Core Points - The 52nd Eurasia Business and Economics Society (EBES) conference will be held in Istanbul, Turkey from July 3-5, 2025, where Professor Lin Yifu from Peking University will receive the EBES Fellow Award for his outstanding contributions in development economics, agricultural economics, and economic transformation research, marking the first time this award is given to a Chinese scholar in its ten-year history [1][2] - The EBES, established in 2008, is an international academic organization aimed at promoting research in economics and business, with over 2,500 members from more than 80 countries, including academia, government, business, and non-profit sectors [1] - The EBES Fellow Award, established in 2015, is the highest honor of the society, awarded annually to a scholar who has made lifelong outstanding contributions in economics and business research, selected based on rigorous academic achievements [2] Summary of Lin Yifu's Speech - During the conference, Lin Yifu delivered a keynote speech titled "What Drives Development Success? New Institutional Economics Meets New Structural Economics," comparing the perspectives of new institutional economics and new structural economics [5] - Lin criticized the institutional hypothesis proposed by Nobel laureates Acemoglu, Johnson, and Robinson, stating it failed empirical testing and had issues with empirical data and historical evidence [5] - From the perspective of new structural economics, the success or failure of a country's development hinges on whether its government chooses a development strategy that aligns with its endowment structure and comparative advantage [5] - The hypothesis of new structural economics is supported by empirical testing of cross-country data from 1960 to 2023, suggesting that every country has the opportunity for dynamic growth if it can identify and strengthen its advantageous industries with government support [5]

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

在7月11日召开的2025中国汽车论坛上，广汽集团董事长、总经理冯兴亚在致辞中表示："当前，汽 车产业变革已踏进深水区，广汽集团已全面进入'战时状态'，全力打好'用户需求战、产品价值战、服务 体验战'这关乎未来的'三大战役'，助力再造新广汽。" 在他看来，无论行业的变局、还是广汽的变革，两者共同的底层逻辑都源于用户需求的快速演变。 冯兴亚说："一直以来，广汽在专注造车的同时，始终'坚守着自己的坚守'。我们一贯坚持安全底线， 比如整车开发周期必须经过两冬一夏的严格验证、高阶智驾必须采用双冗余设计等等，以求最大程度确 保品质和安全，满足用户的功能价值诉求。 在线上线下融合运营方面，除了线上24小时全天候在线的超级管家实现100%直连客户，广汽依托 广汽全国2000多家销售服务网点，加快建设"广汽综合销售服务中心"，打造"全方位、多层次、线上线 下融合"的新服务体系，实现93%的问题在2小时内解决；在软件领域，广汽今年已全面实施整车软件大 版本定期OTA分类升级体系，为用户带来常用常新的智能科技价值体验；在渠道领域，广汽将加速在低 线城市的渠道下沉，让服务更好触达各级城镇消费者。此外，广汽也将通过流程再造，重塑与客 ...

以下文章来源于前瞻经济学人 ，作者产业观察组 前瞻经济学人 . 关注中国城市发展战略、把握全球新兴产业趋势！这是省长书记爱看的智库号之一。 作者：产业观察组 来源： 前瞻经济学人 中国包分配、包就业大学又来了！ 01 新型研究型大学声名鹊起 最近，教育部批准了10所"新大学"，其中就有两所新型研究型大学，一所是大湾区大学，另一所是宁波东方理工大学。加上年初获批的福耀科技 大学，今年国家一口气设立了三所新型研究型大学。 这三所大学开局就是王炸。 福耀科技大学由"玻璃大王"曹德旺倡导并发起、西安交通大学原校长王树国担任校长，直接对标美国斯坦福；大湾区大学由广东省领导和管理，北 京大学前副校长田刚全面指导筹建；宁波东方理工大学则由中国芯片首富虞仁荣捐资创办，投资460亿建设世界一流大学。 这几所大学全部在今年首次招收本科生，势必将引发一场声势浩大的人才大战。 ---------------------------------- 参照轰动一时的深圳理工大学，去年6月，这所大学在首场本科招生直播会上直言：深圳理工孵化了近2000家企业，首届毕业生满足基本条件，可 由学校直接安排就业。 也就是说， 毕业生包就业。 此消息 ...

Core Viewpoint - The emerging skincare brand "Zhuben" has faced significant backlash due to discrepancies between product ingredient filings and actual contents, as well as allegations of false advertising by its founder during a live stream. The Zhejiang Provincial Drug Administration has intervened, leading to the urgent withdrawal of the involved products, while the brand denies any quality safety issues [1][3]. Industry Trends - The performance of new domestic beauty brands is declining, with only two brands, Meishi and Tiluowei, making it to the top 20 on Douyin this year, while previously popular brands like Jia Run Quan and Di Shi Ai Pu have disappeared from the rankings. In contrast, established brands such as Kose, Proya, L'Oreal, and Estée Lauder continue to dominate the market, indicating a trend where "the strong get stronger" and new brands struggle to last beyond three years [3][4]. Brand Strategies - New domestic beauty brands are increasingly focusing on creating unique aesthetic positions and establishing differentiated branding. For instance, Lin Qingxuan emphasizes the story of its rare ingredient, red camellia, combined with advanced technology to enhance brand value and justify higher pricing [4][6]. Marketing and Promotion - Many new beauty brands utilize a "template" approach to rapidly create and market products, often focusing on popular concerns like skin whitening and anti-aging. They employ low or high pricing strategies to attract consumers, and leverage celebrity endorsements to enhance brand visibility and credibility [8][10]. Challenges Faced - The beauty industry is witnessing a high rate of penalties for false advertising and ongoing disputes regarding product efficacy. Many new brands are struggling with high customer acquisition costs and declining effectiveness of traffic-driven growth strategies, leading to a "flash in the pan" phenomenon [11][12]. R&D Investments - Established beauty giants like L'Oreal and Unilever invest heavily in research and development, with L'Oreal operating 20 research centers globally and employing over 4,000 scientists. In contrast, newer brands like Lin Qingxuan show significantly lower R&D expenditures, which may hinder their long-term sustainability [14][15]. Conclusion - The current landscape of the beauty industry reflects a scenario where established brands maintain their dominance through substantial R&D investments and effective marketing strategies, while new entrants struggle to establish themselves and often face rapid declines in market presence [16].

Group 1 - The core argument of the book is that the concept of "modernization" in China has evolved beyond the binary opposition of Eastern and Western civilizations, focusing instead on the construction of a modern Chinese civilization that incorporates advanced global achievements [1][2] - The author emphasizes the importance of the traditional Chinese cultural concept of "Zhonghe Weiyu, An Suo Sui Sheng" as a foundational idea for understanding Chinese-style modernization, providing a comprehensive historical and cultural analysis [3][4] - The book systematically reviews various perspectives from thinkers across different eras regarding China's modernization, showcasing a wide array of scholarly insights and fostering intellectual engagement [6][7] Group 2 - The author argues that historical dynasties that adhered to the principle of "Zhonghe Weiyu, An Suo Sui Sheng" experienced prosperity, while those that deviated from this principle faced decline [5] - The writing style of the book allows for a broad and transparent view, presenting diverse scholarly opinions and facilitating significant intellectual discourse among readers [7] - The book is recognized as an important academic achievement in the study of the historical and cultural foundations of Chinese-style modernization, reflecting a respectful attitude towards history and a hopeful outlook for the future [8]

Group 1 - The core viewpoint emphasizes the implementation of a comprehensive system in Haidong City to address public concerns and improve governance through direct engagement with citizens [1][2] - Haidong City has established a "one rod inserted to the end" contact and on-site investigation system, forming working groups to visit and resolve issues directly [1] - The city has created a "city-level special team + observation point liaison" guidance mechanism, hiring 70 social supervisors across 19 fields to identify and solve problems effectively [1] Group 2 - The local government is actively seeking feedback from grassroots officials and the public on issues such as post-disaster relocation services, environmental management, and livelihood support [1] - A mechanism of "point-to-point case handling + on-site research" has been established to address urgent public concerns, with over 30 key petitions received and more than 20 issues resolved through various forms of engagement [2] - County-level leaders have conducted over 150 on-site investigations, successfully addressing more than 860 urgent public issues [2]

Group 1 - The 2025 China (Suzhou) Photonics Industry Development Conference was held, focusing on core technologies and trends in the industry [1] - The conference aimed to deepen school-enterprise cooperation, promote industry-education integration, and facilitate the transformation of achievements in photonics technology [1] - The China (Suzhou) Silicon Photonics Industry Technology Research Institute was launched to focus on core technologies and foster innovation in the silicon photonics sector [1] Group 2 - Suzhou has actively implemented the "1030" industrial system strategy, prioritizing the photonics industry with initiatives like the "Six Ones" plan [2] - The city has established high-level platforms such as the Taihu Photonics Center and Photonics Industrial Park, gathering various photonics-related industries [2] - The region has seen a concentration of leading enterprises, highlighting the advantages of industrial clusters in photonics [2]

Core Viewpoint - Changchun High-tech, once known as "Northeast Medicine King," has faced a significant decline, with its market value evaporating by 160 billion yuan and stock prices plummeting by 84%. However, the approval of a new gout drug, "Jinbeixin," and plans for a Hong Kong IPO have sparked hopes for a turnaround [1][3]. Group 1: R&D and IPO Strategy - Over the past three years, Changchun High-tech has invested more than 6 billion yuan in R&D, with the R&D expense ratio soaring to nearly 20% in 2024. The company has increased its workforce by 2,518 employees, primarily in R&D and self-immune drug promotion [3]. - The company announced the preparation for an H-share listing on July 1, aiming to open up overseas financing channels to alleviate the financial pressure from its 6 billion yuan R&D "black hole" [3]. - Despite the low liquidity in the Hong Kong market, the policy allowing unprofitable innovative drug companies to list provides a lifeline for Changchun High-tech [3]. Group 2: New Drug Approval and Market Challenges - The National Medical Products Administration approved the new drug "Jinbeixin" for acute gouty arthritis, offering new hope for Changchun High-tech. Clinical data shows that it can significantly reduce pain and recurrence risk for patients [6]. - However, the market path for Jinbeixin is fraught with challenges, including competition from domestic rivals and pricing pressures. The expected price of Jinbeixin is 2,000 yuan per injection, which may deter patients if it is not included in medical insurance [7]. Group 3: Diversification Attempts and Lessons Learned - Jinbeixin is not the first attempt at diversification for Changchun High-tech. The company's shingles vaccine, launched in 2022, initially showed promise but saw a revenue drop from 1.82 billion yuan in 2023 to 1.23 billion yuan in 2024, with a 53% decline in net profit [8]. - The decline in the shingles vaccine's market share was attributed to its lower efficacy compared to competitors' products, highlighting the challenges of diversification [8]. Group 4: Decline of Growth Hormone and Future Outlook - The company's growth hormone product, which once held a 75% market share, has seen its revenue significantly impacted by price reductions due to national medical procurement policies, leading to a 43% drop in net profit in 2024 [9]. - Looking ahead, Changchun High-tech has 24 products in clinical stages across various fields, including oncology and reproductive health, indicating potential for future growth if successful in diversifying its product offerings [10].

Core Insights - The company has achieved a 40% increase in efficiency by implementing an automated grinding machine, replacing traditional manual grinding methods [1] - The company has a production capacity of over 3,000 tons of raw materials annually and has established itself as a national high-tech enterprise, exporting products to over 20 countries and regions [1] - The company has formed a strategic partnership with Yuan Da Pharmaceutical to enhance market competitiveness and has seen an average annual revenue growth rate of 36.5% from 2022 to 2024 [2] Group 1 - The company was founded in 1989 and initially faced challenges such as resource shortages and transportation difficulties, but it developed a leading production line for glycine using chemical synthesis [2] - In 2014, the company underwent a bankruptcy restructuring with an investment of 150 million yuan, leading to a turnaround from significant losses to profitability [2] - The company plans to establish a new high-purity raw material production line with an expected capacity increase to 5,000 tons by the end of the year [3] Group 2 - The company allocates over 5% of its sales revenue annually to a special technology innovation fund, with R&D expenses reaching over 7.9 million yuan last year, a year-on-year increase of approximately 35% [3] - The company collaborates with over 10 research institutions, including the Chinese Academy of Sciences, and has established a postdoctoral research station and a provincial amino acid technology center [3] - From January to June this year, the company's sales revenue increased by 33%, with a target of exceeding 200 million yuan in sales revenue for the year [3]