在中国特色现代资本市场向高质量纵深发展的关键阶段，上市公司董事会秘书作为衔接企业与市场的重要枢纽，其专业素养、合规能力与价值创造水 平，深刻影响着资本市场的运行效能与生态建设。依托超过二十年的积累与演进，"新财富金牌董秘"已成为业内广泛认可的公信力标杆，"最佳IR港股 公司"评选亦持续推动港股投资者关系管理体系迈向成熟。 即日起，两大评选同步开启，以更科学的体系、更全面的视角、更严格的尺度，发现标杆、 树立典范，助推上市公司治理与投资者关系管理实现整体跃升 。 0 1 顺应监管新势，重塑评选准则 随着《上市公司董事会秘书监管规则（征求意见稿）》发布，董秘履职进入权责更清晰、保障更有力、监管更精细的新阶段。本届评选积极呼应制度演 进，全面植入合规导向： ✅️严格任职审核，强调履职稳定性； ✅️ 严守合规底线。参评公司在考核期内如因董秘/IR职责相关事项受到监管处分，将取消参评资格 ； "客观+主观"双轮评审机制持续优化。客观指标涵盖 信息披露、投资者关系、风控管理、价值创造 等六大维度， 融入ROE、行业估值偏离度、分红表 现等量化数据 ；主观投票汇聚监管、机构、分析师、专家委员会等六方声音，确保评价兼具专业与 ...

Core Viewpoint - The weight loss drug market is experiencing significant growth due to the increasing global prevalence of overweight and obesity, with projections indicating that by 2035, over 4 billion people will be overweight or obese, and nearly 2 billion will suffer from obesity [3][4]. Group 1: Market Dynamics - The GLP-1 class of drugs has rapidly gained market traction, transforming obesity treatment from a conceptual model into a verifiable cash flow model [3][4]. - The market is shifting its focus from the effectiveness of weight loss to the feasibility of long-term use and the safety of prolonged medication [5][6]. Group 2: Health Implications - Weight loss does not equate to improved health, as studies show that significant muscle loss occurs alongside fat loss when using GLP-1 drugs, which can lead to adverse health outcomes [7][11]. - The loss of lean body mass, particularly skeletal muscle, is a critical concern, especially for older adults and those with pre-existing health conditions, as it can increase risks such as falls and metabolic decline [13][14]. Group 3: Future Directions in Drug Development - The next generation of weight loss drugs must address the issue of muscle preservation, as this will be essential for their acceptance as long-term treatment options [17][18]. - Two primary strategies are emerging: a replacement logic where new drugs outperform GLP-1 in fat loss while preserving muscle, and a combination logic where new drugs are used alongside GLP-1 to mitigate muscle loss [19][20]. Group 4: Target Populations - The combination of strong weight loss and muscle preservation is particularly relevant for severely obese patients with multiple comorbidities, as they are more likely to tolerate complex treatment regimens [23][25]. - In contrast, for lighter obese populations, the focus will shift to the quality of weight loss, emphasizing the importance of maintaining muscle mass during treatment [28][29]. Group 5: Industry Trends - The industry is witnessing a shift towards drugs that not only promote fat loss but also enhance muscle retention, with several companies actively pursuing this dual approach [32][33]. - The development of drugs with lower dosing frequencies aims to change the paradigm of obesity treatment from continuous medication to periodic maintenance, enhancing patient adherence and long-term outcomes [34].

1月15日，国家电网发布消息称，"十五五"期间固定资产投资预计达到4万亿元，相较于"十四五"期间大幅提升约40%。这一投资规模对应年均投资额约 8000亿元，显著高于2025年国家电网约6500亿元的历史高点。 这是一个极不寻常的增长比例，但同时也是一个非常明确的增长趋势。这背后到底反映了什么？"电网周期"是否真正到来？这种变化的核心驱动又是什 么呢？ 不同步的增长 0 1 首先需要明确的是，国家电网的固定资产投资以电网投资为主，总量层面的"固定资产投资"会略大于"电网投资"。同时，我国的电网系统包括国家电 网、南方电网和蒙西电网，国家电网占据了主导地位。因此，国家电网固定资产投资这一数据，基本可以代表全国性的电网投资规模。 再往上一层，电力工程的投资一般可以分为电源工程和电网工程，也就是发电侧和输配电侧。国家能源局每月发布全国电力工业统计数据，这是观察全 国电源工程与电网工程投资完成额的重要窗口。 "十四五"以来，由于新能源装机爆发，电源与电网投资再次出现不成比例的增长。尤其是在2024年，电源与电网的投资占比几乎接近2：1。补贴取消、 消纳困难、接网红区增多、负电价频繁等一系列问题开始出现，这中间的故事我 ...

2026 开年以来， A 股行情持续火热，市场情绪不断升温，沪指更创下" 17 连阳"的历史性记录。我们邀请 91 位第八届新财富最佳投顾问卷 2026 年最 看好的方向—— 人工智能 + 、人形机器人、有色金属 成为共识度最高的三大主线。 如果说 新财富最佳投顾（股票组） 的精髓在于捕捉"个股α"，那么今天登场的 最佳投顾（ETF组） ，则是通过驾驭"配置β"来构建解决方案的专家。 2025年，是中国ETF市场跨越式发展的一年。规模从年初的3.73万亿元一路跃升，接连突破4万亿、5万亿、6万亿三大关口，全年增幅达60.86%，总规 模突破6万亿元。1402只ETF产品如一片广阔的工具森林，覆盖宽基、行业、跨境、Smart Beta等各类资产，深度触达市场的每个角落。 这不仅意味着数字的飙升，更标志着一个投资范式的深刻转变：ETF，已从一种可选工具，转变为投资者资产配置中不可或缺的基础设施。 然而，品类爆发式增长的背后，是选择的复杂化。工具从未如此丰富，策略也从未如此多元 ——如何将海量ETF组合成真正匹配客户需求的"投资解决 方案"，正成为衡量投顾专业价值的新标尺 。 以下是部分"新财富最佳投顾（ETF组） ...

2025 年的 A 股，以一场气势如虹的" 11 连阳"收官，上证指数全年上涨 18.41% ，书写了清晰的单边向上趋势。然而，在指数昂扬的乐章下，超过 1500 只个股下跌的分化现实，让这更是一场极致的"结构性牛市"。普涨难觅，α（超额收益）为王，专业投顾的价值因此被空前凸显——他们不仅是趋 势的同行者，更是帮客户穿越分化、捕捉主线的领航员。 第八届新财富最佳投顾评选结果 已揭晓，这份名单正是在复杂结构市中淬炼出的"专业答卷"。本届评选吸引了创纪录的39,893名投顾参与，最终仅91人 脱颖而出，获奖比例低至0.23%，堪称万里挑一。 这91位顶尖投顾平均从业14年，人均服务客户超1000人，管理客户资产规模1908亿元。他们是深度参与者：45%的获奖者上线了投顾产品，20%高频 使用直播等工具直面客户 ，行业正从销售导向，全面转向以客户账户表现为中心。 他们的核心价值，在于不仅能帮助客户把握市场整体趋势，更能为客户创造超越市场的超额收益。在科技与红利双线轮动的2025年，他们的策略决定了 客户是在牛市中"满载而归"还是"踏空焦虑"。 现在，让我们直接聆听部分"最佳投顾（股票交易组）"获奖者的实战策略与真切 ...

Core Viewpoint - Ninebot has announced a strategic upgrade focusing on "dual brands, globalization, and electric over oil," aiming to make smart electric vehicles the mainstream in the global motorcycle industry within the next decade [1][10]. Group 1: Strategic Opportunities - The company identifies three major future opportunities: transitioning from "electric vehicles" to "AI robots," from "smart products" to "smart ecosystems," and from "I sell, you buy" to "co-creation" with users [3][4][5]. - The first opportunity emphasizes the integration of robotic technology into vehicle products, enhancing user experience through automation and interaction [4]. - The second opportunity focuses on developing a smart ecosystem that addresses long-standing issues like range anxiety through advanced battery systems and smart chassis technology [5]. - The third opportunity highlights the collaborative approach with users and partners to define the future of mobility, leveraging the success of reaching 10 million units sold [5]. Group 2: Dual Brand Strategy - Ninebot has initiated a dual brand strategy with "Ninebot" focusing on convenience and safety for the mass market, while "Segway" emphasizes performance and exploration for a more adventurous user base [8][9]. - This strategy aims to cater to the rapidly diversifying user demands in the domestic market, allowing for independent yet collaborative operations under a unified technological foundation [8][9]. Group 3: Global Expansion - The company is launching a global expansion plan, targeting markets with low electric two-wheeler penetration, such as Southeast Asia, Europe, and Latin America, where there is significant potential for electric vehicle adoption [11]. - Ninebot aims to tackle global challenges in the electric vehicle sector, including range anxiety and inadequate charging infrastructure, while providing a superior smart experience [11]. - The company believes that a quieter, cleaner, smarter, and safer riding experience should not require traditional combustion engines, positioning itself as a leader in the electric mobility revolution [11]. Group 4: Future Outlook - Ninebot's future vision is centered on driving global change in green mobility through technological innovation, with a commitment to creating a smarter and more sustainable transportation ecosystem [12][13]. - The strategic announcement marks a significant transition for the company, setting the stage for the next phase of growth and innovation in the electric mobility sector [13].

Core Viewpoint - In 2025, Laimei Pharmaceutical achieved significant milestones in innovation and product development, enhancing its position in the pharmaceutical industry through successful clinical trials and recognition for its innovative products. Group 1: Innovation and R&D - The clinical trial for the innovative anti-cancer drug "Nano Carbon Iron Suspension Injection" was approved, allowing it to be tested in solid tumor patients [2][4] - The drug is based on the existing Nano Carbon Suspension Injection and utilizes Fe2+ as an active anti-cancer component [4] - Laimei's generic drug "Mabalaoshuwei Tablets" received ethical approval and entered the bioequivalence trial phase [5] - "Nano Carbon Suspension Injection" was selected as one of the first batch of iconic products in future industries by the Chongqing Municipal Economic and Information Technology Commission [8] - "Injection Esomeprazole Sodium" was recognized as a major industrial technology innovation product for 2024 by the Chongqing Municipal Economic and Information Technology Commission [10] Group 2: Market Expansion and Product Selection - Laimei's product "Nicorandil Tablets" was selected in the 11th batch of national drug centralized procurement, marking its entry into the mainstream medical market [12][13] - Multiple products from Laimei were selected in the Guangdong Alliance centralized procurement, enhancing accessibility to essential medications [15][16][18] Group 3: Brand Recognition and Awards - Laimei was included in the "Top 50 Comprehensive Strength List" of the 2024 China Innovative Drug Value Ranking, reflecting its commitment to innovation [22] - The company received the "Golden Information Disclosure Award" for the second consecutive year, recognizing its excellence in information disclosure and compliance [24] - Laimei was awarded the title of "Leading Enterprise in Manufacturing Innovation" by the Chongqing Economic Development Zone [26] - The company was recognized as a "Pilot Enterprise for Strong Party Building" in the Nanan District, highlighting its commitment to governance and community engagement [31]

Core Viewpoint - Major tech companies are accelerating their investments in AI healthcare, leveraging advancements in AI capabilities to enhance medical service supply and transform the healthcare market [2][3][19]. Group 1: AI Healthcare Developments - OpenAI launched ChatGPT Health, which connects electronic medical records and health applications to provide personalized responses based on user health information [5]. - Anthropic introduced Claude for Healthcare, aimed at general users, enhancing data connectivity and allowing secure access to personal medical records [6]. - Baichuan Intelligence released Baichuan-M3, a next-generation medical language model that outperformed previous models in testing [7]. Group 2: Evolution of Internet Healthcare - Prior to the mobile internet era, users relied on Baidu for health information, facing challenges like misleading advertisements and difficulty in assessing medical institutions [10][11]. - The internet healthcare sector transitioned to a platform-based model post-2016, with services like online consultations becoming standard [12][13]. - Despite improvements, the healthcare system still relies heavily on individual doctors, limiting service supply and efficiency [14][15]. Group 3: AI's Role in Healthcare - AI is increasingly used for non-urgent health inquiries, with users often consulting AI before visiting a doctor, although AI's advice is typically a preliminary step rather than a replacement for professional medical advice [16][17]. - The healthcare market is vast, with over 5% of ChatGPT's queries related to health, indicating significant user engagement with AI for health-related questions [17]. Group 4: Company Strategies - Ant Group's Aifu aims to be the largest platform in healthcare, integrating AI into existing medical pathways rather than replacing traditional diagnosis [20][21]. - Aifu's rapid user growth to 30 million monthly active users is attributed to its integration with existing healthcare services and resources [23]. - Baichuan's strategy focuses on developing advanced AI models for healthcare, emphasizing the importance of understanding life sciences as a pinnacle of AI capability [32][33].

Core Viewpoint - The article highlights the rapid rise of Changxin Technology as a significant player in the DRAM market, emphasizing its potential to challenge established giants like Samsung, SK Hynix, and Micron, while also addressing the strategic importance of domestic semiconductor production for China's economic security [2][30]. Group 1: Company Overview - Changxin Technology, founded in 2016 in Hefei, has quickly become China's largest and most advanced DRAM manufacturer, aiming to raise 29.5 billion yuan through its IPO on the STAR Market in 2026 [2][30]. - The company is projected to achieve revenues of 55 to 58 billion yuan in 2025, representing a growth of approximately 128% to 140% compared to 2024, with a potential net profit of 2 to 3.5 billion yuan [2][30]. Group 2: Key Players and Support - The establishment of Changxin was significantly influenced by Zhu Yiming, founder of Zhaoyi Innovation, who recognized the need for an IDM model in DRAM production to build competitive advantages [4]. - Hefei's local government played a crucial role by providing substantial financial support and attracting national-level investment funds, which helped alleviate initial funding pressures for Changxin [4][5]. Group 3: Technological Advancements - Changxin's strategy involved legally acquiring a vast array of technologies and patents from the bankrupt German chipmaker Qimonda, which provided a foundational technology base for its DRAM production [9]. - The company made a bold decision to skip several technology generations and focus on the 19nm process, achieving mass production of 8GB DDR4 chips in 2019, marking a historic breakthrough for Chinese enterprises in the DRAM market [9][10]. Group 4: Production Capacity and Market Strategy - Following the successful launch of the 19nm process, Changxin advanced to the 17nm node and then directly to the 16nm process for DDR5 products, showcasing its rapid technological progression [12][16]. - By 2026, Changxin's production capacity is expected to exceed 300,000 wafers per month, solidifying its position as the largest DRAM manufacturer in China and the fourth globally [13][30]. Group 5: Financial Performance and Challenges - Despite impressive revenue growth from 8.1 billion yuan in 2022 to 23.9 billion yuan in 2024, Changxin has faced strategic losses, accumulating 41.5 billion yuan in losses due to high fixed asset depreciation and significant R&D investments [23][24]. - The company’s R&D expenditure from 2022 to 2025 is projected to reach 19 billion yuan, accounting for over 33% of its cumulative revenue, significantly higher than industry averages [23][24]. Group 6: Future Outlook - Changxin aims to capture a 10% market share in the DRAM sector by 2026, positioning itself among the top four global players alongside Samsung, SK Hynix, and Micron [30]. - The company is also planning to enter the HBM market, with expectations to start mass production of HBM3 products in 2026, which could further enhance its competitive edge [16][30].

Core Viewpoint - The article discusses the diverging stock price trajectories of two leading companies in the GLP-1 obesity drug market, Eli Lilly and Novo Nordisk, highlighting the structural anxieties each company faces as the market transitions from a "blue ocean" to a "red ocean" of competition [4][9]. Group 1: Market Dynamics and Company Performance - Eli Lilly's Mounjaro (tirzepatide) is experiencing strong sales and market share growth, leading to a rising market valuation and a clear positioning as a "next-generation leader" [6]. - In contrast, Novo Nordisk has faced multiple challenges, including downward revisions of performance guidance and management changes, resulting in significant stock price volatility and a cooling market sentiment [7][11]. - The market's focus has shifted from merely "who sells better" to "who can sustain leadership," indicating a deeper evaluation of each company's future potential in the competitive landscape [8][10]. Group 2: Structural Anxieties of Novo Nordisk and Eli Lilly - Novo Nordisk's historical dominance in the obesity drug market is being challenged as it faces a systematic erosion of growth certainty, marked by three downward revisions of its annual growth forecast from 16%-24% to 8%-14% [11][12]. - The slowdown in growth for Novo Nordisk's core product, semaglutide, is attributed to increased competition and market pressures, including the rise of illegal compounded drugs and the aggressive market entry of Eli Lilly's tirzepatide [12][13]. - The market's disappointment with Novo Nordisk's next-generation product, CagriSema, stems from its inability to demonstrate a significant technological advantage over semaglutide, raising concerns about the company's future growth prospects [15][16]. Group 3: Shifts in Innovation Focus - The investment logic in the obesity drug market has evolved from a singular focus on weight loss percentages to a broader consideration of long-term management and patient adherence [25][27]. - As the limits of weight loss efficacy become clearer, the competition is shifting towards innovations that prioritize long-term management and patient compliance rather than just maximizing short-term weight loss [28][30]. - Both Eli Lilly and Novo Nordisk are increasingly investing in oral GLP-1 formulations, recognizing the importance of delivery methods in enhancing patient adherence and expanding the market [30][32]. Group 4: Strategic Approaches to Oral GLP-1 - Novo Nordisk's oral GLP-1 product, Wegovy, is seen as a defensive strategy to extend the lifecycle of its successful semaglutide product, while Eli Lilly's Orforglipron is positioned as an offensive tool aimed at redefining treatment paradigms [42][45]. - The contrasting strategies highlight Novo Nordisk's focus on maintaining its market position versus Eli Lilly's ambition to establish a new standard in obesity treatment [49][51]. - The competition in oral GLP-1 formulations is not merely about who can launch first but about who can effectively redefine the future of obesity management [48][54].