Core Viewpoint - The article discusses the launch of a pilot program in Shanghai for the acquisition of second-hand housing to be converted into affordable rental housing, aimed at addressing the housing needs of new citizens, young people, and university graduates [1][4]. Group 1: Pilot Program Details - The pilot program will focus on three districts: Pudong New Area, Jing'an District, and Xuhui District, with specific criteria for the types of second-hand homes to be acquired [1][3]. - Pudong will prioritize second-hand homes built before 2000, under 70 square meters, and priced below 4 million yuan, with a focus on facilitating the purchase of new homes [3]. - Jing'an will target homes within 3 kilometers of key industrial areas and transport hubs, while Xuhui will adopt a cash acquisition model without replacement requirements [3]. Group 2: Market Impact and Analysis - Analysts suggest that the effectiveness of the program will depend on whether the acquisition prices align with homeowners' expectations, which is crucial for the policy's success [1][4]. - The initiative is expected to enhance market activity and facilitate the sale of new homes, as it aims to link the second-hand and new housing markets more effectively [5][8]. - The program is seen as a response to rising inventory pressures in certain areas and aims to improve the overall housing supply without reducing market availability [3][4]. Group 3: Broader Implications - The pilot is part of a broader strategy to increase the supply of affordable housing in Shanghai, with a target of constructing 74,000 units by 2025 [7]. - The program is also aligned with national trends, as over 30 cities have initiated similar stock acquisition policies since 2022, indicating a nationwide shift towards using existing housing stock to meet demand [9]. - The initiative is viewed as a multi-win solution, providing a safe exit for owners of older homes while stimulating the housing market and improving rental options for new citizens and young people [7][9].

全文如下： 中药工业高质量发展实施方案（2026-2030年） 2月5日，工信部等八部门印发《中药工业高质量发展实施方案（2026—2030年）》，方案提 出，到2030年，中药工业全产业链协同发展体系初步形成，重点中药原料持续稳定供应能力进 一步增强，数智化、绿色化水平明显提升，一批关键技术取得突破，产业协同创新水平显著提 高。发展质量明显提高，中药工业规模效益稳步提升，产业集约化程度明显提高，质量管理水 平显著提升，培育一批引领带动能力突出的中药工业领航企业，培育60个高标准中药原料生产 基地。协同体系更加健全，中药材种植加工、中药研发生产、流通服务等上下游各环节协同更 加紧密，建设5个中药工业守正创新中心。创新产品持续涌现，推动一批中药创新药获批上 市，新培育10个中成药大品种，推动一批医疗机构中药制剂转化为中药创新药。数智化、绿色 化转型升级取得突破，制修订10项中药工业数智技术相关行业标准，推动建设一批数智化创新 载体和公共服务平台，支持企业开展数智化改造提升，发布20个数智化转型升级典型案例，建 设20个智能工厂、培育10个绿色工厂。 中医药是中华文明的瑰宝，中药工业是中医药现代化发展的重要支撑， ...

Group 1 - The core point of the article is that Meituan plans to acquire Dingdong, a leading fresh e-commerce company in mainland China, for $717 million, which will make Dingdong a wholly-owned subsidiary of Meituan [1][3]. - The acquisition agreement allows the transferor to withdraw up to $280 million from Dingdong, provided that Dingdong's net cash remains above $150 million [1]. - Dingdong was founded in May 2017 and focuses on the "kitchen grocery" scene, utilizing a front warehouse model to cover consumers within a 1-3 km radius, emphasizing fresh produce [3]. Group 2 - From May 2018 to May 2021, Dingdong completed 10 rounds of institutional financing, raising approximately $1.03 billion, with major investors including SoftBank Vision Fund, DST Global, and General Atlantic [3]. - Following the announcement, Meituan's stock rose by 1.79%, bringing its market capitalization to HKD 573.3 billion, while Dingdong's stock increased by nearly 5%, with a market capitalization of $760 million [3].

记者丨 孙永乐 编辑丨巫燕玲 2月5日，21世纪经济报道记者获悉，原兴业证券全球首席策略分析师、研究院联席院长、海外 研究中心总经理，知名海外策略分析师张忆东，已正式加盟国泰海通，拟出任海通国际证券执 委会委员，股票研究部主管及首席经济学家。 目前，这一任命尚未公开披露，截至2月5日，在证券业协会官网仍无法查询到张忆东的个人从 业登记信息。 正式转型海外业务 去年12月31日，张忆东在个人公众号"张忆东策略世界"发布声明称："经过长时间的慎重考 虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我已于日前正式向公司提出辞职 申请，即将转型海外业务，专注于香港及海外资本市场的拓展。" 当时，兴业证券经济与金融研究院对此回复21世纪经济报道记者："研究院充分尊重其个人选 择，并对张忆东为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。" 公开资料显示，张忆东，复旦大学国际金融系学士、硕士，上海交通大学上海高级金融学院 EMBA，是卖方研究领域最具影响力的策略分析师之一，2001年至今已深耕行业24年，先后 十余次获得海外相关奖项评选第一名，是总量领域首位钻石分析师。 在兴业证券，张忆东工作了将近20年 ...

1月30日，广州市人大官网正式发布《广州市职业教育促进条例》（以下简称《条例》）， 《条例》自2026年3月1日起正式施行。 针对当前职业学校学生面临的升学路径单一、普职分流固化、职业探索不足等问题，《条例》 作出了制度设计。 中职与普高实行学籍互转 此外，《条例》第十四条明确推动职普融通，教育行政主管部门应当建立健全职业教育和普通 教育相互融通机制，推动中等职业学校与普通高中之间实行学籍互转、学分互认、资源互通。 具体工作指引由市教育行政主管部门另行制定。 事实上，广州已在实践学籍互转。目前，5所区属中职开展综合高中试点，试点的重要内容即 为推进普高与中职在校内进行学籍互转。据了解，广州综合高中实施学籍转换的时间节点为第 一学年结束时，当综合高中班有学位剩余时，同校符合条件的中职生才能转入。选择就读中职 教育的学生，登记注册中职学籍并撤销综合高中学籍，学习公共基础课程以及相应的专业理论 和专业技能课程，可选择参加"3+证书"考试升学。中考成绩达到普高录取分数线的中职生可申 请择优转入本校综合高中班，获得普高学籍，学习普高课程，可参加夏季高考升学。 对于学籍互转，家长和学生表示欢迎，并希望扩大学籍互转的规模。 ...

编辑丨巫燕玲 连日来，随着东鹏饮料、国恩科技先后在港股上市，"A+H"再迎扩容，构成了香港新股市场持 续繁荣的一角。 Wind 数据显示，今年以来，截至2月5日，港股市场上市新股15 家，同比增长87.50%，总募 资额513.07亿港元，同比增长757.71%，其中，东鹏饮料以101亿港元的募资金额，成为港股 2026年首个百亿规模的IPO。 尽管香港证监会加强了对IPO申请文件质量的审核，但对于2026年全年港股IPO数量及融资额 均将保持高位这一点，行业早已形成共识。 近日，由沙利文捷利(深圳)云科技有限公司主编，沙利文、捷利交易宝、头豹协作发布的 《2025年香港IPO市场及二级市场白皮书》（简称《白皮书》）显示， 截至2025年底，港股 IPO市场项目储备丰富，新的上市申请不断，拟上市数量超过270家。截至目前，还有9家市值 超过千亿的A股公司正在候场。 记者丨 杨坪 据《白皮书》， 截至2025年12月31日，仍处于有效期内的上市申请数量有277家。 另有龙旗科技、白鸽在线、卓正医疗、北京同仁堂等4家已通过聆讯的公司。递表公司中，包 括93家A+H公司，占比高达33.6%。 从行业分布来看，277 ...

海南省人大常委会原党组成员、副主任肖杰涉嫌严重违纪违法，目前正接受中央纪委国家监委 纪律审查和监察调查。 来源丨央视新闻 ...

Market Overview - The three major indices closed lower, with the Shanghai Composite Index down 0.64%, the Shenzhen Component down 1.44%, and the ChiNext Index down 1.55% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.19 trillion yuan, a decrease of 309 billion yuan from the previous trading day [1] Sector Performance - The consumer sector saw significant gains, with food and beverage, retail, film and television, and tourism stocks performing well. Notably, Guizhou Moutai rose 1.97% and has increased for four consecutive trading days, currently priced at 1555 yuan per share, with a total market capitalization of 1.95 trillion yuan [2] - The financial sector strengthened in the afternoon, with Huayin Securities and Xiamen Bank hitting the daily limit [2] - The semiconductor industry showed signs of recovery, particularly in the analog chip sector, with Guoxin Technology rising over 11%. Several A-share semiconductor companies are expected to announce price increases for various chips by late 2025 to early 2026 [3] International Market Trends - The Nikkei 225 index fell by 0.88%, with major stocks like SoftBank Group down 7.01% and Nintendo down 2.13% [5] - The South Korean Composite Index dropped 3.86%, with SK Hynix and Samsung Electronics continuing their downward trend [5] - In contrast, Hong Kong stocks rebounded, with tech stocks like Lenovo and Xiaomi rising over 3% [6] Commodity Market - Precious metals experienced a significant decline, with gold dropping nearly 1% to $4920.84 per ounce and silver falling back to $80 per ounce, with a daily decline of 10.7% [9] - Oil prices also fell, with WTI and ICE Brent crude both down nearly 2% [9]

Core Viewpoint - The competition for the "king of drugs" title in the GLP-1 market is intensifying between Novo Nordisk and Eli Lilly, with Eli Lilly's GLP-1 drug tirzepatide significantly contributing to its revenue growth in 2025 [1][2]. Group 1: Eli Lilly's Financial Performance - Eli Lilly reported total revenue of $65.179 billion for the year 2025, a 44% increase year-over-year at constant exchange rates [1][2]. - The key driver of this growth was the GLP-1 drug tirzepatide, which generated $36.5 billion in revenue (approximately 253.4 billion RMB) [1][3]. - In Q4 2025, Eli Lilly's revenue reached $19.29 billion, a 43% year-over-year increase, with net profit soaring to $20.64 billion, up 95% [2]. Group 2: Market Dynamics and Competition - The GLP-1 market is currently dominated by Eli Lilly and Novo Nordisk, with combined revenues approaching $50 billion in 2024 [6]. - Eli Lilly's tirzepatide is positioned to capture both diabetes and obesity markets, with Zepbound's sales growth of 175% outpacing Mounjaro's growth in diabetes [1][2]. - Novo Nordisk's oral GLP-1 drug Wegovy has received FDA approval, intensifying competition in the market [7]. Group 3: Pricing and Future Outlook - Eli Lilly faces increasing pricing pressure, with both companies agreeing to lower prices for their GLP-1 drugs starting November 2025 [9]. - The global GLP-1 market is expected to see significant growth, with sales projected to exceed $17 billion by 2031, reflecting a compound annual growth rate of 15.6% from 2021 to 2031 [10]. - The competition is shifting from a "blue ocean" market to a more competitive landscape, with a focus on efficacy, convenience, pricing accessibility, and expanded indications [10].

Core Viewpoint - The Ministry of Commerce emphasizes the importance of respecting the WTO ruling regarding the U.S. Inflation Reduction Act dispute, highlighting that the ruling reflects a basic consensus among WTO members and calls for the U.S. to adhere to the rules [1]. Group 1 - The U.S. Trade Representative's Office acknowledged its loss in the WTO ruling on the Inflation Reduction Act while criticizing the decision as erroneous [1]. - The Ministry of Commerce's spokesperson, He Yadong, reiterated that the WTO expert group's ruling was objective and fair [1]. - The statement from the Ministry of Commerce indicates that the U.S. should respect the WTO's decision as a member of the organization [1].