Core Insights - The core mission of fintech in the Asia-Pacific region is to connect transactions and enable all markets and enterprises to overcome long-term disruptions, achieving true economic growth and global reach previously reserved for multinational corporations [2][4]. Group 1: Financial Services Challenges - Emerging markets, particularly in the Asia-Pacific region, face multiple financial service challenges, including high local payment barriers, fragmented global liquidity, and decreased visibility in multi-market fund management [2]. - These challenges particularly hinder small and medium-sized enterprises (SMEs), widening the competitive gap with large multinational companies [2]. Group 2: Fintech 3.0 Vision - Ant Group is accelerating investment in a Fintech 3.0 vision characterized by an open ecosystem, multi-dimensional payment innovations, and trusted security technology [4]. - The company aims to establish a compliant, low-friction, and high-efficiency global payment ecosystem by promoting collaboration between public and private sectors across different regions and payment systems [5]. Group 3: Payment Innovations - Ant Group's Alipay+ has partnered with 40 major e-wallets and over 10 national QR code networks, covering more than 100 markets, allowing over 150 million merchants to seamlessly access major payment methods in the Asia-Pacific region [5]. - The introduction of real-time payment pathways between mobile payment systems and traditional banking systems is a significant breakthrough, enabling users to make instant payments at POS networks [6]. Group 4: AI and Payment Transformation - AI and blockchain technologies are driving profound changes in the payment sector, with Ant Group focusing on developing agentic payment solutions that assist in complex tasks beyond simple transactions [7]. - The company has launched Antom Copilot, an AI assistant for merchants, which simplifies onboarding and payment integration processes [8]. Group 5: Real-Time Payment and Forex Management - Real-time global payment settlement (RTP) is a key area for Fintech 3.0, allowing businesses to achieve 24/7 real-time settlements and improve liquidity management [9]. - Ant Group's Falcon AI model processed $15 trillion in funds in 2025, helping clients reduce forex hedging costs by 40% [9]. Group 6: Security Innovations - Ant Group introduced Alipay+ GlassPay, a smart glasses payment solution featuring advanced biometric identification methods, enhancing security in payment transactions [11][13]. - The company has developed the AI SHIELD TRANSFORMER risk control model, which processes over 720,000 transactions per minute with a high accuracy rate in identifying high-risk transactions [14]. Group 7: Privacy and Data Protection - Ant Group is investing in advanced privacy computing architectures to ensure data protection while sharing business insights securely [15]. - The establishment of the "Digital Wallet Guardians Alliance" aims to promote security technology sharing and best practices among partners [15]. Group 8: The Future of Fintech - The emergence of Fintech 3.0 represents a "super connector" era, integrating various payment tools and accounts, AI practices, transaction processes, and growth resources [16]. - Ant Group's new AI operational app, EPOS 360, aims to provide SMEs with insights and responsiveness comparable to large institutions, promoting inclusive growth [16].

Core Viewpoint - Amway has evolved over 30 years in China, transforming from a foreign entity into a significant local innovator, contributing to the health and wellness sector through localized research and development [1][2]. Group 1: Innovation and Research - Amway has established the largest plant variety resource library in the industry, with over 200 plant species and more than 900 varieties, including 304 varieties of lotus and 131 varieties of blueberries [5]. - The company collaborates with prestigious institutions like the Chinese Academy of Traditional Chinese Medicine and the Nanjing Institute of Soil Sciences, achieving breakthroughs in plant nutrition research [5]. - Amway's plant research center has successfully sequenced the entire genome of chrysanthemum, filling an international gap, and has been awarded for pioneering the application of plant DNA molecular identification technology [5][7]. Group 2: Localized Production and Supply Chain - Amway operates over 2,500 hectares of owned farms in the U.S., Mexico, and Brazil, and has 134 certified organic farms globally, focusing on sustainable plant cultivation [8]. - The company plans to invest in its first organic farm in China, located in Sichuan, which will focus on the cultivation of traditional Chinese medicinal herbs [8]. - The Guangzhou production base supports 55% of Amway's global product sales and serves over 50 countries, becoming a crucial hub in Amway's global supply chain [15]. Group 3: Product Innovation and Market Strategy - Amway has transitioned from "follow-up localization" to "leading localization," launching several successful products based on traditional Chinese medicine that have gained international acclaim [14]. - The company has introduced several flagship products, such as Ginkgo Biloba and various health supplements, achieving significant sales milestones, including over 20 billion yuan in sales for "基源欣活" within two years [15]. - Amway's strategy has shifted towards providing comprehensive health solutions, integrating digital tools and community engagement to enhance customer experience and partner involvement [21][22]. Group 4: Future Investments and Growth - Amway announced a five-year investment plan of 2.1 billion yuan to enhance its operations in China, including 700 million yuan for upgrading the Guangzhou production base and 400 million yuan for digital infrastructure [24]. - The company aims to strengthen its research capabilities, including the establishment of its organic farm and advancements in plant anti-aging research [24]. - Amway's commitment to the Chinese market is reflected in its role as a "city partner" in Guangzhou, focusing on health promotion and community building [22].

在多部门联合出台政策鼓励长期资金入市的背景下，长城人寿是险资增持资本市场的一股活跃力 量。 作为一家成立20年、资产规模超过1600亿元的寿险公司，长城人寿是典型的中型保险公司发展观 察样本。该公司有着差异化的竞争策略——致力于成为"中国家庭风险保障服务商"，但其更为市 场所熟知的，是在资本市场的纵横捭阖。 随着利率水平的持续下行，背负着大量高资金成本保单的保险 公司不得不寻找优质资产，增加权益类资产成了他们的共同选 择。但这也给保险公司带来了资本承压、利润波动的挑战。 作者：姜鑫 封图：图虫创意 一路在二级市场举牌加仓的长城人寿保险股份有限公司（下称"长城人寿"）接到了来自证监局的 警示函。 2025年12月9日，河北证监局对长城人寿采取了出具警示函的行政监管措施，原因是长城人寿买 入二级市场股票达5%触发举牌时，未能及时停止买卖。 随着利率水平的持续下行，背负着大量高资金成本保单的保险公司不得不寻找优质资产，增加权益 类资产成了他们的共同选择。但这也给保险公司带来了资本承压、利润波动的挑战。 加仓能手因举牌不当被点名 根据警示函，长城人寿于2025年9月23日增持新天绿色能源股份有限公司（下称"新天绿能" ...

施义观察到一种ESG发展的新路径，这种路径兴许能打开中国 A股上市公司高质量发展的另一扇门：从被动的披露合规，转 向主动的"影响管理"。 作者：王雅洁 封图：图虫创意 这一次，我们将目光对准上市公司，对准ESG。今日，任何一家企业的竞争力都不再仅仅局限于 财务因素。 ESG（Environmental,Social and Governance，即环境、社会和公司治理）方面的非财务因素 正在发挥作用，甚至可以说，是决定性的作用。 但在国内，ESG体系的构建，起步较晚。甚至有的企业这方面的意识也才刚刚觉醒。在采访中， 一位国企人士依然充满疑惑："我为什么要做ESG？" 近一年多来，不同部门陆续出台与ESG相关的新政和指引，财政部、生态环境部等部门，也在酝 酿下一步推动ESG的政策文件。 从瑞士到中国，施义一直在关注着ESG（环境、社会和公司治理）投资如何超越字母游戏与分数 比拼，真正触及企业运营与社会发展的内核。 作为瑞士百达资产管理（Pictet Asset Management，下称"瑞士百达"）旗下主题股票客户投资 组合经理及影响力投资专家。在他看来：ESG不是一份美化了的报告或一个抽象的评分，而是一 套 ...

重组终止，意味着此前构想的通过资本纽带实现"垂直一体 化"的路径已暂时搁置。但在算力产业竞争日益激烈的背景 下，两家行业龙头将如何重塑彼此的业务关系与竞争策略，成 为投资者关注的焦点。 作者：郑晨烨 封图：东方IC 备受资本市场关注的国产算力产业"A吃A"重组案例——海光信息（688041.SH）拟换股吸收合并 中科曙光（603019.SH）——在筹划半年后宣告终止。 12月9日晚间，海光信息与中科曙光同步发布公告，宣布终止筹划重大资产重组事项。受该消息影 响，12月10日开盘，中科曙光股价直接封死跌停板，截至收盘报90.12元/股，总市值回落至 1318.56亿元；海光信息股价表现相对平稳，收报218.50元/股，微跌0.36%，总市值5078.68 亿元。 针对此次事项终止的具体原因、重组所遭遇的障碍以及后续业务模式的调整，在12月10日召开的 终止重大资产重组投资者说明会上，海光信息董事、总经理沙超群向经济观察报记者做出了详细回 应。 市场环境变化与"各方视角" 回溯此次重组的起点，2025年5月26日，海光信息与中科曙光分别发布公告，筹划由海光信息通 过向中科曙光全体A股换股股东发行A股股票的方式，换 ...

Core Viewpoint - The current low price levels are closely related to the relatively weak domestic demand, and the next phase will focus on boosting internal demand and stabilizing prices, which will positively impact the stabilization of CPI [1][2]. Group 1: CPI Trends - In November, the national Consumer Price Index (CPI) rose by 0.7% year-on-year, the highest increase since March 2024, with a month-on-month increase of 0.5 percentage points [2]. - Throughout the first eleven months of the year, there were six months with negative year-on-year CPI growth, leading to an average CPI that remained flat compared to the previous year [2]. - The core CPI, excluding food and energy, increased by 1.2% year-on-year in November, maintaining a growth rate above 1% for three consecutive months [2][3]. Group 2: Food Prices Impact - The rise in food prices was a significant factor contributing to the increase in CPI in November, with seasonal growth in food prices driving the year-on-year CPI growth [3]. - The impact of food prices on CPI shifted from a negative contribution of -0.54 percentage points in the previous month to a positive contribution of 0.04 percentage points in November [3]. Group 3: Economic Outlook - Analysts caution that the recent rise in CPI should not be oversimplified as a sign of economic recovery, as the supply-demand relationship indicates a significant imbalance with supply being forced to contract [4]. - The overall economic cycle is characterized by demand contraction leading to supply adjustments and declining economic growth, which further exacerbates demand contraction [4]. - The core CPI's upward trend suggests some improvement in domestic consumption demand, but the foundation for sustained improvement remains fragile, requiring ongoing policy support [4]. Group 4: Policy Implications - The adjustment of the CPI growth target from around 3% to 2% reflects a more realistic approach given the current economic conditions, aiming to avoid deflation [5]. - The lower CPI target is seen as a benchmark rather than a ceiling, indicating a policy effort to bridge the gap between nominal and real GDP growth [5]. - Looking ahead to 2026, maintaining stable price growth will remain a key macroeconomic policy goal, with various initiatives expected to support CPI recovery [5].

Core Viewpoint - The release of the commercial health insurance innovative drug directory addresses the issue of "can it be used" at the hospital level, but the "last mile" between high-priced innovative drugs and patients remains unconnected. To achieve seamless transformation from "policy text" to "patient benefit," three key barriers must be crossed [1][3]. Group 1: Release of the Directory - On December 7, 2025, the National Healthcare Security Administration officially released the first version of the "Commercial Health Insurance Innovative Drug Directory," incorporating 19 high-clinical-value, high-cost innovative drugs into the commercial health insurance payment framework for the first time at the national level [2]. - The directory includes 14 anti-tumor drugs (including all 5 CAR-T therapies available in China), 2 rare disease drugs, and 2 Alzheimer's disease new drugs, aligning with the current claims data of commercial health insurance, where malignant tumors are the most prevalent and costly disease area [2]. Group 2: Policy Support and Challenges - The commercial health insurance innovative drug directory is supported by policies that exempt the listed drugs from self-payment rate assessments, collection of alternative monitored varieties, and DRG payment scope, addressing the challenges hospitals face in using innovative drugs under cost control pressures [3]. - Despite the directory solving the "can it be used" issue, the connection between high-priced innovative drugs and patients still needs to be established, requiring standardization and universalization of the directory [3][4]. Group 3: Standardization and Payment Collaboration - The current directory serves as a guiding list rather than a mandatory coverage requirement for commercial insurance products, necessitating the promotion of core drugs in the directory as standard configurations in commercial health insurance, especially in inclusive "benefit insurance" products [4]. - The basic medical insurance market can leverage its large insured population to negotiate lower drug prices, but the fragmented nature of the commercial health insurance market poses challenges in forming a cohesive payment force to negotiate with pharmaceutical companies [4]. Group 4: Service Integration and Patient Experience - An ideal multi-tiered payment system should achieve seamless integration and instant settlement among basic medical insurance, commercial insurance, and patient out-of-pocket expenses, which currently requires patients to prepay and navigate complex claims processes [5]. - Commercial insurance accounts for only 7.7% of the overall payment for innovative drugs, indicating significant growth potential. Bridging the "last mile" between the 19 innovative drugs in the directory and patients requires coordinated efforts from government and market forces [5].

Core Viewpoint - The article emphasizes the importance of addressing data challenges in the medical imaging sector, which not only facilitates the revolutionary development of medical AI but also provides valuable experiences and models for AI applications across various industries [1]. Group 1: AI in Medical Imaging - The National Health Commission of China has set a timeline for the development of "AI + Healthcare," aiming for comprehensive coverage of intelligent diagnostic applications in primary care by 2030 [2]. - The AI medical imaging industry has matured, with major hospitals adopting AI products for diagnostic assistance [3]. - AI has significantly improved the efficiency of medical imaging diagnostics, reducing the time required for doctors to complete reports from approximately 30 minutes to 5-10 minutes, thus alleviating the workload of overburdened radiologists [5][6]. Group 2: Commercialization Challenges - Despite the substantial value created by AI in medical imaging, the industry faces a commercialization dilemma, with cumulative revenues projected to be less than 3 billion yuan from 2020 to 2024 [8]. - The low technical barriers and intense competition have led to a market where many companies offer similar products, often resorting to free trials to gain hospital access, which undermines profitability [9][10]. - Many hospitals, especially lower-tier ones, struggle with budget constraints, limiting their ability to invest in AI products, which further compresses the market potential [10]. Group 3: Future Potential of AI - To unlock greater potential, AI must enhance its value in medical imaging analysis, diagnosis, and treatment, which requires higher research and development barriers [12]. - Current AI models primarily based on Convolutional Neural Networks (CNN) have limitations in understanding complex medical images, while the introduction of Transformer models could significantly improve diagnostic capabilities [13][14]. - The integration of multi-modal data processing through Transformer models could lead to comprehensive clinical decision-making models, breaking down barriers between different types of medical data [14]. Group 4: Data Challenges - The transition from CNN to Transformer-based models presents significant data challenges, as training such models requires vast amounts of high-quality labeled data, which is difficult to obtain in the medical field due to privacy regulations [18][19]. - The complexity of multi-modal data integration further complicates the data landscape, necessitating extensive coordination and processing efforts [19]. - Addressing data issues is crucial for advancing AI in medical imaging, and companies that can establish robust capabilities in data collection, governance, and utilization will likely lead the next generation of medical AI [20].

陈鄂生视当下为新航海时代，工业企业的供需如何优化匹配， 供应链领域能否冲破数据孤岛，告别协同冲突等痛点，都成为 产业全球化发展的掣肘难题，而这却是京东工业远征的起点。 作者：钱方 封图：图片资料室 泰国首都曼谷往南10公里处的林查班港，是当地最大的集装箱港口，也是东南亚重要的物流枢 纽。陈鄂生与团队扎根于此设立了分公司，不远处还建起了一个1万平方米的大仓。 作为京东集团副总裁、京东工业国际业务的负责人，陈鄂生正在这里推动着一场关于工业供应链的 深刻变革。位于林查班港的办公室内，午后的阳光斜洒在桌上，窗外是这个国家正在加速搏动的工 业脉搏：在货轮来往与集装箱起落的繁忙景象中，不少中资企业在这里新建厂房，在机器的运转声 中，中国制造变为全球制造的故事正在发生。 陈鄂生视当下为新航海时代，工业企业的供需如何优化匹配，供应链领域能否冲破数据孤岛，告别 协同冲突等痛点，都成为产业全球化发展的掣肘难题，而这却是京东工业远征的起点。 作为京东集团旗下专注于工业供应链技术与服务业务的业务板块，京东工业试图为各行业工业企业 提供一套全链路的数智供应链解决方案。"让数据多流动，商品少跑动"是它对客户的服务理念和 目标承诺。采用数 ...

在特朗普政府看来，推动俄乌和平，可以稳定欧洲经济、防止 战争意外升级或扩大，同时可以为战后乌克兰的重建创造条 件，使其得以作为一个具备生命力的国家存续发展。这既符合 美国的利益，也符合欧洲的利益。 作者：王义伟 封图：东方IC 俄乌和平进程正艰难推进中。 12月4日至6日，美国和乌克兰的代表在美国佛罗里达州举行了新一轮会谈。双方讨论的焦点是领 土和安全保障问题。 与以往历届美国政府包括特朗普1.0时期的报告截然不同的是，此次美国出台的《国家安全战略》 报告，在某种程度上是一份诊断报告。报告深入剖析了美国走过的弯路，也剖析了欧洲之所以"坠 落"的原因。 报告列出了一个数据，用以证明欧洲坠落了。"欧洲大陆在全球GDP中的占比持续下降——从 1990年的25%降至如今的14%（Continental Europe has been losing share of global GDP —down from 25 percent in 1990 to 14 percent today）。" 造成欧洲坠落的原因，有两个。 一个是制度原因。报告说："（欧洲的）少数派政府本身根基不稳，且往往通过践踏民主基本原则 来压制反对 ...