■张敏 首先，夯实创新根基。"出海"的核心竞争力是不可替代的产品价值。企业需聚焦全球未满足的临床需 求，在ADC（抗体偶联药物）、双抗、细胞与基因治疗等前沿领域构建自主技术平台，打造具有竞争 优势的产品。此外，企业需要构建海外临床研究与注册能力，推动创新成果实现商业化。 近日，由国家医疗保障局组织的一场汇聚多方代表的专题座谈会，核心议题直指如何助力中国药械"走 出去"。这向外界释放出清晰的产业信号：中国药械"出海"，已经从单兵突进，正式迈入由国家平台赋 能、企业多维攻坚的"体系化出海"新阶段。 其次，善用资本工具进行海外战略布局。企业可通过定向增发为海外临床研究及团队建设募集资金；可 围绕技术互补或渠道拓展，对海外优质标的进行并购。例如，血管介入治疗领域的上市公司归创通桥近 期宣布拟收购海外公司，旨在进一步拓展在欧洲及全球市场的布局，加快创新产品在国际市场的推广与 落地。这类操作能帮助企业快速获取关键资源，推动其在海外市场实现跨越式发展。 从政策层面看，"体系化出海"正得到前所未有的系统性支持。 2026年1月份，首张"海外版药品价格证明"的颁发，为我国医药产业价格全球化提供有力支撑。同时， 多层次的市场对接 ...

Core Viewpoint - The First Trust Enhanced Short Maturity ETF (FTSM) is positioned as a competitive option for investors seeking capital preservation and income in a changing interest rate environment, with a focus on short-duration fixed income securities [1][5]. Fund Overview - FTSM targets an average portfolio duration of less than one year and maturity under three years [1]. - The fund has an annualized dividend yield of 4.3% as of January 12, 2026 [1]. - Over the past year, FTSM achieved a total return of 4.7%, which lagged the S&P 500 by 13.1 percentage points [2]. Recent Transactions - Kaydan Wealth Management, Inc. increased its stake in FTSM by 360,223 shares, with an estimated transaction value of $21.61 million [3][4]. - After the transaction, Kaydan Wealth held 415,493 shares valued at $24.9 million, representing 7.2% of its 13F reportable assets under management (AUM) [3][4]. Investment Implications - The increase in Kaydan Wealth's position in FTSM indicates a strategic move towards capital preservation, particularly in light of discussions around potential interest rate cuts [5]. - FTSM's allocation includes over half (53%) in corporate bonds, with most holdings maturing in two years or less, making it a conservative investment option [6]. Portfolio Diversification - FTSM serves as a hedge against volatility and offers diversification benefits, falling just outside Kaydan's top five holdings, which include various asset classes such as developed markets and gold [7].

1月20日，海外社交平台X正式将其推荐算法开源。此前1月10日，特斯拉CEO马斯克发文承诺，X将公开的新算法内容，包括用于确定向用户推荐哪些自 然帖子和广告帖子的所有代码，且该流程此后将每四周重复一次。尽管他未解释此举的目的，但这无疑属于社交平台提升算法透明度的一项举措。 在国内，算法公开与治理也已成为各大网络平台的"必修课"。其背景在于，从刷短视频、刷网帖、打车、电商购物到点外卖，算法早已深度嵌入公众的日 常生活。然而，用户对算法的了解，远弱于算法对个人特征与偏好的洞悉，于是有了算法"黑箱"之说。为防范算法作恶，监管部门多年来通过法规和专项 治理行动开展算法治理。 自2024年11月中央网信办启动"网络平台算法典型问题治理"专项行动后，各平台陆续亮明算法治理的态度。其中，抖音于2025年1月3日推出10项措施，推 动平台工作透明化；3月建立"安全与信任中心"网站，不定期公开算法原理与平台治理体系。 时隔近一年，抖音内容运营负责人李翔宇在2026年1月中旬复盘此举时谈到，算法看不见摸不着且十分复杂，容易让公众视其为洪水猛兽，"平台能感受到 大家心里的不信任"。按照其说法，抖音公开算法原理与治理体系，目的之一是 ...

BTC 一夜过后黄金新高，白银跟涨，以前还能琢磨金包银，现在怕是难了。币圈昨晚下探后横盘，今天周五警惕夜盘波动。别猜涨跌，轻仓或远挂单！ 过去24小时全网共有107,859人被被爆仓，爆仓总金额为$1.96亿美元，多单爆仓1.29亿美元，空单爆仓6699.40万美元。 | 爆仓热力图 | 1小时 4小时 | 12小时 24小时 | | | 而神 | 交易所 | 总爆仓 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 其他 | $559.477 | | SENT $525.24万 | 1小时爆仓 多重 | $384.52万 $227.29万 | 4小时爆仓 ਣੇ ਛ | $1174.60万 $498.69万 | | | | | $1833.81万 | | | | | | | $675.90万 | | | | | | AXS $434.887 | | | 空前 | $157.23万 | 空单 | | | $5939.15万 | | | | | | | 12小时爆仓 器用 | $5854.05万 ...

据《华尔街日报》与化工行业权威媒体《ICIS》近期的深度调研，在全球供应链重构的浪潮中，有一个 不起眼的中国城市，让欧美巨头既爱又恨，却始终无法摆脱。这个城市就是山东潍坊。它掌握的不是芯 片，也不是光刻机，而是一种被称为"工业味精"的基础原料——柠檬酸。美国智库分析师指出，尽管这 东西听起来很廉价，但它却是全球食品、医药和洗涤剂工业的基石。一旦潍坊停工，不仅仅是可口可乐 的口感会变差，就连辉瑞制药的生产线和宝洁的洗涤剂供应都将面临瘫痪。这种基于基础化工的"隐形 霸权"，比高科技封锁更难破解。很多人以为中国制造赢在廉价劳动力，但在柠檬酸这个赛道，潍坊赢 在"极致的系统能力"。 上世纪90年代的时候, 欧美那些大公司曾经垄断这个市场，不过随着发酵技术渐渐成熟，潍坊的企业做 了这么一件事，把玉米深加工的每一个环节都分开，压榨到物理极限。 依靠完善的热电联产体系, 潍坊的工业蒸汽成本比全球同行低不少，废渣用来做饲料，废水用来发电， 在别的地方是环保负担的废弃物，在这里就成了副产品收入。 这样一环接着一环的成本控制，让欧美企业都绝望了，就算加上高额反倾销税，中国产品的到岸价还是 比他们的出厂价低，结果就是，欧美本土的工 ...

为建好管好用好产业创新中心，《管理办法》提出，要发挥国家创业投资引导基金作用，通过市场化方 式，投资支持符合条件的产业创新中心科技成果孵化转化企业，以及依托产业创新中心设立的创业投资 基金。 此前，国家创业投资引导基金于去年12月份正式启动运行。国家创业投资引导基金已出资成立"京津冀 创业投资引导基金""长三角创业投资引导基金""粤港澳大湾区创业投资引导基金"3只区域基金。3只区 域基金已与首批49个子基金以及27个项目代表正式签约，涵盖集成电路、量子科技、生物医药、脑机接 口、航空航天等领域。 海南君顾数科研究院院长单福在接受《证券日报》记者采访时表示，《管理办法》的发布，标志着国家 在打通"创新—产业—金融"良性循环上迈出了关键一步。其不仅确立了产业创新中心的规范管理体系， 更重要的是通过引入国家创业投资引导基金，为科技成果转化提供了"真金白银"的保障，解决了创新链 与资金链脱节的痛点。 国家新兴产业创新中心(以下简称"产业创新中心")定位于技术创新类平台，是培育壮大未来产业、发展 新质生产力的战略力量，是国家创新体系的重要组成部分。《管理办法》强调，产业创新中心要聚焦重 大战略产业发展需求，原则上由行业 ...

Group 1: Voya MidCap Opportunities Fund Overview - The Voya MidCap Opportunities Fund's Q4 2025 investor letter highlights solid market gains but relative underperformance against the Russell Mid Cap Growth Index due to unfavorable stock selection [1] - The fund managers maintain a cautiously constructive outlook, noting geopolitical risks and policy uncertainty, but see potential in broadening market leadership, sustained corporate capital expenditure, and AI-led innovation [1] Group 2: Dollar Tree, Inc. Performance - Dollar Tree, Inc. accounted for 0.92% of the fund's portfolio as of December 31, 2025, with a one-month return of 1.52% and shares trading between $61.80 to $142.40 over the last 52 weeks [2] - The stock closed at approximately $126.79 per share on January 22, 2026, with a market capitalization of about $25.661 billion [2] - Dollar Tree's better-than-expected third-quarter earnings, driven by increased seasonal demand and a strategic move to offer prices above $1, contributed positively to the fund's performance [3] Group 3: Hedge Fund Interest and Investment Perspective - Dollar Tree, Inc. was held by 49 hedge fund portfolios at the end of Q3 2025, a decrease from 59 in the previous quarter [3] - While acknowledging the risks and potential of Dollar Tree, the fund expresses a stronger conviction in AI stocks for higher returns in a shorter time frame [3]

It’s been a bit of a whirlwind for the Meta Platforms, Inc. ( META ) stock since my last coverage . Recall that the post-Q3 earnings pullback in late October was primarily driven byAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no b ...

Core Insights - Meta Platforms, Inc. (META) stock has experienced significant volatility since the last coverage, particularly following the post-Q3 earnings pullback in late October [1] Group 1 - The stock's decline was primarily driven by market reactions to the earnings report [1]

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