方（各省、自治区、直辖市及计划单列市、新疆生产建设兵 团）商务主管部门及部分副省级城市（沈阳市、长春市、哈尔滨市、南京市、武汉市、广州市、成都 市、西安市）商务主管部门按照分工签发出口许可证。在京国务院国资委监管企业申领出口许可证，由 商务部许可证局签发，其他企业申领出口许可证，由所在地省级地方商务主管部门或副省级城市商务主 管部门签发。其他未尽事宜按照商务部、海关总署公告2024年第65号执行。 三、本公告自2026年1月1日起执行。 2025年12月9日 依据《中华人民共和国对外贸易法》《中华人民共和国货物进出口管理条例》《货物出口许可证管理办 法》等法律、行政法规和规章，商务部、海关总署决定对《出口许可证管理货物目录（2025年）》（以 下简称目录）进行调整。有关事项公告如下： ...

Core Viewpoint - Moer Technology plans to use up to RMB 7.5 billion of idle raised funds for cash management, effective for 12 months from board approval, to enhance fund utilization efficiency and ensure project implementation safety [1][3] Fundraising and Financial Performance - The company recently completed its IPO, raising approximately RMB 7.9996 billion, with a net amount of about RMB 7.576 billion after expenses [1][3] - In the first six trading days post-IPO, Moer Technology's stock price surged by 723.49%, reaching a peak of RMB 941.08 per share, with a market cap exceeding RMB 440 billion [1] - On December 12, the stock experienced a significant drop of over 19%, closing at RMB 814.88, but still reflecting a cumulative increase of over 613% [1] Investment Allocation - The raised funds will be allocated to three core technology projects: - New generation AI training and inference integrated chip project (approximately RMB 2.51 billion) - New generation graphics chip project (approximately RMB 2.50 billion) - New generation AI SoC chip project (approximately RMB 1.98 billion) - An additional RMB 1 billion is designated for working capital [3][4][5] Cash Management Strategy - The cash management plan aims to invest in high-security, liquid principal-protected products, including but not limited to time deposits and structured deposits, without affecting the ongoing projects [3][5] - The company emphasizes that this strategy will not impact daily operations or project progress while aiming to enhance cash asset returns for shareholders [3] Market Reaction and Future Outlook - Following the announcement of the cash management plan, investor reactions were mixed, with some questioning the decision while others supported it as a means to ensure liquidity and increase revenue [3] - Moer Technology is set to release a new generation GPU architecture on December 19-20, which has generated investor enthusiasm, leading to stock price increases of 5.73%, 16.98%, and 28.04% over three consecutive trading days [5] - The company has acknowledged the need for continued high R&D investment and product iteration, while recognizing existing gaps compared to international competitors [5][6] Financial Status - As of the first half of 2025, Moer Technology reported revenue of RMB 702 million, surpassing total revenue from 2022 to 2024, but still incurred a net loss of RMB 271 million [6] - The company anticipates achieving profitability by 2027 at the earliest, with cumulative losses of approximately RMB 1.48 billion as of June 30, 2025 [6]

【文/观察者网 齐倩】 近年来，随着中国电动汽车强劲出海，欧盟输不起，有意废止"2035年内燃机汽车禁令"。 据路透社消息，当地时间12月12日，欧洲议会最大党团欧洲人民党（EPP）主席曼弗雷德·韦伯 （Manfred Weber）表示，欧洲委员会将取消原定于2035年完全停止内燃机汽车的计划。 报道称，这一决定对致力于保护其汽车制造商的德国来说是一大胜利。德国、意大利一直在大力游说推 翻该禁令，担心本国车企在新能源汽车转型时期输给竞争对手。不过，西班牙反对取消禁令，指出此举 将破坏欧洲汽车产业转型努力，或导致就业岗位流失和工厂关闭。 欧盟将废除内燃机禁令？ 在德国海德堡举行的新闻发布会上，韦伯称："下周二（16日），欧盟委员会将提出明确提案，废除内 燃机禁令。"他还说，应由市场和消费者决定如何实现气候目标。 欧洲委员会定于12月16日就该计划宣布声明，但表示不会提前评论任何提案。 韦伯未提供进一步细节，但11日晚在接受德国《图片报》采访时表示，将提出一项替代方案，从2035年 起强制要求新注册车辆减少90%二氧化碳排放，而不是原计划的完全降至零。 韦伯同时透露："从2040年起也不会有100%（减少碳排放量 ...

3.扰乱网络空间生态。快手账号"傻妈虎儿的日常"（粉丝数42.1万）长期发布恶俗演绎剧情吸粉博流,严 重破坏网络生态；抖音账号"追番小队长"（粉丝数100.8万）持续发布含淫秽色情、血腥暴力等动漫视 频，危害未成年人身心健康；微博账号"萌釉妹"（粉丝数114万），发布开通会员观看色情视频内容信 息，通过群组发布色情网站外链。相关账号已被依法依约予以关闭。 4.违规账号变相复出。抖音账号"雨（记录生活）"（粉丝数7.2万）、"大东北（记录生活）"（粉丝数 28.9万），经核实为劣迹网红"东北雨姐"转世账号；账号"碎嘴撸米"（粉丝数72.3万）经核实为劣迹网 红"猫一杯"转世账号，劣迹网红"秀才"借抖音账号"王老四"（粉丝数2.7万）变相复出，相关账号已被依 法依约予以关闭。微博账号"陈震同学"（粉丝数1013万）在禁言期间，通过账号"陈震同学的同学"（粉 丝数29.8万）发布信息，相关账号已被依法依约予以禁言。 5.逃避税收监管。根据税务部门通报，快手账号"周周珍可爱625"（粉丝数5042.1万）关联公司存在严重 涉税问题，相关账号已被予以禁言处置。 网络名人账号关注度高、影响力广，是构建清朗网络生态的重要力 ...

Core Viewpoint - AI is transitioning from concept to deep industrialization, becoming a key driver for future growth, as emphasized by TCL's founder and chairman, Li Dongsheng, at the 2025 TIC [1] Group 1: Industry Landscape - TCL is shifting resources towards the white goods sector to compete against traditional giants like Midea, Gree, and Haier, as well as internet brands like Xiaomi [1][4] - The white goods market is characterized by a "Matthew effect," where the strong get stronger, making TCL's ambition to enter the top tier more urgent [4][10] Group 2: AI Implementation - TCL aims to utilize AI in practical applications for air conditioners, refrigerators, and washing machines, addressing the industry's pain points of "pseudo-intelligence" [3][5] - The company focuses on energy-saving solutions, achieving a 40% reduction in energy consumption for air conditioners through a combination of small models and reinforcement learning [5][9] Group 3: Product Innovations - TCL's washing machines tackle the "iron triangle" of speed, cleanliness, and energy efficiency, achieving a 5% reduction in energy consumption and a 10% decrease in washing time [5] - The refrigerator features dual magnetic preservation technology and a deep freeze function at -40°C, enhancing food preservation for up to 15 days [5] Group 4: User Experience - TCL has integrated AI voice assistants to simplify user interaction, allowing for natural language control of appliances [6] - The company offers tailored solutions for different scenarios, such as AI sleep mode for air conditioners and AI smart washing for washing machines [6] Group 5: Competitive Advantages - TCL's advantages stem from group-level technology reuse and channel integration, allowing for stable supply and cost control amid market fluctuations [9][10] - The company has established a comprehensive channel and after-sales service team, comparable to Midea and Haier, enhancing its competitive edge [9][10] Group 6: Market Position and Goals - TCL aims to rapidly enter the mid-to-high-end market, with a focus on promoting its ice-wash products [11] - The company recognizes challenges such as brand recognition and global market expansion, acknowledging a gap in technical capabilities compared to international benchmarks [13][14]