Summary of Conference Call Records Industry Overview - The current static price-to-earnings (P/E) ratio of the A-share non-financial market is at 36 times, with the Sci-Tech Innovation Board (STAR Market) valuations also at high levels, indicating potential pressure on remaining liquidity [1][2] - M2 growth has increased from a year-on-year low of 6% to a peak of 8.8% in August, but social financing has not shown significant growth, suggesting that monetary easing policies are channeling funds more into financial markets rather than the real economy [2] - Small-cap stocks and the STAR Market have performed well, but the central bank's macroeconomic easing may weaken in the coming year, which could lead to a need for performance growth to alleviate valuation pressures [2][3] Key Insights on AI and Technology - AI technology has emerged as a significant highlight in the tech industry over the past year, with the potential for further valuation increases driven by performance growth [2][3] - The AI mobile phone, launched by Doubao, has attracted market attention, showcasing a new direction for integrating AI with consumer products, which could provide new monetization channels for cloud vendors [4][5] - The development of AI mobile phones is expected to revolutionize user interfaces, similar to the transition from DOS to Windows, and companies that fail to adapt may face obsolescence [4][5] Future Trends in AI and Computing - Over the next five years, the AI industry is anticipated to grow rapidly, with model vendors and cloud providers optimizing training to deliver higher-quality models [6] - The focus for 2026 is on overseas computing power sectors, particularly companies within the NVIDIA supply chain, which are expected to see explosive growth starting from Q3 2024 [7] - Key innovations in AI mobile phones will include advancements in main control chips (SoC), storage requirements, battery life, and motherboard specifications [8][9] Enterprise Applications and Market Dynamics - AI applications in enterprises are set to accelerate, transitioning from chat-based interactions to actionable insights across various sectors, including advertising, programming, decision-making, and vertical industries like industrial and medical [10] - The core focus remains on computing infrastructure, with significant attention on breakthroughs under Moore's Law and the progress of domestic production [11] - Quantum computing and commercial aerospace are highlighted as critical areas for development, with the need for rapid satellite deployment to secure space resources [11]

格隆汇12月24日丨泓博医药(301230.SZ)公布，拟参与上海泓博智源医药股份有限公司首发前股东询价 转让的股东为泓博智源（香港）医药技术有限公司；出让方拟转让股份的总数为6,979,330股，占公司当 前总股本的比例为5.00%，占当前剔除公司回购专用账户股份后的总股本比例为5.07%。 ...

今年以来，沪苏浙皖四地同题共答，在多个领域实现突破性进展。 2025年，长三角地区持续深化联合创新实践，在科技创新、产业协同、制度开放、生态共护等领域斩获丰硕成果；站在"十 五五"开局的新起点，长三角锚定世界级创新高地目标，展现协同发展新蓝图。 2025年中央经济工作会议提出，将上海国际科技创新中心拓展至长三角四省市，这一举措旨在整合区域创新资源，放大上 海在原始创新策源、高端产业引领、科技成果转化等方面的作用，提升国际科技创新中心的全球影响力与竞争力。 多点开花，交出高质量发展答卷 2025年是长三角科创协同从政策协调步入制度化、法治化的关键之年。 作为全国首个以科技创新协同发展为主题的区域立法，《关于促进长三角科技创新协同发展的决定》已于9月正式实施，长 三角科创协同已从政策协调步入制度化、法治化的新阶段。 以上海为例，张江高新区平均每平方公里就有1家上市企业，全球医药20强有一半在张江设立开放式创新中心，中国医药工 业百强超过40%布局在这里。目前，上海已建、在建和规划建设的重大科技基础设施有20个。 科技创新共同体建设迈上新台阶。上海张江与安徽合肥两大综合性国家科学中心合作共建持续深化，围绕重大攻关任 ...

Core Insights - Yangzhou's state-owned enterprises (SOEs) are transitioning from "city builders" to "city development engines," indicating a strategic shift in their role within the urban landscape [1][6] Group 1: Strategic Transformation - The total assets of Yangzhou's state-owned enterprises exceed 300 billion yuan, with operating income surpassing 40 billion yuan, reflecting a significant transformation over five years [2] - There has been a 74.34% increase in assets and a 49.52% growth in revenue, highlighting the expansion of state capital in Yangzhou's economic framework [2] - Nearly 40% of total revenue now comes from external sources, indicating a shift from local service to regional competition, which is crucial in the context of the Yangtze River Delta integration [2] Group 2: Planning and Development Framework - The integration of state asset planning into the city's 14th Five-Year Plan signifies a fundamental change in regulatory thinking, moving towards a systematic approach to urban development [3] - The development logic presented includes macro-level goals, a mid-level investment plan of 55 billion yuan for major projects, and micro-level practices from three representative enterprises, showcasing a coherent "strategy-tactics-execution" framework [3] Group 3: Enterprise Practices - Yangzhou Urban Control Group balances economic benefits with social responsibilities through a total investment of 23.16 billion yuan across 58 projects, including both infrastructure and cultural preservation initiatives [4] - Yangzhou Lianhuan Group demonstrates a commitment to innovation with a 15% annual increase in R&D investment and significant rewards for new drug development teams, challenging the stereotype of SOEs lacking innovation [4] - Yangzhou Big Data Group's "Food Ranking" platform exemplifies a digital transformation of traditional industries, enhancing the food sector through data integration and smart analysis [4] Group 4: The "Yangzhou Model" - The development model presented is characterized as "market-oriented innovation under strategic guidance," where the role of the state asset supervision committee shifts from manager to strategic designer and institutional provider [5] - This model emphasizes the interdependence of SOEs and urban development, with SOEs aligning their industrial layout with city strategies and addressing public needs through innovation [5] - The dual mission of Yangzhou's SOEs is to establish a solid physical foundation for urban development while also creating a competitive digital advantage for the future [5]

转自：新华财经 据介绍，广药集团是全球首家以中医药为主业的世界500强企业，也是广东省、广州市生物医药产业"链 主"企业，拥有成员企业30多家，当前正以"现代化、科技化、数字化、国际化"四轮驱动，向世界一流 医药健康企业目标加速迈进。阿里健康近年来持续强化"新特药首发阵地"的定位，致力于为全球药企提 供从药品首发、渠道建设到患者服务的全链路支持，目前阿里健康已成为全球数千家医药企业的合作伙 伴。 编辑：胡晨曦 新华财经北京12月24日电（记者沈寅飞）记者从阿里健康获悉，近日，阿里健康与广药集团签署战略合 作协议。双方将聚焦深化平台与供应链合作、共建家庭过期药品回收体系、探索联合开发联名产品、推 进合规数据共享四大核心领域开展深度合作。 "我们将共享洞察、共创新产品，并打通线上线下一体化服务，让广药的优质产品能更高效、更精准地 触达全国亿万家庭。"阿里健康自营事业部总经理、药品平台业务部总经理章泽表示，此次合作标志着 双方从销售协同进入全域数字化运营与全链路服务共建的新阶段。 广药集团党委副书记、副董事长、总经理陈杰辉说，医药行业未来发展空间十分广阔，此次双方达成战 略合作，以"医药+互联网"融合创新打造健康新 ...

Group 1 - The article discusses the historical significance of American manufacturing as a backbone of national strength and social structure, highlighting the decline of stable job opportunities for the middle class due to the loss of manufacturing jobs [4][5]. - It raises critical questions about whether the U.S. can bring back some manufacturing capabilities and if the service sector can fill the gap left by manufacturing in providing stable, middle-class jobs [5][36]. Group 2 - The formation of American manufacturing civilization was characterized by the ability of companies to integrate resources across states and industries, supported by government initiatives that set clear demand through public works and military procurement [7][8]. - The post-war period saw significant contributions from education and population structure, with the GI Bill expanding access to higher education and vocational training, while infrastructure projects like the Interstate Highway Act fueled domestic demand [11][12]. Group 3 - The decline of American manufacturing is attributed to three main forces: rising institutional friction, globalization pushing manufacturing to low-cost regions, and the concentration of wealth among high-skilled workers due to technological and financial trends [22][24][25]. - Institutional friction has led to a preference for less risky projects, making it harder for manufacturing to thrive in the U.S. as the approval processes become longer and more complex [24][26]. Group 4 - The article emphasizes that while nominal GDP share of manufacturing has decreased, the actual output has remained stable, indicating that manufacturing has not disappeared but rather shifted in its role within the economy [30][34]. - Employment in manufacturing peaked in June 1979 at 19.6 million and has since declined to approximately 12.8 million by June 2019, reflecting a significant drop in its share of total employment [35][68]. Group 5 - The service sector's ability to absorb displaced manufacturing jobs is questioned, as it struggles to provide sufficient, well-paying jobs with clear career advancement paths, particularly in a high-cost living environment [36][39]. - The article outlines that the service sector is characterized by a "dumbbell structure," where high-end jobs require significant education and skills, while low-end jobs offer low wages and instability, making it difficult to support a middle-class lifestyle [39][40]. Group 6 - The discussion on re-industrialization in the U.S. highlights the need for a dual approach: ensuring national security in critical industries while also addressing the social structure to allow ordinary people to share in economic growth [44][46]. - The article suggests that a realistic path forward involves selective return of manufacturing capabilities, focusing on key industries while also investing in infrastructure, energy transition, and skill development to create stable job opportunities [49][51]. Group 7 - The challenges of re-establishing manufacturing in the U.S. are not solely financial; they also include regulatory hurdles, skill shortages, supply chain density, and overall cost structures that complicate the return of manufacturing jobs [53][54][55]. - The article argues that simple policies like tariffs and subsidies are insufficient to address the complex structural issues facing American manufacturing and that a more nuanced approach is necessary [56][58]. Group 8 - The article concludes that if manufacturing cannot recreate a robust middle class, the U.S. must explore a combination of industries to provide dignified work for ordinary people, including infrastructure, energy transition, and restructured service sectors [60][61]. - It emphasizes that the ultimate goal is to restore a social structure where ordinary people can achieve dignity through work, rather than merely focusing on the number of manufacturing jobs [62][63].

会议上，鲁南制药集团相关负责人详细介绍了鲁南制药集团近年来在科研创新、研发投入和人才引进等方面取得的成果，并深入阐述了中正平和的理念以 及传承精华、守正创新对于中医药事业发展的重要性。他表示，希望通过此次座谈，充分发挥企业在药物研发、产业转化方面的优势，结合宁夏医科大学 的学科特色与科研实力，共同探索产学研融合新模式，为区域医疗健康事业进步注入新动能。 座谈前，鲁南制药集团一行参观了宁夏医科大学国家卫生健康委员会代谢性心血管疾病研究重点实验室和中医燥症教育部重点实验室，深入了解了宁夏医 科大学在科研创新、团队建设等方面所取得的卓越成果。 齐鲁晚报.齐鲁壹点通讯员刘凡 12月22日，鲁南制药集团与宁夏医科大学举行战略合作座谈。 宁夏医科大学相关负责人表示，宁夏医科大学在民族医药研究与基层医疗人才培养等领域具有显著优势，凭借深厚的学术积淀和完善的实践教学体系，为 民族医药文化的传承创新以及高素质应用型人才的培养提供了坚实支撑，期待以此次座谈为契机，与鲁南制药集团在科研项目联合攻关、实习基地共建、 学术资源共享等方面深化合作，实现优势互补、互利共赢，共同为医药产业高质量发展贡献力量。 ...

12月，中证A500ETF成了当红的投资标的。 12月22日，中证A500ETF（159338）净流入超过44亿份。12月23日，资金持续流入中证A500ETF （159338）22.86亿元。 临近年末，宽基ETF连续净流入。这既反映"聪明钱"、长钱与机构资金加仓路径，也契合年末风格再均 衡与来年景气线索分散化的资产配置需求。 为什么年底资金格外青睐中证A500ETF？ 一大原因是，跟踪指数的质地适合布局跨年行情。 中证A500ETF（159338）跟踪的是中证A500指数，该指数从A股市场各行业龙头中筛选样本，采用行业 均衡选样方法，兼具市值代表性和行业分布均衡性。指数成分股集中体现"新质生产力"特征，通过价值 与成长风格的双重配置，全面反映A股核心资产的整体表现。 中证A500采用"规模+流动性+行业均衡+ESG"筛选，行业分布尽可能贴近市场整体，权重更分散于电 子、电力设备、医药、军工等"新质生产力"方向，相对降低金融、主要消费等传统权重集中度，兼顾中 大盘稳定性与中小盘成长弹性。 也就是说中证A500ETF在行业与市值分布上更贴近全A，而相比传统宽基显著超配"新质生产力"相关行 业，同时降低单一权重 ...

周三市场呈现高开高走的格局，投资者可以看到，早盘沪指高开0.37点于3920点，创业板高开2.40点于 3207点，市场开盘以后红绿盘震荡，但黄线一马当先领涨，盘面中小盘个股密集补涨，带动指数同步上 涨，午后出现分时线高点确认，最高3947点小级别遇阻，但各大指数仍然收于全天相对高位区域！最终 沪指收涨20点于3940点，创业板收涨24点于3229点！那么对于这种行情，投资者该如何看待和解读呢？ 通过今天市场盘面可以看到，两市上涨个股4128家，其中涨幅超过9%的个股108家，涨幅超3%的个股 701家；下跌个股1137家，其中跌幅超过9%的个股9家，跌幅超过3%的个股80家！通过个股数据看，两 市个股明显涨多跌少，上涨个股数量是下跌个股数量的近4倍，多方占据明显优势，盘面一开始中小盘 个股明显领涨，渐渐地带动大部分板块和个股上涨，两市收盘仅煤炭、农业、保险、酿酒、银行等权重 板块相对偏弱，总体今天市场还是不错的涨多跌少的普涨格局！ 股市有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 以上评论，仅供参考，不作为买卖建议；股市有风险，入市需谨慎（若如提及个股，仅为举例）！投资 者根据 ...

Consumption Insights - In November, the total retail sales of consumer goods reached 43,898 billion yuan, with a nominal growth rate of 1.3%, marking a new low in 25 years[15] - The decline in retail sales is attributed to a high base from last year's national subsidies and the pre-emptive consumption during the Double Eleven shopping festival[15] - Automotive retail sales, which saw a year-on-year decline of 8.3% in November, are a core reason for the pressure on overall retail sales[20] Advanced Technology Insights - CoWoS capacity is tight, with TSMC planning to expand its production by 20%-30% by 2026, reaching a monthly capacity of approximately 125,000 wafers[25] - The global market for chiplet multi-chip integrated packaging is expected to grow rapidly, reaching $25.82 billion by 2029, with a compound annual growth rate of 25.8% from 2024 to 2029[25] Healthcare Insights - In the 2025 national negotiation directory, 127 drugs were included, with 114 new drugs entering the basic medical insurance directory, achieving a success rate of 88%[36] - The commercial insurance directory for innovative drugs has added 19 new drugs, with a success rate of approximately 79%[36]