文/王潇雨 自9月初俄罗斯总统普京公开表示将对华实施免签政策，以作为中国对俄免签的对等回应以来时隔两个 多月，终于迎来了更进一步的消息。 据环球网援引俄罗斯多家媒体报道，当地时间11月18日，俄罗斯总统普京表示，针对中国公民赴俄免签 政策将于近期生效。 这一消息犹如为年底航空客运市场淡季"添柴"，瞬时引发相关航线搜索和预定量的增加。 今年9月15日开始至2026年9月14日，中国已经开始对俄罗斯持普通护照人员试行免签政策。俄罗斯持普 通护照人员来华经商、旅游观光、探亲访友、交流访问、过境不超过30天，可免办签证入境。 责任编辑：黄兴利 主编：寒丰 据航空数据分析机构航旅纵横发布的最新数据显示，截至11月19日，2026年1月1日-1月3日，国内前往 俄罗斯的机票预订量同比去年增长约32%。 俄罗斯一直以来都是受中国游客欢迎的目的地之一，此前俄罗斯对中国团队游客实施了免签政策，但个 人旅行者前往依然需要办理签证。 根据在线旅游服务商同程旅行此前发布的数据显示，今年前八个月，该平台上国内主要城市与俄罗斯之 间直飞机票预订热度同比增长超20%，其中以莫斯科、圣彼得堡、摩尔曼斯克、喀山等目的地热度最 高。 同程旅行方 ...

Core Viewpoint - In November 2025, Insilico Medicine submitted its prospectus to the Hong Kong Stock Exchange for the fourth time, over two years after its initial attempt to go public. The company has transitioned from a leader to a follower in the AI pharmaceutical sector, especially after its competitor, Jingdai Holdings, successfully went public as the "first domestic AI pharmaceutical stock" [2]. Group 1: Company Overview - Insilico Medicine, founded in 2014, is an AI-driven biotechnology company with over 20 clinical or IND application stage assets developed through its proprietary AI platform, Pharma.AI. Three of these assets have been licensed to international pharmaceutical and healthcare companies, with a total contract value exceeding $2 billion [3][10]. - The company has a significant reliance on a few major clients for its revenue, with over 90% of its income coming from drug discovery and pipeline development, primarily through milestone payment models [3][5]. Group 2: Financial Performance - Revenue for Insilico Medicine is projected to grow from $30.15 million in 2022 to $85.83 million in 2024, but over 60% of this revenue is derived from a single client, Exelixis, highlighting a high concentration risk [4][7]. - In the first half of 2025, the company experienced a dramatic revenue decline of 54%, dropping from $5.97 million to $2.75 million year-on-year, primarily due to the loss of milestone payments from Exelixis [5][9]. Group 3: Challenges and Risks - Insilico Medicine faces significant cash flow challenges, with operating cash outflows of approximately $47.52 million in 2022 and $36.84 million in the first half of 2025. Despite a recent funding round increasing cash reserves to $212 million, ongoing high costs for clinical trials pose a risk to financial stability [9]. - The company's debt has increased by 37.24% from the end of 2022 to September 2025, reaching $895 million, with over 99% of this debt classified as financial liabilities at fair value [9]. Group 4: Market Position and Future Outlook - Despite the challenges, Insilico Medicine has a strong shareholder base, including notable investors like Qiming Venture Partners and Hillhouse Capital, and its valuation exceeded $1.3 billion after the E round of financing. The company must balance market patience with the long-term nature of R&D investments [11].

Core Viewpoint - Shanxi Antai Group Co., Ltd. (Antai Group) experienced significant stock price volatility, with a sharp decline following a period of rapid price increases driven by speculative trading rather than fundamental performance [2][3] Stock Price Movement - Antai Group's stock price hit a daily limit down of 6.23 CNY per share on November 18, 2025, a decrease of 9.58% after reaching a near ten-year high of 6.89 CNY per share on November 17, 2025 [2] - The stock recorded 14 limit-up days within 23 trading days from October 16 to November 17, 2025, with a cumulative price increase of 213.18% during this period [3][6] - The trading volume on November 17 was notably high, with a turnover rate of 41.06% [3] Risk Warnings - Antai Group issued multiple risk warning announcements, indicating that the stock's price deviation from its fundamentals could lead to a rapid decline once speculative investors exit [3][4] - The company acknowledged the risk of irrational market speculation and the potential for a quick drop in stock price due to the lack of support from fundamental performance [3] Financial Performance - Antai Group has faced continuous financial losses since 2022, with net profits of -297 million CNY in 2022, -678 million CNY in 2023, and -335 million CNY in the first three quarters of 2025 [5][6] - The company reported a revenue of 3.784 billion CNY in the first three quarters of 2025, a decrease of 26.55% year-on-year [6] - The company has shifted its focus to a processing model for its coke business to mitigate losses, which has shown some improvement in financial performance [6] Industry Context - The steel industry is currently facing challenges, with expectations of a decline in profits due to rising costs and reduced demand [6][7] - The average price of H-shaped steel in China was reported at 3,285 CNY per ton as of November 18, 2025, reflecting an 8.2% year-on-year decrease [5][7] Shareholder and Debt Issues - Antai Group's controlling shareholder has all shares pledged, with significant guarantees provided to related parties, amounting to 2.558 billion CNY, which is 169.07% of the company's net assets as of the end of 2024 [8][9] - The company is entangled in legal disputes related to debt obligations of its affiliate, Shanxi Xintai Steel Co., Ltd., which has led to the freezing of shares held by the controlling shareholder [8][10]

本报（chinatimes.net.cn）记者张玫 北京报道 作为IT人员，林艺平承担着交易策略前端开发、产品风控及部分产品交易测试、决策、下单、监控等工 作。这些职责使他能够接触和查询私募基金管理人的未公开信息，甚至直接获取并加工这些信息。 2022年11月16日至2023年9月6日期间，林艺平控制并使用"林某治"及"何某龙"名下多个证券账户，在沪 深两市进行趋同交易并盈利。 监管部门的调查进一步明确了其对上述账户的实际控制关系："林某治"的国金、东莞证券账户自开户以 来即主要由林艺平控制使用。所有IP地址位于杭州的交易均由他决策与操作，资金由其筹措，盈亏亦由 其承担。"何某龙"的东莞、中信证券账户在2022年11月至2023年8月期间被林艺平借用。其中所有IP位 于杭州的交易均由林艺平决策与操作，交易资金来源于账户内何某龙的原有资金，但盈亏均由林艺平承 担。 在案件调查过程中，林艺平曾提出陈述申辩意见，浙江证监局经复核后部分予以采纳。 最终，浙江证监局决定，对林艺平责令改正，给予警告，没收违法所得8857.69万元，并处以同等金额 罚款，合计罚没金额达1.77亿元。此外，鉴于林艺平的违法行为情节严重，浙江 ...

Core Insights - BOSS Zhipin reported steady growth in revenue, profit, and user base in Q3 2025, driven by a recovering recruitment market and increased penetration in blue-collar and lower-tier cities [2][3][12] - The company emphasized the importance of operational efficiency and technological investment, which have begun to yield positive results [2][11] Financial Performance - In Q3 2025, BOSS Zhipin achieved revenue of 2.16 billion yuan, a year-on-year increase of 13.2% [2] - The number of paid enterprise clients reached 6.8 million, reflecting a 13.3% year-on-year growth [2] - Net profit for Q3 2025 rose to 775 million yuan, supported by a reduction in sales and marketing expenses by 24.6% [12] Market Trends - Recruitment demand has shown a steady increase, with the number of new job postings rising by 25% year-on-year in Q3 [2][3] - Blue-collar income growth continues to lead, with manufacturing showing the highest growth rate among sectors [3] AI Integration - The company has accelerated the integration of AI technologies in recruitment processes, enhancing efficiency in matching and communication [9][10] - AI tools, such as the job-seeking assistant and interview simulation tools, have seen increased usage, contributing to higher engagement rates among users [9] User Engagement - The average monthly active user count reached 63.8 million, a 10% year-on-year increase [12] - The platform's user base in the blue-collar segment has grown significantly, with a notable "snowball effect" enhancing its competitive edge [6] Safety and Governance - BOSS Zhipin has strengthened its safety governance framework, implementing an "AI + human" dual governance system to address risks such as recruitment fraud and harassment [13] - The company has actively collaborated with law enforcement, assisting in the resolution of 58 cases and the arrest of 607 suspects this year [13]

Core Viewpoint - The recent notification from four Chinese government departments aims to regulate the export of second-hand cars, particularly targeting the "zero-kilometer second-hand car" phenomenon, which has seen explosive growth in exports from 4,300 units in 2020 to 436,000 units in 2024, a more than 100-fold increase [3][5][10]. Regulatory Changes - The most significant measure is the "180-day red line," which mandates that vehicles registered for less than 180 days must provide a manufacturer's after-sales service confirmation to obtain an export license starting January 1, 2026 [5][6]. - The notification includes a systematic approach to strengthen the application and issuance of export licenses, requiring accurate information reporting and establishing a dynamic management and exit mechanism for companies [6][8]. Industry Impact - The new regulations are expected to lead to a major reshuffle in the industry, with many small and medium-sized exporters lacking manufacturer support facing survival challenges [10][11]. - The notification aligns with industry expectations and provides a transition period of about one and a half months for companies to adapt [10]. Market Dynamics - The policy encourages the establishment of a stable after-sales service system and the development of a one-stop service market for second-hand car exports, which includes inspection, maintenance, customs clearance, and logistics [8][11]. - The new rules will push the industry towards a focus on quality and service rather than price competition, enhancing the overall market structure and brand perception of Chinese automobiles abroad [11][12]. Long-term Outlook - The transition from "zero-kilometer second-hand cars" to a more regulated market is seen as a necessary step for the industry to mature and establish a sustainable competitive environment [10][12]. - The notification is expected to optimize the supply-demand structure in overseas markets, contributing to a better international brand recognition for Chinese automobiles [12].

Market Overview - A-shares experienced a decline for the third consecutive trading day, with the Shanghai Composite Index falling by 0.8% to 3939.81 points, and the ChiNext Index dropping over 1% [2][3] - More than 4100 stocks closed in the red, with significant drops in previously popular stocks [2][4] External Influences - The primary trigger for the recent market downturn is the potential delay in interest rate cuts by the Federal Reserve, leading to a sharp decline in global stock markets [2][4] - The St. Louis Fed President's comments on limited further rate cut space have reduced expectations for a December rate cut to below 50%, increasing global liquidity tightening concerns [4][5] Sector Performance - The A-share market saw most sectors decline, with the coal sector experiencing a significant drop of over 3%, marking the largest single-day decline since early April [3][4] - The top three sectors with net inflows were internet services, software development, and cultural media, while the sectors with the largest net outflows included batteries, photovoltaic equipment, and chemical products [3] Investment Strategy - Analysts suggest that the market is in a phase of adjustment, with a focus on high-dividend sectors or technology growth stocks in the first half of the bull market, while advocating for a more balanced allocation in the latter half [6][7] - The market is expected to stabilize as the A-share index approaches the 4000-point mark, with a potential for sector rotation between cyclical and technology stocks [7] Future Outlook - Analysts remain optimistic about the Chinese stock market's trend for 2026, anticipating continued inflows of incremental funds and potential outperformance in corporate earnings and AI advancements [7][8] - The market is expected to experience natural recovery after a three-day decline, supported by valuation advantages and trends in fund reallocation [6][7]

Core Insights - China Commercial Aircraft Corporation (COMAC) is actively pursuing international orders and commercial operations for its domestically produced aircraft despite facing challenges in capacity and delivery [2][6] Group 1: Dubai Airshow Participation - COMAC made its debut at the Dubai Airshow on November 17, showcasing the C919 aircraft and C909 business jet, marking its first participation in this significant international event [3][5] - The display included a flight demonstration of the C919, which attracted considerable attention due to its rarity at such events [5] - China Southern Airlines' C919, featuring a 164-seat three-class layout, was a highlight of the static display area, drawing many visitors [3][4] Group 2: Aircraft Specifications and Market Reach - COMAC exhibited a full range of aircraft models, including the C909, C919, and C929, to meet diverse global aviation market demands [4] - The C909 series has already seen over 170 deliveries and operates on more than 790 routes, while the C919 has been delivered 26 times and operates on over 30 routes [4][6] - The C929, currently in development, is expected to have a range of approximately 12,000 kilometers and a capacity of 280 seats [4] Group 3: Expansion of Operations - Domestic airlines are expanding the C919's route network, with Air China recently operating the C919 on the Beijing-Hong Kong route, marking its first international flight [6][7] - In a recent operational period, Air China operated 200 flights across 9 routes with its C919 fleet, while China Eastern Airlines and China Southern Airlines also reported significant flight operations with their C919 aircraft [7] Group 4: International Interest and Future Prospects - Notable international interest in the C919 has been expressed by leaders from major airlines, including Tony Fernandes of AirAsia and representatives from VietJet and Karachi Airlines, indicating potential future orders [8] - COMAC's chairman has engaged with Saudi Arabian officials regarding the establishment of an aircraft assembly line in Jeddah, further indicating international interest in COMAC's offerings [8]

Core Viewpoint - The recent surge in lithium carbonate futures prices is driven by strong downstream demand and a persistent supply shortage, leading to significant price increases in both futures and spot markets [2][3][4]. Group 1: Lithium Carbonate Futures Performance - On November 17, the main lithium carbonate futures contract opened at 87,700 yuan/ton and reached a limit price of 95,200 yuan/ton, closing with a 9% increase [2]. - Since November, the main contract price has risen nearly 17%, with further increases observed on November 18, reaching 96,920 yuan/ton [2]. - The continuous reduction in social inventory, which has decreased by 22,000 tons over 13 weeks, is a key factor behind the strong performance of lithium carbonate prices [2][4]. Group 2: Impact on Lithium Battery Sector - The rise in lithium carbonate prices has led to a collective surge in the lithium battery sector, with companies like Shengxin Lithium Energy and Rongjie Co. hitting their daily price limits [3]. - The spot market for high-quality lithium carbonate saw prices ranging from 90,500 to 90,900 yuan/ton, reflecting a 3,600 yuan increase from the previous trading day [3]. - The demand for lithium carbonate is expected to grow significantly, with predictions of a 30% increase in demand by 2026, reaching 1.9 million tons [4]. Group 3: Supply and Demand Dynamics - Domestic lithium carbonate production has remained stable, while demand has increased by 4% to 115,000 tons in November [4]. - The import structure for lithium ore is changing, with significant increases in imports from Australia and South Africa, indicating a shift in sourcing strategies [6]. - The total lithium carbonate consumption in November has exceeded 135,000 tons, marking a year-on-year growth of over 40% [7][8]. Group 4: Market Sentiment and Future Outlook - Market sentiment has been bolstered by positive forecasts from industry leaders, suggesting a balanced supply-demand scenario in the near future [4]. - The increase in futures positions indicates growing market interest, with a recent rise of approximately 72,000 contracts in the past week [5]. - Long-term projections suggest that lithium carbonate prices will continue to rise, driven by sustained demand and potential supply constraints [9][10].

第二十七届高交会再次印证了机器人产业的空前火热，机器人馆内300余家机器人产业链代表性企业集 中展示年度突破成果。与前几年的"炫技"形成鲜明对比的是，"落地"成为今年厂商共同的关键词。 《华夏时报》记者留意到，当大众目光都落在追求双足的"类人形态"上时，赛博格机器人仍坚持采用轮 式底盘。 "轮式不是妥协，而是针对已知B端场景的'最优解'"。 深圳赛博格机器人有限公司CEO董典彪对《华夏时报》记者表示，在现有工厂、仓库等结构化环境中， 轮式在移动效率、稳定性、成本和控制复杂度上拥有显著优势。"我们的目标是解决客户当前最迫切 的'柔性化生产'痛点，而不是等待一个遥远的'通用'未来。Cyborg-W01轮式人形机器人采用可原地旋转 的轮式底盘，能在0.75米宽的狭窄通道内灵活作业，导航精度达±1cm。轮式底盘与高自由度上身结 合，恰恰是为了在已知的、海量的工业场景中实现'移动'与'操作'能力的最佳平衡。" 然而，在繁荣的表象之下，行业共识是"大脑"能力不足、应用场景匮乏、制造精度受限，这三大痛点仍 是横亘在人形机器人从"展台明星"迈向"产线员工"之间的核心障碍。 在此背景下，一系列根本性问题亟待回答：当前展出的场景 ...