2025年全球前十大IPO中，亚太地区占据了七席，纳斯达克和纽约证券交易所的新上市名单 中，有一半是亚洲公司。伯斯汀看好亚太市场，IPO反映出人们如何看待未来，亚太地区对变 革有着强烈渴望，对风险持开放态度。 展望未来，伯斯汀预计， 2026年或将成为IPO市场创纪录的一年。 IPO市场的乐观情景包 括：美国经济保持稳定，美联储逐步放松政策，特朗普政府在关税政策上有所克制，企业之 间保持健康的科技竞争，一些大型私营公司排队等待上市。 记者丨吴斌 编辑丨李莹亮 2025年全球IPO市场显著升温，中国香港IPO市场更是募资超2858亿港元，重登全球榜首。 麦楷亚洲会计师事务所联合创始人和联合主席助·伯斯汀（Drew Bernstein）近日在接受21世 纪经济报道记者专访时分析称，过去，中国的创新公司往往先在美国上市并借此吸引融资。 如今，人工智能、半导体等行业的中国科技创新公司在美国上市的可能性很低，这为中国香 港创造了机会。 香港IPO市场2025年登上全球榜首，这是多重因素的共同作用： 首先，投资者的注意力转向了作为科技超级大国的中国，"DeepSeek时刻"证明，中国与 美国的创新差距已成为过去； 其次， ...

Core Viewpoint - The emergence of investment copper bars is gaining attention as copper prices reach new highs, driven by supply constraints and increasing demand from sectors like artificial intelligence and renewable energy [1][4]. Group 1: Investment Copper Bars - Investment copper bars with a purity of 999.9 are being introduced, primarily in 1000g specifications, priced between 180 to 280 yuan [1]. - The popularity of investment copper bars is evident on social media and e-commerce platforms, with products like "wealth copper bars" priced at 149.88 yuan for 1000g [3]. Group 2: Copper Price Trends - Copper prices are projected to rise significantly, with forecasts indicating a potential increase to 13,000 USD/ton in early 2026, driven by strong demand in energy transition and AI sectors [8]. - The price of copper is expected to experience a 34.34% increase in 2025, with the year-end price projected at 99,180 yuan/ton [3][4]. Group 3: Supply and Demand Dynamics - The current surge in copper prices is attributed to tight global supply, trade flow restructuring due to U.S. tariffs, and increased demand from sectors like AI and renewable energy [4]. - Analysts predict a refined copper shortage of approximately 330,000 tons in 2026, with significant price implications [8]. Group 4: Market Sentiment and Predictions - Most investment banks maintain a bullish outlook on copper prices, with some predicting a peak of 15,000 USD/ton in the second quarter of 2026 [8]. - However, some analysts, like Goldman Sachs, caution that the rapid price increase may suppress market demand, forecasting a potential decline to 11,200 USD/ton by the fourth quarter of 2026 [9].

Core Viewpoint - Wenzhou is emerging as a "slash city" with a projected GDP exceeding 1 trillion yuan by 2025, becoming China's 28th trillion-yuan city and the third in Zhejiang province, while accelerating its development as a national "AI demonstration application first city" [1][3]. Economic Growth and Development Goals - Wenzhou's GDP has grown at an average rate of 6.5% during the first four years of the 14th Five-Year Plan, moving from 30th to 28th in national GDP rankings, and its resident population increased from 9.57 million to 9.85 million [3]. - The city aims to enhance its urban circle capabilities and establish itself as a significant regional center in the southeast coastal area, with a focus on high-quality development [3][10]. Innovation and AI Development - Wenzhou is prioritizing innovation, with R&D expenditure growing by an average of 14% annually over the past five years, and the area of incubators expanding over tenfold to exceed 10 million square meters [6]. - The city plans to embed artificial intelligence across various sectors, including manufacturing, energy, healthcare, finance, and tourism, aiming to create a nationally recognized "AI demonstration application first city" [4][8]. Strategic Planning and Implementation - The city has outlined nine key tasks for the next five years, focusing on building a modern industrial system, expanding domestic demand, and enhancing the urban circle's development [6]. - Wenzhou aims to become a leading innovation source in the southeast coastal region, with a modern industrial cluster and a significant increase in the proportion of R&D expenditure relative to GDP [6][7]. Urban Circle and Regional Integration - Wenzhou is working to enhance the integration and development of its urban circle, aiming to connect with the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area [10][11]. - The city is leveraging its unique advantages, including a global trade network, to extend its influence into Southeast Asia and other international markets [11].

Core Viewpoint - The article discusses the implementation of the Central Economic Work Conference's spirit, focusing on achieving a good start for the "14th Five-Year Plan" with a projected GDP of 140.19 trillion yuan in 2025, reflecting a 5% growth compared to the previous year, which positions China among the leading global economies [1][10]. Economic Growth and Structure - By 2025, China's GDP is expected to reach 140 trillion yuan, achieving a 5% growth target, which is significant in the context of global economic performance [1]. - The National Development and Reform Commission emphasizes the need for strategic determination and effective measures to enhance economic quality and reasonable growth [1][10]. Innovation and Industry Development - The article highlights the importance of innovation-driven development, with a focus on key technologies in artificial intelligence, biomedicine, and robotics, which are leading globally [2]. - The manufacturing sector's added value has ranked first globally for 16 consecutive years, showcasing China's robust industrial capabilities [2]. Future Economic Outlook - By 2026, the economic structure is expected to continue improving, with new production capacities and significant development potential across consumption, investment, technology, and regional dynamics [5]. - New economic growth points are emerging in sectors like renewable energy, aerospace, and quantum technology, with new energy storage capacity exceeding 100 million kilowatts, accounting for over 40% of the global total [6]. Policy Measures for Demand and Supply - The article outlines the need to address the current economic imbalance characterized by strong supply and weak demand, emphasizing the importance of expanding domestic demand and optimizing supply [10]. - Key strategies include focusing macroeconomic policies on strengthening domestic circulation and adapting to demand upgrades through innovative measures [10][11]. Price Stability and Consumer Prices - In 2025, the Consumer Price Index (CPI) is expected to remain stable, while the Producer Price Index (PPI) is projected to decline by 2.6%, indicating a low overall price level [13]. - Recent trends show a positive shift in prices, with CPI rising by 0.8% year-on-year in December, marking a 34-month high [14]. Consumer and Investment Strategies - The government plans to implement a consumption boost initiative and a rural resident income increase plan, focusing on enhancing consumer capacity and optimizing supply [17]. - Investment strategies will emphasize both material and human capital, aiming to improve investment efficiency and promote job creation [17][18].

Core Viewpoint - The article discusses the IPO application of Xiansheng Zaiming Pharmaceutical Co., Ltd. and its strategic focus on the oncology innovation drug sector, highlighting the company's financial performance, market positioning, and future growth potential through the separation from its parent company [1][2][9]. Financial Performance - In 2023, 2024, and the first nine months of 2025, the company achieved revenues of 1.522 billion, 1.296 billion, and 1.238 billion respectively, but remained in a loss position due to high R&D and sales expenses [2][8]. - The net losses recorded were 336 million, 506 million, and 303 million for the same periods, indicating ongoing financial pressure from high investment needs [8][11]. Market Positioning - Xiansheng Zaiming has established itself as a new player in China's oncology innovation drug industry, with five commercialized innovative drugs contributing over 90% of total revenue [5][6]. - The company has formed multiple licensing collaborations with potential total transaction values exceeding 2.8 billion, positioning it as one of the most active biopharmaceutical companies in China for licensing transactions [6][9]. R&D and Commercialization Strategy - The company maintains a high R&D investment intensity, with R&D costs of 831 million, 708 million, and 512 million for 2023, 2024, and the first nine months of 2025, respectively, representing over 50% of revenue in the earlier years [8][11]. - A sales and marketing team of over 1,200 has been established, with sales and distribution expenses exceeding 40% of revenue during the reporting periods [8][11]. Strategic Separation - The decision to spin off the oncology business is part of a broader strategy for Xiansheng Pharmaceutical to transition towards an innovation-driven model, allowing for a more focused approach to R&D and commercialization in oncology [9][10]. - The spin-off is expected to create a dedicated financing platform for oncology innovation drugs, attracting long-term investment and providing organizational support for sustained R&D [9][10]. Future Growth Potential - The company has over 60 innovative drug pipelines, with six candidate drugs in NDA or key clinical stages, indicating a robust future growth trajectory [9][10]. - The successful launch of its innovative drug, Kewike®, in June 2025, is expected to contribute significantly to market revenue, showcasing the company's potential in the CNS field [10][11].

记者丨林汉垚 徐若萱 编辑丨曾芳 在人口老龄化加剧与预期寿命延长的双重背景下，仅靠基本养老保险难以满足公众对高品质退 休生活的期待，"退休后钱从哪来"成为全社会普遍的焦虑。 作为补充养老保险制度的"第二支柱"，企业年金其实在为职工赚取"养老钱"方面表现不俗。 人社部数据显示，截至2025年三季度末，全国企业年金基金单一计划、集合计划下的固定收益 类组合和含权益类组合， 每项投资组合近三年累计收益率均超过10%。其中，单一计划下含 权益类组合的三年累计收益率更是达到了12.53%。 然而，与这份亮眼的投资成绩单形成鲜明反差的是，企业年金长期面临"叫好难叫座"的窘境： 企业年金长期存在年金参与率低、中小企业渗透率低等问题。 如今，这一局面将随着新政落地迎来改变。人力资源社会保障部、财政部联合印发《关于进一 步做好企业年金工作的意见》（以下简称《意见》），明确各类企业及符合条件的用人单位均 可建立企业年金，并提出"灵活缴费""推广集合计划"及"园区试点"等具体举措。 业内普遍认为，此次《意见》通过降低门槛和简化程序，意在将企业年金的覆盖范围从大型国 企向广大中小微企业延伸。这意味着， 长期以来被视为央企、国企"专属 ...

Core Viewpoint - Shanghai aims to establish itself as a world-class high-end industrial cluster and achieve significant high-quality development over the next five years, with a target of doubling its per capita GDP by 2035 compared to 2020 levels [1][2]. Group 1: High-Quality Development Goals - The "15th Five-Year Plan" emphasizes high-quality development, maintaining economic growth within a reasonable range, and improving total factor productivity while ensuring a reasonable proportion of manufacturing [1][2]. - Shanghai's development strategy includes transitioning from scale expansion to high-quality development and structural optimization, impacting both economic sectors and personal income levels [2][5]. Group 2: Five Centers Construction - Shanghai is tasked with building five centers: international economy, finance, trade, shipping, and technological innovation, with a focus on enhancing its international economic center status [2][5]. - The plan includes accelerating the development of three leading industries and strengthening the capabilities in integrated circuit equipment, manufacturing, and design [2][6]. Group 3: Focus on Emerging Industries - Shanghai aims to tackle key technologies and create a sustainable technological ecosystem to maintain or enhance its global leadership [3][6]. - The city plans to develop six emerging pillar industry clusters, including smart terminals, intelligent connected vehicles, advanced materials, and green low-carbon industries [10][11]. Group 4: Financial Support and Innovation - The plan outlines the need for a robust financial support system to match the world-class high-end industrial cluster, including the establishment of an international financial asset trading platform and promoting technology finance [12]. - Shanghai will support venture capital investments in hard technology and enhance the market for technology credit and insurance [12]. Group 5: National and Global Implications - Shanghai's development trajectory reflects the broader direction of China's top cities in the global competitive landscape, emphasizing innovation-driven high-quality development [13].

1月20日午间，财政部等多部门对外连发通知，释放系列贴息政策、民间投资专项担保计划。 重磅利好，财政部等多部门连发政策 下午3时，国务院新闻办公室举行新闻发布会，请财政部副部长廖岷介绍发挥积极财政政策作 用，推动经济社会高质量发展有关情况，并答记者问。 2026年财政赤字、债务总规模和支出总量将保持必要水平，确保总体支出力度"只增不减"、重 点领域保障"只强不弱"。 来源丨新华社 编辑丨曾静娇 重磅利好，财政部等多部门连发政策 大利好，国家发改委最新发声 12月一线城市新房成交量大涨 SFC 21君荐读 廖岷表示，2026年，财政部门将继续实施更加积极的财政政策，概括起来就是"总量增加、结 构更优、效益更好、动能更强"。 ...

Market Overview - Major Asia-Pacific stock indices collectively declined, with the Nikkei 225 down by 1.11% and the Hang Seng Index down by 0.37% [2] - A-shares experienced volatility, with the Shanghai Composite Index closing down 0.01%, the Shenzhen Component down 0.97%, and the ChiNext Index down 1.79% [2] - Over 3,100 stocks in the market fell, indicating a broad market downturn [2] Sector Performance - The satellite internet, CPO, commercial aerospace, and communications sectors led the decline, with significant drops in commercial aerospace stocks [3] - The chemical sector showed resilience, with over ten stocks hitting the daily limit up, including Hongbaoli and Shandong Heda [3] - The real estate sector was active, with stocks like Diyi City and Urban Investment Holdings reaching the daily limit up [3] Stock Highlights - In Hong Kong, the Hang Seng Technology Index fell over 1%, while the overall Hang Seng Index saw a slight decline [3] - Notable declines were observed in tech stocks such as SMIC and BYD, both dropping over 3%, while Ctrip Group rose over 2.5% [3] - Pop Mart showed strong performance, initially rising over 10% after announcing a share buyback of 140,000 shares for HKD 251 million [3] Gold and Silver Market - Gold prices rose, surpassing USD 4,700, marking a year-to-date increase of over 9% [5] - In contrast, silver prices fell nearly 0.5%, fluctuating around USD 94 per ounce [5]

Group 1 - The core viewpoint of the article highlights the significant rise in spot gold prices, which have reached an all-time high of $4,700 per ounce, reflecting an increase of over 8% since the beginning of the year, translating to a gain of more than $380 [1][3] - The geopolitical risks and inflation pressures are driving investors towards gold as a safe-haven asset, reinforcing its traditional role in uncertain economic conditions [3] - The World Gold Council indicates that current gold prices reflect expectations of stable global economic growth and a cycle of interest rate cuts by major central banks, predicting that gold prices will fluctuate within a ±5% range in the short term [3] Group 2 - Analysts from Everbright Securities predict that gold will become an essential part of asset allocation by 2026, with a target price of $4,950 per ounce [3] - Recent geopolitical tensions, including potential tariffs on French wine and champagne by the U.S., contribute to the ongoing volatility and attractiveness of gold as an investment [3]