Core Viewpoint - The article reports on the impact of snowfall and icy road conditions leading to the closure of multiple road segments across ten provinces in China, indicating significant disruptions in transportation infrastructure [1] Group 1: Weather Impact on Transportation - As of 7 AM today, 92 road segments in ten provinces (Hebei, Shanxi, Inner Mongolia, Liaoning, Heilongjiang, Henan, Shaanxi, Ningxia, Gansu, Xinjiang) have implemented proactive closure measures due to snowfall and icy conditions [1] - Among the closed segments, 32 are mainline closures while 60 involve the shutdown of toll stations, highlighting the extent of the disruption [1]

经济观察报记者刘晓诺 核心管线出海，总交易额20.15亿美元，合作方是跨国大药企阿斯利康，然而交易披露后首个交易日， 加科思(01105.HK)成为港股创新药板块单日跌幅最大的公司。 12月21日晚，加科思宣布了这项合作。本次交易的标的，是加科思自研的泛KRAS抑制剂(JAB- 23E73)。加科思将获得1亿美元的首付款，根据开发及商业化进度，还可获得最高19.15亿美元的里程碑 付款，以及中国以外市场的净销售额特许权使用费。 一名投资人认为，影响股价的潜在因素有很多，比如利好出尽、获利回吐。他指出，在公告发布之前， 加科思的股价已是年初的7倍。 多位券商分析师指出，1亿美元的首付款可能不达市场预期。前述投资人也认为，"市场预期是2亿美 元，管理预期很重要"。 王印祥在沟通会上回应了首付款是否低于预期这一问题。"根据小分子抗肿瘤药的交易案例，一般来 说，首付款占总交易额的3%—8%，这都是合理的。如果超过总交易额的10%，算是比较大的。我们这 次交易，首付款占总交易额5%，也算中间偏上水平。" JAB-23E73是加科思的核心管线之一，靶向多种KRAS突变亚型。KRAS是人类最常见的突变致癌基 因，占全部肿瘤 ...

经济观察网12月22日，阿迪达斯宣布与国家体育总局体育科学研究所达成深度技术合作。跑步是儿童群 体广泛参与的运动项目之一，对心肺功能、骨骼发育及运动习惯的养成具有积极的促进作用。相较于成 人而言，儿童的足部处于持续发育阶段，其尚未成熟的足部结构与运动能力特征，使其在运动过程中对 装备的功能支持与需求更为细致。因此，儿童运动装备的设计，需要在充分理解儿童生理发展规律与个 体成长差异的基础上，提供更科学适配的个性化产品。阿迪达斯此次与国家体育总局体育科学研究所的 合作将聚焦儿童运动健康与装备优化，围绕"LIGHTDART闪电镖"系列跑鞋及儿童足球鞋，开展技术测 评、生物力学研究与鞋楦优化指导，推动产品适配性升级，为中国儿童打造更专业的运动装备。 (郑淯心) ...

12月20日晚，"鸿蒙星光盛典"播出。盛典现场用四万盏璀璨的灯球，点亮星空；当灯光星海拼出"在一 起，就可以"的字样，弹幕也纷纷点赞当晚众星汇聚以及充满科技感的舞美，直呼"排面非凡"。盛典分 成"突破"、"生长"、"信念"、"未来"四个章节，每一个曲目都表达着鸿蒙及鸿蒙生态从无到有的不易， 以及向每一位参与其中、平凡而闪耀的"追光人"致敬的巧思。 那一片由灯光组成的星海，是鸿蒙生态最生动的写照。每一位开发者、每一个合作伙伴、每一位用户， 虽是散落四方的点点星光，却因共同的目标而心意相连，最终汇聚成照亮前路的数字火炬。 一场"丝滑"的大型路演 在技术展示环节，主持人撒贝宁与咏春拳表演者常宏基进行了互动演示。"用华为Mate 80，通过Remy 拍摄，只需要花10秒围着我绕一圈，就能生成三维立体影像。"常宏基现场演示了鸿蒙的独家应用，而 以前想拍出这种效果，需要多台摄像机同时操作。 这个环节生动展示了鸿蒙生态独有的应用体验。Remy作为鸿蒙操作系统的独家应用，可以将三维立体 瞬间永久记录，用户后续可以随意放大旋转，像亲临现场一样。 更多展现技术实力的细节被藏在台前幕后。例如，制作团队用搭载鸿蒙6的华为Mate 8 ...

Core Insights - The evolution of smartwatches has positioned them as personal health management hubs, with Huawei's WATCH series leading the industry, particularly highlighted by the launch of the Huawei WATCH 10th Anniversary edition, which serves as both a summary of the past decade and a strategic move for the next ten years [1][14] Product Positioning - The Huawei WATCH 5 marks a significant turning point as the first HarmonyOS AI smartwatch, shifting from passive data recording to active understanding and suggestions, addressing a long-standing challenge in wearable technology [3] - The 10th Anniversary edition further enhances the emotional and technological value integration, emphasizing its significance as a commemorative product [3] Design and Materials - The design features a unique color scheme of Cosmic Blue and Polar White, with a "10YEARS" insignia on the crown, highlighting its commemorative nature [5] - Available in 46mm and 42mm sizes, the watch boasts a titanium alloy body, 904L stainless steel case, and sapphire glass, positioning it among the top tier in the smartwatch market [5] Health Interaction and Dashboard - The new "Health Dashboard" represents a revolutionary change in information organization, structuring complex health data into twelve core health indicators for easier understanding [7] - Users can access animated data explanations and trend analyses with a simple touch, making health metrics more intuitive and perceptible [8] AI Integration - The comprehensive integration of HarmonyOS 6.0 enhances the smartwatch's intelligence, evolving the voice assistant into a "wrist AI butler" capable of providing targeted assistance across various scenarios [10] - The new screen recognition capability allows users to ask natural language questions about displayed data, transforming health management from mere numerical displays to a conversational and understandable advisory system [10] Hardware Advancements - The upgraded X-TAP sensing system integrates PPG, ECG, and pressure sensors in a compact design, improving monitoring speed and accuracy while expanding health monitoring capabilities [12] - Features like ECG, vascular elasticity, fingertip blood oxygen, and hypertension risk assessment signify a shift from "health auxiliary tools" to "long-term health management partners" [12] Market Performance - Over the past decade, Huawei's WATCH series has focused on self-developed technology, continuously expanding the capabilities of smart wearables, leading to a cumulative global shipment of over 200 million devices [12] - According to IDC data, Huawei's wearable device shipments reached 28.6 million units in the first three quarters of 2025, securing the top position in both global and domestic markets, with six consecutive years of leading domestic shipments [12] Strategic Significance - The Huawei WATCH 10th Anniversary edition serves as a pivotal product that summarizes the company's decade-long achievements in health technology, system ecology, and hardware sensing, while also indicating future directions through AI and multi-sensing technology [14] - Priced from 2799 yuan, the watch is set to launch on December 25, attracting interest from potential consumers [14]

编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 占有兵是在这一刻按下快门的，他知道这些瞬间很快就会消失。镜头之外，是更多年轻而模糊的面孔，低头、起身、再坐下，在流水线上反复完成同样的动 作。像这样的照片，他一共拍了150多万张。 2012年6月18日，广东东莞。手袋厂的车间里，电车一刻不停。女工低头缝包，手顺着针脚移动，目光落在前方，却并未真正聚焦。包一只只被推到桌边， 她的表情始终没有变化。这个动作她已经重复了太多次，几乎成了身体的本能。 占有兵今年52岁，出生在湖北襄阳的一个村庄。1995 年南下广东后，他在东莞的工厂系统里辗转多年，做过保安，也进入过管理层，后来成为一名摄影记 者。直到今天，他仍然习惯把相机背在身上。过去二十多年里，他几乎每天都在拍照，用坏了四台相机，肩带被磨得起毛。他形容自己是"拍照的农民工"。 和他交谈时，很容易被他的讲述带回具体场景，工厂里的气味，机器马达转动时的声响，工人在流水线上的表情与去向。这些细节在他口中清晰而准确。 与此同时，他又能自然地把话题引向更大的时间节点——SA ...

Company Dynamics - China Merchants Shekou Industrial Zone Holdings Co., Ltd. and Qidong Zhongchengxin Development and Construction Co., Ltd. have jointly established Qidong Zhaocheng Construction Development Co., Ltd. with a registered capital of 300 million yuan [1] - The business scope of the new company includes construction engineering, real estate development, property management, management services for commercial complexes, housing leasing, and non-residential real estate leasing [1]

Core Viewpoint - Chengda Biological has terminated six vaccine research and development projects since early December, including five under the "Human Vaccine R&D Project" and one under the "Biotechnology Product R&D Production Base Project" due to market dynamics and technical feasibility assessments [1][2]. Group 1: Project Termination - The company announced the termination of the "b-type influenza Haemophilus influenzae type b conjugate vaccine" development project and five other sub-projects, including the pentavalent rotavirus vaccine, due to a lack of commercial viability and feasibility [1][2]. - The total planned investment for the "Human Vaccine R&D Project" was 837 million yuan, fully funded by raised capital, focusing on multi-valent and innovative vaccines [1]. Group 2: Market Competition - The pentavalent rotavirus vaccine, previously a key focus, faces intense competition with the successful launch of the world's first hexavalent rotavirus vaccine by China National Pharmaceutical Group, leading to a reassessment of its commercial potential [2]. - The domestic rabies vaccine market has become increasingly competitive, with 23 marketed products and 19 in clinical development, impacting Chengda Biological's market share significantly [3]. Group 3: Financial Performance - Chengda Biological's revenue has declined over the past three years, with reported revenues of 1.815 billion yuan, 1.750 billion yuan, and 1.675 billion yuan, reflecting year-on-year decreases of 13.08%, 3.58%, and 4.22% respectively [3]. - For the first three quarters of 2025, the company reported revenues of 1.096 billion yuan, a year-on-year decline of 15.88%, and a net profit of 165 million yuan, down 50.01% [4].

在全球汽车工业的百年演进史中，赛道始终是技术极限的试炼场与品牌精神的最高殿堂。对于一个品牌而言，在顶级赛事中夺冠，意味着跻身全球性能版 图；而能够系统性地培育一片赛车的土壤，则意味着定义了一个市场的未来。 领克汽车，这个诞生即承载全球化视野与中国创新精神的高端品牌，在经历了WTCR/TCR世界巡回赛"七年九冠"的巅峰淬炼后，正悄然完成一次深刻的战略 转身：从聚焦于国际赛场上"夺取冠军"的1.0时代，迈入致力于在中国"培养冠军"、构建完整汽车运动生态的2.0时代。这不仅是一场商业策略的调整，更是 一次从证明产品实力到塑造产业文化的价值升维。 赛道铸就品牌资产 在商业世界里，建立一种强大的认知往往需要标志性事件与持之以恒的投入。对于汽车品牌，尤其是旨在突破高端市场、重塑用户心智的中国品牌，国际顶 级赛事的奖杯是最具说服力的"信任状"。领克深谙此道，自2019年携03TCR赛车首登WTCR(世界房车杯)舞台起，便开启了一段改写中国汽车运动史的传 奇。 H JH . t land # # Pouro Panta M IE r de 9 C R 0 a LV/T 14 摩洛哥首站领奖台 其历程并非简单的参与，而是震撼性 ...

Core Insights - Rolls-Royce is integrating traditional Chinese Xuan paper into its automotive design, reflecting a blend of Western manufacturing artistry and Eastern cultural heritage [2][3][4] - The "Heartbeat" project aims to explore and modernize traditional Chinese craftsmanship, starting with Xuan paper, to create bespoke automotive designs that resonate with Chinese customers [3][12][13] Group 1: Cultural Integration - Rolls-Royce has initiated interactions between its designers and Chinese artisans to understand the nuances of traditional paper-making techniques [2][6] - The collaboration emphasizes the shared values of craftsmanship and artistic expression between Rolls-Royce and traditional Chinese paper [4][7] - The project is seen as a way to enhance the brand's cultural depth and appeal in the Chinese market [7][14] Group 2: Craftsmanship and Customization - The demand for bespoke designs incorporating local cultural elements has increased among Chinese customers, prompting Rolls-Royce to adapt its offerings [3][11] - Rolls-Royce's bespoke vehicles are handcrafted, with each car taking over 600 hours to produce, highlighting the importance of skilled artisans in the manufacturing process [7][12] - The integration of Xuan paper is expected to enhance the luxury and uniqueness of Rolls-Royce vehicles, making them more than just cars but also works of art [7][14] Group 3: Technical Exploration - The technical feasibility of incorporating Xuan paper into vehicle design is currently under exploration, with ongoing tests and certifications [8][9] - Artisans are experimenting with various techniques to ensure that the paper meets the durability and aesthetic standards required for automotive applications [9][10] - The collaboration aims to push the boundaries of traditional craftsmanship while ensuring safety and quality in the final product [8][12] Group 4: Future Directions - The "Heartbeat" project is set to continue for three years, with each year focusing on different aspects of traditional craftsmanship [13][14] - Rolls-Royce plans to maintain ongoing engagement with Chinese artisans to deepen its understanding of local culture and craftsmanship [14][15] - The project represents a significant step in merging high-end automotive design with traditional cultural elements, potentially setting a precedent for future collaborations [14][15]