Core Viewpoint - Bristol-Myers Squibb (BMS) has shifted its perspective on the Chinese market from merely a sales opportunity to a collaborative innovation ecosystem, emphasizing mutual empowerment and innovation as key goals [2][3]. Group 1: Strategic Focus - The year 2025 is identified as a pivotal year for BMS in China, marking a transition from market expansion to ecosystem co-creation [2]. - BMS's "China 2030 Strategy," initiated in 2020, aims to maintain robust performance, integrate and lead innovation ecosystems, and enhance talent development [3]. - The three strategic focuses of performance, innovation, and talent are interrelated, forming a cohesive framework for BMS's operations in China [4]. Group 2: Performance as a Foundation - Performance encompasses not only commercial success but also the synchronization of Phase III clinical trials and new drug registrations with global standards [6]. - BMS has accelerated the introduction of innovative drugs in China, focusing on areas with unmet medical needs, including several first-in-class and best-in-class therapies [6]. - The company has successfully integrated five innovative products into the national medical insurance directory within a year of their launch, showcasing a new speed in market access [6][8]. Group 3: Innovation as an Engine - BMS aims to transition from being an innovator's "importer" to a leader within China's innovation ecosystem, emphasizing the importance of collaboration with local partners [11]. - The selection of partnerships is guided by strategic alignment with BMS's core disease areas and the potential for long-term value creation [12]. Group 4: Talent as a Bridge - BMS is building a talent pool that understands both the Chinese market and global dynamics, essential for executing its "China 2030 Strategy" [14]. - The company encourages cross-regional and cross-functional experiences to enhance employees' global perspectives while being rooted in local market needs [14]. Group 5: Long-term Vision - BMS remains committed to a patient-centered approach and innovation as its core competitive advantage, with a strong belief in the resilience and potential of the Chinese market [15].

2025年12月9日晚间，深交所官网显示，尚水智能首发申请将于12月16日上会，保荐人为国联民 生证券承销保荐有限公司。此前，尚水智能创业板IPO于2025年6月19日获得受理，并于当年7月 3日进入问询阶段。 这并非尚水智能首次尝试登陆A股。早在2023年6月30日，公司曾向上交所递交科创板IPO申请， 但在历经约11个月后，于2024年5月中旬主动撤回，首次闯关告结。此次转战创业板，尚水智能 拟募集资金约5.87亿元，主要用于高精智能装备华南总部制造基地建设、研发中心建设及补充流 动资金。 比亚迪在尚水智能的股权结构与业务体系中均扮演关键角色： 既是尚水智能持股超5%的股东，也是第一大客户。2024年， 仅来自比亚迪的销售收入就占尚水智能营业收入的65.78%。 这种深度绑定在带来业务支撑的同时，也蕴藏风险。 作者：蔡越坤 封图：图虫创意 背靠比亚迪这棵"大树"的深圳市尚水智能股份有限公司（下称"尚水智能"），正在冲刺创业板IPO （首次公开发行股票）。 在新能源电池极片制造领域，尚水智能已与比亚迪（002594.SZ）、亿纬锂能（300014.SZ）、 宁德时代（300750.SZ）等新能源电池及新能源 ...

过去"城乡一体"的表述在实践中导致了乡村教育被边缘化，而 县中边缘化与乡村教育薄弱是同一个问题。在纵向资源分层格 局中，中心城市和地级市的学校占据优势地位，直接导致县域 及农村教育资源持续流失。 作者：李静 封图：图虫创意 中央经济工作会议12月10日至11日在北京举行。会议提出，推进教育资源布局结构调整，增加普 通高中学位供给和优质高校本科招生。 中国教育科学研究院研究员储朝晖对经济观察报表示，中央经济工作会议提出的"教育资源布局结 构调整"并非局限于某一学段，而是完整地覆盖了从幼儿园到大学的全链条教育体系。目前，我国 适龄儿童减少、人口流动与城镇化进程提速，显著影响了教育的供需关系和布局调整，其中最突出 的矛盾集中在城乡之间。 "人口流动与城镇化进程加剧了教育资源的不均衡分布。大量农村人口向城市迁移，'乡下没有好学 校'成了社会普遍共识，使得许多家庭为子女教育举家进城。"储朝晖分享了一个案例：山西一位网 约车司机因老家缺乏优质教育资源，只能将两个孩子带到城里上学，可跑车的工作根本没法兼顾接 送孩子，他每天都要额外花二三十元给孩子叫车。再加上房租、生活开支等额外成本，家庭经济压 力倍增，而乡下的田地也因无人 ...

中国财政科学研究院院长杨志勇对经济观察报表示，中央经济工作会议提出继续实施更加积极的财 政政策，加强财政科学管理。其中"更加积极财政政策"，意味着明年财政会保持必要的支出力度 和强度。加强财政科学管理，更是"必须坚持政策支持和改革创新并举"的具体体现，融财政政 策、财政改革，财政管理于一体，从总量政策、保持支出力度，到提高财政支出效率相结合，这些 事项又与财政改革链接一起，比如"深化零基预算"，可以大大提升财政政策效能，这也是破解地 方财政问题的一项改革系统性工作。 财政、货币力度几何？ 2026年财政货币政策力度如何？ 中央经济工作会议提出继续实施更加积极的财政政策，加强财 政科学管理。其中"更加积极财政政策"，意味着明年财政会保 持必要的支出力度和强度。 作者：杜涛 封图：图虫创意 中央经济工作会议12月10日至11日在北京举行。会议指出，明年经济工作在政策取向上，要坚持 稳中求进、提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，提升宏 观经济治理效能。 在财政政策方面，会议提出，要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模 和支出总量，加强财政科学管理，优化财政支出 ...

安怀略行贿罪和科开医药单位行贿罪的公开，与近两年贵州省 医药领域的反腐风暴有关。 作者：张铃 封图：图虫创意 12月10日晚间，贵州医药流通龙头企业信邦制药(002390.SZ)发布公告，其因涉嫌单位行贿，近 期或将被起诉。 2024年3月，原贵阳医学院附属医院（下称"贵医附院"）党委副书记、院长王小林涉嫌严重违纪 违法被查，后被查明其涉案金额高达1.6亿元，受贿数额特别巨大。王小林曾是科开医药的法定代 表人和董事长，而安怀略则是王小林昔年的下属。 经济观察报注意到，2025年1月，贵州省纪委监委在反腐专题片中详细披露了王小林贪腐细节， 其中涉及安怀略和科开医药。 2001年至2014年，王小林任贵阳医学院党委委员、副院长，贵医附院党委副书记、院长。2002 年，王小林将贵阳医学院科技开发公司药品销售部改制为科开医药。 改制后，王小林任法定代表人兼董事长，并安排当时在贵医附院担任急门诊主任的安怀略任总经 理。此后，在王小林大力支持下，科开医药成为贵医附院最大的药品供应平台。 此次信邦制药被起诉，或源于其控股子公司科开医药。2025年2月26日，科开医药单位行贿罪及 实控人安怀略行贿罪一案被贵州省开阳县人民法院 ...

Core Viewpoint - Chinese lithium battery giants are expanding globally to seek new growth opportunities and navigate through market cycles, with a focus on establishing manufacturing capabilities in Europe and Southeast Asia [2][4][12]. Group 1: Global Expansion Initiatives - CATL and Stellantis have initiated a joint battery factory in Zaragoza, Spain, with a planned capacity of 50 GWh, aiming for production by the end of 2026 [6]. - EVE Energy is advancing its factory construction in Debrecen, Hungary, with a planned capacity of 28 GWh, while Guoxuan High-Tech is establishing a 20 GWh battery factory in Slovakia [9]. - Aiming for a localized supply chain, companies like Xinwanda are also expanding in Thailand, with over 17.4 GWh of planned battery capacity [10]. Group 2: Market Dynamics and Challenges - Domestic battery utilization rates are declining, leading to price wars that erode profits, while overseas markets, particularly in Europe and North America, show increasing demand for electric vehicles and energy storage [3][12]. - The Inflation Reduction Act (IRA) in the U.S. and the EU's new battery regulations impose significant barriers, necessitating local production to meet supply chain localization requirements [3][14]. Group 3: Profitability and Strategic Shifts - Despite domestic pressures, overseas operations for companies like CATL and EVE Energy show profit margins 5 to 10 percentage points higher than domestic margins [4][13]. - The shift from being "Chinese suppliers" to "global manufacturers" is crucial for survival, as companies aim to establish a competitive edge in international markets [4][12][15]. Group 4: Operational Challenges in Foreign Markets - Chinese companies face significant operational challenges in adapting to local conditions, including supply chain issues and regulatory compliance in Europe and the U.S. [18][20]. - The EU's stringent environmental regulations require companies to trace the carbon footprint of all battery components, adding complexity to operations [20]. Group 5: Future Outlook - The strategic focus for many Chinese lithium battery companies is to increase overseas production capacity to over 40% by 2030, aiming to become recognized as reliable high-tech solution providers in global markets [15][21]. - Despite the challenges, companies are committed to overcoming obstacles to establish themselves as global players in the lithium battery industry [21][22].

Core Insights - The brand marketing industry is at a new crossroads, balancing the maturity of the traffic system and the awakening of brand assets, with a focus on long-termism [1] - The 2024-2025 Annual Brand Marketing Conference aims to explore new growth methodologies amidst these changes [2] Group 1: Brand Value and Long-term Strategy - The traditional approach of relying on short-term gains to create hit products is becoming ineffective as media channels diversify and traffic costs rise [4] - Brands are recognized as the core competitive asset of a company, embodying emotional connections and trust with consumers, which cannot be achieved through fragmented communication [6][7] - The shift from "traffic" to "retention" is essential, emphasizing the need for deep connections between brands and users [13] Group 2: Evolving Consumer Engagement - The focus of brand competition is shifting from understanding users to understanding contexts, with multi-touchpoint collaboration becoming a new growth engine [15] - Brands like LILY are leveraging functional value, aesthetic expression, and emotional storytelling to build new brand premium systems [17] - The sports sector is highlighted as a key emotional engagement area, with brands like Jitu leveraging events for natural consumer interaction [19] Group 3: Cultural Integration and Emotional Connection - Brands are redefining their long-term assets by integrating cultural elements into their core values and product offerings [22][23] - Natural堂 emphasizes creating emotional connections through traditional culture and new consumer interactions, positioning itself as a bridge for emotional expression [25] - 恒洁 is establishing lasting recognition by extending its brand narrative into various consumer scenarios, enhancing its market presence [27] Group 4: Industry Perspectives and Future Directions - A roundtable discussion highlighted the importance of vertical brand asset anchoring and horizontal traffic sourcing for sustainable growth [29] - The core values of companies like 鲁南制药 and 华侨城 emphasize a commitment to quality and cultural integration as essential for brand longevity [29] - The 2025 brand competition landscape will focus on user relationships, cultural connections, and long-term trust rather than mere attention [40]

华为鸿蒙智行携手五大车企，以"生态共生"模式打破行业零和 博弈。通过华为主导技术研发与产品定义，合作伙伴聚焦制 造，实现品牌差异化与高端突破。问界、智界等车型销量领 先，技术反哺全产业链，共同撬动豪华车市场定价权。这不仅 是一次商业创新，更是中国汽车产业从"单兵竞争"迈向"协同 发展"的关键实践。 封图：图片资料室 12月9日，央视新闻联合鸿蒙智行在上海外滩举办"超凡一步| 在一起 鸿蒙智行"年度直播，华为常 务董事、产品投资委员会主任、终端BG董事长余承东与五界"掌门人"聚首，通过6个分会场向公 众展示了鸿蒙智行五界取得的成果。 在长达五个多小时的直播中，五界"掌门人"毫不吝啬对鸿蒙智行和余承东的感激和赞美。 智界的奇瑞汽车董事长尹同跃说，华为是带动行业进步的伟大企业，毫无保留地赋能合作伙伴，推 动奇瑞整体向上；尊界的江汽集团董事长项兴初说，华为团队的极致要求带动江淮全面升级，全面 超越传统豪华车标准；问界的赛力斯集团董事长张兴海说，联合团队"胜利时举杯相庆，困境时拼 死相救"；享界的北汽集团董事长张建勇说，"余承东是最好的产品经理，我们欠他一封道歉信。" 五界掌门人为什么如此肯定鸿蒙智行？鸿蒙智行到底做了 ...

在产业泡沫与焦虑情绪并存的当下，新盛世的实践提供了一个 重要启示：不要通过短期投机追逐风口，而要扎根核心技术， 让创新自然生长；不要通过激进扩张抢占赛道，而要步步为 营，让价值创造水到渠成。这或许就是中国制造业"返本开 新"的战略密码。 作者：谢泓 封图：图虫创意 走进促进会副会长单位新盛世机电制品（中山）有限公司（下称"新盛世"）的"盛世—以色列新一 代信息技术工业基地"，建筑中蕴含的东方哲学令人印象深刻。天圆地方的空间布局在夕阳映照下 呈现出独特的美学张力，将中国传统哲学中刚柔相济的智慧具象化——圆形展览中心象征着包容与 圆融，方正的基础代表着规矩与秩序，二者相互呼应。 董事长卢齐荣在设计时，甚至大量让渡厂房空间，只为让每个楼层都能获得充足采光。这是一个绿 色低碳的工业园区，人与自然和谐共生。它又不仅仅是一个工业园区，更是制造业企业哲学思考与 审美追求的物质呈现。 当中国制造业企业家开始将哲学思维与审美标准融入产业空间设计，中国制造的文化内涵正发生着 深层次的变革。制造业的竞争力不仅体现在功能层面，更体现在对美学价值的追求上。 《道德经》有云："反者道之动，弱者道之用。""反"包含两层含义：其一为相反、逆 ...

以2024年汽车模拟芯片的收入计，纳芯微在中国汽车模拟芯片市场中位列中国厂商第一名，成为 中国模拟芯片的代表性企业之一。 在中国模拟芯片行业，头部本土企业的营收规模常常在30亿元 （约4亿至5亿美元）附近徘徊，难以突破10亿美元大关。而 纳芯微2029年的目标营收高于10亿美元，这意味着其必须在 四年内跨越这一门槛。 作者：濮振宇 封图：图虫创意 12月8日，纳芯微（02676.HK）正式在香港联合交易所主板挂牌上市，成为模拟芯片行业少数构 建"A+H"双资本平台的企业。 纳芯微联合创始人、副总经理、COO王一峰将中国芯片的出海之路概括为"三步走"战略：Local for Local（本地为本地）, Local for Global（本地为全球）, Global for Global（全球为全 球）。 其中，过去两三年即是"Local for Local"阶段，即借全球芯片短缺的窗口期，以解决海外客户供 应链"有无"问题的角色快速切入。"Local for Global"是当前的阶段，即凭借在国内市场与客户 合作中展现的平台化规划与体系能力，获得信任，进而将合作项目延伸至国际客户的全球平 台。"Global ...