盘前要闻 1、事关定向降息、楼市去库存！央行推货币政策"组合拳"，专家解读 类型：宏观 情绪影响：正面 类型：行业 1月15日，央行在国新办召开发布会，其中提出，下调各类结构性货币政策工具利率0.25个百分点、扩 大多个结构性货币政策工具范围和规模等。专家指出，此次央行进一步在规模以及在适用范围上扩容， 明确了国家对特定产业的金融支持决心。降低商业用房首付比例等则有利于房地产市场进一步去库存。 2、台积电财报点燃AI行情！美芯片股齐走强，费城半导体指数刷新历史高位 类型：市场 情绪影响：正面 美股三大指数集体收涨，芯片股在台积电亮眼财报推动下上涨，费城半导体指数上涨1.8%，刷新历史 高位。得益于高端芯片的强劲需求，台积电第四季度利润同比增长35%，超出预期并创下新高。机构认 为，台积电的业绩证实行业需求的真实性，下游客户具备极强的支付能力，供需紧张态势将延续至2028 至2029年。 3、增长40%！国网拟投资4万亿元建设新型电力系统 情绪影响：正面 1月15日，国家电网对外披露，"十五五"期间，其固定资产投资预计达到4万亿元，较"十四五"投资增长 40%，以扩大有效投资带动新型电力系统产业链供应链高质量发 ...

Trading Information Summary - The stock of *ST Changyao (300391) closed at 0.68 yuan on January 15, 2026, down 12.82%, with a trading volume of 638,794 shares and a transaction amount of 63.8794 million yuan [1][4] - The stock has experienced a continuous decline for three days, with two days in the last five trading days showing a drop of over 5%, resulting in a cumulative decline of 20.72% for the year [1][4] - In the first ten trading days, the net outflow of main funds reached 34.3049 million yuan, with a cumulative stock price drop of 26.76% during this period [1] Fund Flow Analysis - On January 15, the net outflow of main funds was 10.8822 million yuan, while retail funds saw a net inflow of 4.2771 million yuan [2][4] Company Announcement Summary - Changjiang Pharmaceutical Holdings Co., Ltd. may face delisting due to trading, financial issues, and significant legal violations, as the stock price has been below 1 yuan for ten consecutive trading days and the market capitalization has been below 300 million yuan for four days [3][4] - The company is expected to have a negative net asset by the end of 2025, and its financial report may receive a non-standard opinion, indicating potential financial delisting risks [3][4] - The company has received a preliminary notice of administrative punishment from the China Securities Regulatory Commission due to false records in annual reports from 2021 to 2023, which may trigger mandatory delisting for significant violations [3][4] - The company and its subsidiaries are facing numerous lawsuits, overdue debts, and frozen bank accounts [3]

第第第第第⼋⼋⼋⼋⼋届届届届届进进进进进博博博博博会会会会会 帝帝帝帝帝⼈⼈⼈⼈⼈集集集集集团团团团团展展展展展台台台台台 技技技技技术术术术术演演演演演讲讲讲讲讲会会会会会专专专专专题题题题题VVVVVooooolllll..... 帝⼈碳纤维事业部 部⻓ 朱剑林 先⽣ 请咨询我们 若您对我们的产品感兴趣，或者想要了解更多产品及服务相关的信息，欢迎咨询我们的微信客服， 具体⽅法如下。 关于帝人集团 帝⼈（Teijin）成⽴于1918年，总部设⽴在⽇本东京和⼤阪。经过107年的发展，公司主要经营领域包括复 合成形材料、芳纶纤维、碳纤维、树脂等材料业务，以及医药医疗业务。集团在全球拥有150家⼦公司以及 约20,000名员⼯。帝⼈集团将"Pioneering solutions together for a healthy planet"作为企业存在 的意义，致⼒于保护全球环境和满⾜⼈们和地区的需求，成为"推动未来社会发展的企业"。 帝⼈碳纤维事业部 致⼒于成为全球领先的可持续碳纤维解决⽅案供应商，产品线涵盖Tenax™系列⾼ 性能碳纤维（含⻓丝、短纤维）、热可塑性预浸料（TPUD单向⽚、TPCL加固层压板、T ...

| | | 1月15日重要公告摘要 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 今日聚焦 | 志特新材 | 业务不涉及AI应用等领域 股票明日开市起复牌 | | | 利欧股份 | 2025年12月31日至2026年1月15日连续10个交易日收盘价涨幅偏离值达 股票明起停牌核查 | | | 天际股份 | 预计2025年净利润7000万元 - 1. 05亿元同比扭亏 | | | 洛阳辑业 | 预计2025年净利润同比增加48%-54% | | 投资&签约 | 德福科技 | 拟收购琥珀新材26. 32%股权 | | 股权变动 | 天泉新材 | 实控人拟变更为尉立东 股票复牌 | | 增减持&回购 | 立讯精密 | 拟10亿元-20亿元回购股份 | | 经营&业绩 | 昆仑万维 | 预计2025年净利润亏损 | | | 牧原股份 | 2025年净利同比预降12. 20%-17. 79% | | 合同&项目中标 | 翰宇药业 | 签订1.8亿元GLP-1原料药销售订单 订单金额占2024年经审计营业收入 30. 50% | | 融资定增 | 中创智领 | 拟发行可转债募资不超4 ...

但同时，也面临着巨大的挑战。她指出，这个挑战是人口老龄化。下一步，我国应尽可能预 防疾病，减少疾病，同时，不把衰老当成疾病在医院里治。 " 新浪财经 2025 年会暨第 18 届金麒麟论坛"于2026年1月15日在北京举办，本次会议的 主题是"十五五开局，经济新启航——重塑增长范式，共创未来繁荣"。第十三届全国政协 经济委员会副主任，北京大学国家发展研究院教授、北京大学健康发展研究中心主任李玲出 席并演讲。 李玲谈到，今天的中国是世界上最强大的工业化国家，近些年我国医疗体制改革还是有成效 的。根据国家卫健委发布的最新数据，2024年全国卫生总费用初步核算为90895.5亿元， 其中：政府卫生支出占24.9%，社会卫生支出占47.6%，个人卫生支出占27.5%；人均卫 生总费用6454.4元，卫生总费用占GDP的比例为6.7%，首次降到7%以下。 李玲强调，健康中国国家战略是优先发展战略，因为人民健康是社会主义现代化的重要标 志。整个范式的转变，从过去以治病为中心，现在转化为以健康为中心，让老百姓少得病， 更加健康，这要求各级政府、社会和个人都要贯彻预防为主的理念，真正地把健康优先发展 的战略作为经济社会发展的 ...

国家统计局数据显示，2024 年中国健康消费市场规模突破 8 万亿元，年复合增长率达 15.3%，从过去 "大病就医" 的被动应对，到如今 "主动健康管理" 的消费觉醒，健康消费升级不仅重构了国民生活理 念，更催生了细分赛道的产业机遇，成为中国经济高质量发展的重要增长极。 在男性健康这一高增长细分赛道，新锐品牌 "惯爱" 崛起并非偶然。其以技术突破为核心、以全球布局 为延伸的发展路径，不仅印证了国产医药产业的品质升级，更成为中国健康消费从 "进口依赖" 向 "国 产引领" 转型的典型样本。 一、行业变迁：30 年医药消费迭代，从 "替代满足" 到 "品质追求" 30 年前的中国消费市场，仍被 "短缺" 与 "刚需" 主导：上海市民论斤抢购手纸，二手黑白电视是商店 的畅销品，火车站广场上挤满为省住宿费而露宿的候车人 ——"满足基本生存需求" 是彼时消费的核心 逻辑。30 年后，中国经济实现跨越式增长，消费市场完成从 "有没有" 到 "好不好" 的深度迭代：高铁 替代绿皮车，电商平台商品供给无限扩容，而更具时代意义的变革，正发生在健康消费领域。 更具行业说服力的是权威机构的认可。在《2024 年中国抗 ED 行业 ...

1月15日，市政府新闻办召开济南市高质量完成"十四五"规划主题系列新闻发布会—市工业和信息化局 专场。新黄河记者获悉，2025年1-11月，济南规模以上工业企业实现营业收入9962.5亿元。 济南市场主体活力迸发。济南强化优质企业梯度培育、推动攀登倍增，截至2024年底，全市营收过百亿 元企业15家，过亿元企业达到807家，较"十三五"末分别净增5家、159家。截至目前，济南规上工业企 业达到2854家、较"十三五"末净增942家，有效期内专精特新"小巨人"企业203家、专精特新中小企业 2612家、创新型中小企业4096家、省瞪羚企业768家、独角兽企业8家，形成"大企业顶天立地、中小企 业铺天盖地"的生态。 济南工业发展动能更加强劲。深入实施"千项技改、千企转型"工程，"十四五"时期，每年推动实施技术 改造项目1000个以上。比亚迪（002594）新能源汽车核心零部件项目、临工重机数字化工厂、清河高端 芯片载板、广日数字化产业园等一批重点项目建成投产，中科曙光（603019）、恒瑞医药（600276）、 爱旭太阳能电池等一批优质项目落地建设，为产业高质量发展积蓄强劲动能。 (新黄河) 市工业和信息化局党组 ...

Core Insights - The "Sina Finance 2025 Conference and the 18th Golden Unicorn Forum" will be held on January 15, 2026, in Beijing, focusing on the theme of "Starting the 14th Five-Year Plan, New Economic Voyage - Reshaping Growth Paradigms, Creating Future Prosperity" [1][9] - Li Ling, a prominent figure in China's economic and health sectors, highlighted the achievements and challenges of China's healthcare system, emphasizing the need for a shift from a disease-centered approach to a health-centered paradigm [4][12] Healthcare Spending - In 2024, China's total health expenditure is estimated at 90,895.5 billion yuan, with government spending accounting for 24.9%, social spending for 47.6%, and personal spending for 27.5% [1][9] - The per capita health expenditure is 6,454.4 yuan, and the total health expenditure as a percentage of GDP is 6.7%, marking a significant decline below 7% for the first time [1][9] Challenges and Opportunities - The aging population presents significant challenges, necessitating a focus on disease prevention rather than treating aging as a disease [4][12] - The "Healthy China" national strategy prioritizes health as a key indicator of socialist modernization, advocating for a preventive approach to health [4][12] Systemic Changes in Healthcare - The government is promoting a systemic approach to healthcare, integrating county, township, and village services into a cohesive "health community" model, moving away from hospitals competing for patient revenue [5][13] - The "Sanming Model" aims to incentivize hospitals and doctors to manage patients' health proactively, with a nationwide rollout planned within four years [5][13] Emerging Health Industry - The integration of healthcare, pharmaceuticals, green food, wellness, and elderly care is expected to create a new "big health" industry, which could surpass the real estate sector in scale [5][13] - This industry is seen as a lifelong necessity for individuals, with potential benefits extending beyond China to serve global health needs [5][13] Future Health Management - The envisioned future health model includes a personal health code system, supported by AI for continuous health management throughout an individual's life [6][14] - The "Healthy China" and "Smart Health" initiatives are positioned as new development models that will contribute significantly to global health, leveraging China's historical wisdom and modern technological advancements [6][14]

Core Viewpoint - The "Sina Finance 2025 Conference and the 18th Golden Unicorn Forum" emphasizes the theme of reshaping growth paradigms and creating future prosperity, highlighting the importance of health in China's modernization strategy [1][9]. Group 1: Healthcare Spending and Trends - In 2024, China's total health expenditure is estimated at 90,895.5 billion yuan, with government spending at 24.9%, social spending at 47.6%, and personal spending at 27.5% [1][9]. - The per capita health expenditure is 6,454.4 yuan, and the health expenditure as a percentage of GDP has dropped to 6.7%, marking a significant decline below 7% for the first time [1][9]. Group 2: Challenges and Strategic Shifts - The primary challenge facing China is population aging, necessitating a shift from a disease treatment focus to a health-centered approach, promoting disease prevention [4][12]. - The "Healthy China" national strategy prioritizes health as a key indicator of socialist modernization, requiring collaboration among government, society, and individuals to implement a preventive health model [4][12]. Group 3: Systemic Changes in Healthcare - The government is promoting a systemic approach to healthcare, integrating county, township, and village services into a cohesive "health community," moving away from a profit-driven model based on patient volume [5][13]. - The "Sanming Model" aims to incentivize hospitals and doctors to manage patients' health effectively, with a goal of nationwide implementation within four years [5][13]. Group 4: Opportunities in the Health Industry - The aging population presents opportunities for a new "health+" development paradigm, integrating healthcare, pharmaceuticals, green food, wellness, and elderly care into a large health industry [5][13]. - This emerging health industry is expected to be a lifelong necessity for individuals, with potential market size surpassing that of real estate, serving both Chinese citizens and the global population [5][13]. Group 5: Future Health Management - The envisioned future health model includes a personal health code system, utilizing AI for continuous health management throughout an individual's life, aiming to reduce disease incidence and promote longevity [6][14]. - The integration of traditional wisdom with modern technology is seen as a unique contribution from China to global health, especially in light of challenges faced by developed nations like the U.S. [6][14].

Group 1 - The core theme of the "2025 Sina Finance Annual Conference and the 18th Golden Unicorn Forum" is "Fifteen Five Opening, Economic New Voyage - Reshaping Growth Paradigms, Co-creating Future Prosperity" [1][12] - Li Ling, a prominent figure in the economic committee, emphasized that China is currently the world's strongest industrialized nation and has made significant progress in healthcare reform [3][14] - The total national health expenditure for 2024 is preliminarily estimated at 90,895.5 billion yuan, with government health spending at 24.9%, social health spending at 47.6%, and personal health spending at 27.5% [3][14] Group 2 - The aging population presents a significant challenge, necessitating a shift from treating diseases to preventing them [6][17] - The "Healthy China" national strategy is prioritized as it signifies the modernization of socialism, focusing on health rather than illness [7][18] - The government is integrating health into all policies, addressing various factors affecting health, including lifestyle, environment, and healthcare systems [7][18] Group 3 - The healthcare system is transitioning to a more integrated model, promoting a "health community" approach where hospitals work collaboratively rather than independently [7][19] - The "Sanming Model" is being promoted nationwide within four years, incentivizing healthcare providers to focus on disease prevention [7][19] - The aging population also presents opportunities for a new "health+" development paradigm, merging healthcare, wellness, and technology into a large health industry [8][19] Group 4 - The future health model includes a personal health code system managed by AI, ensuring comprehensive health management throughout an individual's life [10][21] - The "Healthy China" initiative is seen as a new development model and a significant contribution to global health, leveraging China's historical wisdom and modern technology [10][21] - The challenges faced by the U.S. in healthcare present an opportunity for China to lead in health solutions, integrating various advantages to contribute to global health [10][22]