12月23日，俄罗斯驻华大使伊戈尔·莫尔古洛夫到访中国人民大学，并做客重阳金融研究院区域国别论 坛"大使讲坛"，发表题为"2025年中俄关系回顾"的主题演讲。 尊敬的郑新业副校长、尊敬的王文院长、亲爱的朋友们！ 伊戈尔·莫尔古洛夫大使做客中国人民大学重阳金融研究院区域国别论坛"大使讲坛" 伊戈尔·莫尔古洛夫： 很高兴来到中国人民大学——中华人民共和国在人文社会科学领域的顶尖高校之一。我将从俄中双边关 系的几个维度展开我的发言。 过去一年，俄中关系的核心主题是共同纪念和庆祝伟大的苏联卫国战争胜利80周年、中国人民抗日战争 暨世界反法西斯战争胜利80周年。在那段艰苦卓绝的岁月里，苏联人民和中国人民并肩作战，英勇抗击 侵略者，以巨大的牺牲赢得了最终的伟大胜利。 01 "前事不忘 后事之师" 正如俄罗斯总统弗拉基米尔·普京精辟指出："那时我们站在一起，现在也站在一起。"的确，两国人民 在第二次世界大战中锤炼出的战斗情谊和互助传统，为当代俄中全面战略协作伙伴关系奠定了坚实基 础。特别值得一提的是，苏联是第一个在抗日战争中向中国伸出援助之手的国家：1937年至1941年间， 苏联援华航空志愿队与中国军民并肩作战；1945 ...

金融是国民经济的血脉。"十四五"时期，我国加快构建中国特色现代金融体系，牢牢守住系统性风险安 全底线，为高质量发展注入磅礴动能。 2025年，全球金融格局深刻演变，中国加快建设金融强国：从"金融强国"目标写入五年规划建议，到货 币政策持续发力显效；从资本市场量质齐升、直接融资功能持续增强，到国有大行补充资本、公司治理 体系加速重塑；从中小金融机构深度整合、行业格局优化升级，到公募基金、保险资金等中长期资金加 速入市；从贵金属价格屡创新高映射全球变局，到港股IPO重回全球第一、AI浪潮重塑全球科技与投资 版图…… 站在"十四五"与"十五五"交汇的新起点，我国金融业将继续秉持改革锐气和开放胸襟，为中国式现代化 注入更加澎湃的金融活水。 【01】"金融强国" 入五年规划建议，"五篇大文章" 顶层设计落地 10月，党的二十届四中全会召开，会议通过"十五五"规划建议，建议提出加快建设金融强国，标志着金 融发展从"规模扩张"向"质量提升"的历史性跨越；3月，国务院办公厅印发《关于做好金融"五篇大文 章"的指导意见》，构建 "1+N" 政策体系，明确科技金融、绿色金融、普惠金融、养老金融、数字金 融"五篇大文章"重点领域和 ...

Group 1 - Longxin Technology has submitted its prospectus to the Shanghai Stock Exchange, aiming to raise 29.5 billion yuan for three projects, including technology upgrades for memory chip production lines and R&D for DRAM technology [1][3] - The company, established in 2016, has become the largest and most advanced DRAM manufacturer in China, adopting an IDM (Integrated Device Manufacturer) model similar to global giants like Samsung and SK Hynix [1][4] - Longxin's product offerings include DDR and LPDDR memory solutions, with recent advancements in DDR5 and LPDDR5X products that rank among the industry's top in speed and capacity [4] Group 2 - Despite significant revenue growth, Longxin has faced substantial losses, with cumulative losses reaching 40.86 billion yuan by mid-2025, attributed to high R&D and capital expenditures during its rapid capacity expansion phase [6][7] - The company has invested 15.21 billion yuan in R&D from 2022 to 2024, representing 36.60% of its cumulative revenue, with a workforce of 4,143 R&D personnel [6][9] - Longxin's gross margin has been negative in previous years, but it is projected to improve significantly in 2025, with expectations of achieving profitability by 2026 [8][11] Group 3 - Longxin's market share in the global DRAM market is currently only 3.97%, while major competitors like Samsung and SK Hynix dominate with over 90% combined market share [8] - The company has a complex shareholder structure with no single controlling shareholder, which includes various state-owned and private investors [10] - Longxin's future growth is supported by favorable market conditions and government policies, with expectations of increased production capacity to meet rising global demand [12]

Group 1 - The flu epidemic in China is at a high level, primarily driven by the H3N2 strain, with increased transmission risk due to upcoming population movements during the New Year holiday [1] - Demand for antiviral and symptomatic medications has surged, with a reported over 500% increase in flu-related drug purchases on Alibaba Health and over 100% increase in orders for traditional Chinese medicine on Meituan [1] - The pharmaceutical industry is responding effectively across the supply chain, from vaccine production to drug distribution, indicating a well-coordinated effort to manage the public health challenge [1][2] Group 2 - Vaccine companies are ramping up production, with Hualan Vaccine reporting 55 batches of flu vaccine issued since November, reflecting increased public willingness to get vaccinated [2] - Diagnostic companies like Dian Diagnostics and Kingmed Diagnostics are seeing increased business, supporting the trend of testing before treatment, which enhances rational drug use [2] - The treatment landscape is diversifying, with both chemical and traditional Chinese medicines being utilized, indicating a shift in market dynamics [3][5] Group 3 - Traditional Chinese medicine is gaining traction, with companies like China Resources Sanjiu and Kangyuan Pharmaceutical seeing strong growth in their antiviral product lines [5] - The distribution sector is crucial, with companies like Yiyigou ensuring rapid delivery of essential medications during peak demand periods [5] - The clinical relevance of traditional Chinese medicine is increasing, supported by government policies that endorse its use in flu treatment, leading to a rise in evidence-based research [6][9] Group 4 - Companies are focusing on clinical research to validate the efficacy of traditional Chinese medicines, with Kangyuan Pharmaceutical conducting head-to-head trials against conventional drugs [7][9] - The competitive landscape in the respiratory system traditional Chinese medicine market is diverse, with companies like China Resources Sanjiu and Yiling Pharmaceutical leveraging brand strength and market recognition [9] - As the industry moves towards evidence-based medicine, companies with strong research capabilities and clinical data are likely to capture more market opportunities [9]

据悉，该机器人将覆盖科研、陪伴、创作三大场景，面向科研人员、极客及家庭用户。 据相关介绍，作为背包大小的小型化产品，启元Q1攻克关节微型化难题，其QDD准直驱关节压缩至"比 鸡蛋还小"，仍保留全尺寸机型的力控性能与高动态响应。 相较于传统机型，其体积缩小至1/8，重量降低且具备耐摔特性，同时减少研发试错成本，缩小仿真与 现实迁移差距。 12月31日，上纬新材旗下新品牌"上纬启元"正式发布全球首款全身力控小尺寸人形机器人"启元 Q1"， 董事长彭志辉（稚晖君）宣布公司进军个人机器人赛道。 对科研者与学习者，其便携尺寸与开放的全量 SDK、HDK 接口，可实现 "实验室便携化"，支持低成本 反复验证实验 对创作者与极客玩家，外观结构件开源、支持 3D 打印定制，搭配智元灵创平台，无需编程基础即可编 排动作与行为逻辑。 对家庭用户，依托智元灵心平台实现自然语言交互与知识教学功能，柔性阻抗控制技术保障互动安全 性。 本文系观察者网独家稿件，未经授权，不得转载。 ...

相较于传统机型，其体积缩小至1/8，重量降低且具备耐摔特性，同时减少研发试错成本，缩小仿真与 现实迁移差距。 据悉，该机器人将覆盖科研、陪伴、创作三大场景，面向科研人员、极客及家庭用户。 对科研者与学习者，其便携尺寸与开放的全量SDK、HDK接口，可实现"实验室便携化"，支持低成本 反复验证实验 对创作者与极客玩家，外观结构件开源、支持3D打印定制，搭配智元灵创平台，无需编程基础即可编 排动作与行为逻辑。 12月31日，上纬新材旗下新品牌"上纬启元"正式发布全球首款全身力控小尺寸人形机器人"启元Q1"，董 事长彭志辉(稚晖君)宣布公司进军个人机器人赛道。 据相关介绍，作为背包大小的小型化产品，启元Q1攻克关节微型化难题，其QDD准直驱关节压缩至"比 鸡蛋还小"，仍保留全尺寸机型的力控性能与高动态响应。 对家庭用户，依托智元灵心平台实现自然语言交互与知识教学功能，柔性阻抗控制技术保障互动安全 性。 本文系观察者网独家稿件，未经授权，不得转载。 ...

Core Insights - The leisure and entertainment consumption is experiencing a significant boost driven by the New Year atmosphere and winter weather conditions, with various sectors showing remarkable growth in search and transaction volumes [1][2]. Group 1: Consumption Trends - The search volume for beauty services, including hairdressing, nail art, and eyelash extensions, doubled in the week leading up to New Year's Day [1]. - KTV bookings saw a transaction scale increase of over 44% year-on-year, with new AI-driven entertainment options contributing to this growth [1]. - The keyword "24-hour bathing centers" experienced a search volume increase of over 6 times, indicating a strong interest in traditional winter leisure activities [1]. Group 2: Regional Performance - Harbin led the transaction growth for bathing centers with a remarkable increase of over 211% compared to the previous period, making it the city with the highest growth rate [1]. - Cities like Taiyuan and Changsha reported KTV transaction growth exceeding 70%, with the post-2000 generation showing the highest increase in participation, up over 57% year-on-year [2]. Group 3: Market Dynamics - The beauty service sector saw a nearly 40% increase in discussion and reviews, particularly among the 20-35 age group in major cities like Shanghai, Beijing, and Shenzhen [1]. - To further stimulate consumption during the New Year, the company plans to launch multiple promotional activities aimed at enhancing urban consumption vitality [2].

【文/观察者网 王一】中国核聚变研究的加速发展给大洋彼岸制造了一些焦虑。美国福克斯新闻网当地 时间12月30日报道称，近70年前，苏联成功发射首颗人造卫星"斯普特尼克1号"，引起了美国在太空竞 赛中的危机意识；如今，随着中国加大对核聚变研究的投入，美国可能在该领域正面临又一个"斯普特 尼克时刻"。 美国核聚变公司Commonwealth Fusion Systems（CFS）首席执行官兼联合创始人鲍勃·马姆加德（Bob Mumgaard）警告称，过去几年中国在核聚变研究上已投入60亿至120亿美元，而美国在这方面却没有进 展，"我们的聚变项目看起来还停留在上世纪90年代的水平，我们需要对其进行现代化改造"。 "核聚变正处在一个拐点。"马姆加德说，"外国政府正在大力投资，我们开始看到未来聚变产业的雏 形，它将成为世界上的一个重要产业，尤其是在与人工智能的交叉领域。" 鲍勃·马姆加德 CFS 话锋一转，马姆加德指出，美国政府长期以来一直支持核聚变研究，但目前的组织架构并不足以把握这 一历史机遇，更难以真正在能源领域占据领先地位。他认为，随着中国加大对聚变能源的投资和协调力 度，中国已成为美国的主要竞争对手。 马姆 ...

Core Viewpoint - The lawsuit between Geely's Zeekr battery company, Weirui, and the battery cell supplier, Xinwanda, over quality issues has raised significant concerns within the industry, highlighting legal gaps in long-term, high-performance component procurement contracts in the Chinese electric vehicle sector [1][10]. Group 1: Lawsuit Details - Weirui is suing Xinwanda for over 2.3 billion yuan, which is equivalent to nearly two years of Xinwanda's net profit, due to alleged quality issues with battery cells [1]. - The lawsuit reflects a broader concern regarding the compliance and collaborative development of the Chinese electric vehicle supply chain [1][10]. - The evidence required for Weirui to substantiate its claims includes a valid sales contract, quality issue reports, loss evidence, and documentation of communications regarding the quality issues [3][5]. Group 2: Defense Strategies - Xinwanda's defense may include arguments that the battery cells meet contractual and industry standards, were accepted by Weirui, and that any losses were not caused by the supplied cells [4][7]. - The complexity of determining the cause of quality issues in long-used battery cells poses challenges for judicial assessment and evidence collection [6][11]. Group 3: Financial Implications - Weirui's claimed losses may consist of direct costs related to replacing faulty battery packs, additional testing fees, and after-sales service costs, with potential indirect losses due to damage to brand reputation [5][10]. - The court's evaluation of such substantial claims will focus on the authenticity, reasonableness, foreseeability of losses, and the direct causal relationship with the alleged breach [5][10]. Group 4: Industry Impact - The case exposes significant legal risks in the procurement contracts for long-term, high-performance components in the electric vehicle industry, particularly in distinguishing between quality defects and normal wear and tear [10][11]. - The rapid technological evolution in battery technology complicates the identification of reliable expert witnesses and the feasibility of evidence collection [6][10].

Core Viewpoint - The stock of Hangdongguang surged dramatically upon its debut on the Beijing Stock Exchange, reflecting a strong market interest in new listings and the potential for significant returns in the upcoming years [1] Company Overview - Hangdongguang was established in September 2011 in Shenzhen and is recognized as a specialized and innovative small giant enterprise in Guangdong Province, with products used by major global cloud service providers like Google and Amazon [2] - The company is controlled by Chen Jianwei, who holds a significant stake through his company Ruifa Trading, which owns 65.27% of Hangdongguang [2] Business Focus - Hangdongguang specializes in the research, manufacturing, and sales of passive optical devices in the optical communication field, with key products including optical fiber connectors and passive internal connection devices [3] Financial Performance - The company reported revenues of 475 million yuan, 613 million yuan, and 1.315 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of approximately 55.33 million yuan, 64.53 million yuan, and 148 million yuan, indicating compound growth rates of 49.07% and 128.50% [3] - In the first half of 2025, the company achieved a revenue of 1.021 billion yuan, a year-on-year increase of 105.84%, and a net profit of 142 million yuan, up 170.72% from the previous year [3] Market Dynamics - The demand for Hangdongguang's products has surged due to the accelerated construction of AI data centers, leading to rapid sales growth [3] - The company generates a significant portion of its revenue from international markets, with overseas sales accounting for 90% of its revenue in the latest reporting period, primarily from the U.S. market [4]