美国经济的繁荣，本质上是一场少数人的盛宴，其核心支柱是两大相互绑定的泡沫，股市泡沫与AI泡沫。 截至2025年10月，"巴菲特指标"已突破219%，美国上市公司总市值达到经济总量的两倍多，远超2007年金融危机前的105%和2000年互联网泡沫时的138%， 创下历史最高纪录。 这种泡沫的受益者高度集中：最富有的10%人群持有全美国近90%的股票，而底层50%人口仅持有1%。 财富的极度集中直接体现在消费端，《华尔街日报》数据显示，这10%的富人贡献了49.7%的全国消费支出，占GDP的三分之一，成为经济增长的主要推 手。 美国股市屡创新高、GDP保持增长，看似一副经济强劲的模样，但为何超过一半的美国民众却感受不到繁荣，反而深陷生活压力？ 这种表面光鲜与民生困境的巨大反差，背后藏着怎样的结构性危机？所谓的经济增长，究竟是真实复苏还是泡沫堆砌的幻觉？ 更危险的是市场集中度空前提升，"七大科技巨头"仅占美国上市公司总数的0.12%，却贡献了30.35%的总市值，2025年前9个月其市值增长占股市总增长的 52.37%。 扩展到"十大巨头"后，更是占据了标准普尔500指数38%的市值，少数企业的涨跌直接决定了全国经 ...

Core Insights - The National Market Regulation Administration has approved a batch of important national standards that will enhance the quality of life for citizens and ensure safety in various sectors [1][2]. Emerging Fields - Five national standards related to cybersecurity have been released to strengthen national cybersecurity defenses and promote healthy digital economic development [1]. - Seven national standards in information technology have been published to ensure interoperability and security of information systems [1]. - Three national standards for social experiments in artificial intelligence have been introduced to support the healthy and orderly development of intelligent societies [1]. - Seven national standards in nanotechnology have been established to unify technical characterization and testing specifications [1]. Transportation and Environmental Protection - A total of 44 national standards have been released covering automotive steering systems, vehicle brake fluids, railway construction machinery, and more, contributing to the construction of a strong transportation nation [1]. - Ten energy-saving and environmental protection standards have been published, focusing on industrial boilers, meat processing, food processing, and more, aiding in pollution prevention efforts [1]. Safety Production - National standards for assessing combustible dust explosion risks and guidelines for gas protection stations in chemical parks have been released to enhance safety management in hazardous chemical production [2]. - Five emergency management national standards have been published to improve emergency response capabilities [2]. - Eleven mandatory national standards for fire trucks have been introduced to enhance the technical progress of fire truck products and improve rescue capabilities [2]. Public Services - Three national standards for educational service management and seven guidelines for standardized education in logistics, elderly care, automation, and IoT have been released to foster talent development and education integration [2]. - Guidelines for the usability of home health care products and services have been published to support the construction of an age-friendly society [2]. - Four national standards related to digital asset management have been introduced to enhance the digital maturity and transparency of asset management [2]. Daily Life - National standards for smart textiles have been released to guide the standardized development of smart textile products [3]. - A national standard for biodegradable plastic shopping bags has been published to promote resource recycling [3]. - Two detection method standards for harmful substances in leather and medical devices have been established to improve the quality and safety of medical equipment [3]. Additional Standards - The National Market Regulation Administration has also released national standards related to rice, navel oranges, rural toilets, and oil drilling equipment [4].

民法典第一千零二条规定，自然人享有生命权。自然人的生命安全和生命尊严受法律保护。任何组 织或者个人不得侵害他人的生命权。第一千零八条规定，为研制新药、医疗器械或者发展新的预防和治 疗方法，需要进行临床试验的，应当依法经相关主管部门批准并经伦理委员会审查同意，向受试者或者 受试者的监护人告知试验目的、用途和可能产生的风险等详细情况，并经其书面同意。进行临床试验 的，不得向受试者收取试验费用。 医学研究的主要目的是增进人类健康，造福人类，但这一目的永远不能超越个体研究受试者的权 益，在临床试验的过程中，必须对受试者的个人权益给予充分的保障。受试者的权益、安全、健康等必 须高于对科学和社会利益的考虑。而且医学研究的过程必须保证在严格的程序下运行才能确保受试者的 合法权益以及研究的科学性、可复制性以及可推广性。 本案中，法院依法明确了临床试验的受试者对试验目的、治疗方案和潜在风险等情况享有知情同意 权，医疗研究机构应严格按照批准的试验方案推进医疗试验，并由伦理委员会对试验过程持续跟踪关 注，以确保受试者的安全、健康和尊严始终得到保护。本案为医疗研究机构的伦理责任与社会责任进行 了明确的界定，对于规范临床试验行为、强化 ...

公司本次对外转让科森医疗100%股权，主要目的为公司拟全面退出医疗业务，进一步聚焦消费电子主 业，提升公司的经营水平和质量，符合公司长远发展的战略规划。本次股权转让有利于实现资金回笼， 降低公司资金压力，所获得的款项将用于补充公司流动资金，用于公司日常生产经营。 科森科技（603626）(603626.SH)发布公告，为进一步优化公司资产结构，结合自身战略规划和业务发 展情况，公司拟以9.15亿元人民币的对价将其持有的科森医疗100%的股权转让给耀岭科，增值率 206.45%。本次交易完成后，公司将不再持有科森医疗股权，科森医疗不再纳入公司的合并报表范围。 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) is positioned as a key platform for Chinese enterprises to expand internationally, driven by institutional innovation and a unique investor structure [1][3]. Group 1: Market Dynamics - From 2014 to 2024, Hong Kong's IPO fundraising exceeded $300 billion, leading other major stock exchanges globally, reflecting changes in China's economic structure and capital flow [2]. - In the first eleven months of this year, 93 new companies listed on the Hong Kong stock market, raising nearly HKD 260 billion, maintaining the top position in global IPO fundraising [2]. - The Hang Seng Index rose by 34% in the first nine months, significantly outperforming major indices in Europe and the U.S. [2]. Group 2: Sector Performance - The Hang Seng Tech Index, which includes major tech companies like Tencent and Alibaba, increased by 44.7% in the first nine months, while the Hang Seng Biotech Index more than doubled, indicating strong investor interest in high-tech sectors [3]. - Over half of the new stock issuers this year have international business layouts, with funds raised aimed at overseas capacity building and supply chain expansion [3]. Group 3: Institutional Innovations - HKEX has implemented a "report and review" mechanism, eliminating waiting periods for listings, and has optimized approval processes to enhance market accessibility [4]. - The introduction of the "same share, different rights" structure in 2018 has attracted major tech firms back to the market, while the 18A chapter has opened pathways for biotech companies without revenue to list [4][5]. - The 2023 introduction of the 18C chapter further supports "specialized, refined, and innovative" enterprises, providing capital support for long-term R&D investments [5]. Group 4: Investor Structure - The Hong Kong market is predominantly driven by institutional investors, including international long-term funds and sovereign wealth funds, which focus on long-term holdings and in-depth research [6]. - The continuous inflow of southbound capital has created a unique liquidity cycle, combining international and domestic capital [6]. Group 5: A+H Listing Mechanism - The A+H listing mechanism has strengthened the synergy between the Hong Kong and mainland markets, with 14 A+H companies completing listings in the past year, including significant offerings over $1 billion [6]. - The diverse structure of issuers, including high-tech, biotech, and consumer sectors, contributes to the market's robust foundation [6].

Core Viewpoint - Morgan Stanley predicts a strong economic growth effect from the "One Big Beautiful Bill" (OBBBA) passed by the Trump administration in 2025, starting in 2026, leading to a "Goldilocks" macroeconomic environment in the U.S. with moderate growth and inflation [1][8]. Economic Outlook - The U.S. stock market has transitioned from a three-year "rolling recession" to a "rolling recovery," characterized by improved cost structures, strong earnings revisions, and released pent-up demand, creating a typical early-cycle environment [2]. - The Federal Reserve's anticipated interest rate cuts are expected to initiate a new capital expenditure cycle, with corporate investments, particularly in AI and manufacturing, becoming new growth engines [2]. Market Dynamics - The "Magnificent Seven" tech giants, including Nvidia and Google, will continue to lead earnings revisions in 2025, with expectations spreading to the S&P 493 constituents, particularly in industrial and financial sectors [6]. - Morgan Stanley defines the current situation as a "second phase bull market under rolling recovery," emphasizing a return of market risk appetite and broadening investment opportunities across various sectors [6][15]. Investment Strategy - Morgan Stanley recommends an "overweight" position in cyclical sectors such as financials, industrials, healthcare, and consumer discretionary goods, while suggesting a "low weight" in staples and real estate [13][14]. - The firm anticipates that the S&P 500 index could reach 9,000 points by 2026, driven by strong corporate earnings growth and AI-related capital expenditures [11]. Broader Market Trends - The market is expected to shift focus from defensive to offensive strategies, with AI remaining a key investment theme but not the sole driver of the upcoming bull market [9]. - The anticipated "risk reboot year" in 2026 will see a significant focus on microeconomic factors, with a unique combination of fiscal, monetary, and regulatory policies providing a strong boost to risk markets [11][14].

加班、浮躁、攀比、裁员……汽车人被"卷"走。 编者按：近年来，新能源与智能化浪潮为汽车行业带来了百年未有之变局。在此期间，市场机遇与乱象 并存 —— 无序内卷、过度营销、安全争议、品牌浮沉等，不断重塑产业生态。行至 2025 年岁末，再空洞 地谈渗透率与智驾，似已缺乏新意。时代的洪流奔涌向前，而最真实、最动人的注脚，往往就源自那些 躬身入局的平凡个体。本栏目将以人为镜，透过一个个普通汽车人的故事，记录这段属于中国的、波澜 壮阔的汽车变革之旅。 "你看，大型汽车集团的CEO都受不了汽车，跑去卖奢侈品了。"今年6月中旬，当看到雷诺CEO卢卡·德· 梅奥将卸任，转而出任奢侈品巨头开云集团CEO的消息时，赵凡第一时间就转发给了车圈的一个朋友。 赵凡在一家头部新能源车企工作，曾经历过拿20多个月年终奖的合资车企"光辉岁月"，但近两年所在公 司越来越多的月度加班时间排名、部门费用排名等指标，已经压得他几乎喘不过气，并多次产生了转行 的想法。 在过去很长一段时间内，作为高端制造业的汽车，相关岗位都被大众视为一份体面的工作，不少传统汽 车城的本地居民甚至都将进入汽车行业当作重要人生目标，"新四化"时代的到来，很多跨行人才也慕 ...

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王晓波） 每经AI快讯，欧普康视（SZ 300595，收盘价：15.57元）12月8日晚间发布公告称，公司第四届第二十 次董事会会议于2025年12月8日以通讯形式召开。会议审议了《关于续聘会计师事务所的议案》等文 件。 2024年1至12月份，欧普康视的营业收入构成为：硬性角膜接触镜行业占比56.18%，医疗行业占比 20.04%，其它视光与专业服务占比19.47%，非视光&其它占比4.31%。 截至发稿，欧普康视市值为139亿元。 ...

Core Viewpoint - The seventh Islamabad Expo, organized by the Islamabad Women’s Chamber of Commerce, took place on December 6-7, showcasing over 200 exhibitors from Pakistan and internationally, focusing on promoting women entrepreneurs in Pakistan [1] Group 1: Event Overview - The expo was held at the Pakistan-China Friendship Center in Islamabad [1] - It featured exhibitors from various industries, including handicrafts, clothing, healthcare, and home goods [1] Group 2: Focus on Women Entrepreneurs - The event emphasized the participation of female entrepreneurs, aiming to encourage innovation and entrepreneurship among women [1] - The initiative seeks to promote the positive development of women's careers in Pakistan [1]

Group 1 - The "2025 Science and Technology Investment Conference" held in Hefei showcased over 70 high-quality enterprises in sectors such as new energy, integrated circuits, low-altitude economy, new materials, and high-end equipment, with 12 selected hard-tech companies presenting their innovations [1][3] - Hefei's innovation ecosystem is highlighted as a "high-level circular ecology" that integrates technology, industry, and finance, demonstrating the city's commitment to fostering a vibrant science and technology industry [1][4] - The event attracted significant interest from investment institutions, indicating a strong demand for quality projects and a willingness to engage with innovative companies [3][4] Group 2 - Hefei Lanyiy Aviation, a participant in the roadshow, focuses on urban air mobility (UAM) and has achieved a significant milestone by obtaining acceptance for its type certification application from the Civil Aviation Administration of China within 23 months of establishment [1] - Guokexiang Optical aims to miniaturize large scientific devices into desktop models, providing advanced light sources for semiconductor testing and new material development [2] - Other notable companies include Ruishi Medical with its digital PET technology, and Shuduo Optical, which has developed a leading intraoperative fluorescence guidance system for cellular imaging [2] Group 3 - The roadshow serves as a platform for showcasing technological achievements and commercial applications, with investment institutions actively engaging with presenting companies to explore further collaboration [3] - Hefei's strategic focus on technology innovation is evident in its establishment of 13 large scientific facilities and its leadership in six major industries, with a stable contribution of 56% from emerging industries to the industrial output [3][4] - The local government and industry capital are playing a crucial role as "patient partners," providing not only initial funding but also long-term strategic support to help companies transition from technology to market [4]