任何一项触及利益与观念重塑的制度变革，都会伴随争议。行 业对《指引》的某些条款也有疑虑。消除疑虑，既需要持续的 专业沟通，阐明设计的底层逻辑与配套安排，更需要市场在实 践中逐步验证规则的效果。 作者：洪小棠 封图：图虫创意 日前，中国证券投资基金业协会修订形成的《基金管理公司绩效考核管理指引（征求意见稿）》 （下称《指引》），已下发至各公募机构。这份文件引发业内思考：它将如何重塑规模36万亿、 涉及超7亿基民的资产管理行业的价值逻辑？ 其三，在严格约束的同时，也为差异化留出空间。《指引》并没有对所有岗位"一刀切"。对基金 经理的考核聚焦业绩与基准偏离；对固收投资强化信用与流动性管理，以及《指引》中新增的也是 讨论热度较高的对销售部门的考核，则突出客户盈亏。这都体现了监管的精细化考量。 然而，专业的制度设计仍需直面现实的复杂性。业界的核心关切在于：销售人员如何能对不可控的 客户择时负责？基金经理为规避严厉的惩罚，是否会走向策略的极度保守或者抱团投资，反而损害 市场活力和投资者长期回报？薪酬惩罚制度是否促使能人转向私募基金？这些担忧，触及了规则在 执行中可能面临的深层博弈。 《指引》对销售人员考核的意图在于，推动 ...

Core Insights - Pfizer has entered into a licensing agreement with Chinese company YaoYao Pharmaceutical for the development of a GLP-1 receptor agonist, indicating a strategic move to expand its portfolio in the obesity treatment market, which includes both human and animal applications [2][3][4]. Group 1: Licensing Agreement Details - The agreement grants Pfizer exclusive global rights for the development, use, production, and commercialization of the GLP-1 drug [3]. - Pfizer will pay an upfront fee of $150 million, milestone payments totaling $350 million, and up to $1.585 billion in sales milestone payments, bringing the total potential deal value to $2.085 billion [3]. - This deal aligns with similar licensing agreements in the GLP-1 space, which have also seen total transaction values around $2 billion [3]. Group 2: Market Context and Trends - GLP-1 drugs are currently among the top-selling medications for diabetes and obesity, with significant market potential due to the rising prevalence of obesity [3]. - In the U.S., 61% of cats and 59% of dogs are reported to be overweight or obese, highlighting a substantial market for veterinary applications of GLP-1 drugs [4][5]. - The global pet population exceeds 1 billion, indicating a large potential market for animal health products, including obesity treatments [4]. Group 3: Historical Context and Future Prospects - Pfizer has faced challenges in developing its own GLP-1 drugs, having terminated three oral GLP-1 candidates and only one currently in clinical II phase [4]. - The company previously launched an animal obesity drug, Dirlotapide, which was withdrawn due to adverse effects, but is now exploring the potential of GLP-1 drugs for treating pet diabetes and other conditions [5][6]. - The veterinary market for GLP-1 drugs is being explored by other companies, such as Okava, which is conducting clinical trials for a GLP-1 drug aimed at pets [5].

Core Viewpoint - The establishment of the "Silicon Material Storage Platform" aims to stabilize and increase the price of silicon materials in the photovoltaic industry, targeting a price above 60,000 yuan per ton, as current prices have risen to around 50,000 yuan per ton from 30,000-40,000 yuan per ton earlier this year [1][4]. Group 1 - The current price of photovoltaic silicon materials is stable at around 50,000 yuan per ton, which is an increase from the earlier range of 30,000-40,000 yuan per ton [1][4]. - A few companies are already able to achieve profitability at the current price level [1]. - The long-term goal of the "Silicon Material Storage Platform" is to raise silicon material prices to above 60,000 yuan per ton [1][4]. Group 2 - An electronic business license for "Beijing Guanghe Qiancheng Technology Co., Ltd." was circulated in the photovoltaic industry, indicating its registration with a capital of 3 billion yuan [2]. - The company is a joint venture and aims to explore strategic cooperation opportunities within the photovoltaic industry, such as technology upgrades and market expansion [3]. - The establishment of the "Silicon Material Storage Platform" is a response to the excessive competition and high inventory levels in the industry, aiming to unify the acquisition and management of existing silicon material capacities [3]. Group 3 - Liu Hanyuan, chairman of Tongwei Group, likened the "Silicon Material Storage" to a control valve for water supply, which can balance demand and stabilize product prices for healthy industry development [3]. - There have been rumors about the status of the "Silicon Material Storage Platform," but no official information has been disclosed [4]. - GCL-Poly Energy announced a strategic cooperation agreement with a Middle Eastern sovereign fund, raising 5.446 billion HKD for supply-side reforms and structural adjustments in polysilicon capacity [4]. Group 4 - The leader of Guanghe Qiancheng, Hou Yicong, is not from the photovoltaic industry but is an expert in mergers and acquisitions, with extensive experience in project management and investment [5]. - Spring Capital, which established Guanghe Qiancheng, claims to provide professional post-investment management consulting services for equity investment institutions [5].

Core Viewpoint - The introduction of the commercial insurance innovative drug directory will create a win-win situation for patients, insurance companies, and hospitals, allowing patients access to innovative drugs, insurance companies to benefit from discounts, and hospitals to enhance their diagnostic capabilities and influence [1][7]. Summary by Sections Commercial Insurance Directory Release - On December 7, the National Medical Insurance Administration released the adjusted national basic medical insurance directory and the first version of the commercial insurance innovative drug directory, adding 114 new drugs to the basic insurance directory and 19 drugs to the commercial insurance directory [2]. Support for Innovation - The National Medical Insurance Administration aims to clarify the boundaries of basic medical insurance coverage and leave room for the development of commercial insurance, focusing on supporting true and differentiated innovations rather than redundant innovations [3][15]. Drug Selection Criteria - The drugs included in the commercial insurance directory are characterized by high innovation, significant clinical value, non-replaceability by existing basic insurance drugs, and strong insurability [6][11]. Market Dynamics - The commercial insurance directory is expected to provide coverage primarily for high-cost treatments after second and third-line therapies, indicating that it is designed to supplement existing basic insurance rather than simply overlap with it [7][10]. Insurance Product Development - Insurance companies are encouraged to design products that align with the commercial insurance directory, focusing on specific populations and innovative drugs [8][10]. Challenges and Considerations - The main challenges for commercial insurance include improving the efficiency of claims processing, ensuring that products cover truly innovative drugs, and addressing the potential issue of adverse selection if sick individuals are more inclined to purchase insurance [12][13]. Future Outlook - The commercial insurance directory is expected to officially launch on January 1, 2026, with insurance companies likely to introduce corresponding products shortly thereafter [10][12]. Regulatory Support - The National Medical Insurance Administration is committed to supporting true innovation and has implemented stricter evaluation criteria for new drugs, resulting in a lower approval rate for submissions [16][18]. Financial Impact - As of October 2025, the medical insurance fund has paid over 460 billion yuan for negotiated drugs, benefiting over 1 billion patients and driving related sales exceeding 670 billion yuan, demonstrating substantial financial support for the development of innovative drugs [18].

许多投资者选择将资金托付于此，主要不是源于高收益，而是 考虑该中心的"国资背景"。早在2013年成立之初，浙金中心 这家平台便以"政府指导、市场化运作"为定位，股权结构主要 由国资主导。 作者：蔡越坤 封图：图虫创意 自2025年11月28日起，通过浙江金融资产交易中心（现已更名为"浙江浙金资产运营股份有限公 司"，下称"浙金中心"）购买金融产品的数百位投资者，陆续面临产品到期无法兑付的情况。此次 涉及违约的产品大多由浙江"祥源系"企业发行并提供担保。 浙金中心多款产品的收益率集中在4.6%至5%之间，这一水平并不具备特别高的吸引力。许多投 资者选择将资金托付于此，主要不是源于高收益，而是考虑该中心的"国资背景"。早在2013年成 立之初，浙金中心这家平台便以"政府指导、市场化运作"为定位，股权结构主要由国资主导。 浙金中心的案例并非孤例。它揭示了一种投资者普遍存在的误区："把国资"股东背景与产品安全 直接画等号。 为何不能仅凭"国资"股东背景做判断？ 首先，股东责任有限，不等于产品无限兜底。即便企业拥有国资股东，也通常作为独立法人运营， 股东仅以出资为限承担责任。国资参股甚至控股，并不意味着该企业发行的每一 ...

田轩认为，金融的核心定位应从资金供给者跃升为价值共创的 生态构建者，不再局限于信贷支持与资本撮合，而是深度参与 产业创新链条的孵化与整合。关键差异在于服务逻辑的根本转 变。 作者：杜涛 封图：图虫创意 新质生产力是由技术革命性突破、生产要素创新性配置、产业深度转型升级而催生的先进生产力， 通过劳动者、劳动资料、劳动对象及其优化组合的质变实现全要素生产率的提升。新质生产力代表 了先进生产力的演进方向，适应科技革命和产业变革发展要求，以科技创新为核心驱动力，能够引 领创造强大的发展动能。 新质生产力的培育与壮大并非建立在孤立的技术突破或产业升级上，而是需要金融体系作为"血 脉"提供系统性支撑，每一个环节都离不开金融资源的精准对接与高效配置。 经济观察报记者就金融如何赋能新质生产力等相关内容专访了清华大学国家金融研究院院长、清华 大学五道口金融学院副院长田轩。 田轩认为，金融的核心定位应从资金供给者跃升为价值共创的生态构建者，不再局限于信贷支持与 资本撮合，而是深度参与产业创新链条的孵化与整合。关键差异在于服务逻辑的根本转变。传统模 式聚焦于抵押物评估与财务指标审核，以风险规避为导向；而赋能新质生产力的金融则要求其 ...

今年的碳板风吹进了小学生群体。但很多人购买之后才知道， 碳板鞋不适合小学生长期穿着。 作者：郑淯心 封图：图虫创意 遇到"小学生不能穿碳板鞋""不要给孩子买碳板鞋"等标题的短视频，林杨会马上划走；看到博主 测评新款碳板鞋的视频，他却会反复观看。 林杨是广州一名四年级的小学生。他在自己拍摄的李宁飞电4C、赤兔7pro测评视频中多次提到， 碳板鞋穿久了会脚疼、膝盖疼，还容易崴脚，但这并不妨碍他对碳板鞋的热爱。视频中，他更多会 谈论一双鞋的䨻、EVA、追速曲线等科技。 林杨的母亲说，小孩哥会自动屏蔽负面信息。但就在今年3月，在连续穿了2个月碳板跑鞋后，腿 疼的林杨进行了为期一个月的康复治疗。 林杨不是个例。中国医学科学院整形外科医院副主任医师吴刚接触过众多穿碳板鞋受伤的青少年案 例。他与相关协会及运动品牌工程师深入交流后了解到，碳板跑鞋研发设计的初衷是助力有一定基 础的跑者提升中长跑成绩。但现实中，不少孩子因觉得好玩、时髦而购买并长期穿着碳板跑鞋，这 并不符合其设计初衷。 为此，吴刚拍了视频发在小红书上，强调碳板跑鞋应严格限定在中长跑时穿着，其余时间应穿正常 鞋子，以免给自己造成不必要的伤害。 深圳一家碳纤维材料公 ...

理想状态下的AI手机，应该是底层硬件、操作系统与上层应用的无缝融合，带给用户如人类般思考 和行动的体验。但现实中，商业利益的互斥正在构筑更高的数字壁垒，这无疑割裂了用户体验。 未来的AI手机，到底会诞生在硅谷的聚光灯下，还是会孕育在 长三角或珠三角的实验室里？谁也不知道，但现在一定是创新 迸发的关键时刻。要实现这一愿景，需要国内软件大厂的进 取、国产硬件厂商的突围，更需要各方一起开放竞争、协同合 作。 作者： 陈白 封图：图虫创意 对中国手机厂商而言，即将到来的2026年，或许将成为智能手机普及以来最为艰难，却也最具决 定性的一年。 12月1日，字节跳动旗下的豆包宣布上线手机助手，试图重塑人机交互逻辑。这被视为软件厂商向 AI（人工智能）手机领域进军。AI手机是继智能机之后的又一次代际革命，这已是市场共识。但在 AI概念尚未完全落地之时，软硬件厂商围绕"入口"的争夺战已经提前打响。 AI的"iPhone时刻"未来会出现在软件公司还是在硬件厂商，现在谁也没有答案。 先来看硬件领域。在这个赛道上，中国手机厂商拥有不可忽视的比较优势。市场研究机构IDC数据 显示，2024年中国手机企业在全球的总出货量占比已超过半数 ...

《疯狂动物城2》是一部属于后全球化时代的成人童话，它或 许失去了第一部那种一鸣惊人的冲击力，但却获得了更厚重、 更复杂、更贴合当下精神境遇的共鸣力。它标志着我们从梦想 着"改变世界"的激昂青年，成长为深知世界之复杂却仍决心在 其中认真生活、并照顾好彼此的一代人。 作者：白鲤 封图：电影剧照 2016年春，传媒娱乐巨头迪士尼推出动画电影《疯狂动物城》，电影一经上映，便以其奇观式的 动物城呈现、惊险刺激的剧情、兔子狐狸讨喜的CP设定、追梦与抗争的普世主题等，在全球收获 了一众拥趸。 时隔9年，那首为兔子朱迪量身定做的美国梦歌曲《Try Everything》还在耳畔回荡，《疯狂动物 城2》归来，再次以风卷残云之势引爆全球。只不过，当初昂扬高歌，通过个体努力可以改变一切 的"Try Everything"式的时代乐观精神已经消失不见，取而代之的是"蛇没有肩膀"。前者鼓吹 的"扛起一切"变成后者的"不必为问题负责"，重担卸下，使命抛弃，顺其自然，换算成今天颇流 行的话语，则是佛系和躺平。 自然，佛系和躺平并非个人英雄主义消退后的拒绝接受使命，而是认识到系统复杂性与个人局限性 后的战略性松弛。但其中主题的转变，反映了当 ...

Core Viewpoint - Ele.me has rebranded to "Taobao Flash Purchase," marking a strategic upgrade in Alibaba's integration of instant retail business to adapt to market changes and consumer trends [3][4]. Group 1: Brand Transformation and Market Strategy - The rebranding signifies the birth of a new large consumption platform, enhancing consumer convenience and expanding merchant opportunities [3]. - This move is seen as a proactive upgrade to align with changing consumer trends and is expected to bring about significant changes in the commercial paradigm and market structure [4][6]. Group 2: Instant Retail Growth and Market Potential - The instant retail sector is experiencing rapid growth, with projections indicating a market size of 7.81 trillion yuan in 2024, a 20.15% increase year-on-year, and expected to exceed 10 trillion yuan by 2026 [4]. - The focus of competition in instant retail is shifting from broad subsidies to supply chain efficiency and user experience, with Taobao Flash Purchase positioned to leverage this trend [4][5]. Group 3: Competitive Advantages of Taobao Flash Purchase - Taobao Flash Purchase benefits from Alibaba's extensive ecosystem, including a vast user base, a comprehensive product range, and a well-established instant delivery network [5]. - The platform's integration allows for a seamless transition between long-distance e-commerce and local retail, creating a unique competitive edge that is difficult for other platforms to replicate [5]. Group 4: Performance Metrics and User Engagement - In August, Taobao Flash Purchase achieved a peak daily order volume of 120 million, with a 200% increase in monthly active buyers compared to April [8]. - The platform has significantly boosted user engagement on Taobao, contributing to a 20% increase in daily active users in August [8]. Group 5: Future Outlook and Strategic Goals - Alibaba aims to create a one-stop consumption platform that meets the diverse needs of 1 billion consumers, with a long-term goal of achieving a transaction volume of 1 trillion yuan within three years [9]. - The integration of AI and cloud technology is expected to enhance the platform's capabilities, positioning it as a key player in the evolving landscape of large-scale consumption [9][10].