中央经济工作会议提出继续实施更加积极的财政政策，加强财政科学管理。其中"更加积极财政政策"， 意味着明年财政会保持必要的支出力度和强度。加强财政科学管理，更是"必须坚持政策支持和改革创 新并举"的具体体现，融财政政策、财政改革，财政管理于一体，从总量政策、保持支出力度，到提高 财政支出效率相结合，这些事项又与财政改革链接一起，比如"深化零基预算"，可以大大提升财政政策 效能，这也是破解地方财政问题的一项改革系统性工作。 今年中央经济工作会议，提出重视解决地方财政困难 ...

Core Viewpoint - Recently, Luckin Coffee (Yunnan) Co., Ltd. was established with a registered capital of 10 million USD, indicating the company's expansion efforts in the food and beverage sector [1] Company Summary - The legal representative of Luckin Coffee (Yunnan) Co., Ltd. is Xia Wei [1] - The company is wholly owned by Luckin Coffee Trading (Hong Kong) Co., Ltd. [1] - The business scope includes food sales, food production, catering services, and tea product production [1]

经济观察网中国高科（600730）公告，方正国际教育的控股股东新方正控股发展有限责任公司拟通过转 让其所持有的方正国际教育股权的方式，间接转让其间接持有的公司无限售流通股1.17亿股，占公司总 股本的20.03%。若转让完成，将导致公司控制权发生变更。本公司股票自2025年12月15日(星期一)起停 牌，预计停牌时间不超过2个交易日。 ...

Core Viewpoint - The acquisition of PMG International Co., LTD. by Lens Technology aims to enhance its capabilities in the liquid cooling sector, which is gaining traction in the AI server market, reflecting a strategic move to secure advanced technology and customer certifications [2][4]. Company Developments - Lens Technology plans to acquire 100% of PMG International Co., LTD. to quickly gain access to mature technology and customer certifications in the server cabinet business, as well as advanced liquid cooling system integration capabilities [2][4]. - The company has been actively recruiting key technical positions to focus on liquid cooling and AI server cabinets, indicating a strong commitment to this market segment [3]. - The acquisition is expected to significantly enhance Lens Technology's core competitiveness in AI computing hardware solutions, leveraging its existing manufacturing capabilities [5]. Industry Trends - The liquid cooling sector has seen increased interest from various companies, including Zhongshi Technology, Yidong Electronics, and Chunqiu Electronics, all of which are making moves to establish a presence in this field [6][8]. - The liquid cooling technology is recognized as essential for addressing the heat dissipation challenges in data centers, with advantages over traditional air cooling methods [6][9]. - The liquid cooling server index has risen by 49.66% this year, with several stocks doubling in value, indicating strong market interest and investment potential [9]. Market Potential - The liquid cooling market is projected to exceed 100 billion yuan, with significant growth expected in the coming years, particularly in the AI data center segment [9][10]. - By 2026, the liquid cooling market for ASIC systems is expected to reach 35.3 billion yuan, while NVIDIA's liquid cooling systems could reach 69.7 billion yuan, highlighting the substantial market opportunity [9][10]. - The penetration rate of liquid cooling in AI data centers is anticipated to reach 40% by 2025, marking a critical turning point for infrastructure technology [10].

经济观察网据央视新闻客户端消息，当地时间12月12日晚，泰国总理阿努廷与美国总统特朗普通电话， 双方就泰柬边境局势及关税等问题进行了讨论。 ...

Core Viewpoint - The National Market Supervision Administration released the "Guidelines for Compliance of Pricing Behavior in the Automotive Industry (Draft for Comments)", aiming to regulate pricing behaviors of automotive manufacturers and prevent unfair competition practices [2][3]. Group 1: Pricing Behavior Regulations - The guidelines consist of five chapters and 28 articles, focusing on detailing pricing behavior norms for automotive manufacturers, clarifying pricing behavior requirements for sales enterprises, and guiding the establishment of internal compliance management systems [3]. - It emphasizes full-process price management, requiring a comprehensive pricing management system covering vehicle sales and financial services [3]. - The guidelines prohibit price discrimination among operators under the same transaction conditions and ban price collusion between manufacturers and parts suppliers [3]. Group 2: Sales Enterprise Requirements - The guidelines address issues in new car sales, such as improper pricing and false promotions, mandating accurate price displays and clear promotional rules [4]. - It specifies that promotional rules, terms, and conditions must be prominently displayed, and misleading pricing practices are strictly prohibited [4]. - A risk warning mechanism is encouraged to alert consumers about significantly low prices, ensuring transparency in service charges [4]. Group 3: Internal Compliance Management - The guidelines encourage automotive enterprises to establish a systematic internal pricing compliance management framework to prevent pricing violations from the source [5]. - It outlines six core mechanisms for internal compliance, including price decision-making and risk prevention [5]. - Companies are required to clarify internal responsibilities and update their systems in response to legal and policy changes to ensure effective implementation [5]. Group 4: Industry Response - The China Automotive Industry Association and the China Automobile Circulation Association responded positively, stating that the guidelines provide clear guidance to avoid legal risks and promote compliance [5][6]. - Industry organizations highlighted the importance of collaboration among manufacturers, dealers, regulatory bodies, and consumers to ensure effective execution of the guidelines [6]. - Major automotive companies like BYD, BAIC Group, and Xpeng Motors expressed their commitment to optimizing pricing management and compliance systems in line with the guidelines [6][7].

经济观察网 据央视新闻客户端消息，据中国地震台网正式测定，12月12日22时22分在新疆和田地区皮 山县发生3.9级地震，震源深度16公里，震中位于北纬37.71度，东经77.85度。 ...

■本报记者 刘晓诺 北京报道 在减肥药开发路上屡败屡战的辉瑞，再斥重金购买中国创新药。不过，"宇宙第一大药厂"理想的胖友， 似乎不只有人类。 2025年12月9日，复星医药（600196.SH/02196.HK）公告，控股子公司药友制药、复星医药产业与辉瑞 达成了一项许可交易。交易的主要标的，是药友制药自主研发的口服小分子GLP-1R（胰高血糖素样 肽-1受体）激动剂，该激动剂目前正在澳大利亚进行一期临床试验。 GLP-1类药物目前已经获批治疗糖尿病和肥胖症等疾病。由于肥胖症自带的消费属性，这些药物成了当 下最热门的药物。2025年前三季度，全球销售额最高的两款药物都是GLP-1类药物。对跨国企业来说， GLP-1与减肥药是不可错失的良机。 经济观察报记者注意到，在辉瑞与药友制药达成的合作协议中，多次用括号特殊注明了授权领域， 即"人类、动物所有适应证的治疗、诊断及预防"。记者尚未发现其他GLP-1许可交易对动物适应证做出 过类似特殊约定。 根据宠物肥胖协会（APOP）的数据，2022年，美国有61%的猫和59%的狗超重或肥胖。另外根据美国 宠物用品协会（APPA）的调查，2025年，美国有4900万只猫、6 ...

Core Viewpoint - The automotive market is experiencing a significant downturn due to the exhaustion of various subsidy programs, leading to a lack of consumer enthusiasm and lower sales performance as the year ends [1][3][7]. Group 1: Market Conditions - The automotive market has cooled significantly, with many dealerships reporting low customer traffic and sales, contrasting sharply with previous years' year-end buying frenzies [1][3]. - In November, the national retail sales of passenger vehicles reached 2.225 million units, a year-on-year decline of 8.1% and a month-on-month decline of 1.1% [3][4]. - The decline in sales is attributed to the cancellation of national and local subsidies, as well as the anticipated introduction of a 50% purchase tax on new energy vehicles starting next year [1][3][7]. Group 2: Subsidy Policies - The central government has allocated automotive replacement subsidies until December 31, 2025, but many local governments have exhausted their funds early, leading to a pause in subsidies [1][5]. - The total subsidy budget for 2025 is set to double to 300 billion yuan, with a significant portion allocated for automotive subsidies, expected to exceed 180 billion yuan [5][7]. - Local governments are implementing their own subsidy programs to stimulate market activity, with some regions offering cash incentives for vehicle purchases [6][9]. Group 3: Industry Responses - In response to the market downturn, many automakers are introducing their own incentives, such as covering the increased purchase tax for customers who order vehicles before the end of 2025 but receive them later [2][8]. - Some companies, like Dongfeng Honda and Lynk & Co, remain optimistic about maintaining stable sales in the fuel vehicle segment and anticipate growth in hybrid and plug-in hybrid models [8][9]. - Automakers are developing strategies to adapt to changing policies and consumer demands, focusing on enhancing product offerings and ensuring compliance with local subsidy regulations [9].

经济观察网容百科技公告称，公司拟使用自有资金3.42亿元收购贵州新仁部分股权，并使用自有资金1.4 亿元对贵州新仁进行增资。本次交易前，公司未持有贵州新仁股权，本次交易完成后，公司将持有贵州 新仁股权比例为93.2%，贵州新仁成为公司控股子公司，纳入公司合并报表范围内。 公司已具备创新性的磷酸铁锂量产技术与深厚的客户基础，而贵州新仁目前已拥有年产6万吨磷酸铁锂 产线且具备快速扩产潜力，公司将通过本次交易，将自身新型技术在标的公司产线上快速放大，迅速构 建具备竞争优势的磷酸铁锂规模化生产能力，将技术优势和产品优势迅速转化成产业化优势，把握市场 高速增长机遇。 ...