Core Viewpoint - The rise of "work outsourcing" on social platforms presents both opportunities for reducing workload and creating jobs, but it also carries significant legal risks that need to be addressed. Group 1: Legal Risks - Unclear ownership of intellectual property can lead to legal disputes, as workers often focus on service quality and efficiency rather than clarifying IP rights when outsourcing tasks [1] - There is a risk of confidentiality breaches, as outsourced workers may access sensitive business information, leading to potential financial losses for the original employer if such information is leaked [1][2] - Service quality is difficult to guarantee due to the lack of entry barriers on social platforms, resulting in varying qualifications among outsourced workers and potential service interruptions [2] Group 2: Recommendations - Strengthening legal frameworks is essential, including the creation of specific laws to define the rights and responsibilities of both parties in outsourcing transactions, and providing standard contract templates to clarify IP ownership and confidentiality measures [3] - Enhancing platform regulation is necessary, including improving real-name authentication processes, establishing complaint channels, and requiring outsourced workers to provide proof of qualifications before taking on tasks [3] - Increasing legal awareness through educational initiatives, such as creating warning materials and conducting workshops to inform workers about potential legal risks associated with outsourcing [4]

4月28日，日本东证指数ETF（513899）的溢价率已经跌入负区间，为-0.33%。 近阶段，此前人气爆棚的跨境ETF人气急跌，关税的不确定性加剧了境内投资者的谨慎情绪。 美股宽幅波动后仍待突破 最具代表性的美股跨境ETF之一是美国50ETF（513850），目前规模超过20亿元。自2025年初至今（4月28日）累计跌幅已达11%，28日溢价率收窄至0.78% 附近。 该ETF追踪的是MSCI USA 50指数，该指数选取美国市场市值最大的50家公司，成分股与标普500指数的前50大权重股高度重合，今年的弱势表现与美股大 型科技龙头动能转弱有关。 某境内个人投资者对记者表示，"一直以来都对这类美股ETF进行定投，跌了就买，但关税战爆发后，就开始观望，并没有继续买入。" 美股今年表现疲软，尤其在4月初公布关税计划时出现大幅抛售，一度从6100点附近的高位跌至4834点，回调幅度接近20%，一度进入了技术性熊市。与此 同时，美元指数也大跌10%，关税导致全球投资者阶段性抛弃美元资产。 如今，随着关税战缓和，美股陷入了5000~5500点（标普500指数）的宽幅区间震荡模式。摩根士丹利首席美股策略师威尔逊（Mic ...

Core Viewpoint - Japan's government has clearly stated its intention to resist the U.S. efforts to form an "economic cooperation mechanism to contain China," emphasizing that it will not compromise its economic relationship with China for the sake of negotiations with the U.S. [1] Economic and Trade Relations - China has been Japan's largest trading partner for 15 consecutive years, with a trade volume expected to reach $370 billion in 2024, accounting for 20% of Japan's total foreign trade [2] - Japan's exports to China primarily consist of technology-intensive industries such as automobiles and semiconductor equipment, while China is a crucial source of rare earths and electronic components for Japan, with rare earths making up 60% of imports and electronic components 40% of Japan's supply chain [4] - Japanese automakers like Honda and Toyota derive 35% of their global profits from the Chinese market, indicating that a withdrawal from China could result in annual losses exceeding $40 billion for Japan's automotive industry [4] Strategic Resource Dependency - China controls 70% of global rare earth processing capacity, which is vital for Japan's electronics, high-end manufacturing, and defense industries [6] - Japan's precision instruments and core components are deeply embedded in China's manufacturing supply chain, creating an inseparable interdependence between the two nations [6] Japan's Refusal to Choose Sides - Japan faces significant economic constraints, with government debt totaling 300 trillion yen (approximately 300 billion USD) and a projected GDP growth rate of only 1.2% in 2024. The trade surplus with China, expected to reach $32 billion in 2024, is crucial for Japan's foreign exchange reserves and macroeconomic stability [10] - Despite being a U.S. ally, Japan adopts a pragmatic approach in strategic coordination, exemplified by its "differentiated execution" strategy in chip export controls, allowing exports of mature process chips to China to maintain its industrial competitiveness [10] - Japanese companies have invested over $1.3 trillion in China, creating 1.5 million jobs, with major corporations like Toyota and Sony pressuring the government to ensure stable market access to China [10] Global Implications - Japan's stance highlights the limits of alliance relationships when core economic interests are at stake, revealing inherent contradictions in unilateral alliance systems [11] - The deep economic interdependence between China and Japan demonstrates the resilience of globalized supply chains, suggesting that forced decoupling could lead to a lose-lose situation [11] - In the context of intensifying great power competition, smaller nations are increasingly adopting a "multi-balancing" strategy to maintain strategic autonomy [11] Future Outlook and Challenges - Japan's ability to maintain its "balancing act" will depend on effectively addressing strategic differences with the U.S. and structural conflicts with China [11] - Potential U.S. pressure through increased tariffs or security issues may force Japan to make difficult choices, while competition in sectors like semiconductors and new energy could pose new challenges to economic relations [11] - For China, continuing to expand openness and strengthen its advantages in key areas of the supply chain, particularly in rare earth processing and new energy markets, remains essential for navigating external changes [11]

Core Insights - The implementation of policies such as "Two Invoice System" and "Volume-based Procurement" has disrupted traditional pharmaceutical distribution models, compressing profit margins for generic drugs and forcing pharmaceutical companies to shift towards specialized marketing services [1][13] - The market size of the Contract Sales Organization (CSO) industry in China is projected to reach 137.5 billion yuan in 2024, representing a year-on-year growth of 17.72%, and accounting for 32.74% of the overall pharmaceutical outsourcing market [1][13] - As competition intensifies in the pharmaceutical industry, companies are expected to focus on research and production, outsourcing sales functions to professional CSO firms to enhance market efficiency [1][13] Industry Overview - Pharmaceutical outsourcing (CXO) involves the professional outsourcing of various stages of drug discovery, clinical research, and commercialization by pharmaceutical companies, categorized into Contract Research Organizations (CRO), Contract Development and Manufacturing Organizations (CDMO), Contract Manufacturing Organizations (CMO), and Contract Sales Organizations (CSO) [2] - CSOs sign sales contracts with drug manufacturers to obtain sales rights and provide services such as market research, project consulting, promotional activities, and clinical discussions, earning revenue from consultation and service fees [3] Development Background - The Chinese government has prioritized the development of the pharmaceutical outsourcing industry, implementing numerous supportive policies that have accelerated growth, particularly in the CSO segment, which benefits from regulatory incentives [6] - Increasing regulatory scrutiny in the pharmaceutical sector has heightened compliance requirements for CSO firms, necessitating adherence to laws governing drug management, anti-competitive practices, and advertising [6] - The aging population in China has led to increased demand for pharmaceutical products, providing significant market opportunities for the CSO industry [6] Market Size and Growth - The CSO industry in China is expected to grow significantly, with a market size of 137.5 billion yuan in 2024, reflecting a 17.72% increase from the previous year [1][13] - The pharmaceutical manufacturing sector is also expanding, with the number of enterprises reaching 9,793 in 2024, a 4.05% increase, and total sales revenue of 25,298.5 billion yuan, a 0.37% increase [11] Competitive Landscape - The CSO industry in China is characterized by a fragmented market with numerous participants, including major players like Yiteng Pharmaceutical, Shanghai Pharmaceuticals, Baiyang Pharmaceutical, and Jiuzhoutong [16] - Jiuzhoutong, leveraging its national distribution network, provides comprehensive promotional services and has established a significant market presence [16][18] - Shanghai Pharmaceuticals is a leading national pharmaceutical distributor with a diverse service platform, reporting total revenue of 275.3 billion yuan in 2024 [20] Future Trends - As competition in the pharmaceutical market intensifies, CSO firms will need to enhance their professional service capabilities in market research, product planning, academic promotion, and compliance management [22] - CSOs are expected to focus on personalized service offerings tailored to the specific needs of different pharmaceutical companies and products, including differentiated marketing strategies for innovative and generic drugs [22]

泷田洋一：中国为顺差，美国为逆差状态，按理说提高关税应该对出口额较多的中国伤害较 大，但实际上，美国却显得更为窘迫。日益激烈的中美贸易战的赢家到底是哪一方？这是金 融和股市最关心的问题…… 泷田洋一 ： 特朗普关税大砲的主要目标是中国。日益激烈的中美贸易战的赢家到底是哪 一方？这是金融和股市最关心的问题。反映市场评价的中美股市的走势令人关注。 在特朗普就任美国总统的前一个交易日1月17日，纽约道琼斯工业平均指数为43487点，但 3个月后的4月17日为39142点，下跌了10％。另一方面，上海综合指数从3241点上涨至3280 点，虽然幅度只有1％多，但出现了上涨。 中美之间的关税交锋对美国造成的负担可能比中国更重。特朗普针对智能手机采取的关税 政策颠三倒四，先是声称将智能手机排除在关税措施之外，但话音未落就改口对其征收其他 关税，这就是典型的例子。 在中美贸易往来中，中国为顺差，美国为逆差状态。也就是说，中国的出口额高于美国的 出口额。按理说，提高关税应该对出口额较多的中国伤害较大，但实际上，美国却显得更为 窘迫。 原因是从智能手机到芭比娃娃，美国已经离不开中国产品了。据英国《金融时报》报道， 中国产品在2 ...

自2017年智能手机出货量达到峰值以来，ODM厂商的外包设计与制造模式在全球范围内持续激增， 其在整体市场中的份额也不断扩大。根据 Counterpoint Research最新《全球智能手机ODM产业报 告》 ，2024年外包设计部分已占全球智能手机出货量的44%。 随着手机市场经历快速技术变革，包括外形结构从直板机功能机、全键盘功能机到触屏智能机的转 变，手机品牌厂商日益依赖ODM模式实现规模效益。这不仅推动了ODM行业增长，也加速了行业 整合，2017年以来各ODM厂商间的竞争格局已发生显著变化。 分析师观点 自2017年智能手机出货量达到峰值以来，由ODM厂商进行的外包设计与制造的模式在全球范 围内持续增长。 该市场自2017年显著扩张并整合，竞争格局发生明显变化。目前头部ODM厂商已形成以中国 公司为主导的态势。 龙旗，华勤和闻泰（ODM部分2025起归属到立讯精密）等行业领先企业通过明智的产品设 计、不断精进的产品质量、高效的采购策略以及全球供应商的紧密合作，实现快速增长并且支 撑智能手机持续高端化的趋势。 为应对地缘政治紧张局势及美国最新关税政策的影响，部分ODM厂商正将产能向中国以外地 区扩展 ...

图名先生第三位是SVP以及Head of IR,Lina,Lina Fan女士然后以及整个药物生物的IR团队那么without further delay那我把这个时间交给公司非常感谢谢谢John非常高兴给大家机会跟大家来分享我们2024年的业绩我们总体来说对2024年非常满意而且2025年是加速增长 如果熟悉我们的投资人,我非常喜欢用这一个slide来总结我们2024年的业绩。左边是我们的业务的数据,右边更多的是financial的数据。 如果看项目数,我们过去一年项目数增长17%,在这么大的一个Portfolio,近700个项目,现在增加到817个项目,相当的了不起,尤其是去年,大家也都知道,噪音还是非常大的,就是生物技术的投融资不一定那么稳健,还有别的噪音也非常大。 即使这样的情况下我们最终我们是非新冠业务的增速我们达到了13%我们管理层对这个非常满意我觉得对我们最开心的还是说我这边已经切过了你们在第几页我在第五页我们看到还是第一页样目比较我这边看到第五页怎么那么奇怪呢 好了现在第五页对现在回到第五页是吗所有人都在第五页吗对对对我这边看到第五页的OK好对我觉得去年2024年我觉得在这个大环境非常复杂的情 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 注：1.华益泰康药业股份有限公司是公司董事陈巧担任董事的公司，存在关联关系，进而作为关联方进 行披露。 2.江苏西宏生物医药有限公司为东方妍美（成都）生物技术股份有限公司子公司，公司董事、实际控制 人利虔担任东方妍美董事，存在关联关系，进而作为关联方进行披露。 3.山东艾格林制药有限公司是公司董事、实际控制人利虔所控制的江苏朗研生命科技控股有限公司所投 资的公司，存在关联关系，进而作为关联方进行披露。 （三）本次日常关联交易预计金额和类别 单位：万元 ■ 注： 1.上表中本次预计金额占同类业务比例计算公式的分母为2024年同类业务支出或营业收入。 2.安徽美来药业股份有限公司为公司原副总经理童元峰的配偶担任董事的公司，现鉴于童元峰离职期限 已满一年，根据相关规定及实际情况，公司决定不再将其认定为关联方。 二、关联人基本情况和关联关系 （一）关联人的基本情况 （二）与上市公司的关联关系 1.北京百奥药业有限责任公司 ■ 2.江苏永安制药有限公司 ■ 3.华益泰康药业股份有限公司 ■ 4.东方妍美（成都）生物技术股份有限公司 ■ 5.山东艾格林制药有限公司 ■ ...

FT中文网 . 编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪刊登的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者陈稻田 由于产业分工的变化，上述美国制造业的规模可能有所低估。即便在制造业中，并不是所有 人都在流水线上操作，相当部分的制造业从业人员做的工作是财务，营销，管理等工作。假 设一个有1000人的制造企业，其中有100人从事财务和营销工作。随着科斯理论中的"交易成 本"逐渐降低，该企业把50个财务和营销工作外包给了咨询公司，这在统计上会体现为制造 企业就业的下降，而实际制造业的规模并没有变化。由于美国产业结构中的服务外包更为活 跃，因此一个更为宽泛的制造就业口径可能更为准确。美国商务部的一个研究认为，美国制 造业（包括上述例子中的非直接岗位）的就业总量大约是1500万，比劳工部非农就业统计多 了200万左右，而这个宽口径的制造业增加值占GDP的比重则接近17%。 英国《金融时报》集团旗下唯一的中文商业财经网站，旨 ...

来源：国家安全部 责编： 王璐璐 校对：苏焕文 随着经济社会的快速发展，服务外包成为众多单位优化资源配置、提升运营效率的重要手段。对于涉密机 关、单位而言，服务外包在带来便利的同时，也暗藏着失泄密隐患。机关、单位务必保持高度警惕，采取有 效措施加以防范。 中国结算，三箭齐发！ "国家队"，出手！集体飙升！ 事关降息！重磅来袭！ 利好来袭！上海，重磅发布！这个板块集体拉升！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 百万用户都在看 突发！中国资产，集体异动！发生了什么？ ...