从曾经"一娃难求"的抢购风潮，到如今部分款式价格"破发"，泡泡玛特旗下Labubu盲盒二手价格在2025年下半年经历了剧烈回调。 近期，多个二手平台数据显示，曾经稀有的Labubu隐藏款在半年内价格跌幅超过了80%，有单个盲盒的成交价甚至跌破了发行价。 价格跳水的背后，是供需关系的根本性逆转。除了官方加码盲盒产能外，消费理性回归也促成了价格泡沫的破裂。业内人士称，盲盒应从 "投资标的" 回归为纯粹的 "情感消费品"。潮玩行业的未来，不应锚定人为制造的稀缺性，而需深耕IP文化内涵、打磨产品品质，拓展多元 消费体验与社群运营模式。 证券时报记者近日了解到，泡泡玛特海外供应链布局再度深化，印尼、柬埔寨及墨西哥合作伙伴于近期开始出货。目前，泡泡玛特全球六大 生产基地已全面落地，覆盖东南亚及墨西哥等地区。 业内专家表示，出海探索若能持续验证泡泡玛特的收入多元化和成本优化能力，该公司有望迈入估值修复阶段。 热门隐藏款二手价格暴跌 近期，"泡泡玛特开始五折甩卖了"等相关词条一度登上微博热搜，曾被炒至天价的Labubu盲盒二手价格大幅回落。 千岛APP数据显示，Labubu心底密码系列搪胶毛绒挂件（整盒14个）从去年8月发售 ...

Core Insights - The Chinese automotive industry is at a critical juncture in 2025, transitioning from traditional paradigms to new models driven by technological advancements, market competition, and globalization [1] Group 1: Battery Technology - 2025 marks a paradigm shift in the Chinese battery industry, with competition moving from laboratory performance to industrialization speed and supply chain control [3] - Leading companies like CATL, BYD, and Guoxuan High-Tech are accelerating the production of semi-solid batteries while investing in all-solid-state battery research [3] - The expected domestic shipment of semi-solid batteries for passenger vehicles is projected to reach 3 GWh in 2025, indicating a significant step towards commercialization [3] Group 2: Smart Driving - The Chinese smart driving industry is set for a breakthrough in 2025, with L2 penetration exceeding 60% and L3-level autonomous driving gaining regulatory approval [5][6] - The cost of high-level driving assistance systems has decreased significantly, with hardware costs dropping over 60% compared to 2022, making advanced driving features accessible for lower-priced vehicles [5] - The market is expected to see a surge in demand for smart driving technologies, with a focus on vertical integration of software and hardware [6] Group 3: Market Competition - The Chinese automotive market is experiencing a shift from price wars to value competition, with an industry profit margin of only 4.4% in 2025 [7][9] - A significant number of models saw price reductions, with an average drop of 11.7% for new energy vehicles, leading to a decrease in market prices [7] - Regulatory measures are being implemented to curb price wars, including guidelines to prevent below-cost sales [8] Group 4: Export Growth - China's automotive exports are on a strong upward trajectory, with a total of 6.343 million vehicles exported from January to November 2025, marking an 18.7% year-on-year increase [10] - New energy vehicles are a key growth driver, with exports doubling to 2.315 million units, accounting for 36.5% of total exports [10] - Major automakers are increasingly focusing on overseas markets, with strategies evolving from simple sales to establishing local ecosystems [11] Group 5: Joint Ventures and Localization - The market share of joint venture brands is under pressure, with domestic brands capturing 69.6% of the passenger car market by November 2025 [13] - Joint venture brands are focusing on enhancing their fuel vehicle advantages while integrating smart technologies to regain market share [14] - Collaborations with local tech companies are becoming essential for joint ventures to address their technological gaps and adapt to the local market [14]

来源：单仁行 01 作为"十五五"规划的起步之年，2026年承载着特殊的发展使命，它不再是过往规划的线性延伸，而是要进入到一个冲刺期，"高质量发展"成为压倒一切的 核心原则。 对我们每个企业来说，开局之年往往是政策密集落地、市场活力迸发、产业机遇集中涌现的关键窗口期，都会给顺应趋势的企业打开成长空间。 值得期盼的机会有很多，寄予厚望的行业有很多，等待变革的企业也有很多。 我们展望2026年的发展，有哪些重点领域的机会值得我们关注，经营的逻辑会如何变化呢？ 02 在单仁行元旦的内容里，我们讲到了AI搜索、GEO，讲到了细分市场的中小企业在2026年品牌建设的核心。 今天我想特别补充两点。 一是关于出海。 根据海关总署发布的数据，2025年的前11个月，中国货物贸易进出口总值41.21万亿，同比增长3.6%，特别是我们的出口达到了24.46万亿，同比增长 6.2%，是外贸增长的主要驱动力。 而且，有一个特别的数字，我想分享跟大家，什么呢？ 如果以美元计价，中国的贸易顺差突破了1万亿美元，这在整个人类贸易史上都是首次，而且，极难被其他国家超越。 因为第二名的德国，2025年的贸易顺差大概是2600亿-2750亿美元 ...

Core Viewpoint - The private equity industry in China has concluded its annual performance for 2025, with expectations for 2026 indicating a shift in market dynamics from liquidity-driven growth to fundamentals-driven growth [1] Group 1: Market Outlook - Leading private equity firms such as Freshwater Spring Investment, Star Stone Investment, Xuanyuan Investment, Qinghe Spring Capital, and Together Capital believe that the A-share bull market is still ongoing [1] - The driving logic of the market is expected to gradually transition from liquidity to fundamentals, indicating a different rhythm compared to previous years [1] Group 2: Investment Opportunities - The investment opportunities for 2026 are anticipated to focus on themes such as overseas expansion, artificial intelligence, anti-involution, and domestic demand [1] - The difficulty of stock selection is expected to increase, but the value of allocation remains significant [1]

Core Viewpoint - The private equity firms believe that the A-share bull market is ongoing, with a shift from liquidity-driven to fundamentals-driven growth expected in 2026, leading to increased stock selection difficulty and continued investment opportunities in areas such as overseas expansion, artificial intelligence, anti-involution, and domestic demand [1][7]. Group 1: Market Outlook - Starstone Investment indicates that the main driver for the stock market's upward trend in 2025 was the valuation uplift due to a loose liquidity environment, with the current stock-to-bond ratio still showing relative attractiveness for equity assets [2]. - Yuan Investment notes that the historical ratio of A-share total market value to household savings suggests that the bull market has not yet concluded, with the current ratio around 0.65, indicating potential for further market growth [2]. - Clear River Capital highlights a significant shift in the underlying logic of the A-share market, with improving free cash flow and increasing dividend and buyback ratios, projecting a market dividend rate exceeding 40% in 2025 [2]. Group 2: Investment Opportunities - The private equity firms identify key investment opportunities in 2026, focusing on overseas expansion, artificial intelligence, anti-involution, and domestic demand [7][8]. - Clear River Capital emphasizes that the 2026 market will likely see a transition to earnings-driven growth, with historical data suggesting that while index valuations may rise moderately, earnings growth could average 23%, leading to substantial index returns [5]. - Starstone Investment sees potential in traditional industries with reasonable valuations, expecting improvements in supply-demand dynamics and profitability due to ongoing structural reforms and policy support [6]. Group 3: Economic Drivers - Yuan Investment anticipates that the economic recovery in 2026 will be driven by domestic price recovery, with policies aimed at "anti-involution" potentially leading to improved price indicators [4]. - Clear River Capital expects that the actual GDP will remain resilient in 2026, with ongoing efforts to expand domestic demand and moderate inflation recovery [5]. - Starstone Investment draws parallels to past supply-side reforms, suggesting that the focus on quality and efficiency will enhance industry supply and profitability [6].

Core Viewpoint - The private equity firms believe that the A-share bull market is ongoing, with a shift from liquidity-driven to fundamentals-driven growth expected in 2026, leading to increased stock selection difficulty and significant investment opportunities in areas such as overseas expansion, artificial intelligence, anti-involution, and domestic demand [1][2][3]. Group 1: Market Outlook - The A-share market is still in a bull phase, with the valuation uplift driven by a loose liquidity environment in 2025 [2]. - The current stock-to-deposit ratio indicates that equity assets remain attractive, with room for residents to shift asset allocation towards the stock market [2]. - The ratio of total A-share market capitalization to household savings is around 0.65, suggesting that the bull market has not yet concluded [2]. Group 2: Fundamental Changes - A significant transformation in the underlying logic of the A-share market is noted, with improving free cash flow and increasing dividend and buyback ratios, expected to exceed 40% in 2025 [2]. - The transition from old to new economic drivers is underway, supported by a stable market mechanism from policy [2]. - The overall market risk appetite is bolstered by favorable liquidity conditions and expectations of a Federal Reserve rate cut [3]. Group 3: Investment Opportunities - Investment opportunities in 2026 are expected to focus on overseas expansion, artificial intelligence, anti-involution, and domestic demand [6][7]. - Strategic resource stocks, particularly copper and aluminum, are viewed positively due to limited supply growth and rising costs [6]. - High-growth sectors such as artificial intelligence, innovative pharmaceuticals, and military industry are highlighted as attractive investment areas [6][7]. Group 4: Economic Recovery and Market Dynamics - The economic recovery is anticipated to be supported by domestic price recovery and the implementation of anti-involution policies, which may lead to a shift in market style from growth to value and cyclical stocks [5]. - The expected GDP resilience and ongoing domestic demand expansion are likely to contribute to a favorable investment environment [5]. - Historical data suggests that during periods of earnings recovery, the market can achieve significant returns despite limited valuation increases [5].

Group 1: Core Insights - The core viewpoint of the articles highlights the significant performance of the non-ferrous metals industry in 2025, which achieved an annual index increase of 94.73%, marking it as the top-performing sector in the A-share market [1][4]. - The surge in non-ferrous metal prices, including gold, silver, copper, aluminum, and lithium, is attributed to a combination of rigid supply constraints and structural demand growth, leading to a strong bull market for metals [4][5]. Group 2: Non-Ferrous Metals Industry Performance - By the end of 2025, the A-share market capitalization of the non-ferrous metals industry approached 5 trillion yuan, with 12 stocks surpassing the 1 billion yuan market cap [5]. - Notable stocks such as Zijin Mining saw a remarkable increase of 133.09% in 2025, with its market cap exceeding 710 billion yuan [5]. - A total of 46 stocks in the non-ferrous metals sector reached historical highs in 2025, with key players like Luoyang Molybdenum and Tianshan Aluminum achieving significant gains [4]. Group 3: Technology Sector Activity - The technology sector experienced high trading activity, with an average daily trading volume of 1.73 trillion yuan in 2025, marking a record high [8]. - The electronic industry led the trading activity with an average daily turnover of 266.57 billion yuan, driven by the AI revolution and domestic substitution trends [8][12]. - The market capitalization of the electronic sector reached 13.77 trillion yuan, surpassing the banking sector for the first time, with a year-on-year increase of 5.56 trillion yuan [8]. Group 4: Financing Trends - In 2025, financing funds significantly flowed into the technology sector, with the electronic industry receiving a net buy of 165.53 billion yuan, the highest among all sectors [12][15]. - The financing balance for the electronic industry stood at 382.06 billion yuan, leading the market and indicating a shift in capital towards technology-focused investments [15]. Group 5: Outlook for 2026 - Institutions maintain an optimistic outlook for the A-share market in 2026, focusing on sectors such as technology growth, cyclical reversals, and domestic demand expansion [16][17]. - Key areas of interest for investment include AI applications, resource stocks, and innovative technologies like quantum technology and controlled nuclear fusion [16][17].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the non-pharmaceutical sector within the healthcare industry for the investment strategy in 2026, emphasizing overseas expansion and innovation as key growth drivers [2][12]. Key Companies and Sectors Insulin Sector - Core companies include Ganli Pharmaceutical, Federal Pharmaceutical, and Tonghua Dongbao, with Ganli's insulin products expected to receive European regulatory approval in 2026 [1][4]. - Ganli is expanding into European, American, and Asian markets, while Tonghua Dongbao is advancing its U.S. market strategy through Jiangyang [1][4]. Biopharmaceuticals - Blood products companies like Jinbao and Renbai are anticipated to see performance inflection points in the second half of 2026, with a focus on plasma station planning and state-owned enterprise reform opportunities [5]. - Vaccine companies such as Olin Bio, Kanghua Bio, and CanSino are highlighted, with Olin focusing on superbug vaccines and Kanghua developing RSV vaccines [5]. Traditional Chinese Medicine (TCM) - Investment opportunities in TCM include transformation and innovation (companies like Jiuzhitang, Yiling Pharmaceutical), essential drug catalog considerations, and OTC (over-the-counter) products [6][8]. - Key strategies involve dividend safety margins, valuation speculation post-policy implementation, and monitoring performance impacts from policy changes [8]. Medical Devices - The medical device sector is seeing significant overseas revenue contributions, with companies like Blueway, Mindray, and Kaili reporting 45%-60% of their income from international markets [9]. - Innovations in surgical robotics and brain-computer interfaces are critical areas of focus, with the latter having established a commercial closed loop [9]. Market Dynamics and Trends - The non-pharmaceutical sector is expected to benefit from changes in consumer behavior, particularly in internet healthcare, which has shown substantial growth potential compared to traditional retail [10][11]. - The shift in consumption patterns is creating new incremental opportunities across various segments, including pharmacies, medical services, and consumer healthcare [11]. Investment Strategy - The overarching strategy for 2026 emphasizes overseas expansion and innovation across insulin, medical devices, and TCM to achieve dual enhancements in valuation and performance [2][12]. - Investors are advised to closely monitor policy developments and market changes to identify quality investment opportunities in these sub-sectors [7][12].

Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

提起迪拜，许多人想到的是摩天大楼与奢华传说。但对中国企业而言，这里是"极限试验场"，要直面高温、沙漠与陌生的商业规则，也是走向全球化过程 中，一个兼具战略意义的关键节点。 今年以来，美团、新石器、九识、货拉拉等企业相继将业务拓展到阿联酋，与更早扎根于此的中资力量共同织就了一张密集的出海网络。迪拜由此成为一面 清晰的镜子，映照出中国企业与全球市场对话时的一道必答题：如何在真正理解并尊重另一种文明底层逻辑的前提下，完成出海的创造性落地？ 时值2025年岁末，《每日经济新闻》未来商业智库特别策划"镜像2025"，记者深度对话极兔速递、新石器和九识智能在迪拜的业务负责人，以及货拉拉海外 品牌Lalamove首席运营官卢家培，复盘这片市场的挑战与机遇。 这里的挑战具体且深刻，从禁止三轮车上路导致快递配送成本急升，到自动驾驶要适应本地彪悍的驾驶风格；从"清真寺后的白房子"等模糊的快递地址带来 的困扰，到外籍快递员携款潜逃带来的风险；从40多摄氏度高温的炙烤，到跨文化团队的管理难题 中国企业在这里褪去国内惯性，学习在陌生商业生态中重新扎根。他们在每一次调试、谈判与危机中，构建新的"航海术"。 从5人到千人团队：极兔在迪拜" ...