Core Insights - The "14th Five-Year Plan" has marked a significant transition for China, moving from being a technology follower to a leader in key industrial sectors, thereby reshaping its relationship with the global economy [2][3]. Group 1: Technological Advancements - During the "14th Five-Year Plan," China has achieved breakthroughs in becoming a technology leader in several critical industries, including telecommunications, electric vehicles, solar panels, wind energy, drones, industrial control systems, batteries, and artificial intelligence [2][3]. - This shift indicates that China is no longer just a supplier of replaceable medium-tech products but plays an irreplaceable role in other countries' critical infrastructure, such as power systems and transportation networks [3]. Group 2: R&D Investment - China's R&D expenditure as a percentage of GDP stands at 2.6%, significantly higher than that of other developing countries and surpassing three G7 economies, although it still lags behind the US and other G7 nations [4]. - The effectiveness of R&D investments is not immediately visible, as the correlation between R&D spending and economic growth is low, with a negative correlation of -0.31 among the world's top ten economies [5]. Group 3: Future Outlook - To maintain its leading position in new productive forces, China must continue to increase its R&D investment ratio and sustain its investment levels relative to the US and Western economies [6]. - The ongoing transition to renewable energy and sustainable transportation systems will take decades, and China's advancements in these areas will contribute to organic growth and a more central role in the global economy [3].

【短评】 我们在这里之所以推介湖北的做法，是因为湖北，既考虑了当前又虑及了长远。瞧，对于能转化的成 果，像抢收麦子一样，争分夺秒；而对于一时不能产生效益的"冷门"，只要对未来有用，也倾全力支 持。 我们知道，科学研究特别是基础研究，很多并不能马上转化为现实生产力，但它们对未来发展却至关重 要。你想，没有当年湖北科研人对光电子技术的孜矻攻关，哪有今天"世界光谷"的辉煌璀璨？ 当然，守"冷门"，坐"冷板凳"，是要有些定力的，要耐得住寂寞，不为一时风光遮望眼。 作者：刘茜 《光明日报》（2025年12月22日 01版） 创新之于发展的重要性，不知道的人恐怕不多。抓创新，应该说，各地都会采取措施。 [ 责编：姜姝琪 ] 这让人想起一道湖北菜——藕汤。做藕汤，藕要粉，汤要浓，心浮气躁了可不行！抓创新也是如此，只 有今天沉下心来"煨一锅好汤"，才可能明天需要时"端一席盛宴"。 "为未来30年布局。"听听，多提气！ ...

本报记者 咸文静 西宁，12月19日。 当8位来自全国各地的优秀新闻工作者带着高原的风沙、田埂的泥泞在会场上依次站定，一场"好记 者"的分享拉开序幕。 掌声，在会场一次次响起，为故事里的坚韧，为讲述者的真诚。故事讲完，聚光灯仿佛悄然转向了台下 那些专注的面孔。这不仅是一场巡讲，更是一次追光之旅。 光，从何处来？ "做好三农记者，就像做一株好小麦。"中央广播电视总台记者郭嘉宁的开场白，让所有人"闻"到了麦田 的气息。他的光，是从河南巩义的麦茬地里长出来的——为等一位种粮大户，从烈日当空坐到星垂平 野。这缕光的名字，叫"等待"：新闻不是追问，而是陪伴；记者的姿态不是俯视或仰视，而是如小麦 般"蹲下来"的平视。 紧接着，一束束不同的光，在台上亮起。 中国石油报社西藏记者站记者李一蕾的光，带着海拔5000米的寒意与温度——从"熊出没"的惊险， 到"想洗个澡要跑400公里"的心酸。她的光源，是高原加油站那盏昏黄却未灭的灯。 宁夏日报记者王猛的光，是一部跨越三十年的"纪录片"。西海固那片曾因干渴而挣扎的土地，以及它后 来惊天动地的"水之变"，他的镜头语言讲述着这段浓缩了时代变迁的艰辛历程。 这些光，它们诞生于农机手的驾驶 ...

Core Viewpoint - The 2025 Southeast Modern Agriculture Expo and Flower Expo showcased the innovative products of Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd, emphasizing its commitment to integrating tradition with innovation in the health industry [1]. Group 1: Product Launches - Pien Tze Huang launched four core product series across its three strategic segments: a classic product series in the pharmaceutical sector, an Eastern skincare series in the beauty segment, and a health food series focused on food-medicine integration [1][3]. - The pharmaceutical segment introduced new products such as Renrong Anshen Pills and Xihuang Pills, targeting specific health needs and enhancing the product matrix [3]. - The beauty segment highlighted new offerings like the Jin Xian Lian series and Ren Shen series, focusing on the efficacy of traditional Chinese ingredients for skincare [3]. - The health food segment presented four new products, including a low-temperature fermented green plum wine and a green plum essence pill, both made from high-quality ingredients sourced from Fujian [4]. Group 2: Innovation and Development Strategy - Innovation is identified as the core driver for revitalizing traditional brands, with the new product launch marking a significant step towards establishing a diversified health service system [4]. - Pien Tze Huang plans to invest 270 million yuan in R&D in 2024, reflecting a 16.38% increase year-on-year, with ongoing clinical research on five traditional Chinese medicine innovations and four chemical drug innovations [4]. - The company aims to strengthen its core business while expanding its product matrix and developing a second growth curve, aligning with the "14th Five-Year Plan" and "Healthy China" strategy [5].

Financial Data and Key Metrics Changes - Enerpac's first quarter revenue for Fiscal 2026 was $144 million, a decrease of 1% year-over-year [5] - Adjusted EBITDA was $32.4 million, representing a margin of 22.4%, while adjusted earnings per share was $0.36 compared to $0.40 in the previous year [8][10] - Gross profit margin was 50.7%, consistent with previous quarters, but impacted by higher tariff-driven costs [7] Business Line Data and Key Metrics Changes - In the Industrial Tools and Services (IT&S) segment, product sales grew 4% organically, while IT&S sales declined 3% [3][5] - Standard products saw low single-digit growth, and heavy-lifting technology business experienced double-digit growth year-over-year [5] - Service revenue declined by 26%, primarily in the EMEA region, particularly the U.K. [5][6] Market Data and Key Metrics Changes - Revenue in the Americas grew by 5%, driven by an 8% increase in product revenue [6] - EMEA region revenue declined by 10%, with product revenue growing by 5% but service revenue declining significantly [6] - APAC revenue decreased by 8%, affected by a decline in heavy-lifting technology business and political uncertainties in Southeast Asia [7] Company Strategy and Development Direction - The company is focused on investing in innovation and expanding sales capabilities in markets like India, Australia, and the Philippines [12][14] - Enerpac aims to capitalize on growth opportunities in power generation and infrastructure, with significant contract wins in bridge and tunnel projects [15] - The company is also enhancing its e-commerce capabilities to improve user experience and marketing tools [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the year, citing strong order growth across all geographic regions [11] - The company is maintaining its full-year fiscal 2026 guidance, expecting organic revenue growth of 1%-4% and adjusted EBITDA growth of 6% at the midpoint [10] - Management acknowledged challenges in the service business but remains optimistic about future growth and margin expansion [22] Other Important Information - The company reported a net debt of $49 million, resulting in a net debt-to-Adjusted EBITDA ratio of 0.3, indicating a strong balance sheet [9] - Total liquidity was $539 million, and free cash flow increased to $13 million, up $10 million year-over-year [9] Q&A Session Summary Question: What caused the sharp decline in service revenue this quarter? - Management noted that the decline was largely driven by a contraction in the U.K. market, with ongoing initiatives to capture higher-margin service business [21][22] Question: Can you elaborate on changes being made in services to capture higher value business? - Management discussed transitioning from an agent-based model to a direct model to enhance customer relationships and margins [25][26] Question: What is the pricing strategy heading into calendar year 2026? - A small, low single-digit price increase was implemented in early December, with ongoing efforts to maintain margins [27] Question: Can you provide insights on the 2026 organic guidance and new product contributions? - Management highlighted an ambitious innovation program with plans to launch more new products than in the previous fiscal year [33][34] Question: How is the backlog compared to a normalized basis? - Management indicated that the backlog has increased due to strong order activity, providing confidence in the outlook for the year [43]

Financial Data and Key Metrics Changes - Enerpac's Q1 Fiscal 2026 revenue was $144 million, a decrease of 1% year-over-year [6] - Adjusted EBITDA was $32.4 million, representing a margin of 22.4%, with adjusted earnings per share at $0.36 compared to $0.40 in the previous year [9][10] - Gross profit margin was 50.7%, consistent with previous quarters, but impacted by higher tariff-driven costs [8][9] Business Line Data and Key Metrics Changes - In the Industrial Tools and Services (IT&S) segment, product sales grew 4% organically, while IT&S sales declined 3% [4][6] - Standard product revenue increased by low single digits, with heavy-lifting technology business experiencing double-digit growth [6] - Service revenue declined by 26%, primarily in the EMEA region, particularly the U.K. [6][7] Market Data and Key Metrics Changes - Revenue in the Americas grew by 5%, driven by an 8% increase in product revenue [7] - EMEA revenue declined by 10%, with product revenue growing 5% but service revenue declining significantly [7][8] - APAC revenue decreased by 8%, affected by a decline in heavy-lifting technology business and political uncertainties in Southeast Asia [8] Company Strategy and Development Direction - The company is focused on growth through investments in innovation and expanding sales capabilities in key markets like India and Australia [12][13] - Enerpac is enhancing its e-commerce capabilities and implementing a new technology platform to improve user experience and marketing tools [13] - The company is targeting growth in power generation and infrastructure sectors, with significant contract wins in bridge and tunnel projects [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the year, supported by strong order growth across all geographic regions [12] - The company anticipates organic revenue growth of 1%-4% and adjusted EBITDA growth of 6% at the midpoint for Fiscal 2026 [11] - Management acknowledged challenges in the service business but remains optimistic about future growth and margin expansion [22][24] Other Important Information - The company reported a strong balance sheet with net debt of $49 million and total liquidity of $539 million [10] - Enerpac repurchased $15 million of stock in the first quarter while maintaining capacity for strategic M&A [10][57] - A leadership change in investor relations was announced, with the current CFO becoming the main point of contact until a replacement is found [17] Q&A Session Summary Question: What caused the sharp decline in service revenue this quarter? - Management noted disappointment in service revenue performance, primarily due to market contraction in the U.K. and ongoing consolidation in the oil and gas sector [22][24] Question: Can you elaborate on changes being made in services to capture higher value business? - Management discussed transitioning from an agent-based model to a direct model to enhance customer relationships and margins, along with investments in field service capabilities [26][27] Question: What is the pricing strategy heading into 2026? - A small, low single-digit price increase was implemented in December, with ongoing efforts to offset tariff impacts and maintain margins [28][47] Question: How does the backlog look compared to a normalized basis? - Management indicated that while Enerpac is not a backlog-heavy business, there has been an uptick in backlog driven by strong order activity [40] Question: What is the outlook for M&A activity? - Management expressed optimism about increased M&A activity and is actively evaluating several opportunities while maintaining a disciplined approach [57]

封面新闻记者 雷强 近年来，随着宏观消费环境的变化，各大品牌Robotaxi入场，以及公共交通和私家车渗透率的不断提升，移动出行使用场景进一步承压。然而，顺风车这 种更低成本享受舒适便捷的出行体验，在传统交通工具难以满足人们多元化出行需要的困境下，作为一种补充交通方式，逐渐受到越来越多人的关注和认 同。 在万物皆可AI背景下，顺风车行业站在创新变革交汇点上，将会迎来怎么的调整？面对移动出行市场运力饱、运价不断降低的当下，企业又该如何升级 体验服务，在司乘两端做到更合理的平衡。12月18日，嘀嗒出行创始人、CEO宋中杰接受了封面新闻的专访，在他看来，私家车保有量增长点已转向存量 更新和结构升级的变化，立足于行业，更多应思考如何基于真顺路需求，持续优化接单体验及效率，让更多车主更加乐于分享空座，充分发挥顺风车的社 会价值。 伴随AI技术对企业发展影响的持续深化，我们也鼓励小嘀嗒借助AI催生新想法、新模式和新价值，目前，嘀嗒出行自建大模型应用已从客服延伸至内容 安全、产研创新、业务开发、智能办公等多个领域，在焕新提升用户体验，业务显著提效增质同时，也为企业创新发展提供了一系列有力支撑。 另外，今年我们也在积极向外寻 ...

Core Viewpoint - Nantong is positioned to play a strategic role in the Yangtze River Delta's innovation landscape through structural breakthroughs in innovation chains, technological advancements, talent optimization, and system platform development [1] Group 1: Strategic Positioning - Nantong has the potential to become a significant player in key sectors such as energy equipment, future materials, biomanufacturing, and third-generation semiconductors [1] - The organic combination of "strategic capital" and "top-tier ecosystems" will more effectively discover, cultivate, and empower potentially world-changing, disruptive technologies [1] Group 2: Technological Advancements - AI has significantly lowered the technical barriers for strategy implementation, leading many investors to apply their investment logic and frameworks to AI tools [1] - The future of the financial services industry is expected to become more "networked," enabling cross-institutional and cross-disciplinary collaboration through standardized MCP (Model Context Protocol), algorithm engines, or routing services [1]

因为我们需要从西方购买通信设备。 英伟达H200芯片的价格多少钱？ 我问公司的小孩有没有知道"电话装机费"的，他们都说没听过，毕竟他们从小就用手机和pad，很多人都没有打过 座机。 但70后、80后应该还记得这回事，在上世纪九十年代，很多地方要装电话必须是有初装费的，而且还要排队。 费用最高时候高达5000元，如果需要电线杆子那还要再加几百块钱，我家里当时装电话因为附近有了铺好的电话 线，所以好像是收了两千多。 为什么装个电话都要这么多钱呢？要知道当年普通人的工资也就是三四百。 好像一直没有统一售价，部分版本最高有过约200万的报价，普通的也要十来万。而英伟达的GB300 Blackwell Ultra价格预计要数百万美元。 从通信设备到电脑，从互联网到人工智能，美国一直想要掌握底层架构，道理很简单，只要"根技术"在自己手 里，那上面的应用再怎么繁荣也是为自己服务的。 为什么互联网公司都想成为社会的基础设施？因为这样获利最大，而且永远有主动权。 产品的背后就是技术为王，而技术在于研发。 一流科技企业的经营模式就是抓住机遇，靠研究开发的高投入获得产品技术和性能价格比的领先优势，通过不断 优化成熟产品去驾驭市场上 ...

Core Points - The National Standards Committee approved 60 new and revised standards during its 32nd council meeting, covering key sectors such as construction, chemicals, energy management, electrical and electronic products, automotive systems, cosmetics, wood products, and textiles [1] - The approved standards include 50 new international ISO and IEC standards, 1 revised Cambodian standard, and 9 amendments, all of which underwent rigorous review by relevant technical committees [1] - The adoption of these standards is crucial for Cambodia's industrial transformation, enhancing the country's commitment to innovation, safety, and sustainable development, thereby improving competitiveness in advanced manufacturing and emerging technologies [1] Industry Impact - The new standards align Cambodia with international best practices, supporting the country's goal of developing a safer, greener, and more competitive industrial economy [1] - The Minister of the National Security Council, Hem Vanndy, emphasized the importance of modern standards in driving Cambodia's industrial transformation and urged council members to raise awareness and understanding of the adopted standards within their respective sectors [1]