在减重药竞争日益加剧的背景下，跨国制药巨头纷纷聚焦中国的减重药资产。 2月25日亚太股市开盘后，联邦制药（3933.HK）股价一路上涨，下午股价一度飙涨超过7%。 值得关注的是，去年3月，诺和诺德与联邦制药就UBT251达成了授权协议，首付款2亿美元，潜在交易 总额高达20亿美元。 UBT251是一款在研的针对GLP-1/GIP/GCG三重靶点的新一代减重药，有望较目前礼来的双靶点GLP-1 减重药获得更好的减重效果。 去年7月，石药集团以20.75亿美元将口服小分子GLP-1受体激动剂授权给Madrigal公司；今年年初，石 药集团又将另一款双靶点的新一代减重注射药授权给阿斯利康。 目前，包括恒瑞医药、翰森制药、诚益生物在内的本土药企的GLP-1类药物都已经通过对外授权的方式 实现出海。 前一日，联邦制药公布了新一代三重靶点减重药UBT251中国的一项中期临床试验数据，该注射液每周 给药一次，在连续给药24周后，试验药组平均减重达19.7%，安慰剂组仅为2%。 一位未参与临床试验的内分泌专家对第一财经记者表示，这一试验结果"非常不错"，展示了中国研发的 新一代减重药的潜力。 这一积极的临床数据也为急需利好消 ...

导语 继诺和诺德、礼来之后，中国的减肥药市场要添加新的跨国巨头玩家了。 2月24日，先为达生物宣布与辉瑞中国达成商业化战略合作协议。 根据协议，辉瑞将获得先为达生物新一代偏向型GLP-1受体激动剂埃诺格鲁肽注射液（埃诺格鲁肽）在中国大陆的独家商业化权益；同时先为达生物为许 可产品的药品上市许可持有人，负责许可产品的研发、注册、生产及供应。先为达生物将有权获得辉瑞支付的最高可达4.95亿美元的付款总额，包括首付 款、注册及销售里程碑付款。 作为国产长效GLP-1受体激动剂，埃诺格鲁肽的降糖适应证已于今年1月份获批中国上市，其成人长期体重管理适应证的上市许可申请也获中国药监局受 理。 记者任玉明摄 辉瑞中国拿下埃诺格鲁肽中国大陆的商业化权益背后，也在觊觎中国减肥药市场。 辉瑞全球高级副总裁、中国区总裁Jean-Christophe Pointeau表示，当前中国成人肥胖率为14.1%，并且与"三高"等代谢性疾病密切相关。"健康体重管理"已 被正式纳入健康中国行动，此次合作正是辉瑞积极响应该战略的具体实践。 肥胖是一种复杂的慢性疾病，是心血管疾病、2型糖尿病及部分癌症等非传染性疾病的重要诱因，也会加重传染性疾病患者 ...

辉瑞获得埃诺格鲁肽中国大陆独家商业化权益 继诺和诺德、礼来之后，中国的减肥药市场要添加新的跨国巨头玩家了。 2月24日，先为达生物宣布与辉瑞中国达成商业化战略合作协议。 根据协议，辉瑞将获得先为达生物新一代偏向型GLP-1受体激动剂埃诺格鲁肽注射液（埃诺格鲁肽）在 中国大陆的独家商业化权益；同时先为达生物为许可产品的药品上市许可持有人，负责许可产品的研 发、注册、生产及供应。先为达生物将有权获得辉瑞支付的最高可达4.95亿美元的付款总额，包括首付 款、注册及销售里程碑付款。 作为国产长效GLP-1受体激动剂，埃诺格鲁肽的降糖适应证已于今年1月份获批中国上市，其成人长期 体重管理适应证的上市许可申请也获中国药监局受理。 辉瑞全球高级副总裁、中国区总裁Jean-Christophe Pointeau表示，当前中国成人肥胖率为14.1%，并且 与"三高"等代谢性疾病密切相关。"健康体重管理"已被正式纳入健康中国行动，此次合作正是辉瑞积极 响应该战略的具体实践。 肥胖是一种复杂的慢性疾病，是心血管疾病、2型糖尿病及部分癌症等非传染性疾病的重要诱因，也会 加重传染性疾病患者的病情。GLP-1（胰高血糖素样肽-1）类药物 ...

Core Insights - The latest holdings of top investment firms reveal a consensus on Pinduoduo and Google as major investments, with significant increases in their positions by several firms [1][2]. Group 1: Segment Analysis - **H&H Investment (Duang Yongping)**: - Total holdings exceed $17.49 billion (approximately 120.8 billion RMB) with 14 stocks. Major increases in positions for Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft, while reducing Apple, Occidental Petroleum, Alibaba, Disney, and ASML [3][4]. - New investments in AI-related stocks include CoreWeave, Credo Technology, and Tempus AI, with respective holdings of 0.12%, 0.12%, and 0.04% [3]. - **Jinglin Asset**: - Total holdings valued at $4.045 billion, with Google becoming the largest position, replacing Meta. Significant reduction in Nvidia holdings by over 60% [5][6]. - **Himalaya Capital (Li Lu)**: - Total holdings of $3.57 billion, with a highly concentrated portfolio where the top five stocks account for 95.96%. Google is the largest holding at 43.86% [7][8]. - **Hillhouse Capital (HHLR)**: - Total holdings around $3.104 billion, focusing heavily on Chinese stocks, with Pinduoduo making up 39.17% of the portfolio [9][10]. - **Oriental Harbor (Dan Bin)**: - Total holdings of $1.316 billion, with significant increases in Google A and Nvidia, while reducing positions in several other stocks [11][12]. - **Gaoyi Asset**: - Total holdings of $683 million, with a concentrated portfolio where Huazhu and Pinduoduo account for 68.25% [13][14].

Core Insights - The global power equipment industry is experiencing a structural shortage, leading to a new industrial cycle with significant opportunities for Chinese manufacturing [2] - Siemens Energy announced a $1 billion investment in the U.S. to produce gas turbines, essential for gas power plants, creating over 1,500 jobs [2] - The gas turbine market has rebounded unexpectedly, with global orders extending to 2030, and some models requiring a wait of up to 7 years [2][5] Group 1: Market Dynamics - Siemens Energy sold nearly 200 gas turbines in 2025, nearly double the sales from 2024, highlighting a dramatic increase in demand [5] - The U.S. is facing a power shortage exacerbated by the energy consumption of large AI data centers, which now account for about 5% of the nation's electricity usage, up from 2% a decade ago [7] - Natural gas, which constitutes over 40% of the U.S. power generation mix, is seen as a viable solution to meet rising electricity demand [7] Group 2: Industry Investments - Major players in the gas turbine market, including GE Vernova and Mitsubishi Heavy Industries, are also increasing investments to boost production capacity [12] - The total announced gas projects in the U.S. exceed 100 GW, with a significant portion expected to be operational by 2030 [8] - Despite these investments, there remains a significant supply-demand gap in the gas turbine market, with forecasts indicating a shortfall even as production ramps up [14] Group 3: Opportunities for Chinese Manufacturers - Chinese gas turbine manufacturers are gaining traction in overseas markets, with Jerry Holdings securing a $182 million contract for gas turbine generator sets [14] - The technological advancements in China's gas turbine sector have led to increased market recognition and a surge in stock prices for companies like Jerry Holdings [14] - Collaborations with international giants have strengthened China's position in the gas turbine supply chain, with several companies forming strategic partnerships to enhance production capabilities [15]

记者|胥帅 编辑|程鹏魏官红杜恒峰校对|陈柯名 近期，牧原股份对外披露越南专项招聘计划，以30万元/年至50万元/年的综合薪资，招募海外工程项目经理、海外造价管理、海外规划设计等岗位人才， 所有岗位均外派至越南西宁省，要求具备越南语、英语沟通能力，岗位聚焦猪舍建筑相关领域。值得注意的是，此前牧原股份已启动越南籍国际管培生招 聘，最高年薪可达100万元。 种种人才布局背后，是牧原股份加速"出海"的明确意图。公开资料显示，公司于2024年与BAF越南农业股份公司达成战略合作，去年越南当地媒体报道， 双方将共建西宁省高科技楼房养猪项目，这也与此次招聘岗位地点一致。 从岗位要求看，该招聘面向土木工程、工程管理、城乡规划、建筑学、工程造价、供应链管理等相关专业，要求一定的工作经验，有海外工作经验者优 先。语言能力方面，需掌握越南语、英语，能够熟练沟通者优先。 此次招聘给出的综合年薪达30万元~50万元，主要岗位涉及海外工程项目经理、海外造价管理、海外规划设计等。其中，海外规划设计岗位需负责越南猪 场项目选址调研，综合评估地形地貌、水源电力、交通物流、防疫条件及当地土地、环保、畜牧准入政策，输出可行性分析报告，为项目决策 ...

特朗普宣称赢了，可他身后的白宫正因为没钱发工资，陷入一片漆黑。 2026年1月31号，正当咱们这边还沉浸在春节的喜庆里时，大洋彼岸的特朗普总统在《华尔街日报》上整了个大活儿。 他发了篇火药味十足的紧急文章，在那儿大声吆喝：中国商品占美国的份额掉到了25年来的最低点！ 他管这叫"从未见过的情况"，听那口气，简直像是打了一场天大的胜仗，正等着全世界给他鼓掌呢。 可你要是把视线从他的报纸挪到华盛顿的大街上，你就会发现这事儿简直荒唐得像个段子。 就在他发文的当天凌晨，美国政府又双叒叕关门了。 要是法院最后裁定他这关税收得违法，那美国政府得把这10个月收上来的几千亿美金全退回去。 你想想，这钱早就被他们花在各种窟窿里了，现在让一个兜里比脸还干净的政府退钱，那不是要了老命吗？ 特朗普在文中急得像热锅上的蚂蚁，甚至放狠话警告说如果不这么干，美国就得沦为"三流国家"。 这哪是在谈经济，这分明是在给法官们下马威，想把经济问题当成政治筹码。 咱们再瞅瞅那些被他拿来炫耀的数据，里头的猫腻大着呢。 美对华贸易逆差确实少了800多亿，可你猜怎么着？ 美国对东南亚和墨西哥的逆差反而涨了10%，达到了惊人的7780亿美元。 这事儿在经济学 ...

Core Insights - The article discusses the evolution of the Chinese printing industry, particularly focusing on the strategic acquisition of Lexmark by the Chinese company Nasda, which was valued at $3.9 billion (approximately 26 billion RMB) ten years ago, highlighting the shift in market dynamics and competitive strategies [3][14][24] Group 1: Historical Context - Ten years ago, the acquisition of Lexmark by Nasda was met with skepticism from analysts, who viewed it as an audacious gamble by a Chinese company [3][4] - The article outlines the "razor and blades" business model employed by major printing companies, where printers are sold at low prices while consumables like ink cartridges are sold at high margins, creating a dependency on original products [6][8] Group 2: Competitive Strategies - Nasda's initial approach involved basic modifications to ink cartridges, but the company soon realized that overcoming patent barriers required more sophisticated strategies, including reverse engineering and chip design [10][12] - The fierce competition led to significant price reductions for compatible ink cartridges, dropping prices to one-fifth or even one-tenth of original products, demonstrating the effectiveness of Nasda's strategies [12] Group 3: Acquisition Rationale - The acquisition of Lexmark was not merely about gaining market share but acquiring essential patents that would allow Nasda to innovate and compete effectively in the high-end printing market [14][17] - This strategic move transformed Nasda from a market disruptor to a rule-maker, enabling the development of its own brand, Pantum, and establishing a complete supply chain from chips to software and hardware [17][22] Group 4: National Security Implications - The article emphasizes that the stakes have risen beyond commercial interests to national security, as printers can pose significant information security risks if controlled by foreign entities [19][21] - The need for secure and controllable printing solutions has made domestic brands like Pantum essential for safeguarding sensitive information [21] Group 5: Industry Evolution - The printing industry in Zhuhai has evolved from merely selling ink cartridges and printers to offering comprehensive services, including print management and cloud security solutions, indicating a qualitative shift in business models [22][26] - The historical journey of the Chinese printing industry reflects a blend of resilience and strategic investment, culminating in a robust position in the global market [24][26]

2026年1月刚刚过去，美国政府再次面临了最不愿意面对的困境：资金枯竭、政府停摆、民众抗议、政客对峙。几乎所有问题在短短几天内爆发，局面迅速 恶化。不同于以往的预算瓶颈，这一次，危机的规模空前，连国际社会都无法忽视，局势急转直下，几乎没有任何台阶可下。 俗话说，冰冻三尺非一日之寒，当前的乱局背后，不仅是中美金融博弈愈发紧张的信号，更是美国国内政治撕裂加剧的直接后果。那么，中国减持美国国债 这一动作背后，到底透露了什么信号？美国政府为何在短短三个月后，又一次陷入了停摆的泥潭？ 资金链断裂，政府再次停滞。1月30日，美国参议院通过了总额达到1.2万亿美元的拨款案。票数虽然看似不算糟糕，71票赞成，29票反对，但从资金的分配 来看，问题依然没有根本解决。尤其是国土安全部的预算被硬生生剔除，这一变动背后暗藏深意。 民主党坚持这一举措，主要是想借此机会推动ICE移民局的改革，限制该机构的权力，强制佩戴记录仪，取消无令状抓捕等强硬措施。这些主张并非空穴来 风。压垮局势平衡的导火索，是一起引发全国震动的事件——明尼苏达州两名公民被ICE执法人员在街头直接击毙。这一执法失当的事件迅速点燃了新一轮 的街头抗议，寒风凛冽之下，成 ...

Core Viewpoint - Bosch is undergoing significant layoffs, particularly in its fuel vehicle and hydrogen fuel cell projects in China, amid declining sales and increased competition from local companies like Huawei and BYD [1][2][3] Group 1: Layoffs and Company Response - Bosch has initiated layoffs affecting nearly 200 employees in China, with more layoffs expected in June 2024 [1] - The company claims these layoffs are part of normal operational management, despite internal confirmations of economic layoffs [1][2] - Bosch's global workforce is also being reduced, with plans to cut 22,000 jobs by 2030, including 9,000 in Germany announced in 2024 [1][2] Group 2: Financial Performance - Bosch's sales in China showed a slight increase, with 2023 sales at approximately 139 billion RMB, a 5.2% year-on-year growth, but this slowed to 2.7% in 2024 [3] - The company's EBIT margin is projected to be around 2% for 2025, significantly below the expected 3.5% for 2024, indicating financial strain [2] Group 3: Market Competition - Bosch's market share in ADAS (Advanced Driver Assistance Systems) has declined, with a 15.2% share in the first half of 2025, down from 22.5% in the same period of 2024 [4][6] - Competitors like BYD and Huawei are rapidly gaining market share, with BYD's market share doubling from 6.1% to 12.7% [6][8] - The shift in market dynamics is attributed to local companies focusing on core technologies and faster iteration speeds, which are eroding Bosch's traditional advantages [8][9] Group 4: Industry Trends - The automotive industry is experiencing a shift in power dynamics, with Chinese companies increasingly recognized as potential leaders in innovation [9] - Bosch's reliance on traditional fuel vehicle technologies is becoming a liability as the industry moves towards electric and smart vehicle solutions [9]