孙燕出生于1929年，1956年毕业于北京协和医学院，同年在北京协和医院参加工作，1959年进入中国医学科学院肿瘤医院工作，曾担任内科主任、 新药临床研究中心主任等职。1999年当选中国工程院院士。 孙燕是中国肿瘤内科治疗的创始人和开拓者之一。作为学科开创者，他引领了中国肿瘤内科从无到有的发展。他率先倡导综合治疗理念，在国内率先开 展新药研发与临床转化，并积极探索中西医结合防治路径。他曾获国家科学技术进步奖一等奖、全国卫生健康系统先进工作者、中国医师奖等奖励或荣 誉。 孙燕率先倡导肿瘤综合治疗理念，主持临床试验近80余项，培养肿瘤内科人才千余人。他参与开发包括N-甲酰溶肉瘤素、埃克替尼、榄香烯注射液、 重组人血管内皮抑素等在内的30多种新药，其中，埃克替尼是中国首个具有完全自主知识产权的小分子靶向抗癌药。他开发的贞芪扶正系列产品多年 来畅销国内外，并促进了当地药业的发展，使定西这一"苦甲天下"的地区脱贫，他也因此入选2012年"感动甘肃"的代表。 孙燕逝世后，肿瘤医生、肿瘤行业从业者纷纷在社交媒体发文纪念。 孙燕是中国肿瘤内科治疗的创始人和开拓者之一。孙燕逝世 后，肿瘤医生、肿瘤行业从业者纷纷在社交媒体发文纪 ...

当市场仍在惊叹国际金价逼近5000美元/盎司关口、距离多家投行陆续上调后的目标值仅一步之 遥时，黄金以一个月级别的两位数涨幅并在高位维持相对有限的回撤，给出了更直白的表达——这 轮行情的主线，已不再是利率能解释的世界。 与之对应，金银比（黄金与白银的价格比例）一度跌破 50，最低约48—49，触及2011年以来的 低位区间。金银比的快速下行往往意味着贵金属内部相对价格出现偏离，一旦进入极端区域，均值 回归或迟或早，只是路径未必温和，更可能以非线性方式完成修复。 白银的表现更像交易属性的极致化。市场体量更小、波动更大、叙事更复杂，使得白银既能跟随黄 金的"避险和储备逻辑"，又能叠加"工业与科技需求"的故事线，从而在情绪与资金共振时形成更 陡峭的加速上涨曲线。数据显示，白银在1月中下旬冲击100美元关口，26日盘中摸高至108美 元，当月涨幅逾40%。 在如此涨势下，资金行为却呈现追高配置的特征。数据显示，部分黄金ETF（交易型开放式指数证 券投资基金） 在高位继续增持。例如，1月23日，全球最大黄金ETF——SPDR Gold Shares （GLD）单日增加6.87吨，总持仓升至1086.53吨。 金银比走向 ...

Core Insights - The article discusses the challenges and strategies of various restaurant brands in achieving growth in 2025 amidst a difficult economic environment for the food and beverage industry [2][3]. Group 1: Industry Overview - In 2025, the total revenue of the restaurant industry reached 57,982 billion yuan, with a year-on-year growth of 3.2%, surpassing the growth rates of retail sales and social consumer goods [2]. - Approximately two-thirds of surveyed restaurant companies reported a decline in revenue for 2025, primarily due to reduced customer traffic and lower average spending per customer [2]. - The closure rate of small restaurant chains increased significantly, with a 34% closure rate within a year for single-unit restaurants [2]. Group 2: Successful Strategies - Some restaurant brands managed to achieve growth by innovating store formats, expanding service scenarios, and avoiding blind expansion [3]. - Xiao Diao Li Tang increased its revenue by 12.5% through the introduction of "satellite stores" designed for delivery, which are smaller and require lower investment [4][5]. - Nanchengxiang reduced its store count from over 200 to 191 but doubled its net profit, emphasizing a strategy of closing unprofitable locations and focusing on quality customers [9][10]. Group 3: Brand-Specific Strategies - Xiao Diao Li Tang's satellite stores focus on a simplified menu and efficient delivery, achieving a stable average spending of 30-35 yuan per customer [6]. - Nanchengxiang's strategy involved closing low-performing stores and implementing a "back-to-back" model to reduce internal competition while enhancing profitability [9][10]. - Wild Man Mr. Ice Cream emphasizes the emotional value of its products, creating unique customer experiences that resonate with consumers' emotional needs [11][12]. Group 4: Future Plans - Xiao Diao Li Tang plans to open 10-15 more satellite stores in 2026, exploring a hybrid model of small dining and delivery [6]. - Nanchengxiang intends to invest 100 million yuan in store renovations and product development rather than aggressive expansion [10]. - Red Star Forward aims to expand its cake business, which has shown significant growth, by opening smaller stores closer to communities [18][19].

Core Viewpoint - The photovoltaic industry is undergoing a brutal survival elimination race and a deep restructuring of the industrial pattern, with the next phase expected to be redefined after this intense reshuffle [2][4]. Group 1: Industry Performance and Losses - In 2025, major companies in the photovoltaic sector are expected to report significant losses, with JinkoSolar forecasting a net loss of 5.9 billion to 6.9 billion yuan, Trina Solar predicting a loss of 6.5 billion to 7.5 billion yuan, and Tongwei expecting a loss of 9 billion to 10 billion yuan [2][6]. - The total expected losses from leading companies amount to hundreds of billions, indicating that the photovoltaic industry is still mired in a loss-making situation [2][5]. - The industry has shifted from a phase of rapid expansion to a deep adjustment period, with companies generally operating at a loss to maintain operations, severely squeezing overall profitability [7][12]. Group 2: Causes of the Crisis - The root cause of the current industry crisis is attributed to aggressive expansion in the past, leading to severe structural oversupply and intense price competition [3][6]. - The prices of key materials such as silicon have plummeted from 300,000 yuan per ton in 2022 to around 55,000 yuan per ton, while silver prices have nearly doubled in recent months, further exacerbating the challenges faced by companies [4][10]. Group 3: Strategic Responses and Industry Restructuring - In response to the crisis, leading companies are turning to mergers and acquisitions to strengthen competitiveness or are extending into related fields such as energy storage and hydrogen energy to seek strategic breakthroughs [4][12]. - TCL Zhonghuan announced plans to invest in a new energy technology company to enhance its integrated strategy and expand battery and module production capacity [12]. - The industry is experiencing a "淘汰赛" (elimination race), with smaller companies likely to exit the market or seek mergers as the competitive landscape narrows [13][14]. Group 4: Future Outlook and Recovery Potential - Companies like Tongwei have seen some operational profitability in the latter half of 2025, but overall losses are expected to continue due to declining sales prices and rising raw material costs [9][10]. - The recovery of profitability is contingent on the overall price recovery across the supply chain and the expansion of photovoltaic application scenarios, which could provide significant growth opportunities [9][10]. - The photovoltaic industry is witnessing a recent increase in component prices, with some manufacturers raising prices by 0.04 to 0.15 yuan per watt, indicating a potential shift in market dynamics [18][19].

在这一年的交易热潮中，跨国巨头们的采购风格各有不同。谁出手频次最高？谁手笔最大？经济观 察报分析了全年150多笔交易，复盘跨国药企的投资画像与交易特色。 多位受访者对经济观察报表示，其所在药企与潜在合作方达成了进一步沟通意向，他们判断2026 年中国创新药对外授权交易热仍会持续。 2025年爆发式增长的对外授权交易验证了中国创新药资产的价值，该年对外授权总交易额超1300 亿美元，交易数超150笔（约占全球40%），创下历史新高。 阿斯利康最活跃 在交易频次上，阿斯利康是最活跃的跨国药企，2025年一共出手了5次。 合作方包括石药集团（01093.HK）、和铂医药（02142.HK）、加科思药业（01167.HK）、元 思生肽等。其中，在2025年6月与石药集团达成的潜在总交易额超53亿美元的合作，可排进年度 交易额前四。在资产选择上，阿斯利康主要集中在临床早期管线，以及技术平台合作。 在交易频次上，阿斯利康是最活跃的跨国药企，2025年一共 出手了5次。从立即兑现的首付款看，辉瑞与武田制药出手最 阔绰。 作者：张英 封图：图虫创意 作为中国市场销售额最高的外资药企，在经历2024年的公司治理风暴后，阿斯利康 ...

Core Viewpoint - The automotive industry is shifting from a multi-platform strategy to a more integrated and compatible platform approach, reflecting the efficiency anxiety among companies in a competitive market [1][11]. Group 1: Platform Strategy Transition - Companies are moving from having multiple dedicated platforms for different vehicle types to developing universal platforms that can accommodate various vehicle categories and powertrains [2][4]. - Great Wall Motors has introduced a new platform called "Guiyuan," which can cover seven vehicle categories and five powertrain types, aiming to produce over 50 models based on this platform [2][4]. - International automakers like Volkswagen and BMW are also consolidating their platforms to enhance compatibility and efficiency [2][4]. Group 2: Reasons for Platform Strategy Shift - The shift is driven by a change in competitive focus from mechanical capabilities to intelligent features, where software and electronic architecture have become core elements [4][5]. - Companies are seeking to mitigate technological risks associated with betting solely on electric platforms, as the market now supports a coexistence of fuel, hybrid, and electric vehicles [5][6]. - The high hidden costs of developing and maintaining new platforms are pushing companies to adopt compatible platforms that can share components and reduce material costs significantly [6]. Group 3: Competitive Landscape and Future Trends - Despite the trend towards compatibility, some companies like Toyota and Hyundai continue to pursue multi-platform strategies, indicating a divergence in approaches based on company size and market needs [8][9]. - The future may see a reduction in the number of platforms to one or two super platforms, with a focus on standardized "skateboard" chassis that allow for flexible combinations of body styles and power sources [9][10]. - The competition will increasingly hinge on the sophistication of electronic architecture and software capabilities, rather than just platform diversity [10][11]. Group 4: Brand Structure Adjustments - The intensifying market competition is prompting companies to streamline their brand architectures, with several automakers integrating their brands into unified systems to enhance operational efficiency [10].

Core Viewpoint - The article discusses the increasing trend of personal non-performing loan (NPL) transfers in the banking sector, driven by regulatory changes and the rising pressure of bad debts on financial institutions [1][5]. Group 1: Market Dynamics - The personal NPL transfer market is experiencing a surge, with transaction volumes rising from 186.48 billion in 2021 to 965.30 billion in 2023, and projected to reach 1583.50 billion in 2024 [3][4]. - As of January 22, 2026, there were 20 new announcements for personal NPL transfers within the month, indicating heightened activity in the market [2][8]. - The average discount rate for personal NPL packages has significantly decreased, with rates dropping from 8%-10% before 2023 to around 5% in 2026 [10][11]. Group 2: Regulatory Impact - A regulatory notification extended the trial period for bulk transfers of personal NPLs until December 31, 2026, allowing a wider range of financial institutions to participate in the transfer process [2][4]. - The expansion of trial institutions to include city commercial banks and rural commercial banks has led to a notable increase in the volume of NPL transfers [5][17]. Group 3: Borrower Profile and Economic Context - The borrower demographic for personal NPLs includes failed entrepreneurs, unemployed individuals relying on credit cards for living expenses, and consumers with excessive debt [4][20]. - The economic backdrop, characterized by macroeconomic fluctuations and income instability, has exacerbated the bad debt situation, compelling banks to offload risk assets [5][20]. Group 4: Challenges in Asset Recovery - The recovery rates for NPLs have declined, with some packages facing average recovery rates below 6%, marking the lowest in five years [12][13]. - Financial institutions are facing challenges in asset valuation and recovery due to incomplete documentation and inefficient legal processes [26][28]. Group 5: Strategic Adjustments - Banks are adapting their strategies by improving the quality of NPL packages, such as reducing overdue times and increasing the concentration of borrowers in economically developed areas [24][25]. - There is a push for enhanced transparency and standardization in the NPL transfer process to improve market confidence and asset pricing [28].

Core Viewpoint - The OTC channel presents significant opportunities for beauty brands, offering professional endorsements, precise targeting of skincare needs, and immediate product experiences, but it also poses challenges due to strict professional requirements and a talent shortage in the industry [1][2][3]. Group 1: Market Entry and Growth - By 2025, over six domestic cosmetic companies are expected to enter the OTC channel, marking it as the "Year of Domestic Beauty OTC Layout" [2]. - Leading domestic beauty brand Proya (603605.SH) announced its entry into the OTC channel in January 2026, joining a growing list of companies [2]. - Brands like Winona and Kefu Beauty have been early entrants into the OTC channel, with Winona's sales nearing 1 billion yuan in 2023, capturing over 60% of the market share in this channel [5]. Group 2: Strategic Developments - In April 2025, Furuida Bio announced plans to accelerate its OTC channel development, aiming to cover 10,000 drugstore chains and launch 100 "cosmetic and medicinal" SKUs [5]. - Companies are increasingly focusing on integrating with the professional environment of pharmacies rather than merely distributing products [5]. - Proya is preparing multiple products for the OTC channel, emphasizing the importance of medical device products as a foundation for entry [6]. Group 3: Market Potential and Challenges - The OTC channel has approximately double the growth potential, with Winona targeting to cover 250,000 pharmacies [8]. - As of December 2024, there are about 705,000 licensed drug retail enterprises in China, with Winona covering over 110,000, representing about one-seventh of the total retail pharmacy stores [9]. - The demand for beauty products in pharmacies is rising due to pressures on traditional pharmacy profits and the need for transformation [9]. Group 4: Profitability and Talent Shortage - Medical device products have a significantly higher gross margin, averaging 77%-83%, compared to regular cosmetic products [9]. - The beauty industry faces a talent shortage in the pharmacy channel, as many brands rely on pharmacists who must understand both pharmaceuticals and cosmetics [10]. - Companies like Betaini are addressing this by training pharmacy staff to enhance customer trust and provide professional consultations [10][11].

Core Viewpoint - The efficiency of Chinese innovative pharmaceutical companies in research and development is putting pressure on American firms, leading to a shift in strategy where multinational companies are cutting internal R&D budgets to invest in Chinese companies' pipelines [1][7]. Group 1: JPM Conference Insights - The 2026 JPM conference saw a significant presence of Chinese innovative pharmaceutical executives and investors, reflecting a positive outlook compared to previous years, with multinational companies openly expressing interest in Chinese assets [2][4]. - Chinese companies are no longer satisfied with merely licensing patents; they seek deeper involvement in clinical development and commercialization in international markets [3][10]. - The FDA's officials acknowledged the R&D efficiency of Chinese companies and suggested using AI to improve approval processes, indicating a more collaborative approach rather than a protectionist stance [3][6]. Group 2: Market Trends and Stock Performance - Following a surge in business development (BD) transactions in 2025, the stock prices of Chinese innovative pharmaceutical companies saw a significant increase, but there was a market correction starting in September 2025, with the Hang Seng Innovation Drug Index dropping over 20% by January 2026 [3][12]. - The participation of seven Chinese pharmaceutical companies in the main stage of JPM is a sign of increasing recognition and influence in the international market [12]. Group 3: Strategic Shifts in Collaboration - There is a growing trend among Chinese pharmaceutical companies to engage in deeper collaborations, such as the NewCo model, which allows for shared operations and deeper partnerships with American firms [10][11]. - American biotech companies are considering establishing NewCo in China to leverage the country's advantages in R&D efficiency and cost [11]. Group 4: Competitive Landscape and Future Outlook - The competitive landscape is shifting, with Chinese companies focusing on unmet clinical needs and exploring new therapeutic areas beyond traditional targets, such as liver diseases [11]. - Multinational companies are actively seeking new opportunities due to impending patent cliffs, with significant interest in mergers and acquisitions to bolster their pipelines [14][15]. - PwC's report indicates that patent expirations could risk $47 billion in drug sales over the next four years, prompting increased acquisition activities in the pharmaceutical sector [16].

过去几年，随着存款利率走低，为锁定收益，居民存款定期化 趋势明显。如今到期潮来临，多家银行已经下架5年期大额存 单，3年期产品利率也降至1.5%—1.75%区间。如何配置这 笔资金，牵动着整个财富管理市场的神经。 作者：姜鑫 封图：图虫创意 2026年2月，朱女士有一笔30万元的定期存款（下称"定存"）将要到期。 她发现，近期银行理财经理的联系变得频繁。微信那头，推荐的重点不再是续存，而是各种名 为"财富规划"的保险产品方案。 原本对保险不甚了解的朱女士，看着计划书上高于5年期定存的演示收益，开始有些心动。朱女士 的困惑与选择，是当下亿万中国家庭的一个缩影。近期，多家券商发布研报称，2026年，将有超 50万亿元企业和居民中长期存款到期，其中超六成集中在1季度。 一场史无前例的居民资产"大迁徙"，正在低利率背景下悄然启动。一份关于银行理财经理的调研 显示，存款到期的客群年龄整体偏高，预计风险偏好整体偏低，银行理财产品、保险产品分别位居 居民到期存款再配置的第一和第二选择梯队。 在资金迁徙渠道上，银保渠道（由保险公司和银行共同搭建起来的合作渠道）销售的保险产品增速 明显。 存款"堰塞湖"开闸 40岁的朱女士就职 ...