现货白银开盘暴力拉升，迅速突破82美元/盎司。 | 分类 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 现货黄金 | 4541.03 | +6.54 | +0.64% | | 现货白银 | 82.35 | +1.61 | +9.50% | | 现货铂金 | 2465.00 | +17.40 | +3.23% | 编辑：雨林 ...

会议上，茅台集团党委书记、董事长陈华表示，首先是让市场更"稳"，要坚持长期主义，致力让茅台的 产品和价格适配市场需求和消费意愿，让其彰显应有的价值和意义。一方面，要供需适配稳基础，在 2026年的投放计划中，适当减少高附加值产品的量，目的就是坚持市场导向和价值导向，进一步明晰产 品定位，更加精准地界定普茅、精品、陈年等产品面向的不同客群和消费场景，靶向施策开展相关市场 活动和品牌宣传，打造更加稳固的"金字塔"型产品体系。另外将根据市场供需实际，动态平衡产品投放 量，确保产品结构更加合理、稳固。 另一方面，要价格合理稳预期，价格市场化改革目的是要尊重市场经济规律和消费者的选择，让产品价 格随行就市。随行就市的根本目的，是要根据市场供需实际，努力促进量价平衡。价格过高或者过低， 都容易引起市场波动，必须想尽一切办法，尽最大努力防止价格炒作。 在这一轮茅台价格下行中，经销商承受了较大压力。记者了解到，目前飞天茅台的打款价为1169元/ 瓶，但经销商配货还包括公斤茅台、生肖茅台、系列酒等产品。今年以来，其他茅台酒市场表现平平， 部分产品甚至出现价格倒挂。整体折算后，经销商的综合成本分摊至飞天茅台上约为1700元到18 ...

Core Viewpoint - The article discusses the challenges and advancements in technology transfer and commercialization in China, highlighting the gap in technology achievement conversion rates compared to developed countries, and the emergence of specialized technology transfer institutions in Shanghai to bridge this gap [2][3]. Group 1: Technology Transfer Challenges - China has a significant number of patent applications and research funding, but the technology achievement conversion rate has only improved from 25% in 2010 to 35%, still lagging behind developed nations [2]. - The gap between laboratory samples and market-ready products is referred to as the "valley of death," which many institutions are trying to bridge [2]. Group 2: Emergence of Specialized Institutions - Shanghai is fostering a variety of service entities, including technology trading venues and specialized technology transfer institutions, to enhance technology commercialization [3]. - New service institutions are evolving from traditional roles of simple matchmaking to becoming "scientist partners," engaging in value creation and risk investment [3]. Group 3: Successful Case Studies - The Shanghai-based institutions have facilitated over 300 projects in various fields, achieving a total technology transaction amount of nearly 2 billion yuan and market financing exceeding 2.6 billion yuan [4]. - A notable project involved a natural product synthesis biotechnology initiative led by academicians, where the institution played a crucial role in commercialization and operational support, resulting in significant funding and infrastructure development [4][5]. Group 4: Role of Technology Managers - Technology managers are identified as key assets in the technology transfer process, acting as project leaders and ensuring effective collaboration between research teams and commercial entities [6][9]. - The article emphasizes the need for a comprehensive service platform that integrates technology management, concept validation, financial support, and industry engagement to overcome commercialization barriers [6]. Group 5: Educational and Institutional Support - Shanghai is enhancing the training of technology managers through partnerships with universities and establishing specialized educational programs to develop a skilled workforce in technology transfer [11]. - The city is implementing policies to elevate the status of technology managers, including career development pathways and recognition in professional evaluations [11].

Core Insights - The A-share market in 2025 saw a significant increase in the number of doubling stocks, with 528 stocks doubling in value, which is more than four times the number in 2024 [2][3] - The top two stocks with the highest gains were Shangwei New Materials (688585.SH) and Tiangpu Co., Ltd. (605255.SH), achieving increases of 15.6 times and 13.42 times, respectively [3][4] Doubling Stocks - In 2025, 528 stocks achieved over 100% increase, compared to only 125 in 2024, indicating a strong bull market [3][11] - Among these, 124 stocks rose over 200%, and 6 stocks exceeded 500% [3][11] - Notable five-fold stocks included Shenghong Technology (300476.SZ), Dingtai High-tech (301377.SZ), Filinger (603226.SH), and Pinming Technology (688109.SH), with increases ranging from 503.25% to 596.54% [3][4] Characteristics of High-Growth Stocks - The high-performing stocks primarily fall into two categories: AI concept stocks and merger and acquisition (M&A) concept stocks [4][5] - Shenghong Technology and Dingtai High-tech are recognized as leaders in AI PCB manufacturing, benefiting from the AI market trend [4][5] M&A Activity - Companies like Shangwei New Materials and Tiangpu Co., Ltd. are categorized as "first-level acquisition second-level" M&A stocks, with acquirers being either industry players or private equity funds [5][6] - The China Securities Regulatory Commission's new policies aimed at revitalizing the M&A market have led to increased activity in this sector [5][6] - The acquisition of Shangwei New Materials by Zhiyuan Robotics exemplifies a new M&A model that may raise regulatory scrutiny due to its structure [5][6] Market Trends - The average stock price in the A-share market rose from 20 CNY at the beginning of the year to 26.8 CNY by year-end, reflecting a broader market uptrend [7][9] - The low-price stock index increased by 28.53%, outperforming the overall A-share index [7][9] - The total market capitalization of A-shares grew from 92.97 trillion CNY to 115.86 trillion CNY, marking a nearly 25% increase [11][9] Large Market Capitalization Stocks - The number of stocks in the "trillion market cap club" increased from 8 to 12, with notable additions including Industrial Fulian (601138.SH) and China Ping An (601318.SH) [10][9] - Industrial Fulian's market cap surged from 420 billion CNY to approximately 1.3 trillion CNY, driven by the rising demand for AI servers [10][9]

Core Viewpoint - Saint Yuan Environmental (圣元环保) reported a significant loss of 46.92 million yuan from its investment in the "Deep博宏图成长1号" private equity fund, resulting in a cumulative net value growth rate of -81.54% [2][3][10]. Group 1: Investment Details - The fund "Deep博宏图成长1号" was subscribed by Saint Yuan's wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., with an investment of 60 million yuan [3][4]. - The fund's risk level is classified as R4 (medium-high risk), with investment scope including equity, fixed income, futures, and derivatives [3][4]. - The fund's unit net value dropped from 0.9215 yuan on December 4 to 0.2596 yuan on December 11, reflecting a cumulative net value growth rate decline of -74.04% [4]. Group 2: Regulatory Actions - Following the significant losses, the Xiamen Securities Regulatory Bureau issued a warning letter to Saint Yuan and its executives for failing to disclose the losses in a timely manner [2][10]. - The company has reported the incident to law enforcement and the China Securities Regulatory Commission [5][10]. Group 3: Fund Management Issues - The fund manager, Shenzhen Deep博信投 Investment Management Co., allegedly engaged in unauthorized trading and failed to disclose information, leading to substantial losses for investors [5][9]. - Despite having multiple risk control measures in place, these measures did not function effectively, resulting in the fund's drastic decline in value [8][9]. Group 4: Compensation Commitments - The executives of Saint Yuan, including Chairman Zhu Yuxuan and General Manager Zhu Hengbing, have voluntarily committed to compensate for the principal losses from the fund, using their own funds [10]. - The compensation will be calculated based on the initial investment amount minus any recoverable funds from the fund [10].

2025.12.28 本文字数：2279，阅读时长大约4分钟 针对新一轮贵金属大涨行情，南华期货贵金属新能源研究组负责人夏莹莹对第一财经分析称，美联储重 启降息并技术性扩表，贸易关税政策加剧去美元化，美国财政可持续性危机削弱美元信用。投资需求取 代央行购金成为主导力量，进一步推升价格。 "白银市场则出现结构性挤兑，全球库存'拆东墙补西墙'，叠加工业刚性需求与期货交割量井喷导致现 货溢价飙升。"夏莹莹进一步分析称。 金银价格再刷高，交易所提保扩板抑投机 2025年以来，黄金领涨贵金属市场，白银后来居上。 作者 |第一财经 齐琦 2025年的交易临近收官，全球贵金属市场再度迎来历史性行情。 12月26日，国际金银价格同步创下历史新高，其中伦敦金现货最高触及4549.9美元/盎司；白银表现更 为迅猛，盘中最高触及79.4美元/盎司，年内涨幅超174%。 这场席卷全球的贵金属盛宴，由多重因素支撑。 贵金属市场全年的行情先后经历关税驱动、震荡调整、降息预期主导以及技术回调几个主要阶段，就在 市场认为行情将在高位震荡收官之际，新一轮涨势再起，并再创历史新高。 12月26日，伦敦金现货价格突破4500美元/盎司整数关口。截 ...

Core Viewpoint - The new leadership of Guangzhou Pharmaceutical Group aims to lead the company out of a low operational period by focusing on technological innovation and transformation during the 14th Five-Year Plan period [3]. Group 1: Innovation Strategy - The company plans to invest between 10 billion to 15 billion yuan in research and development and 20 billion to 30 billion yuan in industrial investment and acquisitions during the 14th Five-Year Plan [3]. - The strategy includes building incubation platforms, aggregating innovation ecosystems, and enhancing talent acquisition and platform development to accelerate innovation transformation [3][6]. Group 2: Business Performance - Guangzhou Pharmaceutical Group's listed company, Baiyunshan, derives its revenue from three main sectors: traditional Chinese medicine, health products, and pharmaceutical distribution [3]. - The pharmaceutical distribution sector generated 29 billion yuan in revenue in the first half of 2025, accounting for nearly 70% of Baiyunshan's total revenue, but with a low gross margin of 6.13% [4]. - The health products sector followed with a revenue of 7.02 billion yuan and a gross margin of 44.67%, while the traditional Chinese medicine sector generated 5.24 billion yuan with a gross margin of 49.71% [4]. Group 3: Challenges and Market Dynamics - The health products and traditional Chinese medicine sectors are experiencing sluggish growth due to intense competition in the beverage industry and ongoing drug procurement policies [5]. - Traditional pharmaceutical companies that have prioritized innovation are seeing growth in sales of innovative drugs and external licensing, contrasting with the challenges faced by traditional Chinese medicine companies, which struggle with innovation capacity and aging product structures [5]. Group 4: Commitment to Innovation - Baiyunshan's R&D investment was only 828 million yuan in 2024, representing just 4.26% of the company's revenue, indicating a need for increased focus on innovation [6]. - The company is committed to a dual approach of self-research and acquisitions to drive innovation, aiming for results from acquisitions within one to two years and from self-research within five to ten years [6].

本周（12月22日至26日）三大指数均累计上涨，沪指涨1.88%，深证成指涨3.53%，创业板指涨3.9%。 板块方面，商业航天概念持续爆发，机器人、锂电板块走势活跃。 | | | 哥指数表现 12.22-12.26 | | | | | --- | --- | --- | --- | --- | --- | | 指数 | 周五涨跌幅 | 周五收盘点数 | 周五成交额(亿元) | 近一周涨跌幅 | 年初至今 | | 上证指数 | 0.10% | 3964 | 8936 | 1.88% | 18.26% | | 深证成指 | 0.54% | 13604 | 12665 | 3.53% | 30.62% | | 北证50 | 0.35% | 1463 | 211 | 1.19% | 40.97% | | 科创20 | -0.24% | 1346 | 452 | 2.85% | 36.09% | | 创业板指 | 0.14% | 3244 | 5713 | 3.90% | 51.47% | | F班50 | 0.41% | 3045 | 1009 | 1.37% | 13.43% | | 沪深300 | 0.32% ...

2025年是中国首次实施更加积极财政政策。财政部数据显示，今年前11个月广义财政支出（即全国一般 公共预算和全国政府性基金预算支出之和）340662亿元，同比增长约4.5%。 2025.12.28 本文字数：1513，阅读时长大约3分钟 作者 |第一财经 陈益刊 2026年财政重点工作日益明晰。 12月27日至28日，全国财政工作会议在北京召开。此次会议一大重点是布置2026年财政工作重点任务。 而如何落实早前中央经济工作会议部署的明年实施"更加积极的财政政策"，是市场关注的焦点。 上述会议指出，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子，确保必要支出力度。二 是优化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增强地方自主可用财力。 四是持续优化支出结构，强化重点领域保障。五是加强财政金融协同，放大政策效能。 所谓积极财政政策，也就是扩张性财政政策，即在经济增长乏力时，通过增加支出、扩大赤字、发行政 府债券、增加转移支付等手段，刺激总需求，促进经济复苏和增长的宏观调控政策。而衡量积极财政政 策力度的一大关键，正是观察财政支出总规模。 近期中央财办有关负责同志详解2025年中央 ...

Core Viewpoint - The rise of professional medical companions, or陪诊师, is driven by the increasing demand for healthcare services among the aging population and those with chronic illnesses, highlighting a growing market with significant potential for development and regulation [4][19]. Industry Overview - The elderly population in China reached 310 million by the end of 2024, accounting for 22% of the total population, which has led to a heightened demand for陪诊 services [4]. - The陪诊 industry has evolved through five stages: 1. Emergence (post-2000) with individual companions and small agencies 2. Exploration (post-2006) with initial services in major cities 3. Expansion (post-2015) with overseas medical services 4. Popularization (post-2019) due to increased awareness post-pandemic 5. Current phase (2023-present) characterized by explosive growth and the need for regulation [4]. Market Dynamics - The number of陪诊 institutions has increased from over 30 in 2015 to over 150 in 2022, and is projected to exceed 400 by 2024, with over 1,400 registered institutions currently [4]. - The income of陪诊师 varies significantly, with some claiming monthly earnings of up to 100,000 yuan, although this is rare and often includes additional services like securing high-demand appointments [11][12]. Professional Insights -陪诊师 typically assist patients with various tasks, including appointment scheduling, payment processing, and emotional support during medical visits [7][9]. - The profession is characterized by a lack of standardized training and certification, leading to concerns about the quality and reliability of services provided [15][20]. Challenges and Risks - The陪诊 industry faces challenges such as unclear regulations, varying income levels, and the potential for unethical practices, including the exploitation of patients through inflated service fees [15][17]. - There is a pressing need for a unified industry standard and certification system to enhance service quality and protect patient rights [19][20].