Group 1 - The modernization of the industrial system is the material and technical foundation of Chinese-style modernization, emphasizing the need to strengthen the real economy [1] - The traditional and emerging industries are complementary pillars of the modern industrial system, with traditional industries providing stability and new industries driving innovation [2][3] - The relationship between traditional and emerging industries should avoid binary thinking, focusing on how new technologies can revitalize traditional sectors [3] Group 2 - The balance between safety and development is crucial, with self-sufficiency being the foundation for security and open cooperation being essential for enhancing competitiveness [4][5] - Emphasis on self-sufficiency in key areas such as high-end equipment and agricultural machinery, while also engaging in international cooperation to enhance supply chain resilience [5] Group 3 - Technological innovation is the core source of advancement in the modern industrial system, and effective transformation of research results into economic value is essential [6] - A complete innovation ecosystem should be established, integrating basic research, applied research, and industrialization to ensure a continuous cycle of innovation and application [6] Group 4 - The integrity of the modern industrial system requires overall advancement, with regional differences necessitating collaborative efforts and complementary advantages [7] - A unified national market approach should be adopted, promoting regional cooperation and resource sharing to enhance the overall effectiveness of the industrial system [7]

都说治病要"对症下药"，可很多抗癌药在体内却像"天女散花"。一针药水打进血管，药物随着血液跑遍 全身，但真正能到达肿瘤病灶、发挥作用的剂量，少得可怜。更棘手的是，超过90%的晚期实体瘤患 者，会对经典的PD1/PDL1免疫疗法产生耐药，陷入"无药可医"的绝境。 西湖大学未来产业研究中心高晓飞课题组，从人体最普通的一管血里，找到了破局之匙。他们联合浙江 省人民医院和浙江大学课题组，让红细胞化身为精准的抗癌"快递员"，研发出全球首个红细胞—抗体偶 联药物，名为αPD1-Ery。在对传统免疫治疗耐药的晚期实体瘤患者身上，这款新药不仅安全性良好， 甚至让有的患者肿瘤完全缓解，为克服免疫治疗耐药提供了新的研究思路与治疗路径。这项研究成果于 2月20日发表于国际学术期刊《自然·癌症》。 这究竟是如何做到的？故事得从那个让人头疼的"耐药"说起。 高晓飞介绍，PD1/PDL1抑制剂曾是抗癌明星，它的原理是解除肿瘤的伪装，让免疫细胞重新攻击肿 瘤。可为啥用着用着就没效了？问题往往不是药物失效，而是战场上的"士兵"——能"打仗"的T细胞， 已经消耗殆尽了。 那怎么办？得从外面调"新兵"来。 脾脏，人体最大的外周免疫器官，全身三分 ...

Core Viewpoint - The Hong Kong stock market experienced a significant decline on the first trading day after the holiday, with major indices dropping sharply, indicating a bearish sentiment in the market [1][2]. Market Performance - The Hang Seng Index closed at 26,413.35, down 292.59 points or 1.10% [2]. - The Hang Seng Technology Index fell by 2.91% to 5,211.50 points, marking a new low in five months [4]. - The Hang Seng China Enterprises Index decreased by 1.22% to 8,959.56 points [2]. Sector Analysis - Technology stocks faced substantial losses, with major players like JD Health and Baidu dropping over 6%, while Tencent Music and Bilibili fell more than 5% [4][5]. - In contrast, AI applications and certain leading biotech companies saw gains, with some AI stocks like Zhiyuan and MiniMax experiencing significant increases in market capitalization [6]. Cryptocurrency Sector - Cryptocurrency-related stocks surged, with Star Chain Group rising over 122% [8]. - The Hong Kong Monetary Authority is evaluating applications for stablecoin issuer licenses, aiming to issue the first licenses by March [8]. Government Outlook - The Financial Secretary of Hong Kong expressed optimism about the market for the Year of the Horse, noting that historically, three out of four Horse years have seen double-digit percentage increases [9].

Core Viewpoint - The article highlights the operational resilience and community integration of Yunda Express during the Chinese New Year, showcasing the transformation of Liuyang Economic Development Zone into a vibrant urban area that supports both industry and community life [6][9]. Group 1: Operational Performance - Yunda Express's logistics center in Liuyang operates continuously during the Chinese New Year, with over 100 trucks daily and a workforce of 185 in the receiving department and 77 in the dispatch department [3]. - The average daily processing volume reaches 3.2 million packages during non-holiday periods, maintaining a stable volume of 350,000 packages even during the holiday [3]. Group 2: Community and Urban Development - The transformation of Liuyang Economic Development Zone reflects a shift from a traditional industrial park to a livable and workable urban area, integrating residential and commercial spaces [6][9]. - The presence of diverse communities is evident, with individuals from various regions choosing to celebrate the New Year in Liuyang, indicating a sense of belonging and community [7][8]. Group 3: Personal Stories and Community Integration - Personal narratives illustrate the deep connections individuals have formed with the new urban environment, as seen in the experiences of residents who have settled in Liuyang and contributed to the local economy [8]. - The article emphasizes the role of local initiatives in fostering community ties, such as the introduction of public rental housing and local businesses that cater to the needs of workers and their families [8].

新春肇启，万象更新。值此甲辰马年春节来临之际，创东方投资全体员工，向您及家人致以最诚挚的祝 福！祝愿您在新的一年里，龙马精神、万事顺遂、阖家安康、事业腾达！ 过去一年，中国经济在复杂严峻的外部环境和国内转型压力下，展现出了强大的战略定力和发展韧性。 投资人和创业者与我们一同见证了市场的波澜起伏，也共同分享了结构性机遇带来的惊喜。创东方始终 秉持"稳健投资、创新发展"的理念，在先进制造、人工智能、生物医药、新能源、新材料等关键领域实 现深度布局与价值共创。 2025年，创东方在科技领域的长期布局迎来丰硕成果，多家被投企业成功IPO，行业覆盖新材料、创新 药等高壁垒赛道。截至目前，创东方累计管理规模已近300亿元人民币，累计投资企业超过350家，其中 超已有40余家已通过上市方式退出，持续在硬科技与医疗健康领域构建产业生态。 资本市场向好的确定性：中国经济的稳定增长及高可预期性，使中国成为世界经济发展的压舱石；中国 才是世界正常经贸秩序、正常资本市场秩序维护者的身份，越来越成为全球共识；经济向东、牵手中 国，成为越来越多国家的一致行动。在此大背景下，中国资本市场将迎来更好的发展，进而带动一级市 场迎来新的发展机遇 ...

2月20日（大年初四），港股迎来马年春节后的首个交易日。当日上午，港股市场呈现出结构性行情， 机器人、港口航运等板块表现活跃。 在中央广播电视总台2026年春晚，多家公司机器人的"炸场"表演，引发关注。2月20日开盘后，港股机 器人概念股集体大涨。截至午间收盘，越疆上涨19.2%，报47.56港元/股；速腾聚创报37.64港元/股，上 涨9.42%；禾赛-W上涨6.64%，报215.2港元/股；优必选上涨6.74%，报147.3港元/股。 速腾聚创19日发布盈利预告显示，公司2025年全年净亏损同比大幅收窄。同时，公司在2025年第四季度 利润净额不少于6000万元人民币，首次实现单季度盈利。 近日，东吴证券机械研究团队发布观点表示，机器人核心能力进步，是机器人在央视春晚再度出圈的关 键，也是机器人能够真正从实验室走向工厂的关键。2021年—2025年，机器人产业链已完成从0到1的发 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 展。展望2026年，特斯拉、国内头部企业将同时开启大规模量产，开启机器人从1到10的新篇章。在投 资上，建议关注真正具备量产能力、以及进链的头部标的。 港股港口运输 ...

文 |S Y 编辑|青橘罐头 前言 2025年全国各省GDP排名甫一揭晓，便凭借一个令人意想不到的反转，迅速在网络上引发轩然大波，热 度瞬间席卷全网 两大公认的经济顶流城市，交出了亮眼的经济答卷，却在省份排名中意外"掉队"，连前十都没站稳脚 跟。 更引人好奇的是，排名榜首的省份实力超群，呈现出断层式领先态势，其优势显著，令其他省份难望项 背，无人可与之比肩。 这到底是怎么回事？顶流为何"失利"，榜首又凭什么稳坐王座？ 反转炸屏！两大顶流城市集体"掉榜"，榜首实力断层碾压 上海全年GDP冲到了5.67万亿元，这样的体量放在以前，怎么看都该稳稳跻身前排，可最终却只排到了 全国第九。 更让人跌破眼镜的是北京，首次突破5.2万亿元大关，经济增速还高于全国平均水平，却连全国前十的 门槛都没摸到。 反观排名榜首的省份，实力之强劲令人惊叹，与其他省份形成显著落差，宛如鹤立鸡群，稳坐头把交 椅，地位如磐石般稳固，无人可轻易撼动。 说真的，这排名要是不仔细看数据，真的会以为是搞错了，毕竟上海和北京，一个是全国的金融和高端 制造中心，一个是科创和文化枢纽。 除了京沪的"意外掉榜"和榜首的断层领跑，整个榜单还有不少值得关注的亮点。 ...

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant reduction in its U.S. stock holdings, with a total market value of $3.104 billion as of the end of Q4 2025, reflecting a 24% decrease quarter-over-quarter [1]. Group 1: Portfolio Composition - HHLR Advisors held a total of 33 stocks at the end of Q4 2025, with a notable structural shift in its portfolio [1]. - Chinese concept stocks remain the core asset allocation for HHLR Advisors, with seven out of the top ten holdings being Chinese companies, accounting for 92% of the total market value [2]. Group 2: Key Holdings - Pinduoduo is the largest holding for HHLR Advisors, with shares increasing from 8.59 million to 10.72 million, and the market value rising from $1.136 billion to $1.216 billion, representing 39% of the investment portfolio [3]. - Alibaba is the second-largest holding, with shares increasing from 3.289 million to 5.43 million, and the market value rising from $588 million to $796 million, now making up 26% of the portfolio [3]. - Together, Pinduoduo and Alibaba account for 65% of HHLR's investment portfolio, solidifying their status as the "dual core" of the holdings [3]. Group 3: Recent Adjustments - In Q4, HHLR Advisors increased its holdings in TSMC while reducing its positions in Futu and Webull, and completely exited positions in Baidu and NetEase [3].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 铁死亡 （Ferroptosis） 是 2012 年发现的一种铁依赖性的新型细胞程序性死亡方式，由过度堆积的 过氧化脂质 （peroxidized lipids） 诱导发生，其形态特 征，作用方式以及分子机制与其他程序性死亡方式截然不同。 近年来的研究表明， 铁死亡 在 癌症 等多种疾病发生发展中扮演着重要角色。此外， 免疫治疗或放射治疗可诱导肿瘤细胞铁死亡，且铁死亡在肿瘤免疫治疗及放 疗的疗效发挥中发挥着重要的促进作用。因此， 铁死亡正在成为是一种极具前景的抗癌新策略。 经典铁死亡通常由诱导剂 （例如 erastin 和 RSL-3） 或 GPX-4 缺失所触发，然而，铁死亡在体内的自然发生无需这些触发因素，其中的机制一直不清楚。 2026 年 2 月 19 日， 哥伦比亚大学 顾伟 教授团队联合匹茨堡大学 Valerian E. Kagan 团队 （顾伟实验室博士后 夏章传 为论文第一作者） ，在国际顶尖学术 期刊 Cell 上发 表了题为： A GPX1-OSBPL8 axis mediates noncanonical in vivo ferroptosis a ...

英矽智能（03696）公布，公司已获恒生指数有限公司选择并将被纳入恒生综合指数的成份股，自2026 年3月9日起生效。 获纳入恒生综合指数成份股后，公司股份预计将符合沪港通及深港通交易的纳入标准。沪港通及深港通 是中国香港与中国内地的资本市场投资者之间的股票交易与投资的渠道。 董事会认为，获纳入恒生综合指数成份股反映了国际资本市场对公司行业地位、业务表现及价值的高度 认可。此举预期将进一步提升公司股票流动性，透过多元化的股东结构扩大投资者基础，并促进公司长 远发展。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 英矽智能（03696）公布，公司已获恒生指数有限公司选择并将被纳入恒生综合指数的成份股，自2026 年3月9日起生效。 获纳入恒生综合指数成份股后，公司股份预计将符合沪港通及深港通交易的纳入标准。沪港通及深港通 是中国香港与中国内地的资本市场投资者之间的股票交易与投资的渠道。 责任编辑：卢昱君 责任编辑：卢昱君 董事会认为，获纳入恒生综合指数成份股反映了国际资本市场对公司行业地位、业务表现及价值的高度 认可。此举预期 ...