本文字数：3320，阅读时长大约5分钟 作者 |第一财经 彭海斌 2026年，中国新药出海热度不减。 1月尚未结束，中国药企已经完成10笔海外授权交易，其中荣昌生物和艾伯维的交易首付款达到6.5亿美 元。 2025年是中国创新药海外交易的大年。第一财经采访的医药和投资机构人士均认为，这种趋势会延续下 去。摩根大通大中华区医疗健康行业研究主管黄旸表示："2026年出海交易数量或者总金额可能难以超 过2025年，但会维持强劲的势头。" 首付款超过一级市场融资 2025年1月，先为达与英国企业Verdiva Bio Limited达成合作。 先为达是一家开发糖尿病及减重药物的中国企业。它将正在临床阶段的口服伊诺格鲁肽等授予后者大中 华区和韩国以外的开发权利。这笔交易的首付款约7000万美元，且可获得最高达24亿美元的潜在开发、 注册和商业化里程碑付款，以及产品商业化后的销售额提成。 2026.01.24 中国代谢领域的交易，是2025年创新药海外授权爆发性增长的缩影。 据医药魔方统计，2025年中国新药对外授权交易158笔，总交易金额1357亿美元，交易数量和金额都达 到十年新高。 事实上，2023年和2024年， ...

2026.01.24 本文字数：1956，阅读时长大约3分钟 作者 |第一财经 胡弋杰 美股周五走势分化，高盛与卡特彼勒显著承压拖累道指回落，标普500指数基本持平，纳指小幅收高。 此外，英特尔发布疲弱业绩展望后股价重挫亦拖累市场情绪，投资者在动荡一周结束之际风险偏好有所 降温。 截至周五收盘，道琼斯工业平均指数下跌285.30点，跌幅0.58%，报49098.71点，本周累计下跌0.53%； 标普500指数上涨2.26点，涨幅0.03%，报6915.61点，本周下跌0.35%；纳斯达克综合指数上涨65.23点， 涨幅0.28%，报23501.24点，本周微跌0.06%。 【热门股表现】 主要科技股涨跌不一。英伟达上涨1.53%，微软上涨3.28%，亚马逊上涨2.06%，Meta上涨1.72%，奈飞 上涨3.09%，AMD上涨2.35%，美光科技上涨0.52%；谷歌下跌0.79%，苹果下跌0.12%，特斯拉下跌 0.07%，博通下跌1.67%，甲骨文下跌0.57%。 Focus Partners Wealth首席投资策略师杰森·布莱克韦尔表示，从长期角度看，美国经济基本面依然稳 健，但考虑到2026年晚些时候 ...

编辑：小羊 现货白银站上100美元/盎司关口，日内大涨4%。 ...

Market Overview - US stock market opened mixed with Nasdaq slightly up while Dow Jones and S&P 500 indices declined [1] - As of the report, Dow Jones fell by 0.5% to 49,137.34, Nasdaq decreased by 0.12% to 23,407.04, and S&P 500 dropped by 0.17% to 6,901.67 [2] Sector Performance - Semiconductor sector weakened significantly, with Intel experiencing a nearly 15% drop, while SanDisk and Western Digital fell over 4% [2][3] - Other notable declines included Broadcom down over 3%, Micron Technology down 1.49%, and Qualcomm down 0.51% [2][3] Chinese Solar Stocks - Chinese solar index surged over 7%, with JinkoSolar rising nearly 9%, and Daqo New Energy and Canadian Solar both increasing over 6% [4][5] Tech Giants Performance - Among the tech giants, Nvidia rose over 2%, while Tesla and Apple saw declines [5][6] - Specific stock movements included Nvidia at 189.08 (+2.29%), Amazon at 236.04 (+0.73%), and Microsoft at 453.525 (+0.53%) [6]

Group 1 - Dairy Queen (DQ) has opened a flagship store in Shanghai, expanding its product offerings beyond ice cream to include cakes, bagels, and beverages [1] - DQ aims to broaden its product categories and consumer scenarios, recognizing that solely selling ice cream is no longer sufficient for brand growth [1][3] - The CEO of CFB Group, Xu Weilun, highlighted the importance of expanding into high-frequency consumption products within the "big indulgence category," such as desserts and baked goods [3] Group 2 - DQ plans to launch over 150 new products in 2025, with these new items expected to account for over 60% of total sales for the year [3] - The brand is entering the cake and afternoon tea market, responding to the increasing frequency of dessert consumption after meals [3] - DQ has been cautious about entering the coffee market due to intense competition and price drops in that sector, opting instead to focus on other product categories [3] Group 3 - The ice cream market in China is undergoing significant changes, with intense competition leading to the exit of some previously popular brands [4] - Current players in the market are focusing on product differentiation and unique consumption scenarios to remain competitive [4] - The report indicates that the Chinese ice cream industry is entering a phase of comprehensive competition, necessitating brands to innovate with health-focused products and optimize their cost structures [4]

1月23日晚间，深交所发布深市监管动态，2026年1月19日至2026年1月23日，深交所共对326起证券异常 交易行为采取了自律监管措施，涉及盘中拉抬打压、虚假申报等异常交易情形；对因涉嫌财务数据存在 虚假记载被中国证监会立案的"*ST立方""*ST长药"进行重点监控；共对6起上市公司重大事项进行核 查，并上报证监会1起涉嫌违法违规案件线索。 在此期间，锋龙股份多次发布公告提示，公司股价短期波动幅度较大，存在较高炒作风险。锋龙股份1 月13日曾宣布停牌核查，但复牌后仍持续涨停。 编辑｜钉钉 此外，近期"锋龙股份"股价出现严重异常波动，公司停牌核查并多次发布风险提示公告，复牌后股价连 续涨停，部分投资者在交易该股过程中存在影响股票交易正常秩序的异常交易行为，深交所依规对相关 投资者采取了暂停交易等自律监管措施。 盘面上，截至23日收盘，锋龙股份再度涨停，走出18连板行情。本轮行情自2025年12月17日启动，期间 累计涨幅超450%。 ...

Core Insights - The article discusses how young consumers are redefining the Chinese New Year experience, moving away from traditional family gatherings to more personalized and diverse celebrations [2][3] - It highlights the shift in consumer behavior from functional purchases to emotional and aesthetic expressions during the festive season, emphasizing the need for brands to adapt to these changes [2][3] Consumer Behavior Changes - "Gift-giving" during the New Year is evolving from standardized purchases to personalized emotional expressions, with consumers seeking gifts that convey emotional connections [3][4] - The consumption scenarios are expanding beyond traditional festive moments to include everyday activities, necessitating brands to engage with consumers in various contexts [3][4] - Consumer demographics are becoming more segmented, with distinct groups identified based on preferences and characteristics, requiring brands to tailor their communication strategies accordingly [3][4] Brand Strategies - Brands are encouraged to understand consumer emotions more deeply and create products that resonate with these feelings, enhancing their connection with consumers [4][5] - The example of Budweiser illustrates how brands can leverage emotional themes in their marketing, focusing on small joys in life rather than grand aspirations [5][6] - A strategic approach to product offerings is suggested, incorporating a mix of popular products, new innovations, and gift boxes to enhance brand presence during the festive season [6][7] Content and Engagement - High-quality content is essential for brands to attract and retain consumer attention, especially during the emotionally charged New Year period [7][8] - Utilizing various innovative content formats, such as short dramas and celebrity collaborations, can significantly enhance brand visibility and consumer engagement [8][9] - Integrating online and offline marketing efforts is crucial for driving sales, particularly in the food and beverage sector, where in-person experiences still play a significant role [8][9] Conclusion - Douyin (TikTok) is positioned as a key platform for capturing New Year consumption trends, providing brands with opportunities to connect emotionally with consumers [9] - The article emphasizes the importance of leveraging insights and innovative tools to transform festive traffic into sustainable business growth and brand value [9]

本文字数：2079，阅读时长大约4分钟 2026.01.23 作者 |第一财经 陈玺宇 封图 |欧洲工商管理学院（INSEAD）院长韦洛索 全球经济不确定性上升、地缘政治风险反复显现，中国企业的出海路径也在发生新的变化——无论是在 欧洲市场快速发展的电动车，还是在东南亚、中东等地区加速布局的科技企业。 达沃斯论坛期间，第一财经记者专访了欧洲工商管理学院（INSEAD）院长弗朗西斯科·韦洛索 （Francisco Veloso）。作为长期观察全球企业战略与管理实践的学者，韦洛索在达沃斯与多位国际工商 界领袖保持密集交流，对中国企业出海的趋势变化、优势与挑战有着清晰判断。 在专访中，韦洛索从企业能力、创新与规模、人工智能（AI）以及地缘政治风险等多个维度，梳理了 中国企业出海所面临的新环境，并就不确定性上升背景下如何继续前行，分享了他的观察。 第一财经：你对今年达沃斯论坛的整体氛围有何感受？ 韦洛索：地缘政治无疑是一个非常突出的主题，但与此同时，AI革命同样不可忽视。我担心的一点 是，不确定性可能让一些企业陷入观望，从而停滞决策。但现实是，技术变革的节奏非常快，企业无法 停下脚步，即便决策并不完美，也必须持续行动 ...

Group 1 - The core idea of the articles is that courier and delivery services are ramping up recruitment efforts ahead of the Chinese New Year to ensure operational efficiency during peak demand periods [1][2][5] - Courier companies are offering high incentives, such as referral bonuses of up to 1,500 yuan, to attract new talent and retain existing staff during the holiday season [4][6] - The peak demand period, known as the "New Year Goods Festival," is expected to occur in early February, with challenges such as adverse weather conditions impacting delivery operations [2][4] Group 2 - Companies are preparing for the post-holiday recruitment challenges, as many workers return home for the New Year, leading to a temporary labor shortage [5][6] - The average daily income for couriers during the holiday period is projected to be 2 to 3 times higher than usual, incentivizing them to stay on duty [4][6] - Delivery platforms are implementing various incentive programs, including performance bonuses and additional allowances, to encourage riders to work during the holiday season [6][8] Group 3 - Experienced riders are considered valuable assets, as they tend to have lower turnover rates and can handle unexpected situations effectively [8][9] - New riders are often trained by experienced ones, creating a mentorship system that benefits both parties and enhances overall service quality [8][9] - The recruitment process does not differentiate between new and experienced riders, as the learning curve for delivery tasks is relatively short [9]

消息面上， 1月23日，英特尔公布截至2025年12月27日的第四季度营收为137亿美元，同比下降约4%， 按通用会计准则（GAAP）计算，公司第四季度净亏损约6亿美元，合每股亏损0.12美元。 1月23日，美股芯片股盘前集体下跌，英特尔大跌近14%，报46.74美元/股。 编辑｜钉钉 此外，阿斯麦跌近3%，美光科技、西部数据跌超1%，英伟达、高通、超威半导体均下跌。 < C WDC.O 243.290 量 892.7万 股本 3.42亿 市盈 " 32.3 万得 盘口 1.390 0.57% 换 2.61% 市值 832亿 市净 14.13 > + 盘前 239.000 -4.290 -1.76% 美东 04:50 √ 美光科技(MICRON TECHNOLOG ( 日 MU.O 397.580 量 3%60.8万 股本 11.26亿 市盈 77.6 万得 盘口 8.470 2.18% 换 3.52% 市值 4475亿 市净 7.61 > 盘前 391.490 -6.090 -1.53% | | -- 美东 04:49 √ 英伟达(NVIDIA) < 白 NVDA.O 184.840 量 1.4亿 股本 2 ...