2025.12. 08 本文字数：2285，阅读时长大约4分钟 作者 | 第一财经 王方然 "周围的银行网点好像越来越少了。"家住广东东莞的王女士近日发现，自己常去的村镇银行悄然解 散，变成了某家股份制银行的网点，隔壁镇上的几家农商行网点也陆续传出关闭的消息。"对日常生 活影响不大，但总觉得有些不一样。"她说。 记者注意到，许多被注销的村镇银行实际上是被并入更大规模的银行机构。例如，国家金融监督管理 总局的批复显示，迁安襄隆村镇银行股份有限公司已于11月28日解散，其全部资产、负债、业务、 人员及相关权利义务由收购方唐山银行承继。 （第一财经据企业预警通数据梳理） 分区域来看，年内因监管批复合并或批复解散而注销的数量最高的省份为内蒙古，达139家。这主要 与当地农信系统的大规模整合有关。5月17日，内蒙古农村商业银行股份有限公司正式成立，注册资 本达580.2亿元，成为全国首家一次性整合120家农信机构及村镇银行的省级统一法人银行。类似整 合案例还在继续，10月30日，国家金融监督管理总局赤峰监管分局发布批复，同意中国农业银行股 份有限公司收购克什克腾农银村镇银行有限责任公司，并设立分支机构。 此外，四川、山 ...

Core Viewpoint - The pharmaceutical e-commerce industry is experiencing significant growth driven by policy support and consumer demand, transforming the way people purchase medications [4][6][9]. Group 1: Policy and Market Dynamics - A new regulation effective from July 1, 2025, mandates that drugs sold by designated medical insurance institutions must have a traceability code, enhancing regulatory oversight and facilitating online prescription transfers and insurance payments [6]. - The dual-channel policy allows innovative and high-value specialty drugs to be sold online, enabling platforms like JD Health and Alibaba Health to capture a significant share of external prescriptions [8]. - The increasing consumer expectations for 24-hour delivery, privacy protection, and verification of drug authenticity are being met by online platforms, making e-pharmacy a necessity rather than a choice [9]. Group 2: Competitive Landscape - The competition in the pharmaceutical e-commerce sector has shifted from price to resource and technology, with leading platforms leveraging their parent companies for traffic, brand trust, and efficient logistics [12]. - The scale advantages of major platforms allow them to serve a large user base at lower costs, creating barriers in procurement and logistics, which is squeezing the survival space for smaller players [14]. - The concentration of market power among leading platforms may enhance efficiency but poses risks of monopolistic practices that could stifle innovation [15]. Group 3: Technological Advancements - Major platforms are focusing on AI technology to evolve from mere online pharmacies to intelligent health managers, utilizing AI for personalized recommendations, prescription review, and logistics optimization [17]. Group 4: Challenges and Future Outlook - The pharmaceutical e-commerce industry faces significant challenges, including regional policy barriers, varying medical insurance directories, and reimbursement rules that complicate cross-province services [20]. - High supply chain costs, particularly for cold-chain delivery of specialty drugs, hinder market penetration in rural areas, which are crucial for improving medication accessibility [22]. - Trust issues in online prescription sales necessitate professional pharmacist guidance and data security, as any errors could damage platform reputations and the industry's credibility [24]. - Overall, the pharmaceutical e-commerce sector represents a critical step in healthcare digitization, with potential for efficient and accessible health networks as platforms focus on intelligent health services and niche markets [26].

银行物理网点正以前所未有的速度减少。 "周围的银行网点好像越来越少了。"家住广东东莞的王女士近日发现，自己常去的村镇银行悄然解散， 变成了某家股份制银行的网点，隔壁镇上的几家农商行网点也陆续传出关闭的消息。"对日常生活影响 不大，但总觉得有些不一样。"她说。 王女士的直观感受背后，中小银行及网点正在加速消失。第一财经记者梳理最新数据发现，截至12月8 日，年内因合并或解散而注销的银行已达377家，较去年全年的190余家大幅增长。与此同时，银行物理 网点正迅速减少。今年已有超过9000家网点获批退出，较去年同期增幅超过200%。 银行正在加速"消失" 银行及其网点数量正快速收缩。据第一财经观察，减少最为明显的区域集中在内蒙古、山东等地。这些 地区正是2010年以来中小银行数量扩张最为迅猛的区域之一。其中，农商行成为受冲击最大的一个类 型。 企业预警通统计数据显示，以最新批复日期统计，截至12月8日，今年因监管批复合并或解散而注销的 银行已达377家，超过去年全年水平。其中，村镇银行注销数量最多，达到218家，占比近六成；农商行 和信用社分别注销79家和70家。 记者注意到，许多被注销的村镇银行实际上是被并入更大 ...

专题：复旦大学"对话"系列讲座：AI与大学之未来 复旦大学"对话"系列讲座"AI与大学之未来"于12月8日举行，复旦大学新闻学院院长张涛甫教授在谈及 大学的核心价值时指出，大学之所以能屹立不倒，关键在于其两大不可替代性：一是知识创新的核心能 力，二是 "培养人而非机器" 的根本使命。 他特别感慨，在现场教学与演讲日益稀缺的当下，这类面对面的交流平台更显珍贵，而人与人之间的沟 通、交流与情感联结，在技术愈发发达的今天反而成为亟待重视的问题 "技术越先进，传播越便捷，沟 通、理解与认同却变得越难"，这种 "能交流却难共鸣" 的现状引人深思。 对于当下备受关注的 AI 技术，张涛甫将其对大学命运的影响称为 "灵魂拷问"。他引用技术哲学家的观 点，将技术定义为 "人类为了省力而费的劲"，反思道：人类本想通过技术走捷径，却可能在不知不觉 中绕了弯路。 他特别感慨，在现场教学与演讲日益稀缺的当下，这类面对面的交流平台更显珍贵，而人与人之间的沟 通、交流与情感联结，在技术愈发发达的今天反而成为亟待重视的问题 "技术越先进，传播越便捷，沟 通、理解与认同却变得越难"，这种 "能交流却难共鸣" 的现状引人深思。 在人机互动愈发 ...

专题：复旦大学"对话"系列讲座：AI与大学之未来 责任编辑：李思阳 专题：复旦大学"对话"系列讲座：AI与大学之未来 复旦大学"对话"系列讲座"AI与大学之未来"于12月8日举行。复旦大学新闻学院教授、博士生导师张力 奋在演讲中表示，AI议题的重要性，已远超国与国之间的关系及全球地缘政治问题，AI 技术对人类生 存、对大学发展具有深远影响。 张力奋表示，他特别关注到一位被公认为 AI 领域重要发明者的学者，辛顿（Hinton），如今已转变为 对 AI 技术最根本的质疑者。这一现象让他联想到二战时期的科技发展历程：当年原子弹与核能的研制 者，包括奥本海默在内的科学家们，在意识到技术可能给人类带来的潜在威胁后，曾陷入深刻的思考与 担忧。 复旦大学"对话"系列讲座"AI与大学之未来"于12月8日举行。复旦大学新闻学院教授、博士生导师张力 奋在演讲中表示，AI议题的重要性，已远超国与国之间的关系及全球地缘政治问题，AI 技术对人类生 存、对大学发展具有深远影响。 张力奋表示，他特别关注到一位被公认为 AI 领域重要发明者的学者，辛顿（Hinton），如今已转变为 对 AI 技术最根本的质疑者。这一现象让他联想到二战时 ...

Core Viewpoint - Fosun Tourism Group is focusing on a light asset strategy post-privatization, aiming to expand its Club Med brand and develop new product lines, including super cultural tourism malls, by 2035 [2][4]. Group 1: Club Med Expansion - By 2035, Fosun plans to operate 100 Club Med Mediterranean resorts, 20 Club Med Joyview resorts, and 5 super cultural tourism malls globally [2][3]. - Club Med Mediterranean resorts account for nearly 90% of Fosun's revenue, with reported operating revenue of 10.23 billion yuan, of which 9.25 billion yuan comes from Club Med [2][4]. Group 2: Super Cultural Tourism Malls - The first super cultural tourism mall is set to open in Chongqing in 2026, covering nearly 500,000 square meters and featuring immersive theme districts and indoor theme parks [3]. - The strategy for super cultural tourism malls focuses on revitalizing existing assets in prime locations, indicating a shift towards commercial tourism transformation [3][4]. Group 3: Asset Optimization and Capital Structure - Fosun is accelerating its light asset strategy, planning to divest heavy asset projects like those in Lijiang and Taicang by 2026 [6]. - The independent listing of Atlantis in Sanya through a REITs model is underway, which is expected to improve cash flow and reduce overall debt [6][8]. Group 4: AI Integration in Operations - Fosun is leveraging AI technology to enhance customer experience and operational efficiency, providing personalized services based on visitor data [7][8]. - The AI systems are designed to automate quality control and operational processes, allowing staff to focus on customer engagement [7][8]. Group 5: Focus on Inbound Tourism - Inbound tourism is identified as a key growth area, with Club Med Lijiang receiving 20% of its visitors from international tourists and Atlantis seeing a 140% increase in international visitors year-on-year [10][11]. - The company aims to address challenges faced by international tourists, such as booking difficulties and the need for personalized services, to enhance their experience [10][11].

Core Viewpoint - Huawei's launch of the AI Dynamic Book feature marks a significant advancement in digital reading, transitioning from mere text to an immersive and interactive experience [1][2][10] Group 1: Technology Innovation - The AI Dynamic Book leverages HarmonyOS's AI capabilities to enhance the reading experience through a "perception-matching-presentation" model, allowing for real-time interaction based on user focus [2][4] - The technology respects the original aesthetics of artworks, employing techniques like slow panning and zooming to create a three-dimensional effect, enhancing the user's connection to the art [2][3] Group 2: Content Ecosystem - Huawei Reading has partnered with major publishers to launch 50 premium AI Dynamic Books across various genres, ensuring that the technology is supported by high-quality content [4][6] - The platform has built a diverse content ecosystem, collaborating with over a hundred publishers and audio platforms to offer a million quality books and audio content [6] Group 3: User Engagement - Huawei Reading has developed a comprehensive user rights system that includes free book giveaways and social reading initiatives, aiming to make reading a more engaging and shareable experience [7][8] - New users of Huawei's Mate 80 series and Mate X7 can access exclusive benefits, including free membership for six months, enhancing their reading experience right from the start [8][10] Group 4: Future Direction - The development of AI Dynamic Books, combined with a robust content ecosystem and user-centric rights, illustrates the future direction of digital reading, focusing on technological innovation and quality content to meet user needs [10]

Group 1 - DWS's chief U.S. economist Christian Scherrmann comments on the upcoming December FOMC meeting, indicating that the Federal Reserve is in a dilemma due to limited and potentially distorted official data from the government shutdown [1] - Private labor market data shows a continued slowdown in employment, while official unemployment claims data remains moderate, suggesting that the weak labor market is primarily due to the normalization post-pandemic and changes in cost structures due to tariffs [1] - Concerns about rising healthcare costs potentially increasing labor costs, especially for small businesses, are contributing to recent employment weakness, although widespread layoffs are not imminent [1] Group 2 - The lack of real-time official data on inflation complicates decision-making for policymakers, with the latest available data from September showing inflation remaining at a high level of around 3% [2] - Consumer sentiment is low, primarily affected by inflation and weakening income prospects, particularly among low-income groups, while high-income earners seem unaffected by strong asset market performance [2] - The Federal Reserve faces challenges in balancing hawkish and dovish stances, with potential implications for financial conditions and short-term consumption depending on their decisions [2] Group 3 - DWS expects the Federal Reserve to cut rates in December, but acknowledges that a decision to hold off until January for more data collection would also be understandable [3] - The responsibility for effective communication and balance will fall on Chairman Powell, as the Fed's credibility may be challenged by either hawkish or dovish decisions [3]

Group 1 - The domestic gaming market remains highly prosperous, with Tencent's "Rock Kingdom: World" scheduled for release in March 2026, expected to drive growth in new product launches and overall market scale [1] - The sentiment economy for female-oriented games is heating up, exemplified by "Love and Deep Space," which quickly topped charts by accurately addressing player needs; established IPs like NetEase's "World: Myriad" are revitalizing through technological upgrades and socialization [1] - AI technology continues to penetrate content production, with ByteDance's Seedream 4.5 model enhancing advertising and film creation efficiency, facilitating creative implementation [1] Group 2 - The gaming ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in anime production, game development, and related industries to reflect the overall performance of these securities [1] - The anime and gaming index focuses on core aspects such as content creation and platform distribution, primarily covering the entertainment software services and digital media sectors, effectively representing the development dynamics and market trends of China's anime and gaming industry [1]

文丨贝果树 编辑丨果脯 在11月21日的Xbox全球发布会上，《动物朋克》发布了首支实机演示PV。短短三天，视频的播放量就突破了700万，并在几天之后最终达到了超过800万 的播放量。 稍微熟悉国产单机的玩家可能仅用几秒就认出了这只PV里的兔子，它长相硬核，酷似《暗影火炬城》的雷德文，骑着摩托、挥舞双鞭，为了追捕火种与 敌人展开了一场追逐。在《暗影火炬城》推出四年后，钛核网络带着续作《动物朋克》又出现在玩家眼前，你会先注意到它们一脉相承的风格：柴油朋 克、动物主角，相同的世界观…… 然后是游戏画面的升级，2D横板变成了全3D，得益于UE5引擎，火炬城也有了更多的细节，角色的毛发、表情都清晰可见。 从系列首作到续作，2D到3D，这只兔子如何进化成为今天这个样子，又为何受到了如此多的关注？ 并不是第二个「火炬城」 2021年，钛核网络推出了第二款作品《暗影火炬城》。这是一款类银河恶魔城的2D横板动作游戏，故事中，本该弱小的兔子成了一名有着硬汉形象的老 兵，挥舞着巨大的铁拳，穿梭在上海为原型的，一个柴油朋克风格的城市。 《暗影火炬城》 凭借着扎实的玩法、精妙的关卡设计和独特的"动物拟人+柴油朋克"的美学风格，《暗影 ...