Core Viewpoint - The aging population in China is increasing, with expectations to enter a severe aging society by 2035, prompting the need for innovative solutions in elder care, including the integration of technology such as AI and robotics [2][8]. Group 1: Elder Care Models - Guizhou Province's Guiyang City is exploring a "institution + community + home" model for elder care, involving professional service organizations to enhance the quality of life for seniors through various services [2]. - The current family caregivers face triple pressures of career, elder care, and child-rearing, leading to significant physical and psychological stress [3][4]. Group 2: Professional Caregiver Development - There is a growing need for skilled professional caregivers, as many families struggle to provide adequate care despite their efforts, leading to issues like malnutrition and bedsores in the elderly [4][5]. - Professional teams are being established in some quality elder care communities, focusing on comprehensive assessments and integrated care for elderly patients [6][7]. Group 3: Technological Innovations - AI is being explored in four main areas: language, vision, physical applications, and biological advancements, with potential benefits for elder care and health [8][9]. - The development of AI in drug discovery, particularly for Alzheimer's disease, is seen as a significant opportunity to improve treatment options for cognitive disorders [9][10]. Group 4: Challenges in Caregiving - The reliance on technology for elder care should not overshadow the importance of human involvement, as traditional values and personal care remain crucial during critical life stages [12][13]. - A multi-faceted elder care system is necessary, integrating family, community, and social resources to address the increasing pressures on families, especially smaller households [12][13]. Group 5: Future Directions - The need for a robust support system for caregivers is emphasized, including the recruitment of more individuals into caregiving roles, particularly men, to alleviate the burden on families [13][14]. - The integration of advanced technology in caregiving, such as mechanical aids, is expected to reduce the physical strain on caregivers and improve the quality of care for the elderly [11][12].

报道称，数百人观赏过该画，但没有人发现不妥。直到一名来自爱尔兰的访客注意到这幅画的异常情 况，并询问工作人员，馆方才发现这幅画并不属于博物馆。博物馆方面随后发表声明称："有一件未经 许可的物品被放置在展厅墙上，馆方在接到报告后已将其移除。" 【环球时报综合报道】据英国广播公司（BBC）11日报道，一位化名为马罗的艺术家将一幅人工智能 （AI）创作的画作偷偷放在英国加迪夫国立博物馆展出。 马罗在个人网页表示，这幅作品名为《空盘子》，画中一名身穿校服的男孩手持空盘坐在椅子上，"自 己只画了一幅草图，绘制工作主要由AI完成"。马罗表示，小男孩"不知道会等来食物、惩罚还是会被遗 忘"，但他未进一步解释作品并说明绘画元素和符号的寓意。报道称，未经展馆许可就将作品置于展厅 展出的做法被称为"游击艺术行为"。马罗还曾在其他博物馆进行过类似活动，他坚称自己的行为不 是"搞破坏"，而是想探讨"公共机构决定展出作品的依据是什么"。（梁由之） ...

Economic Implications of Government Reopening - The government shutdown has lasted 42 days, impacting the release of key economic data, with a House vote on a new funding bill expected soon [1] - The shutdown is estimated to reduce economic growth by 1 to 1.5% from the previous growth trajectory of nearly 4% [2][3] - There is uncertainty regarding the recovery of lost economic activity, with some losses potentially being permanent [3] Labor Market Insights - Alternative data sources indicate a recent spike in layoff notices, marking the highest October figures in decades [5] - Despite some negative indicators, overall labor market conditions remain positive, although not as strong as during the first term of the Trump administration [6] - Employers are increasingly concerned about the quality of labor, with a notable month-on-month increase in this sentiment [7] AI and Productivity - The integration of AI is significantly enhancing worker productivity and firm profitability, contributing to a record number of positive earnings surprises [8][11] - Current productivity growth is estimated at about 3%, with potential upward revisions expected as more data becomes available [12][13] - The investment in AI and related technologies is driving economic growth, although challenges remain in sectors like manufacturing and housing [15][16] Capital Investment and Economic Growth - There is a substantial capital spending boom across various sectors, not limited to AI, indicating a broader economic recovery [17] - Recent tax stimuli are expected to increase labor supply and investment, further supporting economic growth [17]

Johnson & Johnson Vision Business Conference Call Summary Industry Overview - The conference call focused on the vision business of Johnson & Johnson (J&J), particularly in the context of the MedTech sector, which includes contact lenses and intraocular lenses for cataract surgery [5][9][10]. Key Points and Arguments Market Opportunities - There are approximately 2 billion people globally in need of vision correction, indicating a significant market opportunity for J&J [5][6]. - The vision business is experiencing mid-single-digit growth, with J&J outperforming the market [5][6]. - J&J's Acuvue brand is a market leader in contact lenses, with over 40 million people served, suggesting that the company is just beginning to tap into the potential of this market [6][50]. Growth Strategy Post-Orthopedic Separation - J&J's MedTech business is focusing on cardiovascular surgery and vision following the separation of orthopedics, with vision being one of the six strategic areas for the company [9][10]. - The company aims to sustain mid-to-high single-digit growth through disruptive innovation, global expansion, and leveraging data for better commercialization and supply chain efficiency [10][11][12]. Product Portfolio and Innovation - The current portfolio mix is approximately 70% contact lenses and 30% cataract business, with a focus on premium lenses and advanced optics [12][18]. - Recent product launches include Acuvue Oasis One Day Maxx for comfort and visual disturbances, and Tecnis Odyssey and Purity intraocular lenses for a continuous range of vision [10][11][18]. - J&J is committed to continuous innovation, with a focus on meeting unmet needs in both surgical and non-surgical vision correction [13][35]. Surgical Vision Market Insights - The surgical vision segment posted a 13% growth in Q3, with a strong performance in premium surgeries [18][20]. - The current market for cataract surgery is approximately 80% monofocal lenses and 20% premium lenses, with J&J aiming to increase the share of premium lenses through innovation [20][25]. - The company is expanding its presence in the global market, particularly in the U.S. and Europe, with plans to launch Tecnis Odyssey and Purity in these regions [26][27]. Competitive Positioning - J&J believes it has superior intraocular lenses and is focused on comprehensive solutions for cataract surgery, including phacoemulsification devices [28][29]. - The company is adapting to market changes, such as the shift of cataract surgeries to office settings, ensuring its technology is available in all surgical environments [29][30]. Data and AI Integration - J&J is leveraging data to enhance study designs, manufacturing efficiencies, and marketing strategies, with AI playing a crucial role in these processes [48][60]. - The company is focused on building long-term relationships with patients, ensuring they receive the right solutions throughout their lifetime [41][52]. Risks and Market Sensitivity - The company acknowledges the volatile macroeconomic environment but believes its focus on innovation and patient education will help navigate these challenges [66][68]. - J&J is committed to serving a diverse patient base, ensuring that it meets various vision correction needs, which may mitigate sensitivity to economic fluctuations [72]. Additional Important Insights - J&J's vision business is seen as a competitive advantage due to its backing by the larger Johnson & Johnson healthcare organization, allowing for greater innovation and market reach [59]. - The company is exploring opportunities beyond traditional vision correction, including drug-eluting contact lenses for allergies, indicating a willingness to innovate beyond its core offerings [61][62]. This summary encapsulates the key insights from the Johnson & Johnson Vision Business conference call, highlighting the company's strategic focus, market opportunities, and commitment to innovation in the vision correction space.

Market Overview - US stock market showed mixed results, with the Dow Jones up by 0.36%, while the Nasdaq and S&P 500 indices fell by 0.74% and 0.29% respectively [2] - Major tech stocks experienced a decline, with notable drops from Nvidia at 3.31% and Tesla at 2.28%, while Apple saw an increase of 1.59% [4][5] SoftBank's Financial Moves - SoftBank disclosed in its latest financial report that it has completely liquidated its position in Nvidia, generating $5.83 billion in funds. Additionally, it reduced its stake in T-Mobile, raising $9.17 billion [5] - The last time SoftBank sold its Nvidia shares was in 2019, where it invested $4 billion and made a profit of $3 billion. If it had retained those shares, the current value would exceed $240 billion [5] Labor Market Concerns - The US labor market is showing signs of deterioration, with ADP reporting an average weekly loss of 11,250 jobs in the private sector for the four weeks ending October 25 [7] - A report from Challenger, Gray & Christmas indicated that the number of announced layoffs in October was the highest for that month in over two decades, raising concerns about the health of the labor market [8] - A survey by the University of Michigan revealed that 71% of respondents expect the unemployment rate to rise in the next year, the highest percentage since 1980 [8] Cryptocurrency Market - The cryptocurrency market faced a significant downturn, with Bitcoin dropping to $103,881 and Ethereum falling below $3,500, resulting in over 140,000 liquidations totaling $417 million [9][10] - The International Organization of Securities Commissions (IOSCO) warned that tokenized assets linked to mainstream financial assets could pose new risks to investors, highlighting the ongoing debate within the financial industry regarding the benefits and drawbacks of tokenization [11][12] Tokenization Insights - IOSCO noted that while interest in tokenization is rising, actual applications remain limited, and the efficiency gains from blockchain technology are not uniformly distributed [14][16] - The organization emphasized that market participants still rely on traditional market infrastructure during transactions, which undermines the potential benefits of blockchain [16][17]

每经编辑｜金冥羽 当地时间11月11日，美股涨跌不一，截至发稿，道琼斯指数涨0.36%，纳斯达克指数跌0.74%，标普500跌0.29%。 大型科技股跌多涨少，截至发稿，苹果涨1.59%，亚马逊跌0.16%，微软跌0.46%，谷歌跌0.52%，脸书跌1.64%，特斯拉跌2.28%，英伟达跌3.31%。 | E | 现价 | 涨跌幅 ▼ | | --- | --- | --- | | 苹果(APPLE) | 273.717 | 1.59% | | US AAPL | | | | 亚马逊(AMAZON) | 248.000 | -0.16% | | US AMZN | | | | 微软(MICROSOFT) | 503.685 | -0.46% | | US MSFT | | | | 谷歌(ALPHABET)-A | 288.590 | -0.52% | | US GOOGL | | | | 脸书(META PLATFC | 621.400 | -1.64% | | US META | | | | 特斯拉(TESLA) | 435.070 | -2.28% | | US TSLA | | | | 英伟达(NVID ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Zhejiang Shimai Pharmaceutical Co., Ltd.* 浙江時邁藥業股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長登記的本公 司招股章程作出投資決定，招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司、本公司的獨家保薦人、整 體協調人、顧問或包銷團成員在香港或任何其他司法權區必須進行發售活動的責任。本公司最終會 否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容可能會亦可能不會在最後正式的上市文件內全部或部分轉 載； (d) 本申請版本並非最終的上市文件，本公 ...

Core Insights - AI is both an opportunity and a mechanism for elimination, with a significant portion of the population likely to be left behind if they do not embrace AI [2] - The global GDP growth rate could reach 10% due to AI, indicating the creation of a new wealth era for those who understand AI [2] - The differentiation in society will shift from educational and familial backgrounds to the ability to seize AI-related opportunities [2] Group 1: Using AI - AI acts as a productivity amplifier across various fields, enhancing efficiency in content creation, financial research, and daily tasks [4] - The company is developing AI courses to help individuals effectively utilize AI as a language partner and research assistant [4] - The initial course sessions are conducted in-person to optimize the learning experience through real-time feedback [4] Group 2: Investing in AI - The "Investing in AI" membership aims to guide individuals in identifying the right investment directions amidst the AI wave, focusing on long-term structural opportunities rather than short-term speculation [6] - The emphasis is on deep understanding rather than merely acquiring information quickly, which is crucial for investment advantage [6] Group 3: Membership Benefits - Membership includes exclusive access to resources such as the "Global Allocation Guide" and "Bull-Bear Cycle Analysis," which provide insights into asset distribution and historical trends [7][16] - Members will receive advanced membership benefits from AI research assistant reportify, which aids in generating investment research and data visualization [19] - A special course will be launched in December to teach members how to conduct research using AI [19] Group 4: Future Outlook - The next five years are critical for establishing positions in the AI era, with the potential realization of AGI (Artificial General Intelligence) by 2030 marking a significant turning point [13] - The AI dividend belongs to those who take action and adapt, with a small percentage of the population likely to benefit from the opportunities presented by AI [13] - The company encourages continuous learning and adaptation to ensure participation in the AI-driven economic landscape [20]

来源：环球老虎财经app 现在华尔街选择科技公司，不再问你用户数有多少，年增长率是多少，而是问你机房里堆了多少H100显卡，有稳定的清洁电力供应吗？ 华尔街与硅谷的估值模型发生了变化，公司的市值不再看你常青藤大学的博士有多少，而是看你布局了多少算力，建了多少电站。"电力+算力"，成为 企业新的竞争力。 这个趋势，已经在资本市场开始显现出来。10月28日，亚马逊宣布裁减3万个工作岗位。这是亚马逊自2022年底开始裁员约2.7万人以来，规模最大的一 次裁员。 这几年，大厂裁员的消息并不新鲜，但亚马逊这次的逻辑和结果好像不太一样，它不是业绩出现了问题，而是要重新塑造业务结构。 一边宣布史上最大规模裁员，一边立马宣布投入千亿美元级别豪赌人工智能（AI）。亚马逊坚信，其巨额的AI投资将获得丰厚的财报。 在当天的财报电话会上，首席执行官Andy Jassy宣布，公司预计2025年全年资本支出将达到约1250亿美元，并将在2026年进一步增加，其中绝大部分投 资将流向AI所需的数据中心、电力和芯片。 他还强调："我们增加产能有多快，我们就在多快地将其变现。" 亚马逊宣布裁员，豪赌AI的消息后，股价迎来久违的飙升，估值立马上 ...

Core Viewpoint - SoftBank Group has made significant financial maneuvers, including selling NVIDIA shares for $5.83 billion and T-Mobile shares worth $9.17 billion, while also committing to invest an additional $22.5 billion in OpenAI through its Vision Fund 2 [1][4]. Group 1: SoftBank's Financial Activities - SoftBank sold 32.1 million shares of NVIDIA for $5.83 billion, which is approximately 41.5 billion RMB, in October 2025 [1]. - Between June and September, SoftBank divested T-Mobile shares valued at $9.17 billion [1]. - SoftBank's founder, Masayoshi Son, saw his net worth increase by 248% to $55.1 billion, reclaiming the title of Japan's richest person [1]. Group 2: NVIDIA's Market Performance - NVIDIA's market capitalization reached $5 trillion but dropped to approximately $4.84 trillion by November 11, 2025, indicating a decline in investor confidence [4]. - The stock market is showing signs of fatigue regarding AI valuations, with concerns about a potential bubble burst [5]. Group 3: Market Sentiment on AI - There is a growing consensus in the U.S. that the AI hype may not be sustainable, as companies heavily invest in uncertain paths towards general artificial intelligence (AGI) [5]. - Concerns are rising about the potential collapse of leading AI companies due to excessive spending and low returns [5]. - AI-related stocks now account for 44% of the S&P 500 index, reflecting their significant market presence [5].