● 本报记者 王辉 何理将AI定位为团队的"数字同事"和投资体系的内在组成部分。"AI赛博坦由研究、交易、风控、回溯 四大子体系融合而成，AI几乎参与了公司每一个环节的构建、运行与迭代"，"在这个开发过程中，AI的 作用无可替代，它极大地提升了效率，并促进了更优方案的诞生。我们的开发模式是与AI持续讨论， 这使我们能够快速迭代。"何理称。 何理表示，尽管公司在2016年就已成立，但团队对新事物始终保持着热情与接纳度。方法论上，投研团 队系统性覆盖前沿领域，并建立稳定的产业与专家网络。"AI赛博坦"与强制性的回溯复盘机制相结合， 确保了每一个观点和交易都可追溯、可分析，推动认知在快速迭代中及时纠偏与深化。 对美股某AI硬件公司的成功投资，堪称这一理念与投资体系结合的范例。何理回顾说，在2022年开始 建仓，初始逻辑是将其视为周期下行阶段的优质硬件公司。"随着对AI认知的深化，我们系统性地提升 了对其长期价值的评估，并在上涨初期进行了加仓。"此后，该股持续大涨，公司通过持续评估"质价 比"，动态调整了部分仓位至其他更具性价比的标的。 在充满不确定性的资本市场中，私募机构如何构建可持续的竞争优势？止于至善投资创始人 ...

Core Viewpoint - The eleventh batch of national drug centralized procurement emphasizes a balanced approach to quality, price, supply, and clinical needs, marking a significant shift from a focus solely on low prices to a more comprehensive evaluation of drug procurement [3][4][5] Group 1: Procurement Changes - The eleventh batch will cover 55 varieties and 162 specifications, including key areas such as antiviral drugs and innovative treatments for kidney diseases, with various dosage forms [1] - The procurement process will no longer simply select the lowest price; instead, it will require the lowest bidders to justify their pricing, ensuring a more rational competition [4][5] - A new "anchor price" mechanism will be introduced to prevent excessively low bids from distorting the market, setting a price floor at 50% of the average bid if the lowest bid falls below this threshold [4][5] Group 2: Clinical Considerations - Medical institutions can now report quantities based on specific brands, enhancing the alignment between clinical needs and supply, which is expected to improve the effectiveness of the procurement policy [6][7] - This change acknowledges the importance of brand trust and patient adherence, particularly for complex formulations, moving away from a purely generic approach [7] Group 3: Quality Requirements - New qualification requirements for bidding companies include having at least two years of production experience in similar formulations and compliance with Good Manufacturing Practice (GMP) standards [8] - The increased qualification standards are likely to favor larger, well-managed companies, potentially leading to industry consolidation as smaller firms may struggle to meet these criteria [8][9] - The focus on quality and stability in drug supply is expected to enhance the overall safety and continuity of clinical medication [8][9]

Core Viewpoint - The eleventh batch of national drug centralized procurement marks a significant shift from merely pursuing low prices to a more balanced approach that emphasizes quality, price, supply, and clinical needs [2][4]. Group 1: Key Highlights of the Eleventh Batch of Procurement - The procurement will cover 55 varieties and 162 specifications, including key areas such as antiviral drugs and innovative treatments for kidney diseases [1]. - The principles guiding this procurement include "stabilizing clinical use, ensuring quality, preventing collusion, and countering excessive competition" [2][3]. - A new price control mechanism has been introduced, which does not simply rely on the lowest bid but instead uses a "reference price" to prevent irrational price drops [3][4]. Group 2: Changes in Procurement Rules - Medical institutions can now report quantities based on specific brands, enhancing the alignment between clinical demand and supply [5][6]. - New qualification requirements for bidding companies have been established, including a minimum of two years of production experience and compliance with GMP standards [7]. - Measures to combat collusion and bid-rigging have been strengthened, including stricter rules for related companies and a "first to report" leniency policy [9]. Group 3: Implications for the Industry - The increased qualification requirements may favor larger, well-managed companies, potentially leading to industry consolidation [8]. - The focus on quality and comprehensive evaluation is expected to shift competition from price to overall capability and product quality [8]. - The new rules are anticipated to improve the stability of drug supply and ensure continuous clinical use [7].

Core Viewpoint - The eleventh batch of national drug centralized procurement marks a significant shift from merely pursuing low prices to a more balanced evaluation of quality, price, supply, and clinical needs, emphasizing the principles of "stabilizing clinical use, ensuring quality, preventing collusion, and countering excessive competition" [1][2][3] Group 1: Key Highlights of the Eleventh Batch of Procurement - The procurement will cover 55 varieties and 162 specifications, including key areas such as antiviral drugs and innovative treatments for kidney diseases, with various dosage forms [1] - The new procurement rules will not simply use the lowest bid as a reference point, requiring companies to justify their pricing if it is significantly lower than the average [3][4] - A "price anchor" mechanism has been introduced to prevent irrational price wars, establishing a reasonable price baseline rather than relying solely on the lowest bid [4][5] Group 2: Changes in Procurement Process - Medical institutions can now report quantities based on specific brands, enhancing the alignment between clinical demand and supply [5][6] - The new rules require bidders to meet stricter quality control standards, including having at least two years of production experience and compliance with GMP standards [7][8] - Measures against collusion and bid-rigging have been strengthened, including a "first to report" mechanism for whistleblowers and stricter penalties for violators [9][10] Group 3: Implications for the Industry - The changes are expected to lead to a more rational competition environment, encouraging companies to focus on product quality and brand building rather than just cost-cutting [6][8] - Larger, well-managed companies are likely to benefit from the increased qualification requirements, while smaller firms may face challenges in meeting these standards [7][8] - Overall, the procurement process is evolving towards a focus on quality and comprehensive strength, moving away from a purely price-driven approach [8]