展开《疯狂动物城2》长达60多家的联名品牌名单，既有泡泡 玛特、名创优品等以IP为核心元素的潮玩品牌，还涌入了跨界 品类。从零售潮玩到服饰箱包、从黄金饰品到家电3C、从美 妆到快餐，从东方航空、大众汽车到天猫、京东超市等电商平 台，IP联名产品几乎覆盖了人们的衣食住行方方面面。 作者：罗文利 封图：东方IC 看着电商后台滚动的销售数据，代羽舟知道，这次大胆尝试的迪士尼动画IP授权联名活动，"押 宝"成功了。 迪士尼时隔9年推出的动画电影《疯狂动物城2》，中国内地预售票房超3亿元，上映7天票房超20 亿元，已成中国影史进口动画票房冠军。自2025年11月26日与北美同步上映以来，该影片在中国 内地的票房表现超过北美市场，暂居全球第一。 拿下IP授权 作为兔头妈妈市场和销售的负责人，代羽舟从前年就开始观望市场上一些潜在的IP联名标的。 每年9月，迪士尼会举办大中华区消费品启动大会，并将其IP授权的业务表现和未来战略作为重点 展示。在去年的大会上，兔头妈妈团队看到了迪士尼即将上映的《疯狂动物城2》和品牌的契合度 非常高。 没过多久，代羽舟便带领团队开始接触迪士尼商讨《疯狂动物城2》的授权合作，他和团队为此准 备了丰 ...

2022年后，多支以能源设施为底层资产的公募REITs产品陆 续上市；2025年，机构间REITs也开始逐步涌现。 作者：潘俊田 封图：图虫创意 资产证券化产品正在成为新能源电站的新融资渠道。 今年11月，"太保资产—天合富家新能源基础设施碳中和绿色持有型不动产资产支持专项计划（乡 村振兴）"获批，该项目是分布式光伏领域首单"碳中和+绿色+乡村振兴"三主题持有型不动产ABS （资产支持证券，下称"机构间REITs"），拟发行规模30.45亿元。今年6月，远景能源发行了首 单清洁能源类机构间REITs。此外，碧澄能发新能源、通合新能源等公司也提交了以新能源电站为 底层资产的资产证券化工具，目前正在交易所审核中。 2022年后，多支以能源设施为底层资产的公募REITs产品陆续上市；2025年，机构间REITs也开 始逐步涌现。 广东风丽新能源董事长刘焕礼目前正在推进以光伏电站为底层资产的机构间REITs产品设计发行工 作。刘焕礼向经济观察报表示，新能源电站发行REITs产品的优势，首先是现金流稳定；其次是新 能源电站开发通常以项目公司为主体，能够满足REITs产品对主体风险隔离（主要指企业破产）的 要求；第三是新 ...

期货市场夜盘的这根长阴线，击穿了国内多数氧化铝生产商的 现金生产成本线。短短数月前，市场还因反内卷政策预期一度 躁动，如今却不得不直面过剩现实。 作者：王雅洁 封图：图虫创意 2025年12月5日凌晨，氧化铝期货主力合约在夜盘交易中收于2590元/吨，跌破了2600元/吨整 数关口，刷新上市以来新低。 期货市场夜盘的这根长阴线，击穿了国内多数氧化铝生产商的现金生产成本线。短短数月前，市场 还因反内卷政策预期一度躁动，如今却不得不直面过剩现实。 在新疆交割库接近满额、后续大量仓单即将到期的压力下，氧化铝产能明显过剩，期货与跌破 2800元/吨的现货市场形成双杀。 所谓"双杀"，是指期货价格与现货价格同步大幅下跌，使得无论是持有期货头寸还是现货实物的 市场参与者普遍面临亏损的局面。 行业共识正在形成：除非出现"检修企业达到一定量级"的实质性减产，否则市场的跌势难以扭 转。 破位下行 2025年12月5日的夜盘，成了压垮氧化铝价格的最后一根稻草。氧化铝主力合约收于2590元/吨 的价位，创下新低。这一价格已跌出行业公认的现金生产成本区间。根据行业普遍的成本模型测 算，国内约90%至全部氧化铝产能的边际现金成本在28 ...

Core Viewpoint - The article discusses the wealth distribution logic behind the initial public offering (IPO) of Moer Technology, highlighting the significant price surge and the implications of the allocation mechanism for investors [1][2][6]. Distribution Mechanism - The allocation results show that A-class investors (public funds, social security funds, etc.) accounted for nearly 90% of the effective subscription volume, receiving 98.44% of the total offline issuance [6]. - Public funds emerged as the biggest winners, with major players like E Fund and Southern Fund securing substantial allocations, indicating a highly concentrated ownership structure [6][8]. - A tiered lock-up arrangement was implemented, where A-class investors committed to locking up 70% of their shares for nine months, preventing immediate sell-offs and stabilizing the stock price [7][8]. Market Performance - On its debut, Moer Technology's stock opened at 650 CNY per share, a 468.78% increase from the issue price, and reached a high of 688 CNY before closing at 600.50 CNY, reflecting a 425.26% gain [2][3]. - The total market capitalization approached 300 billion CNY, despite the company reporting ongoing losses, with 2024 projected revenue at 4.38 million CNY and a net loss of 16.18 million CNY [11][12]. Investor Sentiment - Optimistic investors view the pricing as a reflection of the market's recognition of the scarcity narrative surrounding domestic high-end GPU alternatives, while cautious investors warn that the stock price may have already priced in future growth expectations [12][13]. - The article emphasizes the importance of Moer Technology's ability to meet revenue targets and build a robust ecosystem to maintain investor confidence and stock performance [13][14]. Implications for Future IPOs - The successful debut of Moer Technology is seen as a benchmark for future hard-tech IPOs, potentially boosting investor confidence in similar companies with core technologies and strategic significance [14][15]. - The article concludes that the journey of Moer Technology in the capital market is just beginning, with ongoing scrutiny of its technological advancements and commercialization efforts [15].

经济结构转型期的阵痛、征管体系的适应性滞后以及省以下财政管理体制不完善等是造成困境的深 层次原因。 第一，经济转型期的结构性矛盾制约财政增收基础。传统产业增长动能减弱与新兴产业培育不足并 存。房地产、建筑业等传统产业增长放缓、税收贡献显著下滑，而新能源、人工智能等新兴产业规 模相对较小，短期内难以形成有效税收替代。 第二，传统税收征管模式难以有效覆盖新经济业态。比如，对直播带货、微商等跨区域、隐匿性强 的经营行为，税务机关难以准确掌握税源信息，存在税收流失风险。同时，部分地区产业结构单一 加剧财政收入波动。部分地区经济增长和财政收入对房地产、资源等行业依赖度过高，当面临市场 需求结构性调整、环保政策收紧等外部冲击时，财政收入容易出现大幅波动。 当前，我国地方财政运行正处于深刻的转型与承压期。在外部 环境复杂多变、经济增长放缓、产业转型升级压力大、房地产 市场深度调整等多重因素叠加影响下，地方财政收支矛盾日益 凸显，风险压力积聚，亟待落实二十届四中全会精神，深化改 革，多措并举构建地方财政可持续运行机制，以地方财政可持 续助力经济持续健康发展。 作者：刘薇 封图：图虫创意 《中共中央关于制定国民经济和社会发展第 ...

Core Viewpoint - The article discusses the revival of the "Yanguizhou" project, previously known as the Baiyangdian Peacock City, which was a stalled real estate development. A short video blogger claimed to have purchased the entire project, attracting significant public attention and raising questions about the project's future viability and investment recovery strategies [3][10][14]. Group 1: Project Background - The Yanguizhou project consists of two land parcels covering 273.84 acres with a planned construction area of 139,500 square meters, originally launched at a price of 11,000 yuan per square meter in 2016. The project was halted in mid-2017 due to planning adjustments [5]. - In October 2024, Beijing Hongxin took over the long-stalled Baiyangdian Peacock City project, and by January 2025, the project was officially renamed Yanguizhou [5][10]. - The project is currently under construction, with a completion timeline expected by 2027, and includes a mix of residential, commercial, and hotel developments [2][5]. Group 2: Investment and Financial Aspects - The acquisition cost for Beijing Hongxin to take over the project was approximately 1.5 billion yuan, including 450 million yuan in transaction fees and the assumption of 1.546 billion yuan in debts [14]. - The total investment required to complete the Yanguizhou project is estimated to exceed 2.5 billion yuan, with 266 residential units primarily pre-sold before the project was halted [14][16]. - The project has a remaining unsold residential area of 9,259.4 square meters, valued at approximately 46.77 million yuan, which could cover the acquisition cost [16]. Group 3: Recovery Strategies - The project aims to recover investments through several avenues, including the sale of remaining residential units, operational income from commercial and hotel assets, and potential new constructions [16]. - Plans to develop a new ancient town adjacent to the project are intended to enhance tourism and create additional revenue streams [16]. - The project's visibility on social media may provide a unique opportunity for future marketing and operational success, although it requires effective management and public interest to sustain [16][17].

朱国新是恒瑞医药今年引入的第二位跨国药企核心高管，或将 成为这家公司的7号人物。 作者： 刘晓诺 封图：图虫创意 想出海的"医药一哥"，正不断引进有海外经验的"船长"和"大副"。 2025年12月3日，恒瑞医药（600276.SH/01276.HK）宣布提名聘任朱国新为高级副总裁。公开信 息显示，加入恒瑞之前，朱国新曾是跨国公司礼来的新药研发中心副总裁。 胡新辉任副总裁与首席技术官。据公开资料，2005—2018年，胡新辉曾在葛兰素史克、默沙东、 强生、罗氏上海研发中心等多家跨国药企任职。此后，他先后担任云顶新耀（01952.HK）首席技 术官、凯莱英（002821.SZ/06821.HK）首席技术官兼首席商务官。 孙志刚任副总裁与首席质量官。加入恒瑞医药之前，他是绿叶制药（02186.HK）集团高级副总 裁。他曾在美国FDA工作近12年，负责药品质量审评和GMP现场检查等工作。 尹航任副总裁与肿瘤事业部总经理。他曾任职于诺和诺德，2019年加入礼来中国，2021年8月起任 礼来肿瘤事业部副总裁，直至2025年9月离任。 此外，10月10日，恒瑞医药控股的互联网医疗公司医朵云也迎来新高管：前阿斯利康中国副总裁 ...

Core Viewpoints - The current era is characterized by rapid changes, and the hope of society rests on the youth, who are encouraged to aim high and avoid commercial paths [1][3][4] Group 1: AI and Its Impact - AI requires collaboration across society to generate real value, as isolated AI systems cannot achieve true intelligence [3][6] - The application of large models and data in various industries, such as agriculture and healthcare, can significantly enhance efficiency and diagnostic capabilities [7][8] - AI is expected to drive productivity improvements in the next three to five years, with significant advancements in automation and remote operations [10][26] Group 2: Education and Talent Development - The role of educational institutions is to explore the future, while companies should transform theoretical knowledge into industrial reality [11][12] - There is a need for a shift from traditional education models to more decentralized, network-based learning approaches, allowing access to quality education regardless of location [9][11] - The focus should be on nurturing talent domestically rather than solely relying on imported expertise, emphasizing the importance of education in becoming a technological powerhouse [11][12] Group 3: Youth Empowerment and Innovation - Young people are seen as the backbone of future societal progress, and they should be encouraged to pursue their dreams without being hindered by commercial pressures [1][15] - The entrepreneurial spirit among Chinese youth is growing, with many opting to start their own companies rather than seeking traditional employment [16][17] - The innovation landscape is rapidly evolving, with numerous young individuals contributing to advancements in various fields, including robotics and AI [16][17] Group 4: Global Collaboration and Cultural Exchange - The importance of international collaboration in education and technology is highlighted, with a focus on sharing knowledge and resources across borders [29][31] - Countries with strong educational traditions, such as Romania and Hungary, are recognized for their contributions to global scientific and technological advancements [32][31] - The integration of diverse cultural perspectives is essential for fostering innovation and addressing global challenges [29][31]

除了持续在法理层面解疑答惑外，更需向公众普及我国毒品治 理体系的实际运作，让人们看到追踪与管控不会缺位，封存不 意味纵容与失控。对吸毒者而言，就算违法记录被封存，其仍 然会面临公安机关3—5年的动态监管。一旦复吸，监管期限还 会提升。 作者：言咏 封图：图虫创意 新修订的治安管理处罚法将于2026年1月1日实施，其中治安违法记录封存条款引发激烈的争议。 争议焦点在于，封存范围涵盖了吸食毒品、强制猥亵、嫖娼等行为。在公众看来，这些行为具有严 重的道德污点与社会危险性。人们对吸毒记录封存的抵触情绪尤为强烈。 对于一部影响深远的法规，公众当然有权表达困惑甚至反对。热议本质上源于关切。对立法者而 言，开门立法的本义正是要广泛倾听各种声音。倾听不意味着任由民意裹挟，而是一种沟通的姿 态。理解民之忧惧，解释民之困惑，在争议中促进共识，才能让法律真正走进人心。法律的进步既 需要专业的构建，也需要人心的认同。 第三，制度并非没有例外。在法定授权下，封存记录允许被查询：一是有关国家机关为办案需要； 二是有关单位可根据国家规定查询。比如，根据《幼儿园工作规程》《保安服务管理条例》等规 定，招聘特定岗位时，用人单位可依法查询应聘者 ...

GLP-1药物热度持续高涨。2025年"双十一"期间，京东健康 平台上的GLP-1药物成交额增长超过6倍，替尔泊肽排名第 一。 作者：刘晓诺 封图：图虫创意 每月花1500元~4500元打针减肥，一年瘦15%~20%，你愿意吗？ 全球至少有几千万人愿意。他们真金白银的消费，让减肥针超越抗癌药成为全球销售额最高的药 物，也让美国公司礼来成为史上第一家市值破万亿美元的医药公司。 此前，能跻身万亿美元俱乐部的只有英伟达、苹果等科技公司，以及巴菲特打造的伯克希尔。 做出替尔泊肽的礼来，位于美国中西部内陆，已有150年历史。在人们的印象中，相比美国东海岸 的强生、辉瑞等巨头，这家公司风格保守，不常进行资本动作，更喜欢埋头研发。 1990年代，礼来是做出了"百忧解"抗抑郁药的精神领域领导者，但专利过期后，礼来陷入了十几 年的低谷。现在，通过替尔泊肽，礼来走出了阴影，还在肥胖症领域重新找到自己的定位。 不过，GLP-1不只是减肥药，减肥药也不只是GLP-1。礼来更要考虑的是，在GLP-1的风口上， 怎样才能飞得更远。 上市三年成"药王" 1876年，在美国中西部的印第安纳州，退伍军官伊莱·礼来（Eil Lilly）创立了礼 ...