博世商用车集团锚定"扎根中国、顺势而为、价值共创"三大核 心理念。 作者：闻涛 封图：图片资料室 12月5日，在博世氢动力（重庆）有限公司，博世商用车集团举办了媒体开放日活动，会上发布了 全新升级的战略和全栈技术解决方案。博世氢动力（重庆）有限公司，这一地处中国西南的氢能基 地，成为博世商用车集团应对行业大变局的一个注脚：商用车的未来，将是多元动力并存的局面， 氢能是博世全栈技术解决方案中的一环。 当前，整个汽车行业都在朝着新能源化、智能化、全球化的方向转变，以营运作为主要使用场景的 商用车也不例外。尤其是近两年间，商用车的新能源化以肉眼可见的速度爆发，其新能源渗透率已 从个位数飙升至30%。如此急剧的变化，无论对主机厂还是供应商而言，都构成巨大的挑战和机 遇。 博世商用车集团意识到，一场深刻的系统性变革已经到来，需要重构技术体系，以更全面而灵活的 解决方案满足客户迫切的转型需求。另外，需要在本土化方面继续深入，与中国伙伴创新合作方 式，如此才能跟上中国市场的快节奏。 2024年初，博世全面整合旗下汽车业务成立博世智能出行集团，随后该集团旗下又成立了商用车 集团。这是博世发展史上一次重要的组织机制变革，对于汽 ...

Core Viewpoint - The recent adjustments to the national basic medical insurance directory and the introduction of the commercial insurance innovative drug directory mark significant steps towards enhancing access to innovative treatments in China, particularly for high-cost therapies like CAR-T drugs [2][6]. Summary by Sections National Basic Medical Insurance Directory Adjustments - A total of 114 new drugs were added to the basic medical insurance directory, including 50 first-class innovative drugs [2]. - The total number of drugs in the basic medical insurance directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3]. - New inclusions cover various fields such as oncology, chronic diseases, mental health, and pediatric medications, with several rare disease treatments also added [3]. Commercial Insurance Innovative Drug Directory - The commercial insurance innovative drug directory aims to include high-innovation drugs that exceed the basic insurance scope but offer significant clinical value and patient benefits [6]. - A total of 121 drugs underwent formal review for the commercial insurance directory, with 24 entering price negotiation, ultimately resulting in 19 drugs from 18 companies being included [6]. - Notable inclusions are five CAR-T therapies, which previously cost over one million yuan per injection, making them unaffordable for many patients [6]. Performance of Pharmaceutical Companies - Several leading pharmaceutical companies have reported their successes in the 2025 national medical insurance negotiations, with Heng Rui Pharmaceutical having 20 drugs included, contributing 7.554 billion yuan to their total revenue [5]. - Innovent Biologics announced that 7 of its new drugs were included in the updated national medical insurance directory, with 12 of its 17 innovative drugs now covered [5]. Specific Drug Inclusions - The directory includes drugs for Alzheimer's disease, such as the monoclonal antibodies from Eisai and Eli Lilly, and several rare disease treatments [7]. - Some high-profile drugs, like Novo Nordisk's semaglutide and Bristol-Myers Squibb's nivolumab, were not included despite passing the formal review [8]. Implementation Timeline - The new directory is set to be officially implemented nationwide on January 1, 2026 [9].

经济观察报观察家 . 理性，建设性 如果说九年前的《疯狂动物城》讲的是零重力空间中"不同也 可和谐相处"的"道"，如今的《疯狂动物城2》则细细讨论， 在"即使拼劲全力试图和谐相处，但不同始终存在"这一现实重 力 之 下 ， 如 何 实 现 " 和 而 不 同 " 的 " 道 " 。 通 俗 点 说 ， 一 句 话，"相爱容易，相处太难"。 作者：李佩珊 封图：东方IC 九年了，风靡全球的动画电影《疯狂动物城》将结尾完美地停在狐尼克在警察学校受训毕业、加入 动物城警局、与兔朱迪成为拍档的"Happy Ending"。这只嘴角始终挂着三分讥笑、七分宠溺的狐 狸，从此秒杀迪士尼动画电影宇宙中的一众人类王子，稳坐"迪士尼最蛊王子"的宝座。 是的，在我们终将明白"童话里都是骗人的""我不是你的王子（公主）"之前，迪士尼动画电影宇 宙的沉浸感，正源于那个"公主与王子幸福地生活在一起"的"古早嗑（CP）学"配方。直到2013 年，一部《冰雪奇缘》横空出世，我们才知道，完美童话故事的结局不一定需要王子的一个吻作为 前提，仅靠两位公主姐妹的携手同心，也可以拯救世界；而在《疯狂动物城》中，迪士尼则 将"CP"概念进一步更新换代： ...

新一轮国资国企改革，因数据的注入而增添了新内涵。数据要 素"国家队"的进场，不仅在于挖掘自身金矿，更要以数据流通 穿 透 产 业 链 壁 垒 。 随 着 试 点 发 令 枪 响 ， 一 场 以 数 据 为 牵 引 的"新勘探"在能源电力、交通物流、装备制造等多个重点行业 同步掀起。 作者：王雅洁 封图：本报资料室 临近2025年岁末，国家石油天然气管网集团有限公司（下称"国家管网"）内部，一系列围绕数据 的会议密集召开。会议的焦点，从传统的管道压力、输气量，转向了如何将国家管网运营五年来积 累的超过100亿条核心数据，更安全、更高效地"用起来"，乃至"交易出去"。 这些会议，是为可能即将签署的数据合作开发协议铺路。国家管网运营的全国"油气一张网"，不 仅是物理的能源动脉，也是汇集了生产、运输、交易、设备状态等海量信息的"数据一张网"。当 下的任务，是思考如何让这些"硬设施"里的数据实现"软联通"，以打破市场壁垒，激活产业链。 行动的紧迫感，源于一项顶层设计的落地。2025年11月25日，国家数据局与国务院国资委联合启 动"国有企业数据资源开发利用试点工作"。试点工作明确了国家管网、中国移动、国机集团、中 国汽 ...

经济观察报记者采访多位FOF基金经理获悉，FOF产品发行放 量与规模逼近历史高位，是市场环境演进和居民理财结构变迁 的选择，其背后是政策红利、市场环境变化与投资者需求升级 的三重共振。 作者：陈姗 封图：图虫创意 12月3日，财通资管、景顺长城基金、财通基金旗下3只FOF（基金中的基金）同时官宣基金合同 生效。另据Wind数据统计，12月5日，包括华商基金、国联基金、宏利基金等7家基金公司的7只混 合型FOF基金正在发行。进入第四季度，公募FOF发行市场显著升温，首发"爆款"频现，市场规模 持续攀升。 Wind数据显示，2025年7月以来，公募FOF总规模已连续5个月实现正增长。截至12月5日，全市场 共有FOF产品538只，资产净值合计达到2316.11亿元，整体规模已超过2021年末水平，接近2022 年初2339.62亿元的历史高位。今年以来，成立规模在20亿元以上的FOF已有13只，其中有7只成 立于第四季度。 以认购起始日统计，截至12月5日，今年以来共有78只FOF发行，去年同期仅为29只。今年第四季 度以来，共有37只FOF发行，其中12月份以来已有10只FOF宣告发售。 经济观察报记者采访多位 ...

二手车新政不是简单的"收紧"，而是"升级+换道超车"。中 东、非洲等海外市场对二手车的需求很大，中国二手车有机会 取代日本，成为非洲第一大二手车出口国。 作者： 周信 封图：图虫创意 "现在很多二手车资源商想在12月31日之前买一批车，再做登记转让出口的手续。"河北的二手车 商王斌说，因为在明年1月1日前，已经做完登记手续的车辆，还可以正常申领出口许可证。 二手车商囤积新车与近期出台的二手车出口新政策有关。2025年11月11日，商务部、工业和信息 化部、公安部、海关总署联合发布《关于进一步加强二手车出口管理工作的通知》（下称《通 知》），严控新车以二手车的名义出口。 将新车以二手车名义出口，是近两年汽车出口中的潜规则，大量的"零公里二手车"被销往海 外。"根据新政，未来能做零公里新车出口的，除了主机厂就是它的'亲儿子'(车企授权出口 商)。"王斌说，所以大部分做二手车出口贸易的车商，只能老老实实地做真正的二手车，目前屯车 的做法并非正解。 "2025年可以说是中国二手车出海的元年。"河北二手车商刘华认为，一方面，未来新车回归主机 厂和授权经销商体系，"零公里二手车"乱象会逐渐消失；另一方面，新政将促使车企和 ...

Core Viewpoint - The domestic chip industry in China is undergoing significant transformation, moving from a perception of being "stuck" or "ineffective" to showcasing advancements and capabilities by 2025 [1][3]. Group 1: Consumer Electronics and Automotive - The gaming performance of domestic processors is improving, with the Haiguang C86 processor achieving frame rates of nearly 200 and 300 for major games, indicating readiness for high-performance gaming [2][3]. - The Haiguang C86 processor, featured in the "Black Warrior·Hunting Blade Pro" gaming PC, has a base frequency of 2.8GHz and supports PCIe 5.0, demonstrating its capability to handle high-load tasks [5][6]. - The GAC Aopao GT "Climbing Edition" achieved 100% domestic chip design, utilizing the RK3588M chip for its intelligent cockpit, showcasing the reliability and performance of domestic chips in high-end vehicles [12][13]. Group 2: Storage and Memory Chips - Changxin Storage launched DDR5 products with speeds up to 8000Mbps, marking a significant advancement for domestic manufacturers in the high-end memory market [9][10]. - The introduction of DDR5 technology represents a leap from DDR4, with performance improvements and the ability to address high-frequency signal interference [10][11]. - Longjiang Storage's TiPlus7100s SSD achieved read speeds of 7400MB/s and write speeds of 6900MB/s, indicating competitive performance against international brands [11]. Group 3: AI and Computing Power - The exit of international giants from the AI chip market has created opportunities for domestic companies, with Cambrian Technologies reporting a 1332.52% year-on-year revenue increase in Q3 2025 [15][16]. - Domestic firms are adopting "super node" technology to enhance computing power by integrating multiple AI acceleration cards into a single cabinet, addressing performance bottlenecks in large model training [17][18]. - The demand for storage has shifted from being a cost component to a strategic asset, with significant implications for the supply chain and market dynamics [18][19]. Group 4: Semiconductor Manufacturing and Equipment - Domestic companies are making strides in semiconductor manufacturing equipment, with the shipment of a 350nm lithography machine that supports the production of power devices and RF chips [23][24]. - The development of high-speed oscilloscopes and EDA tools is filling critical gaps in the chip design and testing process, enhancing the capabilities of domestic semiconductor firms [25][26]. - The Chinese semiconductor industry is transitioning from "point breakthroughs" to "chain collaboration," indicating a shift towards more integrated and cooperative development efforts [20][27].

随着隆基绿能正式宣布进军储能，经济观察报不完全统计，光 伏组件领域的顶级玩家已悉数落子储能赛道，寻求破局与增 长。 作者：蔡越坤 封图：图虫创意 在新能源行业工作超过15年的刘锦通，2025年最直观的感受就是"储能"两个字被提到的频率陡 增。 他举例称，阳光电源（300274.SZ）的工作人员，以前推销并网逆变器，现在可能主要推荐储能 解决方案。这是他当下拜访客户时普遍遇到的情况。 刘锦通是河南爱丽新能源科技股份有限公司总经理。今年以来，他明显察觉到光伏头部组件环节持 续内卷，盈利预期不佳。光伏企业希望"东方不亮西方亮"，借储能订单的业绩爆发，缓解年度经 营压力。 在行业"内卷"与业绩煎熬的情况下，储能赛道成为头部组件巨头们不约而同选择的方 向。 2025年11月，天合光能（688599.SH）在海外签下GWh（吉瓦时）级储能项目，展现出典型 的"光伏+储能"联动打法。 2025年11月26日，隆基绿能（601012.SH）在英国伦敦首次向外界阐述其储能战略，正式宣布 进军储能领域，推出隆基储能一站式解决方案。隆基绿能集团副总裁佘海峰首次提出以光伏、储 能、氢能为核心的"稳定三角"能源架构。 佘海峰说，光伏是 ...

Core Viewpoint - The dispute between BAIC Group and Beijing Automotive Manufacturing Factory over the "BAIC" brand highlights that the division of a company is not merely resolved through a share transfer agreement, as the definition of intangible brand heritage can lead to more complex and enduring challenges [2][4]. Group 1: Background of the Dispute - BAIC Manufacturing was established in 1951 and became a significant player in China's automotive industry, with the "BAIC" brand gaining national recognition through the production of the BJ212 off-road vehicle in 1965 [4]. - In 2015, BAIC Group transferred 51% of BAIC Manufacturing's shares to a private entity, leading to BAIC Manufacturing becoming a private company [5]. - Following the share transfer, BAIC Manufacturing began to emphasize its historical connection to the "BAIC" brand, which led to tensions with BAIC Group [7]. Group 2: Legal Proceedings - Since 2021, BAIC Group has filed multiple lawsuits against BAIC Manufacturing for trademark infringement, claiming that BAIC Manufacturing has used the "Beijing" trademark without authorization [8]. - The court ruled in favor of BAIC Group, recognizing the brand's established market presence and the potential for consumer confusion [9]. - The lengthy duration of the legal proceedings is attributed to the extensive evidence required in trademark and unfair competition cases [9]. Group 3: Future Implications - BAIC Manufacturing has appealed the first-instance ruling, indicating that the legal battle is far from over [11]. - Experts suggest that companies should prioritize the clear delineation and protection of intangible assets during asset restructuring or divestiture to avoid similar disputes in the future [11][12]. - The case serves as a reminder for companies to include detailed contractual terms regarding the use of brand names and trademarks in share transfer agreements to prevent future conflicts [12].

上海国际信托凭借在公益慈善、金融惠民及行业责任领域的扎 实实践与创新突破，成功斩获"社会责任领航企业"荣誉，成为 信托行业践行社会责任的标杆代表。 作者：李默 黄金新政背后的产业链变局 被网络烂梗包围的小学生 由《经济观察报》主办的2024-2025年度"受尊敬企业"年会在北京香格里拉大饭店隆重举办。本 次年会以"智创未来，向新而行"为主题，聚焦企业高质量发展与社会责任深度融合，经过大众评 审与专家评审的多维度严苛考核， 上海信托凭借在公益慈善、金融惠民及行业责任领域的扎实实 践与创新突破，成功斩获"社会责任领航企业"荣誉，成为信托行业践行社会责任的标杆代表。 作为国内极具权威性的企业评选活动之一，本次"受尊敬企业"评选围绕优质运营、创新突破、社 会贡献、公众信赖、年度影响五大核心指标，旨在发掘对经济发展、民生改善、行业进步具有突出 贡献的企业典范。年会特设"责任之路"核心环节，集中展示企业社会责任实践成果与创新模式， 上海信托的获奖，既是对其40余年坚守"金融为民、信托向善"核心理念的高度认可，也彰显了行 业与社会对信托机构以专业能力赋能社会发展的价值肯定。 在社会责任实践中，上海信托构建了特色鲜明的责任体 ...