■张敏 2025年，A股市场交易活跃度持续提升。截至12月30日，全年累计成交金额达417.8万亿元，同比增长超 60%。在此之前，上证指数连续9个交易日上涨，引发市场广泛关注。 在政策护航下，2025年，多个高科技领域迎来了从技术突破到产业落地的关键跨越，生动印证了市场正 在实践的科技叙事。 今年以来，以DeepSeek为代表的国产大模型取得关键突破，推动行业重心从技术攻坚转向真实场景落 地；机器人领域加速从"技术展示"到"商业闭环"的快速演进，以宇树科技为代表的企业不仅产品亮 相"惊艳全场"，更凭借亿元级商业订单，完成了从实验室到规模化赋能产业的进阶；国产创新药全年对 外授权(licence-out)金额突破1000亿元大关，凸显行业全球竞争力提升；商业航天领域，朱雀三号、长 征十二号甲先后发射，不仅实现了技术上的重大突破，更进一步推动可重复使用火箭技术从试验阶段迈 向工程化应用。 这些高新科技产业的崛起，不仅展现了各自鲜明的演进路径，更强劲拉动了上下游产业链的订单增长与 整体价值提升。 制度护航与产业突破形成合力，正深刻改变A股市场的整体生态。 这种变化最直观的体现是A股行业结构的优化。十年前，金融、地 ...

Key Points Bristol Myers Squibb's financial results haven't been great in recent years. The giant drugmaker has been facing challenges, including several patent cliffs. New launches, pipeline progress, and a dividend program still make it attractive. 10 stocks we like better than Bristol Myers Squibb › The past five years have been challenging for Bristol Myers Squibb (NYSE: BMY). The company lost patent exclusivity for some key products, including one that was once its best-selling medicine, can ...

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Core Insights - Jim Cramer warns that the "year of magical investing" is ending, indicating a potential pullback in stocks tied to AI and tech hype after significant gains in 2025 [1][2] Group 1: Investment Strategy - Cramer suggests that only two of the "Magnificent Seven" have outperformed the S&P 500 in 2025, signaling that easy gains from AI hype are diminishing [2] - He advises investors to focus on quality stocks and maintain patience, distinguishing between momentum and value [2][3] - Cramer emphasizes a shift from speculative AI stocks to established blue-chip companies that are effectively utilizing AI to enhance their operations [3][5] Group 2: Stock Recommendations - Cramer recommends trimming holdings in speculative stocks related to quantum computing, autonomous vehicles, and AI data centers, which have risen on hype rather than fundamentals [4][8] - Companies like Johnson & Johnson and Procter & Gamble are highlighted as examples of legacy firms successfully integrating AI into their business models [5][6] - Cramer encourages a long-term investment approach, advocating for a buy-and-hold strategy rather than short-term trading [7][10] Group 3: Portfolio Management - Cramer suggests a balanced portfolio that includes both index funds and a select few individual stocks, along with a non-stock asset for protection [9] - He emphasizes the importance of owning stocks rather than trading them frequently, aligning with Warren Buffett's investment philosophy [10][12] - Cramer believes that having one high-risk "moon shot" stock can significantly impact an investor's financial future [12]

Key Points Bristol Myers Squibb is a pharmaceutical giant with a solid dividend history. Medtronic is a high-yield medical device maker that's nearing Dividend King status. J&J makes drugs and medical devices and boasts of over 50 annual dividend increases. 10 stocks we like better than Bristol Myers Squibb › Most dividend investors are looking not just for a high yield, but also for a company that can reliably support that yield over the long term. It is harder to find than you may think, but n ...

Core Insights - Lexaria Bioscience Corp. has released additional data from its Phase 1b clinical study GLP-1-H24-4, which focuses on the efficacy of its DehydraTECH™ technology compared to Rybelsus® [1][2] Secondary Efficacy Parameters - At week 16, the DHT arms showed no statistically significant differences compared to the Rybelsus® control in mean fasting glucose, cholesterol, and LDL cholesterol [3] Body Composition - The DHT-semaglutide arm showed a modest reduction in fat mass of -1.08 kg and total mass of -1.40 kg, while the Rybelsus® control arm achieved greater reductions of -3.55 kg in fat mass and -5.36 kg in total mass, with a higher reduction in lean mass of -1.72 kg [4] Blood Pressure Analyses - The DHT-CBD arm achieved significant reductions in blood pressure, with a mean change of -4.6 mmHg in systolic and -4.0 mmHg in diastolic blood pressure at week 4 [5][6] Pharmacokinetic Exploratory Analyses - Plasma CBD concentrations were quantifiable through week 16 in the DHT-CBD arms, while semaglutide concentrations were not quantifiable due to assay issues, although preliminary tests indicated measurable levels [8] Health Survey Results - Participants in the DHT-semaglutide arm reported mean improvements of over 5 points in physical components and over 3 points in mental components of the SF-36 health survey, compared to modest improvements in the Rybelsus® control arm [9][10] Overall Conclusions and Next Steps - The study met its primary endpoint, demonstrating good safety and tolerability of all DHT test articles, with positive findings across various parameters compared to Rybelsus® [11] Future Plans - Lexaria plans to pursue further clinical testing with a DHT + SNAC + semaglutide composition and is in discussions with a pharmaceutical company regarding the dataset from the study [15][17][18]

Core Insights - Dividend-paying stocks provide a predictable income stream and can help cushion portfolios during market volatility, making them attractive for investors seeking steady income and long-term wealth creation [1][2] Industry Overview - Large pharmaceutical companies are highlighted as dividend-friendly investments due to their stable cash flows, resilient demand for essential medicines, and diversified product portfolios, which support consistent shareholder returns [3] - The pharmaceutical sector is largely insulated from economic cycles, driven by the ongoing need for innovative medical treatments [3] Market Dynamics - Recent drug pricing agreements between large drugmakers and the government indicate a more cooperative relationship, which may lead to broader patient access and higher prescription volumes, potentially offsetting short-term profit impacts from reduced drug prices [4] - Innovation in high-growth areas such as obesity, gene therapy, inflammation, and neuroscience is expected to drive industry growth, with M&A activity likely focusing on selective, innovation-driven biotech acquisitions [5] Company Highlights - **Johnson & Johnson (JNJ)**: Recognized for its financial strength with an 'AAA' credit rating, JNJ has a current dividend yield of 2.50% and a five-year dividend growth rate of 5.39%. The company expects its Innovative Medicine business to grow 5% to 7% from 2025 to 2030, with oncology sales projected to exceed $50 billion by the end of the decade [7][8][10] - **AbbVie (ABBV)**: Known for its robust dividend profile, ABBV has a current dividend yield of 2.85% and a five-year dividend growth rate of 6.14%. The company anticipates a high single-digit revenue CAGR through 2029, supported by strong demand for its immunology therapies [12][13][14] - **Merck (MRK)**: With a strong oncology portfolio, Merck has a current dividend yield of 3.18% and a five-year dividend growth rate of 5.43%. The company plans to launch around 20 new vaccines and drugs in the coming years, addressing concerns about the upcoming loss of exclusivity for its key drug, Keytruda [15][16][17]

Core Viewpoint - SciSparc Ltd. announced that its majority-owned subsidiary NeuroThera Labs Inc. received a patent in Israel for a proprietary combination of opioids and N-acylethanolamines, aimed at enhancing opioid efficacy while reducing side effects [1][2]. Group 1: Patent and Technology - The newly granted patent in Israel complements existing patents in Europe, Japan, Australia, and Canada, thereby strengthening NeuroThera's global intellectual property protection [2]. - The patented technology utilizes N-acylethanolamines, such as palmitoylethanolamide (PEA), to enhance the analgesic effects of opioids like oxycodone, allowing for effective pain relief at lower doses [3][5]. - Pre-clinical studies demonstrated that the combination of oxycodone and PEA not only improved pain relief but also reduced adverse psychoactive effects associated with oxycodone [5]. Group 2: Market Context - The global market for oxycodone drugs is projected to be valued between $5.5 billion and $5.7 billion in 2024, highlighting the significant demand for opioid medications [6]. - The opioid-sparing effect of NeuroThera's combination may lead to lower required dosages of opioids, potentially mitigating risks such as addiction and respiratory depression [7]. Group 3: Company Overview - SciSparc Ltd. focuses on clinical-stage pharmaceutical developments through its subsidiary NeuroThera Labs Inc., which is engaged in creating novel therapeutics for central nervous system disorders [9][10]. - The company is also involved in developing cannabinoid-based pharmaceuticals, with ongoing programs targeting conditions such as Tourette syndrome, Alzheimer's disease, and autism spectrum disorder [9].

Core Insights - Silo Pharma has entered into a non-binding Letter of Intent with Allucent to conduct two Phase 1 studies for its SPC-15 nasal spray targeting PTSD and anxiety [1][2][3] Group 1: Clinical Development - The planned studies include an Open-Label, Single Ascending Dose (SAD) study and an Open-Label, Multiple Ascending Dose (MAD) study [1] - The collaboration with Allucent aims to leverage their expertise in clinical operations, pharmacovigilance, data management, and other areas to support the execution of the Phase 1 program [2][3] Group 2: Product Information - SPC-15 is an investigational intranasal serotonin 5-HT4 receptor agonist designed for stress-induced psychiatric conditions, primarily PTSD and anxiety, utilizing a soft mist nasal spray for rapid brain action [4] - The product is in preclinical stages and is being developed in partnership with Columbia University, with plans for an accelerated FDA approval pathway [4] Group 3: Company Overview - Silo Pharma is a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company focused on addressing underserved conditions such as stress-induced psychiatric disorders and chronic pain [5] - The company's portfolio includes other innovative programs targeting fibromyalgia, chronic pain, Alzheimer's disease, and multiple sclerosis [5]

Tonix Pharmaceuticals (TNXP) entered into a securities purchase agreement with Point72 for the purchase and sale of 615,025 shares of its common stock at an offering price of $16.26 per share and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 615,025 shares of common stock at a purchase price of $16.259 per pre-funded warrant, which equals the offering price per share of the common stock less the $0.001 per share exercise price of each pre-funded warrant. The clos ...