"明年一季度比较困难，今年12月份透支了一批，一季度加上春节，有些政策还没有及时出来，现在好像每个车企都感觉到压力比较大。"12月16日，中国电 动汽车百人会理事长张永伟在媒体沟通会上直言2026年中国车市的开局困境。 张永伟预计2026年国内汽车市场将实现2%的微增长，销量达2820万辆，这一预测远低于2025年1至11月9.7%的同比增速。 消费端的多重压力成为市场最大拖累。张永伟说："政策有很大的不确定性，像'以旧换新'补贴是不是延续，现在也不是很明朗，新能源汽车购置税也恢复征 收5%。"这两大核心消费刺激政策的调整，让汽车市场消费被明显透支，直接影响2026年市场动力。 价格战持续加剧企业的盈利压力，但其促进消费的作用逐渐减小。截至2025年9月，超260款车型官方宣布降价，平均降幅达11.2%，创历史新高；汽车制造 业当期利润率为4.3%，明显低于历史平均水平，且低于下游工业企业6%的平均利润率。 消费者心态的转变让市场竞争更趋理性。张永伟说："消费者不再只盯住最低价的东西，而是千挑万选，关注产品是否符合自身需求、是否认可其品质，这 种转变使得单纯的价格战失效。" 政策层面也在引导行业有序出清，《汽 ...

经济观察网12月18日，武田制药宣布，其口服酪氨酸激酶2(TYK2)抑制剂Zasocitinib(TAK-279)在两项关 键性三期临床研究中，针对中重度斑块状银屑病成人患者达成了主要终点和所有次要终点。 武田制药计划在即将举行的医学会议上公布研究数据，并计划自2026财年向美国食品药品监督管理局 (FDA)及其他监管机构递交新药上市申请(NDA)。 研究显示，在第16周，超过一半的受试者达到皮损清除或几乎清除，约30%的受试者达到皮损完全清 除，并且应答率持续提高至第24周。 该药物在第16周的共同主要终点，即静态临床医生整体评估(sPGA)评分为0/1和银屑病面积及严重程度 指数(PASI)较基线改善至少75%的参与者比例均优于安慰剂。这些研究还达到了全部44项排序次要终 点。 ...

经济观察网 李晓丹 实习生 朱嫡 陈菲儿 王明飞/文 "反内卷"成为影响经济运行的重要因素，2025年11月的部分经济数据出现波动，既反映出在遏制低效同质 化竞争、推动产业结构优化过程中，行业价格与利润格局的阶段性调整，也凸显当前内需修复节奏不均，经济预期有待巩固的阶段性压力。 面对这一情况，政策需要继续发力：投资端聚焦补短板、增后劲，消费端着力提信心、扩内需，稳步提升居民收入信心与就业预期，形成投资与消费共同驱 动的"稳增长"格局。 宏观数据显示，2025年11月CPI同比增速由上月的0.2%上升至0.7%；PPI从-2.1%下降至-2.2%；制造业PMI由50.0%下跌至49.2%；固投从-1.7%下降至-2.6%； 11月新增人民币贷款3900亿元，月末贷款余额较上月回落约0.1个百分点；M2同比增速下降为8.0%。 由《经济观察报》发起的"经济观察报月度观察"，每月发布一次。本次共有11家机构参与月度宏观数据预测。 CPI：同比明显上涨 CPI公布值（同比）：0.7% 前值：0.2% CPI预测值（同比）：0.7% 国信证券宏观分析师郝大明点评：11月CPI同比上涨0.7%，比10月提高0.5个百分点 ...

经济观察网天眼查App显示，12月11日，京甬科创机遇(北京)股权投资基金合伙企业(有限合伙)成立， 执行事务合伙人为宁波通商基金管理有限公司、璟泉私募基金管理(北京)有限公司，出资额10亿人民 币，经营范围为私募股权投资基金管理、创业投资基金管理服务，由北京金控资本有限公司、宁波市高 科创业投资有限公司、宁波通商基金管理有限公司等共同出资。 ...

Group 1 - The core viewpoint of the articles highlights the acceleration of mergers and acquisitions among rural banks, with over 200 banks involved since 2025, marking a significant increase compared to 2024 [1] - As of the end of 2024, the total number of rural banks in China was 1,538, a decrease of 98 banks from the end of 2023 [1] - Various reform and restructuring methods have emerged, including "village to branch" and "village to division" models, primarily initiated by local rural commercial banks and supported by state-owned banks [2][3] Group 2 - The first state-owned bank to engage in the "village to branch" model was the Industrial and Commercial Bank of China, which completed its acquisition of Chongqing Bishi Rural Bank in June 2025 [2] - Other state-owned banks, such as Agricultural Bank of China and Bank of Communications, have also been involved in acquiring rural banks throughout 2025 [2] - Analysts suggest that the participation of state-owned banks in rural bank reforms is crucial for risk management and reflects their responsiveness to regulatory requirements [3] Group 3 - The financial indicators of state-owned banks are currently stable, and their involvement in rural bank reforms is expected to have minimal impact on their operations [3] - The bankruptcy of rural banks is rare, with only two instances reported by 2025, indicating ongoing challenges in risk management within this sector [4][5] - The Dalian Jinzhou Lianfeng Rural Bank was approved for bankruptcy proceedings in July 2025, becoming the second rural bank to do so, with its deposits being taken over by Dalian Rural Commercial Bank [5] Group 4 - The ongoing reform of rural banks aims to address issues such as deteriorating asset quality and increasing credit risks, particularly in economically weaker regions [7] - The China Banking Association's report indicates that rural banks are facing multiple challenges, including intensified regulatory compliance and competition, necessitating urgent reforms [7] - The restructuring of rural banks is being pursued through mergers, acquisitions, and dissolutions, with a notable reduction of 99 banks in 2024, accounting for nearly 50% of the total reduction in banking institutions that year [7] Group 5 - Employees of merged rural banks have reported changes in job roles but generally view the transitions positively, indicating a degree of stability post-merger [8] - For initiating banks, the restructuring can present opportunities for growth, as seen with Changshu Bank, which has actively pursued mergers to enhance its market presence [8] - The central economic work conference emphasized the importance of reducing and improving the quality of small financial institutions to mitigate financial risks in the coming year [8]

科普赋能：让医疗科技触手可及 随着我国老年人口突破3 亿大关，老龄化带来的健康挑战与社会负担日益凸显。围绕人口老龄化加速背 景下的银龄健康需求，波士顿科学带来了多款与中国老龄患者需求紧密契合的微创介入解决方案，包括 用于房颤治疗的明星产品FARAWAVE NAV一次性使用磁定位心脏脉冲电场消融导管；房颤患者卒中预 防"利器"新一代WATCHMAN FLX Pro左心耳封堵器；用于心脏节律管理的S-ICD皮下植入式除颤器和 起搏器、除颤器；治疗良性前列腺增生的Rezūm前列腺热蒸汽治疗系列产品，以及神经调控领域改善帕 金森病症状的Vercise Genus植入式脑深部神经刺激（DBS）系列产品。 波士顿科学还带来多项突破性疗法，为患者带来更多元的治疗选择：可预防经导管主动脉瓣置换术 （TAVR）中发生脑卒中的SENTINEL抗栓塞脑保护装置 ；用于颈动脉狭窄创新术式经颈动脉血管重建 术（TCAR）的ENROUTE经颈动脉逆流血栓保护装置 ；用于原发性肝癌治疗的TheraSphere Y90钇 [90Y]玻璃微球系统；美国FDA唯一批准的肝动脉灌注（HAI）疗法产品Intera3000肝动脉灌注泵* ，为 结直肠 ...

Core Viewpoint - Sanofi is leveraging the China International Import Expo (CIIE) as a platform to showcase its innovative biopharmaceutical products, aiming to enhance the accessibility of global healthcare solutions in China [1][4]. Group 1: Participation in CIIE - Sanofi has been a consistent participant in the CIIE for eight years and has confirmed its participation in the upcoming ninth edition, emphasizing its commitment to connecting global innovation with China's healthcare needs [1][3]. - The company showcased several products at the inaugural CIIE, highlighting their journey from initial presentation to clinical application in China, referred to as "CIIE babies" [1][4]. Group 2: Product Innovations - Sanofi presented key products that have transitioned from previous CIIE showcases to clinical practice, including Dupixent (dupilumab injection), which has been approved for seven indications in China, covering skin and respiratory treatment areas [1][2]. - The company also introduced Nirsevimab, a long-acting monoclonal antibody for preventing respiratory syncytial virus (RSV) infections in infants, demonstrating a successful transition from international debut to local availability [1][2]. Group 3: Strategic Collaborations and Investments - Sanofi has signed a strategic cooperation agreement with local biotech company Yanshengchao at the CIIE, marking a shift from being merely an exhibitor to an investor, thereby deepening its local engagement [3]. - The company is investing €1 billion in a new insulin raw material project in Beijing, reinforcing its commitment to local production and supply chain stability [3][4]. Group 4: Future Commitment - Sanofi aims to continue its investment in China and enhance its "China solutions" to support the vision of "Healthy China," ensuring that innovative healthcare products reach patients more efficiently [4].

Core Viewpoint - A controversial Alzheimer's drug, known as "971," has regained the possibility of being sold after a recent acquisition by Fosun Pharma, which plans to invest approximately 1.412 billion yuan to acquire 51% of Green Valley Pharmaceutical [1][2]. Group 1: Acquisition and Financial Implications - Fosun Pharma's acquisition of Green Valley Pharmaceutical marks the first purchase under the leadership of newly appointed Chairman Chen Yuqing [2]. - The market reacted negatively to the acquisition, with Fosun Pharma's A-shares dropping by 4.22% and Hong Kong shares by 5.81% on December 16 [2]. - The acquisition is expected to have a minimal impact on Fosun Pharma's financial statements in the coming years, as Green Valley will focus on clinical trials post-acquisition [10]. Group 2: Drug Development and Clinical Trials - Fosun Pharma aims to complete post-marketing confirmatory clinical trials for 971, with an optimistic timeline for approval in the first half of 2029 and potential inclusion in medical insurance by 2030 [2][3]. - The estimated cost for domestic Phase III clinical trials is around 685 million yuan, with plans for international multi-center trials if suitable conditions arise [3]. - The target patient population for 971 is approximately 3.56 million, with a projected market penetration rate of 22% [4]. Group 3: Controversies and Efficacy Concerns - The drug's efficacy has been heavily criticized, with notable academic figures questioning its mechanism and clinical trial data [6][7]. - Despite the controversies, there is a significant demand for the drug, with prices reportedly reaching 1,600 to 2,400 yuan, significantly higher than its previous insurance-covered price [8]. - Clinical data from over 800 patients reportedly shows that 971 performs better than a placebo, and there is a growing body of real-world evidence supporting its effectiveness [7]. Group 4: Company Background and Future Prospects - Green Valley Pharmaceutical, founded by Lü Songtao, has faced scrutiny in the past, including allegations of fraudulent claims regarding its products [9][10]. - The company reported revenues of 572 million yuan in 2024, but faced significant losses in the first nine months of 2025 due to the suspension of 971 [10]. - Following the acquisition, Green Valley will operate as a subsidiary of Fosun Pharma, with a focus on completing necessary clinical trials to regain market approval [10].

濮振宇 近日，磷酸铁锂正极材料生产厂家集体提价的消息骤然传出。"不止是磷酸铁锂，包括六氟磷酸锂在内 的电解液材料，现在都是涨价的势头。"瑞浦兰钧内部人士告诉经济观察报。 上海有色网数据显示，12月16日，磷酸铁锂动力型现货报价涨至40850至46050元/吨，均价报43450元/ 吨；磷酸铁锂储能型现货报价涨至38750至42050元/吨，均价报40400元/吨，较年中低点涨幅均超过 30%。 如果将时间线拉长，眼下磷酸铁锂的"涨声一片"与此前锂电产业中上游长达三年的价格下行态势形成了 鲜明对比。此轮涨价究竟是企业长期亏损压抑后的昙花一现，还是行业基本面发生根本逆转的序曲？庞 大的锂电产业能否在2026年迈入一个更健康的新周期？ 电动汽车与储能需求支撑涨价 本轮磷酸铁锂价格上涨的最直接的驱动力，是从锂盐到各类辅料的上游原材料成本全线攀升。 作为磷酸铁锂正极材料最核心的原材料，碳酸锂的成本占比超过40%，其价格走势直接决定了行业的基 本成本面。卓创资讯数据显示，12月17日，富宝电池级碳酸锂市场价格为9.72万元/吨至10万元/吨，相 较于年中的低点，涨幅超过五成。 除了碳酸锂，构成磷酸铁锂前驱体磷酸铁的各类化 ...

Core Viewpoint - The case of Huang Jiegen, the former Secretary of the Board of Jiangsu Ankao Intelligent Electric Co., Ltd., has drawn significant attention from the capital market, with the second-instance ruling confirming his conviction for attempted extortion, resulting in a seven-year prison sentence and a fine of 100,000 yuan [2][26]. Company Overview - Jiangsu Ankao Intelligent Electric Co., Ltd. was established on May 20, 2004, and is headquartered in Liyang, Changzhou, Jiangsu. The company specializes in high and ultra-high voltage cable connectors. The controlling shareholders are the Chen brothers: Chen Xiaohui, Chen Xiaoling, and Chen Xiaoming [4]. Case Background - Huang Jiegen, born in April 1984 in Nanchang, Jiangxi, holds a Ph.D. in finance and previously worked as a senior market analyst at Guotai Junan Securities before joining Ankao Intelligent Electric in August 2021 as the Secretary of the Board [4][5]. - On August 26, 2022, Huang was taken into custody by the Liyang Public Security Bureau on suspicion of extortion [5]. Legal Proceedings - The Liyang People's Procuratorate charged Huang with extortion in August 2024, alleging that he modified a performance agreement to include a clause that significantly increased the likelihood of the company's default [6][7]. - Huang's actions included concealing the addition of the term "quarterly" in the performance agreement, which raised the probability of breach by the company [8][10]. Court Findings - The Liyang People's Court determined that Huang's actions constituted extortion, as he attempted to leverage the company's financial reporting to pressure the management for stock compensation [19][21]. - The court calculated the extortion amount based on the stock price during the attempted extortion period, determining it to be approximately 3.2165 million yuan [19]. Sentencing and Appeals - The first-instance judgment sentenced Huang to seven years in prison and a fine of 100,000 yuan, which was upheld in the second-instance ruling by the Changzhou Intermediate People's Court [22][26]. - Huang's defense argued that the performance agreement was a collaborative effort and could not have been unilaterally modified without proper review and approval [25].