Core Viewpoint - In 2025, three new domestic influenza drugs, including those developed by renowned experts like Zhong Nanshan and Zhang Wenhong, will be launched, marking a significant milestone in China's pharmaceutical industry as it breaks the record of having no original research influenza innovation drugs [2][9]. Summary by Sections New Drug Launches - The new influenza drugs are priced between 180 to 320 yuan, comparable to the existing drug, Marbaviroc (速福达) [3][2]. - These new drugs claim to enhance efficacy, with some promising symptom relief within 18 hours and others offering a single oral dose that reduces fever within approximately 22 hours [2]. Market Challenges - Despite the promising features, the new drugs face significant challenges in replacing established medications like Oseltamivir and Marbaviroc, which have dominated the market [4]. - As of October 2025, the sales of the new domestic influenza drugs totaled less than 10 million yuan, while Oseltamivir and Marbaviroc combined sold nearly 8.5 billion yuan from January to October [5][14]. Industry Insights - Industry experts suggest that the new influenza drugs are largely "fast-follow" products, leading to concerns about market saturation and limited commercial viability [6]. - The new drugs primarily target patients aged 12 and above, while existing drugs like Oseltamivir can be used for younger patients, limiting the new drugs' market reach [12]. Sales Channels - Traditional sales channels, including hospitals and pharmacies, have shown limited contribution to the sales of new drugs, with online sales becoming increasingly important [14][18]. - E-commerce platforms have seen significant sales for the new drugs, with online sales accounting for over 51% of sales for some products [18]. Differentiation Factors - A key differentiating factor for the new drugs is their lower resistance rates compared to older medications, which may provide effective treatment options in cases of resistance to existing drugs [20][22]. - Current data indicates that resistance rates for influenza strains against Oseltamivir remain low, but ongoing monitoring is necessary as the drugs become more widely used [22].

此前数年，吴晓滨一直是百济神州的 核心人物 ，2025年6月 以前，其同时担任总裁、首席运营官兼中国区总经理。目前， 吴晓滨仍担任首席运营官和中国区总经理。 作者：张铃 封图：图虫创意 汪来自2021年4月起担任百济神州全球研发负责人。在此之前，他自 2011 年加入百济神州，担 任过多个研发领导职务，职责逐渐扩大。加入百济神州之前，汪来分别在复旦大学获得理学学士学 位，在德克萨斯大学圣安东尼奥健康科学中心获得博士学位，并于2008年至2011年在位于美国德 克萨斯州达拉斯的生物技术公司Joyant Pharmaceuticals担任研究主管。 据复旦大学校友总会2021年发布的一篇对汪来的专访，汪来从小是个"神童"，14岁就考入复旦， 成为少年大学生，24岁美国博士毕业。博士毕业后，汪来前往美国德州西南医学中心王晓东团队 做博士后。 王晓东是百济神州的创始人之一。2010年，王晓东与汪来讨论，想在中国创建一家生物制药公 司，王晓东非常看好以创新药为方向的中国医药企业的未来。他找到汪来，希望他回国，一起参与 创办百济神州。经过慎重思考，34岁时，汪来决定回国，而且是带着全家一起回国，后来，他成 为百济神州最重 ...

Core Viewpoint - The article discusses the societal anxiety surrounding trust, particularly in the context of a tragic medical incident involving a premature infant, highlighting the public's reliance on surveillance technology as a means to seek objective truth in the face of perceived failures in trust and accountability [1][4]. Summary by Sections Incident Overview - The investigation into the death of a premature infant named "Xiao Luoxi" after heart surgery revealed deficiencies in the medical team's risk assessment, communication, and post-operative care [2]. - The focus of public outrage centered on the monitoring setup in the operating room, which included two cameras, one of which lacked recording capabilities, raising questions about accountability [2][3]. Public Sentiment and Trust Issues - The public's insistence on video evidence reflects a deeper societal anxiety about trust, leading to a reliance on technology as a "technical eye" to adjudicate disputes [1][4]. - The incident illustrates a broader trend where surveillance technology is increasingly used in various settings, from schools to public spaces, to fill the trust gap [4]. Surveillance Technology as a Double-Edged Sword - While surveillance can serve as a crucial tool for accountability and protection, it also poses significant risks to privacy and may not effectively resolve complex disputes [5]. - The limitations of video evidence in capturing the nuances of medical procedures suggest that detailed surgical records may hold greater legal and professional value [4]. Ethical and Legal Considerations - The application of surveillance must adhere to ethical and legal standards, ensuring that it does not infringe on individual rights and privacy [5]. - The article warns against the potential for surveillance to become a tool of oppression rather than protection, emphasizing the need for a balanced approach [5]. Building Trust Beyond Surveillance - The article advocates for a return to fundamental principles of internal control and institutional integrity to foster trust, rather than relying solely on surveillance [6]. - Effective communication and transparency in public incidents are essential for reducing suspicion and building trust within the community [6].

Core Viewpoint - The article emphasizes the importance of promoting nationwide reading through collective societal efforts and creating more experiential opportunities for individuals to understand the value and joy of reading [2][5]. Group 1: Legislative and Policy Initiatives - The "National Reading Promotion Regulations" will be implemented starting February 1, highlighting the urgency of improving reading habits in the context of the AI era [2]. - Encouraging the creation of more excellent books is essential, which requires supporting authors financially to ensure writing is not merely seen as a passion project [3]. Group 2: Supply-Side Strategies - A comprehensive and diverse book evaluation system should be established to reward outstanding authors and provide libraries with sufficient budgets to purchase new and quality books [3]. - Tax incentives, such as personal income tax exemptions on royalties and manuscript fees, could attract more talented individuals to writing [3]. Group 3: Demand-Side Strategies - The article suggests that the government should subsidize organizations or individuals that help cultivate public reading habits, such as physical bookstores and offline reading clubs [4]. - A proposed tax deduction of 1,000 yuan for book purchases and 10,000 yuan for supporting physical bookstores could encourage contributions from higher-income groups [5]. Group 4: Community Engagement - The article advocates for broad societal participation in promoting reading, suggesting that creating sustainable communities around reading can help establish reading habits among the public [5].

Core Viewpoint - The article discusses how to overcome "involution" in various industries, presenting four key suggestions from Song Zhiping on reshaping business paradigms and promoting healthy competition [1][5]. Group 1: Suggestions for Overcoming Involution - Transition from extensive expansion to intrinsic development, emphasizing quality over speed and scale, and focusing on core competencies rather than blind expansion [3]. - Shift from cost-oriented strategies to value-oriented approaches, advocating for differentiation in competition rather than relying solely on cost leadership [3]. - Move from quantity-based profit to price-based profit, highlighting the importance of pricing strategies led by management rather than sales personnel, and maintaining stable prices to ensure profitability [4]. - Encourage a shift from vicious competition to healthy competition, where businesses compete based on technology, quality, brand, and service rather than engaging in price wars [4]. Group 2: Industry and Government Recommendations - Standardize local government economic promotion behaviors to avoid market distortion caused by blind investments, particularly in overcapacity sectors [5]. - Promote industry self-discipline with support from the government, guidance from associations, and collaboration between large and small enterprises [5]. - Strengthen anti-unfair competition measures, as many industries currently face low concentration and chaotic competition [5]. - Advance mergers and acquisitions to increase industry concentration, facilitating orderly competition [5].

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. (Chuangda New Materials) is preparing for its IPO on the Beijing Stock Exchange, with a focus on its profitability, independence, and authenticity during the review process [2]. Financial Performance - In 2022, Chuangda New Materials reported a total profit of 22.44 million yuan, with tax incentives accounting for over half of this amount. The lowest proportion of tax incentives to total profit during the reporting period was over 20% [2][10]. - The company's revenue from electronic packaging materials was 309 million yuan in 2022, contributing 99.42% to its main business income. The revenue figures for 2023 and 2024 are projected to be 339 million yuan and 397 million yuan, respectively [7]. - Chuangda New Materials achieved operating revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 323 million yuan from 2022 to the first half of 2025, with year-on-year growth rates of 10.76%, 21.53%, 8.84% [7]. - The net profit for the same period was 2.3 million yuan, 5.1 million yuan, 6.1 million yuan, and 5.3 million yuan, with year-on-year growth rates of 127.83%, 19.15%, and 22.20% [7]. Tax Incentives Impact - The tax incentives significantly influenced the profit figures, with amounts of 12.54 million yuan, 16.36 million yuan, 17.52 million yuan, and 8.73 million yuan during the reporting period, representing 55.88%, 28.49%, 25.00%, and 23.46% of total profits, respectively [10]. Related Transactions - The company’s related party transactions have drawn regulatory scrutiny, particularly concerning Wuxi Shaohui Trading Co., Ltd., which transitioned from a wholly-owned subsidiary to an associate company during the IPO reporting period [3][12]. - Chuangda New Materials' procurement from Wuxi Shaohui and its affiliates increased over the years, with amounts of 5.09 million yuan, 6.15 million yuan, 8.46 million yuan, and 6.66 million yuan from 2022 to the first half of 2025, representing 2.68%, 3.11%, 3.91%, and 6.23% of total procurement, respectively [13]. - The company stated that the increase in procurement through Wuxi Shaohui was due to rising demand for raw materials linked to increased production and sales of its main products [15].

Core Viewpoint - The emergence of the "Xiangjie" brand signifies a shift in the luxury car market, driven by traditional luxury car users switching brands and dealers collectively "voting" for change, marking the beginning of the "SBBA era" [1][2][24] Market Trends - The luxury sedan market above 300,000 yuan is witnessing the rise of the "Xiangjie" brand, which has quickly entered the territory of traditional luxury brands like BBA, with the Xiangjie S9 and S9T models achieving significant sales milestones [2][6][24] - By the second half of 2025, traditional luxury brands are expected to continue losing market share, while the Xiangjie S9T has already ranked among the top four in the mid-to-large luxury sedan market [2][6] Brand Positioning - Traditional luxury brands have maintained their market position through a long-established value system based on brand history, luxury materials, and performance, but are now facing challenges in the transition to electrification and smart technology [3][4] - Xiangjie aims to redefine luxury by focusing on "technology + experience," moving away from traditional luxury paradigms and creating a new standard for luxury vehicles [4][24] Product Differentiation - The Xiangjie S9 and S9T models are designed to cater to different user needs, with the S9 focusing on luxury and business use, while the S9T targets outdoor and self-driving experiences [5][12] - The S9T has achieved over 30,000 pre-orders within 66 days of its launch, surpassing the annual sales of traditional travel cars, indicating a shift in consumer preferences [6][7] Consumer Insights - Over 70% of Xiangjie S9 users are former BBA owners, indicating a significant shift in consumer loyalty towards this new brand [9][10] - The target demographic for the S9T includes successful professionals who value quality of life and seek vehicles that match their outdoor lifestyle [12][14] Dealer Dynamics - More than 100 dealers have applied to join the Xiangjie sales network, with 90% coming from traditional luxury brand dealerships, reflecting a collective industry trend towards Xiangjie [16][18] - The sales performance of Xiangjie models has led to a shift in dealer focus, as traditional luxury brands face challenges such as inventory issues and reduced after-sales service [18][24] Strategic Partnerships - The collaboration between BAIC Group and Huawei has evolved into a comprehensive strategic partnership, enhancing the technological and manufacturing capabilities of the Xiangjie brand [21][24] - This partnership allows for seamless integration of technology and manufacturing processes, contributing to the unique user experience and sustained technological leadership of Xiangjie [21][24] Market Impact - Xiangjie is not merely a new player in the luxury car market but is seen as a "reconstructor" of industry standards, reshaping the competitive landscape and redefining luxury car value [20][24] - The brand's approach to luxury, which emphasizes accessibility and user-centric design, challenges the traditional high pricing strategies of luxury vehicles [22][24]

2025年12月18日，海南自由贸易港正式启动全岛封关。在这 片生机勃发的热土上，邮储银行以专业、创新、开放的金融服 务，深度融入区域发展进程，积极响应当地政策导向与市场需 求。从推动跨境贸易便利化到支持旅游消费升级，从助力科创 企业成长到促进产业开放融合，邮储银行以多元化的金融产品 与服务，全面展现国有大行在自贸港建设中的责任与作为，成 为助推海南高质量发展的金融中坚力量。 作者：柏炎 封图：邮储银行 南海潮涌,自贸扬帆! 2025年12月18日,海南自由贸易港正式启 动全岛封关。金融机构锚定国家战略,依托自贸 港政策优势,以全方位、多层次的金融服务体系 精准赋能,为海南自贸港高质量发展注入强劲动 能。 - 中国邮政储蓄银行始终与海南片热土共赴开 放新程,以金融之力支持自贸港提质焕新,在封 关保障、产业升级、服务民生中写下浓墨重彩的 篇章。 I I HTTHH 资质先行 拿下"双试点"，铺平封美服务路 邮储银行率先拿下封关关键"双资 质",成为海南可提供全流程跨境金融服务 的国有大行,提前打通封关后企业"结算一 融资-避险"服务链路。 上十九州人川机二八三十九年加口十次 订 灯 小 欣 上 业 指 区 公 ...

Core Viewpoint - The article discusses the new proposal of providing liquidity to non-bank financial institutions under specific scenarios, raising questions about the rationale behind targeting non-banks, the meaning of "specific scenarios," and what risks this mechanism aims to mitigate [1][3][4]. Group 1: Context and Rationale - The focus on non-bank financial institutions (NBFIs) arises from the changing financial landscape where risks and leverage have increasingly concentrated in market-based finance and NBFIs, which are significant players in stock and bond markets [5][6]. - NBFIs manage trillions of yuan in assets and are crucial in trading across various markets, making them susceptible to liquidity risks due to their reliance on short-term financing [6][7]. Group 2: Mechanism and Implementation - The mechanism aims to address liquidity issues for NBFIs, ensuring that financing chains remain intact and market functions continue during stress scenarios, rather than directly influencing asset prices [8][12]. - The proposal reflects a shift towards a "last liquidity support framework," similar to international practices where central banks provide liquidity to key market participants during extreme conditions to prevent market dysfunction [12][13]. Group 3: Specific Scenarios and Risks - "Specific scenarios" refer to market conditions characterized by price jumps, sudden financing contractions, and dominant passive selling, which can lead to a breakdown in market liquidity [10][11]. - The primary goal of this mechanism is to prevent liquidity issues from escalating into systemic failures, while also managing moral hazard concerns [15][16][17]. Group 4: Broader Implications - The arrangement is linked to broader economic goals, such as stabilizing internal demand and maintaining financial system stability, which are essential for economic recovery and growth [18][19]. - The value of the mechanism lies in instilling confidence that there are tools and frameworks in place to manage extreme scenarios, thereby enhancing the resilience of the financial system [18][19].

Core Viewpoint - The article highlights the journey of Li Changping, a former official and rural reform advocate, who has dedicated his life to standing with farmers and addressing their struggles in rural China [5][6][18]. Group 1: Background and Personal Journey - Li Changping, aged 62, grew up in a fishing village in Hubei and became a grassroots official after graduating from university [4]. - He experienced the hardships of farmers firsthand, witnessing their migration for work and the challenges they faced in rural life [10][11]. - In 2000, he wrote a heartfelt letter to then-Premier Zhu Rongji, expressing the dire situation of farmers and urging for reforms [5][12]. Group 2: Impact of the Letter - The letter detailed alarming statistics, such as 80% of farmers losing money on their crops and the increasing financial burdens on the elderly and children [13]. - Following the letter, significant reforms were initiated in Hubei, aimed at alleviating the financial burdens on farmers [15]. - Li Changping's advocacy led to a series of reforms that, while beneficial for many, also made him a target for criticism from those whose interests were threatened [18]. Group 3: Continued Advocacy and Experiments - After leaving his official position, Li engaged in various roles, including working with NGOs and conducting rural reform experiments [19]. - He founded the China Rural Construction Institute, focusing on innovative projects in over 700 rural areas, such as wind power and land improvement [19]. - Influenced by notable experts, Li emphasizes the importance of practical experiments in understanding and addressing rural issues [20][22]. Group 4: Current Life and Philosophy - Li currently lives in a rural area, where he continues to engage with local communities and advocate for farmers' rights [28]. - He maintains a routine that includes writing and connecting with nature, reflecting a deep commitment to rural life [27]. - His experiences have shaped a philosophy of patience and understanding, as he navigates the complexities of rural reform and advocacy [29].